TIS THE SEASON. How to bottom fish for property deals

Transcription

1 THE WEEK OF DECEMBER 7, A PULLOUT WITH MCI (P) 046/03/2015 PPS 1519/09/2012 (022805) Visit TheEdgeProperty.com to find properties, research market trends and read the latest news MAKE BETTER DECISIONS Silver lining Dynamic year awaits local residential market PG2 Home Ideas Keeping things natural PG4 Deal Watch Sentosa Cove condo selling at 2006 price level PG6 TIS THE SEASON How to bottom fish for property deals BY FEILY SOFIAN As property prices continue to chart a downward trajectory, Warren Buffett s investment mantra be greedy when others are fearful has been cited recklessly to seduce investors to part with their money. Given that prices of private non-landed homes have fallen some 8% from their last peak in 3Q2013, now is definitely a better time to enter the market compared with But now is not necessarily a better time than next year. New headwinds from China and the eurozone s unconvincing economic recovery are cues that the property market has yet to bottom. Separately, vacancy rates of non-landed homes could hit a historical high in At best, the current pace of price decline of around 1% per quarter will continue into Against this backdrop, bottom fishing for beaten-down assets is a more accurate exposition of value investing than picking any asset simply because its price is not toppish. Automating the search process Bottom fishing is simple in principle, but challenging in execution. For the man on the street, the search for value deals typically begins with flipping through the classifieds or combing property portals and shortlisting deals based on a hunch. He must then gather market information to estimate the market value of the property and establish if there is indeed a discount. Third, he must assess whether the discount is sufficient or he should just wait for general prices to decline further. Today, technology can streamline the search process. TheEdgeProperty.com can pick out undervalued listings by comparing the property s asking price against its fair value. In addition, the map search tool, which was rolled out recently, allows users to identify undervalued listings within a preset radius of a certain landmark. A property listing will be flagged as undervalued when the asking price falls below the Edge Fair Value a valuation tool developed in collaboration with licensed valuers. The fair value methodology takes into account factors such as comparable transactions, floor level, size and outliers. However, technology comes with limitations and investors must continue to exercise judgement and conduct due diligence. A lack of recent comparable transactions, for example, increases the fair value s margin of error, which in turn, changes the discount margin of the so-called undervalued listing. Ground-floor units with a large patio or private enclosed space may also be flagged as undervalued as their large floor area would mark down the per square foot asking price. Budget poses another constraint for investors seeking value deals. In CONTINUES ON PAGE EP3

2 EP2 THEEDGE SINGAPORE DECEMBER 7, 2015 PROPERTY TAKE EDITORIAL EDITOR Ben Paul THE EDGE PROPERTY HEAD OF RESEARCH Feily Sofi an ANALYSTS Esther Hoon, Lin Zhiqin, Tan Chee Yuen COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Choy Wai Fong PHOTO EDITOR Samuel Isaac Chua PHOTOJOURNALIST Bryan Tay EDITORIAL COORDINATOR Rahayu Mohamad DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Nik Edra, Mohd Yusry, Henry Lee ADVERTISING + MARKETING HEAD Edward Stanislaus GROUP SALES MANAGER Cecilia Kay SENIOR MANAGER Windy Tan MANAGERS Mabel Wong, Danna Pusta, Elaine Tan THE EDGE PROPERTY GROUP SALES MANAGER Cowie Tan SENIOR MANAGERS Diana Lim, Cheryann Yeo ACCOUNT MANAGER Ken Tan EVENTS MARKETING SENIOR MANAGER Sivam Kumar EXECUTIVE Gerald Aw DIGITAL MARKETING ASSISTANT Tim Jacobs COORDINATOR Nor Aisah Bte Asmain CIRCULATION MARKETING MANAGER Coleman Lim OPERATIONS MANAGER Cesar Banzuela De Jesus, Jr EXECUTIVES Malliga Muthusamy, Sandrine Gerber CORPORATE CHIEF EXECUTIVE OFFICER Ben Paul MANAGING DIRECTOR Edward Stanislaus CORPORATE AFFAIRS DIRECTOR Ng Say Guan PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore Tel: (65) Fax: (65) PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore Tel: (65) Fax: (65) 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. FUN FACT It took about 3km of stainless steel to form the double helix structure of the Helix Bridge Dynamic outlook for local residential properties This year has been challenging for Singapore s residential property market. Still, there are pockets of opportunities and silver linings. The government is also continually planning ahead with the new growth area Bidadari and the new Circle Line MRT stations Cantonment, Keppel and Prince Edward. Private residential properties felt major impact of TDSR As 2015 draws to a close, it is time to reflect on the performance of residential properties in Singapore. For many people, the recap of the year seems to comprise mainly bitter times for the residential property market. Since the implementation of the total debt servicing ratio (TDSR) in mid-2013, demand for developer sales of private homes has been badly hit, especially in 2014 and There has also been a surge in private residential completions, which intensify leasing competition among landlords. According to monthly developer sale statistics released by URA, developers sold a total of about 6,620 private homes in the first 10 months of On average, developers sold only about 660 private homes in each month of This is slightly higher than the low figure in 2014 where developers sold 630 private homes on average per month. This is a far cry from the usual healthy monthly developer sales of about 1,000 units per month prior to In 2013, on average, 1,230 private homes were sold by developers per month, while monthly average developer sales in 2012 were 1,820 units (see Chart 1). In some months of 2015 in which developer sales increased significantly, such sales volume has usually been unsustainable. The most recent example was in July, when excellent sales were achieved for High Park Residences and contributed to high developer sales volume in July, but developer sales fell sharply thereafter. Although there was some improvement in private home sales by developers in October, it happened mainly before the seasonally quiet year-end sentiment set in. October was before the year-end quieter vacations and festive period, so there were two mega Chart 1 Sluggish developer sales of private homes 2,500 2,000 1,500 1, Jan 2014 Feb 2014 March 2014 April 2014 May 2014 June 2014 July 2014 Aug 2014 Sept 2014 Oct 2014 Private residential rental change (%) Nov 2014 projects launched before the quieter market times set in. The two projects were Thomson Impressions and Principal Garden, both in Rest of Central Region (RCR), which received good buyers response. The success of Principal Garden and Thomson Impressions affirmed the attractiveness of RCR properties. Opportunities and silver linings Disappointing sales in 2015 notwithstanding, if we were to look at situations in perspective, there are good lessons that the hard times provide. There are also the bigger-picture perspective, revelations about pockets of opportunities and silver linings for local private residential properties. RCR emerged as most resilient in prices and rents Investors can clearly see that, in 2014 and 2015, homes in RCR stood out compared with Core Central Region (CCR) and Outside Central Region (OCR). Not only did the positive sales of Principal Garden and Thomson Impressions in October reflect keen buyers interest for developer sales in RCR, it has been a more positive picture as well for RCR, in terms of secondary sales and rentals. In the first three quarters of 2015, rents of private residential properties dipped 3.4%, while such rents fell 0.3% in all of Rental fall of non-landed homes in RCR has been lowest in the past two years, compared with that of other regions (see table). Residential properties in RCR are considered the best of all worlds for tenants, as they are more affordable to rent than high-end homes in CCR, and most RCR developments are also mostly in niche localities. Compared with some suburban localities that are being rejuvenated and new growth corridors, the niche localities and quaint spots in RCR also took decades (or at least a decade) to establish, and such positioning is more well entrenched and resilient whereas in recent years, various suburban localities were Total no of residential unts sold by developers (including executive condos) Total no of private residential units sold by developers (excluding ECs only private homes) NON-LANDED RESIDENTIAL RENTAL CHANGE PRIVATE RESIDENTIAL ALL CORE CENTRAL REST OF OUTSIDE RENTAL CHANGE REGION CENTRAL REGION CENTRAL REGION (rental change in first three quarters of 2015) Dec 2014 Jan 2015 Feb 2015 March 2015 April 2015 May 2015 June 2015 July 2015 Aug 2015 Sept 2015 BY ONG KAH SENG Oct 2015 URA MONTHLY DEVELOPER SALE STATS, R ST RESEARCH URA REALIS, R ST RESEARCH rapidly shaped up, and rejuvenated into new growth corridors featuring lifestyle concepts or key suburban regional centres. RCR developments are fairly smallish developments with no more than 250 units each. Expatriates from Western countries and advanced Asian countries like such quiet living environment, compared with suburban condominium developments, which comprise many more units. During the hype for suburban condo purchases in 2010 to 2012, suburban condos were deemed to be good investment products since the quantum price is typically lower than a condo unit in RCR and CRC. The reality is that they offer limited product heterogeneity. Leasing demand is also weak, as landlords of suburban condos face competition from HDB flats in the vicinity. Higher risks for blowout in private residential prices in 2016 but opportunistic buying will set in A soft landing in prices is indeed painstakingly achieved, with prices correcting marginally since the implementation of the TDSR in 2013, till recently. According to the most recent property statistics released by URA, private residential property prices dipped an average of 1.3% q-o-q in 3Q2015. This fall was larger than the 0.9% q-o-q price fall in 2Q2015, but all in all, it still reflected a soft landing in private residential property prices as prices of overall private residential properties fell a total of 8% over the past eight quarters from 4Q2013 to 3Q2015. In contrast, a quick look at history shows that private residential property prices fell a total of 24.9% over four quarters (3Q2008 to 2Q2009) during the global financial crisis and 20% from 3Q2000 to 1Q2004. Prices fell 44.9% between 3Q1996 and 4Q1998, with the introduction of the May 1996 property cooling measures, followed by the Asian financial crisis. A current soft landing in the correction of property prices indeed meets the best interests of various stakeholders in property it better protects existing owners, where their asset (property) prices and wealth did not slump drastically, and developers are able to attain marginal profits though having to reduce prices slightly. Meanwhile, it is hoped that a reduction in property prices will improve the affordability for buyers, and prices are in general more realistic than before. The prolonged sluggish demand clearly shows, however, that homebuyers will continue to be on the sidelines for value buys. A soft landing may therefore have put property prices sliding on a dragging and neverending negative air instead, unlike situations in which prices dip significantly, within short periods. The usual prediction is that a soft landing in prices will persist in that every quarter will continue to see a dip of more than one percentage point in private home prices. But, as buyers expectations have yet to be satisfied through a soft landing in prices, and given high unlaunched and unsold residential stock, we cannot assume that we will not see a blowout in property prices in If it happens, it is likely to be short-lived, where opportunity buying may quickly set in and uplift overall property buying sentiments and prices could recover fast, following a major drop in price in a quarter or two. Realistic buying behaviour to persist in 2016 and lead to more sustainable buying decisions It is not a completely sad picture for residential

3 THEEDGE SINGAPORE DECEMBER 7, 2015 EP3 COVER STORY Property auctions a hunting ground for bargains Property listings within 500m of Parkway Parade (gold markers denote undervalued listing) Selected mortgagee sales in 3Q2015: Properties put up for mortgagee sale tend to be sold at a discount Sold in Project Address Area Floor Price Comparable (sq ft) level ($ psf) transactions ($ psf) Sept 22 Amber Point Amber Road 1,690 Low 1,183 1,272 to 1,450* Aug 25 Prestige Heights Balestier Road 344 Mid 1,452 1,597 to 1,751 July 30 Westmere Jurong East Street 13 1,109 Low to 925 *High floors. No comparable transaction on low floors. GOOGLE MAP, THE EDGE PROPERTY DTZ, URA, THE EDGE PROPERTY FROM PAGE EP1 the resale or completed properties segment, the majority of undervalued deals were in the city fringe and high-end segments and the average price was over $2 million. Our past study also shows that large units of more than 1,500 sq ft accounted for 41% of the total unprofitable transactions in 3Q2015. This is hardly surprising as properties with a larger price quantum are bearing the brunt of a tighter credit environment and interest rate hikes. District 15 (Marine Parade, Katong, Joo Chiat, East Coast) topped the list of areas with the highest number of undervalued deals in the resale or completed properties segment, followed by District 20 (Thomson, Ang Mo Kio, Bishan, Braddel) and District 10 (Tanglin, Farrer, Holland, Bukit Timah and Ardmore). Look under the hammer According to property consultancy DTZ, a total of 21 properties were put up for mortgagee sale in 3Q2015. Excluding the landed homes, these properties averaged 1,527 sq ft in size. The rising number of mortgagee sales has turned property auctions into a hunting ground for investors as such properties tend to be sold at a bargain. In September, a 1,690 sq ft low-floor unit at Amber Point that was put up for mortgagee sale found a buyer at $2 million, or $1,183 psf. Other 1,690 sq ft units changed hands at between $1,272 and $1,450 psf in 2014 and 2015, albeit on high floors. In August, a mid-floor shoebox unit at Prestige Heights on Bales tier Road went under the hammer for $500,000, or $1,452 psf. Comparable units in the project were transacted at between $1,597 and $1,751 psf in 2014 and Is conservative the way to go? Another famed investor, Walter Schloss, preferred buying assets at a discount rather than to buy earnings. Earnings, he said, can change dramatically in a short time and an investor must know much more about a company if he buys earnings. Real estate investors who seek to buy earnings or rental returns should stick to the timeless adage of picking properties with strong location attributes. While this may seem like common sense, there are studies that claim projects near MRT stations do not necessarily command the highest rental yields and such studies have made headlines. This may be true for gross yields. Net rental yields, on the other hand, must take into account the vacancy rates of the project and, unfortunately, such data is not readily available. Our past studies have also proven that high vacancy rates may not necessarily manifest in lower rents. Hence, it is erroneous to assume that the average rental value and gross yield of a project have factored in vacancy rates. Meanwhile, conventional wisdom tells us that well- located properties would be easier to let, leading to a shorter down time in between tenants. E properties in There are projects that received strong buyers interest, including North Park Residences, Botanique at Bartley, High Park Residences, Principal Garden and Thomson Impressions. Good sales were underpinned by either competitive pricing or special project selling points such as a mixed-use development concept or quaint residential enclaves. The good side of the story regarding the rush for residential properties in 2015 is that it is very different from 2010 to Buyers who rush into getting a unit are increasingly more realistic and opportunistic. Those who snapped up private condos from 2010 to 2013 were, by contrast, more aspiration-driven. They invested in properties with a fairly Chart 2 Private residential completions and vacancy rates 25,000 20,000 15,000 10,000 5,000 0 No of private residential properties (excluding ECs) substitutional mindset, that is, since interest rates were low then, investing in properties would be the best option. The current private residential headwinds have finally instilled a more realistic mindset among buyers and such buying decisions are more lasting than a herd mentality among homebuyers in deciding to buy a condo. Investors who purchased a lower-priced unit would find it easier to peg rents at attractive levels to achieve desired rental returns. Vacancy rate** of private residential properties (%) Private residential properties (excluding ECs) completed* (units) Vacancy rate** of private residential properties (%) ^ 2016F 2017F 2018F *Units that received Temporary Occupation Permit in the year **Vacancy rates are as at 4Q of each year, except Vacancy as at 3Q2015. ^13,589 private residential units were completed in the first three quarters of Surge in new completions offer ample cases of positive private property ownership experience There has been a rise in new residential property completions since Islandwide, 10,329 private residential units (landed and non-landed) received their Temporary Occupation Permit in 2012 and 13,150 units received TOP in In 2014, 19,941 units received TOP. In 1Q2015 to 3Q2015 itself, 13,589 private residential units were completed; and a total of 18,977 units are expected to be completed in This resulted in a significant rise in the vacancy rate of private residential properties. It stood at 7.8% in both 2014 and 3Q2015, notably higher than 6.2% in 2013 (see Chart 2). These newly completed condos are generally impressive in design and offer an exciting range of condo facilities. In addition, buyers feel a sense of pride and freshness in owning new units. Many owners still find much meaning in their newly completed suburban condos despite current private residential prices and rental headwinds. These factors will influence the decision of the HDB flat owner who intends to buy a private condo. There is herd mentality among ordinary private condo buyers (that is, HDB upgraders), so HDB upgraders will also be influenced by how their peers cope with their new condo. While HDB upgraders may observe their peers experiencing difficulty in renting out their private condos and dealing with issues of maintenance and defects, they will also see how their peers take pride in the newly completed condo. New launches in 2016 are expected to be priced similarly to or lower than URA REALIS, R ST RESEARCH the launch price of new completions in 2014 and The competitive pricing of project launches may encourage buyers interest. Developers that delivered projects in 2014 and 2015 and are prompt in addressing defects within the liability period will be considered quality developers, which will help move sales of their new projects from Exciting plans for new estate and locality rejuvenation While property sentiment may have been cool in 2015, there have been interesting longerterm developments announced by the government. In November, it released the first batch of build-to-order (BTO) HDB flats in Bidadari, an area that many flat applicants are looking forward to, despite its sad past. In the longer term, those who own an HDB flats in Bidadari will also wish to upgrade within the vicinity, further supporting future resale demand for private homes in Potong Pasir. Investors will find the rentability of homes here higher than those in northeastern areas. While Potong Pasir is unlike the northeastern tip, Punggol, which feature a lifestyle waterway-living concept, there is a good blend of current housing and upcoming private housing, reflecting spontaneity of development in a well-located area. Three MRT stations Keppel, Cantonment and Prince Edward were recently announced for expected completion in 2025, benefiting properties in the areas. E Ong Kah Seng is director of R ST Research. He can be reached at kahseng.ong@rstresearch. com.sg

4 EP4 THEEDGE SINGAPORE DECEMBER 7, 2015 HOME IDEAS Recessed building envelope The natural palette in design BY GOY ZHENRU Keep external timber decking unpolished and uncoated to express the patina of materials Allow tropical plants to be slightly wild and unkempt With growing urbanisation and its associated stresses and anxieties, retreating home to a tranquil and private space is gaining demand with homeowners. Research shows that nature has a healing effect on our overall health and well-being, giving us the much-needed rejuvenation. How can we introduce the natural palette into our homes and living environment? Two award-winning architects Han Loke Kwang, director of HYLA Architects and Yip Yuen Hong, director of ipli Architects share their design philosophy and strategies behind this natural approach. Being natural means being true and authentic to the innate properties of the materials, their contexts and conditions, and the lifestyle of the occupants, says Yip. Han adds, In addition, it also means understanding the design s harmony and balance with its natural surrounding as well as the choice of material palette, which plays a complementary role to the process. Material selection Authenticity means to respect the materials physical characteristics. Yip says the materials must be allowed to obtain their patina through time and weathering. Beauty expressed in the process of ageing is part of the essence of natural materials. For instance, Yip advises homeowners to keep external timber decking unpolished and uncoated to allow natural weathering. It turns into a silvery grey shade, just like driftwood, he says. Big splashes and accents [used in interior design] are tiresome after a while, says Han. That s why we keep to two to three primary materials that are subtle and harmonious, rather than loud and attention-seeking. He adds that in selecting a soothing and calming palette, the choice of materials is usually from the complementary spectrums of the colour wheel, rather than contrasting poles. A harmonious palette of landscape, materials and light creates a soothing living area Filtered light Owing to its proximity to the equator, Singapore s natural lighting is more harsh and glaring compared with temperate countries, where it is more diffused in nature. The idea is to get just the right amount of light into the building, so that the occupants can move around the house without difficulty, says Yip. But, essentially, we want to create a cave-like environment to shield the home from harsh exterior conditions, where the occupants can rest away from the stresses of their daily lives. One of Yip s latest project, 7 Namly Hill, uses a recessed building envelope to achieve this effect. HYLA s work often features the use of light wells and screens that double up as privacy panels. They allow filtration of light and casting of shadows into the interior space, reflecting the surroundings and creating an introspective private experience. We let light and space do the talking, says Han. Landscape as natural ally According to Yip, the strategy is to use local tropical plants and let them be slightly wild and unkempt. On one hand, it allows for easy maintenance. On the other, it allows the natural characteristics of the plants to present themselves. Yip advocates that the house and landscape be seen in unison in a symbiotic relationship. The landscape grows on to the house and the house grows out into the landscape, he says. Landscaping is your natural ally, says Han. Using the bathroom as an example, it is a space where you need good ventilation and natural light, but at the same time, it must be as private as possible. Landscaping allows all three criteria to be met. In addition, it gives users a resort-like living, remarks Han. E Han Loke Kwang is director of HYLA Architects and Yip Yuen Hong is director of ipli Architects. They can be reached at admin@hyla. com.sg and info@ipli.sg respectively. Treat the landscape as a natural ally to create resort-like living Goy Zhenru is an architectural associate at Forum Architects. She can be reached at zhenru_goy@forum-architects.com.

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6 EP6 THEEDGE SINGAPORE DECEMBER 7, 2015 DEAL WATCH Sentosa Cove condo selling at 2006 price level BY TAN CHEE YUEN For prospective buyers looking for the ultimate in waterfront living, a 1,647 sq ft unit at The Sentosa Cove is listed for sale on TheEdgeProperty.com at $2.1 million, or $1,275 psf. The property s asking price is close to the launch price in In August 2006, a 1,647 sq ft low-floor unit changed hands at $2.25 million, or $1,368 psf. Another low-floor unit measuring 1,701 sq ft was sold in the same month for $2.27 million, or $1,334 psf. Prices of similar-sized units spiked in 2007, breaching the $1,600 psf mark. Two units on low floors measuring 1,679 sq ft and 1,701 sq ft found buyers at $1,660 psf and $1,638 psf respectively. The Sentosa Cove is a 264-unit luxury condominium developed by City Developments. It was completed in Nearby amenities include Quayside Isle and ONE 15 Marina Club. Like the rest of the high-end segment, residential prices at Sentosa Cove continued to languish from the slew of cooling measures, including a hefty additional buyer s stamp duty rate for foreigners. According to URA, prices of high-end non-landed homes have fallen 9% Table 1 Historical transactions of 1,600 to 1,701 sq ft units at The Sentosa Cove CONTRACT DATE ADDRESS AREA (SQ FT) PRICE ($) PRICE ($ PSF) June 15, Ocean Drive #xx-xx 1,679 2,787,140 1,660 May 21, Ocean Drive #xx-xx 1,701 2,786,238 1,638 Aug 15, Ocean Drive #xx-xx 1,647 2,253,300 1,368 Aug 11, Ocean Drive #xx-xx 1,701 2,268,000 1,334 since the peak in 1Q2013 and have returned to 2010 levels. There was one rental contract involving a similar-sized two-bedroom unit in the development in March for $5,200 a month. Based on the listing price of $2.1 million, the rent translates into a potential rental yield of 3%. Rental volume for non-landed homes in Sentosa Cove surged 19.9% y-o-y in 3Q2015 to 211 contracts as median rents softened from $4.28 to $4.11 psf a month. E Scan the QR code for val ue deals at The Sentosa Cove and nearby projects As we are not party to the contract between the client and agent, we are not able to verify information provided by the agent URA, THEEDGEPROPERTY.COM Table 2 Rental transactions and median rent of non-landed projects in Sentosa Cove 3Q2014 3Q2015 % CHANGE Number of contracts Median rent ($ psf a month) A 1,647 sq ft unit in the project is listed for sale on TheEdgeProperty.com at $2.1 million, or $1,275 psf URA, THEEDGEPROPERTY.COM SAMUEL ISAAC CHUA/THE EDGE SINGAPORE SAVE 52% FREE! Lawry s The Prime Rib $50 dining voucher YES! 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The restaurant has a seating capacity of 170, with six private dining rooms equipped with state of the art presentation facilities for private as well as corporate events. Expect impeccable standard of service and savour the all-time-favourite Signature Roasted Prime Ribs of Beef, carved from Silver Carts and served with the Famous Original Spinning Bowl Salad. With choices of à la carte and set menus featuring unique dishes, enjoy a world-class dining experience you will never forget! Visit Lawry s website to view its Christmas Eve, Christmas Brunch & New Year s Eve menus LAWRY S THE PRIME RIB 333A Orchard Road #04-01/31 Mandarin Gallery Singapore Operating hours: Lunch: 11.30am to 2.30pm Royal Tea: 2.30pm to 5pm (Mon-Sat) Dinner: 5pm to 10pm (Sun-Thurs) 5pm to 10.30pm (Fri, Sat & eve of PH) For reservations, please call: Cardholder s name Contact No Card no Expiry date Signature 2. Cheque. My cheque payable to The Edge Publishing Pte Ltd is enclosed Cheque no 3. Online. 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8 EP8 THEEDGE SINGAPORE DECEMBER 7, 2015 FACTS + FIGURES New caveats uploaded on Nov 20 and 24 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON SALES PRICE ($) BOUGHT ON PURCHASE PRICE ($) PROFIT ($) PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Wing on Life Garden 10 3, Nov-15 5,200,000 1-Apr-99 2,400,000 2,800, The Marbella 10 1, Oct-15 2,380,000 4-Aug-04 1,045,000 1,335, Min Yuan 7 1, Oct-15 2,100,000 1-Jun ,000 1,225, Caribbean at Keppel Bay 4 1,270 1-Oct-15 1,850, Aug , , Haig Court 15 1, Nov-15 1,850, Apr , , Park East 15 1, Sep-15 1,680, May , , Queensberry Lodge 10 1, Nov-15 1,720, Sep , , Kovan Melody 19 1,410 2-Nov-15 1,520,000 7-Oct , , Riviera Residences 16 1, Oct-15 1,680, Dec , , Grandeur ,421 9-Nov-15 1,450, Jul , , LANDED 1 Detached/Jalan Waringin 14 4,994 6-Nov-15 5,675,000 2-May-09 1,800,000 3,875, Semi-Detached/King s Drive 10 2, Oct-15 3,700,000 1-Nov-98 1,360,000 2,340, Semi-Detached/Jalan Sindor 28 3, Nov-15 3,865, Jun-10 1,800,000 2,065, Terrace/Lorong Pisang Raja 21 1, Nov-15 2,750, Jul ,000 2,000, Semi-Detached/Holland Grove View 10 2,562 6-Nov-15 2,400,000 2-Dec-04 1,300,000 1,100, TABLES:, URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON SALES PRICE ($) BOUGHT ON PURCHASE PRICE ($) LOSS ($) LOSS (%) HOLDING PERIOD (YEARS) 1 Detached/Caldecott Close 11 10, Nov-15 15,200, Nov-11 17,300,000 2,100, The Paterson 9 2, Nov-15 4,100,000 3-Aug-07 5,050, , Cyan 10 1, Nov-15 3,103, Nov-10 4,038, , Jardin 21 1, Nov-15 2,550,000 7-Dec-07 3,288, , Visioncrest 9 1,227 9-Nov-15 2,300, Aug-07 2,980, , The Laurels 9 1, Oct-15 4,400, Mar-10 4,722, , Kovan Regency Nov ,000 1-Nov ,000 31, Rivervale Crest 19 1,173 6-Nov , May ,000 5, Vue 8 Residence Nov , Aug ,000 4, Tables compiled by Tan Chee Yuen * Refers to strata area. Otherwise, area stated for landed homes refers to land area. Top 5 mortgage deals as at Dec 3 PACKAGE RATE BASIS SPREAD INTEREST AVERAGE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 1 YEAR 2 YEAR 3 YEAR 4 (4 YEARS) HDB (COMPLETED) FLOATING RATE 1 PTBR FHR PTBR FHR PTBR HDB (COMPLETED) FIXED RATE 1 Fixed/SIBOR 3M Fixed Fixed/SIBOR 3M Fixed Fixed PRIVATE PROPERTY (COMPLETED) FLOATING RATE 1 PTBR FHR FHR PTBR PTBR PRIVATE PROPERTY (COMPLETED) FIXED RATE 1 Fixed Fixed/SIBOR 3M Fixed Fixed/SIBOR 3M Fixed PRIVATE PROPERTY (UNDER CONSTRUCTION) FLOATING RATE 1 PTBR PTBR PTBR FHR PTBR ICOMPARELOAN.COM FHR: Fixed home rate PTBR: Pegged to board rate Terms and conditions apply. Visit icompareloan.com to find the best loan package for refinancing or new property purchase. Call / or write to: sales@icompareloan.com to speak with a mortgage consultant.