Lendlease spreads its bets across key global cities

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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 DECEMBER 5, 2016 ISSUE 757 Eye on Property Condos that escaped ABSD charges EP4 Your Neighbourhood Sims Urban Oasis catalyst for Aljunied transformation EP6&7 Done Deals Discounts at Coral Bay, One Balmoral drive sales EP12 14 Gains & Losses Unit at Orchard Scotts sold at $1.8 mil loss EP15 ALBERT CHUA/THE EDGE SINGAPORE Lendlease spreads its bets across key global cities Australian property giant banks on urban regeneration projects in Asia with TRX Lifestyle Quarter in KL and Paya Lebar Quarter in Singapore See our Cover Story on Pages 8 and 9. Tony Lombardo, CEO of Lendlease Asia

2 EP2 THEEDGE SINGAPORE DECEMBER 5, 2016 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 ANALYSTS Esther Hoon, Lin Zhiqin ANALYST Tan Chee Yuen 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 EXECUTIVES Tim Jacobs, Sam Ridzam Ninety per cent of retail space at Hillion Mall taken up Sim Lian Group has announced that 90% of Hillion Mall s (right) net lettable area of 174,730 sq ft has been taken up. It also revealed that the mall will have five anchor tenants: NTUC FairPrice, PCF Sparkletots Preschool, Amore Fitness & Boutique Spa, Kopitiam and Best Denki. Located along Petir Road in Bukit Panjang, it is slated to open by 1Q2017. The mall is connected with Hillion Residences as well as a bus interchange, Bukit Panjang MRT station on the Downtown Line, and LRT services, making Bukit Panjang the ninth town in Singapore to have an integrated transport hub. Hillion is Sim Lian Group s first mixed-use development in Singapore. Located above the mall is the 546-unit Hillion Residences, a 99-year leasehold private condominium project. Hillion Residences is scheduled to receive its Temporary Occupation Permit in September URA releases two sites for sale URA has released two sites for sale in November under the 2H2016 Government Land Sales (GLS) Programme. The first site, located along Perumal Road and next to Farrer Park MRT station, has been launched for sale under the Confirmed List. The 99-year leasehold site, which is zoned residential with commercial on the first storey, has a maximum gross floor area (GFA) of 173,955 sq ft and could potentially yield 200 homes. The tender for the Perumal Road site closes on Jan 10, The other residential site available for sale is located on Toh Tuck Road and has been placed on the Reserve List. The 99-year leasehold site is located near the Beauty World MRT station. It has a maximum GFA of 282,122 sq ft and could potentially yield 325 residential units. According to Nicholas Mak, head of research with SLP, due to the soft residential property market, this site is not the most attractive among the other sites in the GLS Programme and is unlikely to be triggered for tender in the next 12 months. JTC launches two sites for sale JTC launched two sites for sale under the 2H2016 Industrial GLS Programme. SIM LIAN GROUP The first is the 56,548 sq ft site Tampines Industrial Drive (Plot 1), on the Confirmed List. It is zoned for Business-2 development and has a 20-year tenure with a maximum permissible gross plot ratio of 1.4. The tender closes on Jan 24, The second is the 50,456 sq ft site at Tuas South Link 3 (Plot 24), on the Reserve List, which is zoned for Business-2 development and has a 20-year tenure with a maximum permissible gross plot ratio of 1.4. Lower property tax for HDB flat owners next year HDB flat owners will pay lower property tax in 2017, while almost all private residential property owners will see lower or no change in their property tax bills. This was announced by the Inland Revenue Authority of Singapore (IRAS) on Nov 28. The tax savings for HDB flat owners range from 13.1% to 51% in 2017, compared with this year. Owners of one- and two-room HDB flats will continue to be exempted from paying property tax. Three-room flat owners will pay up to $18.40 next year, down from a maximum of $37.60 this year. Four-room flat owners will pay between $52 and $100, down from a range of $71.20 to $ this year, while five-room flat owners will pay between $83.20 and $131.20, down from between COORDINATOR Nor Aisah Bte Asmain CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The ASSISTANT MANAGER Sandrine Gerber EXECUTIVES Malliga Muthusamy, Ashikin Kader Singapore 77 Bencoolen St Kuala Lumpur Level 3 The Intermark Jalan Tun Razak Sydney, Melbourne, Brisbane spacefurniture.asia CORPORATE CHIEF EXECUTIVE OFFICER Ben Paul DIRECTOR Anne Tong CORPORATE AFFAIRS DIRECTOR Ng Say Guan PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore Tel: (65) Fax: (65) PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore Tel: (65) Fax: (65) We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. $ and $ Meanwhile, owners of executive flats will pay between $95.20 and $143.20, down from $ to $ All property owners will receive their property tax bills by end-december. These should be paid by Jan 31 next year. IRAS says that it reviews the annual value of properties every year to ensure that they reflect prevailing market rentals. Demand for Singapore property by foreigners on the rise Foreigners have started snapping up private residential properties here in greater numbers compared with a year PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE ago, according to a report by property consultancy JLL. Leading the charge are buyers from China, followed by Indonesians, Malaysians and Americans. According to JLL, there were 782 transactions made by foreigners in the first nine months of this year, an 11.7% rise from a year ago. The figure excludes permanent residents. Chinese buyers were the most active, accounting for 29.4% of all foreign purchases from January to September. The Indonesians were a distant second, accounting for 14.6%. Chinese buyers have overtaken Indonesians as the top foreign buyers of private homes in Singapore since This can be attributed to the wealth growth of the Chinese and their increasing familiarity with the Singapore residential market. Malaysians accounted for 10.5% of foreign transactions, and the Americans were at 7.3%. JLL noted the growing prominence of American buyers. This is a significant increase in proportion, relative to the 1.1% in US nationals are exempted from Additional Buyer s Stamp Duties under the Free Trade Agreement, which may have contributed to the rise in the number of purchases. JLL also reports that Indonesians have higher budgets among foreign buyers, with most of their deals falling within the $3 million range. It notes that Indonesians have a strong preference for pricier properties above $1,400 psf and located in the Core Central Region (CCR). The Chinese and Malaysian buyers are more budget conscious as a higher proportion of the properties they picked up were priced below $1.5 million and within the $750 to $1,700 psf range. However, in terms of geographic preference, the Chinese are more active in the Outside Central Region market while the Malaysians are more active in the CCR market. JLL expects the recovery in foreign demand seen this year to continue into next year, and homes in the CCR to remain the preferred choice of foreigners. Karamjit Singh to leave JLL s residential team JLL has announced that real estate veteran Karamjit Singh (right) will be leaving his position as head of residential to pursue his own entrepreneurial interests. Even though Singh will be leaving JLL, he will continue to advise JLL and its clients on major residential capital markets transactions in his new capacity as senior consultant with effect from January Following Singh s move, Tan Hong Boon and Yong Choon Fah will take on the day-to-day running of the residential arm of the firm s Singapore capital markets business. Tan and Yong each have close to 30 years consultancy, investment sales and collective sales experience. They were both part of the management of Credo Real Estate and joined JLL with Singh in 2012 when the consultancy firm acquired Singh s company, Credo Real Estate. Deals concluded by Credo Real Estate include the $1.338 billion Farrer Court sale in 2007, the largest collective sale in Singapore s history. JLL has also advised several significant deals under Singh s leadership, including the collective sales of Shunfu Ville ($638 million), Thong Sia Building ($380 million), Raintree Gardens ($334 million), NOL Building ($380 million), a portfolio of three Orchard Road residential buildings ($190.5 million) and 9 Cuscaden Road ($145 million). Compiled by Michael Lim E

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4 EP4 THEEDGE SINGAPORE DECEMBER 5, 2016 EYE ON PROPERTY Condo narrowly escapes $48.5 mil ABSD with discounts Bartley Ridge has narrowly escaped a punitive additional buyer s stamp duty pay able for land acquisition. The developer would have had to fork out about $48.5 million of ABSD if it had not sold all the units in the project by mid-january The 868-unit Bartley Ridge still had two penthouses unsold as at end-october, but they found buyers in November, based on caveats lodged. Developers have to pay ABSD for land acquisition if they fail to complete and sell all their units within five years of the land purchase date. The full amount would apply even if the project was left with just one unsold unit. The two remaining penthouses at Bartley Ridge were transacted at discounted prices. The bigger 18th-floor unit, spanning 1,345 sq ft, changed hands at $1.34 million, or $996 psf. It was the only unit within the development that sold below $1,000 psf. The smaller penthouse of 1,313 sq ft and was on the 17th floor of another block. It also fetched $1.34 million, or $1,019 psf. The price was at a slight discount relative to comparable penthouses in the project, which sold at an average price of $1,059 psf between 2013 and June this year. Bartley Ridge was developed by a consortium comprising City Developments (CDL), Hong Leong Holdings and TID Residential. Completed this year, it is a stone s throw from the Bartley MRT station on the Circle Line, and within 1km of popular primary schools, including Maris Stella High School and Paya Lebar Methodist Girls School (Primary). The ABSD for land acquisition is computed based on 10% of the land price if the developer purchased the land between Dec 8, 2011 and Jan 11, 2013, and 15% if it purchased the land on or after Jan 12, A 5% interest rate per annum will also be levied. The Bartley Ridge site fetched $388.1 million in a state tender, or $495 psf per plot ratio. It was awarded to the developer on Jan 16, BY FEILY SOFIAN We understand that Echelon condominium on Alexandra Road is not subject to ABSD, although the site was awarded to the developer on Dec 8, The site fetched $396 million, or $754 psf per plot ratio, in a state tender that closed on Dec 6, There are still two unsold units in the project. The 508-unit development by CDL, Hong Leong Holdings and Hong Realty is a short walk from the Redhill MRT station. Separately, CDL has moved the last two units at Buangkok in October. CDL would have had to shell out $37.6 million of ABSD if it had failed to sell all the units in the project by June next year. The remaining units, both 1,421 sq ft in size, were located on the 10th and 12th floor. They fetched $1,218 and $1,220 psf respectively in Octo ber. The prices reflected a slight discount as lower floor units of the same stack and comparable sizes were trans acted at an average price of $1,233 psf. The 616- unit Buangkok is located next to the Buangkok MRT station on the North-East Line. In Tanah Merah, the developer of eco is marketing the last eight of the 34 strata townhouses in the project. The ABSD for the project will be due in February 2017 and is estimated to cost $43.2 million. The remaining townhouses are understood to be attractively priced from $2.98 million, or $829 psf. In 2014 and 2015, six townhouses in the project commanded an average price of $1,302 psf. Jointly developed by Far East Organization, Frasers Centrepoint and The last two penthouses at Bartley Ridge found buyers in November. One was sold at $996 psf. Projects that may be impacted by ABSD in 1H2017 PROJECT NAME LOCATION TOTAL UNITS ESTIMATED UNSOLD ABSD ESTIMATED ABSD IN THE PROJECT UNITS AS AT NOVEMBER* DEADLINE PAYABLE ($ MIL) The Trilinq Jalan Lempeng Jan 50.9 Mon Jervois Jervois Road Feb 14.8 eco Bedok South Avenue Feb 43.2 Kingsford Hillview Peak Hillview Rise Mar 30.4 Stratum Elias Road Apr 20.7 Vue 8 Residence Pasir Ris Heights Jun 26.3 Pollen & Bleu Farrer Drive Jun 14.1 *Updated based on URA caveat record as at Nov 29 Sekisui House, the project offers five residential types condos, lofts, So- Hos, suites and townhouses. eco is also one of the last few developments in which non-singaporeans are eligible to purchase townhouses without having to get approval from the Singapore Land Dealings Approval Unit. The project is expected to be completed by 1Q2017. Six more projects might be impacted by ABSD in 1H2017. These are Kingsford Hillview Peak, Mon Jervois, Pollen & Bleu on Farrer Drive, Stratum in Pasir Ris, The Trilinq in Clementi and Vue 8 Residence in Pasir Ris. Of these, Kingsford Hillview Peak and Stratum have the least number of unsold units, totalling 18 and 14 respectively as at November. Projects with a small number of unsold units would likely have the biggest incentive to offer attractive discounts. The discount will help speed up sales. Also, there is sufficient time for the developer to sell off all its units. On the other hand, projects with a large inventory of unsold units might not complete selling them even if prices were slashed. Developers of such projects might also avoid buying back the units through an investment company as they would have to incur the conventional stamp duty charges and 15% ABSD on the individual units. These developers, as such, are likely to opt to pay the ABSD charges. Any discount offered will be simply to drive sales momentum rather than avoid the ABSD, and the discount rates are likely to be minimal to moderate, depending on the developer s holding power. E This story was first published on TheEdgeProperty. com on Nov 28 PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE URA, THE EDGE PROPERTY CDL moved the last two units at Buangkok in October The last eight of the 34 townhouses at eco is on the market from $2.98 million, or $829 psf

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6 EP6 THEEDGE SINGAPORE DECEMBER 5, 2016 YOUR NEIGHBOURHOOD PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE View of the Geylang East and Aljunied area with Central Grove on the left, TRE Residences on the right, Sims Urban Oasis in the background and Geylang Methodist Primary and Secondary schools in the centre Sims Urban Oasis catalyst for transformation of Aljunied BY MICHAEL LIM Construction is well underway at Sims Urban Oasis, a 1,024-unit condominium development by GuocoLand. Bordered by Sims Drive and Aljunied Road, the project will be the largest private condo in the Aljunied area when it is completed in 1Q2019. When completed, Sims Urban Oasis could just be the catalyst needed to revitalise the area, which is largely made up of ageing HDB blocks, says Alice Tan, head of research at Frank Singapore. GuocoLand had purchased the site in a government land tender for $530.9 million (about $688 psf per plot ratio) in April Launched in February 2015, Sims Urban Oasis is about 59% sold to date. When completed, it will have eight 18- storey blocks sitting on a sprawling site of 257,260 sq ft. Units range from one-bedders of 409 sq ft to five-bedroom units of 1,722 sq ft. On the grounds are also six retail units sized at 232 to 517 sq ft. There is also a 3,254 sq ft space designated for a childcare centre. However, the retail and childcare centre units have not been launched for sale yet. Steady sales The most recent caveats lodged were for six units in November, which were sold at prices ranging from $726,000 ($1,498 psf) for a 484 sq ft one-bedder to $1.37 million ($1,325 psf) for a 1,033 sq ft three-bedder. Average sales of four to five units each week are encouraging in the current environment of uncertainty and economic slowdown, says Knight Frank s Tan. She attributes that to realistic pricing by the developer. The eight towers at Sims Urban Oasis have reached their maximum 18 storeys. Construction is expected to be completed by 1Q2019. Sales generally picks up when a project approaches completion, hence, Sims Urban Oasis is likely to see an uplift in sales in late 2018 to early 2019, says Alan Cheong, head of research at Savills Singapore. After all, about 70% of the buyers are said to be owner-occupiers, with investors making up the balance. Singaporeans form the majority of the buyers (75%), with foreigners accounting for 25%. With its spacious grounds, ample amenities and different zones for families with children and those who want more exclusivity, the project caters to owner-occupiers of different profiles, says Richard Lin, director of ERA Realty. As such, many of the one-bedroom units have also been purchased by singles and young couples for their own use, he adds. Gentrification underway The neighbourhood around Sims Urban Oasis is also slowly being gentrified. Just next to Sims Urban Oasis are three old HDB blocks that have been earmarked for the selective en bloc redevelopment scheme (SERS). The residents in the old blocks have been relocated to Sims Place, a new HDB block that was completed last year. The SERS site could resurface in the govern ment land sales programme as a private residential development site, reckons ERA s Lin. This will further rejuvenate the neighbourhood, especially when the new private condos attract younger families with children to move in, he adds. New businesses will also be drawn to the area. For instance, the new James Cook University campus on Sims Drive opened early last year and has an enrolment of 3,400 students. This will certainly bring a younger set to the neighbourhood, as well as draw families with teenaged children, notes Knight Frank s Tan. While Sims Urban Oasis may be the largest private condo project in the pipeline for completion, it is not the only one in the Aljunied

7 THEEDGE SINGAPORE DECEMBER 5, 2016 EP7 YOUR NEIGHBOURHOOD The mature Sims Vista HDB town is a five-minute walk from Sims Urban Oasis SL-GV-MCC LAND Geylang East Centre Market and Food Corner is located in Geylang East HDB Town centre on Aljunied Avenue 2 and a five-minute walk from TRE Residences Artist s impression of TRE Residences, which is jointly developed by Sustained Land, Great View and MCC Land Both the Geylang Methodist Primary and Secondary schools are within 0.5km of Sims Urban Oasis and TRE Residences area. Located adjacent to the Aljunied MRT station is the 250-unit TRE Residences developed by a consortium made up of Sustained Land, Great View Development and MCC Land. The 99-year leasehold TRE Residences is also scheduled for completion in Since TRE Residences was launched in November 2014, only 65 units (26%) have been sold as at end-october, according to URA data. The latest median price achieved was $1,519psf. The transaction was for a 570 sq ft, one-bedroom unit that fetched $867,000 ($1,519 psf), based on a caveat lodged with URA Realis. Sales in the project may also have slowed as homebuyers are spoilt for choice and are, therefore, adopting a wait-and-see attitude, reckons ERA s Lin. Most are waiting until the completion of TRE Residences and Sims Urban Oasis before committing to a purchase, he says. Price uplift Located adjacent to TRE Residences and along Geylang East Avenue 1 is Central Grove, a 99- year leasehold condo by CapitaLand that was completed 15 years ago. The 262-unit project is likely to be the first private condo in the area, and it has a mix of two- and three-bedroom units. The latest transaction at Central Grove was for a three-bedroom, 1,238 sq ft unit on the third floor of one of the towers. The unit was sold in November for $1.13 million ($912 psf). The seller had purchased it in December 2007 for $775,000 ($626 psf). Prior to that, the unit had fetched $605,000 ($489 psf) when the project was first launched in December Another transaction at Central Grove was for a 1,238 sq ft unit on the 17th floor that changed hands for $1.24 million ($1,000 psf) in April It is clear that with the new private condos such as Sims Urban Oasis and TRE Residences priced in the $1,500 psf range, Central Grove and other residential properties in the Aljunied area have benefited from the price uplift in the neighbourhood, says Savills Cheong. A short drive away is also the upcoming Paya Lebar Quarter by Australian group Lendlease. The integrated project linked to the Paya Lebar MRT interchange station will include 429 residential units. The development, called Park Place Residences, is expected to be launched in 1H2017. Park Place Residences is likely to be priced at a premium to projects in the Aljunied area given that it is part of a mixed-use development and linked to an MRT interchange, says Savills Cheong. New amenities However, residents in the HDB flats and upcoming private condos in the Aljunied area will also benefit from their proximity to Paya Lebar Central, just one MRT stop away, and Raffles Place, which is just a 10-minute MRT ride or five stops from the Aljunied station. Residents in the Aljunied area will also be able to enjoy the amenities at the upcoming Paya Lebar Quarter, which will have a new shopping mall with cineplex, food court, supermarket and an array of F&B outlets and retail shops when it is completed in Shopping malls in Paya Lebar that opened in recent years include One KM and Paya Lebar Square. With the Geylang Methodist Primary and Secondary schools as well as John Cook University, the Aljunied area will also be a hive for families and millennials. E Australia s James Cook University Sims Drive Campus is located at the end of Sims Drive The three blocks of vacated, old HDB flats next to Sims Urban Oasis, which have been taken back by HDB MICHAEL LIM/THE EDGE PROPERTY

8 EP8 THEEDGE SINGAPORE DECEMBER 5, 2016 COVER STORY PICTURES: LENDLEASE Lendlease spreads its bets across key global cities Australian property giant banks on urban regeneration projects in Asia with TRX Lifestyle Quarter in KL and Paya Lebar Quarter in Singapore BY CECILIA CHOW After assuming the role of Lendlease CEO for Asia in May, Tony Lombardo moved to Singapore. His home for now is in the prime District 9 neighbourhood of Cairnhill, a short distance from Somerset incidentally, a shopping mall developed by Lendlease. Linked underground to the Somerset MRT station, the mall has seen strong footfall since it opened in December 2009, says Lombardo, adding, I visit 313 quite frequently. He visits Kuala Lumpur just as frequently at least every fortnight as Lendlease prepares to get its development project in Malaysia s new financial district, Tun Razak Exchange (TRX), up and running. Lendlease s TRX Lifestyle Quarter is an RM8 billion (approximately A$2.8 billion) mixeduse scheme that will sit on a 17-acre site. It is anchored by a shopping mall with over 500 stores called The Exchange and also comprises a luxury hotel and TRX Residences with 1,800 units spread across six towers. While it may be surpassed by the $3.2 billion Paya Lebar Quarter in Singapore in terms of dollar value, The Lifestyle Quarter is certainly larger in terms of the scale of the project, says Lombardo. Lifestyle Quarter and Paya Lebar Square are the largest urban regeneration schemes under taken by Lendlease in Asia to date. The No 1 shopping centre The location of The Exchange is ideal as there will be a tunnel from the highway leading directly to the mall, bypassing Jalan Tun Razak, which tends to get congested. A new MRT station will be integrated with The Exchange and is expected to be operational within the next 12 months. Lendlease is targeting for The Exchange to be the No 1 shopping centre, rivalling two other shopping malls in the area, Suria KLCC Shopping Centre at the Kuala Lumpur City Centre and Pavilion KL in Bukit Bintang. As a testament to its location, The Exchange at the Lifestyle Quarter was 26% pre-leased in terms of floor area even before construction had begun, Lombardo says. The shopping mall is estimated to have a gross floor area of 2.2 million sq ft. Over the past week, Lombardo, together with about 130 leadership staff from across Lendlease s offices in Asia, met in KL for a conference. We try to meet face-to-face every quarter. This time, we re meeting in KL, he adds. Lendlease is readying the site for the construction of The Exchange next year. The Australian Stock Exchange-listed property giant with a market capitalisation of nearly A$8 billion ($8.5 billion) is by far the biggest investor-developer of a development site at TRX. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Lendlease s RM8 billion TRX Lifestyle Quarter project, which will contain a 2.2 million sq ft shopping mall with more than 500 shops, six residential towers at TRX Residences and a luxury hotel View of Somerset Road (from left): Pan Pacific Serviced Suites, Lendlease s Somerset, Orchard Gateway and Orchard Central

9 THEEDGE SINGAPORE DECEMBER 5, 2016 EP9 COVER STORY In Australia, urban regeneration schemes include Barangaroo South in Sydney (pictured), Brisbane Showgrounds in Brisbane and Victoria Harbour in Melbourne The $3.2 billion Paya Lebar Quarter is the biggest urban regeneration project in Asia for Lendlease in terms of dollar value I ve watched the site for the last 18 months, and I ve seen it progress quite significantly, says Lombardo. The weakening ringgit is not a concern as the group has not sunk in a lot of capital just yet as construction works have yet to begin. In fact, the weaker ringgit could also translate to a lower construction cost for the group, he adds. JV with Malaysia s Ministry of Finance The Australian property group has remained confident about the project despite its 40% joint-venture partner being 1MDB Real Estate, the real estate arm of 1Malaysia Development Bhd (1MDB). Lendlease and 1MDB Real Estate sealed their JV and signed the sale and purchase agreement in March last year, witnessed by Malaysian Prime Minister Najib Tun Razak. 1MDB Real Estate has since been renamed TRX City, and in May this year, has become a separate entity and wholly-owned sub sidiary of the Ministry of Finance. TRX Lifestyle Quarter is therefore a 60:40 JV between Lendlease and the Malaysian Ministry of Finance, with the former taking the lead in the project. Lendlease is definitely going ahead with the project, says Lombardo. When we secured the site two years back, there were nine other bidders. We think it s one of the best regeneration projects in our portfolio. Infrastructure works are underway at TRX, with the new MRT station, said to be the biggest in KL, expected to open in the next 12 months. Construction works have begun at the 92-storey Signature Tower, slated to be the third tallest in Malaysia, after the 88- storey Petronas Twin Towers and the 118-storey Merdeka PNB118. Signature Tower is being developed by Indonesian commercial property developer Mulia Group, which claims to have secured three international banks as tenants in the tower. Foreign players like Mulia Group and Lendlease are getting their projects off the ground and ensuring that TRX will materialise, says a KL-based property consultant who declined to be named. Riding the cycle Payment for the Lifestyle Quarter development site is also staggered, unlike in Singapore, where the successful bidder in a government land tender has to pay the entire amount upfront, says Lombardo. For instance, Lendlease paid $1.67 billion upfront for the 4ha land parcel at Paya Lebar Quarter when it won the site last year. It has since formed a JV with Abu Dhabi Investment Authority, which has a 70% stake in the project. Construction at Paya Lebar Quarter is underway. When completed in 2018, the project will have seven buildings: Three will be Grade-A office towers with a total of 900,000 sq ft in net lettable area, and another three will be residential towers with 429 units called Park Place Residences. The seventh building will be a shopping mall with over 340,000 sq ft of retail space. Park Place Residences is scheduled to be launched in 1H2017. Lendlease is more circumspect when it comes to the launch of TRX Residences. Lombardo reckons it will be 12 to 18 months away, depending on the depth of the market and the timing. Its priority is to start construction of the mall, scheduled for completion in early We could be in a boom cycle when it completes, he says. Lombardo recalls how Lendlease had won the tender for the Somerset site in Singa pore in 2006 with a bid of $617 million. Despite the subsequent global financial crisis, the group went ahead with construction of the mall, which was completed on time and was fully leased when it opened in December Lendlease continues to own a 25% stake in Somerset, with the remaining 75% held by Lendlease Asian Retail Investment Fund (ARIF), which it co-invests and manages. In its 2016 annual report, the group reported profit after tax of A$370.7 million, down 9% y-o-y. The lower earnings were in part owing to a write-down in value of Lendlease s stake in Somerset because of the softer retail market on Orchard Road. The retail sector is going to be tough in the short- to medium-term as Singapore enters a period of low economic growth. Lombardo says Lendlease is thinking of strategies to drive people to the mall through interesting experiences and investment in technology. He also intends to work with the other shopping mall owners in Somerset and engage the government to explore ways to activate the area as a whole. In Jurong Gateway, poised as Singapore s second CBD, the group bid for and won a development site in It has since been developed into Jem, a mixed-use project with an 818,064 sq ft shopping mall and an office block. Both the mall and office block were fully leased ahead of completion in mid Lendlease held a 25% stake in Jem, which it sold for $227 million in January 2013 to Lendlease Jem Partners Fund, an investment vehicle backed by a group of global institutional investors. Lendlease is the investment manager of the fund and continues to manage the property as well. The remaining 75% stake is owned by ARIF, where Lendlease is both a co-investor and manager. Future of the high-speed rail Lendlease is confident about prospects in Jurong, especially with the terminus of the planned Singapore-Kuala Lumpur high-speed rail to be located on the site of the former Jurong Country Club, near Jem. Likewise, in KL, Lendlease s TRX Lifestyle Quarter will benefit from its proximity to Bandar Malaysia, where the HSR will have a terminus. Bandar Malaysia, which will sit on the site Lombardo: When we secured the [TRX Lifestyle Quarter] site two years back, there were nine other bidders. We think it s one of the best regeneration projects in our portfolio. of the former Sungai Besi military airbase, was divested by 1MDB. The site was sold to China Railway Group, one of China s largest stateowned companies, according to an announcement in March this year. China Railway Group will invest US$2 billion ($2.9 billion) to develop Bandar Malaysia, including the HSR terminus. On Nov 30, Singapore s Prime Minister Lee Hsien Loong was reported to have said that the two countries have made very good progress on a bilateral agreement on the Singapore-KL HSR. That should provide a measure of confidence amid the growing uncertainty, especially with the plummeting ringgit, which is at a historical low. Urban regeneration as a strategy Property markets go up and down, and currency fluctuations are just part of the property cycle, says Lombardo. That s why we have adopted a long-term investment horizon of 15 to 25 years. At some point of the cycle, the market may be softer, but it always picks up over the long term. That explains Lendlease s strategy to venture into urban renewal projects eight years ago, following the global financial crisis. We had only one urban renewal project at Victoria Harbour in Melbourne in 2008, says Lombardo, who joined Lendlease Group in July 2007 as global head of strategy, mergers and acquisitions. As part of the review of Lendlease s business then, group CEO Steve McCann and his team identified the big trends around the world: urbanisation, investment in infrastructure works, ageing population, growth in the fund management business, and sustainability. That led to our focus on urban renewal projects in key gateway cities, says Lombardo. ALBERT CHUA/THE EDGE SINGAPORE In less than a decade, the group s project pipeline grew from one to 12. To date, urban regeneration schemes account for A$37.3 billion of Lendlease s development pipeline of A$48.8 billion. Lifestyle Quarter and Paya Lebar Quarter make up A$5.9 billion or 12% of its global development portfolio. Lendlease s urban regeneration projects are located mainly in major cities. In London, for example, it redeveloped the former Heygate estate, which sits on a 170-acre site in Elephant & Castle. When they first [opened] the project for bidding, there were 14 other contenders, says Lombardo. When the global financial crisis hit, we were the only ones left. The Heygate Estate has since been redeveloped into the new Elephant Park with 2,500 new homes, including the 37-storey landmark apartment tower, One The Elephant. The project is a JV with the Southwark Council in London. We have become a trusted partner for governments as they can see we have the capability to execute projects from start to finish, says Lombardo. Lendlease was also involved in the construction of the Athlete s Village in Stratford for the London Olympics 2012, which led to its residential development projects in the area. In Australia, urban regeneration schemes include Barangaroo South in Sydney and Brisbane Showgrounds in Brisbane, in addition to Victoria Harbour in Melbourne. Meanwhile, in the US, Lendlease has two urban renewal projects in Boston and Chicago. The 12-acre site in East Boston is located along the Boston Inner Harbour. Lendlease intends to develop four buildings with 214 apartments and 278 condos and a harbour walk with a floating dock for pedestrians to launch their kayaks. Along the Chicago River, it will transform a former industrial sprawl into a 3,600-unit residential development with a mix of high-rise condos and townhouses. Called Riverline, the new project in Chicago will include a public park and pedestrian river walk. Political uncertainty Uncertainty continues to linger over the future of London post-brexit. However, Lendlease has seen a pickup in sales at some of its developments as foreign investors take advantage of the weaker pound sterling. Rocking global markets and fuelling further uncertainty is US president-elect Donald Trump. Most of us are just trying to figure out what he s going to do, says Lombardo. Unlike the global financial crisis of eight years ago, investors and developers are now worried about global political uncertainty. That s why we have to look at these development projects over a five- to 15-year period, says Lombardo. We make sure that we will be able to ride through each stage of the development cycle. E

10 EP10 THEEDGE SINGAPORE DECEMBER 5, 2016 EVENT FEATURE Learn with wine BY YONG YUN LIN On Nov 24, The Edge Property held a social networking session at the EcoWorld international property sales gallery on Tanglin Road. It brought over 50 real estate professionals together in an event that included wine tasting by The French Cellar; advice on due diligence by star lawyer Sim Mong Teck of his eponymous law firm; and talks on the importance of good photography in marketing property by Perseus Ang, partner sales manager of KodakIT, as well as buying overseas property by Alvin Chan, manager sales and marketing of EcoWorld Singapore. E PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The French Cellar hosted the wine-tasting party at EcoWorld sales gallery The crowd at EcoWorld s sales gallery at St Martin s Drive off Tanglin Road Guests with Etienne Croset (left), business development and marketing associate of The French Cellar Chan talks about EcoWorld s properties around the world Why good photography matters for your listing was the topic of Ang s talk Sim, managing partner of Sim Mong Teck & Partners, shared advice on due diligence when buying property From left: Sim at the event, with Bernard Tong, managing director of The Edge Property Singapore, and Steve Tan, senior manager sales and marketing of EcoWorld Singapore Michael Lim of ERA Realty, a happy winner of the lucky draw, walked away with a TheEdgeProperty ProTools package worth $365

11 THEEDGE SINGAPORE DECEMBER 5, 2016 EP11 ARCHITECTURE & DESIGN Staycation at home BY QANVAST A home that is done up like a hotel is the ultimate staycation and you do not have to worry about bookings, check-in/check-out times or whether you can get a room during the holiday season. More designers are adopting the homeaway-from-home concept for hotels to make them cosier and more welcoming. On the other hand, hotel-inspired homes are gaining popularity in the interior design world as they exude an understated luxury and comfort in terms of details and furnishing. The best part about designing your home like an elegant hotel room is that it does not require an extravagant budget. Here are five types of homes for those who need inspiration. E Qanvast is an interior design and home remodelling portal Stark sophistication A vanity section serves as a divider between the wardrobe and sleeping area. Strategically placed mirrors help make a room appear larger, while black lines give it a welldefined look. Interior designer: The Scientist Modern minimalist A minimalist design and colour palette will help create a tranquil effect in your bedroom. Create a peaceful ambience with basic furnishings and a grey-meets-wood décor. Interior designer: Posh Home Chic and sleek Keeping it sleek and streamlined just like what you would expect in many luxurious hotels creates the perfect oasis of calm for a master bathroom. Scented candles and warm downlights complete the picture. Interior designer: Hall Interiors Home suite With just a few glamorous touches, this bedroom makes you feel like you ve walked into a hotel suite. Interior designer: Mr Shopper Studio Simple and classy Like hotel bathrooms, this home version stands out with its use of industrial-like tiles, mirrors and glass a modern approach to interior design. It is the perfect sanctuary in which to unwind at the end of the day. Interior designer: Third Avenue Studio

12 EP12 THEEDGE SINGAPORE DECEMBER 5, 2016 DONE DEALS Discounts at Corals at Keppel Bay, One Balmoral drive sales BY TAN CHEE YUEN There has been a spike in transactions at Corals at Keppel Bay since the 366-unit luxury condominium project by developer Keppel Land obtained its Temporary Occupation Permit in October. According to property agents, the developer is offering a new post-top scheme for selected units. It includes a standard 10% discount, a 10% additional buyer s stamp duty absorption, plus a 3% early-bird discount. In October, units of 872 sq ft to 1,389 sq ft were sold at prices ranging from $1,755 psf to $1,919 psf. The three units sold last month were two-bedders from the second to the fourth levels of the same stack. A 926 sq ft unit on the second floor was sold for $1.692 million ($1,828 psf), according to a caveat lodged on Nov 15. Directly above it, a 915 sq ft two-bedder fetched $1.693 million ($1,850 psf) on Nov 20. Another 915 sq ft unit on the fourth level was sold for $1.712 million ($1,871 psf). The dip in prices are evident compared with the average price of about $2,200 psf achieved in 2013, when Corals was first launched. The developer says the project is about 60% sold to date. About 60% of the buyers are said to be Singaporeans, with permanent residents accounting for 16% and foreigners, 24%. The project was designed by renowned architect Daniel Libeskind as a coral reef, with 11 blocks of five to 10 storeys. Libeskind also designed the neighbouring Reflections at Keppel Bay, also by Keppel Land and completed in Both Corals and Reflections are 99-year leasehold projects. Like the luxury condos in Sentosa Cove, the two projects at Keppel Bay are not subject to the conditions of the Qualifying Certificate (QC), which requires the developer to sell off all its units within two years of completion or pay an extension charge prorated to the proportion of unsold units within the project. Corals has a wide range of units, from one- to four-bedders of between 570 and 3,660 sq ft. There are also eight penthouses of 4,725 to 7,868 sq ft. One of the penthouses sold was a 4,930 sq ft unit that fetched $12.2 million ($2,475 psf) in November Singapore by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated Nov 15 to 22 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 MARINA ONE RESIDENCES Apartment 99 years Nov 15, ,528 3,860,000-2,525 Uncompleted New Sale PEOPLE S PARK CENTRE Apartment 99 years Nov 15, ,336 1,460, Resale District 3 COMMONWEALTH TOWERS Condominium 99 years Nov 15, ,076 1,604,200-1,490 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Nov 15, ,488,400-1,646 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Nov 16, ,579,000-1,746 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Nov 16, ,570,000-1,736 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Nov 18, ,109 1,902,300-1,716 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 15, , ,000 1,666 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 15, ,076 1,756,000 1,751,000 1,627 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 15, ,356,000 1,351,000 1,673 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 17, ,266,000 1,261,000 1,605 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 17, ,393,000 1,388,000 1,612 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 16, ,102,000-1,765 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 18, ,000-1,670 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 19, ,000-1,715 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 19, ,000-1,660 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 19, ,015,000-1,626 Uncompleted New Sale RIVER PLACE Condominium 99 years Nov 18, ,055 1,385,000-1, Resale TANGLIN VIEW Condominium 99 years Nov 18, ,141 1,370,000-1, Resale THE CREST Condominium 99 years Nov 20, ,378 2,451,000-1,779 Uncompleted New Sale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Nov 15, ,281 1,680,000-1, Resale CARIBBEAN AT KEPPEL BAY Condominium 99 years Nov 21, ,281 1,820,000-1, Resale CORALS AT KEPPEL BAY Condominium 99 years Nov 15, ,692,000-1, New Sale CORALS AT KEPPEL BAY Condominium 99 years Nov 19, ,712,000-1, New Sale CORALS AT KEPPEL BAY Condominium 99 years Nov 20, ,693,000-1, New Sale TELOK BLANGAH HOUSE Apartment Freehold Nov 18, ,432 2,000,000-1,397 Unknown Resale THE INTERLACE Condominium 99 years Nov 16, ,593 1,750,000-1, Resale District 5 HERITAGE VIEW Condominium 99 years Nov 15, ,163 1,385,000-1, Resale PARC RIVIERA Condominium 99 years Nov 16, ,227 1,394,000-1,136 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 19, ,000-1,221 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 19, ,000-1,203 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 19, ,000-1,188 Uncompleted New Sale

13 THEEDGE SINGAPORE DECEMBER 5, 2016 EP13 DONE DEALS ALBERT CHUA/THE EDGE SINGAPORE Units in Corals at Keppel Bay sold over the last two months ranged from $1,755 to $1,919 psf It was also the highest absolute price achieved for a unit in the development. Meanwhile, the highest price psf was for a 3,520 sq ft, four-bedroom unit on the fourth floor. It fetched $10.48 million or $2,960 psf in May Corals was not the only newly completed highend condo in the Core Central Region that saw an uptick in transactions recently. At the junction of Balmoral Road and Stevens Road is Hong Leong Holdings One Balmoral in prime District 10. The freehold 91-unit condo obtained its TOP in September. One Balmoral contains twin 12-storey blocks with a mix of one- to four-bedroom units of 592 to 2,691 sq ft, including penthouses. Five units have been sold to date since Nov 12, based on caveats lodged with URA Realis. They ranged from a 592 sq ft one-bedder on the second level that fetched $1.34 million ($2,258 psf) to a four-bedroom unit of 1,658 sq ft on the 11th floor that was sold for $3.87 million ($2,332 psf). Two three-bedroom units of 1,421 sq ft on the sixth and seventh floors were also sold, for $3.11 million ($2,190 psf) and $3.13 million ($2,206 psf) respectively. Based on caveats lodged, prior to the recent spate of sales, there had not been any recorded transactions at One Balmoral since May last year, when a 592 sq ft one-bedder on the third level fetched $1.45 million ($2,441 psf). The recent pickup in sales was attributed to the 13% discount offered by Hong Leong, with effect from Nov 12, according to property agents. When the project was first launched in mid-2013, units were sold at prices ranging from $2,010 to $2,603 psf. Based on caveats lodged, 14 units have been sold to date. However, as Hong Leong Holdings is privately held, it is not subject to QC conditions and is, therefore, not under pressure to sell all the units within two years of completion. E Residential transactions with contracts dated Nov 15 to 22 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PARC RIVIERA Condominium 99 years Nov 19, ,000-1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 20, ,000-1,288 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 20, ,000-1,203 Uncompleted New Sale THE ORIENT Apartment Freehold Nov 19, ,317,400-1,827 Uncompleted New Sale THE TRILINQ Condominium 99 years Nov 15, ,044 1,497,000-1,434 Uncompleted New Sale THE TRILINQ Condominium 99 years Nov 15, ,057,000-1,488 Uncompleted New Sale THE TRILINQ Condominium 99 years Nov 17, ,044 1,424,000-1,364 Uncompleted New Sale THE TRILINQ Condominium 99 years Nov 18, ,044 1,491,000-1,428 Uncompleted New Sale VARSITY PARK CONDOMINIUM Condominium 99 years Nov 18, ,325 2,240, Resale District 8 CITY SQUARE RESIDENCES Condominium Freehold Nov 17, ,216 1,610,000-1, Resale PARK Condominium Freehold Nov 15, ,076 1,500,000-1, Resale FORTE SUITES Apartment Freehold Nov 19, ,314,200-1, New Sale 37 CAVAN ROAD Apartment Freehold Nov 18, ,733 1,774,000-1,024 Unknown Resale PARC SOMME Apartment 99 years Nov 17, ,000-1, Resale SUITES 123 Apartment Freehold Nov 18, ,100,000-1, Resale District 9 ORCHARD SCOTTS Condominium 99 years Nov 15, ,647 2,350,000-1, Resale OUE TWIN PEAKS Condominium 99 years Nov 15, ,640,000-2, Resale PATERSON RESIDENCE Condominium Freehold Nov 18, ,496 3,135,000-2, Resale SOPHIA HILLS Condominium 99 years Nov 15, ,450,000-1,981 Uncompleted New Sale UE SQUARE Apartment 929 years Nov 15, ,196 2,600,000-1, Resale District 10 ARDMORE THREE Condominium Freehold Nov 18, ,744 6,776,880-3, Resale BELMOND GREEN Condominium Freehold Nov 18, ,335 2,133,300-1, Resale BEVERLY HILL Condominium Freehold Nov 16, ,778 5,700,000-1, Resale BISHOPSGATE RESIDENCES Condominium Freehold Nov 18, ,974 20,680,000-3, Resale CITY TOWERS Apartment Freehold Nov 22, ,701 1,950,000-1,147 Unknown Resale DUCHESS CREST Condominium 99 years Nov 15, ,250,000-1, Resale GOODWOOD RESIDENCE Condominium Freehold Nov 18, ,918 6,500,000-1, Resale HALLMARK RESIDENCES Condominium Freehold Nov 16, ,960 4,830,000-1, Resale KIM LIN PARK Semi-Detached Freehold Nov 21, ,628 7,770,000-1,678 Unknown Resale MON JERVOIS Condominium 99 years Nov 18, ,169,000-1, New Sale THIRD AVENUE Detached Freehold Nov 16, ,418 20,700,000-1, Resale ONE BALMORAL Condominium Freehold Nov 16, ,337,000-2, New Sale ONE BALMORAL Condominium Freehold Nov 20, ,181,000-2, New Sale RV SUITES Apartment Freehold Nov 17, ,000-1, Resale SPANISH VILLAGE Condominium Freehold Nov 22, ,163 1,590,000-1, Resale THE ARC AT DRAYCOTT Apartment Freehold Nov 17, ,130 2,160,000-1, Resale District 11 TREVOSE CRESCENT Semi-Detached Freehold Nov 17, ,621 11,600,000-1,521 Unknown Resale NEWTON 18 Apartment Freehold Nov 18, ,650,000-1, Resale NEWTON ONE Condominium Freehold Nov 17, ,808 2,980,000-1, Resale SINARAN Condominium 99 years Nov 21, ,000-1, Resale STRATA Apartment Freehold Nov 22, ,000-1, Resale SURREY Apartment Freehold Nov 15, ,395,000-1, Resale THE LINC Apartment Freehold Nov 18, ,141 1,740,000-1, Resale TUDOR VIEW Semi-Detached Freehold Nov 22, ,380 5,400,000-1, Resale WATTEN ESTATE CONDOMINIUM Condominium Freehold Nov 15, ,001 1,170,000-1, Resale District 12 EIGHT RIVERSUITES Terrace 99 years Nov 19, ,820 2,150, New Sale TREVISTA Condominium 99 years Nov 17, ,098 1,395,000-1, Resale District 13 BARTLEY RIDGE Condominium 99 years Nov 16, ,345 1,340, New Sale BARTLEY RIDGE Condominium 99 years Nov 19, ,313 1,338,000-1, New Sale SENNETT ESTATE Terrace Freehold Nov 17, ,637 3,300,000-1, Resale SENNETT ESTATE Semi-Detached Freehold Nov 18, ,895 3,298,000-1,137 Unknown Resale THE POIZ RESIDENCES Apartment 99 years Nov 15, ,109 1,534,000-1,384 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Nov 19, ,152 1,511,000-1,312 Uncompleted New Sale District 14 # 1 SUITES Apartment Freehold Nov 15, , New Sale # 1 SUITES Apartment Freehold Nov 15, , New Sale # 1 SUITES Apartment Freehold Nov 15, ,000-1, New Sale # 1 SUITES Apartment Freehold Nov 15, , New Sale # 1 SUITES Apartment Freehold Nov 16, ,000-1, New Sale CONTINUES NEXT PAGE

14 EP14 THEEDGE SINGAPORE DECEMBER 5, 2016 DONE DEALS FROM PREVIOUS PAGE Residential transactions with contracts dated Nov 15 to 22 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE # 1 SUITES Apartment Freehold Nov 16, ,000-1, New Sale # 1 SUITES Apartment Freehold Nov 16, , New Sale # 1 SUITES Apartment Freehold Nov 17, , New Sale # 1 SUITES Apartment Freehold Nov 17, , New Sale CENTRAL GROVE Condominium 99 years Nov 16, ,238 1,128, Resale CENTRAL IMPERIAL Apartment Freehold Nov 17, ,000-1, Resale EUHABITAT Condominium 99 years Nov 17, ,388-1, Sub Sale LORONG 27 GEYLANG Apartment Freehold Nov 15, ,184 1,000, Resale SIMSVILLE Condominium 99 years Nov 17, ,528 1,300, Resale SIMS Apartment Freehold Nov 15, ,000-1, Resale THE SUNNY SPRING Apartment Freehold Nov 15, ,023 1,060,000-1, Resale District 15 DUNMAN VIEW Condominium 99 years Nov 17, ,302 1,000, Resale EVERITT EDGE Apartment Freehold Nov 15, ,000-1, Resale FRANKEL ESTATE Detached Freehold Nov 18, ,028 5,900, Resale FULCRUM Condominium Freehold Nov 15, ,463,645-1, New Sale KATONG PARK TOWERS Condominium 99 years Nov 16, ,131 1,850, Resale MALVERN SPRINGS Condominium Freehold Nov 17, ,153 1,750, Resale MANDARIN GARDEN CONDOMINIUM Condominium 99 years Nov 17, , , Resale MEYER RESIDENCE Apartment Freehold Nov 15, ,066 1,750,000-1, Resale ST. PATRICK S ROAD Terrace Freehold Nov 18, ,325 3,150,000-1, Resale BRANKSOME ROAD Detached Freehold Nov 21, ,434 16,881,930-1, Resale NEPTUNE COURT Apartment 99 years Nov 16, , , Resale PEBBLE BAY Condominium 99 years Nov 18, ,088 2,750,000-1, Resale TEMBELING GROVE Apartment Freehold Nov 18, ,356 1,365,000-1, Resale THE BELVEDERE Condominium Freehold Nov 21, ,302 2,080,000-1, Resale THE MEYERISE Condominium Freehold Nov 16, ,302 2,552,000-1, Resale THE SEA VIEW Condominium Freehold Nov 18, ,647 2,640,000-1, Resale THE SEAFRONT ON MEYER Condominium Freehold Nov 18, ,604 2,400,000-1, Resale District 16 BAYSHORE PARK Condominium 99 years Nov 17, , Resale BEDOK RIA Terrace Freehold Nov 18, ,636 2,350,000-1, Resale CHANGI GREEN Condominium Freehold Nov 15, , Resale COSTA DEL SOL Condominium 99 years Nov 15, ,475 1,870,000-1, Resale COSTA DEL SOL Condominium 99 years Nov 21, ,313 1,570,000-1, Resale ECO Terrace 99 years Nov 17, ,563 2,980, Uncompleted New Sale SENNETT ROAD Terrace Freehold Nov 15, ,271 3,000,000-1, Resale PALM TREE NINES Terrace Freehold Nov 16, ,636 1,530, Resale THE GLADES Condominium 99 years Nov 15, ,000-1,594 Uncompleted New Sale THE GLADES Condominium 99 years Nov 15, ,679 2,008,000-1,196 Uncompleted New Sale THE GLADES Condominium 99 years Nov 17, ,012 1,281,000-1,266 Uncompleted New Sale THE GLADES Condominium 99 years Nov 18, ,015,000-1,241 Uncompleted New Sale THE GLADES Condominium 99 years Nov 20, ,000-1,457 Uncompleted New Sale WATERFRONT WAVES Condominium 99 years Nov 18, ,324 1,360,000-1, Resale District 17 FERRARIA PARK CONDOMINIUM Condominium Freehold Nov 18, ,195 1,015, Resale JALAN BATALONG Semi-Detached Freehold Nov 18, ,380 2,520, Unknown Resale WATERCREST Condominium 999 years Nov 17, , , Resale District 18 COCO PALMS Condominium 99 years Nov 15, ,200-1,105 Uncompleted New Sale COCO PALMS Condominium 99 years Nov 15, ,259 1,330,000-1,056 Uncompleted New Sale D NEST Condominium 99 years Nov 16, ,000-1,259 Uncompleted Sub Sale D NEST Condominium 99 years Nov 18, ,270 1,299,480-1,023 Uncompleted New Sale D NEST Condominium 99 years Nov 20, ,270 1,334,580-1,051 Uncompleted New Sale DOUBLE BAY RESIDENCES Condominium 99 years Nov 18, ,378 1,394,000-1, Resale EASTVALE EC 99 years Nov 21, , , Resale MELVILLE PARK Condominium 99 years Nov 18, , Resale RIS GRANDEUR Condominium Freehold Nov 15, ,292 1,150, Resale RIS GRANDEUR Condominium Freehold Nov 18, ,367 1,190, Resale SEA ESTA Condominium 99 years Nov 17, ,000-1, Resale THE ALPS RESIDENCES Condominium 99 years Nov 15, ,000-1,015 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 18, ,800-1,056 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 18, ,000-1,028 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 18, ,066 1,086,000-1,019 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 19, ,066 1,117,000-1,048 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 19, ,000-1,043 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 19, ,000-1,038 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 19, ,000-1,018 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 19, ,066 1,080,000-1,013 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 20, ,000-1,003 Uncompleted New Sale THE PALETTE Condominium 99 years Nov 22, ,000-1, Sub Sale THE SANTORINI Condominium 99 years Nov 16, ,000-1,066 Uncompleted New Sale THE SANTORINI Condominium 99 years Nov 16, ,000-1,062 Uncompleted New Sale THE SANTORINI Condominium 99 years Nov 20, ,780-1,080 Uncompleted New Sale WHITEWATER EC 99 years Nov 17, , , Resale District 19 A TREASURE TROVE Condominium 99 years Nov 16, ,270 1,225, Resale CENTRAL VIEW Condominium 99 years Nov 21, , Resale FOREST WOODS Condominium 99 years Nov 16, ,249 1,754,000-1,405 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 17, ,401,000-1,446 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 17, ,068,000-1,481 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 17, ,064,000-1,454 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 18, ,152 1,416,000-1,229 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 18, ,283,000-1,402 Uncompleted New Sale ROSYTH ROAD Semi-Detached Freehold Nov 15, ,650 3,500, Resale DIX ROAD Terrace 999 years Nov 18, ,131 3,200,000-1,503 Unknown Resale RIVERSAILS Condominium 99 years Nov 15, ,000-1, Sub Sale RIVERSAILS Condominium 99 years Nov 16, , Sub Sale SERANGOON GARDEN ESTATE Terrace 999 years Nov 16, ,702 2,400, Unknown Resale STARS OF KOVAN Apartment 99 years Nov 16, ,083,100-1,458 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Nov 20, ,800-1,465 Uncompleted New Sale THE FLORIDA EC 99 years Nov 22, , , Resale THE QUINN Apartment Freehold Nov 18, ,055 1,582,500-1, New Sale THE TERRACE EC 99 years Nov 15, , , Uncompleted New Sale THE TERRACE EC 99 years Nov 16, , , Uncompleted New Sale THE TERRACE EC 99 years Nov 17, , , Uncompleted New Sale THE TERRACE EC 99 years Nov 18, , , Uncompleted New Sale THE TERRACE EC 99 years Nov 19, , , Uncompleted New Sale THE VALES EC 99 years Nov 16, , Uncompleted New Sale THE VALES EC 99 years Nov 17, , Uncompleted New Sale THE VALES EC 99 years Nov 18, , Uncompleted New Sale THE VALES EC 99 years Nov 18, , Uncompleted New Sale THE VALES EC 99 years Nov 19, , Uncompleted New Sale THE VALES EC 99 years Nov 20, , , Uncompleted New Sale TREASURE CREST EC 99 years Nov 16, , , Uncompleted New Sale District 20 CLOVER BY THE PARK Condominium 99 years Nov 16, ,249 1,510,000-1, Resale CLOVER BY THE PARK Condominium 99 years Nov 17, ,604 1,980,000-1, Resale FLORAVIEW Apartment Freehold Nov 17, ,270 1,314,300-1,035 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 GOLDENHILL PARK CONDOMINIUM Condominium Freehold Nov 21, ,235,000-1, Resale GRANDEUR 8 Condominium 99 years Nov 22, ,227 1,285,000-1, Resale SEMBAWANG HILLS ESTATE Terrace Freehold Nov 18, ,970 1,750, Unknown Resale THE PANORAMA Condominium 99 years Nov 15, ,012 1,261,988-1,247 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Nov 16, ,055 1,493,514-1,416 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Nov 19, ,055 1,481,000-1,404 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Nov 19, ,055 1,533,333-1,454 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Nov 19, ,055 1,500,000-1,422 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Nov 20, ,055 1,566,400-1,485 Uncompleted New Sale District 21 GARDENVISTA Condominium 99 years Nov 21, ,173 1,400,000-1, Resale PINE GROVE Condominium 99 years Nov 17, ,755 1,270, Unknown Resale THE BUKIT Condominium Freehold Nov 15, ,287-1,753 Uncompleted New Sale THE BUKIT Condominium Freehold Nov 15, ,612,000-1,721 Uncompleted New Sale THE HILLSIDE Condominium Freehold Nov 18, ,302 1,360,000-1, Resale District 22 CASPIAN Condominium 99 years Nov 15, ,000-1, Resale LAKE GRANDE Condominium 99 years Nov 17, ,248,000-1,274 Uncompleted New Sale LAKE GRANDE Condominium 99 years Nov 18, ,142,000-1,263 Uncompleted New Sale LAKEVILLE Condominium 99 years Nov 17, ,302 1,535,520 1,527,843 1,173 Uncompleted New Sale LAKEVILLE Condominium 99 years Nov 19, ,302 1,697,330-1,303 Uncompleted New Sale LAKEVILLE Condominium 99 years Nov 20, ,302 1,554,755-1,194 Uncompleted New Sale THE CENTRIS Apartment 99 years Nov 18, ,066 1,220,000-1, Resale WESTWOOD RESIDENCES EC 99 years Nov 18, ,475 1,177, Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Nov 18, , , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Nov 20, , , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Nov 20, ,475 1,170, Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Nov 20, , , Uncompleted New Sale District 23 CHESTERVALE EC 99 years Nov 15, , , Resale ECO SANCTUARY Condominium 99 years Nov 18, ,308,480-1, New Sale HILLION RESIDENCES Apartment 99 years Nov 17, ,880-1,338 Uncompleted New Sale HILLVIEW REGENCY Condominium 99 years Nov 17, , , Resale MAYSPRINGS Apartment 99 years Nov 18, , , Resale NORTHVALE Apartment 99 years Nov 18, , , Resale SOL ACRES EC 99 years Nov 16, , , Uncompleted New Sale SOL ACRES EC 99 years Nov 16, , , Uncompleted New Sale SOL ACRES EC 99 years Nov 18, , Uncompleted New Sale SOL ACRES EC 99 years Nov 18, , Uncompleted New Sale SOL ACRES EC 99 years Nov 19, , Uncompleted New Sale SOL ACRES EC 99 years Nov 19, , Uncompleted New Sale SOL ACRES EC 99 years Nov 19, , Uncompleted New Sale SOL ACRES EC 99 years Nov 20, , , Uncompleted New Sale SOL ACRES EC 99 years Nov 20, , Uncompleted New Sale THE DAIRY FARM Condominium Freehold Nov 16, ,593 1,510, Resale THE WARREN Condominium 99 years Nov 15, ,227 1,010, Resale TREE HOUSE Condominium 99 years Nov 18, ,152 1,120, Resale WANDERVALE EC 99 years Nov 15, , , Uncompleted New Sale WANDERVALE EC 99 years Nov 20, , , Uncompleted New Sale District 25 BELLEWOODS EC 99 years Nov 15, , , Uncompleted New Sale BELLEWOODS EC 99 years Nov 16, , , Uncompleted New Sale BELLEWOODS EC 99 years Nov 17, , , Uncompleted New Sale BELLEWOODS EC 99 years Nov 17, , , Uncompleted New Sale BELLEWOODS EC 99 years Nov 18, ,528 1,130, Uncompleted New Sale BELLEWOODS EC 99 years Nov 18, ,528 1,136, Uncompleted New Sale BELLEWOODS EC 99 years Nov 20, , , Uncompleted New Sale CASABLANCA Condominium 99 years Nov 17, , , Resale PINEWOOD GROVE Detached 99 years Nov 19, ,458 4,500, Resale NORTHWAVE EC 99 years Nov 16, ,270 1,007, Uncompleted New Sale NORTHWAVE EC 99 years Nov 17, , , Uncompleted New Sale NORTHWAVE EC 99 years Nov 19, , Uncompleted New Sale WOODGROVE CONDOMINIUM Condominium 99 years Nov 15, , , Resale WOODHAVEN Condominium 99 years Nov 15, ,023 1,038,000-1, Resale WOODSVALE EC 99 years Nov 16, , , Resale District 27 CANBERRA RESIDENCES Condominium 99 years Nov 15, ,313 1,150, Resale NORTH PARK RESIDENCES Apartment 99 years Nov 17, ,010,700-1,445 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Nov 20, ,400-1,358 Uncompleted New Sale PARC LIFE EC 99 years Nov 15, , , Uncompleted New Sale PARC LIFE EC 99 years Nov 17, , , , Uncompleted New Sale PARC LIFE EC 99 years Nov 20, , , , Uncompleted New Sale PARC LIFE EC 99 years Nov 20, , , , Uncompleted New Sale PARC LIFE EC 99 years Nov 20, , , , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years Nov 16, , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years Nov 19, , , Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 16, ,000-1,086 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 16, ,000-1,040 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 17, ,250-1,096 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 18, ,023 1,046,000-1,023 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 20, ,000-1,071 Uncompleted New Sale THE BROWNSTONE EC 99 years Nov 16, , Uncompleted New Sale THE BROWNSTONE EC 99 years Nov 16, , Uncompleted New Sale THE BROWNSTONE EC 99 years Nov 20, , Uncompleted New Sale THE CRITERION EC 99 years Nov 18, , , Uncompleted New Sale THE CRITERION EC 99 years Nov 20, , , Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 15, , Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 15, , Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 15, , Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 15, , , Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 16, , , Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 20, ,313 1,066, Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 20, , , Uncompleted New Sale THE WISTERIA Apartment 99 years Nov 15, ,173 1,148, Uncompleted New Sale THE WISTERIA Apartment 99 years Nov 19, ,173 1,168, Uncompleted New Sale District 28 FLORAVILLE Apartment Freehold Nov 16, ,400-1,271 Uncompleted New Sale MIMOSA TERRACE Terrace Freehold Nov 16, ,615 2,330,000-1, Resale NIM GARDENS Condominium Freehold Nov 17, ,217 1,680, Resale RIVERTREES RESIDENCES Apartment 99 years Nov 19, ,880-1,037 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years Nov 20, ,119 1,251,080-1,118 Uncompleted New Sale SELETAR HILLS ESTATE Semi-Detached 999 years Nov 17, ,348 2,950, Unknown Resale SELETAR SPRINGS CONDOMINIUM Condominium 99 years Nov 17, ,067 1,300, Resale DISCLAIMER: Source: URA Realis. Updated Nov 29, 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.

15 THEEDGE SINGAPORE DECEMBER 5, 2016 EP15 GAINS AND LOSSES $1.8 mil loss at Orchard Scotts BY LIN ZHIQIN On Nov 15, $1.8 million went down the drain for the Indonesian seller of a 1,647 sq ft condominium at Orchard Scotts. He sold the unit at $1,427 psf to a Singa porean buyer after purchasing it at $2,540 psf in January This translates into a 44% loss for the seller, or 9% an nualised loss over a holding period just shy of five years. However, as the Singapore dollar has appreciated against the Indonesian rupiah over the same period, the seller could have sustained a smaller loss of 25% in IDR terms, or $782,692 in SGD terms, after accounting for the exchange rate. Prices at Orchard Scotts, a 99-year leasehold development completed in 2008, have trended down since 2013, when a 2,336 sq ft unit was sold at $8.5 million, or $3,620 psf. Orchard Scotts is located within walking distance of the Newton MRT station in prime District 9 and has 387 units. For residential properties sold in the week of Nov 15 to 22, the second largest loss of $230,000 accrued to a 1,270 sq ft unit at Neptune Court, opposite Victoria Junior College in District 15. The unit was bought at $842 psf in June 2006 and sold at $661 psf on Nov 16. Neptune Court comprises 751 units and has a remaining tenure of 57 years. Elsewhere in District 15, a 1,604 sq ft unit in The Seafront on Meyer Prices at Orchard Scotts have trended down since 2013 and a 1,001 sq ft unit in Mandarin Garden Condominium accounted for the third- and fourth-highest losses in the week, with their respective sellers losing $89,000 and $80,000. The Seafront on Meyer has 327 freehold units completed in 2010, while the 99- year leasehold Mandarin Garden comprises 1,006 units completed in The largest profit of $1.3 million for the week in the non-landed segment accrued to a 2,325 sq ft unit at Varsity Park Condominium. It was bought at $390 psf in October 2004 and sold at $963 psf on Nov 18, resulting in a 147% profit, or 12% annually, for the seller. Varsity Park is a 99-year leasehold development located across Clementi Road from the National University of Singapore and has 530 units completed in District 15 is also home to the second and third most profitable deals in the non-landed segment. The bigger profit of $1.02 million accrued to a 1,302 sq ft unit at The Belvedere. It was bought SAMUEL ISAAC CHUA/THE EDGE SINGAPORE at $817 psf in June 2005 and sold at $1,597 psf on Nov 21, resulting in an 8% annualised profit for the seller over 11 years. The Belvedere is a freehold condo located close to the upcoming Katong Park MRT station. It comprises 167 units completed in The smaller profit of $985,000 accrued to a 2,131 sq ft unit at Katong Park Towers. The seller had bought it at $406 psf in November 1999 and sold it at $868 psf on Nov 16, resulting in an annualised profit of 7% over 17 years. Katong Park Towers is a 99-year leasehold condo located within walking distance of the Katong Park station and comprises 116 units completed in A 2,088 sq ft unit at Pebble Bay and a 2,153 sq ft unit at Malvern Springs, both located in District 15, also made it to the list of the 10 mostprofitable deals in the non-landed segment. The Pebble Bay unit made a $900,000 profit for the seller, who bought it at $886 psf in May 2000 and sold it at $1,317 psf on Nov 18. The seller at Malvern Springs enjoyed a $700,000 profit from the sale of his unit at $813 psf on Nov 17, after buying it for $488 psf in July Pebble Bay is a 99-year leasehold condo comprising 510 units completed in 1997, while Malvern Springs has 75 freehold units completed in In the landed segment, a detached house on Branksome Road in District 15 fetched an $11.4 million profit on Nov 21. The seller had paid $381 psf on land in June 2007 and sold it at $1,170 psf, enjoying a 16% annualised profit over 12.9 years. The computed price gain for landed properties, however, excludes any renovation or refurbishment costs incurred by the seller. The largest profit in the landed segment for the week accrued to a detached house on Third Avenue. The seller pocketed $12.9 million in profit from the Nov 16 sale at $1,066 psf, after buying the property at $402 psf on land in December E Residential transactions with contracts dated Nov 15 to 22 Most profitable deals NON-LANDED PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Varsity Park Condominium 5 2,325 Nov Oct 11, ,332, The Belvedere 15 1,302 Nov 21 1,597 June 13, ,015, Katong Park Towers 15 2,131 Nov Nov 1, , The Dairy Farm 23 1,593 Nov June 11, , Pebble Bay 15 2,088 Nov 18 1,317 May 1, , Newton One 11 1,808 Nov 17 1,648 June 30, , , Malvern Springs 15 2,153 Nov July 6, , The Hillside 21 1,302 Nov 18 1,044 Nov 11, , Tanglin View 3 1,141 Nov 18 1,201 Dec 23, , Newton Nov 18 1,684 June 17, , , LANDED 1 Detached/Third Avenue 10 19,418 Nov 16 1,066 Dec 5, ,900, Detached/Branksome Road 15 14,434 Nov 21 1,170 Dec 15, ,381, Semi-Detached/Tudor View 11 3,380 Nov 22 1,600 1Nov 15, ,700, Terrace/Sennett Estate 13 2,637 Nov 17 1,249 Dec 1, ,400, Semi-Detached/Sennett Estate 13 2,896 Nov 18 1,137 March 27, ,331, URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Orchard Scotts 9 1,647 Nov 15 1,427 Jan 5, ,540 1,833, Neptune Court 15 1,270 Nov June 26, , The Seafront On Meyer 15 1,604 Nov 18 1,496 July 31, ,552 89, Mandarin Garden Condominium 15 1,001 Nov Aug 22, , Telok Blangah House 4 1,432 Nov 18 1,397 Aug 2, ,432 50, The Arc At Draycott 10 1,130 Nov 17 1,911 June 21, ,955 50, euhabitat Nov 17 1,201 Sept 27, ,274 38, Changi Green Nov Sept 26, ,004 31, Bayshore Park Nov Jan 3, , Woodsvale 25 1,313 Nov Sept 30, , Note: The profit and loss computation excludes transaction costs such as stamp duties and any renovation or refurbishment costs incurred by the seller URA caveat record downloaded on Nov 25 and 29

16 EP16 THEEDGE SINGAPORE DECEMBER 5, 2016 DEAL WATCH Penthouse at DLV selling at $1.95 mil BY TAN CHEE YUEN DLV is a boutique freehold condominium located on the site of the former Chinese Embassy. Upon purchasing the site, listed property group Heeton Holdings gutted the building and undertook extensive addition and alteration works, which were completed in The low-rise condo block has four storeys and only 25 units. It is a 500m walk from the Stevens MRT station on the Downtown line, which will also be the interchange station for the upcoming Thomson-East Coast Line, scheduled to be completed in DLV has a mix of unit types ranging from studios of 667 to 1,087 sq ft, to two- and three-bedders of 871 to 1,432 sq ft. There are also two- and three-bedroom duplex penthouses of 1,755 sq ft to 3,714 sq ft, including the rooftop terraces. A 1,755 sq ft, two-bedroom penthouse at DLV has been listed on TheEdge Property. com for sale with a price tag of $1.95 million ($1,111 psf). The duplex penthouse also comes with a roof terrace. It has been re no vated and is in good condition, according to Margaret Chua, a property agent with OrangeTee.com who is marketing the unit. The penthouse is said to have views of greenery. The owner of the penthouse is said to be a Singaporean investor. The unit was previously leased out at a monthly rental rate of $4,100, which Chua says is on the low side. This is because recent rental contracts show similar-sized units at DLV leased at a monthly rental rate of $7,600, according to URA data. There have been very few transactions at DLV, given that most of the units were purchased by owner occupiers, according to Chua. The most recent transaction at DLV was for a 1,410 sq ft three-bedder on the first level that changed hands for $2.3 million ($1,631 psf) in January Meanwhile, the last transaction of a two-bedroom penthouse of 1,755 sq ft was in December 2007, when a unit changed hands for $2.168 million ($1,236 psf). Just a year earlier, the unit was purchased for $1.38 million ($787 psf), according to a caveat lodged in October Hence, the seller gained $788,000 by flipping the unit in just over a year. The price tag of $1,111 psf for the penthouse that is on the market is therefore considered attractive as it is even lower than prices achieved a decade ago. The highest price psf achieved in the development was $1,787 psf in September 2011, for a 1,119 sq ft, two-bedroom unit on the second level that changed hands for $2 million, and another two-bedroom unit of 1,130 sq ft, also on the second level, that was sold for $2.02 million in May 2012, according to caveats lodged then. For more information, visit tinyurl.com/ DealWatch-757. E A 1,755 sq ft, two-bedroom penthouse at DLV has been listed for sale with a price tag of $1.95 million ($1,111 psf) Recent rental contract for 1,600 to 1,700 sq ft units at DLV LEASE DATE MONTHLY RENT $ $ PSF October , Recent transactions at DLV CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) Jan 3, , ,631 May 24, , ,787 May 17, ,532 Sept 5, , ,787 July 15, ,438 March 9, , ,266 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE TABLES: URA, THE EDGE PROPERTY COLLECTION 3-Year plan at $238 only The Edge Singapore (print + 3 digital access) + The Edge Malaysia (1 digital access) The Grandstand Singapore s Premier Lifestyle Destination Hub Ensconced in the former grounds of the Turf Club, The Grandstand is located in Singapore s most established neighbourhoods Bukit Timah. A Food Lover s Paradise: Popular favorites include Ah Yat s Seafood Restaurant, Curry Gardenn, Dancing Crab, TungLok Xihe Peking Duck, Omakase Burger, PasarBella, Yoyogi and Ristorante Da Valentino. 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