Orchard Road s latest landmark

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1 A PULLOUT WITH MCI (P) 043/03/2016 PPS 1519/09/2012 (022805) MAKE BETTER DECISIONS Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF FEBRUARY 27, 2017 ISSUE 768 Offshore Hatten Land takes RTO route for SGX listing EP4 Under the Hammer Estate sales of landed homes EP8 Your Neighbourhood Lakefront living in Jurong EP14&15 Done Deals Sales pick up at Ardmore Park EP18&19 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Orchard Road s latest landmark CapitaLand to showcase Cairnhill Nine s unsold units in Singapore and Jakarta following the project s completion last October. See our Cover Story on Pages 10 and 11.

2 EP2 THEEDGE SINGAPORE FEBRUARY 27, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Ben Paul THE EDGE PROPERTY SECTION EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY SECTION EDITOR Michael Lim SENIOR ANALYST Lin Zhiqin ANALYST Tan Chee Yuen C&W QINGJIAN REALTY COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Rahayu Mohamad DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGERS Priscilla Wong, James Chua THE EDGE SINGAPORE ADVERTISING + MARKETING ADVERTISING SALES CHIEF MARKETING OFFICER Cecilia Kay SENIOR MANAGERS Windy Tan, Garry Lo MANAGER Elaine Tan EVENTS SENIOR MANAGER Sivam Kumar MARKETING EXECUTIVE Tim Jacobs COORDINATOR Syazana Jumari CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim 42-room boutique hotel up for sale Chinatown Hotel (above), a 42-room boutique hotel located on Teck Lim Road, has been put up for sale by expression of interest (EOI). The indicative price for the hotel is $40 million, or about $952,000 per room. The hotel occupies three 3½-storey adjoining shophouses and is located within the Chinatown-Bukit Pasoh Conservation Area and Keong Saik Road area. According to Cushman & Wakefield, the marketing agent for the sale, the new owner has the option to continue to operate China town as a hotel, which is the highest and best use, or convert it to F&B use on the ground floor, with offices on the upper floors, subject to approval from the relevant authorities. The EOI closes on March 28. Qingjian unveils first EC for 2017, inz Residence On Feb 24, Qingjian Realty unveiled the first Executive Condominium (EC) for 2017, inz Residence (top, right) in Choa Chu Kang. E-applications for inz Residence began on the same day and will close on March 5. The 497-unit inz Residence will have a mix of two- to four-bedroom apartments of 689 to 1,378 sq ft, and fivebedroom maisonettes of 1,690 to 1,711 sq ft. The units are spread across nine 15- and 16-storey blocks, with landscaped deck, sky terrace, communal facilities and one common basement car park floor. Separately, Qingjian has tied up with Singapore Telecommunications (Singtel) and smart home solutions provider HiLife Interactive to provide internet-ready smart home solutions. With this collaboration, Qingjian hopes to make inz Residence the first internet-ready smart EC. The collaboration means that all residential units in inz Residence will come fitted with 1Gbps Singtel fibre broadband. Singtel will also provide WiFi services to the other facilities and common spaces within inz Residence, such as the clubhouse, fitness gym and poolside. Overwhelming crowd at Grandeur Park preview About 10,000 people attended the preview of Grandeur Park Residences (above) over the weekend of Feb 18 and 19. The 99-year leasehold condo by CEL Development, the property development arm of listed construction group Chip Eng Seng Corp, is located next to the Tanah Merah MRT station, at the corner of New Upper Changi Road and Bedok South Avenue 3. We expected a good response, but it was overwhelming, says CEL executive director Chng Chee Beow. He reckons the response was fuelled by the price quantum and pent-up demand as there has been no new launch in the area for the past three years. Sales of the 720-unit Grandeur Park Residences will start on March 4. The units will be priced at an average of $1,350 psf, says Raymond Chia, Chip Eng Seng s executive chairman and group CEO. Compiled by Michael Lim E CHIP ENG SENG CORPORATE CHIEF EXECUTIVE OFFICER Ben Paul DIRECTOR Anne Tong 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. UK set to give limited rates relief to beleaguered retailers BY SAM CHAMBERS & SVENJA O DONNELL Britain s Chancellor of the Exchequer Philip Hammond will not be able to offer significant concessions to retailers facing a hike in taxes on their stores in his Budget next month, according to an official familiar with his plans. There is little room to help high-street retailers on March 8 as the scale of reform needed is too broad, the official says. With Article 50 set to be triggered by end-march, Hammond has limited capacity for giveaways, according to the official, who asked not to be identified because the talks are private. Business rates, a tax on commercial properties, earn the UK government about 26 billion ($46 billion) a year, according to real estate advisers Colliers International. A revalua tion of the levy, determined by the rental value of the premises rather than the sales generated by An American Apparel fashion retail store on Carnaby Street, London. The UK government earns about 26 billion a year from business rates, according to Colliers International. the site, is set to come into effect in England, Scotland and Wales in April. The business rates system is out of line with any other developed country; it s no longer fit for purpose, Helen Dickinson, CEO of the British Retail Consortium, says in a telephone interview. The government is persisting with this system because it s a great revenue generator. From the Treasury s point of view, it s a lovely tax. A boom in property prices, particularly across London and the southeast of England, means many businesses will suffer dramatic increases to one of their largest outgoings. The rental value on shops in some central London districts has jumped by BLOOMBERG more than 200%, according to Colliers. UK retailers from multibillion-pound businesses such as J Sainsbury to small independents have pressured the government to reform a system which they claim does not reflect their industry in the 21st century. Lawmakers from Prime Minister Theresa May s Conservative Party have been vocal in their support for the campaign. Store-based retailers say they are being unfairly discriminated against because business rates have little impact on onlineonly retailers such as Amazon. com. Online sales account for over 12% of all retail sales in the UK, the highest proportion globally, according to market research firm Mintel. The Treasury official acknowledges that the current system is out of step with the rise of the digital economy, saying Hammond is in listening mode. Changes to the tax system could be introduced in the autumn Budget, which will become the chancellor s main fiscal event of the year, the official says. Business rates are typically revalued every five years. The government delayed this year s review by two years, claiming it would create uncertainty among businesses, in the process making this year s increases more dramatic. Bloomberg LP E

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4 EP4 THEEDGE SINGAPORE FEBRUARY 27, 2017 OFFSHORE SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Tan: As a developer, we want to create quality and iconic projects. And people don t just want a property they want quality amenities with healthcare, wellness or lifestyle facilities. Hatten Land s Tan brothers make their mark in Singapore with reverse takeover BY CECILIA CHOW When Colin Tan took over a company called Lianbang Ventures in 2005 in order to revive an abandoned shopping mall project in Melaka, his friends used to tease him about the firm s name. That was when Tan decided to choose a company name that will endure. I ve always liked the name Hilton, and I m also an admirer of Japanese culture, says the 33-year-old. It was fortuitous that the word hatten means growth and development in Japanese. He therefore decided to name the company he co-founded with his brother, 34-yearold Edwin, Hatten Group. Over the past decade, Hatten Group has become a leading property player in Melaka, where it is headquartered. Hatten Group s core businesses range from property development and investment to hospitality, retail and education. The group has a landbank of 215 acres, mainly in Melaka, with some parcels in Cyberjaya, Selangor and Seremban. As the developments became increasingly large-scale and mixed-use, the Tan brothers decided to spin off their development arm into a separate Singapore-listed entity called Hatten Land. We are seeking to expand through mergers and acquisitions, joint ventures or strategic alliances with international business partners as we want to grow at a faster pace, says Tan. This was done via a reverse takeover of the Singapore Exchange-listed VGO Corp. The RTO process was kick-started when VGO Corp, formerly known as sporting goods chain World of Sports, acquired privately held Sky Win Management Consultancy in June last year. Sky Win Management Consultancy was in turn a company controlled by the Tans and owned a portfolio of four development projects in Melaka. The acquisition cost of Sky Win Management Consultancy totalled $386 million, and would be made via the issue of close to billion consideration shares at 32.5 cents a share. SGX listing On completion of the acquisition of Sky Win Management, VGO Corp was renamed Hatten Land on Jan 26. Assuming the million new shares are fully placed out, the indicative market capitalisation for Hatten Land will be $393 million. Trading of Hatten Land shares on the Catalist board of the SGX will start on Feb 28. Tan has been appointed executive chairman and managing director of Hatten Land, while Edwin is executive director and deputy managing director. Scheduled for completion in 2H2017, Hatten City Phase 2 comprises Imperio Mall, with 786 shops; and the 950-unit Imperio Residences HATTEN LAND Hatten Land s initial portfolio of four development projects in Melaka are three mixeduse projects (Hatten City Phases 1 and 2 and Harbour City on Pulau Melaka) and the Vedro by the River mall. Hatten City Phases 1 and 2 are located in the city centre fronting the Malacca Straits. The RM628 million ($200 million) Phase 1 was completed in March Within the complex are Elements Mall, with 1,530 strata shops; the 745- unit SilverScape Residences; Hatten Suites, with 589 serviced apartments; and the 277-room DoubleTree by Hilton, which is managed by Hilton Worldwide. As at end-june last year, 34% of the strata shops at Elements Mall were sold, while 85% of units at SilverScape Residences and 93% of Hatten Suites were taken up. Hatten City Phase 2 is scheduled for completion in 2H2017. The project was valued at RM363 million last June, and is made up of Imperio Mall, with 786 shops; and the 950- unit Imperio Residences. The building has a stepped façade, with the cascading terraces providing a jogging path with views of the coast and the city. Imperio Residences is said to feature 10 cabana villas, each spanning three levels, with a floor area of 3,930 sq ft, private swimming pool, private lift lobby and private parking space for two cars. As at June 2016, about half of the residences were sold, while 60% of the shops were taken up. Under development is Harbour City on the reclaimed island of Pulau Melaka, fronting the Malacca Straits. The RM849 million mixeduse development sits on a six-acre site and comprises the Harbour City Mall, with 1,831 CONTINUES ON PAGE EP6

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6 EP6 THEEDGE SINGAPORE FEBRUARY 27, 2017 OFFSHORE Hatten Land to develop iconic projects to attract tourists FROM PAGE EP4 shops; a water-theme park; and three hotel blocks the 648-unit Harbour City Suites, the 637-unit Harbour City Resort and a 325-room luxury hotel. The development is targeted for completion in phases from 2H2019 to 1H2020. The fourth development, Vedro by the River, was last valued at RM65 million. The mall sits on two acres of land and will have a gross floor area of 213,547 sq ft when completed in 1H2017. So far, 65% of the 736 shops in the mall have been snapped up. Development land pipeline Hatten Land has the right of first refusal when it comes to acquiring development parcels from the privately held Hatten Group, which is also controlled by the Tans. On Feb 10, Hatten Land announced that it had signed a memorandum of understanding with the Tans to exercise the call option for the acquisition of five development sites, of which four are 99-year leasehold sites in Daerah Melaka Tengah. The fifth is a freehold site in Cyberjaya. One of the leasehold sites in Melaka is a 2.05-acre land parcel with a plot ratio of 5.8. It is slated for the development of an integrated project with a hotel and serviced apartment block called Thea Wellness. The second site is a 9.34-acre parcel at Kawasan Bandar I that will be used for a mixed-use project called MICC. The project will comprise a mall, cineplex, convention hall and auditorium, meeting rooms, a hotel block and a serviced apartment block, with a plot ratio of 4.0. Both Thea Wellness and MICC have obtained development approval. The third site is a 66-acre land parcel with a plot ratio of 6.0 located on six parcels of land at Kawasan Bandar XL. The land parcel is still at the reclamation stage. The fourth site also at Kawasan Bandar XL is made up of three leasehold sites totalling acres with a plot ratio of 6.0, which can be amalgamated and developed into a mixed-use project with a Movie Town theme, comprising retail, residential and hospitality components. Concept planning is still underway. The fifth site at Cyberjaya is a acre freehold land parcel with a plot ratio of 5.2. It will be developed in three phases, with a mix of retail, office, residential, hospitality units and a hospital. The project s concept plan is still in progress. The acquisition will be made through the purchase of the entire issued and paid-up capital of Admiral Merger Sdn Bhd, which owns the development rights to the land. Large-scale, distinctive projects Each project has a distinctive theme, says Tan. The developer is able to secure relatively high plot ratios for its large-scale, mixeduse projects. We have an established track record, he adds. As a developer, we want to create quality and iconic projects. And people don t just want a property they want quality amenities with healthcare, wellness or lifestyle facilities. In hindsight, his foray as a developer into Melaka was an opportune one as being a developer in the state is not as capital-intensive as it is in Singapore, says Tan, who is a Singapore citizen. There was also very little competition then. According to Tan, the main guiding force behind the brothers venture into the property business is their father, Eric Tan Eng Huat, who remains an adviser and mentor at Hatten Group. Eric Tan shot to fame in Singapore in the mid-1990s when he acquired more than 30 properties and sites in Geylang, earning him the moniker Geylang king. When Hatten Group first started developing projects in Melaka, the population was around Harbour City will sit on close to 100 acres of reclaimed land on the island of Pulau Melaka, fronting the Malacca Straits 750,000, recounts Tan. Melaka is a small state and its population was estimated to be around 900,000 as at Tourist arrivals in Melaka increased significantly following its inclusion in the list of Unesco s World Heritage Sites in Tourist arrivals hit a new high of 15.7 million in 2015, with tourism receipts up 39.5% y-o-y, the highest annual growth since According to Tan, the developer is developing iconic projects that will put the state on the international tourist map. He sees the target audience for Hatten Land s developments being wider than just the residents in Melaka. If you look at a 200km radius, that includes Indonesia, Kuala Lumpur and Singapore, which means a population of 15 million, he estimates. The current buyer profile for Hatten Land s properties is 69% Malaysians, with Singaporeans making up 15%, while Chinese and Taiwanese make up 3% each. Retail supply The retail scene in Melaka had been relatively stagnant, hovering between 3.7 million and 3.9 million sq ft between 2010 and It was only in 2014 that several new malls opened, including The Shore Shopping Gallery in Melaka city centre and Freeport A Famosa Outlet in Alor Gajah. Today, Melaka is said to have 19 shopping centres and eight hypermarkets, with total retail space of 4.7 million sq ft. Of the 19 shopping centres, 14 are located within the city. The increase in retail space, coupled with sluggish sales, however, has contributed to a decline in average occupancy rate, from 83% in 2014 to 80% in Nevertheless, major malls in Melaka, such as Dataran Pahlawan Melaka Megamall and Aeon Mall, continue to have an occupancy rate of 90% to 100%. Dataran Pahlawan Melaka Megamall, which was the abandoned mall that the Tans revived when they first took over Lianbang Ventures 12 years ago, is still the biggest and most visited mall in Melaka today. Those who purchased the strata shop units at RM1,800 psf in 2006 were able to sell them for about RM3,000 psf in the resale market, according to Tan. Most of the upcoming malls developed by Hatten Group are also strata malls. Generally, the selling prices of these strata retail units in Melaka range from RM1,500 to RM3,500 psf. Residential supply and demand Besides the retail segment, Tan believes that the other real-estate sectors, ranging from residential to serviced apartments and hotels, have also benefited from Melaka s elevated profile following its inclusion on the list of Unesco World Heritage Sites. Based on the latest figures from the National Property Information Centre, as at 3Q2016, Melaka had an existing housing stock of 167,676 units, of which condominiums and apartments accounted for 10,060 units (6%). However, in terms of residences under construction, the total number of units was 30,326, with condos and apartments making up 1,980 units (6.5%). In the planning stage are another 13,542 units, of which 2,329 units are condos and apartments (17.2%). Notable upcoming developments include Impression City, Melaka Gateway, Cheng Ho City and Eco Marine Theme Park. For the first nine months of 2016, about 6,720 residential units were sold in Melaka, just 1.5% lower than the 6,824 units recorded over the same period in The whole of 2015 saw total transactions of 8,914 residential units, 3% fewer than the 9,187 units in Despite the contraction in home sales in 2015, Vedro by the River, which sits on two acres of land, will have a gross floor area of 213,547 sq ft when completed in 1H2017 Completed in March 2016, Hatten City Phase 1 comprises Elements Mall, with 1,530 strata shops; the 745-unit SilverScape Residences; Hatten Suites, with 589 serviced apartments; and the 277-room DoubleTree by Hilton total transacted value saw a moderate increase of 1.7%, from RM1.94 billion in 2014 to RM1.97 billion in This reflects the 8.4% y-o-y increase in the House Price Index in 4Q2015. Future growth With the upcoming Kuala Lumpur-Singapore High Speed Rail having a stop at Ayer Keroh, Melaka, sites in the area are likely to benefit from their proximity to the train station, says Tan. Incidentally, Hatten Group s landbank includes several prime sites in Ayer Keroh. The expansion of the Malacca International Airport and the introduction of weekly scheduled flights between Guangzhou and Melaka are likely to boost the number of Chinese tourists. In fact, mainland China is already the top contributor of foreign tourists to Melaka, with 29.3%, followed by Singapore (26.7%), Indonesia (14.8%), Taiwan (3.2%) and Japan (2.8%), based on 2015 tourist arrival figures. However, what has really grabbed everyone s attention is the announcement last September of the RM30 billion Melaka Gateway project. The land reclamation project is a joint venture between Malaysian master developer KAJ Development, which will hold a 51% stake, and Powerchina International, which will take the lead in bringing in investors and handling the construction of the project. Construction is reportedly underway, and slated for completion by Melaka Gateway is a mixed-use development off the coast of the city centre, with three reclaimed islands and one natural island occupying a total area of 5.52 sq km. The first three islands will be used for tourism, commercial, property and maritime developments. The fourth island, Pulau Melaka, has been earmarked for a maritime activities centre with a container and bulk terminal, shipbuilding and ship-repair services, as well as a maritime industrial park to be developed by KAJ Development, China s Guangdong state government and Chief Minister Incorporated (CMI), an entity wholly-owned by the state. Expansion plans Pulau Melaka is where Hatten Land will be developing its 99-year leasehold Harbour City project. Tan is also open to partnerships and joint ventures with other developers for his upcoming projects. We have had Chinese developers with similar interests coming to discuss with us, he says. And that is why we want to list Hatten Land, as it will give us a greater platform to collaborate with more international business partners in our future developments. While Melaka remains Hatten Land s main focus for now, Tan is also interested in expanding the company s presence in Southeast Asia. E PICTURES: HATTEN LAND

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8 EP8 THEEDGE SINGAPORE FEBRUARY 27, 2017 UNDER THE HAMMER SAMUEL ISAAC CHUA/THE EDGE SINGAPORE PIC TURES: JLL This detached house at One Tree Hill sits on a regular-shaped site of 4,520 sq ft that can be redeveloped into two semi-detached houses Estate sales of landed homes BY CECILIA CHOW Up for auction are several landed homes, one of which is a detached house at One Tree Hill. The double-storey detached house, believed to have been built in 1963, sits on a freehold regular-shaped site of 4,520 sq ft. An executor s sale, the property has a guide price of $12.8 million ($2,832 psf). According to Mok Sze Sze, JLL head of auction, an executor s sale is similar to an estate sale. The detached house at One Tree Hill made its debut at JLL s auction on Feb 23. The site has been seeing intense interest from owner-occupiers given its location in prime District 10 and the rarity of a landed housing estate accessible via Grange, Tomlinson and Paterson Roads, just off Orchard Boulevard, adds Mok. The estate has mainly semi-detached and detached houses. The detached house is also attracting interest as it is zoned for redevelopment into a pair of double-storey semi-detached houses, subject to approval by the relevant authority, says Mok. The most recent sale of a semidetached house at One Tree Hill was for a property sitting on a 4,499 sq ft freehold plot. The property fetched This semi-detached house on Farleigh Avenue was put up for auction with a guide price of $3.85 million $9.38 million ($2,086 psf), according to a caveat lodged in June Redevelopment potential The latest transaction of a detached house at One Tree Hill, based on caveats lodged so far, was in October 2014, when a newly built detached house sitting on a freehold site of 4,499 sq ft was sold by niche developer Wah Khiaw Developments for $17.2 million ($3,826 psf). A caveat lodged earlier showed that Wah Khiaw had paid $3.86 million for the site in February 2006, when a semi-detached house occupied the land parcel. Subsequent to the purchase, the developer demolished the house and built a detached house on the site after obtaining rezoning approval. Wah Khiaw was able to do that as the land area was bigger than 400 sq m (4,306 sq ft). Based on URA guidelines, a site for a semi-detached house can be rezoned for a detached house if the land area is at least 400 sq m. Another semi-detached house that is up for estate sale is one where the land area is just 10 sq m short of the minimum 400 sq m required before the property can be rezoned for a detached house. The 1960s single-storey semi-detached house sits on a 999-year leasehold site of 4,201 sq ft (390 sq m) on Farleigh Avenue in SAMUEL ISAAC CHUA/THE EDGE SINGAPORE This three-storey detached house at Eng Kong Garden was put up for auction by JLL for the sixth time on Feb 23, with an indicative price of $4.5 million Serangoon Garden, another popular landed housing estate. The semi-detached house was put up for sale by the estate for the first time at Colliers International s property auction on Feb 22. The indicative price for the house is said to be $3.85 million ($916 psf). Mortgagee sale Meanwhile, up for auction for the sixth time by JLL on Feb 23 was a detached house at Eng Kong Garden in the Upper Bukit Timah neighbourhood of District 21. The three-storey detached house was built in 1997, but has been renovated over the years. The six-bedroom house has a builtup area of 5,167 sq ft and sits on a freehold land area of 4,316 sq ft. The indicative price for the property in the JLL auction on Feb 23 was $4.5 million ($1,043 psf). The indicative price for the house reflects a downward adjustment of $1 million from the opening price of $5.5 million when the property was first put up for auction by JLL last September. Unlike the house at One Tree Hill and Farleigh Avenue that are executor s and estate sales, the house at Eng Kong Garden is a mortgagee sale. Word on the street is that the house was previously owned by Ivy Lee, one of Singapore s top realtors. E OFFSHORE CapCo writes down value of London Earls Court land by 20% BY JACK SIDDERS Capital & Counties Properties plc wrote down the value of its land holdings in west London by 20%, less than expected by some analysts, as higher taxes and political uncertainty weaken sentiment in the UK capital s housing market. The company, which plans to build 10,000 homes at Earls Court with venture partners, cut the value of its sites in the district to 1.1 billion ($1.94 billion) from 1.4 billion a year earlier, according to a statement on Feb 22. JPMorgan Chase & Co had estimated a write-down of 30%. The reduction in Earls Court was driven mainly by a higher assumed developer s margin for consented development land, trimming of sales values as well as some cost inflation, JPMorgan analyst Neil Green writes in a note to clients. CapCo s shares climbed as much as 4.2% to the highest since the day after the Brexit vote, and were up 2.8% at 8.30am in London on Feb 22. Home values in London s best districts fell an average of 6.7% in the 12 months through January as successive sales tax increases dampened demand, broker Knight Frank LLP says in a report this month. The government brought in a 3% levy on second-home purchasers and landlords in April 2016, having earlier increased charges for all luxury-home buyers in December CapCo s net asset value fell 5.9% to 340 pence a share. The company intends to pay a final dividend of one pence a share, in line with a Bloomberg dividend forecast. The firm says it expects the open market rents at its Covent Garden holdings to reach 125 million a year by December 2020 compared with 96 million at end Buyers have now purchased or reserved 59 homes in the second phase of the Lillie Square project at Earls Court compared with 41 apartments in July, with pricing at a modest premium to sales in the first phase. Bloomberg LP E

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10 EP10 THEEDGE SINGAPORE FEBRUARY 27, 2017 COVER STORY The newly completed Ascott Orchard serviced residences (left) and Cairnhill Nine apartment block on Cairnhill Road PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Orchard Road s latest landmark CapitaLand to showcase Cairnhill Nine s unsold units in Singapore and Jakarta following the project s completion last October STORIES BY FEILY SOFIAN The show suite of a 1,066 sq ft, two-bedroom-plus-study unit with a TV swivel panel between the living room and study Interest in luxury homes typically picks up once they are completed as well-heeled buyers can personally inspect the design and quality of the project. For Cairnhill Nine, an integrated development by CapitaLand, it also means aspiring buyers can experience for themselves the project s proximity to Paragon, a luxury shopping mall in the Orchard Road shopping belt. Only 48 units have remained unsold at Cairnhill Nine since the project was launched a year ago. Following the project s completion in October, CapitaLand will showcase these units in Singapore and Jakarta starting from Feb 25. The robust sales at Cairnhill Nine were primarily driven by its prime location. The development is directly linked to Paragon via a covered overhead bridge. Cairnhill Nine is part of an integrated development that includes Ascott Orchard Singapore, a 20-storey luxury serviced residence with 220 units. In addition to the one-bedroom units, buyers have also snapped up all the 22 fourbedroom units and eight penthouse units within the first two months of launch. Prices ranged from $1.3 million for a one-bedroom unit to $6.7 million for a 3,864 sq ft penthouse unit. The remaining 48 units are mainly two-bedroom units of 1,033 sq ft, with prices ranging from $2.5 million to $2.9 million. This works out to $2,400 to $2,750 psf. A majority of the units are above the 14th floor, although there are still a handful of lower-floor units available. Highfloor two-bedroom units sold over the past six months have ranged from $2,513 psf for a 14thfloor unit to $2,915 psf for a 27th-floor unit. More than 20% of the buyers are from Indonesia, according to a CapitaLand spokesperson. This is not surprising as the Orchard Road micro-market has traditionally been popular with Indonesian buyers. For them, the main draw is the convenient location with shopping, food and medical facilities at the doorstep, says Jerry Tan, founder and managing director of JTResi, a marketing agent specialising in luxury property. The site s leasehold tenure, as a result, took a backseat in their purchase decision, he notes. Luxury finishes Residents at Cairnhill Nine will be able to enjoy hospitality services provided by the adjoining Ascott Orchard, including concierge, housekeeping, laundry and even grocery shopping services. Each unit comes fully fitted with marble flooring and Miele kitchen appliances, including a coffee machine, microwave oven, slimline hood, induction/gas hob and concealed refrigerator, as well as a Bosch washer-dryer. The two-bedroom-plus-study unit features a swivel TV panel that can pivot to face the living room or the study. Meanwhile, the smart home system allows residents to remotely control home devices such as the air-conditioning, digital lock with biometric access and security camera. Unlike in most projects, Cairnhill Nine units will be fitted with LED lighting and cove lighting in the living area. Homeowners therefore need only buy soft furnishings before moving in while investors can rent out the units immediately. As at end-january, there were eight rental contracts for one-bedroom units in Cairnhill Nine ranging from $3,700 to $5,500 a month. There were four rental contracts for two-bedroom units at between $5,900 and $6,850 a month. Facilities in the project include a 50m lap pool, children s pool, spa pods, barbecue areas, cabanas as well as two clubhouses that house a gymnasium, golf simulator room, music room, function room, wine room, spa room and reading room. Ascott Orchard has a separate range of facilities for its guests. Homes for the global rich CapitaLand has an established footprint in the Cairnhill area, having developed Urban Suites and Urban Resort Condominium, located just across Cairnhill Nine. Unlike Cairnhill Nine, which comprises predominantly one- and two-bedroom apartments, units start from 1,044 sq ft at Urban Suites for two-bedroom apartments and 2,121 sq ft at Urban Resort Condominium for three-bedroom apartments. The freehold developments were completed in Both Urban Suites and Urban Resort Condominium were designed by Kerry Hill Architects, whose portfolio includes Aman Tokyo, dubbed Aman s first city retreat. More than half of the buyers at the condo projects were foreign nationals, including Singapore permanent residents and non-prs. The latest transaction at Urban Suites was for a 2,045 sq ft unit that fetched $5.2 million, or $2,518 psf. Meanwhile, the latest transaction for a 1,044 sq ft, two-bedroom unit was in January The unit on the 13th floor changed hands at $2.9 million, or $2,758 psf. The last two penthouses in Urban Resort Condominium were snapped up in February

11 THEEDGE SINGAPORE FEBRUARY 27, 2017 EP11 COVER STORY Ascott The Residence returns to Orchard Road The soft opening of Ascott Orchard Singapore on Dec 1, 2016 marked the return of the Ascott The Residence brand to Orchard Road after a decade-long hiatus. The 20-storey serviced residence comprises 220 luxury units ranging from 323 sq ft studios to 861 sq ft two-bedroom units. With a hotel licence, Ascott Orchard offers both short- and longterm stays. The online rates for a studio unit for a one-night stay on May 6 start from $352 a night, excluding taxes. Meanwhile, the two-bedroom penthouse suite is going for $1,224 a night. The eight penthouse suites on the top floor are furnished and fitted out by Fendi Casa, the lifestyle living subsidiary of the Italian high fashion house. Ascott Orchard is currently running at about 50% occupancy, two months into operations, according to Norman Lim, country general manager for Singapore at The Ascott Ltd. There is an equal mix of short- and long-term guests. With its proximity to Orchard Road and world-class medical facilities at Paragon Medical Singapore and Mount Elizabeth Orchard, all less than five minutes away, this serviced residence is ideal for business, leisure and medical travellers, he says. Facilities at Ascott Orchard include a gymnasium, swimming pool and residents lounge. Breakfast is served at Kith Café, a favourite haunt among foodies and brunch enthusiasts. Ascott The Residence ceased its Orchard Road operations about a decade ago. In 2004, The Ascott Group entered into a conditional agreement with Wheelock Properties, formerly known as Marco Polo Developments, to sell its Scotts Shopping Centre and The Ascott Singapore serviced residence located above the mall. The site is now occupied by Scotts Square, a luxury mixed-use development comprising a four-storey retail mall and 338-unit freehold apartments. Residents lounge at Ascott Orchard A penthouse unit at Ascott Orchard The facilities deck of Ascott Orchard (right) and the adjacent Cairnhill Nine (left) Show suite of a 1,033 sq ft, two-bedroom unit at Cairnhill Nine The swimming pool and corridor leading to the entertainment rooms on the right last year, by a Singaporean and a Chinese national. The 4,715 sq ft penthouse on the 17th floor was sold for $8.5 million, or $1,803 psf, according to a caveat lodged on Feb 25, The 6,857 sq ft penthouse on the 19th floor went for $12.2 million, or $1,779 psf, according to a caveat lodged on Feb 17, Aside from Cairnhill Nine, CapitaLand also launched two luxury residences Victoria Park Villas and The Nassim in Victoria Park Villas comprises 106 semi-detached houses and three bungalows on a 403,000 sq ft, 99-year leasehold site. The project s main appeal lies in its location at the junction of Coronation Road and Victoria Park Road, flanked by Good Class Bungalow areas in prime District 10. Mok Wei Wei of W Architects was the master planner for Victoria Park Villas. Mok collaborated with AR43, HYLA Architects and Studio Wills + Architects, which designed the individual houses. Transacted prices at Victoria Park Villas ranged from $4.2 million to $5.1 million, based on caveats lodged. The Nassim is a luxury condo comprising only 55 units on a sprawling 122,600 sq ft freehold site. CapitaLand had envisioned a project reminiscent of the black-and-white bungalows of the early 1900s and commissioned W Architects Mok to deliver this vision. The development made headlines last June when an Indonesian family picked up two units at $20.3 million and $13.7 million. In September, a Singaporean buyer shelled out $14 million, or $3,204 psf, for a 4,370 sq ft unit in the project. Earlier this year, CapitaLand announced that its wholly-owned subsidiary, CRL Realty Pte Ltd, had sold its 100% stake in Nassim Hill Realty to Kheng Leong Co. NHR owned the remaining 45 unsold units at The Nassim. The purchase consideration was $411.6 million. The 10 units that were sold to individual buyers fetched prices ranging from $2,248 psf for the $20.3 million unit to $3,260 psf for a 1,927 sq ft unit, based on caveats lodged. The Nassim was completed in 3Q2015 and CapitaLand would have had to pay extension charges if had failed to sell all the units by 3Q2017, that is, two years from the date of completion. E The overhead bridge linking Cairnhill Nine with Paragon

12 EP12 THEEDGE SINGAPORE FEBRUARY 27, 2017 OFFSHORE New listings in Toronto fell 17% in January from a month earlier, the biggest one-month decline since 2002 PICTURES: BLOOMBERG China home prices rise in fewest cities in a year amid curbs Toronto facing a speculative real estate dilemma BY THEOPHILOS ARGITIS Toronto s housing boom is unrelenting. Prices in Canada s largest city surged more than 20% over the past year, the fastest pace in three decades, data recently released shows. Some of the city s neighbouring towns are posting even bigger gains. It has become a matter of considerable alarm. Stability is one concern if the market tumbles, so will Canada s economy. Pricier real estate also drives away less-affluent, younger people and boosts the cost of doing business, eroding competitiveness. I don t think anybody is cheering, says Doug Porter, the Toronto-based chief economist of Bank of Montreal, who used the dreaded bubble word to describe the market. I don t see who benefits other than real estate agents. It s trapped wealth. So, what is driving the boom? The housing industry builders and brokers claim lack of supply is the main culprit. Others, Porter included, see demand as the problem. Lately, evidence is mounting that speculation is behind the jump. Supply constraints Builders say they are being held back by everything from regulations to prohibitive taxes and land restrictions. Ontario s green-belt region around Toronto is one example. This is no doubt true for one segment of the market: single-detached homes. Just over one-quarter of the 176,000 homes built in Toronto over the past five years were single-detached. That is well down from the 1990s, when they accounted for almost half of all construction. Supply constraints do not explain the price gains for condominiums, which have seen a flood of new completions. The average sale price of a condo is up 15% y-o-y. That is after builders completed more than 54,000 apartment units over the past two years, easily a record supply for Toronto. Canada s recent census results, released this month, also provide some evidence against the shortage argument. Occupied private dwellings have risen by 7.2% in Toronto over the past five years, faster than population growth. The census, however, does not say what type of homes are being built. Plus, there is also the recent puzzle of disappearing listings. New listings in Toronto fell 17% in January from a month earlier, the biggest one-month decline since Sales as a share of new listings rose above 90%, smashing the record. Is this a sign of a bubble? Are sellers holding off putting their homes on the market to see where prices settle? Has supply become so tight that potential sellers are pulling out of the market altogether since they have nowhere to move to? The market is thinning out basically you know what that means, David Madani, an economist at Capital Economics in Toronto, says in a telephone interview. First-timers So, if home sellers are not driving demand, is it first-time homebuyers? It is tough to argue yes. The federal government has been tightening mortgage rules for a decade, and took some significant steps in October. But the moves which particularly hit first-time buyers have done little to curtail the recent run-up. If it s not sellers, if it s not firsttime buyers, then who is buying? asks Robert Hogue, an economist at Royal Bank of Canada. We can t say for sure, but by deduction it s got to be probably investors are buying quite a bit. Policy response If speculators are the cause of Toronto s stratospheric home-price gains, it makes it difficult for the federal government to intervene, since its primary tool is mortgage insurance rules that do not apply as much to investors. One possibility may be to clamp down on the country s unregulated private mortgage industry socalled shadow banking. There may also be other avenues, such as curbing foreign investment. But Prime Minister Justin Trudeau s government has not shown much interest in such a move, partly because it would affect the national market, not just Toronto. In fact, the only place where government steps to rein in prices seems to have worked has been in British Columbia, which introduced a 15% tax on foreign buyers in August. Vancouver home prices are down 3.7% over the past six months. Still, that is a paltry retreat in a market that long ago ceased to be affordable for most Canadians. The British Columbia experience shows that while stability of the market may be an achievable goal, affordability is a more daunting challenge. If policy success is measured by affordability, not sure we re quite there yet, Hogue says. Bloomberg LP E China home prices increased last month in the fewest cities in a year, signalling property curbs to deflate a potential housing bubble are taking effect. New-home prices, excluding government-subsidised housing, gained last month in 45 of the 70 cities tracked by the government, down from 46 in December, the National Bureau of Statistics said on Feb 22. Prices fell in 20 cities and were unchanged in five. Chinese authorities have expanded curbs on home purchases and tightened restrictions on property lending in an attempt to avoid a housing bubble and reduce financial risks. Some bank branches in Beijing, Guangzhou and Chongqing have raised mortgage rates for first-time buyers, people familiar with the matter said earlier this month. New-home prices in Shenzhen, the nation s hottest market early last year, fell 0.5% in January from December, the fourth straight monthly decline, data shows. Prices in Shanghai declined 0.1%, a third monthly decline, and were unchanged in Beijing. Values continued to increase in the southern city of Guangzhou, gaining 0.6%. A drop in land releases this year may keep pressure on prices in the capital. Beijing plans to supply just 260ha of residential land, excluding government subsidised housing, this year, down from 850ha last year, Beijing News reports, citing a government document. Cooling measures While the statistics bureau said home values stabilised further in mega and midsize cities due to curbs, the government is likely to hold steadfast on cooling measures this year, says Bloomberg Intelligence senior analyst Patrick Wong. Further tightening of mortgage lending could come after at least seven local city governments stepped up existing buying curbs since December, he adds. Early private data shows residential transactions are recovering slightly in February in large cities. New-home sales in key cities tracked by China International Capital Corp rose to a threemonth high in mid-february. China s central bank vowed to strictly limit the flow of credit into speculative housing purchases in its fourth-quarter monetary policy report on Feb 18. Apart from adopting prudent monetary policies, it encourages city-specific credit conditions to ensure reasonable growth in housing mortgages, the report says. The wording is a clear message that China s central bank will roll out more policy tools targeting developers and households to prevent a potential property bubble, David Yang, a Shanghai-based analyst at UOB Kay Hian Investment Co, wrote in a report on Feb 21. Land prices Curbs have been tightened on developer financing amid concern easy credit helped send land prices to record highs last year. Some property bond sales were halted on mainland exchanges in October; this month, private equity investments in property projects were banned in key cities. Land prices are an expectation for where property prices will be going, says James Macdonald, Shanghai-based head of China research for Savills. Cooling the residential market through restrictions on housing purchases was not sustainable, as we saw last year. So the government went to cool down competition for land to have a bigger impact. There are signs that the curbs are biting. Three plots of residential land in Shanghai a couple of weeks ago sold at a small premium to the starting offer prices. Bloomberg LP E Chinese authorities have expanded curbs on home purchases and tightened restrictions on property lending

13 THEEDGE SINGAPORE FEBRUARY 27, 2017 EP13

14 EP14 THEEDGE SINGAPORE FEBRUARY 27, 2017 YOUR NEIGHBOURHOOD View of the Jurong Lake area with Lakefront Residences on the right PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Lakefront living in Jurong BY MICHAEL LIM The picturesque Jurong Lake area is turning into the residential area of choice for those staying in the western part of Singapore. Not only do the residents of the condominiums surrounding Jurong Lake enjoy a scenic view, the serene neighbourhood also provides them with respite from the hustle and bustle of city life. The area s biggest draw is that it is the only lakefront residential area in the western part of Singapore, says Alice Tan, head of research with Knight Frank and a Jurong West resident for more than 30 years. On weekends, you can see children playing as well as adults exercising and jogging around Jurong Lake, the Chinese Garden and Japanese Garden, enjoying the fresh air and tranquillity of the lake and its surrounding area. The area in focus is bordered by Corporation Road and Jurong Canal and is served by the Lakeside MRT Station. There are eight 99-year leasehold condos within a 10-minute walk of the Lakeside MRT station. They range from the latest developments by MCL Land Lakeville and Lake Grande to the oldest, Lakepoint, a 34-year-old project by JTC Corp. Strong demand for new and old condos The 304-unit Lakepoint was completed in It comprises two-bedroom units of 915 to 1,044 sq ft, maisonettes of 1,884 to 2,217 sq ft, penthouses of 2,734 to 3,261 sq ft and townhouses of 2,486 to 3,401 sq ft. Despite having just 65 years left on its lease, this development remains popular among buyers. Based on caveats lodged with Realis, there have been on average six transactions a year over the past three years. The latest transaction was for a 2,217 sq ft, four-bedroom unit that was sold in January for $1.23 million ($555 psf). Most of the new buyers are cash-rich investors who are buying because of its en-bloc potential, says Ryan Yeo, associate deputy division director with Knight Frank Property Network, who specialises in marketing residential developments in the western part of Singapore. I know of a few owners who have bought and are not concerned whether they are able to rent the unit out because their intention is From left: The 629-unit Lakefront Residences by Keppel Land, 712-unit Caspian by Frasers Centrepoint and 369-unit Lakeholmz by Frasers Centrepoint to hold on to the unit and wait for en-bloc. He reckons that owners of Lakepoint will start the en-bloc process once the property market improves because it is an ageing development with no facilities. The two newest additions to the area are Lakeville and Lake Grande. The 696-unit Lakeville, located on Jurong Lake Link, is expected to be completed by 1Q2017. The development consists of one- to five-bedroom units of 560 to 1,862 sq ft. There are also four- and five-bedroom penthouses of 1,981 to 2,680 sq ft. Lakeville was launched for sale in April 2014 and about 180 units were snapped up on the first day at an average price of $1,300 psf. According to MCL Land, most of the units sold then were one- and two-bedroom apartments and almost 90% of the buyers were Singaporeans, with HDB upgraders accounting for the bulk of the purchasers. According to the latest January developers sales data compiled by the URA, 689 out of the total 696 units were sold at a median price of $1,174 psf. The most recent unit sold was a 1,423 sq ft, four-bedroom unit. It changed hands in January for $1.65 million ($1,156 psf), according to caveats lodged with Realis. Located just directly across from Lakeville is Lake Grande, which is expected to be completed by The 710-unit, 99-year leasehold condo was launched for sale last July and 436 units of the development, or 61%, were sold during the launch weekend at an average price of $1,368 psf. According to MCL Land, two-bedroom units at Lake Grande were the most popular, with 260 such units sold. The average two-bedder is about 660 sq ft and was sold at $1,365 psf, or around $900,000. Some 85% of the buyers were Singaporeans, while 12% were permanent residents and the remainder, foreigners, says MCL Land. According to the January developers sales

15 THEEDGE SINGAPORE FEBRUARY 27, 2017 EP15 YOUR NEIGHBOURHOOD The 638-unit Parc Vista (right) by Far East Organization was completed in 1997 The 304-unit Lakepoint by JTC Corp was completed in 1983 data, 559 out of the total 710 units were sold at a median price of $1,302 psf. The latest transaction was for a 980 sq ft, three-bedroom unit that was sold in February for $1.17 million ($1,195 psf), based on caveats lodged with Realis. Both Lakeville and Lake Grande are ideal for young families with children, given their close proximity to Rulang Primary School, one of the top three primary schools in the west of Singapore, says Knight Frank s Tan. Other developments Besides Lakepoint, there are three other 99- year leasehold developments in the area that are 10 years old or older: Parc Vista, Lakeholmz and The Lakeshore. Demand for all three developments remains high; at The Lakeshore, 28 units changed hands in 2016, while at Parc Vista and Lakeholmz, 19 and 14 units were transacted respectively. Yeo notes that there is a growing number of non-resident Indian professionals with permanent resident status renting or buying in the area, owing to its close proximity to the International Business Park. Many of these professionals are in the IT industry and like to live near their workplace, he says. As many of these Indians have extended families, they tend to favour big units, especially those at Parc Vista, The Lakeshore and Lakepoint, where three-bedroom units start from 1,100 sq ft compared with the newer condos, explains Yeo. Most of these older condos are going for less than $1,000 psf and this is a key pull factor, he says. The 638-unit Parc Vista by Far East Organization was completed in Units are a mix of two- to four-bedders of 1,044 to 1,636 sq ft and maisonettes of 1,938 to 2,379 sq ft. The latest transaction was for a 1,076 sq ft, two-bedroom unit in December that fetched $850,000 ($790 psf). The seller had purchased it in January 1996 for $687,000 ($639 psf). The 369-unit Lakeholmz was developed by Frasers Centrepoint and completed in Lakeholmz consists of two- to four-bedroom units of 1,001 to 2,616 sq ft. The latest transaction was for a 1,249 sq ft, three-bedroom unit that was sold in February for $1.04 million ($831 psf). The seller had bought it in September 2005 for $567,000 ($454 psf). The 848-unit The Lakeshore by Far East Organization was completed in It is made up of two- to four-bedroom apartments of 861 to 1,900 sq ft. A 936 sq ft, two-bedroomplus-study unit changed hands in February for $995,000 ($1,063 psf). The seller had bought it The 848-unit The Lakeshore by Far East Organization was completed in 2007 in June 2009 for $645,000 ($689 psf). Two slightly newer developments, Caspian and Lakefront Residences, were completed less than five years ago. The 712-unit Caspian by Frasers Centrepoint is fully sold and was completed in Units in the project are spread across six 17-storey blocks and comprise twoto four-bedroom apartments of 872 to 1,593 sq ft. The latest transaction was for a 1,302 sq ft, three-bedroom unit that was sold in January for $1.37 million ($1,052 psf). The 629-unit Lakefront Residences by Keppel Land was completed in 2014 and is fully sold. It is made up one- to four-bedders of 484 to 1,938 sq ft and penthouses of 2,000 to 3,186 sq ft. The latest transaction was for a 1,389 sq ft, four-bedroom unit that was sold in January for $1.65 million ($1,188 psf). Jurong Lake Gardens The park around Jurong Lake will get a makeover under the Jurong Lake District master plan and will be renamed Jurong Lake Gardens. According to Tan, the government is looking at redesigning and revamping the park through landscaping, adding new paths and exercise areas as well as clusters of commercial space. Residents at all eight developments will be able to look forward to the new and revamped Jurong Lake Gardens when it is unveiled section by section starting from next year with the Jurong Lake West Garden on Yuan Ching Road. Once the transformation of the Jurong Lake area is completed, not only will residents be able to experience a new lakefront lifestyle, they are also likely to see the value of their properties rise, says Tan. E MCL Land s 710-unit Lake Grande is under construction, with Lakeville on its left and Lakeshore Residences on its right The 696-unit Lakeville, located on Jurong Lake Link, is expected to be completed by 1Q2017

16 EP16 THEEDGE SINGAPORE FEBRUARY 27, 2017 GAINS AND LOSSES Ardmore Park unit makes $4.6 mil profit Ardmore Park is a freehold condominium completed in Find the most affordable unit in the project at bit.ly/ardmoreparkedge. BY LIN ZHIQIN On Feb 9, a 2,885 sq ft unit at Ardmore Park in prime District 10 was sold at a $4.6 million profit. The gain works out to 94%, or 5% a year over 14 years. The previous owner bought it at $4.9 million, or $1,699 psf, in September 2002 and sold it at $9.5 million, or $3,293 psf. This was the first transaction at Ardmore Park this year. The next most recent transaction, in December 2016, resulted in a $3.18 million profit for the seller. The 2,885 sq ft unit was bought at $6.4 million, or $2,219 psf, in August 2006 and sold at $9.58 million, or $3,321 psf. The profit works out to 50%, or 4% a year over 10 years. There were 58 rental contracts for units of 2,800 to 2,900 sq ft at Ardmore Park in 2H2016, with monthly rents averaging $14,598. This implies a 2% gross rental yield for the recently transacted unit. Completed in 2001, Ardmore Park is a freehold condominium comprising 330 units. For private non-landed homes sold in the week of Feb 7 to 14, the biggest loss of $1.16 million was incurred by the seller of a 947 sq ft unit at Scotts Square in prime District 9. The unit was bought from the developer at $3.96 million, or $4,184 psf, in September 2007 and sold at $2.8 million, or $2,956 psf, on Feb 7. The loss works out to 29%, or 4% a year over nine years. There were 19 rental contracts for units of 900 to 1,000 sq ft at Scotts Square in 2H2016, with monthly rents averaging $6,511. This implies All seven units transacted at Orchard Scotts since 2015 were sold at a loss. Find the most affordable unit in the project at bit.ly/orchardscottsedge. a 3% gross rental yield for the recently transacted unit. Based on the matching of URA caveat data, both units transacted at Scotts Square so far this year were sold at a loss. A week earlier, on Feb 3, a 1,249 sq ft unit was sold at a $1.56 million loss, the biggest at Scotts Square so far. The seller bought the unit at $5.2 million, or $4,171 psf, from the developer in August 2007 and sold it at $3.65 million, or $2,923 psf. All seven units at Scotts Square transacted last year, whose previous caveats could be traced, were also sold at a loss. The sellers sustained losses ranging from $647,088 to $1.2 million, with an average loss of $910,579, or 24%. Scotts Square is a mixed-use development completed in It has 338 freehold residential units and is located within walking distance of the Orchard MRT station. For private non-landed homes sold in the week of Feb 7 to 14, the second-biggest loss of $980,000 was incurred by the seller of a 2,088 sq ft unit at Orchard Scotts in prime District 9. The unit was bought at $3.88 million, or $1,858 psf, in February 2012 and sold at $2.9 million, or $1,389 psf, on Feb 10. The loss works out to 25%, or 6% a year over five years. There were two rental contracts for units of 2,000 to 2,100 sq ft at Orchard Scotts in 2H2016, with monthly rents at $9,200 and $12,000. Based on the matching of URA caveat data, all seven units transacted at Orchard Scotts since 2015 were sold at a loss. The sellers sustained losses ranging from $823,923 to $2.4 million, with an average loss of $1.6 million, or 35%. Orchard Scotts is a 99-year leasehold condo completed in It comprises 387 units and is located within walking distance of the Newton MRT station. E PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Residential transactions with contracts dated Feb 7 to 14 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Ardmore Park 10 2,885 Feb 9 3,293 Sept 9, ,699 4,600, Goldenhill Park Condominium 20 1,335 Feb 9 1,371 April 10, , Costa Rhu 15 1,765 Feb 14 1,146 May 1, , Mera Springs 8 1,292 Feb 8 1,215 June 29, , Duchess Crest 10 1,711 Feb 9 1,208 July 22, , Pebble Bay 15 1,894 Feb 8 1,161 May 11, , Amaryllis Ville 11 1,259 Feb 9 1,294 April 19, , Limau Park 16 1,270 Feb Sept 1, , The Lucent 15 1,324 Feb 14 1,114 Jan 23, , The Tate Residences 9 3,218 Feb 9 2,424 Oct 10, , , URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Scotts Square Feb 7 2,956 Sept 3, ,184 1,163, Orchard Scotts 9 2,088 Feb 10 1,389 Feb 13, , , The Arcadia 11 3,778 Feb Oct 20, , , Jewel Of Balmoral 10 2,411 Feb 13 1,410 Dec 10, , , The Arcadia 11 3,735 Feb July 24, , , St Martin Residence Feb 8 2,148 Sept 12, , , Mount Sophia 9 1,464 Feb 9 1,455 Aug 14, , , Rivergate 9 1,507 Feb 13 1,891 March 14, , , Laguna Park 15 1,615 Feb Jan 10, , D Leedon 10 1,389 Feb 8 1,440 Jan 24, ,496 77, Note: The profit and loss computation excludes transaction costs such as stamp duties URA caveat record downloaded on Feb 17 and 21

17 THEEDGE SINGAPORE FEBRUARY 27, 2017 EP17 BUDGET 2017 Help for first-timers buying resale HDBs, but no easing of cooling measures BY LIN ZHIQIN On Feb 20, Finance Minister Heng Swee Keat announced in his Budget statement that, with immediate effect, the Central Provident Fund s (CPF) Housing Grant had been raised to $50,000 for first-timer couples buying fourroom or smaller HDB flats from the resale market. For those who purchase five-room or bigger flats, the grant has been raised to $40,000. The CPF Housing Grant was previously capped at $30,000. Including the Additional CPF Housing Grant, capped at $40,000, and the Proximity Housing Grant, capped at $20,000, first-timer couples can now receive up to $110,000 in subsidies. According to Cushman & Wakefield Research director Christine Li, the move is timely, as a large volume of buildto-order HDB units, totalling about 18,000 units, reached the end of their Minimum Occupation Period as at end This is 80% higher than the number of units that reached MOP in The grant can therefore help soak up additional HDB resale supply, particularly for The Budget delivered by Heng did not include any easing of property cooling measures those who need to dispose of resale flats after they have taken pos session of new BTOs, executive condomi niums and private properties, says Li. RHB Research expects the move to translate into a slight boost in demand for resale HDB units and help stabilise resale prices. It will also alleviate demand pressure on new BTO launches, especially in mature estates. ERA key executive officer Eugene Lim agrees. He expects resale HDB transaction volume to receive a good boost, as resale flats are now cheaper, and this might swing more purchasers towards a resale flat instead of having to wait three years or so for a BTO flat. The Budget did not include the easing of property cooling measures. Minister for National Development Lawrence Wong signalled THE EDGE SINGAPORE in an interview with Bloomberg TV on Feb 21 that the residential property curbs were expected to stay for some time. Wong said the cooling measures had helped achieve a soft landing in the property market and demand remained very resilient. He also added that the government was studying measures to boost revenue, including higher First-timer couples buying resale HDBs can now receive up to $110,000 in subsidies taxes, to help ease pressure on the budget as spending increases. Earlier this month, president and CEO of CapitaLand Lim Ming Yan said the cooling measures are expected to stay in place for at least another year. We see volume picking up and price declines have slowed. We see this trend continuing for There is no compelling reason for the government to make major changes at this point, he said. Private-home prices declined 3% in 2016, in a third consecutive year of decline. As no changes were introduced to the existing property cooling measures, RHB Research maintains its expectation of a 3%-to-7% decline in residential property prices this year. E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

18 EP18 THEEDGE SINGAPORE FEBRUARY 27, 2017 DONE DEALS Sales pick up at Ardmore Park area BY TAN CHEE YUEN Over the past couple of weeks, sales activities at the prestigious Ardmore Park neighbourhood have been brisk. Ardmore Three, a freehold development by Wheelock Properties, registered the sale of a fourth unit in as many weeks. The latest transaction, on Feb 13, was for the sale of a 1,787 sq ft, three-bedroom unit on the 23rd floor for $6.1 million ($3,412 psf). The renewed interest in Ardmore Three came after Wheelock Properties launched its deferred payment scheme towards end-january. Under the DPS, buyers need only pay a 1% booking fee, followed by 4% a fortnight later and another 15% four weeks later, with the remainder only due two years from the date of signing the option to purchase. However, there is a catch for those who opt for the DPS, as they will receive only a 12% additional buyer s stamp duty (ABSD) rebate instead of 15% under the normal payment scheme. Wheelock Properties has been offering a 15% discount and a 15% ABSD assistance package to buyers of Ardmore Three since last April. So far, the developer has sold about 60 units at the 84-unit freehold project that was completed in Wheelock Properties launched a new DPS at Ardmore Three towards end-january and since then, four units have been sold Besides Ardmore Three, two other luxury condominiums in Wheelock Properties Ardmore series have also seen some renewed interest recently. At Ardmore II, a unit on the 14th floor was sold for $4.9 million ($2,421 psf), according to a caveat lodged with Realis on Feb 13. It is the first unit transacted at the development this year. The last time a unit changed hands at Ardmore A 2,885 sq ft, four-bedroom unit on the 25th floor of Ardmore Park changed hands for $9.5 million ($3,293 psf) II was in December, when a unit on the 30th floor was sold for $5.3 million ($2,619 psf). Ardmore II is a freehold development with 118 identical four-bedroom units of 2,024 sq ft each in two 36-storey towers. The project was launched in mid-2006, a decade after the launch of the Ardmore Park condo. Prices at Ardmore II peaked in Au- PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE A 2,024 sq ft, four-bedroom unit on the 14th floor at Ardmore II was sold for $4.9 million ($2,421 psf) in February gust 2007, a year before the collapse of Lehman Brothers, when a unit on the 26th floor fetched $7.28 million ($3,599 psf). Since then, owing to the property cooling measures, prices have softened to between $2,483 and $2,619 psf in The last time a unit at Ardmore II changed hands above the $3,000 psf mark was in April 2010 when a unit on the 29th floor was sold for $6.19 million ($3,061 psf). THE EDGE SINGAPORE At Ardmore Park, a 2,885 sq ft, four-bedroom unit on the 25th floor changed hands for $9.5 million ($3,293 psf). The seller bought the unit for $4.9 million ($1,699 psf) in September Last December, an adjacent unit was sold for $9.58 million ($3,321 psf). Despite its age, Ardmore Park remains a highly sought-after freehold development among the wellheeled because of the size of the units and the surrounding grounds; buyers realise such a development is very hard to find, especially in a prime residential district, says Samuel Eyo, managing director at Singapore Christie s International Real Estate. The 330-unit project was completed in 2001 and continues to be held as the standard for luxury projects to emulate. At the neighbouring The Tate Residences, a prime freehold condo project located on Claymore Road, a 3,218 sq ft, four-bedroom unit on the 21st floor of one of the twin 36-storey towers was sold in February for $7.8 million ($2,424 psf). The unit was purchased for $7.32 million ($2,276 psf) in October The 85-unit project by Hong Leong Holdings was completed in 2009 and comprises three-bedroom units of at least 1,895 sq ft and four-bedroom units that start from 3,200 sq ft. E LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated Feb 7 to 14 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 MARINA ONE RESIDENCES Apartment 99 years Feb 7, ,119 2,765,070-2,470 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years Feb 7, ,119 2,729,331-2,438 Uncompleted New Sale V ON SHENTON Apartment 99 years Feb 9, ,450,000-2,105 Uncompleted Sub Sale District 3 ALEX RESIDENCES Apartment 99 years Feb 8, ,044 1,821,848-1,745 Uncompleted New Sale ASCENTIA SKY Condominium 99 years Feb 10, ,475 2,198,000-1, Resale COMMONWEALTH TOWERS Condominium 99 years Feb 7, ,076 1,642,000-1,525 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Feb 8, ,539,100-1,702 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Feb 10, ,000-1,746 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Feb 12, ,313,400-1,877 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Feb 8, ,337,000-1,656 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Feb 8, ,076 1,889,000-1,755 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Feb 8, ,193,000 1,188,000 1,554 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Feb 9, , ,000 1,763 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Feb 9, ,000-1,621 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Feb 9, ,076 1,833,000 1,828,000 1,698 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Feb 11, ,270,000-1,594 Uncompleted New Sale QUEENS PEAK Condominium 99 years Feb 8, ,000-1,660 Uncompleted New Sale QUEENS PEAK Condominium 99 years Feb 10, ,443,000-1,719 Uncompleted New Sale QUEENS PEAK Condominium 99 years Feb 11, ,000-1,547 Uncompleted New Sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE QUEENS PEAK Condominium 99 years Feb 12, ,361,000-1,437 Uncompleted New Sale QUEENS PEAK Condominium 99 years Feb 12, ,000-1,668 Uncompleted New Sale THE CREST Condominium 99 years Feb 10, ,340,000-1,682 Uncompleted New Sale THE CREST Condominium 99 years Feb 11, ,540,000-1,683 Uncompleted New Sale District 4 SEASCAPE Condominium 99 years Feb 7, ,069 6,200,000-1, Resale THE COAST AT SENTOSA COVE Condominium 99 years Feb 9, ,820 4,880,000-1, Resale THE COAST AT SENTOSA COVE Condominium 99 years Feb 10, ,357 3,720,000-1, Resale District 5 THE TRILINQ Condominium 99 years Feb 7, ,356 1,615,000-1,191 Uncompleted New Sale THE TRILINQ Condominium 99 years Feb 7, ,055 1,405,000-1,332 Uncompleted New Sale THE TRILINQ Condominium 99 years Feb 9, ,000-1,494 Uncompleted New Sale THE TRILINQ Condominium 99 years Feb 10, ,000-1,514 Uncompleted New Sale PASIR PANJANG Condominium Freehold Feb 8, ,410 1,700,000-1, New Sale District 8 MERA SPRINGS Condominium Freehold Feb 8, ,292 1,570,000-1, Resale STURDEE RESIDENCES Condominium 99 years Feb 10, ,114,300-1,697 Uncompleted New Sale District 9 MOUNT SOPHIA Condominium 103 years Feb 7, ,110,000-1, Resale MOUNT SOPHIA Condominium 103 years Feb 9, ,464 2,130,000-1, Resale ESPADA Apartment Freehold Feb 8, ,650,000-2, Resale ORCHARD SCOTTS Condominium 99 years Feb 10, ,088 2,900,000-1, Resale OUE TWIN PEAKS Condominium 99 years Feb 7, ,399 3,533,340-2, Resale OUE TWIN PEAKS Condominium 99 years Feb 7, ,399 3,491,400-2, Resale OUE TWIN PEAKS Condominium 99 years Feb 8, ,508,800-2, Resale OUE TWIN PEAKS Condominium 99 years Feb 8, ,227,650-2, Resale OUE TWIN PEAKS Condominium 99 years Feb 14, ,618,300-2, Resale RIVERGATE Apartment Freehold Feb 13, ,507 2,850,000-1, Resale SCOTTS SQUARE Apartment Freehold Feb 7, ,800,000-2, Resale SOPHIA HILLS Condominium 99 years Feb 9, ,416,000-2,024 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Feb 9, ,361,000-1,945 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Feb 11, ,403,000-2,005 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Feb 11, ,355,000-1,937 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Feb 12, ,354,000-1,935 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Feb 12, ,329,000-1,899 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Feb 12, ,336,000-1,909 Uncompleted New Sale THE OXLEY - RESIDENCES Apartment Freehold Feb 9, ,550,000-2,400 Uncompleted New Sale THE OXLEY - RESIDENCES Apartment Freehold Feb 10, ,510,000-2,338 Uncompleted New Sale THE TATE RESIDENCES Condominium Freehold Feb 9, ,218 7,800,000-2, Resale District 10 ARDMORE II Condominium Freehold Feb 13, ,024 4,900,000-2, Resale ARDMORE PARK Condominium Freehold Feb 9, ,885 9,500,000-3, Resale ARDMORE THREE Condominium Freehold Feb 13, ,787 6,096,285-3, Resale BELMOND GREEN Condominium Freehold Feb 10, ,550 2,150,000-1, Resale D LEEDON Condominium 99 years Feb 8, ,389 2,000,000-1, Resale DUCHESS CREST Condominium 99 years Feb 9, ,711 2,068,000-1, Resale HOLLAND RESIDENCES Condominium Freehold Feb 8, ,356 2,550,000-1, Resale JEWEL OF BALMORAL Apartment Freehold Feb 13, ,411 3,400,000-1, Resale LEEDON RESIDENCE Condominium Freehold Feb 8, ,704 10,550,000-2, Resale LEEDON RESIDENCE Condominium Freehold Feb 13, ,704 8,800,000-1, Resale SHAMROCK PARK Semi-Detached Freehold Feb 10, ,080 5,960,000-1, Resale ST MARTIN RESIDENCE Condominium Freehold Feb 8, ,295,000-2, Resale THE TRIZON Condominium Freehold Feb 10, ,044 1,690,000-1, Resale

19 THEEDGE SINGAPORE FEBRUARY 27, 2017 EP19 DONE DEALS Residential transactions with contracts dated Feb 7 to 14 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE YGK GARDEN Condominium Freehold Feb 13, ,067 2,900,000-1, Resale District 11 6 DERBYSHIRE Condominium Freehold Feb 10, ,532,755-2, New Sale AMARYLLIS VILLE Condominium 99 years Feb 9, ,259 1,630,000-1, Resale SKY@ELEVEN Condominium Freehold Feb 8, ,271 3,100,000-1, Resale THE ARCADIA Condominium 99 years Feb 7, ,735 3,375, Resale THE ARCADIA Condominium 99 years Feb 8, ,778 3,060, Resale District 12 AVA TOWERS Apartment Freehold Feb 8, ,281 1,150, Resale BEACON HEIGHTS Condominium 999 years Feb 8, ,076 1,130,000-1, Resale CALARASI Apartment Freehold Feb 8, ,184 1,250,000-1, Resale CHELSEA GROVE Apartment Freehold Feb 9, ,080,000-1, Resale EIGHT RIVERSUITES Condominium 99 years Feb 7, ,050,000-1, Sub Sale GEM RESIDENCES Condominium 99 years Feb 11, ,000-1,659 Uncompleted New Sale GEM RESIDENCES Condominium 99 years Feb 12, ,055 1,553,000-1,472 Uncompleted New Sale REGENT RESIDENCES Apartment Freehold Feb 10, ,615 1,700,000-1, Resale TREVISTA Condominium 99 years Feb 8, ,200,000-1, Resale District 13 E MAISON Apartment Freehold Feb 9, ,329,000-1, New Sale MACPHERSON GARDEN ESTATE Terrace Freehold Feb 13, ,550,000-1,754 Unknown Resale SUITES@BRADDELL Apartment Freehold Feb 10, ,000-1, Resale THE POIZ RESIDENCES Apartment 99 years Feb 7, ,000-1,460 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Feb 9, ,000-1,169 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 7, ,060,605-1,232 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 9, ,163,000-1,368 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 9, ,140,720-1,341 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 10, ,238 1,770,615-1,430 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 10, ,148,805-1,351 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 11, ,148,070-1,367 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 11, ,150,000-1,370 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 11, ,270 1,585,000-1,248 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 12, ,158,000-1,379 Uncompleted New Sale District 14 # 1 SUITES Apartment Freehold Feb 9, ,000-1, New Sale EUHABITAT Condominium 99 years Feb 10, ,270 1,345,000-1, Sub Sale REZI 3TWO Apartment Freehold Feb 7, ,120,000-1,369 Uncompleted New Sale REZI 3TWO Apartment Freehold Feb 7, ,000-1,575 Uncompleted New Sale REZI 3TWO Apartment Freehold Feb 11, ,140,000-1,394 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Feb 7, ,757-1,505 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Feb 7, ,000-1,252 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Feb 12, ,033 1,367,432-1,323 Uncompleted New Sale EAST Condominium Freehold Feb 9, ,119 1,080, Resale District 15 COSTA RHU Condominium 99 years Feb 14, ,765 2,023,000-1, Resale FLAMINGO VALLEY Condominium Freehold Feb 8, ,636 2,165,000-1, Resale LAGUNA PARK Apartment 99 years Feb 8, ,615 1,420, Resale STILL LANE Terrace Freehold Feb 10, ,540 2,800,000-1,100 Unknown Resale ONE AMBER Condominium Freehold Feb 7, ,000-1, Resale PEBBLE BAY Condominium 99 years Feb 8, ,894 2,200,000-1, Resale SANCTUARY GREEN Condominium 99 years Feb 7, ,119 1,230,000-1, Resale THE LUCENT Apartment Freehold Feb 14, ,324 1,475,000-1, Resale District 16 LIMAU PARK Condominium Freehold Feb 8, ,270 1,112, Resale THE CLEARWATER Condominium 99 years Feb 8, ,442 1,200, Resale THE GLADES Condominium 99 years Feb 7, ,398,000-1, New Sale THE GLADES Condominium 99 years Feb 12, ,800-1, New Sale WATERFRONT WAVES Condominium 99 years Feb 10, ,378 1,300, Resale District 17 BALLOTA PARK CONDOMINIUM Condominium Freehold Feb 9, , , Resale District 18 CHANGI RISE CONDOMINIUM Condominium 99 years Feb 8, , , Resale COCO PALMS Condominium 99 years Feb 7, ,098 1,124,000-1,024 Uncompleted New Sale COCO PALMS Condominium 99 years Feb 10, ,744 1,819,200-1,043 Uncompleted New Sale D NEST Condominium 99 years Feb 10, ,410 1,329, Uncompleted New Sale D NEST Condominium 99 years Feb 11, ,270 1,299,480-1,023 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Feb 7, ,000-1,055 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Feb 7, ,000-1,062 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Feb 7, ,000-1,071 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 7, ,000-1,051 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 7, ,000-1,066 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 8, ,000-1,041 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 8, ,000-1,068 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 10, ,000-1,052 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 11, ,130-1,034 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 11, ,320-1,009 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 11, ,200-1,009 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 12, ,000-1,034 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 12, ,109 1,196,910-1,080 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 7, ,239 1,900, Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 9, ,000-1,122 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 11, ,000-1,086 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 12, ,346 1,265, Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 12, ,000-1,123 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 12, ,464 1,193, Uncompleted New Sale WATERVIEW Condominium 99 years Feb 13, ,888-1, Resale District 19 BOTANIQUE AT BARTLEY Condominium 99 years Feb 11, ,130 1,481,760-1,311 Uncompleted New Sale FOREST WOODS Condominium 99 years Feb 9, ,376,000-1,420 Uncompleted New Sale LA FIESTA Condominium 99 years Feb 7, ,000-1, Sub Sale ONE SURIN Terrace Freehold Feb 8, ,004 2,600, New Sale ONE SURIN Terrace Freehold Feb 9, ,004 2,550, New Sale PARK RESIDENCES KOVAN Apartment Freehold Feb 14, ,000-1, Resale RIO VISTA Condominium 99 years Feb 8, , , Resale RIVERSAILS Condominium 99 years Feb 9, ,184 1,262,000-1, Resale THE QUARTZ Condominium 99 years Feb 8, ,367 1,150, Resale THE SCALA Apartment 99 years Feb 8, ,550 1,577,900-1, Resale THE TEMBUSU Condominium Freehold Feb 7, ,464 2,098,500-1, New Sale THE TERRACE EC 99 years Feb 7, , , Uncompleted New Sale THE TERRACE EC 99 years Feb 10, , , Uncompleted New Sale THE TERRACE EC 99 years Feb 10, , , Uncompleted New Sale THE TERRACE EC 99 years Feb 11, , , Uncompleted New Sale THE TERRACE EC 99 years Feb 11, , , Uncompleted New Sale THE TERRACE EC 99 years Feb 11, , , Uncompleted New Sale THE TERRACE EC 99 years Feb 11, , , Uncompleted New Sale THE TERRACE EC 99 years Feb 12, , , Uncompleted New Sale THE TERRACE EC 99 years Feb 12, , , Uncompleted New Sale THE TERRACE EC 99 years Feb 12, , , Uncompleted New Sale THE VALES EC 99 years Feb 7, , Uncompleted New Sale THE VALES EC 99 years Feb 12, , Uncompleted New Sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE VALES EC 99 years Feb 12, , Uncompleted New Sale TRILIVE Condominium Freehold Feb 11, ,000-1,607 Uncompleted New Sale District 20 GOLDENHILL PARK Condominium Freehold Feb 9, ,335 1,830,000-1, Resale CONDOMINIUM ISLAND COUNTRY VILLAS Semi-Detached 99 years Feb 8, ,411 2,150, Resale SKY HABITAT Condominium 99 years Feb 10, ,399 2,078,900-1, Resale THE PANORAMA Condominium 99 years Feb 9, ,066 1,277,257-1,199 Uncompleted New Sale THE WINDSOR Condominium Freehold Feb 8, ,174 2,050, Resale THOMSON IMPRESSIONS Apartment 99 years Feb 7, ,055 1,425,700-1,352 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Feb 9, ,300-1,630 Uncompleted New Sale District 21 CAVENDISH PARK Condominium 99 years Feb 8, ,066,000-1, Resale JALAN KAMPONG CHANTEK Detached Freehold Feb 10, ,502 27,588,888-1,003 Unknown Resale PANDAN VALLEY Condominium Freehold Feb 7, ,024 1,800, Resale SIGNATURE PARK Condominium Freehold Feb 9, ,421 1,350, Resale SUMMERHILL Condominium Freehold Feb 7, ,259 1,360,000-1, Resale THE BUKIT Condominium Freehold Feb 8, ,500,000-1,548 Uncompleted New Sale THE BUKIT Condominium Freehold Feb 10, ,610,129-1,719 Uncompleted New Sale THE BUKIT Condominium Freehold Feb 12, ,206 1,645,000-1,365 Uncompleted New Sale District 22 LAKE GRANDE Condominium 99 years Feb 7, ,061,000-1,297 Uncompleted New Sale LAKE GRANDE Condominium 99 years Feb 12, ,171,000-1,195 Uncompleted New Sale LAKEHOLMZ Condominium 99 years Feb 10, ,249 1,038, Resale LAKEPOINT CONDOMINIUM Condominium 99 years Feb 13, , , Unknown Resale PARC OASIS Condominium 99 years Feb 8, , , Resale THE LAKESHORE Condominium 99 years Feb 10, ,000-1, Resale THE MAYFAIR Condominium 99 years Feb 7, ,227 1,030, Resale WESTWOOD RESIDENCES EC 99 years Feb 7, , , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 7, , , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 8, , , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 9, , , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 10, , , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 11, , , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 11, ,475 1,129, Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 12, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 12, , , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 12, ,475 1,160, Uncompleted New Sale District 23 CASHEW HEIGHTS Condominium 999 years Feb 8, ,658 1,520, Resale CONDOMINIUM GLENDALE PARK Condominium Freehold Feb 7, ,216 1,249,000-1, Resale HILLION RESIDENCES Apartment 99 years Feb 10, ,240-1,385 Uncompleted New Sale HILLVIEW REGENCY Condominium 99 years Feb 8, , , Resale MAYSPRINGS Apartment 99 years Feb 7, , , Resale PALM GARDENS Condominium 99 years Feb 8, , Resale SOL ACRES EC 99 years Feb 7, , , Uncompleted New Sale SOL ACRES EC 99 years Feb 7, , Uncompleted New Sale SOL ACRES EC 99 years Feb 8, , Uncompleted New Sale SOL ACRES EC 99 years Feb 9, , Uncompleted New Sale SOL ACRES EC 99 years Feb 11, , , Uncompleted New Sale SOL ACRES EC 99 years Feb 11, , , Uncompleted New Sale SOL ACRES EC 99 years Feb 12, , , Uncompleted New Sale SOL ACRES EC 99 years Feb 12, , , Uncompleted New Sale SOL ACRES EC 99 years Feb 12, , Uncompleted New Sale SOL ACRES EC 99 years Feb 12, , Uncompleted New Sale WANDERVALE EC 99 years Feb 7, , , Uncompleted New Sale WANDERVALE EC 99 years Feb 10, , , Uncompleted New Sale WANDERVALE EC 99 years Feb 11, , , Uncompleted New Sale YEWTEE RESIDENCES Apartment 99 years Feb 13, ,119 1,010, Resale District 25 BELLEWOODS EC 99 years Feb 7, , , Uncompleted New Sale BELLEWOODS EC 99 years Feb 12, , , Uncompleted New Sale District 26 LENTOR VILLAS Terrace Freehold Feb 9, ,736 3,400, Resale THE SPRINGSIDE Terrace Freehold Feb 11, ,711 3,008,000-1, New Sale THE SPRINGSIDE Terrace Freehold Feb 12, ,369 3,458,000-1, New Sale District 27 NORTH PARK RESIDENCES Apartment 99 years Feb 8, ,080-1,341 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Feb 8, ,400-1,358 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Feb 9, ,160-1,392 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Feb 9, ,360-1,348 Uncompleted New Sale PARC LIFE EC 99 years Feb 7, , , , Uncompleted New Sale PARC LIFE EC 99 years Feb 9, ,550 1,214,100 1,211, Uncompleted New Sale PARC LIFE EC 99 years Feb 10, , , , Uncompleted New Sale PARC LIFE EC 99 years Feb 12, , , , Uncompleted New Sale SEMBAWANG SPRINGS ESTATE Semi-Detached 999 years Feb 9, ,972 2,722, Unknown Resale SIGNATURE AT YISHUN EC 99 years Feb 12, , , Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Feb 7, ,000-1,052 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Feb 9, ,000-1,115 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Feb 12, ,000-1,108 Uncompleted New Sale THE BROWNSTONE EC 99 years Feb 12, , Uncompleted New Sale THE CRITERION EC 99 years Feb 7, , , Uncompleted New Sale THE CRITERION EC 99 years Feb 8, ,378 1,138, Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 8, , , Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 9, , , Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 10, , Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 10, , , Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 10, , Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 11, , , Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 11, , Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 11, , Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 12, , , Uncompleted New Sale THE WISTERIA Apartment 99 years Feb 7, , Uncompleted New Sale THE WISTERIA Apartment 99 years Feb 12, ,000-1,073 Uncompleted New Sale THE WISTERIA Apartment 99 years Feb 12, ,173 1,280,100-1,091 Uncompleted New Sale THE WISTERIA Apartment 99 years Feb 12, ,029,612-1,063 Uncompleted New Sale THE WISTERIA Apartment 99 years Feb 12, ,888-1,054 Uncompleted New Sale District 28 FERNVALE Condominium 99 years Feb 10, ,044 1,067,000-1,022 Uncompleted New Sale FERNVALE Condominium 99 years Feb 11, , Uncompleted New Sale FERNVALE Condominium 99 years Feb 11, , , Uncompleted New Sale FERNVALE Condominium 99 years Feb 11, ,012 1,021,000 1,016,000 1,004 Uncompleted New Sale FERNVALE Condominium 99 years Feb 11, , , Uncompleted New Sale DISCLAIMER: Source: URA Realis. Updated Feb 21, The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium

20 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE EP20 THEEDGE SINGAPORE FEBRUARY 27, 2017 DEAL WATCH A 1,690 sq ft unit at The Meyer is on the market for $2.7 million ($1,598 psf) The Meyer unit selling at $1,598 psf BY TAN CHEE YUEN A 1,690 sq ft unit at The Meyer is on the market for $2.7 million ($1,598 psf). The three-bedroom unit is currently vacant, according Javier Koh, a property agent from ERA Realty who is marketing the property. The unit is very well-maintained and retains most of its original fittings, he adds. No transactions have taken place at the development since October The latest comparable transaction of a similar-sized unit was in September 2015 when another 1,690 sq ft three-bedroom unit on the 13th floor was sold for $2.77 million ($1,638 psf). That year also saw the sale of two four-bedroom units at the development: a 1,798 sq ft unit on the 19th floor changed hands for $2.97 million ($1,652 psf), while a 1,851 sq ft unit on the 20th floor was sold for $3 million ($1,620 psf). The last time prices for a threebedroom unit fell below the $1,600 psf mark was in April 2014 when a 1,690 unit on the 11th floor changed hands for $2.68 million ($1,586 psf). The Meyer is a freehold apartment across the road from Katong Park in District 15. The single 23-storey tower with 45 apartments was developed by GuocoLand and completed in Buyers of the property will benefit from the upcoming Katong Park MRT station of the Thomson-East Coast Line, which is scheduled to be completed by There was one rental contract for a 1,600-to-1,700 sq ft, three-bedroom unit in April The monthly rent was $6,200, which translates into a potential gross rental yield of 2.8% based on the asking price. Visit tinyurl.com/dealwatch-s768 for more information. E Recent rental contract for a 1,600 to 1,700 sq ft unit at The Meyer LEASE DATE MONTHLY RENT $ $ PSF April , TABLES: URA, THE EDGE PROPERTY Recent transactions at The Meyer CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) Oct 8, , ,652 Sept 25, , ,638 July 7, , ,620 April 11, , ,586 March 3, , ,627 visit SAVE 70% PLUS FREE! Lawry s The Prime Rib $50 dining voucher YES! Start my annual subscription now. $ (Inclusive of GST) for The Edge Collection 3-year plan and save 70% off newsstand price $ (Inclusive of GST) for The Edge Collection 1-year plan TYPE OF SUBSCRIPTION Corporate Personal Gift Last name (Mr/Ms/Dr ) First name Company Job Title Delivery Address Home Office Postal Code COLLECTION 3-Year plan at $238 only The Edge Singapore (print + 3 digital access) + The Edge Malaysia (1 digital access) Celebrating Special Occasions Since 1938 There s no better place to celebrate your special occasions than at Lawry s. Located in the heart of Orchard Road, Lawry s The Prime Rib Singapore is renowned for its exceptional American cuisine. 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! * Terms and conditions apply Visit to find out the latest special menu at Lawry s. LAWRY S THE PRIME RIB 333A Orchard Road #04-01/31 Mandarin Gallery Singapore Operating hours: Lunch: 11.30am to 4pm Dinner: Sun - Thurs: 5pm pm (last order) Sun - Thurs: 5pm - 11pm (last order) For reservations, please call: Tel Mobile Date Of Birth Fax PAYMENT OPTIONS 1. Credit Card. Please charge to my credit card American Express MasterCard Visa 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. Visit subscribe.theedgesingapore.com 4. Phone. Please call (Monday to Friday 9am to 5.30pm) Mail the duly completed subscription form and cheque to: The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore Tel: Fax: hotlinespore@bizedge.com *This special promotion ends on February 28, Subscription to The Edge Collection is non-cancellable and non-refundable. The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for non-singapore addresses. Dining voucher limited to first 200 subscribers each month. Terms and conditions apply ** You hereby authorize The Edge Publishing Pte Ltd to charge to your credit card for automatic subscription renewal as per the selected plan until you cancel your subscription. If you wish to opt out of the auto-renewal, please check this box: TES768/LAWRY S

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