Centurion Corp s balancing act

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3 PROPERTY PERSONALISED MCI (P) 136/08/2017 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of January 15, 2018 ISSUE Offshore Prices in Hanoi and Ho Chi Minh City continue to rise EP5 Done Deals Symphony Suites in Yishun 90% sold EP8&9 Gains and Losses Unit at The Edge on Cairnhill sold at $1.3 mil profit EP10 Deal Watch Two-bedder at Parc Centros on the market for $1.08 mil EP11 CENTURION CORP Centurion Corp s balancing act While workers accommodation continues to be the main revenue generator, the rapidly expanding student accommodation segment will see increased contribution in the coming years. See our Cover Story on Pages 6 and 7. ASPRI-Westlite Papan, an integrated workers dormitory and training centre

4 EP2 EDGEPROP JANUARY 15, 2018 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY EDITOR Lin Zhiqin WRITERS Angela Teo, Timothy Tay DIGITAL WRITER Fiona Ho COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Yen Tan DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, COMMERCIAL OPERATIONS Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGER James Chua CIRCULATION DIRECTOR Victor The EXECUTIVE Malliga Muthusamy, Ashikin Kader CORPORATE CHIEF EXECUTIVE OFFICER Bernard Tong PUBLISHER The Edge Property Pte Ltd 150 Cecil Street #13-00 Singapore Tel: (65) Fax: (65) PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore Tel: (65) Fax: (65) Home prices in early stage of multi-year recovery BY TIMOTHY TAY Brighter prospects for the property market are expected this year, according to the 2018 Asia Pacific Property Outlook report by Colliers International, which was released on Jan 10. In Singapore, investment sales are likely to stay robust following bumper transactions of about $40.2 billion last year. The residential sector accounted for 54% of the deals, owing to strong demand for sites via public tender and the collective sale market. This is the highest annual investment sale value since the last property boom in Investment sales in 2017 rose 54% y-o-y and positive momentum should carry into 2018, says Tricia Song, head of research for Singapore at Colliers. She adds that as at Jan 10, there are 11 residential collective sale tenders closing in the coming five weeks, including City Towers and four government land sales (GLS) tenders due on Jan 30, giving the residential sector a strong start to In a separate report, Morgan Stanley says that home prices are still in the early stages of a multi-year recovery. MS expects an 8% increase in home prices in 2018 that can be sustained until Given the rise of en bloc activity last year, 2018 could also be a record year for launches, says MS, which expects sales volume to grow 40% this year. The recovery in private residential prices is set to continue, says Song, and the current wave of collective sales could accelerate price recovery in the near term as beneficiaries provide immediate incremental demand. Average home prices may rise by 17% over 2018 to 2021, supported by higher GDP growth, falling completions and ongoing collective sale deals. The en bloc boom is likely to persist and displaced homeowners could add to the pool of potential buyers, says MS. The recovery in home prices could be sustained until 2019 as recent property cycles have lasted for four years, the report states. It also predicts that 17 projects with 15,000 units could be launched this year, which is triple the number of units at the eight projects launched last year. Improved economic conditions have also boosted demand for leased office space as well as industrial and logistics properties. Colliers expects SAMUEL ISAAC CHUA/THE EDGE SINGAPORE demand to stay strong, and office and warehouse rents to stay reasonably stable. The commercial property sector made up 30% of investment sales last year and was driven by landmark deals such as Asia Square Tower 2, which was sold for $2.09 billion, as well as the Beach Road GLS site sold for $1.62 billion, and Chevron House for $660 million. Colliers projects Grade A office rents in Singapore to pick up by 5% to 7% this year, on the back of a rosier economic outlook and recovering occupier markets. There will be increasing demand for office space from new tenant segments such as co-working operators and technology and media companies. There are very few commercial opportunities left in the market as flexible workspace operators secure service-exclusivity within developments of choice, says Duncan White, head of office services at Colliers International. Such arrangements limit the growth of co-working operators and could lead to further consolidation of operators, he says. Colliers also expects the business and industrial park market segment to do well in the next several years against a backdrop of an improved manufacturing sector and the government s initiatives to transform industries and encourage adoption of new technologies. 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. HOME OCBC Bank launches OneAdvisor Home portal, a one-stop advisory service OCBC Bank has launched an online advisory service that brings together first-time homebuyers as well as seasoned investors. Called OCBC OneAdvisor Home, the portal brings together all the tools and resources that property buyers would need to make an informed purchase from property listings, policy details, rules and regulations to affordability advice. Property listings based on a homebuyer s affordability are pulled from EdgeProp.sg, with other features to be added through API-based collaboration with other service providers over the next few months. While most advisory tools in the market can only derive the loan amount a buyer can borrow based on the total debt servicing ratio, at OCBC OneAdvisor Home, the affordability tool computes the affordability price range for the buyer, including down payment, stamp duty, minimum cash payment as well as legal and agent fees. In the coming months, OCBC OneAdvisor Home will allow homebuyers to submit necessary documents through the website for a secure Credit Bureau check. In addition, home sellers will be able to get an indicative value of their properties from an accredited valuer. FCL to issue $300 mil worth of perpetual securities Singapore property group Frasers Centrepoint (FCL) announced on Jan 8 that its wholly-owned subsidiary, FCL Treasury, plans to issue $300 million worth of fixed rate subordinated perpetual securities. The securities will be issued under the company s $5 billion multi-currency debt issuance programme, which was established on Jan 16, According to FCL, the distribution rate is 4.38% a year and will be paid twice a year. FCL says it intends to use net proceeds from the securities after deducting issue expenses to fund its business activities. The securities are slated to be issued on Jan 17. OFFSHORE Sabah, Malaysia land deal secured in bitcoin A Sabahan businessman has secured the sale of a 1.22ha piece of land on Libaran Island for half a bitcoin, in a transaction that is likely the first of its kind in Malaysia. Tourism entrepreneur Alexander Yee had agreed to sell the parcel to his friend Polycarp Chin for half a bitcoin worth roughly RM38,000 ($12,680) at the time of the agreement) and Chin placed a 10% deposit worth 0.05 bitcoin (RM3,883.25) on the land, reported The Star on Jan 9. It s a new way of transferring money, said Yee at the signing ceremony of the sale and purchase agreement, which entailed Chin making the payment via his Luno wallet directly into Yee s wallet. Following the signing ceremony which was witnessed by a third party the sale and purchase agreement will be sent to a lawyer for certification before an application to transfer the land ownership is made at the Sandakan land office. Once the transfer is done, the remaining 0.45 bitcoin will be paid. I do not see a problem as we have a value of the land in ringgit and the necessary stamp duty fees would be paid based on the value stated, said Yee. The deal possibly heralds a new level of acceptance for the cryptocurrency in Malaysia. The entrepreneur who is a resort operator, turtle conservationist and owner of the sustainability-themed Rumah Terbalik (Upside Down House) in Kampung Bantayan-Telibong, just outside of Kota Kinabalu said Chin decided to buy the land as he wanted to BLOOMBERG get involved in turtle conservation. They note that while Bank Negara Malaysia has not drawn up clear guidelines on cryptocurrencies, neither has it banned outright trading of such currencies. Cortland Partners, CPPIB and GIC form JV targeting US multifamily real estate Real estate investment firm Cortland Partners, Canada Pension Plan Investment Board (CPPIB) and GIC announced on Jan 9 that they have formed a joint venture (JV) with a targeted equity amount of US$550 million ($732 million) to acquire and renovate 8,000 to 10,000 Class B multifamily units in the US. These are older assets with opportunities for improvements to the buildings, ongoing maintenance and long-term appreciation. CPPIB and GIC will each own a 45% interest while Cortland Partners will own 10%. The JV has acquired three garden-style communities. They are Lakecrest at Gateway Park, a 440-unit rental complex in Colorado; Aurum Falls River, a 284-unit rental complex in North Carolina; and Waterstone Apartments, a 308- unit rental complex in Texas. The JV will pursue other acquisition opportunities, primarily in the southern and southeastern US. Crown Group bullish on luxury properties in Sydney Crown Group, which is active in property development, investment and management, is bullish on the luxury real estate market in Sydney (left). The city is a solid investment choice, especially in the luxury apartment space, says Julian Sedgwick, global head of sales. He adds that high quality apartments in desirable locations are increasing in value at a steady rate, backed by strong investment in infrastructure. Apartment building construction has boomed in Sydney and many new apartment developments are tailored towards first-time homebuyers. According to Real Estate. com.au, an average unit in Waterloo sold for nearly $550,000 in 2010, but the average value today is $833,500 a significant increase, says Crown Group, who adds that this trend is set to continue as more buyers compete for properties. Compiled by Timothy Tay E

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6 EP4 EDGEPROP JANUARY 15, 2018 EVENTS PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Joey Yap s Feng Shui & Astrology 2018 Seminar on Jan 7 is the first in a world tour Property outlook in the Year of the Earth Dog EdgeProp was the official media partner for the event About 3,000 people turned up at the Resorts World Convention Centre for the event BY TIMOTHY TAY Singapore s property market will do better in the Year of the Earth Dog, according to Joey Yap, chief consultant of Joey Yap Consulting Group, a firm specialising in feng shui and Chinese astrology services. Yap was speaking at Joey Yap s Feng Shui & Astrology 2018 Seminar, held at the Resorts World Convention Centre on Jan 7. The event, which drew a crowd of 3,000 feng shui aficionados, kicks off a world tour that includes cities such as Kuala Lumpur, Manila, Bangkok and Jakarta. The next seminar will take place in Penang on Jan 14. According to Yap, the property market in Singapore will receive more attention in the coming year. It will look good, but move slow- ly because the Earth element is not huge in 2018, (but) it is bigger than in 2017, he says. Yap also talked about prominent astrological signs and what opportunities they bring. According to the 2018 Ten Stems chart by Yap, individuals with signs such as yin wood are more likely to experience successful product or property launches, and those with yin fire will have more opportunities to buy good properties and to find good deals when selling property. A wide collection of feng shui and astrology books by Yap detailing his methods and forecasts was available for sale at the convention hall. The booths were a hub of activity during breaks as many attendees jostled to buy them. Yap also introduced an algorithm, created in partnership with EdgeProp Singapore, which makes personalised property recommendations based on each individual s BaZi. It can be accessed at fengshui. EdgeProp was the official media partner for the event. The official sponsor was EcoWorld, which showcased its overseas waterfront residential project, London City Island, in the UK. The development is located opposite the O2 Arena and beside Canary Wharf. Opportunities are open-ended, says Yap. And certain choices determine your destiny, he adds. For those whose BaZi forecast indicates potentially more difficulties this year, Yap says: If you avoid all the problems, your life (will have) no improvement. His advice is to face your problems and overcome them to become more successful in life. E A model of the London City Island residential project by EcoWorld Yap: Singapore s property market will do better in the Year of the Earth Dog

7 EDGEPROP JANUARY 15, 2018 EP5 OFFSHORE Prices up 1.7% and 1.3% for HCMC and Hanoi apartments in 4Q2017 BY LIN ZHIQIN Prices for apartments in Ho Chi Minh City s (HCMC) primary market rose 1.7% q-o-q and 3.6% y-o-y in 4Q2017, according to the Vietnam Property Market Brief by JLL (see Table 1) A total of 15,193 units were launched in the Vietnamese city in 4Q2017, which is a 29% increase q-o-q and 71.2% increase y-o-y. Most of the units launched were in the mid-end segment, which accounted for 45% of total launches. Sales, totalling 16,181 units in 4Q2017, outpaced the number of units launched. Units priced from US$1,000 to US$2,000 psm ($124 to $248 psf), the mid-end segment, accounted for 58% of the sales volume, notes JLL. And a good proportion of the sales, 35.2%, were of units that will be completed and handed over by end-2018 (see Chart 1) In HCMC s secondary market for apartments, prices also rose in 4Q2017 but the pace of 0.1% q-o-q and 0.5% y-o-y was more subdued compared with those in the primary market. The performance was better than in 3Q2017, however, which registered a price decline of 0.7% q-o-q and a slight 0.1% y-o-y increase. In the landed residential segment, which comprises villas and townhouses, primary market prices fell 3.8% q-o-q in 4Q2017 but registered a 13.6% y-o-y increase. The number of units launched totalled 1,802, which is a 30% q-o-q increase. Owing to strong market momentum, 2,139 units were sold, says JLL, who adds that this is nearly triple the 4Q2016 figure, and the highest on record since 2000 According to projections by JLL, nearly 36,000 apartment units and 3,500 landed housing units will be launched in HCMC in 2018 and more than 50,000 apartment units will be completed. Most of the apartments launched will be in the affordable segment, mainly located in Districts 2 and 9. Sales volume will be driven by this segment, which caters to owner-occupiers. The sales rate is likely to remain in positive territory, especially in the villa/townhouse market, says JLL (see Charts 2 and 3) About 9,400 apartment units were launched in Hanoi in 4Q2017, bringing the full-year launch supply to 31,000 units. Most of the new launches were in the affordable and mid-end segments, which comprised 80.4% of units launched, says JLL. The two segments also accounted for the bulk of the units sold in 4Q2017, comprising 77.5% of the primary market sales volume. Similar to HCMC, sales in Hanoi s primary market also outpaced the number of units launched, ringing in at about 9,800 units. This is a 7.3% increase over 3Q2017, notes JLL. In 4Q2017, prices increased 1.3% q-o-q in the primary market but fell Table 1 Price movement of Vietnam residential property in 4Q2017 Chart 1 Chart 2 Chart 3 3.7% q-o-q in the secondary market. More than 55,000 apartment units will be completed in Hanoi in JLL expects prices in the primary market to be stable, and sales rates to rise this year, on the back of owner-occupier demand. The apartments in the affordable and mid-end segments will continue to attract buyers, especially young families, says JLL (see Chart 4) According to Savills Vietnam, the country s GDP per capita rose 10% y-o-y to US$2,385. The 6.8% GDP growth exceeded the government s target of 6.7%. It is also much higher than the 2011 to 2016 period, says JLL. This was because PRIMARY MARKET SECONDARY MARKET q-o-q (%) y-o-y (%) q-o-q (%) y-o-y (%) HCMC apartments HCMC villas/townhouses Hanoi apartments Average asking price for HCMC apartments by market segment in 4Q2017 Apartments Upcoming completions in HCMC All apartments Affordable Mid-end Premium Luxury Villas/townhouses Average primary price Average asking price for Hanoi apartments by market segment in 4Q2017 All apartments Apartments Villas/townhouses Apartments Villas/townhouses Apartments Villas/townhouses Affordable Mid-end Premium Luxury 0 Average primary price 0 1,000 2,000 3,000 4,000 0 Average secondary price 20,000 1,000 2,000 3,000 Average secondary price US$/sq m units 40,000 60,000 US$/sq m 4,000 of growth in nearly all the economic sectors. The industrial and construction sectors grew 8% y-o-y in 2017, followed by the service sector, which grew 7.4%. Inbound tourism continues to grow with 12.9 million international visitors for 2017, up 29%, says Savills. Accommodation and F&B revenue also rose 12% y-o-y. According to JLL, the number of tourist arrivals in 2017 is the highest on record, and retail sales also saw strong growth last year (see Chart 5) In 4Q2017, 75,000 sq m of retail space was added to HCMC s non- CBD submarket, according to JLL. Meanwhile, about 48,500 sq m was Chart 4 Upcoming apartment completions in Hanoi Chart 5 Retail sales versus international arrivals growth (y-o-y change) Chart The gap in average gross rents (US$ psm per month) between HCMC s CBD and non-cbd retail submarkets has widened % 12 % Dec Jan Feb Mar April May June July Aug Sept Oct Nov Dec Real retail sales 4Q15 10,000 20,000 30,000 40,000 50,000 60,000 1Q16 2Q16 CBD 3Q16 taken up. The overall retail gross rent rose 0.6% q-o-q and 2.5% y-o-y to US$47.2 psm per month. Retailers providing affordable and mid-range products and services continued to expand in the quarter. Owing to the limited available space in the CBD, the rent gap between HCMC s CBD and non-cbd submarkets has widened (see Chart 6) As at end-2017, there were more than 250,000 sq m in HCMC s retail supply pipeline. Most of them were located outside the CBD, says JLL. In 2018, rents for retail space are expected to rise in the CBD and remain stable in non-cbd locations, it adds International retailers will likely continue entering the market, driven by the healthy long-term prospects, says JLL, who also expects sustained demand from F&B chains owing to the developing trend of people dining out. In 4Q2017, international fashion retailers Zara and H&M opened their first stores in Hanoi. Owing to good performance at new projects International arrivals (RHS) 4Q16 1Q17 Non-CBD 2Q17 3Q17 units 4Q17 and several mature shopping centres more than 5,500 sq m of retail space was taken up in the quarter, according to JLL. Notwithstanding the improvement in overall occupancy rate from 82% in 3Q2017 to 82.4% in 4Q2017, the overall monthly gross rent for retail space in Hanoi declined 1.4% q-o-q to US$28.3 psm. Monthly rents at malls in the CBD were unchanged at US$100 psm while those in the non-cbd submarket fell 1.6% q-o-q to US$27.1 psm. According to JLL, the total supply is expected to increase sharply in 2018 with more than 320,000 sq m set to enter the market, mostly in the non-cbd submarket. JLL also notes that AEON Mall Ha Dong and Ciputra Mall Hanoi by global retail giants AEON and Lotte Group, respectively, will be completed in Hanoi from 2020 onwards. As the rents at new projects are expected to be lower than the current average rents, along with the abundant supply, they are likely to decline over the next [few] years, says JLL. E TABLE AND CHARTS: JLL RESEARCH

8 EP6 EDGEPROP JANUARY 15, 2018 COVER STORY The ASPRI-Westlite Dormitory on Jalan Papan has a capacity of 7,900 beds and was completed in May 2016 PICTURES: ALBERT CHUA/THE EDGE SINGAPORE Centurion Corp s balancing act While workers accommodation continues to be the main revenue generator, the rapidly expanding student accommodation segment will see increased contribution in the coming years Bin (left), Centurion s executive director of accommodation business, and CEO Kong BY CECILIA CHOW On Jan 5, listed property companies Centurion Corp and Lian Beng Group, together with the Association of Process Industry (ASPRI), celebrated the official opening of ASPRI-Westlite Dormitory Papan. Construction of the $200 million project took less than 15 months, with Temporary Occupation Permit obtained in May ASPRI-Westlite Dormitory Papan, which comprises twin 18-storey blocks with a total of 7,900 beds, is the first purpose-built workers dormitory that incorporates a 40,000 sq ft training centre. Owned and operated by ASPRI, the training centre is designed to meet the needs of workers from the process, construction and maintenance (PCM) industry. The development has been billed as the first workers dormitory with a livelearn-play concept. The aim of ASPRI s training centre is to upgrade the skills and productivity as well as quality of life of the residents at the dormitory. The domitory s location just a 12-minute drive from the Jurong Island checkpoint means greater convenience as it reduces commute time for PCM industry employees working on Jurong Island. This integrated model Live, Learn, Play is an advancement in how we treat our foreign workers, said Tharman Shanmugaratnam, deputy prime minister and coordinating minister for economic and social policies, who was the guest of honour at the official opening of ASPRI-Westlite Dormitory Papan on Jan 5. It is a far cry from the norm we saw in foreign worker dormitories less than a decade ago. With 7,886 out of a total of 7,900 beds taken up today, ASPRI-Westlite Dormitory Papan has an occupancy rate of close to 100%. There were some challenges initially as the oil and gas sector wasn t doing too well when the project was completed, relates Kong Chee Min, Centurion Corp s CEO. By engaging plant owners and embarking on joint marketing efforts with our partners, we managed to arrive at 100% occupancy within a year. One of the biggest owneroperators in workers housing Centurion first entered the purpose-built workers dormitory business in 2011 with 5,300 beds. The company is the result of a reverse acquisition of JM Summit, a firm that started in 1981 as a manufacturer of audio cassette tapes in Singapore. It was one of the market leaders in optical storage media industry when it was listed on the Singapore Exchange in Since its diversification into the accommodation business in 2011, Centurion has become one of the biggest owner-operators of purpose-built workers housing in Singapore. Today, it has a portfolio of four workers dormitories in Singapore branded Westlite in Mandai, Toh Guan, Woodlands and Jalan Papan with a total of 26,100 beds. This excludes its fifth property, the 8,600-bed Westlite Tuas, which will close this month as the lease on the land ends on Jan 30. Further growth in Malaysia Outside Singapore, the group has six Westlite dormitories in Johor, Malaysia, with a total of 23,700 beds. In Penang, a 6,600-bed Westlite dormitory is slated for completion in 3Q2018 and a second 6,100-bed dormitory is in the pipeline. When the Penang dormitories are completed later this year, the Westlite portfolio of workers dormitories in Malaysia will have a total of 36,400 beds, exceeding the Singapore portfolio s 26,100 beds.

9 EDGEPROP JANUARY 15, 2018 EP7 COVER STORY One of the 494 apartments in the 18-storey twin-tower blocks at the ASPRI-Westlite Dormitory Papan. Each apartment contains eight bunk beds, an en suite kitchen and shower/toilets. The air-conditioned gym is very popular among the residents of the dormitory We do see a bit more growth in Malaysia, with the two new dormitories in the pipeline in Penang, says Tony Bin, Centurion s executive director of accommodation business. Although land cost is higher in Singapore, so are rates per bed per month, points out Centurion s Kong. You re talking about $260 per bed per month in Singapore versus RM120 per bed per month in Malaysia, he says. Therefore, in Malaysia, it has to be a volume business, while in Singapore, we differentiate ourselves through quality. According to Centurion s latest results (3Q2017), its Westlite Woodlands has 100% occupancy, while Westlite Toh Guan and Westlite Mandai are at 95%. Slight premium While other workers dormitory operators have slashed rates to stay competitive, Westlite s dormitories still command a slight premium, given their uniqueness and value-add proposition to employers, says Centurion s Bin. In a report dated Nov 10, 2017, Phillip Capital investment analyst Jeremy Teong estimated that the bed rates at all the Westlite dormitories are at a 10%-to-14% premium to market rates. In Malaysia, Westlite dormitories had a portfolio occupancy rate of 86% as at 3Q2017, up from 82% in 2Q2017 and 74% in 1Q2017, according to Phillip Capital. The improvement in occupancy is caused by two factors: the crackdown on illegal worker dormitories that has resulted in more foreign workers being housed in purpose-built accommodation, and an increase in the number of workers allowed in certain sectors. We can expect positive rental reversion in 2018 as policy continues to be favourable, says Phillip Capital s Teong. Centurion is looking at expanding the worker accommodation business beyond Singapore and Malaysia. In December 2013, the company announced that it had acquired a 77,715 sq ft piece of land in Jakarta, Indonesia, for $800,000. The intention was to build 750 apartment units to house workers and mid-level executives working in the industrial parks nearby. The project is still on the drawing board, says Bin. In 2014, Centurion had indicated that it was exploring countries in the Middle East for its worker accommodation business. But we won t be venturing in very aggressively because we re evaluating other risks as well and prioritising our resources, says Kong. Rapid growth in student accommodation It was also in 2014 that Centurion ventured into the student accommodation business with acquisitions in Australia and the UK. Centurion acquired its maiden student accommodation asset, RMIT Village in Melbourne, Australia, for A$60 million at the start of The purpose-built student accommodation contains 229 apartments and has a capacity of 456 beds. The group now owns and operates eight student accommodation assets with a capacity of 2,420 beds across the UK, including Bristol, Manchester and Newcastle. In February 2017, Centurion announced that it was branding its student accommodation dwell. The company also rolled out a new mobile app to enhance the experience of its student residents. The app can be used by residents to request for maintenance services, book facilities and receive notifications on status of parcel delivery as well as information on upcoming events for the student community. The mobile app was launched at nine of Centurion s student accommodation properties eight in the UK and one in Singapore. The sole student accommodation asset in Singapore is the 332-bed dwell Selegie, strategically located near Singapore Management University, LaSalle College of the Arts, Nanyang Academy of Fine Arts and Kaplan City Campus. Last March, Centurion acquired a freehold site in Adelaide for A$3.5 million ($3.6 million) to develop a purpose-built student dormitory with 280 beds. This marks its second student accommodation asset in Australia. The total cost of the project, including construction, is projected to be A$45.5 million. The property, located within walking distance of the University of Adelaide and University of South Australia, is expected to be completed by 4Q2018, in time for the student intake in the 2019 academic year. In May, Centurion undertook an asset enhancement programme at RMIT Village, its first student accommodation asset in Australia. The A$30 million enhancement works are expected to be completed in 4Q2018, ahead of the 2019 academic year. It will include the building of a new 11-storey wing, comprising studios and four- and five-bedroom en suite apartments that will add 160 new beds and increase the total number of beds at RMIT Village by 35% to 616. Entering the US Last year, Centurion made its maiden foray into the US. The company announced in July its plan to buy a portfolio of five student accommodation assets with a total of 1,936 beds across four states Alabama, Florida, Texas and Wisconsin for about US$136 million ($187 million). This was followed in August by its plan to acquire College & Crown, a student accommodation asset with 160 units and a capacity of 204 beds near Yale University in New Haven, Connecticut. The purchase price of the asset was US$70 million. This brought its total US portfolio to six assets with a total of 2,017 beds. dwell College & Crown in New Haven, Connecticut, is a 160-bed student accommodation building located near Yale University A student apartment at dwell The Towers on State, a 127-unit, 231-bed student accommodation near the University of Wisconsin-Madison In November, Centurion announced that it had closed its inaugural private fund, the Centurion US Student Housing Fund, with an aggregate committed capital of US$89.5 million. The money was used to acquire the six assets in the US. The assets have also been branded dwell, and will be managed by dwell US Student Living, a joint venture between Centurion and a student accommodation manager in the US. Centurion holds 28.7% of the Centurion US Student Housing Fund. The remainder is owned by third-party investors. Better balance The injection of the US portfolio brings Centurion s total student accommodation portfolio to 5,665 beds. In FY2016 ended December, the latest full-year results available, workers accommodation still contributed to 71% of revenue, while the student accommodation business accounted for 27%. Centurion expects contribution from student accommodation to increase in FY2017. For diversification purposes, we want to see a better balance of about 50:50, says Kong. The profit margin for workers accommodation is slightly higher, owing to the lower operating costs for workers dormitories, which also need less maintenance and space per bed, compared with student accommodation, says Kong. Even though workers accommodation provides better margins, the student accommodation business is far more resilient and less affected by shifts in the economic cycle, notes Kong. The student accommodation business has greater scope for expansion and scaleability. E CENTURION CORP CENTURION CORP

10 EP8 EDGEPROP JANUARY 15, 2018 DONE DEALS Buying interest in Symphony Suites rises in December, project 90% sold SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY TIMOTHY TAY Yishun has been in the news lately for the wrong reasons, one example being the bust of an illegal drug lab last month. A recent positive development in Yishun was the spike in year-end sales at Symphony Suites by local developer EL Development. According to caveats lodged with URA, 35 units at the 660-unit condominium were sold in the week of Dec 26, 2017 to Jan 2, This brings the total number of units sold in December to 50, compared with nine in November and 16 in October. The project is about 90% sold, says Lim Yew Soon, managing director of EL Development. The recent uptick in the URA flash estimate for private property prices, increase in the number of land bids as well as the progress of construction at Symphony Suites (structural works were completed) are some of factors that led buyers to revisit the project, Lim says. He adds that the project is expected to obtain Temporary Occupation Permit in 2H2018. Prices at Symphony Suites have risen slightly since the project was launched in February According to caveats lodged so far, the average psf price in December 2017 was $1,034, compared with $1,016 at launch. Prices of units sold in December ranged from $852,600 ($1,085 psf) to $1.12 million ($1,099 psf). Located at the intersection of Yishun Avenues 6 and 9, the condo sits on a 221,247 sq ft site with a 99-year tenure. It comprises eleven 15-storey blocks and has a mix of two- to four-bedroom units of 689 to 1,023 sq ft. In the last week of 2017, there was an increase in buying interest at two executive condos (ECs) adjacent to each other on Yishun Street 51 JBE Holdings 525-unit Signature at Yishun and City Developments 505-unit The Criterion. At Signature at Yishun, 10 units were sold between Dec 26 and Jan 2, while five units were sold at The Criterion. The most expensive unit sold during the week at Signature at Yishun in terms of absolute price was a 1,184 sq ft, four-bedroom unit on the fourth floor, which went for $987,000 ($834 psf) on Dec 30. Prices at the EC ranged from $603,405 ($779 psf) to $1.02 million ($861 psf) in December. The average psf price for units sold in December at Signature at Yishun was $771 psf, while at The Criterion, it was $792 psf. A 1,098 sq ft, three-bedder on the third floor that went for $856,800 ($780 psf) on Dec 27 was the most expensive unit sold at The Criterion in terms of absolute price in the week of Dec 26 to Jan 2. E Scale model of Symphony Suites, a 660-unit condominium in Yishun by EL Development Singapore by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated Dec 26, 2017 to Jan 2, 2018 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 THE MARINA BAY Apartment 99 years Dec 27, ,350,000-2, Resale V ON SHENTON Apartment 99 years Dec 26, ,356 3,403,620-2, New Sale District 3 ALEXIS Apartment Freehold Dec 26, ,062,500-1, Resale ASCENTIA SKY Condominium 99 years Dec 27, ,733 2,600,000-1, Resale HIGHLINE RESIDENCES Condominium 99 years Dec 26, ,152 1,950,000-1,693 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Dec 27, ,421,000 1,416,000 1,853 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Dec 28, ,415,000 1,410,000 1,845 Uncompleted New Sale QUEENS Condominium 99 years Dec 28, ,184 1,560,000-1, Resale QUEENS PEAK Condominium 99 years Dec 28, ,001 1,775,070-1,773 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 29, ,001 1,681,000-1,679 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 29, ,315,000-1,697 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 29, ,418,000-1,668 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 30, ,330,000-1,647 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 30, ,318,000-1,633 Uncompleted New Sale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE QUEENS PEAK Condominium 99 years Dec 31, ,588,000-1,844 Uncompleted New Sale THE ANCHORAGE Condominium Freehold Dec 26, ,464 1,975,000-1, Resale District 4 THE INTERLACE Condominium 99 years Dec 26, ,066 1,350,000-1, Resale District 5 BIJOU Apartment Freehold Dec 30, ,080,000-1,893 Uncompleted New Sale LIIV RESIDENCES Apartment Freehold Dec 27, , ,000 1,761 Uncompleted New Sale LIIV RESIDENCES Apartment Freehold Dec 31, ,765,935 1,670,000 1,705 Uncompleted New Sale ONE-NORTH RESIDENCES Apartment 99 years Dec 28, ,000-1, Resale PARC RIVIERA Condominium 99 years Dec 27, ,072,000-1,186 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 28, ,000-1,294 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 28, ,100,000-1,217 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 29, ,184 1,491,505-1,260 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 30, ,184 1,487,000-1,256 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,152 1,299,000-1,128 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,152 1,373,000-1,192 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,152 1,397,000-1,213 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,064,280-1,177 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,152,000-1,274 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,000-1,243 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,000-1,354 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,000-1,318 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,067,220-1,180 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,335 1,287, Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,093,000-1,209 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,202,460-1,214 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,000-1,253 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,000-1,266 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,184 1,325,000-1,119 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 31, ,184 1,288,700-1,088 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years Dec 28, ,492,000-1,507 Uncompleted New Sale THE ORIENT Apartment Freehold Dec 29, ,380,000-1, New Sale THE TRILINQ Condominium 99 years Dec 27, ,765 1,789,000-1, New Sale WESTCOVE CONDOMINIUM Condominium 99 years Dec 27, , , Resale District 8 CITYLIGHTS Condominium 99 years Jan 02, ,310,000-1, Resale KERRISDALE Condominium 99 years Jan 02, ,281 1,500,000-1, Resale SOMME Apartment Freehold Jan 02, ,000-1, Resale STURDEE RESIDENCES Condominium 99 years Dec 29, ,325,800-1,400 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Dec 30, ,571,920-1,659 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Dec 31, ,302 1,761,700-1,353 Uncompleted New Sale District 9 CENTREPOINT Apartment 99 years Dec 27, ,119 2,050,000-1, Resale OXLEY EDGE Apartment Freehold Dec 26, ,464 1,925,000-1, Resale SOPHIA HILLS Condominium 99 years Dec 27, ,257,000-2,203 Uncompleted New Sale THE EDGE ON CAIRNHILL Condominium Freehold Dec 27, ,131 4,108,000-1, Resale WATERMARK ROBERTSON QUAY Apartment Freehold Dec 28, ,970,000-2, Resale WILKIE 48 Apartment Freehold Dec 26, ,292 1,675,000-1, Resale

11 EDGEPROP JANUARY 15, 2018 EP9 DONE DEALS Residential transactions with contracts dated Dec 26, 2017 to Jan 2, 2018 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE WILKIE STUDIO Apartment Freehold Dec 26, ,884 2,080,000-1, Resale District 10 DUCHESS CREST Condominium 99 years Dec 28, ,744 2,200,000-1, Resale DUCHESS GARDEN Semi-Detached 999 years Dec 28, ,606 5,900,000-1, Resale GRAMERCY PARK Condominium Freehold Dec 26, ,207 6,412,000-2, Resale LUSH ON HOLLAND HILL Condominium Freehold Dec 26, ,507 2,328,000-1, Resale NAMLY VIEW Detached Freehold Dec 27, ,313 14,200,000-1,255 Unknown Resale ONE TREE HILL Semi-Detached Freehold Dec 28, ,499 13,880,000-3,086 Unknown Resale ONE TREE HILL RESIDENCE Apartment Freehold Dec 26, ,454 4,300,000-1, Resale ST MARTIN RESIDENCE Condominium Freehold Dec 28, ,142 3,750,000-1, Resale TANGLIN PARK Condominium Freehold Dec 27, ,485 2,775,000-1, Resale THE ARC AT DRAYCOTT Apartment Freehold Dec 26, ,270 2,900,000-2, Resale THE ASANA Apartment Freehold Dec 26, ,688,000-2, New Sale THE GRANGE Condominium Freehold Dec 26, ,282 5,980,000-2, Resale THE PRINCETON Apartment Freehold Dec 28, ,265,000-1, Resale THE SOLITAIRE Condominium Freehold Jan 02, ,164 3,600,000-1, Resale VILLA AZURA Condominium Freehold Dec 28, ,356 1,820,000-1, Resale VILLAGE TOWER Condominium Freehold Dec 26, ,808 2,470,000-1, Resale District 11 6 DERBYSHIRE Condominium Freehold Dec 28, ,012 2,116,180-2, Resale ADAM PLACE Apartment Freehold Dec 27, ,421 1,810,000-1, Resale CAPITOL PARK Semi-Detached Freehold Dec 26, ,047 6,816,800-1, Resale DERBYSHIRE HEIGHTS Apartment Freehold Dec 29, ,282 2,090, Resale HILLCREST ARCADIA Condominium 99 years Dec 28, ,745 2,050, Resale NOVENA TERRACE Terrace Freehold Dec 26, ,347 4,000,000-1,702 Unknown Resale JALAN BAHASA Detached Freehold Dec 26, ,268 14,500,000-1, Resale SINARAN Condominium 99 years Dec 28, ,722 3,200,000-1, Resale THE ARCADIA Condominium 99 years Dec 29, ,735 3,380, Resale THE AXIS Apartment Freehold Dec 29, ,141 1,450,000-1, Resale District 12 DE ROYALE Condominium Freehold Dec 29, ,281 1,550,000-1, Resale EIGHT RIVERSUITES Condominium 99 years Dec 27, ,000-1, Resale KALLANG RIVERSIDE Apartment Freehold Dec 31, ,033 2,119,117-2,051 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold Dec 31, ,033 2,160,000-2,090 Uncompleted New Sale OKIO Apartment Freehold Dec 27, ,000-1, Resale ST MICHAEL S PLACE Apartment Freehold Dec 26, ,249 1,350,000-1, Resale SUNVILLE Apartment Freehold Dec 27, ,130 1,138,000-1, Resale THE ARTE Condominium Freehold Dec 26, ,873 2,380,000-1, Resale VETRO Apartment 999 years Dec 28, , Resale VISTA RESIDENCES Condominium Freehold Jan 02, ,335 2,000,000-1, Resale District 13 WOODLEIGH Condominium Freehold Jan 02, ,206 1,638,000-1, Resale MACPHERSON GARDEN ESTATE Terrace Freehold Dec 27, ,002 2,050,000-1,025 Unknown Resale PARC MONDRIAN Apartment Freehold Dec 29, ,173 1,500,000-1, Resale District 14 EN FU MANSIONS Apartment Freehold Dec 28, , , Resale LE CRESCENDO Condominium Freehold Dec 27, ,030,000-1, Resale REZI 35 Apartment Freehold Dec 31, ,000-1,618 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Dec 26, ,442 2,162,300-1, New Sale SIMS URBAN OASIS Condominium 99 years Dec 31, ,315,700-1, New Sale THE TRUMPS Condominium 99 years Dec 26, ,421 1,438,000-1, Resale TRE RESIDENCES Condominium 99 years Dec 27, ,210,000-1,405 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Dec 27, ,123,000-1,469 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Dec 31, ,231,000-1,430 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Dec 31, ,340,000-1,415 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Dec 31, ,261,000-1,331 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Dec 31, ,260,000-1,330 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Dec 31, ,210,000-1,405 Uncompleted New Sale WATERBANK AT DAKOTA Condominium 99 years Dec 28, ,305,000-1, Resale District 15 8M RESIDENCES Apartment Freehold Dec 26, ,335 1,810,000-1, Resale CEYLON RESIDENCE Apartment Freehold Dec 27, ,216 1,350,000-1, Resale GALLERY 8 Apartment Freehold Dec 27, ,000-1, Resale MABELLE Apartment Freehold Dec 27, , Resale TELOK KURAU ROAD Detached Freehold Dec 28, ,147 22,300,000-1, Resale WAREHAM ROAD Detached Freehold Dec 28, ,490 7,800,000-1,422 Unknown Resale NEPTUNE COURT Apartment 99 years Dec 28, ,270 1,070, Resale PARC SEABREEZE Apartment Freehold Dec 28, ,292 2,180,000-1, Resale SEASIDE RESIDENCES Apartment 99 years Dec 29, ,230,000-1,814 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Dec 29, ,165,000-1,718 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Dec 30, ,113,000-1,880 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Dec 30, ,023 1,531,000-1,497 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Dec 30, ,023 1,533,000-1,499 Uncompleted New Sale THE ESTA Condominium Freehold Dec 29, ,345 2,198,000-1, Resale District 16 CASA FLORA Condominium Freehold Jan 02, ,808 1,540, Resale CASA MERAH Apartment 99 years Dec 28, ,227 1,448,000-1, Resale COSTA DEL SOL Condominium 99 years Dec 26, ,313 1,550,000-1, Resale GRANDEUR PARK RESIDENCES Condominium 99 years Dec 28, ,134,720-1,286 Uncompleted New Sale KEW DRIVE Detached Freehold Dec 27, ,862 10,550, Unknown Resale THE TANAMERA Condominium 99 years Dec 27, ,324 1,200, Resale District 17 JALAN SINAR BULAN Semi-Detached Freehold Dec 27, ,165 2,700, Resale District 18 CHANGI RISE CONDOMINIUM Condominium 99 years Dec 27, ,496 1,280, Resale COCO PALMS Condominium 99 years Dec 29, ,259 1,642,400-1,304 Uncompleted New Sale LIVIA Condominium 99 years Dec 26, , Resale MELVILLE PARK Condominium 99 years Dec 28, , , Resale MODENA Condominium 99 years Dec 28, , , Resale Q BAY RESIDENCES Condominium 99 years Dec 28, ,000-1, Resale Q BAY RESIDENCES Condominium 99 years Dec 28, ,410 1,550,000-1, Resale THE ALPS RESIDENCES Condominium 99 years Dec 26, ,068,000-1,140 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Dec 27, ,068,000-1,140 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Dec 28, ,087 1,225,000-1,127 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Dec 30, ,087 1,240,000-1,141 Uncompleted New Sale District 19 CHILTERN PARK Condominium 99 years Dec 28, ,572 1,450, Resale KINGSFORD WATERBAY Apartment 99 years Dec 27, ,133-1,432 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Dec 27, ,198,200-1,358 Uncompleted New Sale PONGGOL SEVENTEENTH Detached Freehold Dec 27, ,157 4,850, Unknown Resale AVENUE CHARLTON ROAD Semi-Detached Freehold Dec 28, ,455 3,280, Resale PALM HAVEN Condominium 999 years Dec 29, ,238 1,220, Resale PARC VERA Condominium 99 years Dec 29, ,302 1,118, Resale REGENTVILLE Apartment 99 years Dec 27, , , Resale RIVER ISLES Condominium 99 years Dec 28, ,938 1,454, Resale RIVERSAILS Condominium 99 years Dec 26, ,066 1,140,000-1, Resale RIVERSOUND RESIDENCE Condominium 99 years Dec 26, , Resale STARS OF KOVAN Apartment 99 years Dec 28, ,501,560-1,567 Uncompleted New Sale SUNGLADE Condominium 99 years Dec 28, ,163 1,290,000-1, Resale TAI KENG VILLAS Terrace 99 years Dec 28, ,658 1,688,000-1, Resale TRILIVE Condominium Freehold Dec 27, ,000-1,765 Uncompleted New Sale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE TRILIVE Condominium Freehold Dec 29, ,163 1,700,000-1,462 Uncompleted New Sale TRILIVE Condominium Freehold Dec 30, ,412,000-1,562 Uncompleted New Sale WATERTOWN Apartment 99 years Dec 27, ,000-1, Sub Sale District 20 SEMBAWANG HILLS ESTATE Terrace Freehold Dec 28, ,528 1,920,000-1,256 Unknown Resale SKY HABITAT Condominium 99 years Dec 28, ,561 2,061,500-1, Resale District 21 KISMIS RESIDENCES Terrace Freehold Dec 28, ,615 4,000,000-2,477 Uncompleted New Sale KISMIS RESIDENCES Terrace Freehold Dec 28, ,615 4,150,000-2,570 Uncompleted New Sale MAPLE WOODS Condominium Freehold Dec 26, ,862 1,970,000-1, Resale TOH TUCK CRESCENT Terrace 99 years Dec 28, ,722 1,808,000-1, Resale SPRINGDALE CONDOMINIUM Condominium 999 years Dec 28, ,345 1,450,000-1, Resale SUMMERHILL Condominium Freehold Dec 26, ,389 1,520,000-1, Resale THE BEVERLY Apartment Freehold Dec 26, ,518 1,860,000-1, Resale District 22 CASPIAN Condominium 99 years Dec 29, ,001 1,045,000-1, Resale PARC OASIS Condominium 99 years Jan 02, ,507 1,325, Resale SUMMERDALE EC 99 years Jan 02, , , Resale THE LAKEFRONT RESIDENCES Condominium 99 years Dec 26, ,000-1, Resale WESTWOOD RESIDENCES EC 99 years Dec 26, ,281 1,002, New Sale District 23 CHESTERVALE EC 99 years Dec 28, , , Resale GUILIN VIEW Condominium 99 years Dec 28, , , Resale INZ RESIDENCE EC 99 years Dec 26, , Uncompleted New Sale INZ RESIDENCE EC 99 years Dec 30, , , Uncompleted New Sale INZ RESIDENCE EC 99 years Dec 31, , Uncompleted New Sale THE WARREN Condominium 99 years Dec 29, ,206 1,010, Resale TREE HOUSE Condominium 99 years Dec 26, ,292 1,340,000-1, Resale VILLA VERDE Terrace 99 years Dec 28, ,239 1,708, Resale District 25 BEECHWOOD TERRACE Terrace 99 years Jan 02, ,196 1,950, Resale CASABLANCA Condominium 99 years Dec 27, , , Resale PARC ROSEWOOD Condominium 99 years Dec 27, ,000-1, Resale District 26 CASTLE GREEN Condominium 99 years Dec 28, , , Resale THE CALROSE Condominium Freehold Jan 02, ,410 1,810,000-1, Resale THE SPRINGSIDE Terrace Freehold Dec 28, ,711 3,068,000-1, Resale THE SPRINGSIDE Terrace Freehold Dec 28, ,379 3,363,000-1, Resale District 27 LILYDALE EC 99 years Dec 29, , , Resale NORTH PARK RESIDENCES Apartment 99 years Dec 27, ,485 1,895,200-1,276 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Dec 28, ,098 1,482,120-1,350 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Dec 28, ,432 1,900,720-1,328 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Dec 31, ,098 1,450,840-1,321 Uncompleted New Sale PARC LIFE EC 99 years Dec 27, , , Uncompleted New Sale PARC LIFE EC 99 years Dec 30, , , Uncompleted New Sale PARC LIFE EC 99 years Dec 30, ,270 1,002, Uncompleted New Sale PARC LIFE EC 99 years Dec 30, , , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years Dec 28, , New Sale SIGNATURE AT YISHUN EC 99 years Dec 29, , , New Sale SIGNATURE AT YISHUN EC 99 years Dec 29, , New Sale SIGNATURE AT YISHUN EC 99 years Dec 29, , New Sale SIGNATURE AT YISHUN EC 99 years Dec 29, , , New Sale SIGNATURE AT YISHUN EC 99 years Dec 29, , , New Sale SIGNATURE AT YISHUN EC 99 years Dec 30, , , New Sale SIGNATURE AT YISHUN EC 99 years Dec 30, , , New Sale SIGNATURE AT YISHUN EC 99 years Dec 30, , , New Sale SIGNATURE AT YISHUN EC 99 years Dec 31, , , New Sale SYMPHONY SUITES Condominium 99 years Dec 26, ,023 1,055,000-1,032 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 26, ,023 1,090,000-1,066 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 27, ,023 1,032,000-1,009 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 27, ,008,000-1,102 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 27, ,023 1,016, Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 27, ,023 1,028,020-1,005 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 27, ,023 1,124,000-1,099 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 27, ,023 1,010, Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 28, ,023 1,007, Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 28, ,000-1,066 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 28, ,023 1,116,000-1,091 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 29, ,023 1,119,000-1,094 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 29, ,023 1,041,000-1,018 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 29, ,023 1,027,000-1,004 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 29, , , Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 30, ,023 1,054,000-1,031 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,031,000-1,008 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,097,000-1,073 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, , , Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,017, Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,065,260-1,042 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,028,000-1,005 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,100,000-1,076 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,095,000-1,071 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,046,000-1,023 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,000-1,054 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,000-1,071 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,039,000-1,016 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,124,000-1,099 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,058,000-1,035 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,033,000-1,010 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,042,000-1,019 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,034,000-1,011 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,038,000-1,015 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 31, ,023 1,064,000-1,041 Uncompleted New Sale THE BROWNSTONE EC 99 years Dec 30, , New Sale THE CRITERION EC 99 years Dec 27, , , Uncompleted New Sale THE CRITERION EC 99 years Dec 28, , Uncompleted New Sale THE CRITERION EC 99 years Dec 29, , Uncompleted New Sale THE CRITERION EC 99 years Dec 29, , Uncompleted New Sale THE CRITERION EC 99 years Dec 30, , , Uncompleted New Sale District 28 PARC BOTANNIA Condominium 99 years Dec 27, ,152 1,432,000-1,243 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Dec 28, ,329,000-1,372 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Dec 28, ,223,000-1,277 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Dec 28, ,152 1,380,000-1,198 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Dec 29, ,000-1,273 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Dec 29, ,188,000-1,363 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Dec 29, ,000-1,215 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Dec 30, ,000-1,293 Uncompleted New Sale SARACA GARDENS Terrace Freehold Dec 27, ,326 3,900,000-1, Resale DISCLAIMER: Source: URA Realis. Updated Jan 9, 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

12 EP10 EDGEPROP JANUARY 15, 2018 GAINS AND LOSSES Unit at The Edge on Cairnhill sold at $1.3 mil profit BY ANGELA TEO At The Edge on Cairnhill, a four-bedroom, 2,131 sq ft unit was sold at a $1.32 million (47%) profit, according to the matching of URA caveat data as at Jan 9. This translates into an annualised profit of 3% over a holding period of more than 11 years. According to URA caveat data, the buyer of the 10th-floor unit is a Singaporean. The unit was first purchased in June 2006 at $2.79 million ($1,309 psf) and sold on Dec 27, 2017 at $4.11 million ($1,927 psf). Since its completion in 2002, The Edge on Cairnhill has seen 34 profitable transactions and four unprofitable transactions, the same records show. The top gain and loss registered at The Edge on Cairnhill involved the same 5,673 sq ft penthouse. Before the global financial crisis impacted property prices in June 2007, the two-storey penthouse with a roof terrace was sold at a $3.09 million (48%) profit. It was bought in January 2007 at $6.4 million ($1,130 psf) and attained a selling price of $9.5 million ($1,675 psf) the highest absolute price achieved by any unit at the development, according to URA caveat data. The penthouse next changed hands in August 2017, when it was sold for the highest loss at the development, amounting to $2.22 million (23%). It had been put up for mortgagee sale at JLL s monthly auction on June 22 the same year at an opening price of $7.7 million ($1,357 psf) but received no bids. The unit was later sold via private treaty at $7.28 million ($1,283 psf). Developed by Sembcorp Industries, the 46-unit The Edge on Cairnhill sits within the prestigious Cairnhill residential enclave near the Orchard Road shopping belt. The freehold condominium is located adjacent to the 70-unit City Vista Residences, and is across the road from the 58-unit The Ritz-Carlton Residences, Singapore. Within walking distance is the 19-unit Cairnhill Heights, which was launched for collective sale on Dec 19, According to marketing agent ERA Realty, the owners at Cairnhill Heights are asking for a price in excess of $80 million ($2,045 psf per plot ratio), including estimated development charges. The tender will close on Jan 19. Elsewhere in District 9, a 1,119 sq ft unit at Centrepoint Apartment has been sold for a $1.18 million (136%) profit after a holding period of more than 22 years. The profit works out to about 4% a year. Bought in September 1995 for $870,000 ($777 psf), the two-bedroom unit was sold to a Singaporean for $2.05 million ($1,831 psf) on Dec 27, 2017, according to the matching of URA caveat data as at Jan 9. This marks the first unit sold at Centrepoint Apartment since December 2014, when a one-bedroom unit on the seventh floor was sold for $2.6 million ($3,501 psf). It changed hands at a $1.4 million (117%) profit, based on the purchase price in January 2008 at $1.2 million ($1,616 psf). It saw the highest profit among units sold at Centrepoint Apartment, according to the matching of caveat data since January 1995, the earliest date tracked by URA. There were 18 profitable transactions and no unprofitable ones at Centrepoint Apartment between 2007 and 2017, according to URA caveat data as at Jan 9. The lowest profit of $100,000 (6%) involved the sale of a two-bedroom, 1,119 sq ft unit on the seventh floor for $1.7 million ($1,519 psf) in February The seller bought the unit in January 2008 for $1.6 million ($1,429 psf). Located along the Orchard Road shopping belt, The Centrepoint is a mixed-use development comprising a mall with a net lettable area of 334,425 sq ft and a residential component. According to a spokesperson from developer Frasers Centrepoint, Centrepoint Apartment has 66 units on a 99-year leasehold tenure. Completed in 1983, The Centrepoint sits across the road from malls such as Orchard Central, Orchard Gateway and 313@Somerset. E A four-bedroom unit at The Edge on Cairnhill was sold at a $1.32 million (47%) profit on Dec 27, Find the most affordable listing in the project at edgepr.link/theedgeoncairnhill. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Top 10 gains and losses from Dec 26, 2017 to Jan 2, 2018 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 The Edge On Cairnhill 9 2,131 Dec 27 1,927 June 16, ,309 1,318, The Esta 15 1,346 Dec 29 1,634 April 20, ,280, Centrepoint Apartment 9 1,119 Dec 27 1,831 Sept 13, ,180, St Martin Residence 10 2,142 Dec 28 1,751 July 1, ,251 1,071, Derbyshire Heights 11 2,282 Dec Feb 5, , Villa Azura 10 1,356 Dec 28 1,342 Jan 16, , Chiltern Park 19 1,572 Dec Nov 1, , The Anchorage 3 1,464 Dec 26 1,349 Feb 27, , Sunglade 19 1,163 Dec 28 1,110 July 20, , The Trumps 14 1,421 Dec 26 1,012 Feb 6, , URA, EDGEPROP Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Wilkie Studio 9 1,884 Dec 26, ,104 May 8, , , Oxley Edge 9 1,464 Dec 26, ,315 Dec 23, , , Hillcrest Arcadia 11 2,745 Dec 28, June 29, , M Residences 15 1,335 Dec 26, ,356 Dec 23, , , Melville Park 18 1,044 Dec 28, Oct 18, , Ceylon Residence 15 1,216 Dec 27, ,110 March 30, ,167 70, Sinaran 11 1,722 Dec 28, ,858 June 7, ,887 50, The Princeton Dec 28, ,469 Aug 6, ,510 35, Livia Dec 26, Jan 31, , Citylights Jan 2, ,466 May 9, ,479 11, Note: Computed based on URA caveat data as at Jan 9, 2018 for private non-landed houses transacted between Dec 26, 2017 and Jan 2, The profit-and-loss computation excludes transactions costs such as stamp duties.

13 EDGEPROP JANUARY 15, 2018 EP11 DEAL WATCH Parc Centros unit for sale at $1.08 mil ALBERT CHUA/THE EDGE SINGAPORE TABLES: URA, EDGEPROP The three-bedroom unit at Parc Centros is tenanted at $2,400 a month until end-july 2018, says OrangeTee s Lew Recent transactions at Parc Centros CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) Dec 8, ,050,000 1,060 Dec 4, ,378 1,615,000 1,172 Nov 30, ,313 1,580,000 1,203 Recent rental contracts for 900 to 1,000 sq ft units at Parc Centros LEASE DATE MONTHLY RENT $ $ PSF November , November , October , BY ANGELA TEO On the market is a three-bedroom, 990 sq ft unit at Parc Centros that has an asking price of $1.08 million ($1,091 psf). The unit is owned by a Singaporean, according to Connie Lew, associate director at OrangeTee, who is jointly marketing the unit with Ronnie Ong, associate executive director at OrangeTee. Lew says the fourth-floor unit is tenanted at a monthly rent of $2,400 until end-july The tenant has been residing at the unit since Parc Centros received its Temporary Occupation Permit in 2016, she adds. The rent achieved by the unit was comparable to that garnered by similar-sized units at Parc Centros in 2H2017, according to rental caveats lodged with URA as at Jan 8. URA caveat data showed that 11 three-bedroom units of between 900 and 1,000 sq ft were leased at Parc Centros from July to November 2017 for $2,250 to $2,600 a month. Lew points out that the orientation of the units in Parc Centros has an effect on the asking price. This unit has a south-facing balcony that opens up to views of greenery and is windy throughout the year, she says. Within walking distance of Parc Centros is Waterway Point mall, the retail component of mixed-use development Watertown. Waterway Point is a four-storey building with a net lettable area of 370,824 sq ft and is directly connected to the Punggol MRT station. The mall houses FairPrice Finest, a 1,500-seat Shaw Theatres as well as F&B offerings such as Cedele Bakery Kitchen, Din Tai Fung and the stalls within Cookhouse by Koufu. Demand for three-bedroom units at Parc Centros has picked up since the 992-unit residential component at the nearby Watertown was completed in September 2017, says Ong. The price for a three-bedroom unit at Watertown is higher than that at Parc Centros, and the amenities available to the residents of Watertown are just a short walk away from Parc Centros, he adds. Jointly developed by Wee Hur Holdings and ZACD Group, the 618-unit Parc Centros comprises eight 16-storey blocks. Launched in July 2012, the condominium was fully sold by end-november the same year, according to developer sales data on URA s website. Parc Centros is located at the intersection of Punggol Place and Punggol Central and near F&B outlets at seafront dining destination The Punggol Settlement and Coney Island, a popular spot for cycling and nature enthusiasts as well as bird-watching aficionados. E

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