Done Deals Buyers zoom in on Singapore s most expensive condos EP8. Flurry of ties

MAKE BETTER DECISIONS MCI (P) 079/05/2017 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to find properties, research market trends and read the latest news THE WEEK OF SEPTEMBER 4, 2017 ISSUE 795-17 New Launch Tuan Sing Holdings previews Kandis Residence EP4 Done Deals Buyers zoom in on Singapore s most expensive condos EP8 Gains and Losses Volari penthouse sees $1.63 mil loss EP11 Flurry of ties Is the latest merger between the associate teams of OrangeTee and Edmund Tie & Co a harbinger of further consolidation in the real estate agency business? See our Cover Story on Pages 6 and 7. Steven Tan of OrangeTee and Ong Choon Fah of Edmund Tie & Co

EP2 THEEDGE SINGAPORE SEPTEMBER 4, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY EDITOR Lin Zhiqin WRITERS Angela Teo, Timothy Tay DIGITAL WRITER Fiona Ho ANALYST Tan Chee Yuen COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Shanthi Murugiah PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Yen Tan DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim SENIOR ACCOUNT MANAGER Priscilla Wong ACCOUNT MANAGER James Chua REGIONAL BUSINESS DEVELOPMENT MANAGER Suki Lin CIRCULATION DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim CORPORATE MANAGING DIRECTOR Bernard Tong PUBLISHER The Edge Property Pte Ltd 150 Cecil Street #13-00 Singapore 069543 Tel: (65) 6232 8622 Fax: (65) 6232 8620 PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333 PERMISSION AND REPRINTS Material in The Edge Property may not be reproduced in any form without the written permission of the publisher We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. Sloane Court Hotel at Balmoral Road sold for $80.5 mil On Aug 28, Tiong Seng Holdings and Ocean Sky International announced that their 60:40 joint venture (JV) company, TSky Development, had entered into an agreement on Aug 25 to buy Sloane Court Hotel (above, left) at 17 Balmoral Road, as well as Lot 99899P of Town Subdivision 26. The agreement is conditional upon the approval of the shareholders of the vendors of the sites. The total purchase consideration for both sites, located in District 10, is $80.5 million. They have a combined area of 38,943 sq ft and are zoned Residential, with a gross plot ratio of 1.6. According to Nicholas Mak, executive director of ZACD Group, the price translates into $1,616 psf per plot ratio (ppr), including an estimated development charge of $20.2 million. With the average price of nearby residential developments such as Goodwood Grand at $2,432 psf, Hallmark Residences ($1,628), One Balmoral ($2,201 psf) and Three Balmoral ($2,196 psf), Mak reckons the new condo on the Sloane Court Hotel site could be launched at above $2,500 psf after late-2018. Jervois Gardens up for collective sale at $68 mil Jervois Gardens (below) will be launched for collective sale by tender on Aug 29, says marketing agent Colliers International. The asking price is in the region of $68 million, which works out to $1,297 psf ppr. The tender exercise for Jervois Gardens will close on Sept 26. Each owner will get $3 million to more than $4 million from the sale. Jervois Gardens comprises two fourstorey walk-up blocks with 14 maisonettes and three apartments. It sits on a freehold site of 34,038 sq ft. The site is zoned Residential, with a plot ratio of 1.4. According to Colliers, it can be redeveloped into a five-storey development comprising 60 units of about 850 sq ft each, subject to approval by the relevant authorities. A smaller freehold site on River Valley Road, close to Jervois Gardens, was recently acquired for $110 million, or $1,582 psf ppr. The selling prices of newer projects in the area, which are largely leasehold, such as Mon Jervois, Principal Garden, The Crest and Alex Residence, are between $1,900 and $2,350 psf. Freehold sites are hard to come by in the current market and developers landbanks are steadily depleting, says Tang Wei Leng, managing director of Colliers. Jervois Gardens offers developers the COLLIERS INTERNATIONAL SAMUEL ISAAC CHUA/THE EDGE SINGAPORE opportunity to build well- designed, afford able two- and three-bedroom apartments in prime District 10. Amber Park launched for collective sale at $768 mil Amber Park (above, right) has been launched for collective sale at a reserve price of $768 million, according to sole marketing agent JLL. The reserve price reflects a land rate of $1,284 psf ppr. Completed in 1986, the freehold Amber Park comprises 200 units in two 27-storey blocks. Under the 2014 Master Plan, the 213,670 sq ft site is zoned Residential, with a gross plot ratio of 2.8, according to JLL. It can be redeveloped into a high-rise apartment project of 24 to 26 storeys, depend ing on the technical height controls imposed by the relevant authorities. Dev elopment charges are not payable for the proposed redevelopment. Amber Park is located within walking distance of malls and ameni ties such as Parkway Parade, Marine Parade Central, I12 Katong and East Coast Park. It is less than 200m from the future Tanjong Katong MRT station. JLL regional director Tan Hong Boon says Amber Park could possibly be one of the last collective sale sites of above 200,000 sq ft in the area. The tender for Amber Park closes on Oct 3. Sun Rosier condo put up for collective sale at $235 mil The owners of Sun Rosier condo have put the development on How Sun Drive up for collective sale by tender. According to marketing agent Huttons Asia, the asking price is $235 million, or $1,149 psf ppr. No development charge is payable. Based on the 2014 Master Plan, the 146,046 sq ft site zoned Residential has a plot ratio of 1.4. This means the site has a maximum gross floor area of 204,464 sq ft, which works out to 204 condo units averaging 1,000 sq ft each. Redevelopment on the site will also be subject to a height limit of five storeys. According to Huttons Asia, the site is located within walking distance of the Bartley MRT station on the Circle Line. Stephen Tan, head of collective sales at Huttons Asia, expects strong demand from buyers for units on the site due to its proxi mity to the future Bidadari Estate. The tender exercise closes on Sept 21. Retail shops in Ang Mo Kio, Joo Chiat and Tampines up for sale Marketing agent Knight Frank is offering three retail shops for sale by expression of interest (EOI). The first, a HDB coffee shop at Block 709 Ang Mo Kio Avenue 8, has a total floor area of 1,636 sq ft, comprising a ground-floor shop space of 893 sq ft and living quarters of 743 sq ft. The guide price is $5.5 million to $6 million. The second is a corner HDB coffee shop located at Tampines Street 91. It has a ground-floor space of 4,058 sq ft and living quarters of 786 sq ft on the second storey. An outdoor refreshment area of 969 sq ft has been approved to create an extended dining area. The last transaction of a coffee shop in the vicinity was at Block 829 Tampines Street 81, which fetched $14.55 million in April 2016, says Mary Sai, executive director of investment and capital markets at Knight Frank Singapore. As such, vendors are expecting offers of between $14 million and $16 million for the current space. The third property is a ground-floor strata unit that comes with a basement. It is located next to Joo Chiat Complex and fronts the main stretch of Changi Road. The freehold shop has a floor area of 3,207 sq ft. The owner is expecting about $6.5 million ($2,026 psf). All three properties are available for sale on an individual basis. The EOI exercise closes on Sept 26. JLL JLL Freehold shophouses on South Buona Vista Road up for sale Exclusive marketing agent JLL is inviting offers through an EOI exercise for the purchase of freehold shophouses located at 30, 32 and 38 South Buona Vista Road. The properties are zoned as Residential with commercial on first storey, with a plot ratio of 3.0. The properties have yet to fully utilise the maximum permissible plot ratio. Nos 30 and 32 South Buona Vista Road are a pair of adjoining two-storey shophouses with a combined floor area of 6,324 sq ft that sit on a combined land area of 3,212 sq ft. The property is being offered for sale with existing tenancies, including Michael s Bar and Grill on Level 1, and The Apato, which operates 10 serviced apartment units on Level 2. A 1,467 sq ft vacant ground-floor unit is available, allowing for immediate occupation by an end-user. The guide price is about $12.6 million, or $1,992 psf on total floor area. No 38 South Buona Vista Road (above) is a corner two-storey shophouse with a land area of 2,171 sq ft and a total floor area of 4,176 sq ft. The shophouse is being offered with existing tenancies, including Paddy Hills, an upscale café, and The Apato, which operates eight serviced apartments on Level 2. The guide price is in the region of $9 million, or $2,157 psf on total floor area, reflecting a gross yield of about 4.5%. The properties are located about 600m from the Haw Par Villa MRT station and close to the one-north cluster, Mapletree Business City and The Singapore Science Park I & II. Opportunities to acquire freehold shophouses in the city fringe area with yields in excess of 4% are rare in today s market, says Clemence Lee, associate director, capital markets, JLL. The shophouses are available for purchase individually or collectively. The EOI exercise closes on Sept 20. Latest NUS SRPI shows gradual price recovery in private residential resale property market Overall prices of private non-landed residential properties in Singapore increased 1.7% from May to July, based on the latest Singapore Residential Price Index (SRPI) released by the National University of Singapore (NUS). The statistics point to a gradual price recovery in the private residential resale property market, says Nicholas Mak, executive director of ZACD Group. This is the second time the index has expanded for three months in a row since private residential property prices started to decline from 2H2013, Mak notes. The previous three-month increase was from December 2015 to February 2016, by a smaller percentage of 0.7%. In July this year, the SRPI Small Units dropped 0.8% m-o-m, and 1.9% y-o-y, which means the sub-market for small units saw the weakest price growth. In the current soft leasing market, small apartments could be facing increasing competition from larger apartments, says Mak. CapitaLand announces key executive appointments to support expansion On Aug 28, CapitaLand announced key executive appointments to support its next phase of expansion. With global dynamics and technological advancements disrupting traditional business models, CapitaLand s human capital must grow in tandem to drive the transformation of the group, says CapitaLand president and group CEO Lim Ming Yan. With effect from November, Wilson Tan Wee Yan, currently deputy CEO of Capita Land Mall Asia, will become CEO; Kevin Goh Soon Keat, currently chief operating officer of The Ascott, will be appointed CEO; Lynette Leong Chin Yee, currently CEO and executive director of CapitaLand Commercial Trust Management, will be become CEO of CapitaLand Commercial; and Kevin Chee Tien Jin, currently head of asset management at CapitaLand Commercial Trust and senior vice-president of asset management (commercial) at CapitaLand Singapore, will be appointed CEO of CCT Management. With effect from January 2018, Jason Leow Juan Thong, currently CEO and executive director of CapitaLand Mall Asia, will be appointed group COO of CapitaLand; Lee Chee Koon, currently CEO of The Ascott, will be appointed group chief investment officer of Capita Land; Tan Seng Chai, currently group chief corporate officer of CapitaLand, will be appointed group chief people officer; and Ng Kok Siong, currently chief corporate development officer of CapitaLand, will be appointed group chief digital officer. Fragrance Group sets up new unit in UK, acquires Manchester property for $21.9 mil Fragrance Group has incorporated a wholly-owned subsidiary in the UK known as Fragrance UK-Manchester. Fragrance UK-Manchester will be a property investment holding company with a paidup capital of 1 million ($1.75 million). Meanwhile, Fragrance Group has acquired The Townhouse Hotel at 101 Portland Street in Manchester for 12.5 million. The 85-bedroom hotel is located in the heart of Manchester City Centre. Compiled by Timothy Tay & Fiona Ho E

THEEDGE SINGAPORE SEPTEMBER 4, 2017 EP3

EP4 THEEDGE SINGAPORE SEPTEMBER 4, 2017 NEW LAUNCH Tuan Sing Holdings previews Kandis Residence in Sembawang BY ANGELA TEO Set amid the established landed housing estate of Sembawang which boasts Sembawang Straits Estate and Straits Gardens built by Bukit Sembawang Estates is an upcoming private condominium project: the 130-unit Kandis Residence by listed property developer Tuan Sing Holdings. Located on Jalan Kandis, just off Sembawang Road, Kandis Residence is a short walk from Kandis Garden, the Canberra Sembawang Park Connector, and the 15ha Sembawang Park, which stretches all the way to the northern coastline overlooking the Straits of Johor. Kandis Residence previewed over the weekend of Aug 26 and 27 and attracted quite a crowd. As the first private condo project to be launched in this landed housing estate, it is likely to appeal to those who have grown up in the neighbourhood, and whose parents still live there. The private condo may also draw HDB upgraders in the Sembawang and Yishun area. Serene location The project will appeal to those who want a tranquil location away from the hustle and bustle of city life, says Nicholas Mak, executive director of ZACD Group. The indicative price for Kandis Residences is said to be an average of $1,250 psf. As Kandis Residence is a small development, Tuan Sing has a good chance of selling the units within the ABSD deadline, reckons Mak. Tuan Sing won the 99-year leasehold, 75,832 sq ft site on Kandis Road in a government land tender in April last year with a bid of $51.1 million. This translated into $481 psf per plot ratio, which, according to Mak, was the lowest psf ppr price paid for a private non-landed residential development site purchased under the Government Land Sales programme from 2016 till today. Tuan Sing previewed Kandis Residence over the weekend of Aug 26 and 27 Artist s impression of Kandis Residence in Sembawang TUAN SING HOLDINGS The nearby Sembawang Park is popular with nature lovers and anglers LIN ZHIQIN/THE EDGE SINGAPORE PICTURES: ALBERT CHUA/THE EDGE SINGAPORE Quality product Being the first condo project in the area also means Kandis Residence will set a new benchmark in terms of product and pricing for future developments in the neighbourhood. The project will have smart home features, such as digital door locks. Residents can control the air conditioning in their unit using an app powered by Habitap, which is compatible with all smartphone or phablet devices. Tuan Sing is known for the quality of its developments. Its recent private condo projects include the 276-unit Seletar Park Residence, the 332-unit Sennett Residence and the 52-unit luxury condo, Cluny Park Residence. The developer has engaged renowned Singapore-based architectural firm Ong & Ong to design the low-rise Kandis Residence, which The show flat of a two-bedroom unit on the ground floor will have a three-storey block and three 7-storey blocks. Units will be designed to maximise natural light and views. There will be a wide range of unit types, with one-bedders of 485 to 496 sq ft, two-bedroom units of 732 to 797 sq ft, and two-bedroomplus-study units of 808 sq ft. The three-bedroom units are 915 to 937 sq ft, while the three-bedroom-plusstudy units are 1,023 to 1,034 sq ft. The bedrooms, as well as living and dining areas in the ground-floor units and those on the highest floors, will have 4.2m ceiling height, while the same spaces in units on the intermediate levels will have a ceiling height of 2.9m. Kandis Residence is scheduled to obtain its Temporary Occupation Permit in 2Q2021. The developer will be providing a shuttle service for residents to the Sembawang MRT station for the first year after the project s completion. Sembawang Park has one of the few remaining natural beaches in Singapore Up-and-coming neighbourhood While the government is trying to preserve the greenery of Sembawang, it is also transforming the area into a desirable place to work, live and play. More amenities are being planned for Sembawang, such as the Sembawang Community Hub, a one-stop centre where residents can mingle. The hub will have a range of amenities, from a swimming complex to a hawker centre, as well as services. Its centrepiece will be a national monument, namely, the Old Admiralty House. Sembawang is also part of the government s North Coast Innovation Corridor, which includes the Woodlands Regional Centre and the future Seletar Regional Centre. A new 21.5km North-South Corridor is being built, which will link Sembawang to the CBD and reduce travelling time. The expressway is scheduled for completion in 2026. E

THEEDGE SINGAPORE SEPTEMBER 4, 2017 EP5 SPECIAL FEATURE BROUGHT TO YOU BY COUNTRY GARDEN Forest City is an iconic, multibillion-dollar development with a view of Singapore s coastline PICTURES: COUNTRY GARDEN PACIFICVIEW Forest City to be iconic showcase of urban and environmental management FOREST CITY Johor, an iconic, multi-year development, is not just about building and selling apartments with a view of Singapore s coastline. It is also a showcase of how modernday living can be, with the latest in urban transport and infrastructure management. Country Garden Pacificview (CGPV) Sdn Bhd, the master developer of this project, has roped in a slew of strategic partners and is in talks with many others, to combine expertise and best practices to create an iconic city in Malaysia that will be known far beyond. CGPV, a joint venture (JV) between Country Garden Holdings Co Ltd and Esplanade Danga 88 Sdn Bhd, is in talks with SAJ Ranhill Sdn Bhd, a government-linked water management company in Johor, on how to manage the precious resource more effectively. Unbridled by legacy infrastructure and billing systems, Forest City will be an optimal large-scale project to build and manage water and sewage systems in a more effective and sustainable manner. I am very excited about our upcoming collaboration, says Yu Runze, CGPV s president and chief strategy officer. A ROLE MODEL FOR OTHER OVERSEAS PROJECTS According to Yu, with the exception of South Korea s Songdo, there are no comparable projects like Forest City elsewhere. There are other large-scale greenfield urban dev elopments, but they are not as large or as integrated as Forest City. This is a project that will definitely shine as a role model for other overseas projects, he says. Planners for the 20-year-long project envision a one-stop location for up to 500,000 permanent residents and an additional 200,000 visitors to live, work and play on newly reclaimed land spanning 20 sq km. Residential and non-residential space, such as hotels, offices and retail, will take up approximately 70% and 30% respectively of the total built-up area. Country Garden s chairman, Yeung Kwok-keung, drawing upon his wealth of experience, recognises that urban congestion may compromise living standards for such high-density areas. A lot of care and attention have been put into designing the development s traffic infrastructure, specific ally, a threelayer mobility system. Motor vehicles can move and park below in a comprehensive network of lanes and spaces, while the top layer will be restricted to non-motorised transport modes, like bicycles, and for pedestrians. Earlier this year, Grab, which is known for its ride-hailing app and is exploring the concept of mobility in the future, signed a memorandum of understanding with Forest City. At the moment, there are plans for a light rail system, which is efficient but involves a lot more sunk-in cost. Now, depending on what Grab can offer, Forest City might very well be where autonomous vehicles ply, when the technology is mature enough. There are different options that are being considered, says Yu, whose PhD thesis Sky villas ranging from 280 to 710 sq m will be made available in some of the exclusive residential towers at Forest City Yu: This is a project that will definitely shine as a role model for other overseas projects was on using data to model passenger travel patterns. URBAN LIFE REIMAGINED In any case, Forest City will benefit from the intellectual prowess of experts and senior executives like Yu and not merely the financial muscle and local knowledge of the JV partners. According to Yu, by year-end, Country Garden would have recruited some 1,000 PhD holders like himself. About 60% of them are from universities outside China and they will bring with them different perspectives, experiences and skill sets to the projects to which they are assigned, such as Forest City. In a sense, Forest City is practically an urban planner and architect s dream. Urban life is being reimagined. For example, some existing projects will come with swimming pools at the rooftops of the apartment buildings like those typically designed for penthouses. Forest City is bringing the concept of sky villa one step further. All the units in an entire block are designed as sky villas and they all come with private pools. The sizes of these highend units will range from 280 to 710 sq m. We call them sky villas because they function almost like landed properties, except that they are within a highrise tower, and [residents] don t have to worry about landscaping, says Yu. Forest City has started taking bookings for these unique products, and while final prices have yet to be determined, Yu expects them to be slightly higher than the prices of units sold within Forest City previously. These are premium products, and there s a lot of interest, he says. INTERNATIONAL REACH Earlier this year, the Chinese authorities started putting in place measures to curb the outflow of capital. Individuals are not allowed to take money out of the mainland to invest in overseas property. Companies, on the other hand, have to make sure that their foreign investments are in areas that can generate real and positive impact on both China and the foreign market s economy. While China s foreign reserve balance has increased for the past six months, Yu will not speculate on when the buying curbs will be lifted. Person ally, I believe in free trade and global isation. This is an unstoppable trend, he says. He is unfazed by the changes. He stresses that Forest City will abide by existing laws, and its target market has shifted to international buyers including the very large population of overseas SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Chinese with offshore financial resources. To better reach out to potential buyers, Forest City will be opening eight new international exhibition centres across key countries by year-end: Dubai, Japan, Laos, Myan mar, the Philippines, Taiwan, Thailand and Vietnam. These international exhibition centres are not just sales galleries, says Yu. The Forest City teams managing each of these centres are also tasked with business development functions, to help explore strategic partnerships with industry partners in key areas ranging from healthcare to IT, working not just with established companies but also start-ups and incubators so that Forest City can benefit from bright new ideas. So far, units at Forest City have been sold to buyers from 23 countries, dispelling the notion that the properties are meant just for the mainland Chinese. Local Malaysian buyers, are, of course, another huge market, with 20 sales galleries spanning every state in Peninsular Malaysia and East Malaysia. So far, the response has been better than we expected, says Yu. The positive response is not just due to the attributes of Forest City, but Country Garden s maiden project in Iskandar Malaysia Country Garden @ Danga Bay. This development, which has a total of 8,500 units, is 90% sold. It is fully completed and buyers are receiving their keys. I see happy homeowners, says Yu. Things are going smoothly. Visit Country Garden Singapore Sales Gallery at 143 Cecil Street #01-01 GB Building Singapore 069542 Open daily from 10pm to 7pm For more information, please call: 6224 3866/1800-889-8888 facebook.com/forestcitycgp

EP6 THEEDGE SINGAPORE SEPTEMBER 4, 2017 COVER STORY Tan and Ong at the press conference announcing the merger of their associate teams to create OrangeTee & Tie PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Flurry of ties Is the latest merger between the associate teams of OrangeTee and Edmund Tie & Co a harbinger of further consolidation in the real estate agency business? BY CECILIA CHOW & LIN ZHIQIN On Aug 28, OrangeTee and Edmund Tie & Co announced the merger of their associate agencies to create a new entity, Orange- Tee & Tie. Currently, Orange Tee s associate agency division has 2,938 agents, while ET&Co s has 1,122. The combined entity will potentially have a sales force of more than 4,000 agents, making it the third-largest in Singapore come Jan 1, 2018. This merger has been a carefully considered exercise, says Ong Choon Fah, CEO of ET&Co, at the press conference. And we have planned for a growth trajectory that will make us a leading agency in Singapore, both through organic growth and mergers and acquisitions [M&As]. On whether the group now harbours ambitions to become Singa pore s biggest player, Orange Tee manag- Top 10 real estate agencies in Singapore NO AGENCY NAME NO OF SALESPERSONS 1 PropNex Realty 6,747 2 ERA Realty Network 6,218 3 OrangeTee & Tie 4,059* 4 Huttons Asia 3,180 5 KF Property Network 652 6 Savills Residential 640 7 SLP Scotia 638** 8 Global Alliance Property 623 9 HSR International Realtors 482 10 C&H Properties 383 Note: *Combined number of agents for OrangeTee.com and Edmund Tie & Co Property Network **Combined number of agents for SLP Realty and Scotia Real Estate Group ing director Steven Tan says: We don t deny that size is important. If we have the scale, we can achieve many things we will be more productive, see greater margins and can reinvest in the company to compete with external forces. Digitalisation and the sharing economy have disrupted many trad itional businesses, and the real estate sector has not been spared. The market has responded by consolidating and rationalising, says Tan. CEA PUBLIC REGISTER AS AT AUG 22 Given the disruption in the real estate industry, competition could come from beyond traditional peers in the business, says ET&Co s Ong. As such, the group is looking at how it can embrace technology, digitalisation and the sharing economy. This calls for a radical change in mindset, she adds. Impact on agents Agents of Orange Tee & Tie will be able to leverage the resources of both companies, such as innovative technology, comprehensive training programmes and access to project marketing opportunities with more than 50 existing residential projects, as well as at least six upcoming new launches with more than 5,000 units, says Ong. Jeffrey Sim, senior vice- president of ET&Co, who focuses on bungalow sales, was among the agents present at the ceremony. I feel quite positive about this merger, he says. The management at OrangeTee seems very sincere, and I appreciate that. Having joined DTZ Debenham Tie Leung in 1997, Sim has witnessed the company s name changes over the past two decades from Edmund Tie & Co to DTZ Debenham Tie Leung for 16 years, then DTZ, and back to Edmund Tie & Co in July 2016, subsequent to shareholders buying back the 69% stake held by Cushman & Wakefield. This was after the merger between DTZ and Cushman & Wakefield in September 2015. For now, Sim is leaning 80% towards joining the new entity. If he does, he is quite confident that about 80% of his team of 120 associates will join him. Given the new training and technology platform that will be available to him under OrangeTee & Tie, Sim feels he will also have the opportunity to groom a young team of agents to become the future team of top producers.

THEEDGE SINGAPORE SEPTEMBER 4, 2017 EP7 COVER STORY Rapid consolidation mergers and alliances The merger of the associate teams at OrangeTee and Edmund Tie comes just two months after that of Prop Nex and DWG. Following the merger, 88% of DWG s agents moved over to PropNex, propelling it to the No 1 spot, with 6,747 agents as at Aug 22 (see table). The move by OrangeTee and ET&Co could be in reaction to the merger between PropNex and DWG, says Nicholas Mak, executive director of ZACD Group, parent company of SLP International. More small and medium-sized agencies could be motivated to take stakes in each other s companies or embark on an outright acquisition, he adds. For instance, SRI, a real estate agency with 250 agents, has been approached by some larger players, proposing a merger. Being selffunded, profit able and command ing a respectable trans action volume in the resale market, we are exploring acquisitions of smaller agencies with like-minded culture and clientele rather than a merger, says SRI managing partner Bruce Lye. He is already in discussion with a few groups, including divisions of the larger agencies. Alliances have proven to be less successful, as some partners have put their company interests ahead of the alliance s, notes ZACD s Mak. A case in point was Project Alliance Group, set up in 2014 by DWG, HSR International Realtors, Orange Tee and SLP International. The rationale was that with a combined sales force of about 5,500 agents, PAG would be able to go head-to-head with the Big Three ERA Realty, Huttons Asia and PropNex to pitch for project marketing appointments from devel opers. However, PAG dissolved within months. But some property agencies are undeterred. Late last month, SLP Realty the associate arm of SLP International merged with Scotia Real Estate Group to form SLP Scotia, which will take off in January 2018. In early August, SLP Realty also formed an alliance with boutique agency LandPlus. The lean years Mak predicts there will be more M&As ahead. The current wave of consolidation is the result of the lean years of 2014 to 2016, which has put pressure on the smaller agencies. Figures from the Council for Estate Agencies bear him out. In January 2014, there were 1,425 property agencies with a total of 31,783 agents. As at January this year, there were 1,286 agencies, with a sales force of 28,397 agents. There are benefits to consolidation, not just in terms of sales force, but also resources in training and DWG founder Dennis Wee (left) with PropNex s Gafoor. The merger between the two companies resulted in the group s becoming the biggest agency in Singapore, with 6,747 agents so far. technology. PropNex, for instance, has invested more than $10 million over the past five years in training and development programmes for its sales staff. Meanwhile, SLP has budgeted $3 million for training and technological enhancements to support its agents. OrangeTee was a first mover when it launched a proprietary platform, Property Agents Review, in February 2016 to enable customers to rate and review its property agents. PAR also showcases the agents transaction records. Early adopters last year saw an increase in commissions within six months after adopting the platform. To make it more effective, OrangeTee has tied up with Google Maps to enhance property search functions. The PAR platform will be extended to all associates of OrangeTee & Tie. Investment in technology is an ongoing process, says Tan. We set aside a budget every year towards building up our agents competencies, be it training or technological improvements. Shift in sentiment With brighter prospects and improved sentiment in the property market, more people will be encouraged to re-enter the real estate agency business, adds ZACD s Mak. Developers have also been very active in acquiring land. So far this year, eight collective sales sites totalling $3.5 billion have been sold. Another eight residential and mixeduse development sites with residential components worth $3.3 billion have been purchased in government land sales. With more project launches in the pipeline next year, there will be more opportunities for agents, says a veteran property agent who declines to be named. Given the size of the Singapore market however, only the four bigger agencies can operate successfully, reckons Prop Nex s CEO, Ismail Gafoor. Over time, only two agencies will dominate the industry. Time will tell whether he is right. E

EP8 THEEDGE SINGAPORE SEPTEMBER 4, 2017 DONE DEALS Buyers zoom in on most expensive condos BY TAN CHEE YUEN At Le Nouvel Ardmore, a 4,004 sq ft, four-bedroom unit on the seventh floor of the 33-storey luxury condo tower was sold for $16 million ($4,000 psf), according to a caveat lodged on Aug 22. This brings the total sales at Le Nouvel Ardmore to nine to date. The project in Ardmore Park was designed by renowned French architect and Pritzker Prize winner Jean Nouvel and developed by Wing Tai Holdings. Completed in 2014, the exclusive condo contains only 43 four-bedroom units with sizes from about 3,800 sq ft. Le Nouvel Ardmore is famous for the sale of its duplex penthouse of 13,875 sq ft for $51 million in April 2015. The buyer was said to be Sun Tongyu, one of the founders of Alibaba Group. However, the record price of $51 million has since been smashed by the recent purchase of a super penthouse at SC Global Development s ultra-luxurious Sculptura Ardmore for over $60 million. The 34-unit Sculptura Ardmore stands out for its cantilevered swimming pools. Word on the street is that the buyer of the 10,300 sq ft super penthouse at Sculptura Ardmore is Facebook co-founder and one Singapore s richest men, Eduardo Saverin. He married Singapore-based Indonesian Chinese Elaine Andriejanssen two years ago. Apart from the super penthouse which comes with a 5,000 sq ft roof terrace, and therefore fetched a price of $3,676 psf, most of the units sold at Le Nouvel Ardmore have been transacted at prices above $4,000 psf. In Singapore, property is a reflection of the wealth of the country, says Cheng Wai Keung, chairman and managing director of Wing Tai Holdings, at the company s FY2017 results briefing on Aug 24. While the Singapore economy may appear to be subdued, it is still growing, he adds. Given the regulatory environment, which is very stable, it s still a good place to invest in property. It appears that many of the wealthy in Singapore and overseas agree with him. Besides Le Nouvel Ardmore, other luxury condos have also seen a pick-up in transactions. For instance, at Gramercy Park, the latest transaction was for a 1,259 sq ft, two-bedroom unit on the 18th floor of one of the towers that was sold for $4.17 million, based on a caveat lodged on July 31. It translated to $3,310 psf, which is the highest in terms of price psf, for a unit at Gramercy Park to date. The 174-unit luxury condo located along Grange Road was developed by City Developments Ltd and completed just last year. At Tomlinson Heights, located along Tomlinson Road, just off Orchard Boulevard, a Singaporean buyer swept in and purchased all four units on the 33rd floor for a total of $30 million, according to caveats lodged on July 24. The 36-storey Tomlinson Heights contains just 70 units, and was developed by Hotel Properties Ltd. The project was completed in 2014. Even at The Claymore on Claymore Road, just off Ardmore Park, a 3,348 sq ft unit fetched $9.20 million ($2,748 psf) on Aug 18. The unit is located on the 19th floor of one of the 20-storey towers. The freehold, twin-tower development contains just 146 units and was completed in 1985. It looks like the big-ticket purchases in the prime districts have returned, says Samuel Eyo, managing director of Singapore Christie s International Real Estate. Even developers are starting to purchase freehold redevelopment land in the prime districts once again. This was evident in the purchase of a freehold residential site along River Valley Road by Roxy-Pacific Holdings for a total of $110 million in early August. On Aug 28, Sloane Court Hotel fronting Balmoral Road and an adjacent site fronting Ewe Boon Road were purchased by a joint venture between building and construction groups Tiong Seng Holdings and Ocean Sky International. The price tag for the two sites was $80.5 million. E Le Nouvel Ardmore was designed by renowned French architect Jean Nouvel SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Singapore by postal district Residential transactions with contracts dated Aug 15 to 22 LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 MARINA ONE RESIDENCES Apartment 99 years August 15, 2017 1,141 2,564,905 2,544,905 2,230 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years August 15, 2017 1,141 2,448,000-2,146 Uncompleted New Sale ONE SHENTON Apartment 99 years August 15, 2017 581 1,100,000-1,892 2011 Resale THE CLIFT Apartment 99 years August 21, 2017 549 1,069,999-1,949 2011 Resale THE SAIL @ MARINA BAY Apartment 99 years August 21, 2017 936 2,131,888-2,277 2008 Resale District 2 CRAIG PLACE Apartment 99 years August 16, 2017 657 1,180,000-1,797 2000 Resale ICON Apartment 99 years August 15, 2017 1,119 1,880,000-1,679 2007 Resale ONZE @ TANJONG PAGAR Apartment Freehold August 19, 2017 1,109 2,506,700-2,261 2017 New Sale SKYSUITES@ANSON Apartment 99 years August 18, 2017 506 1,289,340-2,549 2014 Resale SKYSUITES@ANSON Apartment 99 years August 21, 2017 366 933,000-2,549 2014 Resale SPOTTISWOODE PARK Apartment 99 years August 22, 2017 850 760,000-894 Unknown Resale District 3 ALEX RESIDENCES Apartment 99 years August 20, 2017 883 1,661,200-1,882 Uncompleted New Sale ARTRA Apartment 99 years August 19, 2017 1,410 2,323,999-1,648 Uncompleted New Sale ARTRA Apartment 99 years August 20, 2017 829 1,499,999-1,810 Uncompleted New Sale CENTRAL GREEN CONDOMINIUM Condominium 99 years August 16, 2017 1,292 1,610,000-1,246 1995 Resale COMMONWEALTH TOWERS Condominium 99 years August 15, 2017 1,055 1,720,800-1,631 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years August 16, 2017 1,302 2,174,000-1,669 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 COMMONWEALTH TOWERS Condominium 99 years August 17, 2017 1,055 1,741,800-1,651 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years August 18, 2017 1,055 1,723,800-1,634 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years August 19, 2017 1,055 1,735,800-1,646 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years August 19, 2017 1,055 1,732,800-1,643 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years August 20, 2017 1,055 1,729,800-1,640 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years August 15, 2017 1,152 2,046,800-1,777 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years August 20, 2017 700 1,463,000-2,091 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years August 20, 2017 915 1,858,400-2,031 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years August 15, 2017 495 855,000-1,727 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years August 15, 2017 786 1,321,000-1,681 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years August 15, 2017 495 880,000-1,777 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years August 16, 2017 484 833,000-1,720 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years August 16, 2017 786 1,387,000-1,765 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years August 17, 2017 786 1,390,000-1,769 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years August 18, 2017 484 836,000-1,726 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years August 18, 2017 807 1,438,000 1,433,000 1,775 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years August 19, 2017 495 839,000-1,694 Uncompleted New Sale QUEENS PEAK Condominium 99 years August 16, 2017 775 1,280,000-1,652 Uncompleted New Sale RIVER PLACE Condominium 99 years August 17, 2017 797 1,060,000-1,331 1999 Resale THE ANCHORAGE Condominium Freehold August 17, 2017 1,163 1,450,000-1,247 1997 Resale THE CREST Condominium 99 years August 16, 2017 1,044 1,775,000-1,700 2017 New Sale THE CREST Condominium 99 years August 18, 2017 1,130 1,888,000-1,670 2017 New Sale TWIN REGENCY Condominium Freehold August 17, 2017 1,776 2,580,000-1,453 2007 Resale District 4 MARINA COLLECTION Condominium 99 years August 15, 2017 3,412 6,426,707-1,883 2011 Resale THE INTERLACE Condominium 99 years August 17, 2017 3,563 2,998,000-841 2013 Resale THE OCEANFRONT @ SENTOSA COVE Condominium 99 years August 15, 2017 2,077 4,200,000-2,022 2010 Resale District 5 PARC IMPERIAL Condominium Freehold August 21, 2017 409 665,500-1,627 2010 Resale PARC RIVIERA Condominium 99 years August 15, 2017 710 865,000-1,218 Uncompleted New Sale PARC RIVIERA Condominium 99 years August 17, 2017 1,184 1,456,000-1,230 Uncompleted New Sale PARC RIVIERA Condominium 99 years August 19, 2017 1,184 1,476,000-1,247 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years August 18, 2017 1,141 1,607,000-1,408 Uncompleted New Sale THE ORIENT Apartment Freehold August 18, 2017 667 1,262,200-1,891 Uncompleted New Sale THE PARC CONDOMINIUM Condominium Freehold August 17, 2017 1,518 1,830,000-1,206 2010 Resale THE TRILINQ Condominium 99 years August 15, 2017 1,346 1,635,000-1,215 2017 New Sale THE TRILINQ Condominium 99 years August 15, 2017 1,518 1,788,000-1,178 2017 New Sale THE TRILINQ Condominium 99 years August 15, 2017 1,109 1,318,000-1,189 2017 New Sale THE TRILINQ Condominium 99 years August 15, 2017 1,604 1,634,000-1,019 2017 New Sale THE TRILINQ Condominium 99 years August 17, 2017 1,335 1,360,000-1,019 2017 New Sale VARSITY PARK CONDOMINIUM Condominium 99 years August 18, 2017 1,313 1,468,000-1,118 2008 Resale WESTCOVE CONDOMINIUM Condominium 99 years August 16, 2017 1,216 980,088-806 1998 Resale District 7 CONCOURSE SKYLINE Apartment 99 years August 17, 2017 1,421 2,190,000-1,541 2014 Resale THE PLAZA Apartment 99 years August 17, 2017 840 790,000-941 1979 Resale District 8 KERRISDALE Condominium 99 years August 15, 2017 1,259 1,380,000-1,096 2005 Resale KERRISDALE Condominium 99 years August 18, 2017 1,259 1,400,000-1,112 2005 Resale FLANDERS SQUARE Apartment Freehold August 18, 2017 1,023 875,000-856 Unknown Resale STURDEE RESIDENCES Condominium 99 years August 16, 2017 947 1,402,800-1,481 Uncompleted New Sale

THEEDGE SINGAPORE SEPTEMBER 4, 2017 EP9 DONE DEALS Residential transactions with contracts dated Aug 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 9 BELLE VUE RESIDENCES Condominium Freehold August 16, 2017 2,110 4,030,000-1,910 2010 Resale CAIRNHILL ASTORIA Apartment Freehold August 18, 2017 1,830 2,870,000-1,568 1983 Resale MARTIN MODERN Condominium 99 years August 15, 2017 764 1,729,920-2,264 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 15, 2017 883 2,174,130-2,463 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 15, 2017 1,012 2,374,560-2,347 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 17, 2017 1,012 2,336,208-2,309 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 18, 2017 1,399 2,992,110-2,138 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 18, 2017 1,421 3,094,272-2,178 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 18, 2017 1,421 3,056,387-2,151 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 18, 2017 850 1,989,680-2,340 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 18, 2017 1,012 2,175,405-2,150 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 18, 2017 1,012 2,178,635-2,153 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 19, 2017 883 1,899,648-2,152 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 19, 2017 1,421 3,098,352-2,181 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 19, 2017 1,798 4,247,280-2,363 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 19, 2017 872 1,884,960-2,162 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 20, 2017 1,012 2,228,275-2,202 Uncompleted New Sale MARTIN MODERN Condominium 99 years August 20, 2017 883 1,925,760-2,182 Uncompleted New Sale MARTIN PLACE RESIDENCES Condominium Freehold August 15, 2017 1,421 2,750,000-1,935 2011 Resale NOMU Apartment Freehold August 16, 2017 1,389 2,780,000-2,002 2009 Resale ORCHARD TOWERS Apartment Freehold August 15, 2017 1,970 2,500,000-1,269 1975 Resale OUE TWIN PEAKS Condominium 99 years August 15, 2017 1,399 4,347,000-3,107 2015 Resale OUE TWIN PEAKS Condominium 99 years August 16, 2017 1,604 4,590,000-2,862 2015 Resale PARC EMILY Condominium Freehold August 15, 2017 1,012 1,550,000-1,532 2008 Resale PARC MACKENZIE Apartment Freehold August 16, 2017 904 1,288,000-1,425 2009 Resale RIVERSHIRE Apartment Freehold August 18, 2017 2,088 3,160,000-1,513 1991 Resale SCOTTS SQUARE Apartment Freehold August 16, 2017 1,249 3,688,000-2,954 2011 Resale SOPHIA HILLS Condominium 99 years August 16, 2017 710 1,392,000-1,959 Uncompleted New Sale SOPHIA HILLS Condominium 99 years August 16, 2017 700 1,374,000-1,964 Uncompleted New Sale SOPHIA HILLS Condominium 99 years August 16, 2017 592 1,201,000-2,029 Uncompleted New Sale SOPHIA HILLS Condominium 99 years August 17, 2017 560 1,143,000-2,042 Uncompleted New Sale SOPHIA HILLS Condominium 99 years August 18, 2017 570 1,192,000-2,089 Uncompleted New Sale SOPHIA HILLS Condominium 99 years August 18, 2017 592 1,212,000-2,047 Uncompleted New Sale SOPHIA HILLS Condominium 99 years August 19, 2017 570 1,100,000-1,928 Uncompleted New Sale SOPHIA HILLS Condominium 99 years August 19, 2017 506 1,036,000-2,048 Uncompleted New Sale THE CLAYMORE Condominium Freehold August 18, 2017 3,348 9,200,000-2,748 1985 Resale THE COSMOPOLITAN Condominium Freehold August 18, 2017 1,141 2,125,000-1,862 2008 Resale THE EDGE ON CAIRNHILL Condominium Freehold August 15, 2017 5,673 7,280,000-1,283 2002 Resale THE TRILLIUM Condominium Freehold August 18, 2017 1,798 3,100,000-1,725 2010 Resale THE VERMONT ON CAIRNHILL Apartment Freehold August 15, 2017 1,442 3,300,000-2,288 2013 Resale THE VERMONT ON CAIRNHILL Apartment Freehold August 18, 2017 1,884 3,610,000-1,916 2013 Resale VISIONCREST Apartment Freehold August 21, 2017 840 1,670,000-1,989 2007 Resale District 10 CLUNY PARK RESIDENCE Condominium Freehold August 22, 2017 883 2,100,000-2,379 2016 Resale CUSCADEN RESIDENCES Condominium Freehold August 21, 2017 1,485 2,850,000-1,919 2002 Resale D LEEDON Condominium 99 years August 18, 2017 1,981 2,780,000-1,404 2014 Resale D LEEDON Condominium 99 years August 22, 2017 635 1,143,000-1,800 2014 Resale DUCHESS CREST Condominium 99 years August 21, 2017 1,367 1,851,000-1,354 1998 Resale EDEN PARK Detached Freehold August 18, 2017 5,210 9,300,000-1,785 Unknown Resale GOODWOOD GRAND Apartment Freehold August 15, 2017 775 1,888,000-2,436 2017 New Sale GOODWOOD GRAND Apartment Freehold August 18, 2017 1,109 2,676,000-2,414 2017 New Sale GOODWOOD GRAND Apartment Freehold August 18, 2017 1,044 2,539,000-2,432 2017 New Sale HOLT RESIDENCES Apartment Freehold August 18, 2017 2,056 3,000,000-1,459 2000 Resale LE NOUVEL ARDMORE Condominium Freehold August 22, 2017 4,004 16,018,000-4,000 2014 Resale LEEDON RESIDENCE Condominium Freehold August 21, 2017 2,508 5,970,000-2,380 2015 Resale LUSH ON HOLLAND HILL Condominium Freehold August 15, 2017 1,281 1,800,000-1,405 2012 Resale LUTHERAN TOWERS Apartment 103 years August 17, 2017 1,916 1,695,000-885 Unknown Resale MADISON RESIDENCES Condominium Freehold August 16, 2017 1,464 2,850,000-1,947 2012 Resale MCMAHON PARK Detached 999 years August 16, 2017 4,629 7,550,000-1,633 1998 Resale MARYLAND DRIVE Detached 999 years August 15, 2017 11,453 20,980,000-1,832 Unknown Resale REGENCY PARK Condominium Freehold August 17, 2017 3,649 6,000,000-1,644 1990 Resale RICH MANSIONS Condominium Freehold August 21, 2017 1,765 2,350,000-1,331 1994 Resale ROBIN RESIDENCES Condominium Freehold August 16, 2017 1,776 3,870,000-2,179 2015 Resale RV RESIDENCES Condominium 999 years August 15, 2017 678 1,332,040-1,964 2015 Resale RV RESIDENCES Condominium 999 years August 15, 2017 678 1,370,000-2,020 2015 Resale RV RESIDENCES Condominium 999 years August 15, 2017 678 1,374,680-2,027 2015 Resale RV RESIDENCES Condominium 999 years August 16, 2017 678 1,341,060-1,978 2015 Resale RV RESIDENCES Condominium 999 years August 16, 2017 678 1,354,180-1,997 2015 Resale RV RESIDENCES Condominium 999 years August 17, 2017 689 1,370,000-1,989 2015 Resale RV RESIDENCES Condominium 999 years August 17, 2017 678 1,355,000-1,998 2015 Resale RV RESIDENCES Condominium 999 years August 18, 2017 700 1,352,900-1,934 2015 Resale RV SUITES Apartment Freehold August 15, 2017 538 915,000-1,700 2012 Resale SHEARES VILLE Apartment Freehold August 21, 2017 1,475 2,160,000-1,465 2003 Resale THE LEGEND Condominium Freehold August 15, 2017 1,475 1,920,000-1,302 1996 Resale THE LOFT Condominium 99 years August 16, 2017 2,013 2,880,000-1,431 2002 Resale VICTORIA PARK VILLAS Semi-Detached 99 years August 16, 2017 2,217 4,021,000-1,813 Uncompleted New Sale VILLA AZURA Condominium Freehold August 15, 2017 1,356 1,600,000-1,180 1999 Resale VOLARI Condominium Freehold August 18, 2017 3,950 5,700,000-1,443 2012 Resale District 11 26 NEWTON Apartment Freehold August 15, 2017 560 1,455,000-2,599 2016 Resale 26 NEWTON Apartment Freehold August 18, 2017 474 1,252,119-2,644 2016 Resale 6 DERBYSHIRE Condominium Freehold August 16, 2017 1,012 2,382,771-2,355 2017 New Sale ADRIA Apartment Freehold August 21, 2017 1,485 2,360,000-1,589 2013 Resale LUCIDA Apartment Freehold August 16, 2017 1,066 1,400,000-1,314 2011 Resale HILLCREST ROAD Semi-Detached Freehold August 16, 2017 2,239 3,880,000-1,730 Unknown Resale GREENDALE AVENUE Semi-Detached Freehold August 18, 2017 2,928 6,500,000-2,219 2016 Resale JALAN SEJARAH Detached Freehold August 22, 2017 6,415 11,088,800-1,729 1968 Resale NEWTON ONE Condominium Freehold August 18, 2017 1,916 3,270,000-1,707 2009 Resale SETIA RESIDENCES Apartment Freehold August 16, 2017 3,348 5,750,000-1,718 2003 Resale SOLEIL @ SINARAN Condominium 99 years August 17, 2017 581 1,103,900-1,899 2011 Resale SUFFOLK PREMIER Apartment Freehold August 17, 2017 1,001 1,295,000-1,294 2007 Resale District 12 CALARASI Apartment Freehold August 15, 2017 1,130 1,120,000-991 2004 Resale CITY SUITES Apartment Freehold August 17, 2017 452 817,000-1,807 2017 New Sale DE ROYALE Condominium Freehold August 22, 2017 1,281 1,626,800-1,270 2006 Resale EIGHT RIVERSUITES Terrace 99 years August 17, 2017 3,003 2,150,000-716 2016 Resale EIGHT RIVERSUITES Condominium 99 years August 21, 2017 441 708,000-1,604 2016 Resale GEM RESIDENCES Condominium 99 years August 15, 2017 678 1,090,980-1,609 Uncompleted New Sale GEM RESIDENCES Condominium 99 years August 16, 2017 1,055 1,640,000-1,555 Uncompleted New Sale GEM RESIDENCES Condominium 99 years August 18, 2017 1,055 1,558,000-1,477 Uncompleted New Sale GEM RESIDENCES Condominium 99 years August 18, 2017 947 1,258,000-1,328 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 GEM RESIDENCES Condominium 99 years August 19, 2017 1,055 1,559,000-1,478 Uncompleted New Sale GEM RESIDENCES Condominium 99 years August 20, 2017 947 1,407,000-1,485 Uncompleted New Sale GEM RESIDENCES Condominium 99 years August 20, 2017 936 1,340,000-1,431 Uncompleted New Sale ONE ST MICHAEL S Condominium Freehold August 21, 2017 1,259 1,550,000-1,231 2009 Resale REGENT RESIDENCES Apartment Freehold August 18, 2017 689 975,000-1,415 2015 Resale THE RIVERINE BY THE PARK Apartment Freehold August 16, 2017 1,302 1,800,000-1,382 2010 Resale VIIO @ BALESTIER Condominium Freehold August 18, 2017 560 939,800-1,679 Uncompleted New Sale District 13 E MAISON Apartment Freehold August 17, 2017 700 910,000-1,301 2016 New Sale MACKERROW ROAD Detached Freehold August 15, 2017 6,728 5,850,000-870 1983 Resale JALAN RIANG Terrace Freehold August 15, 2017 1,658 2,318,000-1,403 Unknown Resale THE POIZ RESIDENCES Apartment 99 years August 20, 2017 1,507 2,069,270-1,373 Uncompleted New Sale District 14 EUHABITAT Condominium 99 years August 18, 2017 581 708,000-1,218 2015 Resale LE CRESCENDO Condominium Freehold August 21, 2017 947 1,145,000-1,209 2006 Resale JALAN ISHAK Terrace Freehold August 16, 2017 4,919 3,788,888-771 1983 Resale SIMS URBAN OASIS Condominium 99 years August 19, 2017 829 1,107,300-1,336 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years August 19, 2017 1,033 1,414,500-1,369 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years August 20, 2017 958 1,268,600-1,324 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years August 20, 2017 1,033 1,460,900-1,414 Uncompleted New Sale SIMSVILLE Condominium 99 years August 21, 2017 980 910,000-929 1998 Resale SINGA HILLS Apartment Freehold August 17, 2017 667 933,800-1,399 2016 Resale SUNFLOWER COURT Apartment Freehold August 15, 2017 1,152 750,000-651 2001 Resale SUNFLOWER COURT Apartment Freehold August 16, 2017 1,044 800,000-766 2001 Resale THE TRUMPS Condominium 99 years August 18, 2017 700 845,000-1,208 2005 Resale TORIEVIEW MANSIONS Apartment Freehold August 15, 2017 1,453 985,000-678 1995 Resale TRE RESIDENCES Condominium 99 years August 17, 2017 764 1,177,000-1,540 Uncompleted New Sale TRE RESIDENCES Condominium 99 years August 18, 2017 861 1,271,000-1,476 Uncompleted New Sale TRE RESIDENCES Condominium 99 years August 20, 2017 861 1,294,000-1,503 Uncompleted New Sale TRE RESIDENCES Condominium 99 years August 20, 2017 764 1,129,000-1,477 Uncompleted New Sale TRE RESIDENCES Condominium 99 years August 20, 2017 764 1,131,000-1,480 Uncompleted New Sale District 15 COSTA RHU Condominium 99 years August 17, 2017 2,056 2,080,000-1,012 1997 Resale COTE D AZUR Condominium 99 years August 21, 2017 1,109 1,492,000-1,346 2004 Resale EAST VIEW Apartment Freehold August 18, 2017 883 1,250,000-1,416 1998 Resale EVERITT GREEN Apartment Freehold August 22, 2017 1,292 1,288,000-997 2003 Resale HAWAII TOWER Condominium Freehold August 16, 2017 2,239 2,800,000-1,251 1984 Resale KATONG APARTMENTS Apartment Freehold August 18, 2017 1,399 1,270,000-908 1995 Resale LAGOON VIEW Apartment 99 years August 15, 2017 1,647 1,400,000-850 Unknown Resale MANDARIN GARDENS Condominium 99 years August 17, 2017 829 851,000-1,027 1986 Resale MERIDIAN 38 Apartment Freehold August 18, 2017 1,152 1,580,000-1,372 2015 Resale WOO MON CHEW ROAD Terrace Freehold August 16, 2017 1,755 2,636,500-1,499 1992 Resale LORONG M TELOK KURAU Semi-Detached Freehold August 16, 2017 3,218 4,350,000-1,354 Unknown Resale CEYLON ROAD Semi-Detached Freehold August 17, 2017 2,260 3,130,000-1,384 1992 Resale JALAN SEAVIEW Semi-Detached Freehold August 18, 2017 3,401 4,880,000-1,435 Unknown Resale JOO CHIAT TERRACE Terrace Freehold August 21, 2017 1,658 2,400,000-1,449 1983 Resale ONE FORT Condominium Freehold August 16, 2017 1,206 1,730,000-1,435 2005 Resale PEBBLE BAY Condominium 99 years August 15, 2017 6,469 7,510,000-1,161 1997 Resale RIVAGE Apartment Freehold August 21, 2017 1,098 1,500,000-1,366 2009 Resale SEASIDE RESIDENCES Apartment 99 years August 15, 2017 786 1,245,000-1,584 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years August 15, 2017 592 1,023,000-1,728 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years August 15, 2017 1,733 3,318,000-1,915 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years August 15, 2017 1,733 3,226,000-1,862 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years August 16, 2017 1,259 2,011,000-1,597 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years August 17, 2017 1,087 1,879,000-1,728 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years August 18, 2017 592 1,116,000-1,885 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years August 19, 2017 786 1,225,620-1,560 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years August 19, 2017 506 887,000-1,753 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years August 20, 2017 1,679 3,038,000-1,809 Uncompleted New Sale SUITES TWENTY-TWO Apartment Freehold August 18, 2017 1,098 1,100,000-1,002 2005 Resale SUNNYVALE RESIDENCES Apartment Freehold August 20, 2017 1,206 1,869,000-1,550 2017 New Sale THE MEYERISE Condominium Freehold August 18, 2017 1,281 2,800,000-2,186 2014 Resale THE SHORE RESIDENCES Condominium 103 years August 18, 2017 893 1,270,000-1,422 2014 Resale TIERRA VUE Condominium Freehold August 17, 2017 947 1,310,000-1,383 2009 Resale WATER PLACE Condominium 99 years August 18, 2017 1,216 1,470,000-1,209 2004 Resale District 16 BEDOK RESIDENCES Apartment 99 years August 18, 2017 678 890,000-1,312 2015 Resale CASA MERAH Apartment 99 years August 21, 2017 1,259 1,300,000-1,032 2009 Resale GRANDEUR PARK RESIDENCES Condominium 99 years August 15, 2017 969 1,274,000-1,315 Uncompleted New Sale BEDOK WALK Terrace Freehold August 17, 2017 2,497 2,040,000-816 Unknown Resale LUCKY GARDENS Terrace Freehold August 18, 2017 1,808 2,580,000-1,430 Unknown Resale PARBURY HILL CONDOMINIUM Condominium Freehold August 21, 2017 1,453 1,650,000-1,135 1997 Resale RIA TOWNHOUSES Terrace Freehold August 18, 2017 3,305 2,280,000-690 2007 Resale SEA BREEZE TERRACE Terrace Freehold August 18, 2017 1,765 2,425,000-1,370 1992 Resale THE GLADES Condominium 99 years August 20, 2017 1,378 2,010,000-1,459 2016 New Sale District 17 AZALEA PARK CONDOMINIUM Condominium 999 years August 22, 2017 1,507 1,160,000-770 1996 Resale FERRARIA PARK CONDOMINIUM Condominium Freehold August 15, 2017 1,399 1,180,000-843 2009 Resale LOYANG VALLEY Condominium 99 years August 15, 2017 1,528 888,000-581 1985 Resale District 18 COCO PALMS Condominium 99 years August 17, 2017 1,259 1,432,540-1,137 Uncompleted New Sale COCO PALMS Condominium 99 years August 20, 2017 1,259 1,534,220-1,218 Uncompleted New Sale LIVIA Condominium 99 years August 16, 2017 1,744 1,300,000-746 2011 Resale NV RESIDENCES Condominium 99 years August 15, 2017 743 727,000-979 2013 Resale RIPPLE BAY Condominium 99 years August 18, 2017 484 559,000-1,154 2015 Resale THE ALPS RESIDENCES Condominium 99 years August 18, 2017 1,066 1,169,000-1,097 Uncompleted New Sale THE PALETTE Condominium 99 years August 21, 2017 1,173 1,260,000-1,074 2015 Resale THE SANTORINI Condominium 99 years August 16, 2017 1,152 1,159,000-1,006 2017 New Sale THE SANTORINI Condominium 99 years August 16, 2017 915 995,860-1,088 2017 New Sale THE SANTORINI Condominium 99 years August 16, 2017 1,259 1,318,050-1,047 2017 New Sale THE SANTORINI Condominium 99 years August 16, 2017 1,152 1,199,880-1,042 2017 New Sale THE SANTORINI Condominium 99 years August 16, 2017 1,130 1,132,210-1,002 2017 New Sale THE SANTORINI Condominium 99 years August 16, 2017 1,119 1,140,000-1,018 2017 New Sale THE SANTORINI Condominium 99 years August 17, 2017 1,259 1,265,000-1,004 2017 New Sale THE SANTORINI Condominium 99 years August 17, 2017 1,152 1,153,000-1,001 2017 New Sale THE SANTORINI Condominium 99 years August 17, 2017 1,130 1,159,480-1,026 2017 New Sale THE SANTORINI Condominium 99 years August 17, 2017 1,109 1,129,563-1,019 2017 New Sale WHITEWATER EC 99 years August 18, 2017 1,195 813,000-680 2005 Resale District 19 A TREASURE TROVE Condominium 99 years August 15, 2017 915 910,000-995 2015 Resale BARTLEY RESIDENCES Apartment 99 years August 18, 2017 1,087 1,460,000-1,343 2015 Resale CONTINUES NEXT PAGE

EP10 THEEDGE SINGAPORE SEPTEMBER 4, 2017 DONE DEALS FROM PREVIOUS PAGE Residential transactions with contracts dated Aug 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 BOATHOUSE RESIDENCES Condominium 99 years August 18, 2017 1,119 1,125,000-1,005 2015 Resale CLASSICAL TERRACE Terrace 99 years August 18, 2017 2,153 2,130,000-988 2006 Resale D PAVILION Apartment Freehold August 17, 2017 1,647 1,630,000-990 2010 Resale INFINIUM Terrace Freehold August 16, 2017 4,962 2,945,000-593 2017 New Sale JANSEN MANSIONS Apartment 999 years August 15, 2017 1,259 960,000-762 1990 Resale JAZZ RESIDENCES Terrace Freehold August 15, 2017 4,618 2,938,350-636 2016 New Sale LA FIESTA Condominium 99 years August 18, 2017 452 650,000-1,438 2016 Resale LOWLAND ROAD Semi-Detached Freehold August 17, 2017 3,875 4,200,000-1,085 1983 Resale ROSYTH ROAD Terrace Freehold August 18, 2017 2,185 2,800,000-1,282 2005 Resale OASIS GARDEN Condominium Freehold August 16, 2017 947 1,030,000-1,087 2009 Resale PARK GREEN EC 99 years August 21, 2017 1,356 920,000-678 2004 Resale REGENTVILLE Apartment 99 years August 17, 2017 980 750,000-766 1999 Resale REGENTVILLE Apartment 99 years August 18, 2017 1,152 800,000-695 1999 Resale REGENTVILLE Apartment 99 years August 22, 2017 980 730,000-745 1999 Resale RESIDENCES BOTANIQUE Condominium Freehold August 15, 2017 980 1,088,000-1,111 2012 Resale RIVER ISLES Condominium 99 years August 15, 2017 947 950,000-1,003 2015 Resale RIVERSAILS Condominium 99 years August 18, 2017 1,615 1,450,000-898 2016 Resale SERANGOON GARDEN ESTATE Detached 999 years August 15, 2017 4,198 4,857,800-1,157 2008 Resale ST ANNE S WOOD Semi-Detached 999 years August 18, 2017 2,153 2,381,000-1,106 1996 Resale STARS OF KOVAN Apartment 99 years August 16, 2017 969 1,469,740-1,517 Uncompleted New Sale STARS OF KOVAN Apartment 99 years August 18, 2017 764 1,109,250-1,451 Uncompleted New Sale SUITES @ KOVAN Apartment Freehold August 17, 2017 366 535,000-1,462 2010 Resale THE FLORENTINE Apartment 947 years August 22, 2017 947 920,000-971 2011 Resale THE FLORIDA EC 99 years August 18, 2017 1,216 828,000-681 2000 Resale THE LUXURIE Condominium 99 years August 21, 2017 1,055 1,180,000-1,119 2015 Resale THE MINTON Condominium 99 years August 22, 2017 980 940,000-960 2013 Resale TRILIVE Condominium Freehold August 19, 2017 549 968,000-1,763 Uncompleted New Sale District 20 ADANA @ THOMSON Apartment Freehold August 20, 2017 872 1,420,000-1,629 Uncompleted New Sale ADELPHI PARK ESTATE Terrace Freehold August 15, 2017 2,809 2,600,000-926 Unknown Resale BISHAN PARK CONDOMINIUM Condominium 99 years August 18, 2017 1,270 1,050,000-827 1994 Resale BISHAN PARK CONDOMINIUM Condominium 99 years August 21, 2017 1,550 1,350,000-871 1994 Resale BISHAN PARK CONDOMINIUM Condominium 99 years August 21, 2017 1,324 1,180,000-891 1994 Resale BISHAN POINT Condominium 99 years August 17, 2017 1,184 1,230,000-1,039 2005 Resale CLOVER BY THE PARK Condominium 99 years August 18, 2017 1,765 2,010,000-1,139 2011 Resale CORAL PARK Terrace Freehold August 21, 2017 1,679 2,600,000-1,547 1980 Resale SEMBAWANG HILLS ESTATE Terrace Freehold August 15, 2017 1,948 2,135,000-1,095 Unknown Resale SEMBAWANG HILLS ESTATE Terrace Freehold August 15, 2017 1,496 2,180,000-1,453 Unknown Resale THOMSON IMPRESSIONS Apartment 99 years August 16, 2017 463 789,700-1,706 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years August 16, 2017 463 793,000-1,713 Uncompleted New Sale TRESALVEO Condominium Freehold August 18, 2017 1,668 2,320,000-1,391 2012 Resale District 21 BINJAI CREST Terrace 99 years August 15, 2017 3,778 1,900,000-503 2004 Resale BINJAI PARK Apartment 999 years August 16, 2017 1,033 1,300,000-1,258 Unknown Resale CLEMENTI PARK Condominium Freehold August 16, 2017 1,658 1,550,000-935 1986 Resale HIGH OAK CONDOMINIUM Condominium 99 years August 21, 2017 1,184 1,075,000-908 1999 Resale MAPLE WOODS Condominium Freehold August 17, 2017 980 1,300,000-1,327 1997 Resale HUA GUAN AVENUE Detached 999 years August 15, 2017 9,601 12,800,000-1,334 Unknown Resale SIGNATURE PARK Condominium Freehold August 16, 2017 1,421 1,550,000-1,091 1998 Resale SYMPHONY HEIGHTS Condominium Freehold August 21, 2017 1,152 1,085,000-942 1998 Resale THE CASCADIA Condominium Freehold August 16, 2017 990 1,500,000-1,515 2010 Resale THE CREEK @ BUKIT Condominium Freehold August 18, 2017 721 1,266,800-1,757 Uncompleted New Sale THE HILLSIDE Condominium Freehold August 21, 2017 1,518 1,500,000-988 2001 Resale THE HILLSIDE Condominium Freehold August 21, 2017 1,302 1,365,000-1,048 2001 Resale THE HILLSIDE Condominium Freehold August 22, 2017 1,313 1,238,000-943 2001 Resale THE NEXUS Condominium Freehold August 21, 2017 1,066 1,530,000-1,436 2006 Resale District 22 CASPIAN Condominium 99 years August 15, 2017 1,593 1,600,000-1,004 2012 Resale LAKE GRANDE Condominium 99 years August 15, 2017 818 1,073,000-1,312 Uncompleted New Sale LAKE GRANDE Condominium 99 years August 15, 2017 775 1,036,000-1,337 Uncompleted New Sale LAKE GRANDE Condominium 99 years August 16, 2017 1,335 1,655,000-1,240 Uncompleted New Sale LAKE GRANDE Condominium 99 years August 17, 2017 818 1,109,000-1,356 Uncompleted New Sale LAKE GRANDE Condominium 99 years August 19, 2017 958 1,267,000-1,323 Uncompleted New Sale LAKE GRANDE Condominium 99 years August 20, 2017 775 1,044,000-1,347 Uncompleted New Sale LAKE GRANDE Condominium 99 years August 20, 2017 1,173 1,593,000-1,358 Uncompleted New Sale THE FLORAVALE EC 99 years August 15, 2017 1,249 805,000-645 2000 Resale THE LAKESHORE Condominium 99 years August 16, 2017 1,141 1,100,000-964 2007 Resale THE LAKESHORE Condominium 99 years August 16, 2017 1,163 1,200,000-1,032 2008 Resale WESTWOOD RESIDENCES EC 99 years August 19, 2017 1,033 850,500-823 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years August 19, 2017 1,281 967,600-755 Uncompleted New Sale District 23 ESPA Condominium 999 years August 18, 2017 1,033 1,150,000-1,113 2009 Resale HILLINGTON GREEN Condominium 999 years August 15, 2017 1,776 1,580,000-890 2002 Resale HILLION RESIDENCES Apartment 99 years August 16, 2017 474 743,850-1,571 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years August 16, 2017 474 738,150-1,559 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years August 17, 2017 474 728,650-1,538 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years August 19, 2017 474 732,450-1,547 Uncompleted New Sale HILLVIEW GARDEN ESTATE Semi-Detached 999 years August 17, 2017 3,305 4,300,000-1,303 Unknown Resale HILLVIEW REGENCY Condominium 99 years August 15, 2017 1,130 888,000-786 2005 Resale HILLVIEW REGENCY Condominium 99 years August 17, 2017 904 780,000-863 2006 Resale HILLVIEW REGENCY Condominium 99 years August 18, 2017 1,119 850,000-759 2005 Resale INZ RESIDENCE EC 99 years August 15, 2017 990 812,000-820 Uncompleted New Sale INZ RESIDENCE EC 99 years August 15, 2017 689 585,000-849 Uncompleted New Sale INZ RESIDENCE EC 99 years August 16, 2017 1,109 922,000-832 Uncompleted New Sale INZ RESIDENCE EC 99 years August 16, 2017 1,184 994,000-839 Uncompleted New Sale INZ RESIDENCE EC 99 years August 16, 2017 990 834,000-842 Uncompleted New Sale INZ RESIDENCE EC 99 years August 16, 2017 1,044 881,000-844 Uncompleted New Sale INZ RESIDENCE EC 99 years August 19, 2017 1,109 871,000-786 Uncompleted New Sale INZ RESIDENCE EC 99 years August 19, 2017 689 589,000-855 Uncompleted New Sale INZ RESIDENCE EC 99 years August 20, 2017 1,066 886,000-831 Uncompleted New Sale INZ RESIDENCE EC 99 years August 20, 2017 990 768,000-776 Uncompleted New Sale INZ RESIDENCE EC 99 years August 20, 2017 1,012 824,000-814 Uncompleted New Sale PAVILION PARK Terrace Freehold August 15, 2017 3,089 3,500,000-1,132 2014 Resale PAVILION PARK Terrace Freehold August 15, 2017 1,615 2,700,000-1,671 2014 Resale REGENT HEIGHTS Condominium 99 years August 18, 2017 1,023 780,000-763 1999 Resale SOL ACRES EC 99 years August 15, 2017 495 431,000-870 Uncompleted New Sale SOL ACRES EC 99 years August 16, 2017 495 415,000-838 Uncompleted New Sale SOL ACRES EC 99 years August 16, 2017 495 427,000-862 Uncompleted New Sale SOL ACRES EC 99 years August 17, 2017 495 416,000-840 Uncompleted New Sale SOL ACRES EC 99 years August 18, 2017 570 465,000-815 Uncompleted New Sale SOL ACRES EC 99 years August 18, 2017 495 429,000-866 Uncompleted New Sale SOL ACRES EC 99 years August 18, 2017 495 419,000-846 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 SOL ACRES EC 99 years August 18, 2017 495 409,000-826 Uncompleted New Sale SOL ACRES EC 99 years August 18, 2017 495 408,000-824 Uncompleted New Sale SOL ACRES EC 99 years August 18, 2017 495 407,000-822 Uncompleted New Sale SOL ACRES EC 99 years August 18, 2017 495 412,000-832 Uncompleted New Sale SOL ACRES EC 99 years August 19, 2017 570 436,000-764 Uncompleted New Sale SOL ACRES EC 99 years August 19, 2017 495 435,000-879 Uncompleted New Sale SOL ACRES EC 99 years August 19, 2017 495 413,000-834 Uncompleted New Sale SOL ACRES EC 99 years August 19, 2017 495 396,000-800 Uncompleted New Sale SOL ACRES EC 99 years August 19, 2017 926 711,000-768 Uncompleted New Sale SOL ACRES EC 99 years August 20, 2017 495 437,000-883 Uncompleted New Sale SOL ACRES EC 99 years August 20, 2017 495 420,000-848 Uncompleted New Sale SOL ACRES EC 99 years August 20, 2017 495 422,000-852 Uncompleted New Sale SOL ACRES EC 99 years August 20, 2017 495 371,000-749 Uncompleted New Sale SOL ACRES EC 99 years August 20, 2017 495 418,000-844 Uncompleted New Sale SOL ACRES EC 99 years August 20, 2017 495 404,000-816 Uncompleted New Sale VILLA VERDE Terrace 99 years August 18, 2017 1,615 1,480,000-917 2000 Resale District 25 LA CASA EC 99 years August 17, 2017 980 792,000-809 2008 Resale NORTHWAVE EC 99 years August 15, 2017 1,270 998,000-786 Uncompleted New Sale NORTHWAVE EC 99 years August 16, 2017 1,098 883,500-805 Uncompleted New Sale NORTHWAVE EC 99 years August 17, 2017 1,119 882,980-789 Uncompleted New Sale NORTHWAVE EC 99 years August 19, 2017 1,119 856,700-765 Uncompleted New Sale NORTHWAVE EC 99 years August 19, 2017 990 738,200-745 Uncompleted New Sale NORTHWAVE EC 99 years August 19, 2017 990 733,300-740 Uncompleted New Sale NORTHWAVE EC 99 years August 19, 2017 990 770,000-778 Uncompleted New Sale NORTHWAVE EC 99 years August 20, 2017 1,109 868,000-783 Uncompleted New Sale PARC ROSEWOOD Condominium 99 years August 15, 2017 603 628,000-1,042 2014 Resale WOODHAVEN Condominium 99 years August 15, 2017 635 640,000-1,008 2015 Resale District 26 BULLION PARK Condominium Freehold August 18, 2017 807 835,000-1,034 1992 Resale CASTLE GREEN Condominium 99 years August 16, 2017 1,281 960,000-749 1997 Resale SEASONS PARK Condominium 99 years August 21, 2017 1,539 1,360,000-884 1997 Resale THE BROOKS I & II Apartment Freehold August 16, 2017 710 936,000-1,318 2016 New Sale THE SPRINGSIDE Terrace Freehold August 15, 2017 1,711 3,026,000-1,767 2016 Resale District 27 CANBERRA RESIDENCES Condominium 99 years August 18, 2017 614 648,000-1,056 2013 Resale EUPHONY GARDENS Condominium 99 years August 21, 2017 2,196 1,100,000-501 2001 Resale NORTH PARK RESIDENCES Apartment 99 years August 16, 2017 1,098 1,404,900-1,280 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years August 16, 2017 1,206 1,595,700-1,324 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years August 18, 2017 657 908,960-1,384 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years August 18, 2017 732 981,900-1,341 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years August 19, 2017 732 1,024,880-1,400 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years August 20, 2017 732 970,200-1,325 Uncompleted New Sale PARC LIFE EC 99 years August 15, 2017 1,001 826,440-826 Uncompleted New Sale PARC LIFE EC 99 years August 15, 2017 1,001 808,010-807 Uncompleted New Sale PARC LIFE EC 99 years August 15, 2017 1,270 991,340-780 Uncompleted New Sale PARC LIFE EC 99 years August 16, 2017 764 599,460-784 Uncompleted New Sale PARC LIFE EC 99 years August 16, 2017 764 628,560-822 Uncompleted New Sale PARC LIFE EC 99 years August 16, 2017 1,281 1,023,350-799 Uncompleted New Sale PARC LIFE EC 99 years August 16, 2017 1,044 801,640-768 Uncompleted New Sale PARC LIFE EC 99 years August 16, 2017 1,109 901,130-813 Uncompleted New Sale PARC LIFE EC 99 years August 16, 2017 1,109 843,900-761 Uncompleted New Sale PARC LIFE EC 99 years August 17, 2017 764 634,380-830 Uncompleted New Sale PARC LIFE EC 99 years August 17, 2017 1,270 1,038,870-818 Uncompleted New Sale PARC LIFE EC 99 years August 18, 2017 1,066 855,540-803 Uncompleted New Sale PARC LIFE EC 99 years August 18, 2017 1,066 851,620-799 Uncompleted New Sale PARC LIFE EC 99 years August 18, 2017 1,270 1,028,200-810 Uncompleted New Sale PARC LIFE EC 99 years August 18, 2017 958 697,430-728 Uncompleted New Sale PARC LIFE EC 99 years August 20, 2017 1,055 851,620-807 Uncompleted New Sale PARC LIFE EC 99 years August 20, 2017 1,001 773,220-772 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years August 15, 2017 1,184 949,410-802 2017 New Sale SIGNATURE AT YISHUN EC 99 years August 15, 2017 1,184 921,195-778 2017 New Sale SIGNATURE AT YISHUN EC 99 years August 15, 2017 1,098 818,235-745 2017 New Sale SIGNATURE AT YISHUN EC 99 years August 15, 2017 764 573,705-751 2017 New Sale SIGNATURE AT YISHUN EC 99 years August 18, 2017 1,098 832,095-758 2017 New Sale SIGNATURE AT YISHUN EC 99 years August 19, 2017 1,184 970,695-820 2017 New Sale SIGNATURE AT YISHUN EC 99 years August 20, 2017 1,184 940,995-795 2017 New Sale SYMPHONY SUITES Condominium 99 years August 15, 2017 1,023 1,080,000-1,056 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 16, 2017 786 846,000-1,077 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 16, 2017 915 932,000-1,019 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 16, 2017 1,023 1,011,360-989 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 17, 2017 915 986,000-1,078 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 17, 2017 915 987,000-1,079 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 17, 2017 1,023 1,110,000-1,085 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 18, 2017 786 830,000-1,056 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 18, 2017 893 910,000-1,019 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 19, 2017 1,023 1,072,120-1,048 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 19, 2017 1,023 1,097,000-1,073 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 20, 2017 1,023 1,102,000-1,078 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 20, 2017 1,023 1,113,000-1,088 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years August 20, 2017 1,023 1,105,000-1,081 Uncompleted New Sale THE BROWNSTONE EC 99 years August 16, 2017 969 795,200-821 Uncompleted New Sale THE BROWNSTONE EC 99 years August 20, 2017 753 680,000-902 Uncompleted New Sale THE CRITERION EC 99 years August 18, 2017 1,076 802,400-745 Uncompleted New Sale THE CRITERION EC 99 years August 19, 2017 1,023 768,800-752 Uncompleted New Sale THE CRITERION EC 99 years August 19, 2017 1,098 824,800-751 Uncompleted New Sale THE CRITERION EC 99 years August 19, 2017 1,163 879,200-756 Uncompleted New Sale THE CRITERION EC 99 years August 19, 2017 700 564,000-806 Uncompleted New Sale THE CRITERION EC 99 years August 20, 2017 1,173 902,400-769 Uncompleted New Sale THE CRITERION EC 99 years August 20, 2017 915 688,000-752 Uncompleted New Sale THE CRITERION EC 99 years August 20, 2017 700 578,500-827 Uncompleted New Sale THE CRITERION EC 99 years August 20, 2017 700 576,800-824 Uncompleted New Sale THE NAUTICAL Condominium 99 years August 18, 2017 969 888,000-917 2015 Resale District 28 BELGRAVIA VILLAS Terrace Freehold August 19, 2017 3,584 2,944,830-822 Uncompleted New Sale LORONG TANGGAM Semi-Detached 999 years August 18, 2017 2,368 2,800,000-1,182 2002 Resale SELETAR HILLS ESTATE Terrace Freehold August 18, 2017 2,164 2,218,000-1,027 Unknown Resale SELETAR HILLS ESTATE Semi-Detached 999 years August 22, 2017 3,498 2,830,000-809 Unknown Resale DISCLAIMER: Source: URA Realis. Updated Aug 29, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium

THEEDGE SINGAPORE SEPTEMBER 4, 2017 EP11 GAINS AND LOSSES Penthouse at Volari sold at $1.63 mil loss BY LIN ZHIQIN On Aug 18, a duplex penthouse at Volari on Balmoral Road was sold at a $1.63 million (22%) loss, according to URA caveat data as at Aug 29. The penthouse has a total floor area of 3,950 sq ft and comes with a private lift, four bedrooms and a study, as well as a private pool and private enclosed space of 1,453 sq ft. It enjoys views of the colonial Black & White bungalows at Goodwood Hill. The property did not receive any bids when it was offered for sale by the mortgagee in Knight Frank s auction on Jan 18 at an opening price of $6.45 million ($1,633 psf), which is almost $1 million below the previous owner s purchase price of $7.33 million ($1,856 psf) in November 2009. It was put on mortgagee sale for a second time at Edmund Tie & Co s auction on March 29 at the same price and again did not receive any bids. According to Joy Tan, head of auction at ET&Co, the penthouse is the first mortgagee sale at Volari. The mortgagee subsequently offered it for sale by private treaty and sold it on Aug 18. Volari is a freehold condominium with 85 units. It is located in prime District 10 and was completed in 2012. All four transactions at Volari so far this year have resulted in losses for the previous owners. The $1.63 million loss involving the penthouse is the biggest loss on record at the project. The next biggest was when a 2,282 sq ft unit was sold at a $467,720 (10%) loss on April 19. The previous owner bought the unit for $4.72 million ($2,067 psf) in August 2009 and sold it for $4.25 million ($1,862 psf). The second-highest loss for private condo units sold in the week of Aug 15 to 22 was for the sale of a 1,249 sq ft unit at Scotts Square. The unit was bought for $4.72 million ($3,781 psf) in October 2007 and sold for $3.69 million ($2,954 psf) on Aug 16. The previous owner suffered a $1.03 million (22%) loss. Completed in 2011, Scotts Square is a mixed-use development on Scotts Road. It comprises 338 freehold residential units. Based on URA caveat data, there have been no profitable transactions at Scotts Square since 2016. There were seven unprofitable transactions in 2016, with losses averaging $910,579 (24%). So far this year, there have been 12 unprofitable transactions, with an average loss of $1.05 million (27%). Four separate condo units at Regency Park in District 10, Volari is a freehold condominium in prime District 10. Find the most affordable listing in the project at edgepr.link/volari. Holt Residences in District 10, Twin Regency in District 3 and Nomu in District 9 fetched profits of more than a million each in the week of Aug 15 to 22. The most profitable transaction was the sale of a 3,649 sq ft unit at Regency Park on Aug 17. Based on URA caveat data, the first owner of the unit bought it at $3.35 million ($918 psf) in December 1999 and made a $450,000 profit when he sold it for $3.8 million ($1,041 psf) in January 2006. The next owner made a $2.2 million (58%) profit when he sold it for $6 million ($1,644 psf) on Aug 17. The freehold Regency Park is located on Nathan Road, off River Valley Road, and opposite the Chatsworth Park Good Class Bungalow area. It was completed in 1990 and has 292 units. E A 3,649 sq ft unit at Regency Park fetched a $2.2 million profit on Aug 17. Find the most affordable listing in the project at edgepr.link/regencypark. E THE EDGE SINGAPORE SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Top 10 gains and losses from Aug 15 to 22 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Regency Park 10 3,649 Aug 17 1,644 Jan 26, 2006 1,041 2,200,000 58 4 11.6 2 Holt Residences 10 2,056 Aug 18 1,459 March 29, 2006 798 1,360,000 83 5 11.4 3 Twin Regency 3 1,776 Aug 17 1,453 June 30, 2004 696 1,343,000 109 6 13.1 4 Nomu 9 1,389 Aug 16 2,002 Feb 28, 2006 1,056 1,309,100 89 6 11.5 5 Kerrisdale 8 1,259 Aug 15 1,096 July 10, 2003 456 806,000 140 6 14.1 6 Bishan Park Condominium 20 1,550 Aug 21 871 Aug 12, 2005 365 785,000 139 8 12.0 7 One St Michael s 12 1,259 Aug 21 1,231 Nov 24, 2006 625 762,480 97 7 10.7 8 Katong Apartments 15 1,399 Aug 18 908 July 19, 2006 384 732,000 136 8 11.1 9 Sheares Ville 10 1,475 Aug 21 1,465 July 27, 2006 983 710,000 49 4 11.1 10 The Nexus 21 1,066 Aug 21 1,436 June 16, 2006 783 695,800 83 6 11.2 URA, EDGEPROP Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Volari 10 3,950 Aug 18 1,443 Nov 23, 2009 1,856 1,630,400 22 3 7.7 2 Scotts Square 9 1,249 Aug 16 2,954 Oct 3, 2007 3,781 1,033,220 22 2 9.9 3 Icon 2 1,119 Aug 15 1,679 Jan 2, 2008 2,323 720,000 28 3 9.6 4 The Vermont On Cairnhill 9 1,884 Aug 18 1,916 Jan 13, 2011 2,174 485,340 12 2 6.6 5 The Oceanfront @ Sentosa Cove 4 2,077 Aug 15 2,022 Aug 5, 2011 2,207 385,000 8 1 6.0 6 The Claymore 9 3,348 Aug 18 2,748 March 19, 2010 2,838 300,000 3 0.4 7.4 7 The Trillium 9 1,798 Aug 18 1,725 June 22, 2011 1,891 299,119 9 1 6.2 8 The Legend 10 1,475 Aug 15 1,302 July 20, 2007 1,458 230,000 11 1 10.1 9 Cairnhill Astoria 9 1,830 Aug 18 1,568 Nov 5, 2012 1,683 210,000 7 1 4.8 10 Costa Rhu 15 2,056 Aug 17 1,012 Nov 14, 2012 1,109 200,000 9 2 4.8 Note: Computed based on URA caveat data as at Aug 29 for private non-landed houses transacted between Aug 15 and 22. The profit-and-loss computation excludes transaction costs such as stamp duties.

EP12 THEEDGE SINGAPORE SEPTEMBER 4, 2017 DEAL WATCH Three-bedroom unit at RiverGate for sale at $1,898 psf SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY TAN CHEE YUEN A 1,528 sq ft unit at RiverGate, a freehold development fronting the Singapore River, has been listed at $2.9 million ($1,898 psf) on EdgeProp.sg. The three-bedroom unit faces the entrance and greenery of the development, says Priti Khatwani from PropNex Realty, who is marketing the property. It is well kept and has a spacious living and dining area. The unit is leased to a company at a monthly rent of $6,500 until February 2018, says Khatwani. The owner is a foreigner who has returned to his home country. RiverGate has 545 units in three 43-storey towers. Completed in 2009, the project is within walking distance of two upcoming MRT stations Havelock and Great World on the Thomson-East Coast Line. RiverGate is a stone s throw away from The Quayside, which is being revamped by property developer and investor RB Capital into a development with 100,000 sq ft of F&B space and a new luxury hotel. The first phase of The Quayside with Recent rental contracts for 1,500 to 1,600 sq ft units at RiverGate LEASE DATE MONTHLY RENT (2017) $ $ PSF July 7,000 4.50 July 7,200 4.60 July 6,800 4.40 July 6,800 4.40 July 5,200 3.40 July 6,600 4.30 July 5,500 3.50 TABLES: URA, EDGEPROP RiverGate is a freehold development fronting the Singapore River Recent transactions at RiverGate CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) Aug 3, 2017 1,044 2,438,000 2,335 July 24, 2017 1,604 3,350,000 2,089 July 12, 2017 1,507 2,960,000 1,964 July 11, 2017 1,507 2,808,000 1,863 July 4, 2017 1,722 3,720,000 2,160 more than 30,000 sq ft of F&B space has been opened progressively since late last year. The second phase is scheduled to open in either September or October and will feature 60,000 sq ft of F&B space and the 225-room InterContinental Singapore Robertson Quay. So far this year, 21 units at RiverGate have been sold at an average price of $2,001 psf. In 2016, 30 units were sold at an average price of $1,942 psf. The most recent transaction was that of a 1,044 sq ft, two-bedroom unit on the fifth floor that fetched $2.44 million ($2,335 psf), according to a caveat lodged on Aug 3. Visit edgepr.link/dealwatch-s795 for more information. E COLLECTION 3-Year plan at $238 only The Edge Singapore (print + 3 digital access) + The Edge Malaysia (1 digital access) SUBSCRIBE NOW! REDEEM EITHER 1. LAB SERIES FUTURE RESCUE Repair Serum OR 2. Travel Essential Kit with every 3-year subscription. YES! Start my annual subscription now. $238.00 (Inclusive of GST) for The Edge Collection 3-year plan and save 70% off newsstand price $118.00 (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 Tel Mobile Date Of Birth Postal Code Fax Email PAYMENT OPTIONS 1. Credit Card. Please charge to my credit card American Express MasterCard Visa FUTURE RESCUE Repair Serum is an ultra-potent treatment that helps to protect and repair the look of skin. Skin receives an antioxidant protection that creates a barrier to help it defend against pollutants and promotes skin s natural repair process. WORTH $50 Travel Essentials Kit Cardholder s name Contact No Email 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 6232 8622 (Monday to Friday 9am to 5.30pm) Travel Essential Kit consists of the basic skincare regime needed for the man on the go. Travel light and fuss free with a set of high-performance travel-size skincare essential s from Lab Series. *Terms and Conditions apply. Limited 200 redemptions. While stocks last. *FUTURE RESCUE Serum is limited to the first 100 redemptions at LAB SERIES ION outlet. Visit subscribe.theedgesingapore.com to subscribe now! WORTH $105 Future Rescue Repair Serum Mail the duly completed subscription form and cheque to: The Edge Publishing Pte Ltd 150 Cecil Street #13-01 Singapore 069543 Tel: 6232 8622 Fax: 6232 8630 Email: hotlinespore@bizedge.com *This special promotion ends on September 30, 2017. 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. LABSERIES redemption limited to first 200 subscribers for the $238 plan. 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: TES795/LABSERIES