Revitalising MAKE BETTER DECISIONS. Market Trend Successful backdoor listing for Pacific Star Development EP9

A PULLOUT WITH MCI (P) 043/03/2016 PPS 1519/09/2012 (022805) MAKE BETTER DECISIONS Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF FEBRUARY 20, 2017 ISSUE 767 Property Take Is it time to recalibrate policy measures? EP4 Market Trend Successful backdoor listing for Pacific Star Development EP9 Offshore Tan & Tan to launch KL s Stonor 3 in Singapore EP10 Gains & Losses Seascape unit suffers $6.6 mil loss EP11 Revitalising SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Chip Eng Seng With the upcoming launch of Grandeur Park, new projects in Australia and a hotel in Maldives, the group is seeking to grow its presence locally and abroad. See our Cover Story on Pages 6 to 8. Raymond Chia, executive chairman and group CEO of Chip Eng Seng Corp

EP2 THEEDGE SINGAPORE FEBRUARY 20, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Ben Paul THE EDGE PROPERTY SECTION EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY SECTION EDITOR Michael Lim SENIOR ANALYST Lin Zhiqin ANALYST Tan Chee Yuen PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Rahayu Mohamad DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGERS Priscilla Wong, James Chua THE EDGE SINGAPORE ADVERTISING + MARKETING ADVERTISING SALES CHIEF MARKETING OFFICER Cecilia Kay SENIOR MANAGERS Windy Tan, Garry Lo MANAGER Elaine Tan EVENTS SENIOR MANAGER Sivam Kumar MARKETING EXECUTIVE Tim Jacobs COORDINATOR Syazana Jumari CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim CORPORATE CHIEF EXECUTIVE OFFICER Ben Paul DIRECTOR Anne Tong PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 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 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. The Prospex up for sale again at $70 mil The Prospex (above, left), a nine-storey commercial building located next to Bugis+, has been put up for sale by expressions of interest (EOI) again. This time around, the indicative price is in excess of $70 million, which translates to about $1,674 psf, based on the existing gross floor area (GFA). This latest guide price seems to be lower than the $80 million indicative price when the building was put up for sale through an EOI exercise that ended in October 2015. However, there is a significant difference this time: The building is more than 80% leased, unlike in the previous EOI exercise when it was being offered for sale with vacant possession. The site on which The Prospex sits has a 99-year leasehold tenure starting from 1974, which translates to a balance term of 56 years. The land area is approximately 5,263 sq ft and the total GFA is approximately 41,806 sq ft. It is located at the busy corner of Middle Road and Victoria Street, about 400m from Bugis MRT Station. The Prospex consists of a two-level retail podium and seven levels of offices. The prospective new owner has the flexibility to either sell the entire property or sell according to individual strata units as the strata subdivision of the building has been approved. According to JLL, the appointed marketing agent, the EOI exercise closes on March 21. Elite Building up for sale at $55 mil Elite Building (bottom, left), a freehold, six-storey building at 20 Aljunied Road, has been put up for collective sale by public tender. The indicative price for the building is $55 million, or around $1,313 psf, based on the GFA of 41,866 sq ft. According to Edmund Tie & Co (ET & Co), the appointed marketing agent handling the collective sale, the three owners which own all 16 strata-titled units in the building have given their consent for the sale. Elite Building, which sits on a site area of approximately 14,274 sq ft, has a prominent 60m main road frontage along Aljunied Road. Its use has been approved for a commercial school with shops on the ground floor and car park facilities in the basement. The property has an existing GFA of 41,866 sq ft, or an equivalent plot ratio of 2.93. Based on the URA Master Plan 2014, the land is zoned Residential/Institution, with a plot ratio of 2.8 and building height of up to eight storeys. According to ET & Co, there is no development charge payable if the potential new owner chooses to redevelop the site. The public tender closes on March 21. 381 private homes sold in January Developers sold 381 private homes in January 2017, up from the 367 private homes in December 2016 and 324 units in January 2016. These figures exclude executive condominiums (ECs). Including ECs, developers sold 565 units in January 2017, down from the 580 units in December 2016 but higher than the 480 units in January 2016. The only new launch in January was 12 on Shan, a 78-unit development that released 30 units for sale. Parc Riviera (above, right) led the pack with 38 units sold at a median price of $1,270 psf. The Santorini trailed with 30 units sold at a median price of $1,066 psf, followed by The Trilinq, with 25 units sold at a median price of $1,339 psf. Meanwhile, the bestselling EC was The Terrace, with 41 units sold at $779 psf. This was followed by Sol Acres (40 units at a median price of $797 psf) and The Vales (17 units at a median price of $827 psf). HDB launches 4,056 flats for sale in February BTO exercise The HDB has launched 4,056 flats for sale under the February 2017 build-to-order (BTO) exercise. The flats are in six projects in the non-mature town of Punggol, and the mature towns of Clementi and Tampines. A project in Woodlands, originally planned for launch this month, has been deferred due to site conditions, the HDB said on Feb 14. A further review is needed to better integrate it with surrounding developments. According to HDB, the project will be launched after the review is completed. HDB plans to launch a total of 17,000 flats this year. It will offer another 4,600 flats in Bidadari, Geylang, Woodlands and Yishun in May, when it will also release 3,000 sale-of-balance flats. Albert Hong takes up non-executive chairman role at RSP Rowsley has announced that Albert Hong, 81, will step down as executive chairman after helming Singapore s leading architectural, engineering and master planning practice for more than five decades. Hong will take on the role of non-executive chairman of subsidiary RSP Architects Planners & Engineers from March 1. RSP will continue to be led by managing directors Lee Kut Cheung and Lai Huen Poh. Lai is also an executive director of Rowsley. Hong, one of Singapore s most eminent architects and businessmen, has built RSP since 1964 into one of the largest Singapore-based integrated professional architectural and engineering consultancies, with offices in six countries. RSP, which became part of Rowsley in 2013, offers a comprehensive range of professional services including town and master planning, urban design, architecture, interior design, civil and structural engineering as well as mechanical and electrical engineering. CDL invests $186 mil in Shanghai commercial project City Developments Limited (CDL) through its wholly-owned subsidiary, CDL China, has entered into an equity transfer agreement to acquire a prime Shanghai office project for RMB900 million ($186 million). The acquisition will be made through the purchase of the entire equity stake in Shanghai Meidao Investment Co which owns the commercial development known as Meidao Business Plaza in Shanghai s Hongqiao CBD. Meidao Business Plaza, with a total GFA of around 32,300 sqm, is in the final stages of construction and is expected to be completed by 2H2017. The project comprises five 9-storey office towers and two levels of basement car park with about 351 parking spots. Meidao Business Plaza has been approved for division into strata-titled units ranging from 237 to 522 sq m. CDL says the acquisition will boost its recurring income stream. 15,285 sq ft strata commercial space up for sale A 15,285 sq ft prime strata commercial space at Big Mac Centre (bottom, right), located in the heart of Ang Mo Kio Central, has been put up for sale by EOI. According to Knight Frank, the appointed marketing agent handling the sale, the guide price for the commercial space is $26 million ($1,700 psf), with the sale subject to partial tenancy expiring next year end. The prime commercial space spans the entire third storey of Big Mac Centre and enjoys an efficient, column-free floor plate that is suitable for a learning premises, a fitness or wellness centre, or an entertainment outlet. Big Mac Centre, which is situated next to Ang Mo Kio Hub, currently houses a McDonald s restaurant, S11 food court, Q&M Dental Surgery clinic and Pet Lovers Centre, all of which attract a high footfall. Other tenants include the Automobile Association Centre and a department store. The subject property is presently occupied by a billiard and LAN gaming centre. The EOI exercise closes on March 16. Compiled by Michael Lim E ET & CO KNIGHT FRANK

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EP4 THEEDGE SINGAPORE FEBRUARY 20, 2017 PROPERTY TAKE SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Achieving an increase in transaction volume would merely require some adjustments to the current slate of cooling measures Time to recalibrate policy measures When markets run amok, government policies are expected to provide stability. This was indeed the case when the policy measures first kicked in, starting from September 2009 and culminating in the implementation of the total debt service ratio (TDSR) framework on June 29, 2013. The market then started to respond to these measures and began the long process of detoxification. The slew of measures has altered the real estate investment landscape and effectively constrained overspending. Consequently, the private residential market is now behaving in ways that are different from the heydays of the past. Here, we look at some of those changes. The sequential imposition of the cooling measures has inadvertently created a live experiment on its impact on new-home sales in conjunction with housing prices. Over the past 14 quarters, with the measures in place, annual new-home sales volume has hovered between 7,300 and 7,900 units, with price changes in negative territory. Spike in sales volume unlikely to trigger a rapid asset price inflation After TDSR came into force, new-home sales totalled 4,998 units just half the 9,950 units sold in 1H2013. Prices also fell 0.5% from end- 1H2013 to end-2h2013. On an annualised basis, new-home sales volume post-tdsr should then be 9,996 units (4,998 units x 2) and price fall 1% (0.5% x 2). Therefore, even if newhome sales were to increase to about 10,000 units, prices could still not increase. If we want property prices to increase in line with the 2% to 3% annual productivity growth rate, then transaction volumes would need to increase significantly before annual price increases move beyond 2% to 3% a year. There should be less fear of that now. If the measures are recalibrated wisely, the spike in transaction volume should not trigger a rapid asset price inflation. The reason is that there is enough headroom for transactions to increase by 50% without triggering sharp price increases unlike in the past. In 2016, the new-home sales market improved significantly, increasing 7.1% y-o-y. Yet, at 7,972 units, it is still a far cry from the least upper limit of X + 10,000 (X because we do not yet know how much above 10,000 units that prices would start to increase). So, even if new-home sales were to rise 25.4% y-o-y to 10,000 units in 2017, it is unlikely to lead to price increases that are above the productivity growth rate of 2% to 3% (see Chart1). BY ALAN CHEONG The interim solution is a zero property price increase objective. This can be achieved even if new-home sales exceed 10,000 units a year. Achieving an increase in transaction volume would merely require some adjustments to the current slate of cooling measures. Relationship between price changes and sales volume changes It is common to expect that whenever sales volume increases, prices will react similarly. In simple terms, the ideal picture of how real estate prices and sales volumes behave are those data points falling within the blue shaded quadrants in Chart 2. The message from Chart 2 is that both volume and prices are positively correlated in that, when volume increases, prices increase and vice versa. Thus, ideally, for any year, the relationship between the y-o-y change in sales transactions and y-o-y change in prices should be one that falls within the blue shaded quadrants in Chart 2. For Singapore, for the period of 2005 to 2016, the two metrics of the private residential market were in the majority of observations of behaviour within that positive relation, but there were five instances or years in which the market strayed from expectation: 2009, 2011, 2013, 2015 and 2016 (see Chart 3). For 2009 and 2013, the data points strayed because of the shocks from to the global financial crisis and the implementation of the TDSR respectively. That leaves 2011, 2015 and 2016, which did not face shocks, but displayed anomalies. In 2011, the government introduced two punitive measures: a hike in the seller s stamp duty in January and the additional buyer s stamp duty in December. The red arrow points to the quadrant where these data points were in the quadrant where prices fell under the conditions of rising volumes in 2015 and 2016. The last CONTINUES ON PAGE EP8 Chart 1 New-home sales versus prices 25 20 15 10 5 0 Chart 2 New sales in units ( 000) 4Q2005 4Q2006 4Q2007 4Q2008 4Q2009 4Q2010 New sales in units 4Q2011 4Q2012 Price change 4Q2013 4Q2014 Relationship between transaction volume changes and price changes Rising total sales with falling prices % y-o-y change in total sales 20 15 10 5 4Q2015 Price change (%) 7,300 to 10,000 annual new sales lead to price falls 0-20 -15-10 -5 0 5 10 15 20-5 % y-o-y change in prices Chart 3 Falling total sales with falling prices -10-15 -20 Rising total sales with rising prices Falling total sales with rising prices Singapore s private residential market percentage change in transaction volume and price % y-o-y change in total new sales 200 150 2009 100 50 2016 2015 0 2011-10 -5 0 5 10 15 20 25 30 35 2003-50 % y-o-y change in prices -100 4Q2016 35 30 25 20 15 10 5 0-5 -10 CHARTS: SAVILLS RESEARCH & CONSULTANCY, REALIS SAVILLS RESEARCH & CONSULTANCY

THEEDGE SINGAPORE FEBRUARY 20, 2017 EP5

EP6 THEEDGE SINGAPORE FEBRUARY 20, 2017 COVER STORY PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Chia (centre) flanked by CEL Development executive directors Ng (left) and Chng (right) Revitalising Chip Eng Seng With the upcoming launch of Grandeur Park, new projects in Australia and a hotel in Maldives, the group is seeking to grow its presence locally and abroad BY CECILIA CHOW CEL Development, the property development arm of listed construction group Chip Eng Seng Corp, will preview the 720-unit Grandeur Park Residences on Feb 18. The 99-year leasehold condominium is located next to the Tanah Merah MRT station at the corner of New Upper Changi Road and Bedok South Avenue 3. The units in Grandeur Park Residences will be priced at an average of $1,350 psf, says Raymond Chia, Chip Eng Seng s executive chairman and group CEO. The developer purchased the site a year ago with a bid of $419.38 million, or $761 psf per plot ratio (ppr). This translates into a breakeven price of about $1,100 psf, according to Desmond Sim, CBRE head of research for Singapore and Southeast Asia. While the average selling price of $1,350 psf may not reflect a bullish profit margin, Chip Eng Seng, being a builder and developer, has better control over construction cost than most mainstream developers, he points out. In the vicinity of the Tanah Merah MRT station, the latest project to be completed is the 726-unit The Glades, a 99-year leasehold condo by Keppel Land and China Vanke. Last month, 15 units were sold at a median price of $1,424 psf. As at end-january, 628 units (86.5%) had been sold, according to URA data. The project was launched in September 2013 and initial sales prices averaged $1,483 psf. On the opposite site of New Upper Changi Road is the 582-unit Urban Vista, developed by Fragrance Group in a joint venture (JV) with World Class Land, the property development arm of Aspial Corp. Launched in March 2013 at an average of $1,481 psf, the project was fully sold and completed last year. Adjacent to Grandeur Park Residences is eco, a 748-unit development by Far East Organization, Frasers Centrepoint and Sekisui House. The condo was completed late last year and all except one unit, a townhouse, was still available as at end-january. We have very little competition in the area, as most of the projects in the neighbourhood are already completed and either substantially or fully sold, says Chia. And there s no new competition coming up in the near future. Although URA has indicated that there is a future residential development site adjacent to Grandeur Park Residences, it has not been released on the Government Land Sales (GLS) programme for 1H2017. Sized and priced to sell The developer is riding on the success of its last launch, the 1,390-unit High Park Residences on Fernvale Road in Sengkang. The project was launched in July 2015 and sold 1,100 units (79%) in the first weekend at an average price of $970 psf. As at end-january, 99% of the units were sold. Because of the size of [High Park Residences], we could achieve economies of scale, and therefore lower our construction cost and selling price, says Chia. Price is always a determining factor, but the project design and lifestyle facilities are also important. At least 55%, or 394 units, of Grandeur Park Residences in Tanah Merah are one- and two-bedroom units of 420 to 667 sq ft. Another 173 units (24%) are three-bedroom units of 882 to 979 sq ft. The remainder are four- and five-bedroom units of 1,130 to 1,453 sq ft, as Preview of the 720-unit Grandeur Park Residences starts on Feb 18, with the launch a fortnight from now well as penthouses. This project is similar to High Park Residences in that it has quite a high number of compact apartments, says Nicholas Mak, execu tive director of SLP International. Given its proximity to the Tanah Merah MRT station, there should be some investor interest. Return to the fold It has been 12 months since Chia s return to Chip Eng Seng. He left the company in April 2015 and founded a property development and investment company called LGB Corp with several investors a few months later. LGB acquired two mixed-use project sites in Adelaide, Australia. One of the sites is located in the heart of the financial hub; the other is on the city fringe, opposite a newly built public hospital. Since Chia s return to the fold, he has taken on the role of executive chairman and group CEO. His father-in-law and founder of Chip Eng Seng Group, Lim Tiam Seng, 79, was elevated to the role of honorary chairman and adviser last May. Lim s brother, Tiang Chuan, is executive deputy chairman. Last year, Chip Eng Seng also entered into a non-binding letter of intent with Chia on the proposed acquisition of all or part of LGB. The group is still exploring whether to purchase the sites in Adelaide or to allow Chia to complete the projects under LGB. In the meantime, other parties have also expressed interest in acquiring the sites, says Chia. In recent years, several property veterans have joined Chip Eng Seng. One is Chng Chee Beow, who joined Chip Eng Seng as executive director of CEL Development in 2012. Chng has more than 30 years experience in

THEEDGE SINGAPORE FEBRUARY 20, 2017 EP7 COVER STORY Park Hotel Alexandra marked Chip Eng Seng s first foray into hotel development and investment real estate and is the former property director of Wing Tai Holdings. Most recently, Michael Ng, 53, joined Chip Eng Seng as executive director of CEL Development in early January and will oversee the regional business. Previously group general manager of listed property group United Industrial Corp, which he joined in October 2010, Ng was managing director of Savills Singapore from December 2004 to September 2010. Overseas expansion Chip Eng Seng is interested in expanding its footprint in Australia. It has been active Down Under since 2002, when it went into Ade laide and purchased a commercial building followed by a development project a year later. The property group s property development arm, CEL Development Australia, entered Melbourne seven years ago when it acquired a 20,000 sq ft land parcel at 33 Mackenzie Street, in the eastern part of Melbourne s CBD, for A$20.2 million in 2010. CEL Development Australia developed 33M, a 33-storey tower with about 350 apartments and other amenities such as shops. The developer is currently building the 71-storey landmark Tower Melbourne on the corner of Bourke and Queen Streets. One of its others developments in Melbourne is the Williamsons Estate in Doncaster. In March 2015, Chip Eng Seng sold a 31,506 sq ft site on Victoria Street in Melbourne for A$64.8 million to Hengyi, an affiliate of mainland Chinese developer Shandong HYI Group. The site was purchased in 2013 for A$32 million and had already secured approval from the former Victoria government for the development of a 72-storey residential tower prior to the sale. Immediately after the sale of the Victoria CHIP ENG SENG Chip Eng Seng acquired Grand Park Kodhipparu, a resort in Maldives, in a joint venture with Park Hotel Group THE EDGE SINGAPORE CEL Development Australia s upcoming launch in 1H2017 is a residential development on Gladstone Street in South Melbourne, where it is developing three towers with a total of 746 residences Street site, Chip Eng Seng purchased a 64,412 sq ft site at 15-87 Gladstone Street in South Melbourne for A$52 million. The site has received planning permit for the development of three towers with a total of 746 residences. Chip Eng Seng announced in November that it would be launching the project at South Melbourne for sale in 1H2017. In November 2015, Chip Eng Seng paid A$27 million for two properties with a combined land area of 192,213 sq ft in the Northcote suburb of Melbourne. The site can be redeveloped into a project with 300 apartments and 15 townhouses. The group is also interested in looking at opportunities in Perth, Sydney and Adelaide. Besides Australia, the group is also looking to grow its presence in Maldives, Vietnam and Singapore. Other markets that it intends to explore include China, Indonesia, New Zealand and Malaysia, specifically Johor Bahru, Melaka and Kuala Lumpur, says CEL Development s Ng. Meanwhile, in Vietnam, the group is looking at Ho Chi Minh City. It purchased a 127,013 sq ft residential development land parcel in Nha Be, Ho Chi Minh City in October 2015 in a JV with other listed construction and property development groups such as Keong Hong Holdings, KSH Holdings, Lian Beng Group and Chia s investment vehicle, LGB. Chia is also looking at even more substantial development and investment opportunities in the city. Hotel development and investment Last October, Chip Eng Seng entered into a 70:30 JV with Park Hotel Group to purchase Grand Park Kodhipparu, a 120-villa resort in Maldives, for US$65 million ($92.4 million). It is scheduled to open in 2Q2017 and will be managed by Park Hotel Group. Chip Eng Seng is open to exploring more development opportunities in Maldives, specifically villa development and hotels, says Chia. The Maldives resort is the second collaboration between Chip Eng Seng and Park Hotel Group. The first was the 442-room Park Hotel Alexandra in Singapore, which opened in 2015 and was Chip Eng Seng s first foray into hotel development and investment. CEL Development won the 99-year leasehold hotel site at the junction of Jalan Bukit Merah and Alexandra Road in December 2011 in a GLS land tender with a bid of $189 million ($789 psf based on gross floor area). At the outset, Park Hotel Alexandra had an occupancy rate of more than 80% and generated a healthy cash flow for the group, says Chia. He sees Chip Eng Seng s entry into the CHIP ENG SENG hospitality sector as a way to grow its investment portfolio with assets that provide recurring income. Mixed-use developments The Park Hotel Alexandra development includes a three-storey retail podium called Alexandra Central, adjacent to the hotel. It was carved into 115 strata retail units for sale. Launched in mid-january 2013, all but one of the units were snapped up in one day at $3,500 to $7,804 psf. On the back of the successful launch of Alexandra Central, CEL Development bid for and won another mixed-use development site on Yishun Ring Road with a top bid of $212.1 million ($794 psf ppr) in 2013. The 99-year leasehold development comprises Junction Nine, a two-storey retail podium; and Nine Residences, consisting of twin 11-storey residential towers and six townhouses with condo facilities. The Junction Nine/Nine Residences project was launched in October 2013, with residential units sold at an average price of $1,050 psf, and strata retail units sold at an average price of $3,606 psf. The project was fully sold and completed in December 2015. The latest resales at Nine Residences were done at prices above $1,200 psf, whereas a 140 sq ft shop on the second level of Junction Nine changed hands for $6,289 psf last October. Privatisation not on the cards Chip Eng Seng was founded in the 1960s as a construction group. It entered the property development and investment business in 1991 when it acquired Chip Eng Leong Enterprise. Chip Eng Seng was listed on the Singapore Exchange in November 1999. Currently, Lim and his family members hold a 74.89% stake in the company. In the first nine months of 2016 ended September, the group announced that revenue from property development declined 3.2% y-o-y and construction revenue was down 12.6% y-o-y. Meanwhile, property investment income was up 14.1%. Earnings were down 60.9% over the same period. At market close on Feb 15, the group s share price was 70.5 cents; it had a market capitalisation of $437.8 million. Its net asset value as at end-september 2016 was $1.20 a share. With its price-to-book ratio now at 0.59, some investors are speculating about whether a privatisation is on the cards for Chip Eng Seng. Last year, Sim Lian Group, another construction and property development company, was delisted. The intention to list in 1999 was to raise capital for future expansion, says Chia. The Lim family has not indicated that they are moving in the direction of [privatisation]. CONTINUES NEXT PAGE

EP8 THEEDGE SINGAPORE FEBRUARY 20, 2017 PROPERTY TAKE Policy measures lead to distortions in prices, volumes and rents FROM PAGE EP4 two years saw a slowdown in the economy as plummeting oil prices took a toll on the offshore and marine sector, and the unemployment rate climbed. A possible reason for the negative correlation could be the intensity of the property cooling measures, especially in 2013. This could put public and private policy decision makers in an uncomfortable position should immediate action for redress in the property market be taken. Ideal vacancy rate When we plot the movement of prices with vacancy rates for the period of 2005 to 2016 and overlay an annual price growth of 2% over it (the 2% is our long-term productivity growth rate), either strangely or coincidentally, the three intersection points of all three lines were at a vacancy level of 5.6% to 5.7%. Let us take 5.6%, as an example. For 4Q2016, the vacancy level for all local private residential properties was 8.1%, which is far above the 5.6% lifted off the graph (see Chart 4). With vacancy levels significantly above the ideal level and expected to continue climbing this year, the concern is on the level of unproductivity in the real estate asset class. Supply from future land sales programmes should ideally be tempered to cure this excess. Today, the elevated supply, coupled with Ample supply in the pipeline 120 100 80 60 40 20 0 Units ( 000) -20 Unsold units in the pipeline Supply in the pipeline 4Q2006 4Q2007 4Q2008 4Q2009 4Q2010 4Q2011 4Q2012 4Q2013 4Q2014 4Q2015 4Q2016 Chart 4 Chart 5 Chart 6 COVER STORY slower rental demand arising from continuing global economic headwinds, should be able to alleviate fears that any tweaks to the cooling measures would bring about a V-shaped price recovery. Although the stock of unsold units in the pipeline has been falling, this should not be used as a rationale for keeping the measures in its current intensity because total stock of units in the pipeline is still over 48,000 units. Therefore, even if new supply is maintained at current levels, the amount of slack created by the high levels of uncompleted stock may be enough to resist any upside price pressures (see Chart 5). Rents more sensitive to supply Much of the talk about increasing economic value-add would come to naught if one merely focused on using supply to contain prices because prices tend to be less sensitive to supply. The supply mechanism is not effective in constraining prices but rents. Any supply measure is therefore counterproductive when property yields fall too much. Chart 6 shows that the current net yield or return on invested capital (ROIC) for non-landed private residential property is 2.75% well below the sector s weighted average cost of capital of 5.74% (using the 3Q2016 average loan-to-value percentage of 52.6% and an unlevered beta of 0.38). Ideal vacancy rate 9 8 7 6 5 4 3 2 1 0 Vacancy rate (%) Price change (%) 4Q2005 4Q2006 4Q2007 4Q2008 Ideal vacancy rate is 5.6% 4Q2009 Vacancy rate 4Q2010 Conclusion In many discussions about the cooling measures, recalibrate has often been confused with removal. And after witnessing 14 quarters of consecutive decline in the URA price index, the private residential market is starting to display a strange behaviour. This needs to be addressed. First, the vacancy rate is at an unhealthy level, and by letting prices slide slowly, the overlooked point is that rents are coming off even more, and this destroys the economic value-add of real estate as an asset class. Future supply will have 4Q2011 Price change Current net yields are destroying value 12 10 8 6 4 2 0 % -20 Long-run price increase = Productivity growth 4Q2012 4Q2013 4Q2014 Current private residential property net yield (ROIC) Chip Eng Seng cautious in bidding for development sites FROM PREVIOUS PAGE One of the few projects in which Chip Eng Seng still has available units upon completion is 128-unit Fulcrum, a private condo on Fort Road. The freehold project was completed in January 2016 and is subject to the conditions of the Qualifying Certificate. Therefore, all units have to be sold by January 2018 to avoid incurring extension charges. When Fulcrum was launched in April 2012, units were sold at an average of $1,960 psf. The project obtained its Temporary Occupation Permit in January 2016, and was relaunched last April, with average prices of units sold at $1,830 psf. The project is about half sold. As the developer has no other local launches after Grandeur Park Residences, it is actively seeking development sites in both GLS tenders and collective sale sites in the private market. Chia says, however, that CEL Development participates in GLS tenders on a selective basis. It was not among the nine bidders at the close of the tender for a residential development site on West Coast Vale, which saw China Construction (South Pacific) Development submit the highest bid of $291.99 million ($591.5 psf ppr). Chia makes it a point to visit a site, sometimes multiple times, before putting in a bid. For instance, when it came to the tender for the site of its MyManhattan condo project seven years ago, he spent days sitting at the MRT station or the bus stop just to watch the people passing by, and to try and envision the kind of development he could build there. It s important to understand the behaviour of the people in that particular locale, he says. At the close of the tender in May 2010, Chip Eng Seng emerged the winner of the site at Simei Street 3 with a bid of $152.69 million ($523 psf ppr). The site was hotly contested with 18 bids, as it is located across from East Point Mall and the Simei MRT station on the East-West Line. E 4Q2015 4Q2016 Chemicals Technology Insurance Travel & leisure Basic resources Construction & materials Retail Media Personal & household goods Healthcare Industrial goods & services Oil & gas Automobile & parts F&B Financial services Telecommunications Real estate Utilities Banks Private residential 35 30 25 20 15 10 5 0-15 -10 to take falling rental yields into consideration. Second, the relationship between prices and transaction volumes are now out of sync. It should be an opportune time now to recalibrate the appropriate measures to bring market behaviour back to normal. As we are just outside the bounds of normal market behaviour, one need only to make minor adjustments to bring things back in line. E Alan Cheong is the head of research at Savills Singapore The showflat of a five-bedroom unit at Grandeur Park Residences with private lift lobby SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHARTS: SAVILLS RESEARCH & CONSULTANCY, REALIS

THEEDGE SINGAPORE FEBRUARY 20, 2017 EP9 MARKET TREND Successful backdoor listing for Pacific Star BY CECILIA CHOW The former Singapore-listed LH Group was renamed Pacific Star Development on Feb 8 after it received shareholders approval for the $140 million reverse takeover (RTO) of the latter. The company started trading on the Singapore Exchange on Feb 16. Established more than a decade ago, Pacific Star is a property development company focused on investing in and managing prime development projects in the Asean region. The two projects currently under development are Puteri Cove Residences in Iskandar Malaysia and The Posh Twelve in Tiwanon, Bangkok. According to Glen Chan, CEO and managing director of the newly listed Pacific Star Development, an RTO is a shortened process compared with an initial public offering (IPO). There s also more certainty, he reckons. Unlike an IPO, an RTO involves the acquisition of a listed company, often one that has no significant business operations or one whose existing business is on the decline. Pacific Star first entered into a memorandum of understanding with LH Group last March. LH Group, a specialist contractor of aluminium works and vehicle parts, was listed on the Mainboard of SGX in 1994. Pacific Star will, however, be listed on Catalist instead of the Mainboard. In its FY2016 results, LH Group announced that revenue was down 34.5% y-o-y. The company also reported a net loss for the second consecutive year. As the business is not doing well and recording losses, we thought it would be ideal for us to do an RTO via [LH Group], as it s also a construction company and a property-related business, says Chan. Key investors As part of the RTO, LH Group raised $8.1 million through the conditional placement of 10.1 million new shares. The amount was 35% more than its minimum placement target of $6 million. The placement was said to have been well supported by Koh Brothers Group Ltd (through its wholly-owned subsidiary); prominent businessmen affiliated with the Tang Group of Companies, owner and operator of the Dorset Hospitality chain; Home Fix DIY; and Food Empire Holdings. Together, they represent an aggregate of 5.825 million shares (57.5%) of the total applications received. Upon completion of the RTO, the company had issued more than 11 million conditional placement shares worth $8.5 million. The company also announced the successful acquisition of the entire share capital of the former Pacific Star Development Pte Ltd. Part of the acquisition was made in cash ($16 million) and the issue of 132.5 million new shares at 80 cents each. The balance $18 million will be paid partly in cash and issuance of new shares, according to a Feb 15 announcement. The total issued share capital has increased to 158.43 million, including the 11 million placement shares and 132.5 million conside ra tion shares. Chan says Pacific Star will continue to focus on development projects in Asean to diversify our revenue base and our risks Biovest, entered into a loan agreement to lend PSD Holdings US$7 million ($10 million). Prior to that, it had granted PSD Holdings a US$10 million loan on April 24. PSD Holdings was an investment holding company and sole shareholder of Pacific Star. In a supplementary announcement on Nov 30 last year, Chuan Hup said CH Biovest would novate the two loan agreements with PSD Holdings, and Major Star Holdings would now be the borrower under the loan agreements. Following that, Major Star Holdings owned a 50% stake in PSD Holdings, with Glaxier City holding the rest. Meanwhile, CH Biovest owns 77% of Major Star Holdings based on its issued and paidup capital. Upon completion of the sale and transfer of the shares in PSD Holdings to LH Group, 59.1 million ordinary shares in the capital of LH Group were allotted to CH Biovest, which translated into a 37.34% stake in the new shares of Pacific Star. The other substantial shareholder of Pacific Star post-listing is a party acting in concert, comprising Glaxier City, in which Glen Chan has a 20% stake, and Double Blessing, a company wholly-owned by Chan. The parties hold an aggregate of 48.44 million shares, or a 36.6% stake. Chan joined Pacific Star in March 2003 from CBRE, where he was a member of the CBRE Asia board of directors. He was appointed senior vice-president of Pacific Star in 2004 to drive its real estate investment and management business. A year later, he was promoted to president of Pacific Star, and he now assumes the roles of CEO and managing director of the new listed entity. PACIFIC STAR DEVT Spinning off development Pacific Star s privately held parent company Pacific Star Holdings is involved in a wide range of businesses, including fund management, investment advisory services and asset management. Development was just one of the subsidiaries and has now been spun off into a separate listed platform, says Chan. He was involved in all the major investment and development projects at Pacific Star from the start. In June 2005, for instance, the company partnered Kuwait Finance House, a Syariah-compliant financial institution in the Middle East, to launch the US$600 million Baitak Asian Real Estate Fund in Malaysia. In January 2006, on behalf of the fund, Pacific Star invested US$300 million in Pavilion, a prime mixed-use mega development comprising a retail mall, two luxury residential towers, an office building and a hotel in Kuala Lumpur. The mall opened in March 2008. Pacific Star also launched the US$650 million Asian Real Estate Prime Development Fund in December 2007. The closed-end real estate development fund is invested in prime projects in key gateway cities in China, Hong Kong, Macau, Japan, South Korea, Thailand, Malaysia and Singapore. Through the fund, the group also invested in two freehold prime residential development sites in Bangkok, called Rhythm Ratchada and The Address Sathorn, through joint ventures with Asian Property Development Co, a residential property developer in Bangkok that is listed on the Stock Exchange of Thailand. Both projects have since been completed and fully sold. On behalf of Asia Real Estate Prime Development Fund, Pacific Star acquired in June 2008 half of the apartments in Panorama, a prime residential project less than a five-minute walk from the landmark Petronas Twin Towers and Kuala Lumpur City Centre complex. Leveraging its track record, Pacific Star began to position itself as a premier developer of luxury mixed-use projects in Asean in 2010. PSD Holdings was incorporated in July 2010 as a 50:50 joint venture between Pacific Star Holdings and Glaxier City. A month later, Pacific Star Holdings stakes in Pacific Star were transferred to PSD Holdings. In 2011/12, Pacific Star ceased its real estate investment management and fund management businesses with the expiry of the Baitak Asian Real Estate Fund and the Asia Real Estate Prime Development Fund. ALBERT CHUA/THE EDGE SINGAPORE Substantial shareholders Based on the enlarged share capital, LH Group s stake will be diluted. One of the substantial shareholders of Pacific Star is Chuan Hup Holdings, which now owns 37.34% of the shares via its wholly-owned subsidiary, CH Biovest. Chuan Hup is a Singapore-listed investment holding company with investments in electronics manufacturing services, offshore support services to the oil and gas industry as well as property development. Last May, Chuan Hup s wholly-owned subsidiary, CH Artist s impression of a three-bedroom waterfront apartment at Puteri Cove Residences Site acquisitions In May 2012, Pacific Star purchased a prime freehold waterfront site measuring 339,817 sq ft in Puteri Harbour, Nusajaya in Iskandar Malaysia. The group is in the midst of developing the site into a luxury waterfront mixed-use project called Puteri Cove Residences, which has three 32-storey tower blocks: The first two comprise 658 luxury apartments and the third, luxury serviced suites managed by Pan Pacific Hotels & Resorts. There are also three-storey CONTINUES NEXT PAGE

EP10 THEEDGE SINGAPORE FEBRUARY 20, 2017 OFFSHORE Tan & Tan Developments to launch KL s Stonor 3 in Singapore BY MICHAEL LIM Kuala Lumpur-based developer Tan & Tan Developments will be launching its latest high-end residential project, Stonor 3, for sale in Singapore on Feb 18 and 19. Stonor 3 is being developed by Cipta Klasik, a joint venture company in which Tan & Tan owns a 70% interest and Mitsubishi Jisho Residence holds the remaining 30%. Located on Lorong Stonor within Kuala Lumpur City Centre, Stonor 3 is a 41-storey, freehold, luxury development. It comprises 400 units in five different layouts one-bedroom units of 648 sq ft to 689 sq ft, two-bedroom units of 871 sq ft and three-bedroom units of 1,031 sq ft to 1,232 sq ft. Excluding the kitchen and wet rooms, the entire floor of each unit is laid with solid Burmese teak hardwood. The kitchen is equipped with De Dietrich and Brandt appliances, including an integrated refrigerator as well as smart washing and bathroom accessories. Prices range from RM1.1 million ($351,077) for one-bedders to RM1.45 million (two-bedders) and RM1.63 million (three-bedders). All prices are before a 5% rebate, says the developer. The developer of Stonor 3 has set aside three floors levels 1, 7 and 41 for shared leisure spaces such as a glass-enclosed cantilevered gymnasium, a 40m infinity-edge pool and sun deck, a children s playground and wading pool, a mini theatre for private movie screenings, as well as The rooftop skydeck offers a 360-degree view of the KL skyline large function rooms. Tan & Tan Developments executive director Teh Boon Ghee reportedly said that he believes the property market is currently at the bottom and should be back in full swing by the time the project is completed in December 2019. Tan & Tan Developments launched Stonor 3 for sale in Kuala Lumpur in November 2016. To date, about 30%, or 120 of the units, have been sold, with buyers comprising a good mix of locals and foreigners working in Kuala Lumpur. Singapore will be its first overseas stop and there are plans to market the development to other cities in Southeast Asia. Tan & Tan s Teh says he is confident about the project s gradual take-up rate, adding that property prices in Malaysia are still cheap compared with other countries in the region. The KLCC area is still growing, with a number of developments, including new hotels and office buildings being developed and coming onto the market, which reinforces Kuala Lumpur as an attractive city, notes the developer. The estimated gross development value for Stonor 3 is RM617 million. Founded in 1971, Tan & Tan Developments is a wholly-owned subsidiary of one of Malaysia s largest listed real estate developer, IGB Corp. Tan & Tan Developments has a renowned track record, having developed not just condominiums but also landed properties and gated communities, commercial and residential buildings, as well as a hospital development. Its projects include Desa Kudalari Condominium, G-Residence, Damai 33, Seri Ampang Hilir and U-Thant Residence. According to the company s website, Mitsubishi Jisho Residence is one of Japan s leading condominium developers, with projects predominantly in Tokyo. It also has projects in Sapporo, Sendai, Nagoya, Osaka, Hiroshima and Fukuoka. E Stonor 3 is a 41-storey freehold luxury development comprising 400 units in five layouts ranging from one-bedroom units of 648 sq ft to three-bedroom units of 1,232 sq ft PICTURES: TAN & TAN DEVELOPMENTS MARKET TREND Pacific Star sees opportunities in resort hotels and villas FROM PREVIOUS PAGE SOHO units, and a two-storey lifestyle retail centre with 79 commercial units. Since its launch in November 2013, 63% of the apartments in the first two towers have been sold at an average of $1,300 to $1,400 psf, says Chan. Buyers at Puteri Cove Residences are foreigners from 28 countries, he adds. As the first two towers are expected to be completed by year-end, the company is continuing to embark on an aggressive overseas sales campaign in China, Japan and South Korea to market the project. Pacific Star will hold on to the strata retail units in the retail podium for now. The plan is to lease the units to supermarkets, specialty grocers and F&B outlets for the convenience of future residents, and to create a vibrant community. As for the second development project, Posh Twelve in Bangkok, Pacific Star had purchased the freehold site of 80,127 sq ft in September 2014 through its joint venture company Kanakkorn Pattana Co. The site can be developed into a mixed-use complex with 1,373 apartments in 39- and 45-storey blocks, as well as seven commercial units housing cafés, restaurants and a convenience store. The project is also located within walking distance of the Ministry of Public Health MRT station on the Purple Line. Chan intends to launch the project in April. As the property is targeted at middle-income homebuyers, units will be priced from THB80,000 ($3,242) to THB90,000 sq m, which is less than a third of the luxury apartments in the prime districts of Bangkok, which are about THB300,000 psm. Posh Twelve in Bangkok will be launched in April Focus on three segments Pacific Star will continue to focus on development projects in Asean to diversify our revenue base and our risks, says Chan. Besides Kuala Lumpur and Bangkok, the group is also evaluating development opportunities in Jakarta. PACIFIC STAR DEVT One of the three segments that the group wants to specialise in is mixed-use projects with branded residences in prime locations, like what it has done in Kuala Lumpur, Bangkok and Iskandar Malaysia. The group also sees opportunities in resort hotel and villa develop ments in resort islands such as Bali, Langkawi, Phuket and Phu Quoc. A third segment it intends to enter is resort retirement communities for the affluent, which will offer medical facilities as well as recreational amenities such as golf courses. Malaysia and Thailand are the best places in Asean for the development of retirement communities, as land cost is relatively low and because of the availability of skilled and semiskilled staff, says Chan. E

THEEDGE SINGAPORE FEBRUARY 20, 2017 EP11 GAINS AND LOSSES $6.6 million loss at Seascape mortgagee sale SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY LIN ZHIQIN On Feb 7, a 4,069 sq ft unit at Seascape in Sentosa Cove was sold at a $6.6 million loss. The loss works out to 52%, or 10% annualised over a holding period of 6.6 years. The previous owner, a Russian national, bought the unit from the developer at $12.8 million, or $3,146 psf in June 2010. The unit was put up for mortgagee sale at an auction conducted by JLL in January 2017 at an opening price of $6.8 million but did not find a buyer. It was subsequently sold at $6.2 million, or $1,524 psf, by private treaty. According to JLL head of auctions Mok Sze Sze, the buyer is an investor. The transaction marks the biggest loss for condominiums at Sentosa Cove so far. Based on the matching of URA caveat data, the second- and third-biggest losses at Sentosa Cove were also traced to Seascape. In May 2015, a 4,133 sq ft unit at Seascape was sold at a $5.2 million loss. The unit was bought at $11 million, or $2,661 psf, in December 2011 and sold at $5.8 million, or $1,403 psf. The loss works out to 47%, or 17% annualised over a three-year holding period. The seller was also liable for a 4%, or $232,000, Seller s Stamp Duty. The third-biggest loss of $4.65 million occurred in relation to a 4,241 sq ft unit at Seascape that was bought at $11 million, or $2,594 psf, in December 2011 and sold at $6.35 million in October 2016. The loss works out to 42%, or 11% annualised over Scotts Square has 338 apartment units and is within walking distance of Orchard MRT station. Find the most affordable unit in the project at bit.ly/scottssquareedge. a holding period of nearly five years. Seascape, which has a 99-year leasehold tenure, was completed in 2011 and comprises 151 units. In total, 15 condo units at Sentosa Cove were sold at a loss last year. The sellers sustained losses ranging from $80,010 to $4.65 million, working out to an average loss of $1.35 million, or 23%. For private non-landed homes sold in the week of Jan 31 to Feb 7, the next biggest loss, after the Seascape unit, of $1.56 million occurred in the sale of a 1,249 sq ft unit at Scotts Square in prime District 9. The seller bought it at $5.2 million, or $4,171 psf, from the developer in August 2007 and sold it at $3.65 million, or $2,923 psf, on Feb 3. The loss THE EDGE SINGAPORE The three biggest losses for condos at Sentosa Cove, so far, were at Seascape. Find the most affordable unit in the project at bit.ly/seascapeedge. works out to 30%, or 4% annualised over a holding period of 9.5 years. This transaction marks the biggest loss at Scotts Square so far. All seven units at Scotts Square transacted last year, whose previous caveats could be traced, were sold at a loss. The sellers sustained losses ranging from $647,088 to $1.2 million, working out to an average loss of $910,579, or 24%. The monthly rents for units of between 1,200 and 1,300 sq ft at Scotts Square averaged $7,682 in 2H2016, which implies a 3% gross rental yield for the recently transacted unit. Scotts Square is a mixed-use development completed in 2011. It comprises 338 freehold apartment units and is located within walking distance of Orchard MRT station. E Private non-landed residential transactions with contracts dated Jan 31 to Feb 7 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Sommerville Park 10 1,302 Feb 1 1,597 Aug 20, 2004 664 1,215,000 140 7 12.5 2 The Centris 22 1,442 Jan 31 1,144 Oct 30, 2006 524 893,619 118 8 10.3 3 The Merasaga 10 947 Feb 1 1,425 Dec 09, 2002 581 800,000 145 7 14.2 4 Thomson 800 11 1,625 Feb 3 1,125 Nov 25, 1998 675 731,100 67 3 18.2 5 Glendale Park 23 1,249 Feb 3 1,041 Feb 23, 2005 457 730,000 128 7 12.0 6 The Berth By The Cove 4 1,658 Feb 6 1,250 Aug 22, 2006 871 628,100 43 4 10.5 7 Symphony Heights 21 1,647 Feb 2 1,032 June 11, 1999 686 570,000 50 2 17.7 8 Double Bay Residences 18 1,367 Feb 2 1,061 March 24, 2009 656 552,750 62 6 7.9 9 Dunearn Gardens 11 1,238 Feb 1 1,454 May 01, 2000 1,030 525,000 41 2 16.8 10 Double Bay Residences 18 1,550 Feb 3 1,006 Sept 16, 2009 685 497,700 47 5 7.4 URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Seascape 4 4,069 Feb 7 1,524 June 28, 2010 3,146 6,600,000 52 10 6.6 2 Scotts Square 9 1,249 Feb 3 2,923 Aug 24, 2007 4,171 1,558,330 30 4 9.5 3 Aspen Heights 9 1,604 Feb 3 1,403 Oct 18, 2012 1,590 300,000 12 3 4.3 4 8@Woodleigh 13 1,658 Feb 3 1,086 Dec 4, 2012 1,243 260,000 13 3 4.2 5 The Legend 10 1,453 Feb 1 1,270 Aug 22, 2007 1,445 255,000 12 1 9.5 6 Kovan Residences 19 2,400 Feb 6 1,000 Nov 9, 2011 1,100 240,000 9 2 5.2 7 Parc Somme 8 355 Jan 31 1,591 July 2, 2012 1,830 85,000 13 3 4.6 8 Rio Vista 19 2,465 Feb 6 730 May 25, 2012 755 60,000 3 1 4.7 Note: The profit and loss computation excludes transaction costs such as stamp duties URA caveat record downloaded on Feb 10 and 14

EP12 THEEDGE SINGAPORE FEBRUARY 20, 2017 DONE DEALS Buyers return to Alexandra-Commonwealth BY TAN CHEE YUEN Developments launched as far back as 2013 have benefited from the lack of new ones so far this year. This was most evident in the Alexandra-Commonwealth neighbourhood, where there have been six launches with a total of 3,650 units since 2013. The latest launch in the area was in November that of 736-unit Queens Peak, a 99-year leasehold condominium developed by Hao Yuan Investment-MCC Land. The project sold 11 units in January at a median price of $1,684 psf. In the first week of February, another handful of units were sold at prices ranging from $728,000 ($1,691 psf) for a 431 sq ft, one-bedroom unit to $1.17 million ($1,505 psf) for a 775 sq ft, two-bedroom unit, according to caveats lodged with URA Realis. The project is about 40% sold. Adjacent to Queens Peak is 845- unit Commonwealth Towers, a 99- year leasehold condo by City Developments. It sold 12 units at a median price of $1,709 psf in January, according to URA data. Property agents say the developer is offering special discounts for selected one- and two-bedroom units, whereby units will have a One- and two-bedroom units at Queens Peak were sold at $728,000 to $1.17 million flat psf price regardless of the level on which they are located. This was seen in the transactions of two 753 sq ft, two-bedroom units on the 22nd and 23rd floors, which were sold for $1,709 psf in February. Buyers of selected three- and four-bedroom units from the 20th floor are also given discounts, which will end later this month. Launched in May 2014, Commonwealth Towers is 56% sold. Besides the recent launches, even older condos in the Alexandra area are seeing a revival in interest. Most notably, 775-unit The Anchorage has seen a pickup in transactions since end-2016. The freehold project by Frasers Centrepoint was completed 40 years ago. According to a caveat lodged on Feb 2, two 1,507 sq ft, three-bedroom units changed hands: The unit on the 10th floor fetched $1.78 million ($1,181 psf) and the one on the 19th floor was sold for $1.8 million ($1,194 psf). It seems buyers are hunting for value buys again. E Two 1,507 sq ft units at The Anchorage on Alexandra Road changed hands at $1.78 million to $1.8 million THE EDGE SINGAPORE LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated Jan 31 to Feb 7 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 3 ALEX RESIDENCES Apartment 99 years February 01, 2017 678 1,400,000-2,064 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years January 31, 2017 753 1,288,000-1,709 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years January 31, 2017 463 808,000-1,746 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years February 02, 2017 753 1,288,000-1,709 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years February 04, 2017 753 1,288,000-1,709 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years February 04, 2017 904 1,473,800-1,630 Uncompleted New Sale ECHELON Condominium 99 years February 01, 2017 861 1,678,950-1,950 2016 New Sale HIGHLINE RESIDENCES Condominium 99 years February 01, 2017 506 1,079,400-2,134 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years February 02, 2017 635 1,282,300-2,019 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years February 02, 2017 700 1,305,300-1,866 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years February 05, 2017 883 1,626,700-1,843 Uncompleted New Sale QUEENS PEAK Condominium 99 years January 31, 2017 441 767,000-1,738 Uncompleted New Sale QUEENS PEAK Condominium 99 years February 01, 2017 431 728,000-1,691 Uncompleted New Sale QUEENS PEAK Condominium 99 years February 02, 2017 775 1,166,000-1,505 Uncompleted New Sale QUEENS PEAK Condominium 99 years February 02, 2017 431 740,000-1,719 Uncompleted New Sale QUEENS PEAK Condominium 99 years February 04, 2017 441 747,000-1,693 Uncompleted New Sale QUEENS PEAK Condominium 99 years February 04, 2017 624 1,042,000-1,669 Uncompleted New Sale THE ANCHORAGE Condominium Freehold February 02, 2017 1,507 1,780,000-1,181 1997 Resale THE ANCHORAGE Condominium Freehold February 02, 2017 1,507 1,800,000-1,194 1997 Resale THE CREST Condominium 99 years February 01, 2017 829 1,416,000-1,708 Uncompleted New Sale THE CREST Condominium 99 years February 02, 2017 1,238 2,067,000-1,670 Uncompleted New Sale THE METROPOLITAN CONDOMINIUM Condominium 99 years February 01, 2017 1,421 1,820,000-1,281 2009 Resale 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 4 CORALS AT KEPPEL BAY Condominium 99 years February 05, 2017 947 2,000,000-2,111 2016 New Sale SEASCAPE Condominium 99 years February 07, 2017 4,069 6,200,000-1,524 2011 Resale THE BERTH BY THE COVE Condominium 99 years February 06, 2017 1,658 2,072,500-1,250 2006 Resale District 5 BLUE HORIZON Condominium 99 years February 02, 2017 1,163 1,200,000-1,032 2005 Resale DOVER PARKVIEW Condominium 99 years February 01, 2017 969 943,000-973 1997 Resale ONE-NORTH RESIDENCES Apartment 99 years February 01, 2017 517 828,000-1,603 2009 Resale PARC RIVIERA Condominium 99 years January 31, 2017 646 870,000-1,347 Uncompleted New Sale PARC RIVIERA Condominium 99 years January 31, 2017 463 600,000-1,296 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 01, 2017 463 580,160-1,253 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 01, 2017 646 791,000-1,225 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 02, 2017 603 746,000-1,238 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 03, 2017 463 617,000-1,333 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 03, 2017 603 740,000-1,228 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 04, 2017 463 623,000-1,346 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 04, 2017 463 613,000-1,324 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 04, 2017 603 746,000-1,238 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 04, 2017 646 795,000-1,231 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 04, 2017 667 807,000-1,209 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 05, 2017 463 588,000-1,270 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 05, 2017 603 748,000-1,241 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 05, 2017 603 776,000-1,287 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 05, 2017 463 594,000-1,283 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 05, 2017 603 750,000-1,244 Uncompleted New Sale PARC RIVIERA Condominium 99 years February 05, 2017 603 750,000-1,244 Uncompleted New Sale REGENT PARK Condominium 99 years February 06, 2017 904 818,000-905 1997 Resale THE ORIENT Apartment Freehold February 01, 2017 721 1,317,400-1,827 Uncompleted New Sale THE PARC CONDOMINIUM Condominium Freehold February 06, 2017 980 1,180,000-1,205 2010 Resale THE TRILINQ Condominium 99 years February 01, 2017 1,044 1,449,000-1,388 Uncompleted New Sale THE TRILINQ Condominium 99 years February 01, 2017 1,044 1,482,000-1,419 Uncompleted New Sale THE TRILINQ Condominium 99 years February 02, 2017 1,055 1,416,000-1,342 Uncompleted New Sale THE TRILINQ Condominium 99 years February 03, 2017 1,346 1,602,000-1,191 Uncompleted New Sale District 8 CITY SQUARE RESIDENCES Condominium Freehold February 01, 2017 570 888,888-1,558 2008 Resale FORTE SUITES Apartment Freehold February 05, 2017 603 1,084,600-1,799 2016 New Sale PARC SOMME Apartment 99 years January 31, 2017 355 565,000-1,591 2012 Resale STURDEE RESIDENCES Condominium 99 years February 05, 2017 721 1,112,700-1,543 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years February 05, 2017 1,044 1,601,200-1,534 Uncompleted New Sale District 9 ASPEN HEIGHTS Condominium 999 years February 03, 2017 1,604 2,250,000-1,403 1998 Resale KIM SIA COURT Apartment Freehold February 01, 2017 1,421 2,300,000-1,619 Unknown Resale OUE TWIN PEAKS Condominium 99 years January 31, 2017 1,055 2,321,000-2,200 2015 Resale OUE TWIN PEAKS Condominium 99 years January 31, 2017 1,604 4,619,999-2,881 2015 Resale OUE TWIN PEAKS Condominium 99 years January 31, 2017 1,055 2,940,500-2,788 2015 Resale OUE TWIN PEAKS Condominium 99 years February 03, 2017 1,055 3,217,500-3,050 2015 Resale OUE TWIN PEAKS Condominium 99 years February 06, 2017 1,604 4,355,280-2,716 2015 Resale OUE TWIN PEAKS Condominium 99 years February 07, 2017 1,399 3,491,400-2,495 2015 Resale SCOTTS SQUARE Apartment Freehold February 03, 2017 1,249 3,650,000-2,923 2011 Resale SOPHIA HILLS Condominium 99 years February 02, 2017 700 1,354,000-1,935 Uncompleted New Sale SOPHIA HILLS Condominium 99 years February 04, 2017 753 1,397,000-1,854 Uncompleted New Sale THE COSMOPOLITAN Condominium Freehold February 06, 2017 1,141 2,270,000-1,990 2008 Resale THE PEAK @ CAIRNHILL II Apartment Freehold February 05, 2017 829 2,359,000-2,846 2015 Resale THE QUAYSIDE Apartment 99 years February 02, 2017 1,550 1,700,000-1,097 1998 Resale THE RISE @ OXLEY - RESIDENCES Apartment Freehold February 01, 2017 646 1,550,000-2,400 Uncompleted New Sale

THEEDGE SINGAPORE FEBRUARY 20, 2017 EP13 DONE DEALS Residential transactions with contracts dated Jan 31 to Feb 7 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 10 ARDMORE THREE Condominium Freehold February 02, 2017 1,776 6,639,860-3,739 2014 Resale ARDMORE THREE Condominium Freehold February 02, 2017 1,776 7,069,875-3,981 2014 Resale BELLERIVE Apartment Freehold February 03, 2017 1,539 2,520,000-1,637 2011 Resale CHARMING GARDEN Condominium 999 years February 03, 2017 1,808 2,300,000-1,272 1984 Resale CYAN Condominium Freehold February 01, 2017 1,001 1,975,000-1,973 2014 Resale DALVEY COURT Apartment Freehold February 06, 2017 2,142 2,600,000-1,214 1976 Resale D LEEDON Condominium 99 years January 31, 2017 1,582 2,500,000-1,580 2014 Resale GRAMERCY PARK Condominium Freehold February 01, 2017 1,981 5,442,390-2,748 2016 Resale LEEDON RESIDENCE Condominium Freehold February 02, 2017 8,051 12,500,000-1,553 2015 Resale JALAN KEBAYA Detached Freehold February 06, 2017 8,170 9,650,000-1,181 Unknown Resale PARVIS Condominium Freehold February 06, 2017 1,701 2,800,000-1,646 2012 Resale RAINBOW MANSION Apartment Freehold February 06, 2017 1,453 2,000,000-1,376 Unknown Resale ROBIN SUITES Apartment Freehold January 31, 2017 829 988,888-1,193 2016 New Sale ROBIN SUITES Apartment Freehold February 02, 2017 1,722 1,630,000-946 2016 New Sale SOMMERVILLE PARK Condominium Freehold February 01, 2017 1,302 2,080,000-1,597 1985 Resale THE LEGEND Condominium Freehold February 01, 2017 1,453 1,845,000-1,270 1996 Resale THE MERASAGA Condominium 99 years February 01, 2017 947 1,350,000-1,425 1995 Resale District 11 26 NEWTON Apartment Freehold February 02, 2017 484 1,100,000-2,271 2016 New Sale 26 NEWTON Apartment Freehold February 04, 2017 484 1,100,000-2,271 2016 New Sale 6 DERBYSHIRE Condominium Freehold January 31, 2017 474 1,086,654-2,294 2017 New Sale DUNEARN GARDENS Condominium Freehold February 01, 2017 1,238 1,800,000-1,454 1992 Resale HILLCREST VILLA Terrace 99 years January 31, 2017 3,089 2,830,000-916 2009 Resale NEWTON SUITES Apartment Freehold February 02, 2017 797 1,455,000-1,827 2007 Resale NOVELIS Apartment Freehold February 02, 2017 807 1,250,000-1,548 2008 Resale RESIDENCES @ NOVENA Semi-Detached 99 years February 03, 2017 2,637 2,600,000-985 2004 Resale THE SPRINGS Apartment Freehold February 03, 2017 1,076 1,500,000-1,394 2003 Resale THOMSON 800 Condominium Freehold February 03, 2017 1,625 1,828,000-1,125 1999 Resale WATTEN HILL Condominium Freehold February 01, 2017 1,044 1,000,000-958 1979 Resale District 12 EIGHT RIVERSUITES Condominium 99 years February 07, 2017 700 1,050,000-1,501 2016 Sub Sale PINNACLE 16 Apartment Freehold February 02, 2017 592 878,000-1,483 2006 Resale District 13 8@WOODLEIGH Condominium 99 years February 03, 2017 1,658 1,800,000-1,086 2012 Resale 8@WOODLEIGH Condominium 99 years February 06, 2017 829 1,080,000-1,303 2012 Resale HAPPY AVENUE NORTH Terrace Freehold February 02, 2017 1,819 2,133,000-1,170 1991 Resale THE POIZ RESIDENCES Apartment 99 years February 04, 2017 592 692,000-1,169 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years February 04, 2017 1,184 1,643,112-1,388 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years February 03, 2017 840 1,133,800-1,350 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years February 04, 2017 1,130 1,300,000-1,150 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years February 05, 2017 850 1,170,000-1,376 Uncompleted New Sale District 14 ASTON MANSIONS Apartment 99 years February 06, 2017 1,012 760,000-751 1998 Resale BEAU VISTA Terrace Freehold February 02, 2017 2,530 1,720,000-680 2008 Resale COSY 23 Apartment Freehold February 03, 2017 1,023 820,000-802 1999 Resale CHANGI ROAD Apartment Freehold February 03, 2017 1,550 1,180,000-761 1983 Resale SIMS URBAN OASIS Condominium 99 years January 31, 2017 667 934,092-1,400 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years February 05, 2017 1,033 1,398,100-1,353 Uncompleted New Sale District 15 BUTTERWORTH VIEW Apartment Freehold February 03, 2017 1,216 1,350,000-1,110 1999 Resale COSTA RHU Condominium 99 years February 02, 2017 2,056 2,335,000-1,136 1997 Resale EASTERN LAGOON Condominium Freehold February 01, 2017 893 983,000-1,100 1985 Resale EASTWIND MANSIONS Apartment Freehold January 31, 2017 786 820,000-1,044 1992 Resale JOO CHIAT PLACE Apartment Freehold February 02, 2017 1,163 980,000-843 1996 Resale JOO CHIAT PLACE Apartment Freehold February 03, 2017 1,098 860,000-783 1979 Resale ONE AMBER Condominium Freehold February 07, 2017 570 990,000-1,735 2010 Resale THE MEYERISE Condominium Freehold February 06, 2017 883 1,638,888-1,857 2014 Resale District 16 BAYSHORE PARK Condominium 99 years February 03, 2017 2,196 1,630,000-742 1986 Resale BEDOK RESIDENCES Apartment 99 years February 03, 2017 581 830,000-1,428 2015 Resale LUCKY VIEW Semi-Detached Freehold February 03, 2017 3,358 3,200,000-952 Unknown Resale PICARDY GARDENS Detached Freehold February 02, 2017 4,338 4,800,000-1,108 2008 Resale THE BAYSHORE Condominium 99 years February 06, 2017 969 868,000-896 1996 Resale THE GLADES Condominium 99 years January 31, 2017 990 1,293,200-1,306 2016 New Sale THE GLADES Condominium 99 years February 02, 2017 1,066 1,550,000-1,455 2016 New Sale District 17 ESTELLA GARDENS Condominium Freehold February 06, 2017 1,259 955,000-758 1999 Resale District 18 DOUBLE BAY RESIDENCES Condominium 99 years February 02, 2017 1,367 1,450,000-1,061 2012 Resale DOUBLE BAY RESIDENCES Condominium 99 years February 03, 2017 1,550 1,560,000-1,006 2012 Resale NV RESIDENCES Condominium 99 years February 01, 2017 1,227 1,136,000-926 2013 Resale OASIS @ ELIAS Condominium 99 years January 31, 2017 1,475 1,250,000-848 2011 Resale THE ALPS RESIDENCES Condominium 99 years February 03, 2017 700 714,000-1,020 Uncompleted New Sale THE PALETTE Condominium 99 years February 01, 2017 883 870,000-986 2015 Sub Sale THE SANTORINI Condominium 99 years February 03, 2017 1,238 1,175,105-949 Uncompleted New Sale THE SANTORINI Condominium 99 years February 05, 2017 527 627,000-1,189 Uncompleted New Sale THE SANTORINI Condominium 99 years February 05, 2017 1,119 1,191,960-1,065 Uncompleted New Sale THE SANTORINI Condominium 99 years February 05, 2017 743 778,140-1,048 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years February 04, 2017 1,249 1,030,000-825 Uncompleted New Sale District 19 CHARLTON VILLAS Terrace Freehold February 03, 2017 3,649 2,000,000-548 2010 Resale COMPASS HEIGHTS Apartment 99 years February 01, 2017 1,238 1,030,000-832 2002 Resale FLO RESIDENCE Condominium 99 years February 01, 2017 1,044 920,000-881 2016 Sub Sale FLO RESIDENCE Condominium 99 years February 06, 2017 1,227 1,065,000-868 2016 Sub Sale FLORENCE REGENCY Apartment 103 years January 31, 2017 1,679 915,000-545 Unknown Resale FOREST WOODS Condominium 99 years January 31, 2017 980 1,354,000-1,382 Uncompleted New Sale FOREST WOODS Condominium 99 years February 04, 2017 1,281 1,776,000-1,387 Uncompleted New Sale FOREST WOODS Condominium 99 years February 04, 2017 743 1,028,000-1,384 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years January 31, 2017 689 866,478-1,258 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years January 31, 2017 1,033 1,231,000-1,191 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years January 31, 2017 1,109 1,302,112-1,174 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years January 31, 2017 883 1,027,000-1,164 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years January 31, 2017 883 1,021,112-1,157 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years February 01, 2017 980 1,107,000-1,130 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years February 01, 2017 883 1,016,000-1,151 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years February 02, 2017 980 1,135,000-1,159 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years February 02, 2017 1,023 1,120,000-1,095 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years February 02, 2017 1,109 1,306,000-1,178 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years February 02, 2017 861 970,000-1,126 Uncompleted New Sale KOVAN RESIDENCES Condominium 99 years February 06, 2017 2,400 2,400,000-1,000 2011 Resale LA FIESTA Condominium 99 years February 03, 2017 452 630,000-1,394 2016 Sub Sale LA FIESTA Condominium 99 years February 07, 2017 452 620,000-1,371 2016 Sub Sale RIO VISTA Condominium 99 years February 01, 2017 1,238 855,000-691 2004 Resale RIO VISTA Condominium 99 years February 06, 2017 2,465 1,800,000-730 2004 Resale SERANGOON GARDEN ESTATE Terrace 999 years January 31, 2017 2,153 2,230,000-1,034 Unknown Resale STARS OF KOVAN Apartment 99 years February 02, 2017 506 749,920-1,482 Uncompleted New Sale TERRASSE Condominium 99 years January 31, 2017 1,421 1,500,000-1,056 2014 Resale THE CHUAN Condominium 999 years February 03, 2017 1,464 1,880,000-1,284 2007 Resale THE LUXURIE Condominium 99 years February 03, 2017 1,109 985,000-888 2015 Resale 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 TERRACE EC 99 years January 31, 2017 1,001 770,600-770 Uncompleted New Sale THE TERRACE EC 99 years January 31, 2017 1,076 801,200-744 Uncompleted New Sale THE TERRACE EC 99 years January 31, 2017 1,076 780,100-725 Uncompleted New Sale THE TERRACE EC 99 years February 03, 2017 1,001 818,600-818 Uncompleted New Sale THE TERRACE EC 99 years February 03, 2017 1,001 790,600-790 Uncompleted New Sale THE TERRACE EC 99 years February 04, 2017 1,001 758,600-758 Uncompleted New Sale THE TERRACE EC 99 years February 04, 2017 1,001 803,700-803 Uncompleted New Sale THE TERRACE EC 99 years February 05, 2017 1,001 818,600-818 Uncompleted New Sale THE TERRACE EC 99 years February 05, 2017 1,076 785,100-729 Uncompleted New Sale THE TERRACE EC 99 years February 05, 2017 1,001 795,700-795 Uncompleted New Sale THE VALES EC 99 years February 02, 2017 904 745,888-825 Uncompleted New Sale WATERTOWN Apartment 99 years February 01, 2017 527 648,000-1,229 Uncompleted Sub Sale District 20 CLOVER BY THE PARK Condominium 99 years January 31, 2017 1,281 1,600,000-1,249 2011 Resale CLOVER BY THE PARK Condominium 99 years February 06, 2017 1,733 2,000,000-1,154 2011 Resale FLAME TREE PARK Condominium Freehold February 06, 2017 1,765 1,750,000-991 1989 Resale FULTON HILL Terrace Freehold February 02, 2017 1,862 2,450,000-1,319 1981 Resale LAKEVIEW ESTATE Apartment 99 years February 06, 2017 1,615 1,200,000-743 1977 Resale PEIRCE VIEW Condominium Freehold February 01, 2017 936 950,000-1,014 1996 Resale THOMSON IMPRESSIONS Apartment 99 years February 01, 2017 1,055 1,475,900-1,399 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years February 04, 2017 1,055 1,454,390-1,379 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years February 05, 2017 1,195 1,608,700-1,346 Uncompleted New Sale District 21 PANDAN VALLEY Condominium Freehold February 07, 2017 2,024 1,800,000-889 1978 Resale PARC PALAIS Condominium Freehold January 31, 2017 1,292 1,280,000-991 1999 Resale PINE GROVE Condominium 99 years February 01, 2017 1,755 1,400,000-798 Unknown Resale PINE GROVE Condominium 99 years February 02, 2017 1,690 1,268,000-750 Unknown Resale SHERWOOD TOWER Apartment 99 years February 06, 2017 1,518 1,038,000-684 1980 Resale SYMPHONY HEIGHTS Condominium Freehold February 02, 2017 1,647 1,700,000-1,032 1998 Resale District 22 LAKE GRANDE Condominium 99 years February 02, 2017 980 1,240,000-1,266 Uncompleted New Sale LAKE GRANDE Condominium 99 years February 03, 2017 818 1,085,000-1,326 Uncompleted New Sale LAKE GRANDE Condominium 99 years February 04, 2017 980 1,236,000-1,262 Uncompleted New Sale PARC OASIS Condominium 99 years February 06, 2017 1,227 890,000-725 1994 Resale THE CENTRIS Apartment 99 years January 31, 2017 1,442 1,650,000-1,144 2009 Resale THE LAKESHORE Condominium 99 years February 01, 2017 1,184 1,225,000-1,035 2008 Resale WESTWOOD PARK Terrace 99 years February 01, 2017 1,615 1,350,000-836 1998 Resale WESTWOOD RESIDENCES EC 99 years January 31, 2017 947 703,100-742 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years February 01, 2017 947 733,300-774 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years February 02, 2017 1,152 952,300-827 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years February 04, 2017 1,033 857,000-829 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years February 05, 2017 1,033 816,100-790 Uncompleted New Sale YUNNAN GARDENS Terrace Freehold February 03, 2017 2,551 2,128,000-835 2000 Resale District 23 DAIRY FARM ESTATE Condominium Freehold February 01, 2017 2,196 2,025,000-922 1989 Resale GLENDALE PARK Condominium Freehold February 03, 2017 1,249 1,300,000-1,041 2000 Resale GLENDALE PARK Condominium Freehold February 07, 2017 1,216 1,249,000-1,027 2000 Resale HILLION RESIDENCES Apartment 99 years February 03, 2017 474 647,680-1,368 Uncompleted New Sale KINGSFORD. HILLVIEW PEAK Condominium 99 years January 31, 2017 1,109 1,490,000-1,344 2017 New Sale KINGSFORD. HILLVIEW PEAK Condominium 99 years January 31, 2017 2,164 1,850,000-855 2017 New Sale KINGSFORD. HILLVIEW PEAK Condominium 99 years January 31, 2017 1,119 984,720-880 2017 New Sale KINGSFORD. HILLVIEW PEAK Condominium 99 years January 31, 2017 1,658 1,459,040-880 2017 New Sale KINGSFORD. HILLVIEW PEAK Condominium 99 years January 31, 2017 1,087 956,560-880 2017 New Sale MAYSPRINGS Apartment 99 years February 07, 2017 1,410 960,000-681 1998 Resale MERA WOODS Condominium 999 years February 03, 2017 1,938 1,950,000-1,006 1999 Resale PAVILION PARK Terrace Freehold February 03, 2017 2,347 3,200,000-1,361 2014 Resale SOL ACRES EC 99 years January 31, 2017 1,098 959,000-873 Uncompleted New Sale SOL ACRES EC 99 years January 31, 2017 1,044 861,000-825 Uncompleted New Sale SOL ACRES EC 99 years February 01, 2017 1,098 932,000-849 Uncompleted New Sale SOL ACRES EC 99 years February 01, 2017 850 661,000-777 Uncompleted New Sale SOL ACRES EC 99 years February 01, 2017 850 658,000-774 Uncompleted New Sale SOL ACRES EC 99 years February 03, 2017 1,066 826,000-775 Uncompleted New Sale SOL ACRES EC 99 years February 03, 2017 614 473,000-771 Uncompleted New Sale SOL ACRES EC 99 years February 04, 2017 1,066 866,000-813 Uncompleted New Sale SOL ACRES EC 99 years February 05, 2017 1,044 821,000-786 Uncompleted New Sale SOL ACRES EC 99 years February 05, 2017 872 679,000-779 Uncompleted New Sale SOL ACRES EC 99 years February 05, 2017 1,098 859,000-782 Uncompleted New Sale WANDERVALE EC 99 years January 31, 2017 1,098 833,000-759 Uncompleted New Sale District 25 BELLEWOODS EC 99 years January 31, 2017 1,227 915,680-746 Uncompleted New Sale BELLEWOODS EC 99 years February 04, 2017 1,227 949,620-774 Uncompleted New Sale BELLEWOODS EC 99 years February 04, 2017 1,249 969,200-776 Uncompleted New Sale NORTHWAVE EC 99 years January 31, 2017 1,270 950,440-748 Uncompleted New Sale NORTHWAVE EC 99 years January 31, 2017 990 777,960-786 Uncompleted New Sale NORTHWAVE EC 99 years February 03, 2017 1,109 808,450-729 Uncompleted New Sale NORTHWAVE EC 99 years February 04, 2017 1,098 809,134-737 Uncompleted New Sale WOODSVALE EC 99 years January 31, 2017 1,292 825,000-639 2000 Resale District 26 CASTLE GREEN Condominium 99 years February 03, 2017 1,152 970,000-842 1997 Resale THE COUNTRYSIDE Detached Freehold February 02, 2017 5,500 5,000,000-909 1998 Resale District 27 PARC LIFE EC 99 years February 01, 2017 1,270 960,450 958,150 754 Uncompleted New Sale PARC LIFE EC 99 years February 02, 2017 1,055 797,050 794,750 753 Uncompleted New Sale PARC LIFE EC 99 years February 04, 2017 1,109 810,350 808,050 729 Uncompleted New Sale PARC LIFE EC 99 years February 05, 2017 1,109 892,050 889,750 803 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years February 02, 2017 1,076 804,870-748 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years February 03, 2017 947 697,915-737 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years February 05, 2017 1,098 817,810-745 Uncompleted New Sale THE BROWNSTONE EC 99 years January 31, 2017 915 734,400-803 Uncompleted New Sale THE BROWNSTONE EC 99 years February 05, 2017 936 782,400-835 Uncompleted New Sale THE CRITERION EC 99 years February 03, 2017 1,119 890,400-795 Uncompleted New Sale THE CRITERION EC 99 years February 04, 2017 1,023 772,800-756 Uncompleted New Sale THE SHAUGHNESSY Terrace 99 years February 02, 2017 3,283 1,380,000-420 2006 Resale THE VISIONAIRE EC 99 years January 31, 2017 1,109 823,000-742 Uncompleted New Sale THE VISIONAIRE EC 99 years February 02, 2017 1,281 976,500-762 Uncompleted New Sale THE VISIONAIRE EC 99 years February 05, 2017 872 710,000-814 Uncompleted New Sale THE VISIONAIRE EC 99 years February 05, 2017 980 767,500-784 Uncompleted New Sale THE WISTERIA Apartment 99 years January 31, 2017 1,173 1,170,200-997 Uncompleted New Sale THE WISTERIA Apartment 99 years February 01, 2017 969 978,118-1,010 Uncompleted New Sale THE WISTERIA Apartment 99 years February 02, 2017 969 985,412-1,017 Uncompleted New Sale THE WISTERIA Apartment 99 years February 03, 2017 969 1,022,212-1,055 Uncompleted New Sale THE WISTERIA Apartment 99 years February 05, 2017 1,173 1,308,500-1,115 Uncompleted New Sale THE WISTERIA Apartment 99 years February 05, 2017 969 973,312-1,005 Uncompleted New Sale District 28 NIM GARDENS Condominium Freehold February 01, 2017 1,830 1,400,000-765 1986 Resale RIVERTREES RESIDENCES Apartment 99 years February 05, 2017 947 1,009,180-1,065 Uncompleted New Sale SELETAR HILLS ESTATE Terrace 999 years February 03, 2017 3,251 3,398,888-1,047 Unknown Resale DISCLAIMER: Source: URA Realis. Updated Feb 14, 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.

EP14 THEEDGE SINGAPORE FEBRUARY 20, 2017 DEAL WATCH SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Unit at The Metropolitan on the market for $1,287 psf When The Metropolitan was launched for sale in November 2006, average prices were $780 psf BY TAN CHEE YUEN A1,399 sq ft, three-bedroom unit at The Metropolitan Condominium was recently put up for sale on TheEdge Property.com for $1.8 million ($1,287 psf). The unit is currently tenanted at a monthly rent of $4,300 with the lease expiring in January 2019, according to Pamela Lim, a property agent at ERA Realty who is marketing the unit. That translates into a rental yield of 2.9% a year, which is considered attractive in the current market. The Metropolitan Condominium is a 99-year leasehold development located on Alexandra View that was jointly developed by CapitaLand and Lippo Group. The 382-unit high-rise development with units spread over two 45-storey tower blocks was completed in 2009. The project is conveniently located, just a 100m walk from Redhill MRT Station on the East-West Line, and in the vicinity of amenities in established HDB estates such as Bukit Merah Town Centre, Redhill market and Tiong Bahru Plaza. Unit types consist of two- to four-bedroom apartments measuring 721 to 1,894 sq ft, as well as four-bedroom duplex penthouses with roof terraces measuring up to 3,412 sq ft. Recent transactions at The Metropolitan Condominium CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) Feb 1, 2017 1,421 1.820 1,281 Jan 20, 2017 2,831 3.438 1,214 July 29, 2016 1,733 2.200 1,269 June 27, 2016 1,033 1.430 1,384 June 22, 2016 1,744 2.220 1,273 June 13, 2016 1,744 2.220 1,273 June 2, 2016 1,421 1.849 1,301 When The Metropolitan was launched for sale in November 2006, average prices were $780 psf. At the peak of the market, a 721 sq ft unit changed hands for $1,750 psf in August 2013. Since then, as more new condo projects have been launched in the vicinity and, owing to the property cooling measures, prices have softened to an average of $1,388 psf in 2014 and $1,292 psf last year. The most recent transaction of a three-bedroom unit was that of a 1,421 sq ft apartment on the 28th floor that fetched $1.82 million ($1,281 psf), according to a caveat lodged earlier this month. For more information, visit tinyurl.com/ DealWatch-S767. E Recent rental contracts for 1,300 to 1,400 sq ft units at The Metropolitan Condominium LEASE DATE MONTHLY RENT $ $ PSF December 2016 4,400 3.30 December 2016 4,400 3.30 December 2016 4,400 3.30 November 2016 5,100 3.80 November 2016 5,400 4.00 TABLES: URA, THE EDGE PROPERTY visit http://subscribe.theedgesingapore.com/ SAVE 70% PLUS FREE! Lawry s The Prime Rib $50 dining voucher 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 Last name (Mr/Ms/Dr ) First name Company Job Title Delivery Address Home Office Gift 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. 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