LOCATION MATTERS. d Leedon Above it all MAKE BETTER DECISIONS. Brought to you by CAPITALAND Singapore

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1 A PULLOUT WITH S I N G A P O R E BUSINESS & INVESTMENT WEEKLY MCI (P) 043/03/2016 PPS 1519/09/2012 (022805) MAKE BETTER DECISIONS ISSUE 740 d Leedon Above it all Brought to you by CAPITALAND Singapore LOCATION MATTERS MASTER PLANNED AND DESIGNED BY WORLD-ACCLAIMED ARCHITECT ZAHA HADID, THE 1,715-UNIT PRIVATE CONDOMINIUM IS WITHIN EASY ACCESS OF HOLLAND VILLAGE, ONE-NORTH, ORCHARD ROAD, THE CBD AND JURONG GATEWAY, SINGAPORE S SECOND CBD

2 EPJ2 THEEDGE SINGAPORE AUGUST 8, 2016 Panoramic views of the Good Class Bungalow enclaves and city skyline from the high-floor units at d Leedon The $3 billion d Leedon condominium is a landmark in prime District 10. Developed by a CapitaLand-led consortium, the project contains seven petal-shaped towers on a sprawling site of close to 8 hectares. d Leedon was designed by world acclaimed architect Zaha Hadid. It was a milestone for Hadid as it was her debut project in Singapore and the first high-rise residential development where she was both the master planner and designer. As the first woman to win the Pritzker Architecture Prize (in 2004), Hadid was famous for her daring and curvaceous designs for public attractions that have become landmarks in their respective cities. Notable projects include the Guangzhou Opera House; London Aquatics Centre; Maxxi National Museum of 21st Century Arts in Rome; and the Serpentine Sackler Gallery in Kensington Gardens. The seven towers at d Leedon are arrayed around the amenities such as the swimming pools, gym, clubhouses and party houses The Holland Village MRT station is just one stop from d Leedon WELL-CONCEIVED With 1,715 units, d Leedon is also the largest private residential development in Singapore s recent history. The ingenuity of Hadid s design was that despite the sheer number of units, the footprint of the built-up area occupies just 22% of the total site area of 840,049 sq ft. This means that almost 80% of the grounds are dedicated to communal facilities for residents. Among the amenities are landscaped gardens, four swimming pools, two clubhouses, a gym, spas and party houses. They, in turn, form the centrepiece of the development. Most private condominiums today contain blocks that are close to each other. However, the seven towers of d Leedon are set far apart from one another and arrayed around the communal facilities. At 36 storeys, the project towers over other condominium developments in the vicinity which are only 12 storeys in height. This means every unit at d Leedon is assured of a view. Lower floor units overlook greenery or one of the pools. Those on the higher floors have panoramic vistas of the city skyline, the Southern Ridges and the sea beyond, or mouth-watering views of the prestigious Good Class Bungalow estates of Belmont Road, Leedon Park and Victoria Park, where many of Singapore s Who s Who have homes. GAME CHANGER The architecture of d Leedon has also raised the bar for a neighbourhood on the cusp of transformation. At the doorstep of d Leedon is the Farrer Road MRT station on the Circle Line. One stop away is Holland Village, with its eclectic bohemian charm and ambience that has drawn Singaporeans and tourists there for decades. The URA has classified Holland Village as an identity node in the 2014 Master Plan, which means that the government will be sensitive in preserving the existing character and vibe of the place, even in its plans to rejuvenate the area. A new Holland Village extension is in the pipeline, which will include communal parks and more pedestrian walkways. In keeping with its village-like charm, a new pedestrian-centric precinct located adjacent to the existing shophouses at the junction of Holland Avenue and Holland Road will be built. Within the precinct will be a cluster of new shops and restaurants. Injecting further life into the area will be a new mixed-use scheme to be located on the former HDB public car park site. The site has been put up for sale on the Reserve List of the government land sales programme. The development will have commercial, retail and residential components, but more importantly, the URA requires that the scheme include public spaces that are pedestrian-friendly with shops, restaurants and entertainment. This will mean a wider spectrum of dining and recreational options for residents in the vicinity and visitors to Holland Village. CONNECTIVITY Besides the MRT, d Leedon is also well-served by public buses to the CBD and other parts of the island. A bus stop is conveniently located at d Leedon s doorstep. Those who drive will find it even more convenient, as d Leedon is accessible to three expressways, namely the Ayer Rajah Expressway (AYE), Central Expressway (CTE) and the Pan-Island Expressway. Therefore, the CBD and Orchard Road are just a 5-10 minute drive from d Leedon. Changi Airport is a minute drive from the condominium. Jurong Gateway, Singapore s second CBD and the future high-speed rail terminus is also just a minute drive away. Located a five-minute drive or just two MRT stops from d Leedon is one-north. Master planned by JTC, the 200-ha site has a work-liveplay concept with knowledge-based industries clustered together to facilitate exchange of ideas. One-north has developed into a vibrant enclave with hotels, serviced apartments, restaurants, cafes and coffee joints as well as other amenities at The Star Vista shopping mall. Living at d Leedon certainly has its privileges given its unbeatable location with easy access to amenities, work and educational opportunities. More than 100 units snapped in just one week! 15% discount for selected units! With a down payment from as low as $250k*, move into your dream home immediately and save on loan interest payments for 12 months! The CapitaLand Stay Then Pay programme is applicable for selected units only. * Based on the selling price of a $2.5M unit (excluding any stamp duties payable) Visit our sales office at 5 Leedon Heights #01-09 Open daily from 11am to 6pm dleedon.com.sg Jointly developed by Singapore Botanic Gardens is just one MRT stop from d Leedon

3 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 AUGUST 8, 2016 ISSUE 740 Penthouses where you can stay, then pay EP4&5 Personality SRI5000 splits from SLP International EP8 Done Deals Semi-detached houses at Victoria Park Villas sold from $4.39 mil EP10 Gains and Losses Seller incurs 40% loss at Orchard Scotts EP13 Examining home ownership aspirations SAMUEL ISAAC CHUA/THE EDGE SINGAPORE A joint survey by Knight Frank and The Edge Property sheds light on market sentiment and preferences. See our Cover Story on Pages 6 and 7. Aerial view of Tiong Bahru and the city skyline beyond

4 EP2 THEEDGE SINGAPORE AUGUST 8, 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 ANALYST Esther Hoon, Lin Zhiqin ANALYST Tan Chee Yuen COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Choy Wai Fong 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 KEPPEL LAND CROWN GROUP ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGERS Ken Tan, Priscilla Wong, Jon Tan THE EDGE SINGAPORE ADVERTISING + MARKETING ADVERTISING SALES CHIEF MARKETING OFFICER Cecilia Kay SENIOR MANAGERS Windy Tan, Kevin Sim MANAGERS Elaine Tan, Junda Lin EVENTS SENIOR MANAGER Sivam Kumar MARKETING MANAGER Cecile Herweg EXECUTIVES Tim Jacobs, Sam Ridzam COORDINATOR Nor Aisah Bte Asmain CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The ASSISTANT MANAGER Sandrine Gerber EXECUTIVES Keith Lee, Malliga Muthusamy 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. Office rents in most markets to improve in 2017, says C&W Most markets in the region will see an improvement in office rents on the back of stronger occupancies in 2017, according to Cushman & Wakefield s Mid-Year Outlook Report Across the 30 major cities tracked by C&W through 2017, 14 may even post record rents. C&W expects falling vacancies through 2017 to favour landlords in Tokyo, Sydney and Melbourne, where strong demand will keep Grade A vacancies hovering close to their equilibrium of 7%. Meanwhile, rents could begin to stabilise in core markets, including Singapore, Brisbane and Perth. Singapore is expected to post the highest vacancy increase of eight to nine percentage points among core markets between 2015 and Since 1Q2015, rents for Grade A properties in the CBD have slipped more than 15% and will likely decline another 7% to 10% y-o-y in 2016 before stabilising in The city state will witness a record supply of four million sq ft of office space to be delivered by next year. Leasing activity is also moderating as international banks continue to shrink their footprints. A slowing economy and low unemployment rate are also holding back activity. However, office investment in Singapore saw a resurgence in 2Q2016 with landmark transactions this year. For instance, the sale of Asia Square Tower 1 to the Qatar Investment Authority for US$2.5 billion ($3.35 billion) set a new record in Asia-Pacific for the largest single-asset transaction in the last five years. Overall auction sales jump 54.1% q-o-q in 2Q2016, says Knight Frank Overall auction sales value soared 54.1% q-o-q from $9.62 million in 1Q2016 to $14.81 million in 2Q2016, according to the latest Knight Frank auction report. On a y-o-y basis, the overall auction sales value increased 48.4% from $9.99 million in 2Q2015. A total of 185 properties were put up for auction in 2Q2016. That is an increase of 31.2% q-o-q from 141 properties in 1Q2016. Seven of the properties went under the hammer. Of these, four were transacted below $2.5 million, while three others were sold for between $2.5 million and $5 million. The latter were all mortgagee sales. There were 61 mortgagee sales in 2Q2016. Of these, 31 were fresh mortgagee sales comprising residential properties (21 units), industrial (six units), office (two units), and shop and shophouse (two units). Mortgagee sales value climbed 105.9% q-o-q from $5.88 million in 1Q2016 to $12.1 million in 2Q2016, despite only four of the properties being sold. The residential segment registered $13.24 million worth of transactions in 2Q2016. The number of residential properties put up for auction increased 21.2% q-o-q from 85 in 1Q2016 to 103 in 2Q2016. Of these, 43 were mortgagee sales. Knight Frank expects the total number of properties put up for auction in 2016 to cross the 700 mark after 326 properties were auctioned in 1H2016. Keppel Land opens Saigon Centre retail mall Keppel Land has opened its retail mall in Saigon Centre (above left), Ho Chi Minh City (HCMC). The mall, part of Saigon Centre phase two, is anchored by the city s first Takashimaya department store, which takes up 161,459 sq ft of its retail space. Saigon Centre is located on Le Loi Boulevard in the heart of HCMC's CBD. Saigon Centre phase two comprises 473,612 sq ft of premium Grade A office space, 592,075 sq ft of retail areas and 195 luxury serviced apartments. The 37-storey tower is designed by New York-based architect NBBJ and scheduled to be completed at end Meanwhile, the 25-storey office tower in Saigon Centre phase one is currently 97% leased to the diplomatic corps, multi national companies, as well as banking and financial institutions. Tenants include DBS Bank, AIG, Reuters and Mitsubishi Corp. Saigon Centre phase one and two are jointly owned by Keppel Land, Toshin Development, and Vietnamese partners, Southern Waterborne and Transportation Corp and Saigon Real Estate Corp. Keppel Land holds a 45.3% stake in the development. JB City Council to relocate HQ to Astaka s One Bukit Senyum Singapore-listed Astaka Holdings announced that it will construct, develop and sell a 14-storey Grade A office tower to Johor Baru s City Council (MBJB). Menara MBJB (right) will be located within One Bukit Senyum, a mixed-use development site in Johor Baru. The entire OBS development is expected to be completed by 2021 and will have an allowable gross floor area of 6.3 million sq ft. Menara MBJB will have a gross floor area of 445,848 sq ft and 558 car parks. Once it is completed at end-2019, about 800 employees will relocate to the new MBJB headquarters at the tower. Menara MBJB is located next to The One Bukit Senyum, a mixed-use development comprising 438 residential units, hotel, F&B, retail, office suites and a business office tower. Crown Group unveils resort-style development in Sydney Australian developer Crown Group has announced plans for its tropical resort-style development, Waterfall by Crown Group, in Waterloo, Sydney. Waterfall by Crown Group (above right) is designed by Sydney-based architect SJB, with aims to provide residents more engagement with nature. The project will include a 22m or seven-storey tall waterfall. Waterfall by Crown Group provides a sense of place, where people can feel both a connection with nature and the urban environment at once, says Crown Group CEO Iwan Sunito. Located 5km from Sydney s CBD on O Dea Avenue Waterloo, the development comprises 331 apartments. Construction works for the project are targeted to start next year and are scheduled for completion in Apartments at Waterfall by Crown Group will be released for sale later this year. Real Estate Sentiment Index in 2Q2016 shows less pessimism among developers The overall market sentiment has shown signs of improvement, although there is still pessimism, according to the 2Q2016 Real Estate Sentiment Index (RESI). The composite sentiment index stood at 4.2 in 2Q2016, up from 3.8 in 1Q2016. Market sentiment has been weak in the last 11 consecutive quarters. The current sentiment index increased to 4.3 in 2Q2016 from 3.9 in 1Q2016, while the future sentiment index increased to 4.0 in 2Q2016 from 3.6 in 1Q2016. Some 64.7% of the developers surveyed expect the number of new launches to hold at the same level in the next six months. More than half of them anticipate a moderate decrease in residential property prices in 2H2016. About 94.7% of the respondents expect the global economy to slow down, and 70.2% of them identify job losses and declines in domestic economy as two potential risk factors in the next six months. With Singapore s 2016 economic growth adjusted further downwards and no respite yet from the government on the property cooling measures, 56.1% of the respondents think the downward economic growth forecast will have a moderate impact on unsold units and prices in RESI is jointly developed by the Real Estate Developers Association of Singapore and the Department of Real Estate of National University of Singapore. The quarterly structured questionnaire survey is conducted among senior executives of REDAS member firms. Compiled by Tan Chee Yuen E ASTAKA

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6 EP4 THEEDGE SINGAPORE AUGUST 8, 2016 CITY&COUNTRY The living and dining area of the fully furnished 4,715 sq ft penthouse at Sinaran, priced at $9 million PICTURES: ALBERT CHUA/THE EDGE SINGAPORE More developers offering penthouses where you can stay then pay STORIES BY MICHAEL LIM Traditionally, developers of high-end private condominiums in the prime districts have been reluctant to offer discounts or deferred payments for penthouses, owing to the rarity of such units, typically described as bungalows in the sky. The belief is that penthouses are designed for the privileged few who do not need a discount or deferred payment scheme, says Samuel Eyo, managing director of Singapore Christie s International Real Estate, the appointed marketing agent for penthouses in various projects. However, the recent success achieved by developers offering discounts and deferred payments for high-end projects such as OUE for OUE Twin Peaks and CapitaLand with its stay-then-pay programme for remaining units at The Interlace and d Leedon have spurred more developers to contemplate such schemes, especially if they have unsold units that have been lingering on the market for a number of years, says Eyo. A case in point is Frasers Centrepoint, which recently offered a stay-then-pay plan for the fourth and last penthouse on the 35th Eyo: The belief is that the penthouses are designed for the privileged few who do not need a discount or deferred payment scheme floor of one of its twin towers at Sinaran. The 99-year leasehold condo contains 417 units and is located adjacent to the Novena medical cluster and a two-minute walk to the MRT station. The project was completed in 2011 and all the units have been sold except for this penthouse. The two largest five-bedroom penthouses sized at 4,930 sq ft fetched $9.7 million ($1,980 psf) in June 2011, and $10.8 million ($2,191 psf) in February The third five-bedroom, 4,715 sq ft penthouse was sold for $9.5 million ($2,015 psf) in March Two years ago, Frasers Centrepoint appointed acclaimed interior designer Suying Metropolitan Studio to fully furnish the interior of the remaining 4,715 sq ft penthouse with customised European furnishings estimated to cost over $1 million. The unit comes with unobstructed 180 panoramic city views; a private lift lobby; four bedrooms, including the master suite; a private pool; and roof terrace. At that time, the price tag for the fully furnished penthouse was $10.8 million ($2,290 psf). Frasers Centrepoint is now offering it for $9 million ($1,908 psf). On top of that, the new owner will be able to move in immediately after paying a 10% down payment if he is a Singaporean or permanent resident, with the balance due 12 months later. Meanwhile, foreigners have to put a down payment of 20%, with the remaining 80% payable in 12 months. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Cheong: Such schemes will entice people back into the market, and move units that have remained unsold for at least two to three years Buyers will also have to pay a 3% stamp duty and additional buyer s stamp duty (ABSD) upfront, if applicable. They also have to stump up the maintenance fee for a 12-month period amounting to $9,516, plus 7% GST. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

7 THEEDGE SINGAPORE AUGUST 8, 2016 EP5 CITY&COUNTRY UIC/SINGLAND Night view of Mon Jervois 109-unit development by UIC/Singapore Land Group Living and dining area of the fully furnished 4,359 sq ft unit duplex penthouse at Keppel Bay, priced at $12.9 million The main dining and living area of the sprawling fully furnished 6,265 sq ft, five-bedroom penthouse at d Leedon, priced at $10.9 million Frasers Centrepoint is not the only one resorting to all this. Keppel Land has rolled out its own version of a stay-then-pay scheme for 12 of the 13 unsold penthouses at Reflection at Keppel Bay. The 1,129-unit, 99-year leasehold development was designed by world-acclaimed architect Daniel Libeskind. Also completed in 2011, the entire project contains 35 penthouses. Typical penthouses available for sale under the deferred payment scheme range from a 3,724 sq ft, four-bedroom duplex to a 8,277 sq ft, five-bedroom duplex. They are priced from $8.85 million ($2,376 psf) to $24.6 million ($2,972 psf). A sole triplex super penthouse of 13,293 sq ft comes with six bedrooms and a price tag of $68 million. Keppel Land s rent-then-pay scheme for the 12 penthouses works as follows: Buyers need to pay a 5% down payment when they exercise the option to purchase. They then pay another 6% when they opt for the twoyear deferred payment scheme. The additional 6% down payment translates to two years rent and a two-month deposit if one were to lease the penthouse. At the end of the two-year period, it can be used to offset the balance payment. The 13th remaining penthouse at Reflections at Keppel Bay will be sold fully furnished by Italian high-end furniture company Saporiti Italia and is, therefore, not offered under the deferred payment scheme. The 4,359 sq ft, four-bedroom duplex is located on the seventh floor of one of the low-rise villa blocks fronting Marina at Keppel Bay. The asking price is $12.9 million ($2,967 psf) after a 23% discount. Buyers will have to pay 5% down payment, followed by the remaining 95% ten weeks later. Alan Cheong, head of research at Savills Singapore, reckons developers are adopting such strategies to clear their inventory of big-ticket units, such as penthouses, as the Monetary Authority of Singapore recently announced that it was unlikely to lift the property cooling measures before Such schemes will entice people back into the market, and move units that have remained unsold for at least two to three years, Cheong says. Buyers will benefit from such schemes, as they get to move into the penthouses immediately and defer the balance of the payment until 12 to 24 months down the road. Interestingly, while the CapitaLand-led consortium is offering the stay-then-pay programme for the remaining units at 1,715-unit d Leedon and 1,040-unit The Interlace, these schemes do not apply to the penthouses in these two projects. Instead, the penthouses will only enjoy up to 15% discount. The developer believes that buyers of penthouses tend to be owner- occupiers and therefore are unlikely to lease them out, says Christie s Eyo. There are 29 unsold penthouses at d Leedon, with sizes ranging from 2,949 to 6,265 sq ft. Of the units, only one will be sold fully furnished. It is also the largest available, at 6,265 sq ft. The unit is located on the 33rd floor of one of the seven towers and the interior was designed by Janet McGlennon Interiors. The sprawling unit can be easily divided into three sections the main living and dining area, the family area with four bedrooms, UIC offers 12% discount for Mon Jervois Listed property group United Industrial Corp (UIC) and sister company Singapore Land (SingLand) have rolled out a 12% discount package for its high-end five-storey condominium, Mon Jervois, located on Jervois Road in prime District 10. The 99-year leasehold low-rise project was launched in 2013 at an average price of $2,000 psf. As at end- June, 52 of the 109 units had been sold, according to URA data. The 12% was offered in May to ensure that after the discount, prices will be competitive with those of new 99-year leasehold projects in the neighbouring Prince Charles Crescent, such as UOL Group s adjacent Principal Garden, and The Crest by a Wing Tai-led consortium. At 469-unit The Crest, the developer is offering a 15% discount and an interior design package worth $80,000 for one-bedroom units by upmarket interior design firm SuMisura. As at end-june, 124 units at The Crest had been sold at a median price of $1,720 psf. Meanwhile, 247 out of a total of 663 units at Principal Garden had been sold as at end-june, with the latest median price achieved of $1,614 psf. Developer UOL has also given an $8,000 price cut for units sold since July. Mon Jervois has 15 penthouses measuring 1,475 sq ft for a two-bedroom unit to 3,003 sq ft for a four-bedroom-plus-family unit. Prices are said to range from $2.6 million ($1,762 psf) to $5 million Tan: Penthouses tend to have a limited pool of buyers and appeal mainly to foreigners ($1,665 psf) after a 12% discount. UIC-SingLand has also appointed SuMisura to design and furnish a handful of show units, including a 2,842 sq ft, threebedroom-plus-family duplex penthouse. The asking price for the fully furnished penthouse is $4.88 million ($1,717 psf). Penthouses tend to have a limited pool of buyers and appeal mainly to foreigners, says Joseph Tan, CBRE s executive director of residential services. At this price level, Singaporeans will opt for landed homes instead. Unobstructed view from the four-bedroom, 5,726 sq ft duplex penthouse at The Interlace priced at $5.2 million, after discount and a one-bedroom section complete with its own kitchen and living and dining area. All five bedrooms come with en suite bathrooms. The buyer has the option to turn it into a dual key unit with a self-contained one-bedroom apartment and separate four-bedroom unit. The asking price for this unit is $10.9 million ($1,739 psf), after discount. Meanwhile, The Interlace has 20 unsold penthouses, which range from 3,488 sq ft for a four-bedroom simplex to 6,308 sq ft for a four-bedroom duplex with a roof terrace. There is also a 5,877 sq ft triplex unit with roof terrace. A spacious four-bedroom, 5,726 sq ft duplex unit with roof terrace can be had for $5.2 million ($908 psf), after discount. From the dining room, one gets a full view of the Pasir Panjang Port, and the black-and-white bungalows in the Cornwall Road area. The living room offers a clear view of Queensway all the way to River Valley Road. E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

8 EP6 THEEDGE SINGAPORE AUGUST 8, 2016 COVER STORY THE EDGE SINGAPORE Examining home ownership ASPIRATIONS A joint survey by Knight Frank and The Edge Property sheds light on market sentiment and preferences NATIONAL DAY 2016 BY FEILY SOFIAN & ESTHER HOON H omebuyers are upbeat about the prospects of Singapore s residential market in the long run. About 43%, or 217, of the 500 respondents polled in a recent survey shared that they were on the lookout to purchase a private home in Singapore. The survey was jointly conducted by property consultancy firm Knight Frank and The Edge Property over a one-month period starting from June 10. Interestingly, 59% of the 217 respondents who plan to purchase a private home currently own an existing property in Singapore, mainly an HDB flat, while another 21% own more than one property. Regardless of their intention to purchase a private home, a vast majority, or 87% of the 500 res pond ents, believed that Singapore residential property makes a good investment, citing potential capital appreciation as well as the country s stability and renowned status as a gateway city and financial hub (see Chart 1). The minority, or 13% of respondents who were less sanguine about Singapore properties, was mostly concerned about the large supply of homes, which would dampen rental yields. The market has seen the new supply of residential properties outstripping population growth in recent years. This trend is likely to continue over the next few years, says Knight Frank. However, the property consultant highlighted a pickup in purchases by foreign nationals this year, which further underscores investor confidence in Singapore as a safe haven. A total of 1,932 caveats were lodged by foreign nationals, comprising permanent residents and non-prs, for private non-landed homes in 1H2016. This was 20% higher than the 1,608 caveats lodged in the same period last year (see Chart 2). The proportion of foreign purchasers has remained largely unchanged from last year because the number of Singaporean purchasers has also increased. The rising number of foreign homebuyers in recent quarters reflects the revival in interest in Singapore residential property over other overseas properties, given higher cur rency vola tility, a less transparent system and tax considerations in other markets, notes Alice Tan, head of research at Knight Frank Singapore. Projects that drew a high proportion of foreign purchasers in 2Q2016 include Ardmore Three, Cairnhill Nine and OUE Twin Peaks. Interestingly, some projects in the city fringe and the suburb have also attracted keen interest from PRs and non-prs alike. At Lakeville on Jurong Lake Link, foreign purchasers accounted for 40% of the 40 caveats lodged in 2Q % by PRs and 25% by non-prs. Similarly, 47% of the 51 Chart 1 A vast majority of respondents believe that Singapore residential property makes a good investment 100 % % 90% 90% No, I do not own any properties in Singapore now caveats lodged for Symphony Suites units in 2Q2016 were by foreign nationals. Yes, I own one property in Singapore No Yes Yes, I own more than one property in Singapore Cautious interim outlook In the short term, however, a confluence of factors, including a frail economy, job uncertainties and the additional buyer s stamp duty (ABSD) is deterring aspiring home buyers from signing on the dotted line. The recent uptick in sales was mostly driven by price incentives and projects with strong location attributes. Hence, among the 217 respondents who aspire CHARTS: KNIGHT FRANK RESEARCH, THE EDGE PROPERTY

9 THEEDGE SINGAPORE AUGUST 8, 2016 EP7 COVER STORY SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Chart 2 The uptick in purchases by foreign nationals this year reflects investor confidence in Singapore as a safe haven No of caveats by PRs and non-prs URA, KNIGHT FRANK RESEARCH, THE EDGE PROPERTY Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 Owing to economic uncertainties and the ABSD, most respondents will likely take up to 24 months or longer to commit to buying a new property to buy a private home, only 51, or 24%, were likely to purchase their dream home over the next 12 months. Meanwhile, 107 respondents, or 49%, said they might take up to 24 months to commit. The remaining 59 respondents, or 27%, could take longer than 24 months to ink a deal. When questioned on the outlook for the Singapore economy and residential market, half of the 217 respondents believed prices will continue to fall over the next 12 months. A bigger percentage of respondents said the Singapore economy would fare worse in 2016 compared with last year. Beyond the next 24 months, however, 61% of respondents believed that prices would begin to recover. Rising job uncertainties are also keeping homebuyers on the sidelines. Singapore s unemployment rate crept up from 1.9% in March to 2.1% in June, according to preliminary estimates released on July 28 by the Ministry of Manpower. About 68,300 residents were reported to be unemployed as at June, up from 60,400 in March. The survey also suggests that the ABSD continues to deter buyers from committing. About 58%, or 125 of the 217 respondents, would purchase a private home within 12 months if the ABSD was more favourable, up from 24% earlier. For some buyers, the challenging market presents an opportunity to unearth value deals. Among the 51 respondents who are prepared to commit in the next 12 months, 65% believed there are good property investment opportunities to be uncovered in this period. The percentage is lower among the 107 and 59 respondents who might take up to 24 months or more to buy their property, at 53% and 39% respectively. Tan says the optimism about Singapore s property market prospects shown by a high proportion of aspiring homebuyers is fuelled mainly by our long-standing attributes. The city state s status as a safe haven for asset investments, the government s proactive strategies to advance real estate development and the stable Singapore dollar all combine to strengthen investor confidence in the property market. However, headwinds persist for residential property, in particular uncertain economic performance, job security concerns and the prolongation of property cooling measures. Despite these challenges, interest in Singapore residential property is anticipated to be sustained in 2H2016, especially for properties in the city centre and fringe locations, as unsold inventory and upcoming launches taper off and pent-up demand swells three years after the imposition of the total debt servicing ratio (TDSR). The continuing search for stable property investment by both local and foreign investors would support Singapore as one of the property destinations of choice, notes Tan. Homebuyers wish list Expectedly, condominiums and apartments emerged as the most popular choice of private homes, with 199 of the 217 respondents considering to purchase them. Eight respondents would only consider landed properties, either strata or conventional landed homes. Overall, private homes priced between $1 million and $1.5 million appear to be the preferred choice among homebuyers, with 42% of the 217 respondents targeting to buy within this range (see Chart 3). The trend was observed across income bands, including among respondents with a high gross household income of above $16,000 and $20,000 a month. Properties priced between $500,000 and $1 million came in second, with 28% of respondents indicating this price range as their preferred choice. Analysis of URA caveats supports this trend. At least since 2011, private non-landed homes priced between $1 million and $1.5 million Tan attributes homebuyers optimism to Singapore s safe-haven status, the government s proactive strategies to advance real estate development and a stable Singapore dollar Chart 3 Chart 4 Private homes in the $1 million to $1.5 million price range were the most preferred choice $2 mil to $2.5 mil 8% $1.5 mil to $2 mil 14% $2.5 mil to $3 mil 2% $1 mil to $1.5 mil 42% <$0.5 mil 2% >$3 mil 4% $0.5 mil to $1 mil 28% The design, efficiency and size of the internal space can be enhanced to suit families with children Single 19% Married, 3-4 children 13% Married, no children 18% have accounted for the bulk of resale and subsale caveats lodged annually. In the primary market, however, units priced between $500,000 and $1 million formed the majority of new sale caveats for private non-landed homes annually over the same period. This might be owing to the relatively smaller units offered in new projects. The top three household income ranges among the 217 respondents who aspire to own a private home are $8,001 to $12,000 (21%) $12,001 to $16,000 (20%) and $5,001 to $8,000 Others 3% Married, 1-2 children 47% (20%). Notably, 18% of respondents reported a household income of above $20,000. Nearly half of the 217 respondents were married with one to two children, which explains a higher preference for three-bedroom units (see Chart 4). While the TDSR has been blamed for the slower take-up of bigger units in new projects, perhaps the design and efficiency of the units in some projects or the size of the internal space could be enhanced for this group of buyers. E

10 EP8 THEEDGE SINGAPORE AUGUST 8, 2016 PERSONALITY SRI5000 splits from SLP International BY CECILIA CHOW Tiong Bahru has evolved into an interesting enclave of indie cafés, coffee joints, artisanal bakeries and restaurants. Antique and art galleries, independent bookstore BooksActually, yoga studios and offices of creative agencies have also sprouted up in Singapore s oldest housing estate, which is also the first to obtain conservation status. Joining the milieu are the realtors of SRI, a real estate agency that opened its 2,000-sq-ft office space a month ago on the ground floor of a block on Eng Watt Street, off Seng Poh Road. The co-working space environment with its bar-height work tables is best suited for realtors who work flexible hours and, sometimes, remotely. SRI, founded by managing partners Bruce Lye and Benson Koh two months ago, is a spinoff from SRI5000, which the duo co- founded six years ago as a division of SLP Realty. They have kept SRI, the acronym for Singapore Realtors Inc. But we felt SRI5000 was too much of a mouthful, explains Lye. SRI is a brand that people already recognise, and it s simpler, so we dropped The choice of Tiong Bahru was intentional, and the office s location on Eng Watt Street is ideal, given its ample parking space. Before we selected this location, we spent a week coming at different times of the day to make sure it wouldn t be inconvenient for our agents. A well-honed tradition at SRI5000 was the adoption of 5000 by member agents for their vehicle registration numbers and the last four digits of their mobile phone numbers. The number has become synonymous with the team s identity, and the tradition has continued in the new firm. The number is still in our hearts, says Lye. One of our agents recently won the bid for the latest car number plate SLF 5000 and has put it on her new Lexus. Café culture The Eng Watt Street unit now occupied by SRI was once a showroom of tile company Rice, which vacated the place last year when it moved into its own building on Hender son Road. SRI gutted the unit to create an openfloor plan with a café-like space. A meetingarea-cum-pantry at the rear features a skylight. People are drawn to this place because there s more sunlight compared with our previous place, which was in a conventional office building, says Koh. Now that we re on a ground floor, there s more sunlight, a park just across the street, coffee joints and cafés in the vicinity. At SRI, there are currently 120 agents, many of whom had moved over from SRI5000. Another 80 are coming on board, and that will bring the total to 200. While the majority are from SRI, about 15% are agents who are crossing over from other agencies, says Koh. SRI5000 split from SLP Realty to have greater autonomy, according to the duo. There were many levels within SLP, says Lye. We had many ideas, but we couldn t always push them through. SLP Realty is a subsidiary of SLP International Property Consultancy. Including SRI5000 and SLP Scotia (renamed Scotia Real Estate in March), SLP Realty had about 1,100 agents. Lye, 33, and Koh, 34, were also not keen on managing the agency and wanted someone to help them with the day-to-day operations. We felt we lacked the experience, says the former. That led to the appointment of Tony Koe The trio at SRI (from left): Lye, Koh and Koe as CEO of SRI. The 45-year-old Koe was executive director of SLP International for four years before leaving in May to team up with Koh and Lye. Prior to that, he was with JLL and Knight Frank. Things came to a head at SLP when parent company ZACD Group announced early this year that it was transforming the latter into a private-equity firm, with Ryan Gwee as an equity partner and group managing director of ZACD Group since end Gwee was CEO of Asia Capital Pioneers Group and, before that, head of private banking at Standard Chartered Bank (China). Also in place is a team of ex-bankers in ZACD s new financial services arm. ZACD also launched its Asia Pacific Real Estate Opportunistic (ARO) Fund Series II in February, with a target to raise $300 million in equity. The ARO Fund Series II will focus on investments in three asset classes: highend residential property in Singa pore, industrial properties with a focus on data centres in Asia, and student accommodation in Australia. The repositioning of ZACD into a privateequity firm caused some confusion about the role of SLP, according to a source. Some clients called asking whether SLP was still a real estate agency or whether it was now involved in fund raising, which put some of the realtors in a bit of a predicament. Efficiency and transparency However, the trio at SRI saw their departure from SLP as an opportunity to start afresh in their own outfit. While they will maintain the same culture, the new firm will give them the opportunity to roll out all the tech initiatives that they wanted to introduce. One example is the introduction of greater efficiency and transparency with regard to billing and payment processes for commissions and co-broke agents fees, says Koh. Not knowing when a payment will be made is a source of frustration to co-broke agents, says Lye. If they are informed in real time when payments are made, they will not have to keep calling to find out. Most people may not think it s a big deal, but it is important to agents. At SRI, the group will continue to focus on resales from mass market to luxury homes which form 80% of the business. It will stay away from new project launches, as these involve a lot of manpower and time commitment. It s a numbers game, says Lye. Leading up to the launch, agents have to spend two months hyping the project and collecting cheques. But on the actual day of the launch, only a fraction of those who submitted cheques will actually buy. So, for every three happy faces, there will be seven sad agents at the launch. As team leaders working alongside our agents, we know how they feel and want to avoid that. A case in point was the launch of executive condominium Treasure Crest in Sengkang. A total of 1,077 e-applications were received over a 10-day period last month. On the first two days of booking over the weekend of July 16 and 17, 362 out of 504 units were sold. The conversion rate from e-applicants to buyers was 33.6%, which is considered good in today s market, says SRI s Koe. In another recent EC launch, there were 240 e-applications, but on the first weekend, only 24 units were sold. The number of agents involved in the launch was at least 500, he says. Projects While SRI may not want to be the agents involved in the first cut of new launches, the firm relishes securing the sale of balance units in the later phase. Since its inception, the real estate agency has secured a handful of appointments from developers. These include Vue 8 Residences, a 463-unit private condo in Pasir Ris by Capital Development and ZACD Investment. As at end-june, 341 units had been sold at a median price of $959 psf. The developer has appointed SRI to handle the sales of the balance units. Another project is an 11-storey commercial development called Tai Seng Point at Irving Place, next to the Tai Seng MRT station. The freehold project contains 47 strata units, of which the 22 industrial units are fully sold. Another 17 shop units and seven F&B units are still available for sale. The developer is SingHomes, a subsidiary of foundation and geotechnical engineering firm CSC Holdings. Another development where SRI has been appointed an exclusive agent is One18 Residences in Phnom Penh by ASX-listed property developer Kingsland Global. Thirty per cent of the units in the development have already been sold. On Stevens Road in Singapore, The Pines, a redevelopment of The Pines Country Club by Singapore-listed property group Oxley Holdings, will see the opening of two hotels by AccorGroup: Ibis and Novotel. Oxley is leasing out its retail and F&B space in the project, and SRI is one of the leasing agents. Koe sees opportunity to create a property management arm as an extension of SRI s business. This will include private condo management under the Management Corpora tion Strata Title (MCST), commercial and industrial buildings. Currently, property management is still very old school, he says. We believe develop ing technology applications for real estate is something that will really elevate the industry. E ALBERT CHUA/THE EDGE SINGAPORE

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12 EP10 THEEDGE SINGAPORE AUGUST 8, 2016 DONE DEALS Semi-detached houses at Victoria Park Villas sold from $4.39 mil BY TAN CHEE YUEN Since Victoria Park Villas previewed on July 16, at least four semi-detached houses have been sold at prices ranging from $4.39 million to $4.9 million, according to caveats lodged over the week of July 19 to 26. The 99-year leasehold landed housing project by CapitaLand comprises 106 semi-detached houses and three bungalows. The project is scheduled for completion in early The semi-detached houses at Victoria Park Villas are priced from $4.3 million, or about $2,000 psf. According to marketing agents, CapitaLand is currently offering an early-bird discount of 12%, with an additional 3% for those who live within the same district; an education discount for families whose children are studying in nearby schools; an upgrader discount for those making the transition from non-landed to landed housing; a loyalty discount for those who currently own a residential property developed by CapitaLand in Singapore; a multipurchase discount for those who buy more than one unit; and a multi-family discount for families who purchase two or more units. The total discount granted will be capped at 15%. Most of the purchasers at Victoria Park Villas are said to be Singaporeans, who are either buying for their own use or for their children, say agents. $4.3 million is a great entry price for a Victoria Park Villas, where the entry price for a 99-year leasehold semi-detached house is $4.3 million new house in a desirable, prime District 10 location such as Coronation Road and Victoria Park Road, says Grace Ng, deputy managing director of Colliers International. Nearby on Coronation Road West, a freehold semi-detached house changed hands for $6 million last month. The property sits on a land area of 4,510 sq ft, which translates to a land price of $1,330 psf. However, the new owner would need to spend another $1.2 million to $1.5 million to tear it down and rebuild a new 2½-storey house with a basement and attic, Ng reckons. Victoria Park Villas therefore appeals to people who want a new property that they can move into immediately as they find it too troublesome to fix up an old house, she says. CapitaLand purchased the 403,012 sq ft, 99-year leasehold site bounded by Coronation Road and Victoria Park Road for $366 million in June This translated to a land price of $908 psf per plot ratio. Assuming construction cost of about $300 to $400 psf, the breakeven price for Victoria Park Villas is estimated to be about $1,400 to $1,500 psf, Ng says. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The houses at Victoria Park Villas are said to have built-up areas from 4,155 sq ft and feature contemporary architecture. Each house contains four levels, including basement and attic, five bedrooms, a private lift, fully fitted kitchens and bathrooms. The houses come equipped with biometric digital door lock and home automation features that enable the home owners to control air conditioning and lighting remotely. According to Ng, the last time a leasehold landed housing development was launched in the prime District 10 neighbourhood was two decades ago. It was Kingsville, a 106-unit semidetached housing project on King s Drive, by developer Tuan Sing Holdings. The project has a 102-year lease with effect from It was launched for sale in March 1997 and completed in The project is sought after by families as it is adjacent to Nanyang Primary School. The semi-detached houses at Kingsville also contain five bedrooms, with built-up areas ranging from 2,800 to 3,400 sq ft. The land area of the units is from 2,325 to 3,843 sq ft. In 1997, units were sold at prices ranging from $1.99 million ($855 psf) to $2.75 million ($808 psf), according to caveats lodged then. The latest transaction at Kingsville was for a semi-detached house sitting on a land area of 2,756 sq ft that changed hands for $3.85 million ($1,395 psf) in May. The 17-year old house is sitting on a site that has 82 years left on its lease, says Ng. E Singapore by postal district Residential transactions with contracts dated July 19 to 26 LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 MARINA BAY SUITES Condominium 99 years July 26, ,680 6,000,000-2, Resale PEOPLE S PARK CENTRE Apartment 99 years July 25, ,336 1,450, Resale THE CLIFT Apartment 99 years July 21, ,100,000-2, Resale V ON SHENTON Apartment 99 years July 21, ,216 2,470,500-2,031 Uncompleted New Sale District 2 ALTEZ Apartment 99 years July 21, ,100,000-2, Resale District 3 ALEX RESIDENCES Apartment 99 years July 20, ,665,167-1,799 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years July 24, ,627,000-1,758 Uncompleted New Sale ASCENTIA SKY Condominium 99 years July 25, ,012 1,400,000-1, Resale HIGHLINE RESIDENCES Condominium 99 years July 20, ,087,200-2,149 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years July 21, ,087 1,772,000-1,630 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 19, ,195 1,848,000 1,840,000 1,540 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 20, , ,000 1,698 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 20, , ,000 1,652 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 21, ,195 1,778,000 1,770,000 1,481 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 22, ,572 2,458,000 2,450,000 1,559 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 23, ,386,000 1,378,000 1,600 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 23, ,334,000 1,326,000 1,540 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 24, ,326,000 1,318,000 1,655 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 24, ,301,000 1,293,000 1,623 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 24, , ,000 1,739 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 24, , ,000 1,644 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 THE CREST Condominium 99 years July 23, ,002 3,251,000-1,624 Uncompleted New Sale THE CREST Condominium 99 years July 24, ,081,000-1,702 Uncompleted New Sale District 4 SKYLINE RESIDENCES Condominium Freehold July 20, ,000-1, Resale SKYLINE RESIDENCES Condominium Freehold July 21, ,000-2, Resale SKYLINE RESIDENCES Condominium Freehold July 22, ,292 2,200,000-1, Resale SKYLINE RESIDENCES Condominium Freehold July 22, ,000,000-2, Resale SKYLINE RESIDENCES Condominium Freehold July 25, ,000-2, Resale TERESA VILLE Condominium Freehold July 22, ,959 2,200,000-1, Resale THE INTERLACE Condominium 99 years July 20, ,433 2,733,000-1, Resale THE INTERLACE Condominium 99 years July 22, ,864 3,096, Resale THE INTERLACE Condominium 99 years July 22, ,454 2,750,000-1, Resale THE INTERLACE Condominium 99 years July 22, ,142 2,585,000-1, Resale THE INTERLACE Condominium 99 years July 22, ,066 1,330,000-1, Resale District 5 BLUE HORIZON Condominium 99 years July 25, ,163 1,200,000-1, Resale FABER DRIVE Detached Freehold July 21, ,053 6,000, Resale HERITAGE VIEW Condominium 99 years July 19, ,464 1,700,000-1, Resale HERITAGE VIEW Condominium 99 years July 22, ,170,000-1, Resale THE PARC CONDOMINIUM Condominium Freehold July 22, ,421 1,780,000-1, Resale THE STELLAR Condominium Freehold July 20, ,335 1,530,000-1, Resale THE TRILINQ Condominium 99 years July 19, ,044 1,468,000-1,406 Uncompleted New Sale THE TRILINQ Condominium 99 years July 20, ,243,000-1,359 Uncompleted New Sale THE TRILINQ Condominium 99 years July 21, ,301,000-1,389 Uncompleted New Sale THE TRILINQ Condominium 99 years July 21, ,232,000-1,316 Uncompleted New Sale THE TRILINQ Condominium 99 years July 22, ,000-1,485 Uncompleted New Sale THE TRILINQ Condominium 99 years July 23, ,044 1,457,000-1,395 Uncompleted New Sale THE TRILINQ Condominium 99 years July 23, ,309,000-1,398 Uncompleted New Sale THE TRILINQ Condominium 99 years July 23, ,286,000-1,373 Uncompleted New Sale THE TRILINQ Condominium 99 years July 24, ,356 1,616,000-1,192 Uncompleted New Sale THE TRILINQ Condominium 99 years July 24, ,249,000-1,334 Uncompleted New Sale WEST COAST ROAD Terrace Freehold July 19, ,851 2,510,000-1, Resale District 9 CAIRNHILL NINE Apartment 99 years July 21, ,033 2,718,000-2,630 Uncompleted New Sale ORCHARD SCOTTS Condominium 99 years July 22, ,647 2,368,000-1, Resale SOPHIA HILLS Condominium 99 years July 19, ,451,000-1,982 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 20, ,455,400-2,080 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 21, ,000-2,057 Uncompleted New Sale District HOLLAND ROAD Condominium Freehold July 19, ,582 2,180,000-1, Resale DUET Condominium Freehold July 21, ,744 2,300,000-1, Resale GRAMERCY PARK Condominium Freehold July 20, ,292 3,770,400-2, New Sale JALAN AMPANG Detached Freehold July 22, ,858 13,000,000-1,654 Unknown Resale JALAN LIM TAI SEE Semi-Detached Freehold July 22, ,650 3,100, Resale LEEDON RESIDENCE Condominium Freehold July 19, ,088 4,280,000-2, New Sale LEEDON RESIDENCE Condominium Freehold July 23, ,044 2,330,000-2, New Sale MARTINA MANSIONS Apartment Freehold July 22, ,259 1,880,000-1, Resale ONE TREE HILL MANSIONS Apartment 99 years July 20, ,625 1,400, Unknown Resale ROBIN RESIDENCES Condominium Freehold July 19, ,920,000-2, New Sale ROBIN RESIDENCES Condominium Freehold July 21, ,168,000-2, New Sale THE EQUATORIAL Condominium Freehold July 26, ,067 3,500,000-1, Resale THE NASSIM Condominium Freehold July 22, ,122 9,800,000-3, Resale THE NASSIM Condominium Freehold July 25, ,927 6,282,000-3, Resale THE TESSARINA Condominium Freehold July 21, ,356 1,920,000-1, Resale THREE BALMORAL Apartment Freehold July 19, ,344,000-2, New Sale VICTORIA PARK GROVE Semi-Detached 99 years July 21, ,540 4,907,000-1,932 Uncompleted New Sale VICTORIA PARK GROVE Semi-Detached 99 years July 21, ,271 4,658,000-2,050 Uncompleted New Sale

13 THEEDGE SINGAPORE AUGUST 8, 2016 EP11 DONE DEALS Residential transactions with contracts dated July 19 to 26 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE VICTORIA PARK GROVE Semi-Detached 99 years July 21, ,217 4,508,000-2,036 Uncompleted New Sale VICTORIA PARK GROVE Semi-Detached 99 years July 22, ,164 4,390,000-2,034 Uncompleted New Sale District B SHREWSBURY ROAD Apartment Freehold July 21, ,389 1,680,000-1,210 Unknown Resale CUBE 8 Condominium Freehold July 20, ,335 1,870,000-1, Resale NOVELIS Apartment Freehold July 25, ,280,000-1, Resale SKY@ELEVEN Condominium Freehold July 22, ,271 3,600,000-1, Resale SUFFOLK Apartment Freehold July 25, ,087 1,430,000-1, Resale WATTEN DRIVE Terrace Freehold July 20, ,519 4,700,000-1,867 Unknown Resale District 12 10B WHAMPOA DRIVE Apartment Freehold July 20, , Unknown Resale IRESIDENCES Apartment Freehold July 21, ,370,000-1, Resale OKIO Apartment Freehold July 24, ,098 1,350,000-1, New Sale OLEANDER TOWERS Apartment 99 years July 26, ,141 1,217,000-1, Resale THE ABERDEEN Condominium Freehold July 20, ,302 1,250, Resale TREVISTA Condominium 99 years July 20, ,152 1,520,000-1, Resale TREVISTA Condominium 99 years July 22, ,270 1,650,000-1, Resale District 13 8@WOODLEIGH Condominium 99 years July 19, ,001 1,230,000-1, Resale THE POIZ RESIDENCES Apartment 99 years July 19, ,000-1,477 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years July 20, ,507 1,941,000-1,288 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years July 20, ,000-1,553 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years July 22, ,000-1,040 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years July 23, ,109 1,519,000-1,370 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years July 23, ,000-1,169 Uncompleted New Sale District 14 JALAN SAYANG Terrace Freehold July 20, ,295 3,090, Uncompleted New Sale LENGKONG EMPAT Semi-Detached Freehold July 19, ,391 2,975, Resale SIMS URBAN OASIS Condominium 99 years July 19, ,000-1,291 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 20, ,000-1,530 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 21, ,023 1,353,792-1,324 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 21, ,500-1,376 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 22, ,000-1,353 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 23, ,500-1,351 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 24, ,350,000-1,409 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 24, ,185-1,382 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 24, ,000-1,358 Uncompleted New Sale SIMSVILLE Condominium 99 years July 26, ,238 1,265,000-1, Resale SMART SUITES Apartment Freehold July 26, ,000-1, Resale THE WATERINA Apartment Freehold July 19, ,216 1,500,000-1, Resale THE WATERINA Apartment Freehold July 22, ,130 1,233,800-1, Resale District 15 8M RESIDENCES Apartment Freehold July 24, ,460,500-1, New Sale AALTO Condominium Freehold July 19, ,959 2,900,000-1, Resale EAST COAST AVENUE Semi-Detached Freehold July 26, ,897 4,670,000-1, Resale FRANKEL AVENUE Semi-Detached Freehold July 25, ,703 4,450,000-1, Resale FULCRUM Condominium Freehold July 20, ,000-1, New Sale JALAN BANGSAWAN Terrace Freehold July 21, ,765 2,410,000-1,369 Unknown Resale KATONG VILLE Apartment Freehold July 22, ,195 1,290,000-1, Resale LAGUNA PARK Apartment 99 years July 21, ,453 1,205, Resale LEGENDA AT JOO CHIAT Condominium 99 years July 20, ,238 1,138, Resale LORONG L TELOK KURAU Terrace Freehold July 20, ,573 2,600,000-1, Resale MUGLISTON ROAD Detached Freehold July 22, ,974 6,399,000-1, Resale PALM AVENUE Semi-Detached Freehold July 22, ,305 3,208, Unknown Resale PEBBLE LANE Terrace Freehold July 21, ,025 3,150,000-1, Resale PRESIDIO Apartment Freehold July 21, ,138,000-1, Resale DUNMAN Apartment Freehold July 20, ,115,000-1, Resale RIVEREDGE Condominium 99 years July 20, ,066 1,470,000-1, Resale STRAITS MANSIONS Apartment Freehold July 23, ,249 2,166,000-1,735 Uncompleted New Sale STRAITS MANSIONS Apartment Freehold July 23, ,066 1,895,000-1,778 Uncompleted New Sale STRAITS MANSIONS Apartment Freehold July 23, ,066 1,871,000-1,756 Uncompleted New Sale STRAITS MANSIONS Apartment Freehold July 23, ,066 1,819,000-1,707 Uncompleted New Sale STRAITS MANSIONS Apartment Freehold July 23, ,012 1,701,000-1,681 Uncompleted New Sale STRAITS MANSIONS Apartment Freehold July 23, ,012 1,694,000-1,674 Uncompleted New Sale STRAITS MANSIONS Apartment Freehold July 23, ,338,000-1,855 Uncompleted New Sale STRAITS MANSIONS Apartment Freehold July 23, ,328,000-1,841 Uncompleted New Sale STRAITS MANSIONS Apartment Freehold July 23, ,318,000-1,828 Uncompleted New Sale STRAITS MANSIONS Apartment Freehold July 23, ,308,000-1,814 Uncompleted New Sale THE AMBRA Apartment Freehold July 20, ,173 1,176,000-1, Resale THE MEYERISE Condominium Freehold July 21, ,819 2,726,000-1, Resale THE SEAWIND Condominium Freehold July 24, ,000-1, New Sale THE SOVEREIGN Condominium Freehold July 19, ,637 4,200,000-1, Resale WILKINSON ROAD Semi-Detached Freehold July 21, ,337 2,850, Resale District 16 AQUARIUS BY THE PARK Condominium 99 years July 19, ,110 1,560, Resale BAYSHORE PARK Condominium 99 years July 25, , Resale CASA MERAH Apartment 99 years July 22, ,539 1,556,000-1, Resale LIMAU GARDEN Semi-Detached 99 years July 19, ,821 2,630, Resale TANAH MERAH Condominium 99 years July 22, ,001 1,176,175-1, Resale TANAH MERAH KECHIL AVENUE Terrace 99 years July 26, ,723 1,750, Resale TANAMERA CREST Condominium 99 years July 21, , , Resale THE BAYSHORE Condominium 99 years July 25, , , Resale THE GLADES Condominium 99 years July 19, ,001 1,320,000-1,319 Uncompleted New Sale THE GLADES Condominium 99 years July 20, ,001 1,290,000-1,289 Uncompleted New Sale THE GLADES Condominium 99 years July 20, ,111,000-1,323 Uncompleted New Sale THE GLADES Condominium 99 years July 23, ,008,000-1,441 Uncompleted New Sale THE GLADES Condominium 99 years July 24, ,000-1,442 Uncompleted New Sale THE SUMMIT Condominium Freehold July 25, ,238 1,250,000-1, Resale District 17 FERRARIA PARK CONDOMINIUM Condominium Freehold July 19, , , Resale LOYANG RISE Terrace 99 years July 22, ,153 1,600, Resale LOYANG VALLEY Condominium 99 years July 25, ,981 1,180, Resale District 18 COCO PALMS Condominium 99 years July 21, ,098 1,237,600-1,127 Uncompleted New Sale D NEST Condominium 99 years July 23, ,410 1,376, Uncompleted New Sale D NEST Condominium 99 years July 24, ,410 1,360, Uncompleted New Sale DOUBLE BAY RESIDENCES Condominium 99 years July 22, ,367 1,480,000-1, Resale LIVIA Condominium 99 years July 22, ,539 1,300, Resale LIVIA Condominium 99 years July 22, , , Resale LIVIA Condominium 99 years July 26, ,270 1,048, Resale MELVILLE PARK Condominium 99 years July 21, , , Resale MELVILLE PARK Condominium 99 years July 25, , Resale Q BAY RESIDENCES Condominium 99 years July 21, ,888-1,234 Uncompleted Sub Sale RIPPLE BAY Condominium 99 years July 19, , Sub Sale THE PALETTE Condominium 99 years July 19, , Sub Sale THE TROPICA Condominium 99 years July 22, , Resale TROPICAL SPRING Condominium 99 years July 20, ,335 1,130, Resale VUE 8 RESIDENCE Condominium 99 years July 23, ,000-1,090 Uncompleted New Sale District 19 A TREASURE TROVE Condominium 99 years July 25, ,044 1,150,000-1, Sub Sale Condominium 99 years July 19, , , Uncompleted New Sale Condominium 99 years July 19, , , 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 Condominium 99 years July 20, ,453 1,047, Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 21, , , Uncompleted New Sale Condominium 99 years July 21, , , Uncompleted New Sale Condominium 99 years July 22, , , Uncompleted New Sale Condominium 99 years July 23, ,711 1,195, Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale Condominium 99 years July 24, ,604 1,107, Uncompleted New Sale Condominium 99 years July 24, , , Uncompleted New Sale BOTANIQUE AT BARTLEY Condominium 99 years July 24, ,066 1,406,000-1,319 Uncompleted New Sale CHARLTON ROAD Detached Freehold July 26, ,920 5,000, Resale CHILTERN PARK Condominium 99 years July 25, ,302 1,090, Resale CHUAN CLOSE Terrace 99 years July 22, ,722 1,738,000-1, Resale D PAVILION Apartment Freehold July 22, ,410 1,268, Resale FLO RESIDENCE Condominium 99 years July 25, ,000-1, Sub Sale FLORENCE REGENCY Apartment 103 years July 20, , , Unknown Resale HIGHLAND TERRACE Terrace Freehold July 21, ,013 2,500,000-1, Resale JALAN KESOMA Semi-Detached Freehold July 19, ,531 3,195, Resale BUANGKOK Condominium 99 years July 20, ,141 1,344,000-1,178 Uncompleted New Sale BUANGKOK Condominium 99 years July 21, ,356 1,774,500-1,308 Uncompleted New Sale KOVAN MELODY Condominium 99 years July 26, ,410 1,560,000-1, Resale LI HWAN DRIVE Terrace Freehold July 19, ,454 2,000, Resale STARS OF KOVAN Apartment 99 years July 20, ,051,450-1,437 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 21, ,550-1,308 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 22, ,150-1,443 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 23, ,900-1,468 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 24, ,062,500-1,431 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 24, ,600-1,323 Uncompleted New Sale SUNGLADE Condominium 99 years July 19, ,000-1, Resale SUNGLADE Condominium 99 years July 20, ,000-1, Resale TAI KENG GARDENS Terrace Freehold July 22, ,862 2,500,000-1,340 Unknown Resale Condominium 99 years July 19, ,302 1,090, Uncompleted New Sale Condominium 99 years July 19, ,302 1,058, Uncompleted New Sale Condominium 99 years July 19, ,302 1,042, Uncompleted New Sale Condominium 99 years July 20, ,475 1,191, Uncompleted New Sale Condominium 99 years July 20, ,475 1,148, Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 21, ,475 1,155, Uncompleted New Sale Condominium 99 years July 22, ,475 1,170, Uncompleted New Sale Condominium 99 years July 23, ,302 1,048, Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale THE QUARTZ Condominium 99 years July 20, ,141 1,146,000-1, Resale THE QUARTZ Condominium 99 years July 25, ,141 1,090, Resale THE RIVERVALE Condominium 99 years July 21, , , Resale THE TERRACE Condominium 99 years July 21, , , Uncompleted New Sale THE TERRACE Condominium 99 years July 24, , , , Uncompleted New Sale THE TERRACE Condominium 99 years July 24, , , , Uncompleted New Sale THE VALES Condominium 99 years July 19, , Uncompleted New Sale THE VALES Condominium 99 years July 20, , , Uncompleted New Sale THE VALES Condominium 99 years July 24, , Uncompleted New Sale THE VALES Condominium 99 years July 24, , Uncompleted New Sale Condominium 99 years July 19, , , Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 21, , , Uncompleted New Sale Condominium 99 years July 21, , , Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale CONTINUES NEXT PAGE

14 EP12 THEEDGE SINGAPORE AUGUST 8, 2016 DONE DEALS FROM PREVIOUS PAGE Residential transactions with contracts dated July 19 to 26 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE Condominium 99 years July 23, , , Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale Condominium 99 years July 24, , , Uncompleted New Sale Condominium 99 years July 24, , , Uncompleted New Sale Condominium 99 years July 24, , , Uncompleted New Sale Condominium 99 years July 24, , , Uncompleted New Sale TRILIVE Condominium Freehold July 23, ,163 1,777,000-1,529 Uncompleted New Sale TRILIVE Condominium Freehold July 23, ,163 1,762,000-1,516 Uncompleted New Sale TRILIVE Condominium Freehold July 23, ,163 1,662,000-1,430 Uncompleted New Sale TRILIVE Condominium Freehold July 24, ,371,000-1,516 Uncompleted New Sale TRILIVE Condominium Freehold July 24, ,030,000-1,650 Uncompleted New Sale WATERWOODS Condominium 99 years July 22, ,636 1,342, New Sale District 20 BISHAN LOFT Condominium 99 years July 19, ,464 1,550,000-1, Resale FLORAVIEW Apartment Freehold July 22, ,023 1,217,300-1,190 Uncompleted New Sale JALAN GELENGGANG Terrace Freehold July 26, ,648 3,000,000-1,134 Unknown Resale JALAN LANJUT Terrace Freehold July 25, ,982 2,860, Unknown Resale SKY VUE Condominium 99 years July 22, ,320,000-1,657 Uncompleted New Sale SKY VUE Condominium 99 years July 22, ,166,300-1,720 Uncompleted New Sale SKY VUE Condominium 99 years July 24, ,000-1,806 Uncompleted New Sale TAMAN PERMATA Terrace Freehold July 20, ,981 2,300,000-1, Resale THE GARDENS AT BISHAN Condominium 99 years July 22, ,206 1,170, Resale THE GARDENS AT BISHAN Condominium 99 years July 26, ,206 1,250,000-1, Resale THE PANORAMA Condominium 99 years July 20, ,141 1,391,765-1,220 Uncompleted New Sale THE PANORAMA Condominium 99 years July 20, ,012 1,203,269-1,189 Uncompleted New Sale THE PANORAMA Condominium 99 years July 22, ,141 1,379,984-1,209 Uncompleted New Sale THE PANORAMA Condominium 99 years July 22, ,001 1,226,741-1,225 Uncompleted New Sale THE PANORAMA Condominium 99 years July 24, ,130 1,340,981-1,186 Uncompleted New Sale THE PANORAMA Condominium 99 years July 24, ,066 1,272,616-1,194 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years July 24, ,597-1,648 Uncompleted New Sale District 21 ASTOR GREEN Condominium 99 years July 19, ,528 1,550,000-1, Resale CAVENDISH PARK Condominium 99 years July 19, ,410 1,550,000-1, Resale FREESIA WOODS Condominium Freehold July 22, ,432 1,680,000-1, Resale HIGHGATE Condominium Freehold July 19, ,378 1,290, Resale KILAT CENTRE Apartment Freehold July 19, ,249 1,140, Resale MAPLEWOODS Condominium Freehold July 22, ,787 2,420,000-1, Resale REGIS MANSIONS Apartment Freehold July 26, , , Resale SIGNATURE PARK Condominium Freehold July 19, ,690 1,683, Resale SPRINGDALE CONDOMINIUM Condominium 999 years July 19, ,152 1,180,000-1, Resale SUITES DE LAUREL Apartment 999 years July 19, ,000-1, Resale THE BLOSSOMVALE Condominium 999 years July 26, ,711 1,915,000-1, Resale THE BUKIT Condominium Freehold July 24, ,605,000-1,714 Uncompleted New Sale THE BUKIT Condominium Freehold July 24, ,070,610-1,631 Uncompleted New Sale District 22 LAKE GRANDE* Condominium 99 years July 24, ,285,000-1,421 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,271,000-1,406 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,258,000-1,284 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,012 1,223,000-1,209 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,116,000-1,296 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,061,000-1,369 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,052,000-1,357 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,051,000-1,236 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,045,000-1,277 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,022,000-1,319 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,000-1,313 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,000-1,404 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,000-1,285 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,000-1,269 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,000-1,367 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,000-1,230 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,000-1,350 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,000-1,323 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,000-1,372 Uncompleted New Sale LAKE GRANDE Condominium 99 years July 24, ,000-1,491 Uncompleted New Sale LAKEVILLE Condominium 99 years July 21, ,281 1,671,882 1,663,882 1,299 Uncompleted New Sale LAKEVILLE Condominium 99 years July 22, ,302 1,745,825 1,738,000 1,334 Uncompleted New Sale LAKEVILLE Condominium 99 years July 22, ,302 1,718,937 1,708,937 1,312 Uncompleted New Sale LAKEVILLE Condominium 99 years July 22, ,302 1,676,684 1,666,684 1,280 Uncompleted New Sale PARC VISTA Condominium 99 years July 21, , , Resale SUMMERDALE Condominium 99 years July 20, , , Resale THE CENTRIS Apartment 99 years July 19, ,292 1,358,888-1, Resale THE LAKESHORE Condominium 99 years July 25, ,184 1,280,000-1, Resale THE LAKESHORE Condominium 99 years July 26, ,000-1, Resale THE MAYFAIR Condominium 99 years July 21, ,109 1,015, Resale WESTWOOD RESIDENCES Condominium 99 years July 24, ,238 1,031, Uncompleted New Sale WESTWOOD RESIDENCES Condominium 99 years July 24, , , Uncompleted New Sale WESTWOOD RESIDENCES Condominium 99 years July 24, , Uncompleted New Sale District 23 BURGUNDY DRIVE Semi-Detached 99 years July 21, ,756 2,050, Resale ECO SANCTUARY Condominium 99 years July 20, ,172,860-1,184 Uncompleted New Sale GUILIN VIEW Condominium 99 years July 25, ,496 1,220, Resale HILLVIEW RESIDENCE Condominium 999 years July 20, ,453 1,138, Resale JALAN EMAS URAI Semi-Detached 999 years July 25, ,800 2,300, Resale MAYSPRINGS Apartment 99 years July 19, , , Resale MAYSPRINGS Apartment 99 years July 20, , Resale MAYSPRINGS Apartment 99 years July 26, , , Resale MI CASA Condominium 99 years July 21, , , Resale PALM GARDENS Condominium 99 years July 26, , , Resale PARKVIEW APARTMENTS Apartment 99 years July 20, , Resale SOL ACRES Condominium 99 years July 21, , , Uncompleted New Sale SOL ACRES Condominium 99 years July 24, , , Uncompleted New Sale SOL ACRES Condominium 99 years July 24, , , Uncompleted New Sale SOL ACRES Condominium 99 years July 24, , , Uncompleted New Sale SOL ACRES Condominium 99 years July 24, , Uncompleted New Sale THE HILLIER Apartment 99 years July 26, ,000-1,297 Uncompleted Sub 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 THE PETALS Condominium Freehold July 20, ,550 1,330, Resale Condominium 99 years July 19, , , Uncompleted New Sale Condominium 99 years July 19, , , Uncompleted New Sale Condominium 99 years July 19, , , Uncompleted New Sale Condominium 99 years July 19, , , Uncompleted New Sale Condominium 99 years July 19, , , Uncompleted New Sale Condominium 99 years July 20, , , Uncompleted New Sale Condominium 99 years July 21, , , Uncompleted New Sale Condominium 99 years July 21, , , Uncompleted New Sale Condominium 99 years July 23, , , Uncompleted New Sale Condominium 99 years July 24, , , Uncompleted New Sale Condominium 99 years July 24, , , Uncompleted New Sale Condominium 99 years July 24, , Uncompleted New Sale Condominium 99 years July 24, , Uncompleted New Sale Condominium 99 years July 24, , Uncompleted New Sale District 25 BELLEWOODS Condominium 99 years July 20, , , Uncompleted New Sale BELLEWOODS Condominium 99 years July 21, ,528 1,130, Uncompleted New Sale BELLEWOODS Condominium 99 years July 22, ,259 1,008, Uncompleted New Sale BELLEWOODS Condominium 99 years July 22, , , Uncompleted New Sale BELLEWOODS Condominium 99 years July 23, , , Uncompleted New Sale BELLEWOODS Condominium 99 years July 24, , , Uncompleted New Sale BELLEWOODS Condominium 99 years July 24, , Uncompleted New Sale NORTHWAVE Condominium 99 years July 19, , , Uncompleted New Sale NORTHWAVE Condominium 99 years July 23, , Uncompleted New Sale NORTHWAVE Condominium 99 years July 24, , Uncompleted New Sale NORTHWAVE Condominium 99 years July 24, , Uncompleted New Sale PARC ROSEWOOD Condominium 99 years July 19, ,000-1, Resale ROSEWOOD Condominium 99 years July 20, , , Resale ROSEWOOD SUITES Condominium 99 years July 19, , Resale WOODSVALE Condominium 99 years July 22, , , Resale District 26 TAGORE AVENUE Semi-Detached 99 years July 26, ,165 1,930, Resale District 27 CANBERRA RESIDENCES Condominium 99 years July 26, , Resale JALAN LEGUNDI Semi-Detached Freehold July 22, ,595 2,550, Resale NORTH PARK RESIDENCES Apartment 99 years July 23, ,090,000-1,315 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years July 24, ,227 1,345,500-1,096 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years July 24, ,055 1,292,280-1,225 Uncompleted New Sale PARC LIFE Condominium 99 years July 19, ,270 1,065,260 1,062, Uncompleted New Sale PARC LIFE Condominium 99 years July 23, , , , Uncompleted New Sale PARC LIFE Condominium 99 years July 23, , , Uncompleted New Sale PARC LIFE Condominium 99 years July 23, , , Uncompleted New Sale PARC LIFE Condominium 99 years July 24, , , Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 23, ,000-1,057 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 24, ,000-1,107 Uncompleted New Sale THE BROWNSTONE Condominium 99 years July 21, , , Uncompleted New Sale THE BROWNSTONE Condominium 99 years July 21, , Uncompleted New Sale THE BROWNSTONE Condominium 99 years July 22, , , Uncompleted New Sale THE BROWNSTONE Condominium 99 years July 22, , Uncompleted New Sale THE BROWNSTONE Condominium 99 years July 23, , Uncompleted New Sale THE CRITERION Condominium 99 years July 23, , Uncompleted New Sale THE ESTUARY Condominium 99 years July 21, , Resale THE VISIONAIRE Condominium 99 years July 19, , , Uncompleted New Sale THE VISIONAIRE Condominium 99 years July 20, , , Uncompleted New Sale THE VISIONAIRE Condominium 99 years July 21, , , Uncompleted New Sale THE VISIONAIRE Condominium 99 years July 21, , Uncompleted New Sale THE VISIONAIRE Condominium 99 years July 23, , , Uncompleted New Sale THE VISIONAIRE Condominium 99 years July 23, , Uncompleted New Sale THE VISIONAIRE Condominium 99 years July 23, , Uncompleted New Sale District 28 BELGRAVIA DRIVE Terrace Freehold July 19, ,638 2,910, Uncompleted New Sale HIGH PARK RESIDENCES Apartment 99 years July 22, ,112-1,133 Uncompleted New Sale FERNVALE Condominium 99 years July 24, , , , Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years July 24, ,119 1,241,240-1,109 Uncompleted New Sale SUNRISE AVENUE Semi-Detached Freehold July 25, ,692 3,030, Resale DISCLAIMER: Source: URA Realis. Updated August 2, 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. *Not all the transactions for Lake Grande are reflected as close to 500 units were sold on the weekend of July 25-26

15 THEEDGE SINGAPORE AUGUST 8, 2016 EP13 GAINS AND LOSSES Seller incurs 40% loss at Orchard Scotts BY ESTHER HOON All the resale transactions at Orchard Scotts since 2H2014 have been unprofitable Another seller at Orchard Scotts incurred a hefty loss despite having held the unit for nearly eight years. The loss, which amounted to $1.6 million, accrued to a 1,647 sq ft unit that was purchased in August 2008 at $2,438 psf. The unit changed hands at $1,438 psf on July 22, which was 40% below its purchase price, reflecting an annualised loss of 6%. In June, a 2,282 sq ft unit on the ninth floor was sold at a $2.4 million loss. All the resale transactions in the project since 2H2014 have been unprofitable. Orchard Scotts is a 99-year leasehold condominium in District 9 that was completed in Separately, a 2,680 sq ft unit at Marina Bay Suites, a 99-year leasehold condo in District 1, was sold at a loss of $1 million after a six-year holding period. The seller purchased the unit at $2,623 psf from the developer in December 2009 and resold it at $2,239 psf on July 26. In January, another 2,680 sq ft unit on the eighth floor was sold at a loss of $1.8 million. The most profitable non-landed home sold in the week of July 19 to 26 was a 2,271 sq ft unit at Sky@Eleven. The unit fetched a profit of $1.1 million, or an annualised gain of 4%, after being held for nine years. The seller purchased the unit in a sub-sale in April 2007 at $1,110 psf and resold it at $1,585 psf. Sky@ Eleven is a freehold condo on Thomson Lane in prime District 11. The 273-unit development was completed in Of the five units sold at the condo this year, four fetched lucrative profits exceeding $800,000 each. The four units were purchased in 2007 and The unprofitable transaction was traced to a unit that was bought in In the same week, two detached houses fetched a profit exceeding $4 million each for the sellers. The bigger profit of $4.7 million accrued to a house on Jalan Ampang in prime District 10 that sits on a 7,858 sq ft freehold site. The property was purchased in December 2009 at $1,056 psf on land area and resold at $1,654 psf, reflecting an annualised gain of 7%. The smaller profit of $4.6 million accrued to a house on Mugliston Road in District 15. The property, which sits on a 5,974 sq ft freehold site, was purchased in December 2004 at $303 psf on land area and resold at $1,071 psf. The annualised gain works out to 11%. The profits do not take into account any construction cost or enhancements done to the property. Meanwhile, three strata houses were sold at losses ranging from $180,000 to $450,000 in the week of July 19 to 26. The top loss of $450,000 was traced to a 3,800 sq ft semi-detached house on Jalan Emas Urai in District 23. The house, which sits on a 999-year leasehold site, was purchased in December 2007 at $724 psf and resold at $605 psf. On Tagore Avenue in District 26, a 3,165 sq ft strata house was sold at a loss of $232,888. The 99-year leasehold semi-detached house was bought at $683 psf in January 2011 and resold at $610 psf. The third unprofitable deal was for a freehold, 4,650 sq ft strata semi-detached house on Jalan Lim Tai See in District 10. The seller took in a loss of $181,000, having purchased the property in September 2008 at $706 psf and resold it at $667 psf. E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE FACTS + FIGURES Residential transactions with contracts dated July 19 to 26 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Sky@Eleven 11 2, Jul-16 1,585 5-Apr-07 1,110 1,079, Bishan Loft 20 1, Jul-16 1,059 4-Sep , Duet 10 1, Jul-16 1, Nov , The Equatorial 10 2, Jul-16 1,694 1-Jul-00 1, , Freesia Woods 21 1, Jul-16 1, Feb , Katong Ville 15 1, Jul-16 1,080 6-Dec , The Centris 22 1, Jul-16 1,052 6-Nov , Heritage View Jul-16 1, May , Kilat Centre 21 1, Jul Apr , Suffolk 11 1, Jul-16 1, May , LANDED 1 Detached/Jalan Ampang 10 7, Jul-16 1, Dec-09 1,056 4,700, Detached/Mugliston Road 15 5, Jul-16 1,071 2-Dec ,589, Detached/Charlton Road 19 5, Jul Nov ,200, Detached/Faber Drive 5 9, Jul Nov ,020, Terrace/Pebble Lane 15 3, Jul-16 1, May ,850, URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Orchard Scotts 9 1, Jul-16 1, Aug-08 2,438 1,647, Marina Bay Suites 1 2, Jul-16 2, Dec-09 2,623 1,031, Semi-Detached/Jalan Emas Urai 23 3,800* 25-Jul Dec , D Pavilion 19 1, Jul Dec-11 1, , Semi-Detached/Tagore Avenue 26 3,165* 26-Jul Jan , The Estuary Jul Jun-13 1, , Semi-Detached/Jalan Lim Tai See 10 4,650* 22-Jul Sep , Livia 18 1, Jul Oct , The Clift Jul-16 2, Dec-11 2,266 95, Melville Park 18 1, Jul May , * Refers to strata area. Otherwise, area stated for landed homes refers to land area URA caveat record downloaded on July 29 and Aug 2

16 EP14 THEEDGE SINGAPORE AUGUST 8, 2016 DEAL WATCH Freehold condo in District 11 selling at $1,916 psf SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY METTA LEE A 1,044 sq ft, two-bedroom unit at The Glyndebourne on Trevose Crescent is listed on TheEdgeProperty.com at $2 million or $1,916 psf. The unit is understood to be tenanted at $3,700 per month until January The last transaction for a similar-sized unit in the project was in May 2014 when a 1,055 sq ft unit on a lower floor changed hands for $2.5 million or $2,370 psf. The Glyndebourne was launched in 2010 and two-bedroom units had found buyers at an average price of $2,115 psf. Completed in 2013, the 150-unit freehold condominium is located next to Raffles Town Club and is within 400m of the Stevens MRT station of the Downtown Line. The development is also situated within 1km of the Singapore Chinese Girls Primary School and the National University of Singapore (Bukit Timah Campus) and 2km of the Anglo-Chinese School (Primary). The Singapore Botanic Gardens is less than 1km away. For more information, call marketing agent Albert Tan at E Scan the QR code for value deals at The Glyndebourne on Trevose Crescent As TheEdgeProperty.com is not party to the contract between the client and agent, it is unable to verify information provided by the agent The Glyndebourne is situated within 1km of Singapore Chinese Girls Primary School and 2km of Anglo-Chinese School (Primary) Recent transactions at The Glyndebourne CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) June 20, ,475 2,680,000 1,817 May 7, ,679 3,650,000 2,174 May 29, ,433 4,080,000 1,677 May 12, ,055 2,500,000 2,370 April 24, ,475 2,802,500 1,900 March 24, ,669 4,828,200 1,809 March 24, ,756 4,960,800 1,800 URA, THE EDGE PROPERTY visit Usual Retail $780 (3-Years) 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! 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 2.30pm Royal Tea: 2.30pm to 5pm (Mon-Sat) Dinner: 5pm to 10pm (Sun-Thurs) * Terms and conditions apply 5pm to 10.30pm (Fri, Sat & eve of PH) 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 August 31, 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: TES740/LAWRY S TES739/LAWRY S