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 JANUARY 9, 2017 ISSUE 761 Property Take Promising outlook for real estate in 2017, says JLL EP3 Offshore Fancy a resort home in Kota Kinabalu? EP6 Done Deals Malaysian buys three units at Three Balmoral EP8&9 Deal Watch Corner terraced house at Woodgrove View going for $1.95m EP10 Top gains and SAMUEL ISAAC CHUA/THE EDGE SINGAPORE losses in 2016 Sellers incurred losses of $260 million in 2016, up 62% from $161 million in 2015, as the proportion of unprofitable transactions rose from 9% to 17%. Which were the properties with the highest gains and losses? See our Cover Story on Pages 4 and 5.
EP2 THEEDGE SINGAPORE JANUARY 9, 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 ANALYSTS Lin Zhiqin ANALYST Tan Chee Yuen COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Rahayu Mohamad DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGERS Priscilla Wong, James Chua THE EDGE SINGAPORE ADVERTISING + MARKETING ADVERTISING SALES CHIEF MARKETING OFFICER Cecilia Kay SENIOR MANAGERS Windy Tan, Garry Lo MANAGER Elaine Tan EVENTS SENIOR MANAGER Sivam Kumar MARKETING EXECUTIVES Tim Jacobs, Sam Ridzam COORDINATOR Nor Aisah Bte Asmain CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim Private property prices down 0.4% in 4Q2016; 11.2% drop from 3Q2013 Prices of private residential properties (right) dropped 0.4% in 4Q2016, compared with 1.5% in 3Q. For the whole of last year, prices fell 3%, compared with 3.7% and 4% in 2015 and 2014, respectively. These flash estimates were released by the URA on Jan 4. Non-landed properties saw a 0.7% price decline in 4Q2016, following a 1.2% drop in 3Q. The main drag in the quarter came from the Rest of Central Region (RCR) or city fringe, where non-landed home prices fell 2%, following a 1% drop in 3Q. Downward price pressures in nonlanded homes in the Core Central Region and Outside Central Region showed signs of easing in 4Q. Prices in the CCR or prime areas were flat after a 1.9% drop in 3Q; in the suburbs or OCR, prices dipped 0.3% after a 1% decline in 3Q. The property price index continues to soften, albeit at a slower pace y-o-y. On a q-o-q basis, the latest flash estimates indicate an approaching trough, says Desmond Sim, head of CBRE Research, Singapore and South East Asia. For the whole of 2016, prices in the CCR, RCR and OCR fell 1.3%, 2.8% and 3.1%, respectively. However, landed homes bucked the trend in 4Q, with prices inching up 0.9% after a 2.7% decline in 3Q. But for the whole of 2016, prices of landed properties fell 4.4%. Going forward, analysts expect private residential price indices to continue to drop in 1Q2017, but at a slower pace. The downward pressure is mainly attributed to the slowing economy, existing cooling measures, rising interest rates and uncertainty in the employment market, says Nicholas Mak, head of research and consultancy, SLP International. The data will be updated when URA releases the full real estate statistics for 4Q2016 on Jan 26. Cushman & Wakefield appoints new head of project and development services Cushman & Wakefield has appointed Jonathan Mobbs (right), a 25-year veteran in project management services, as head of project and development services in Singapore. The project and develop ment services team plans and manages construction processes such as design, budgeting, space and occupancy planning, and relocation management. Mobbs will be responsible for expanding Cushman & Wakefield s presence in Singapore. He will lead the SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CUSHMAN & WAKEFIELD team to work with existing clients and seek out new business opportunities. Prior to joining Cushman & Wakefield, Mobbs was with Colliers International, where he was responsible for the strategic planning of business facilities as well as delivering end-to-end fit-out and refurbishment projects. Before that, he worked for Faithful+Gould, an integrated project and programme management consultancy, and Gleeds, a global property and construction consultancy headquartered in London. Raffles Country Club to be acquired by July 31, 2018 The Raffles Country Club site in Tuas will be acquired by the government for the Singapore-Kuala Lumpur High- Speed Rail (HSR) and the new Cross Island Line s (CRL) western depot. In a note to its members, RCC says it is required to hand over the 143ha site to the Singapore Land Authority (SLA) by July 31, 2018. The HSR, which will cross the Straits of Johor via a bridge, is scheduled to start running in 2026. A joint statement released by the Land Transport Authority (LTA) and SLA says the RCC site is the most suitable location to run the at-grade or ground-level track immediately after the bridge. The site will also hold the tunnel portal leading to the underground tunnel that will take the HSR to the Jurong East terminus, as well as crossover tracks and a siding facility to temporarily house trains near the border. A portion of the site will also be used for CRL s western depot as a stabling and maintenance facility. The CRL, which will link Jurong East, Bukit Timah, Ang Mo Kio and Changi, is expected to be ready by 2030. SLA says it will work closely with RCC s management to assist it through the acquisition process. RCC will be the second country club, after Jurong Country Club, to be acquired by the government for the 350km HSR. It was announced in May 2015 that JCC in Jurong East will be the Singapore terminus for the HSR. Compiled by Michael Lim E CORPORATE CHIEF EXECUTIVE OFFICER Ben Paul DIRECTOR Anne Tong CORPORATE AFFAIRS DIRECTOR Ng Say Guan PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore 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. Washington loses favour in survey of foreign property investors BY HUI-YONG YU Washington fell out of the top five US targets for foreign real estate investment for the first time in 24 years amid high property prices, reduced government demand for offices and a coming change in presidential administrations. Washington dropped to sixth place last year from fourth in 2015, according to an annual survey by the Association of Foreign Investors in Real Estate. The study, which began in 1992, was conducted in 4Q2016, with responses coming in before and after the Nov 8 election. The nation s capital has gotten expensive, says Jim Fetgatter, CEO of the association, whose members oversee US$2 trillion ($2.9 trillion). That s put somewhat of a damper on the market. Investors flocked to coastal gateway markets after the financial crisis, helping push property prices in Washington and five other major US cities to about 20% above the previous high in 2007, according to a Moody s/real Capital Analytics index. Borrowing money is also getting costlier. US Federal Reserve po licymakers last month boosted interest rates for the first time in 2016, and projected more increases for this year as the economy strengthens. The Washington market has been pressured for A construction crane above buildings in Washington, DC. The nation s capital dropped to sixth place from fourth, falling out of the top five US targets for foreign real estate investment. almost a decade as the federal government curbed its space demands and the Department of Defense shifted from leased properties to military installations, according to Matt Kelly, managing partner of local landlord JBG Cos. Other agencies have been consolidating offices and shrinking the amount of space per employee. Kelly will be CEO of a new company being formed by JBG and Vornado Realty Trust that will be the largest landlord focused exclusively on the area. BLOOMBERG The US capital may regain favour if President-elect Donald Trump s administration delivers on pledges of new spending that would boost defence and infrastructure, Fetgatter says. It s going to take a while for that to really work through, and to see how much of that is really going to happen, he says. Washington is a very stable, solid market that is temporarily out of favour. Globally, Washington dropped to 15th place from eighth, according to the foreign-investor group. Washington has not been in the top five worldwide destinations since the 2013 survey. In 2016, New York held the top US spot for the seventh consecutive year, followed by Los Angeles, Boston, Seattle and San Francisco. New York also is ranked No 1 globally, trailed by Berlin, London, Los Angeles and San Francisco. The US was deemed more attractive after the UK vote to exit the European Union diminish ed London s appeal, the association says. About 95% of respondents said they plan to maintain or increase their level of investment in the US this year. London had been first or second worldwide for five years before its drop to No 3. The survey was conducted by the James A Graaskamp Center for Real Estate at the Wisconsin School of Business. Bloomberg LP E
THEEDGE SINGAPORE JANUARY 9, 2017 EP3 PROPERTY TAKE Promising outlook for real estate in 2017 as capital continues to target Asia-Pacific There is no denying that 2016 was an eventful year, with Brexit and the surprising US presidential election result grabbing headlines around the globe. By comparison, the economic and political landscape in Asia-Pacific was rather more sedate. But as we look ahead to 2017, how will these ongoing global dynamics shape the economies of this region and, more specifically, the real estate sector? Despite uncertainty, 2016 delivered high levels of activity, with new investors allocating capital to property in Asia-Pacific. With most economies in the region on a robust growth trajectory, real estate markets were resilient. Investors took the shock of last June s Brexit vote in their stride and transaction volumes in this part of the world were similar to 2015. Based on our data, intra-regional capital flows trended slightly higher, but capital flows between the regions fell y-o-y, in part because investors preferred markets closer to home in times of uncertainty. In 2016, several landmark deals were made: Qatar Investment Authority bought Singapore s Asia Square Tower 1 for US$2.45 billion ($3.55 billion) in the largest single-tower deal in Asia-Pacific so far, signalling revitalised investor confidence in the city state s office market. Elsewhere, other high-profile deals included Brookfield Asset Management s acquisition of the International Finance Centre Seoul for US$2.7 billion and the sale of Century Link complex in Shanghai to insurance company China Life for U$2.96 billion. A review of the key markets China continued to be a big story in 2016, overtaking the US to become the largest cross-border real estate investor and chalking up close to US$18 billion of investment in international commercial property assets in the first three quarters of the year. The Bank of Japan s move to adopt negative interest rates subdued investment volumes in the country s office sector as improved refinancing BY ANTHONY COUSE terms deterred owners from putting their assets on the market. But despite domestic and global economic headwinds, interest in Japan s real estate sector was steady throughout the year, particularly in the hospitality sector. Meanwhile in India, the government s sudden withdrawal of IDR500 and IDR1,000 notes was a jolt to the property sector. However, the demonetisation is expected to have limited impact on office leasing and institutional investment, given the limited role of cash. In the long term, with India s strong economic growth story, a more structured and transparent system would make the country more attractive to foreign investors. Looking south, Australia continued 25 years of unbroken growth, proving its resilience through a transition from mining-sector wealth to more broad-based domestic economic drivers. Australian real estate continues to attract strong interest from overseas investors and has benefited from higher allocations by pension funds, sovereign wealth funds and insurance companies to real assets. Looking ahead to 2017 In November, China announced that it would be more closely monitoring capital outflows. The introduction of such shifts in policy will certainly influence the size, scale and timings of outbound capital. While we expect few long-term structural changes, there will be some shortterm delays. But China s appetite for overseas investment is unlikely to Qatar Investment Authority bought Asia Square Tower 1 for US$2.45 billion in the largest single-tower deal in Asia-Pacific so far, signalling revitalised investor confidence in the city state s office market abate anytime soon and we expect it to retain its crown as the world s No 1 real estate investor, thanks to its enormous capital base. With the inauguration of President-elect Donald Trump in the US around the corner, many of us are pondering the likely impacts on Asia-Pacific. Certainly, there are question marks over the future of multinational trade deals that affect countries in this region, but in terms of the real estate market, we have yet to see significant effects. Equally, we do not expect the recent interest rate hike by the US Federal Reserve to have a dramatic impact as investors have been factoring it into their decisions. The related currency volatility, however, will become an area of concern for cross-border investors and there is potential for the foreign exchange stock market to experience some judders owing to current geopolitical tensions. This may drive big, global investors to allocate more funds to property assets because of their safe-haven nature, relatively high returns and diversification benefits. With this in mind, there is a strong indication that big-ticket transactions SAMUEL ISAAC CHUA/THE EDGE SINGAPORE will continue in the coming months. The likelihood of most central banks keeping interest rates low for some time means that investors will continue pouring funds into real estate. This will help to stabilise yields in core asset classes while bolstering corporate occupational demand and rent performance. While there is a shortage of stock in the region a challenge for investors this presents significant opportunities for developers. In search of new opportunities While our clients remain positive about prospects for 2017, we are hearing from many of them that they are looking for value in off-market deals in secondary cities and looking at alternative sectors. Self-storage, for example, offers exposure to the growing number of consumers who live in compact homes and require separate storage space. Meanwhile, on the back of the rapid growth of e-commerce, the logistics sector is also gaining in popularity. An increase in demand for data centres, propelled by the adoption of cloud computing and big data, means that canny investors are considering that too. In terms of geography, Southeast Asia is gaining momentum. In particular, Vietnam s real estate sector saw a 12% y-o-y increase in investment and with ongoing improvements to market transparency and a projected GDP growth of about 6%, it is an increasingly attractive destination. Meanwhile, a mature market such as Singapore remains appealing, thanks to its strong fundamentals and current competitive entry point. Overall, Asia-Pacific is well placed to outperform other regions in 2017 and we are confident about the longterm strength of its real estate sector. Though there may be challenging times ahead with potential political and financial market instability, we look ahead to a year of new possibilities, though hopefully fewer surprises. E Anthony Couse is CEO for Asia-Pacific, JLL Three-year forecast of annualised total returns ranking by cities/sectors to end-2019 % per annum 16 14 12 10 8 6 4 2 0-2 -4 >10% <10% Office Retail Industrial Bengaluru Mumbai Bengaluru Shanghai Mumbai Sydney Delhi Shanghai Adelaide Melbourne Melbourne Osaka Beijing Brisbane Sydney Tokyo Beijing Perth Melbourne Sydney Hong Kong Singapore Beijing Shanghai Seoul Hong Kong Hong Kong Singapore Tokyo Singapore Note: Darker shades denote income component of returns; lighter shades denote capital component of returns. Office and retail forecast total returns are for the period between 3Q2016 and 4Q2019, industrial forecast total returns are for the period between 3Q2016 and 4Q2018. JLL RESEARCH, 3Q2016 Outlook for major economies COUNTRY REAL GDP (Y-O-Y CHANGE) 2017 OUTLOOK 2016F 2017F China 6.7 6.3 Recent momentum difficult to sustain and reliant on policy stimulus. Growth to be underpinned by infrastructure spending and buoyant consumer spending. Japan 0.6 0.6 Subdued global trade and demand to weigh on the economy. Fiscal stimulus to support growth. India 7.5 7.2 Underlying dynamics remain firm, with consumption a catalyst for solid growth. Progress on policy reforms bodes well for outlook. South Korea 2.8 2.4 Slowdown in growth amid ongoing weakness in global trade environment. Australia 2.9 2.4 Low interest rate environment to support growth. Mining investment to remain a drag. Indonesia 5.0 5.1 Household consumption and government spending on infrastructure to be main drivers. Singapore 1.4 2.0 Ongoing challenges in both domestic and external fronts. Hong Kong 1.4 1.9 Stronger-than-expected growth in 3Q, but growth outlook remains lacklustre. Growing concerns about the property market. OXFORD ECONOMICS, NOVEMBER 2016
EP4 THEEDGE SINGAPORE JANUARY 9, 2017 COVER STORY Top gains and losses in 2016 Sellers incurred losses of $260 million in 2016, up 62% from $161 million in 2015, as the proportion of unprofitable transactions rose from 9% to 17%. Which were the properties with the highest gains and losses? BY LIN ZHIQIN Two separate units at Ardmore Park fetched the highest profits in 2016 As the proportion of unprofitable property transactions surged from 9% (508 out of 5,433 matched transactions) in 2015 to 17% (1,002 out of 5,924 matched transactions) in 2016, the losses incurred by sellers climbed 62% from $161 million to $260 million over the same period. The study by The Edge Property matched the latest sub-sale and resale caveats with their previous caveats based on data from URA Realis as at Dec 28, 2016. The computation of gains and losses accounts for Seller s Stamp Duty (SSD), where applicable, but excludes other costs and duties incurred by the sellers. The study covers strata properties in the non-landed residential, industrial, office and retail segments. In the condominium and apartment segment, the proportion of unprofitable transactions was 10% (447 out of 4,687 matched transactions) in 2015. In 2016, the proportion rose to 17% (873 out of 5,264 matched transactions). While the majority of sellers enjoyed profits, the average profit per transaction fell from $310,815, or 37%, in 2015 to $224,721, or 28%, in 2016. The losses incurred by sellers of private non-landed homes climbed 57% from a total of $151 million in 2015 to $236 million in 2016 (see chart). The biggest loss of $4.65 million in the private non-landed home segment in 2016 accrued to a 4,241 sq ft unit at Seascape in Sentosa Cove. The unit was bought at $11 million, or $2,594 psf, in December 2011 and sold at $6.35 million, or $1,497 psf, in October 2016. This translates into a loss of 42%, or 11% per annum over a holding period of about five years. Transacted resale prices at Seascape have fallen from a peak of between $2,551 and $2,867 psf in 2012 to between $1,403 and $1,497 psf in 2015 and 2016. Completed in 2011, Seascape is a 99-year leasehold condo comprising 151 units. A seller at The Ritz-Carlton Residences incurred the second-highest loss in 2016 when he sold a 2,831 sq ft unit at $7.1 million, or $2,508 psf, in March 2016. He bought the unit at $10.8 million, or $3,815 psf, in June 2013. The seller would likely have incurred an 8% SSD, or $568,000, owing to a holding period of less than three years. Including SSD, the losses total $4.27 million (40%), or 17% annualised. Transacted resale prices at The Ritz-Carlton Residences have fallen from a peak of between $3,768 and $3,896 psf in 2012 and 2013 to between $2,508 and $3,003 psf in 2016. The Ritz-Carlton Residences is a freehold development comprising 58 units on Cairnhill Road in prime District 9. It was completed in 2011. The third-biggest loss of $3.64 million
THEEDGE SINGAPORE JANUARY 9, 2017 EP5 COVER STORY accrued to a 2,777 sq ft unit at Turquoise in Sentosa Cove. The unit was bought at $7.16 million, or $2,580 psf, in November 2007 from the developer and sold at $3.8 million, or $1,368 psf, in June 2016. This translates into a 47% loss, or 7% per annum over a holding period of nearly nine years. So far, the highest psf resale price at Turquoise is $2,446, for a unit sold in 2012. Prices have since fallen to range between $1,368 and $1,521 psf in 2016. Turquoise is a leasehold development that contains 91 units and was completed in 2010. The two highest profits for private non-landed homes in 2016 accrued to two 2,885 sq ft units at Ardmore Park. Both units were bought from the developer in 1996 and sold after a 20- year holding period. The larger profit of $3.53 million accrued to a sixth-floor unit that was bought at $4.97 million, or $1,723 psf, and sold at $8.5 million, or $2,947 psf, in May 2016. This translates into a 71% profit, or 3% annualised. The smaller profit of $3.31 million accrued to a 14th-floor unit that was bought at $4.89 million, or $1,695 psf, and sold at $8.2 million, or $2,843 psf, in September 2016. This translates into a 68% profit, or 3% annualised. The 330-unit Ardmore Park is a freehold condo in prime District 10 that was completed in 2001. A 4,241 sq ft unit at Seascape was sold at the biggest loss in 2016 PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE More industrial properties sold at a loss In the strata industrial segment, the proportion of unprofitable transactions was 8% (45 out of 572 matched transactions) in 2015. In 2016, the proportion surged to 20% (101 out of 495 matched transactions). The losses incurred by sellers of strata industrial property more than doubled from $5.1 million in 2015 to $13.1 million in 2016. Meanwhile, the average profit per transaction fell from $265,356, or 48%, in 2015 to $202,108, or 38%, in 2016. For unprofitable transactions, the average loss increased from $113,442, or 14%, to $132,029, or 11% over the same period. The biggest loss of $510,000 for a strata industrial unit sold last year accrued to a 3,003 sq ft unit at Entrepreneur Business Centre in Kaki Bukit. The unit was bought at $1.6 million, or $533 psf, in May 2012 and sold at $1.1 million, or $363 psf, in September 2016. This translates into a loss of 32%, or 8% annualised. Transacted resale prices for similar-sized units at Entrepreneur Business Centre have fallen from a peak of between $350 and $361 psf in 2012 to between $259 and $263 psf in 2016. Entrepreneur Business Centre was completed in 2004 and has a 60-year leasehold tenure. At Joo Seng Warehouse, a freehold development on Upper Aljunied Link, a 2,056 sq ft warehouse unit was sold at the second-biggest loss of $388,300 for a strata industrial unit in 2016. The seller bought the unit at $1.65 million, or $803 psf, in a sub-sale in May 1996 and sold it at $1.26 million, or $614 psf, in January 2016, incurring a 24% loss, or 1% per annum over a 20-year holding period. Transacted resale prices for similar-sized units at Joo Seng Warehouse have fallen from a peak of between $580 and $720 psf in 2012 to range between $574 and $614 psf in 2016. The third-biggest loss for a strata industrial unit sold last year accrued to a 1,539 sq ft unit at North Spring Bizhub in Yishun. The unit was bought at $1.18 million, or $767 psf, in February 2014 and sold at $838,000, or $544 psf, in August 2016. Owing to a holding period of less than three years, the seller incurred a 5% SSD of $41,900. Including SSD, the losses total $383,900 (33%), or 14% annualised. Transacted resale prices for similar-sized units at North Spring Bizhub have fallen from a peak of between $422 and $585 psf in 2011 to between $408 and $544 psf in 2016. North Spring Bizhub was completed in 2013 and has a 60- year leasehold tenure. The highest profit of $1.91 million in the strata industrial segment last year accrued to a 4,951 sq ft unit at LHK Building, a freehold development on Sims Drive. The seller had bought the unit at $1.12 million, or $225 psf, in May 2007 and sold it at $3.02 million, or $610 psf, in March 2016. This translates into a 171% profit, or 12% per annum over a nineyear holding period. At Senoko Food Connection, a 30-year leasehold development completed in 2006, a 20,335 sq ft unit fetched the second-highest profit of $1.78 million for a strata industrial unit in 2016. The unit was bought at $1.78 million, or $87 psf, in June 2007 and sold at $3.56 million, or $175 psf, in January 2016. This translates into a 100% profit, or 8% per annum over about nine years. Twenty-one strata offices sold at average loss of 12% In the strata office segment, the proportion of unprofitable transactions was 4% (three out of 82 matched transactions) in 2015. In 2016, the proportion increased to 21% (21 out of 101 matched transactions). Strata office units transacted in 2016, whose prior caveats could be traced, fetched an average profit of $488,459, or 45%. For unprofitable transactions, the average loss increased from $58,533, or 10%, in 2015 to $271,621, or 12%, in 2016. The biggest loss of $1.21 million for a strata office unit sold last year accrued to a 2,336 sq ft unit at Suntec City. The 99-year leasehold unit was bought at $6.03 million, or $2,580 psf, in March 2011 and sold at $4.82 million, or $2,062 psf, in September 2016. This translates into a 20% loss, or 4% annualised. Losses have surged in tandem with the number of unprofitable transactions for private non-landed homes Proportion of unprofitable transactions % $ 100 250,000,000 90 80 200,000,000 70 60 150,000,000 50 40 100,000,000 30 20 50,000,000 10 0 2012 2013 2014 2015 2016 Unprofitable transactions At Parkway Parade, a 99-year leasehold development, the seller of a 1,765 sq ft strata office unit incurred the second-biggest loss of $1.06 million in 2016. The unit was bought at $2.8 million, or $1,586 psf, in May 2015 and sold at $1.74 million, or $986 psf, in September 2016. This translates into a 38% loss over a holding period of just over a year. The third-biggest loss of $657,400 for a strata office unit sold last year accrued to a 1,216 sq ft unit at Oxley Tower. It was bought from the developer at $4.5 million, or $3,700 psf, in October 2014 and sold at $3.84 million, or $3,159 psf, in a sub-sale in April 2016. This translates into a 15% loss, or 10% annualised. Oxley Tower is a freehold development on Robinson Road that is expected to receive its temporary occupation permit at end-2018. The highest profit of $6.38 million in the strata office segment last year accrued to an 11,819 sq ft unit at Prudential Tower, a 99-year leasehold development on Cecil Street. The unit was bought at $26.71 million, or $2,260 psf, in May 2014 and sold at $33.09 million, or $2,800 psf, in March 2016. This translates into a 24% profit, or 12% annualised over a two-year holding period. At The Octagon, a freehold development on Cecil Street, four units with a total area of 6,189 sq ft fetched the second-highest profit of $4.3 million in the strata office segment last year. The units were bought at $9.9 million, or $1,600 psf, in June 2008 and sold at $14.2 million, or $2,294 psf, in November 2016. This Profitable transactions Total losses Note: Profitability based on caveat data matching and accounts for SSD, where applicable, but excludes other costs and duties incurred by the sellers. Based on URA Realis data as at Dec 28, 2016. Total losses URA, THE EDGE PROPERTY translates into a 43% profit, or 4% annualised over eight years. Six strata retail units sold at average loss of 5% in 2016 In the strata retail segment, the proportion of unprofitable transactions was 14% (13 out of 92 matched transactions) in 2015. In 2016, the proportion declined to 10% (six out of 64 matched transactions). Strata retail units transacted in 2016, whose prior caveats could be traced, fetched an average profit of $399,348, or 62%. Forty-four per cent (28 out of 64) of the units sold at a profit in 2016 were bought between 2011 and 2013, before prices peaked at end-2014. The biggest loss of $550,000 for a strata retail unit sold last year accrued to a 1,539 sq ft property at Bukit Timah Plaza, a 99-year leasehold development. The unit was bought at $3.35 million, or $2,176 psf, in September 2013 and sold at $2.8 million, or $1,819 psf, in April 2016. This translates into a loss of 16%, or 7% per annum over a holding period of about three years. At The Lenox, a freehold development on Changi Road, a 560 sq ft unit was sold at the second-biggest loss of $162,793 for a strata retail unit in 2016. The seller had bought the unit at $1.56 million, or $2,792 psf, from the developer in February 2013 and sold it at $1.4 million, or $2,501 psf, in May 2016. This translates into a 10% loss, or 3% per annum over a three-year holding period. The third-biggest loss of $38,000 for a strata retail unit sold last year accrued to a 431 sq ft unit at Far East Plaza, a freehold development completed in 1982. The unit was bought at $2.04 million, or $4,733 psf, in March 2007 and sold at $2 million, or $4,645 psf, in March 2016, after a nine-year holding period. This translates into a 2% loss. The two most profitable transactions in the strata retail segment last year accrued to two units at Lucky Plaza, a freehold development completed in 1979. The larger profit of $2.67 million accrued to a first-floor 355 sq ft unit that was bought at $1.95 million, or $5,490 psf, in August 2012 and sold at $4.62 million, or $13,000 psf, in November 2016. This translates into a 137% profit, or 22% per annum over four years. The second-largest profit of $1.65 million in 2016 accrued to a 549 sq ft unit on the third floor that was bought at $1.15 million, or $2,095 psf, in February 2010 and sold at $2.8 million, or $5,101 psf, in April 2016. This translates into a 143% profit, or 15% per annum over a six-year holding period. E
EP6 THEEDGE SINGAPORE JANUARY 9, 2017 OFFSHORE Within the 384-acre Sutera Harbour Resort that overlooks the South China Sea are two hotels, a 27-hole golf course and a marina PICTURES: SUTERA HARBOUR RESORT Fancy a resort home in Kota Kinabalu? BY CECILIA CHOW At Sutera Harbour Resort in Kota Kinabalu, more than 2,500 people attended a New Year s Eve party that featured a live performance by Singa pore band Reverie and a 12-minute fireworks display on the waterfront. This was the third consecutive year that the resort had held a New Year s Eve party with fireworks to usher in the new year, and the turnout was the highest so far. The event was not only attended by hotel guests but also local residents. Singapore-listed GSH Corp, controlled by Singapore tycoon Sam Goi, purchased a majority stake in Sutera Harbour Resort in 2014 for RM700 million ($225.7 million). The resort sits on 384 acres (about 155ha) of reclaimed land fronting the South China Sea, 1.3 times bigger than Sentosa Cove, Singapore s waterfront residential resort. Sutera Harbour Resort contains two hotel properties: the 500-room Pacific Sutera and the 456-room Magellan Sutera. After acquiring Sutera Harbour Resort, GSH set aside RM50 million to upgrade the property, including the hotel rooms and presidential suites. The resort was developed by Singapore entrepreneur Edward Ong of OCK Group more than two decades ago and completed in 1998. The resort also contains a 104-berth marina that can accommodate 13 mega-yachts and 91 smaller vessels. Within the grounds are a helipad and a marina clubhouse with an Olympic-sized pool, jacuzzi and sauna, a 100-seat theatre and a children s club. There is also a 27-hole Graham Marsh-designed golf course and the Golf Academy Borneo, which is famous for nurturing young Malaysian talent. The resort operates the North Borneo Railway, which runs twice weekly from Kota Kinabalu to Papar. A yacht chartering service, the North Borneo Yacht Charter, is provided by a third-party operator from the marina of Sutera Harbour Resort. The fireworks display at the Sutera Harbour Resort waterfront on New Year s Eve Pickup in tourism During the peak seasons, such as the year-end holidays, the two hotels at Sutera Harbour Resort operate at 95% to 100% occupancy. During the slow months, the occupancy rate is around 55%. The average occupancy rate throughout the year for both hotels is 75%, says GSH s CEO Gilbert Ee. The number of visitor arrivals in Sabah in 2014 was 3.23 million, a 4.5% drop from the 3.38 million in 2013, according to figures from the Sabah Tourism Board. International investors represented just under 30% of all visitors at 996,552 in 2014, down from 1.09 million in 2013. Overall visitor arrivals dipped a further 1.7% y-o-y in 2015 to 3.18 million. The biggest number of overseas visitors to Sabah continue to be from China, Indonesia and South Korea. However, the tourism sector in Sabah picked up pace in 2016 and this helped stabilise retail spending despite a drop in domestic consumer spending, says Knight Frank in its 1H2016 Malaysian real estate report. The increase in the number of foreign arrivals, and accommodation and retail spending is due to the recent launch of flights to Kota Kinabalu by Chinese carriers Spring Airlines, China Southern Airlines and Shanghai Airlines, as well as South Korea s Jin Air. AirAsia also launched a new service from Wuhan to Kota Kinabalu in January 2016, and Malaysia Airlines obtained approval to operate new charter flights from China in October 2015. International flights to Kota Kinabalu increased 7% over the past year, according to the Centre for Aviation and OAG, a UK-based air travel intelligence company. Coral Bay @ Sutera According to GSH s Ee, the pickup in tourist arrivals is evident at the hotels at Sutera Harbour Resort, which has become very popular among visitors from China, Hong Kong, South Korea and Taiwan. He points out that the number of five-star hotels in Kota Kinabalu is limited. Artist s impression of the 460-unit Coral Bay at Sutera Harbour that is expected to be launched in 2Q2017 or 3Q2017 This bodes well for Sutera Harbour Resort as it prepares to launch the first of two luxury condominiums, namely Coral Bay @ Sutera. The 460-unit Coral Bay is likely to debut in 2Q2017 or 3Q2017. Both Coral Bay and the second condominium project, The Point @ Sutera, are on 99-year leasehold sites fronting the sea. More than 70% of the units in each project, which will have a similar number of units, will have views of the South China Sea, with the remainder overlooking the golf course. They will also be earthquake-proof, says Ee. The requirement for buildings to be earthquake-resistant was introduced in November 2015 following the earthquake in Ranau on June 5 that year. However, it will lead to higher construction costs and property prices, notes Knight Frank in its 1H2016 report. Sutera Harbour Resort is a double-gated development, with security at the main entrance and at each of the hotel resorts as well as the marina. The condo developments will also have 24-hour security. Residents will be provided with concierge service and will also get housekeeping and in-room dining services from the hotels within the resort, says Ee. More than 2,500 people attended the New Year s Eve party at Sutera Harbour Resort The launch price for The Coral is expected to be in the range of RM1,400 to RM1,700 psf, or starting from RM1.5 million. This puts the project at the top end of the luxury condo market. Coral Bay is already seeing strong expressions of interest among high-net-worth individuals in Sabah, says Ee. He is likely to launch the project in Kota Kinabalu ahead of overseas road shows. There isn t any luxury waterfront resort property of such a scale in Kota Kinabalu and it s just a 10- to 15-minute drive from the airport and five minutes to the city centre, says Ee. Mount Kinabalu is a two-hour drive away. Limited options The latest residential sales data by the National Property Information Centre (Napic) shows that on a y-o-y basis, transactions of residential properties above RM1 million in Sabah totalled 31 units in 3Q2016, down 8.8% from 34 units in 3Q2015. However, on a q-o-q basis, it was up 14.8% from 27 units in 2Q2016. The options presented to buyers of new developments are finite and, as a result, projects launched in 1H2016 achieved healthy take-up rates, signifying that consumer sentiment is gaining traction from what some considered to be a challenging 2015, says Knight Frank. The market is slowly but surely looking at a gentle ascent towards improving performance in 2016. According to figures by Napic, the total number of condo units and apartments in Kota Kinabalu was 17,105 as at 4Q2015. This is a substantial growth from just 2,357 units in 2006. Another 4,679 medium- to high-end condo units were under construction as at 1H2016, based on figures by Knight Frank. Coral Bay is likely to set a new benchmark for luxury living in Kota Kinabalu. This is a lifestyle property and, like Sentosa Cove, the 99-year lease is not a concern for the rich, says GSH s Ee. E
THEEDGE SINGAPORE JANUARY 9, 2017 EP7 FENGSHUI SPECIAL FEATURE Strong turnout at fengshui seminar The Penang leg of the Feng Shui & Astrology 2017 on Dec 18 saw a turnout of 1,700 participants Joey Yap s Feng Shui & Astrology (FSA) annual seminar is one of the biggest and most well-attended events in Chinese metaphysics. The seminars kicked off in London and New York last October. The Malaysian leg of FSA 2017 was held at Equatorial Hotel in Penang on Dec 18. Paramount Property was a sponsor, while The Edge Property was the media partner. A total of 1,700 people attended the event. Yap talked about the Year of the Fire Rooster and provided a clear overview of the obstacles and opportunities that could arise in the coming months. He highlighted some of the key characteristics of the new year and how they could play out in the global landscape. Yap also pointed out how the Year of the Fire Rooster will affect different industries and how one could overcome the challenges. He explained the possible effects on different areas of an individual s life such as personal wealth, career, health and relationships. Yap emphasised the importance of the individual s BaZi charts and showed how one could navigate the eight fengshui sectors, explaining which will bring luck and which to avoid. He expounded on the direction of the Flying Stars and how the positive and negative energies could affect one s workplace and living area. He said his Qi Men Dun Jia tools could be used to help businesses, jobs, marriages or matchmaking. The FSA seminar continued its Malaysian instalments in Kuala Lumpur on Jan 7 (English) and Jan 8 (Cantonese). The seminar will be held in Singapore on Jan 15. For more information, visit www.joeyyap.com. E The crowd outside the grand ballroom of Equatorial Hotel before the seminar began Yap gave an overview of the obstacles and opportunities that could arise in the Year of the Rooster PICTURES: JOEY YAP
EP8 THEEDGE SINGAPORE JANUARY 9, 2017 DONE DEALS Malaysian buys three units at Three Balmoral BY TAN CHEE YUEN The 40-unit freehold Three Balmoral condominium on Balmoral Road has seen a steady trickle of sales since its completion last March. A month ago, four units were sold, of which three went to a single buyer, believed to be a Malaysian buying for his children. The three units are identical onebedroom-plus-study apartments measuring 614 sq ft each. They were bought at $1.3 million ($2,119 psf), according to caveats lodged on Dec 19. Prior to that, another unit of the same size and type but located on the 10th floor was sold on Dec 2 at a higher price of $1.47 million ($2,398 psf), according to a caveat lodged then. To date, 20 units have been sold, according to a Tong Eng Group spokesperson. The project is a 50/50 joint development between the Teo family of Tong Eng Group and Clarus Corp, controlled by the Ng family of Pan United Corp, one of Singapore s largest cement and concrete suppliers. The 12-storey project consists of a mix of one-bedroom-plusstudy units and three-bedroom units above 1,500 sq ft. Across the road is the 72-unit Goodwood Grand, which is expected to be completed at the end of 2Q2017. Twenty of the total of 40 units at Three Balmoral have been sold to date The freehold project is a joint development by Tong Eng Group (50%), the Ng family of Clarus Corp (20%) and listed construction group Tiong Seng Holdings (30%). Spanning 12 storeys, it contains 65 condominium units and eight strata bungalows. The Goodwood Grand is 44% sold to date. Last year, five units were sold at prices ranging from $1.89 million ($2,442 psf) for a 775 sq ft unit on the ninth floor to $2.8 million ($2,282 psf) for a 1,227 sq ft unit on the third floor. Goodwood Grand also saw a bulk purchase of four units on the ninth floor in February last year. Two are 775 sq ft two-bedroom units that SAMUEL ISAAC CHUA/THE EDGE SINGAPORE fetched $1.89 million ($2,442 psf) and $1.93 million ($2,490 psf), according to caveats lodged then. The remaining two units are 1,044 sq ft three-bedroom units that were sold for $2.54 million ($2,428 psf) and $2.59 million ($2,478 psf). The buyer was believed to be an Indonesian. The buyers of Goodwood Grand and Three Balmoral are a mix of locals and foreigners, with some buying for investment and others for their own use. The two projects are in prime District 10. The purchases show that foreigners are seeing value in the prime districts, says the Tong Eng spokesperson. As the joint developers of Three Balmoral and Goodwood Grand are not affected by the conditions of the Qualifying Certificate requiring them to sell all the units within two years of completion, they are holding on to their asking prices. Next to Three Balmoral is Hong Leong Holdings One Balmoral. Nine units there have been sold since the developer offered a 13% discount for units at project last November upon its completion. Nine units were sold that month, bringing the total to 18 as at end-november. They ranged from a 592 sq ft one-bedroom unit sold for $1.34 million ($2,258 psf) to a 1,658 sq ft four-bedroom unit sold for $3.87 million ($2.332 psf), according to caveats lodged then. E Singapore by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated Dec 17 to 27, 2016 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 V ON SHENTON Apartment 99 years Dec 21 743 1,560,600 2,101 Uncompleted New Sale V ON SHENTON Apartment 99 years Dec 22 743 1,610,750 2,169 Uncompleted New Sale District 2 ICON Apartment 99 years Dec 19 581 1,021,000 1,757 2007 Resale District 3 ALEX RESIDENCES Apartment 99 years Dec 19 474 967,946 2,044 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Dec 17 1,302 2,053,500 1,577 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Dec 20 1,109 1,997,700 1,802 Uncompleted New Sale LANDMARK TOWER Apartment 99 years Dec 20 1,399 1,120,000 800 1984 Resale PRINCIPAL GARDEN Condominium 99 years Dec 19 807 1,315,000 1,310,000 1,623 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Dec 20 1,076 1,746,000 1,741,000 1,617 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Dec 20 861 1,381,000 1,376,000 1,598 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Dec 21 1,076 1,878,500 1,745 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Dec 21 786 1,270,000 1,616 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Dec 23 1,076 1,896,800 1,762 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Dec 23 495 826,000 821,000 1,658 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Dec 23 861 1,344,380 1,561 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 17 441 729,000 1,652 Uncompleted New Sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE QUEENS PEAK Condominium 99 years Dec 18 431 766,000 1,779 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 18 495 868,000 1,753 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 21 441 733,000 1,661 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 23 624 1,073,000 1,719 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 23 495 818,000 1,652 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 23 484 770,000 1,590 Uncompleted New Sale QUEENS PEAK Condominium 99 years Dec 23 495 786,000 1,587 Uncompleted New Sale THE CREST Condominium 99 years Dec 19 797 1,358,000 1,705 Uncompleted New Sale THE CREST Condominium 99 years Dec 23 861 1,469,000 1,706 Uncompleted New Sale TWIN REGENCY Condominium Freehold Dec 22 1,776 2,660,000 1,498 2007 Resale District 4 CORALS AT KEPPEL BAY Condominium 99 years Dec 23 1,528 3,160,000 2,067 2016 New Sale THE AZURE Condominium 99 years Dec 21 1,765 2,650,000 1,501 2008 Resale THE INTERLACE Condominium 99 years Dec 22 1,593 1,806,800 1,134 2013 Resale District 5 NORMANTON PARK Condominium 102 years Dec 19 1,270 1,000,000 787 Unknown Resale PARC RIVIERA Condominium 99 years Dec 18 463 586,000 1,266 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 19 463 580,000 1,253 Uncompleted New Sale PARC RIVIERA Condominium 99 years Dec 23 463 584,000 1,262 Uncompleted New Sale THE ROCHESTER Apartment 99 years Dec 19 1,948 2,450,000 1,258 2011 Resale THE TRILINQ Condominium 99 years Dec 20 710 1,065,000 1,499 Uncompleted New Sale THE TRILINQ Condominium 99 years Dec 21 1,356 1,610,000 1,187 Uncompleted New Sale THE VISION Condominium 99 years Dec 19 1,302 1,460,000 1,121 2014 Resale District 8 FORTE SUITES Apartment Freehold Dec 18 603 1,105,200 1,833 2016 New Sale KENTISH GREEN Apartment 99 years Dec 20 1,098 950,000 865 1999 Resale District 9 CAIRNHILL NINE Apartment 99 years Dec 23 1,044 2,932,000 2,808 2016 New Sale LUCKY PLAZA Apartment Freehold Dec 27 1,550 2,230,000 1,439 1981 Resale OXLEY ROAD Apartment Freehold Dec 27 1,141 1,450,000 1,271 Unknown Resale OUE TWIN PEAKS Condominium 99 years Dec 22 1,055 2,954,000 2,800 2015 Resale OUE TWIN PEAKS Condominium 99 years Dec 23 570 1,513,150 2,652 2015 Resale PACIFIC MANSION Apartment Freehold Dec 27 1,528 1,818,000 1,189 Unknown Resale RICHMOND PARK Condominium Freehold Dec 22 1,259 2,850,000 2,263 1996 Resale SOPHIA HILLS Condominium 99 years Dec 17 700 1,473,000 2,105 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Dec 20 570 1,139,000 1,997 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Dec 21 570 1,156,000 2,026 Uncompleted New Sale THE EDGE ON CAIRNHILL Condominium Freehold Dec 23 2,131 3,250,000 1,525 2002 Resale THE METZ Condominium Freehold Dec 21 581 1,430,000 2,460 2007 Resale THE RISE@OXLEY RESIDENCES Apartment Freehold Dec 17 646 1,546,700 2,395 Uncompleted New Sale THE RISE@OXLEY RESIDENCES Apartment Freehold Dec 21 646 1,570,700 2,432 Uncompleted New Sale District 10 DUCHESS CREST Condominium 99 years Dec 22 1,367 1,700,000 1,244 1998 Resale GRAMERCY PARK Condominium Freehold Dec 23 2,594 6,401,600 2,468 2016 Resale MON JERVOIS Condominium 99 years Dec 23 893 1,688,888 1,890 2016 New Sale NAMLY HILL Detached Freehold Dec 22 7,535 11,000,000 1,461 Unknown Resale RIDGEWOOD Condominium 999 years Dec 19 2,002 2,480,000 1,239 1981 Resale ROBIN RESIDENCES Condominium Freehold Dec 20 667 1,568,000 2,350 2015 Resale THE SERENADE@HOLLAND Condominium 99 years Dec 19 1,507 1,824,000 1,210 2004 Resale
THEEDGE SINGAPORE JANUARY 9, 2017 EP9 DONE DEALS Residential transactions with contracts dated Dec 17 to 27, 2016 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THREE BALMORAL Apartment Freehold Dec 19 614 1,300,000 2,119 2016 Resale THREE BALMORAL Apartment Freehold Dec 19 614 1,300,000 2,119 2016 Resale THREE BALMORAL Apartment Freehold Dec 19 614 1,300,000 2,119 2016 Resale TOMLINSON HEIGHTS Condominium Freehold Dec 27 4,047 11,100,000 2,743 2014 Resale VALLEY PARK Condominium 999 years Dec 20 861 1,130,000 1,312 1997 Resale ZENITH Apartment 999 years Dec 21 1,130 1,520,000 1,345 2011 Resale District 11 1 MOULMEIN RISE Apartment Freehold Dec 22 1,238 1,888,000 1,525 2003 Resale 368 THOMSON Condominium Freehold Dec 22 872 1,260,000 1,445 2014 Resale 6 DERBYSHIRE Condominium Freehold Dec 18 517 1,314,718 2,545 Uncompleted New Sale AMARYLLIS VILLE Condominium 99 years Dec 27 1,238 1,580,000 1,276 2004 Resale SKY@ELEVEN Condominium Freehold Dec 20 2,713 3,650,000 1,346 2010 Resale VIVA Condominium Freehold Dec 20 1,959 3,560,000 1,817 2012 Resale District 12 RIVERBAY Apartment 999 years Dec 20 947 1,180,000 1,246 2014 Resale RIVERSIDE MELODIES Apartment Freehold Dec 27 1,076 1,366,000 1,269 2014 Resale THE CENTRIO Apartment Freehold Dec 21 1,421 1,850,000 1,302 2009 Resale THE VERVE Apartment Freehold Dec 19 441 670,000 1,518 2012 Resale VETRO Apartment 999 years Dec 21 1,033 800,000 774 2010 Resale District 13 SENNETT ESTATE Apartment Freehold Dec 19 990 720,000 727 1968 Resale THE POIZ RESIDENCES Apartment 99 years Dec 18 420 649,000 1,546 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Dec 19 1,485 1,944,000 1,309 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Dec 21 1,152 1,576,000 1,368 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Dec 22 1,227 1,675,000 1,365 Uncompleted New Sale WOODSVILLE 28 Apartment 99 years Dec 22 883 1,000,000 1,133 2011 Resale District 14 # 1 SUITES Apartment Freehold Dec 18 818 680,000 831 2016 New Sale ATRIUM RESIDENCES Apartment Freehold Dec 21 1,055 975,000 924 2008 Resale PERPETUAL APARTMENTS Apartment 999 years Dec 20 2,174 3,400,000 1,564 1968 Resale PERPETUAL APARTMENTS Apartment 999 years Dec 20 2,207 3,400,000 1,542 1968 Resale PERPETUAL APARTMENTS Apartment 9999 years Dec 20 2,260 3,400,000 1,507 1968 Resale TREASURES@G6 Apartment Freehold Dec 19 452 587,510 1,300 Uncompleted New Sale VACANZA @ EAST Condominium Freehold Dec 27 484 630,000 1,301 2014 Resale District 15 ALPHA APARTMENTS Apartment Freehold Dec 23 1,572 1,468,888 935 2005 Resale GOODMAN CREST Detached Freehold Dec 20 5,942 3,725,000 627 2011 Resale GOODMAN CREST Detached Freehold Dec 22 4,629 3,200,000 691 2011 Resale HAIG COURT Condominium Freehold Dec 22 1,399 1,740,000 1,243 2004 Resale IMPERIAL HEIGHTS Apartment Freehold Dec 21 775 950,000 1,226 2009 Resale LAGOON VIEW Apartment 99 years Dec 19 1,647 1,070,000 650 Unknown Resale SIGLAP ROAD Detached Freehold Dec 22 5,662 4,370,000 772 1956 Resale PARKSHORE Condominium Freehold Dec 22 1,636 1,850,000 1,131 1995 Resale THE MAKENA Condominium Freehold Dec 19 1,668 1,700,000 1,019 1998 Resale THE SEA VIEW Condominium Freehold Dec 27 1,216 1,840,000 1,513 2008 Resale THE SEAFRONT ON MEYER Condominium Freehold Dec 19 1,066 1,600,000 1,501 2010 Resale District 16 AQUARIUS BY THE PARK Condominium 99 years Dec 22 1,227 1,068,000 870 2001 Resale COSTA DEL SOL Condominium 99 years Dec 22 1,346 1,660,000 1,234 2004 Resale EASTWOOD VILLE Terrace 99 years Dec 22 2,562 1,990,000 777 1999 Resale SENNETT TERRACE Terrace Freehold Dec 20 3,240 3,620,000 1,117 Unknown Resale JALAN LANGGAR BEDOK Semi-Detached Freehold Dec 20 3,724 3,188,000 855 Unknown Resale THE GLADES Condominium 99 years Dec 17 474 771,200 1,628 Uncompleted New Sale THE GLADES Condominium 99 years Dec 18 506 800,000 1,581 Uncompleted New Sale THE GLADES Condominium 99 years Dec 21 1,023 1,261,660 1,234 Uncompleted New Sale WATERFRONT KEY Condominium 99 years Dec 20 1,378 1,430,000 1,038 2012 Resale District 17 FERRARIA PARK Condominium Freehold Dec 22 1,023 866,584 847 2009 Resale District 18 COCO PALMS Condominium 99 years Dec 20 904 999,200 1,105 Uncompleted New Sale COCO PALMS Condominium 99 years Dec 21 1,259 1,330,000 1,056 Uncompleted New Sale COCO PALMS Condominium 99 years Dec 21 2,637 2,370,000 899 Uncompleted New Sale D NEST Condominium 99 years Dec 23 1,270 1,335,000 1,051 Uncompleted New Sale OASIS@ELIAS Condominium 99 years Dec 19 1,302 1,030,000 791 2011 Resale PINEVALE EC 99 years Dec 19 1,292 805,000 623 1999 Resale THE ALPS RESIDENCES Condominium 99 years Dec 19 700 718,000 1,026 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Dec 20 1,410 1,434,000 1,017 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Dec 21 689 707,000 1,026 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Dec 21 700 693,000 990 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Dec 22 700 734,000 1,049 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Dec 23 700 736,000 1,052 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Dec 23 700 702,000 1,003 Uncompleted New Sale THE PALETTE Condominium 99 years Dec 19 1,163 1,168,888 1,005 2015 Sub Sale THE SANTORINI Condominium 99 years Dec 18 1,109 1,190,000 1,073 Uncompleted New Sale THE SANTORINI Condominium 99 years Dec 18 1,249 1,285,020 1,029 Uncompleted New Sale THE SANTORINI Condominium 99 years Dec 22 527 612,800 1,162 Uncompleted New Sale THE SANTORINI Condominium 99 years Dec 22 743 786,216 1,059 Uncompleted New Sale THE SANTORINI Condominium 99 years Dec 23 527 631,000 1,196 Uncompleted New Sale THE SANTORINI Condominium 99 years Dec 23 775 786,000 1,014 Uncompleted New Sale THE SANTORINI Condominium 99 years Dec 24 1,119 1,148,510 1,026 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Dec 23 1,346 1,299,000 965 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Dec 23 1,346 1,123,500 835 Uncompleted New Sale WATERVIEW Condominium 99 years Dec 22 1,346 1,050,000 780 2014 Resale District 19 ASTON GREEN Semi-Detached Freehold Dec 22 5,113 2,450,000 479 2012 Resale CHARLTON 27 Terrace Freehold Dec 20 5,952 3,540,000 595 2016 New Sale FLORENCE REGENCY Apartment 103 years Dec 23 1,647 850,000 516 Unknown Resale FOREST WOODS Condominium 99 years Dec 23 721 1,068,000 1,481 Uncompleted New Sale FOREST WOODS Condominium 99 years Dec 24 678 934,000 1,377 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Dec 17 678 893,000 1,317 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Dec 17 678 828,000 1,221 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Dec 17 850 971,000 1,142 Uncompleted New Sale KOVAN CREST Apartment Freehold Dec 22 1,087 960,000 883 1999 Resale JALAN ARIF Semi-Detached 999 years Dec 19 2,347 3,520,000 1,500 Unknown Resale BRIGHTON CRESCENT Semi-Detached Freehold Dec 19 4,424 3,530,000 798 Unknown Resale PARK GREEN EC 99 years Dec 20 1,378 1,002,500 728 2004 Resale PRESTO@UPPER SERANGOON Apartment Freehold Dec 22 431 605,000 1,405 2016 Sub Sale REGENTVILLE Apartment 99 years Dec 20 1,152 820,000 712 1999 Resale RIVERSAILS Condominium 99 years Dec 22 1,367 1,485,000 1,086 2016 Resale STARS OF KOVAN Apartment 99 years Dec 25 764 1,082,250 1,416 Uncompleted New Sale THE MINTON Condominium 99 years Dec 20 1,087 1,040,000 957 2013 Resale THE SPRINGBLOOM Condominium 99 years Dec 23 1,119 1,130,000 1,009 1999 Resale THE SUNSHINE Apartment Freehold Dec 22 1,227 1,168,000 952 2003 Resale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE TERRACE EC 99 years Dec 17 1,076 846,200 786 Uncompleted New Sale THE TERRACE EC 99 years Dec 17 1,001 765,400 765 Uncompleted New Sale THE TERRACE EC 99 years Dec 19 1,001 775,700 775 Uncompleted New Sale THE TERRACE EC 99 years Dec 20 1,076 805,100 748 Uncompleted New Sale THE TERRACE EC 99 years Dec 22 1,001 766,600 766 Uncompleted New Sale THE TERRACE EC 99 years Dec 23 1,076 821,200 763 Uncompleted New Sale THE TERRACE EC 99 years Dec 24 1,001 774,600 774 Uncompleted New Sale THE TERRACE EC 99 years Dec 24 1,076 826,200 768 Uncompleted New Sale THE VALES EC 99 years Dec 19 1,679 1,313,000 782 Uncompleted New Sale THE VALES EC 99 years Dec 23 1,690 1,417,875 839 Uncompleted New Sale THE VALES EC 99 years Dec 23 904 737,000 815 Uncompleted New Sale WATERTOWN Apartment 99 years Dec 27 527 600,000 1,138 Uncompleted Sub Sale District 20 FLORAVIEW Apartment Freehold Dec 23 1,098 1,105,000 1,006 Uncompleted New Sale THE PANORAMA Condominium 99 years Dec 17 1,001 1,244,741 1,243 Uncompleted New Sale THE PANORAMA Condominium 99 years Dec 21 1,001 1,239,996 1,239 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Dec 19 1,055 1,556,600 1,476 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Dec 21 1,055 1,492,600 1,415 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Dec 23 1,055 1,490,700 1,413 Uncompleted New Sale THOMSON THREE Semi-Detached 99 years Dec 25 3,283 2,800,000 853 2016 New Sale District 21 ASTOR GREEN Condominium 99 years Dec 21 1,528 1,300,000 851 1995 Resale MAPLEWOODS Condominium Freehold Dec 23 1,787 2,460,000 1,377 1997 Resale District 22 LAKEHOLMZ Condominium 99 years Dec 23 1,884 1,375,000 730 2005 Resale PARC OASIS Condominium 99 years Dec 21 1,227 925,000 754 1994 Resale PARC OASIS Condominium 99 years Dec 22 1,378 1,235,000 896 1994 Resale PARC VISTA Condominium 99 years Dec 19 1,076 850,000 790 1997 Resale WESTVILLE Semi-Detached 99 years Dec 21 2,153 1,520,000 706 1997 Resale WESTWOOD RESIDENCES EC 99 years Dec 17 1,033 857,000 829 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Dec 18 1,152 955,053 829 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Dec 20 1,152 916,344 796 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Dec 21 1,195 957,500 801 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Dec 24 1,033 853,500 826 Uncompleted New Sale District 23 COMFORT GARDEN Semi-Detached Freehold Dec 27 3,326 2,740,000 823 1977 Resale HILLINGTON GREEN Condominium 999 years Dec 23 1,528 1,600,000 1,047 2002 Resale HILLION RESIDENCES Apartment 99 years Dec 19 549 680,800 1,240 Uncompleted New Sale KINGSFORD.HILLVIEW PEAK Condominium 99 years Dec 17 1,539 1,307,000 849 Uncompleted New Sale SOL ACRES EC 99 years Dec 17 872 697,000 799 Uncompleted New Sale SOL ACRES EC 99 years Dec 17 1,098 877,000 799 Uncompleted New Sale SOL ACRES EC 99 years Dec 17 1,098 869,000 791 Uncompleted New Sale SOL ACRES EC 99 years Dec 17 1,173 886,000 755 Uncompleted New Sale SOL ACRES EC 99 years Dec 18 1,098 941,000 857 Uncompleted New Sale SOL ACRES EC 99 years Dec 18 1,098 885,000 806 Uncompleted New Sale SOL ACRES EC 99 years Dec 18 926 707,000 764 Uncompleted New Sale SOL ACRES EC 99 years Dec 19 1,098 882,000 803 Uncompleted New Sale SOL ACRES EC 99 years Dec 19 926 713,000 770 Uncompleted New Sale SOL ACRES EC 99 years Dec 19 1,098 801,000 730 Uncompleted New Sale SOL ACRES EC 99 years Dec 21 1,066 814,000 764 Uncompleted New Sale SOL ACRES EC 99 years Dec 22 614 514,000 838 Uncompleted New Sale SOL ACRES EC 99 years Dec 22 947 702,000 741 Uncompleted New Sale SOL ACRES EC 99 years Dec 22 980 717,000 732 Uncompleted New Sale SOL ACRES EC 99 years Dec 23 1,098 918,000 836 Uncompleted New Sale SOL ACRES EC 99 years Dec 24 1,163 1,020,000 877 Uncompleted New Sale SOL ACRES EC 99 years Dec 24 1,098 890,000 811 Uncompleted New Sale SOL ACRES EC 99 years Dec 24 850 683,000 803 Uncompleted New Sale SOL ACRES EC 99 years Dec 24 1,098 881,000 802 Uncompleted New Sale SOL ACRES EC 99 years Dec 24 614 479,000 781 Uncompleted New Sale SOL ACRES EC 99 years Dec 24 850 655,000 770 Uncompleted New Sale SOL ACRES EC 99 years Dec 24 1,098 842,000 767 Uncompleted New Sale WANDERVALE EC 99 years Dec 18 1,098 859,000 782 Uncompleted New Sale WANDERVALE EC 99 years Dec 22 1,087 807,000 742 Uncompleted New Sale YEWTEE RESIDENCES Apartment 99 years Dec 21 1,453 1,222,600 841 2008 Resale District 25 BELLEWOODS EC 99 years Dec 18 1,227 974,160 794 Uncompleted New Sale BELLEWOODS EC 99 years Dec 18 1,249 934,110 748 Uncompleted New Sale BELLEWOODS EC 99 years Dec 24 1,259 992,000 788 Uncompleted New Sale BELLEWOODS EC 99 years Dec 24 1,249 959,000 768 Uncompleted New Sale NORTHWAVE EC 99 years Dec 21 980 744,400 760 Uncompleted New Sale WOODGROVE Condominium 99 years Dec 21 1,518 950,000 626 1999 Resale District 27 NORTH PARK RESIDENCES Apartment 99 years Dec 17 1,055 1,284,270 1,217 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Dec 19 700 932,800 1,333 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Dec 21 700 944,100 1,349 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Dec 25 753 1,069,200 1,419 Uncompleted New Sale PARC LIFE EC 99 years Dec 17 1,066 928,150 925,850 869 Uncompleted New Sale PARC LIFE EC 99 years Dec 17 947 675,450 673,150 711 Uncompleted New Sale PARC LIFE EC 99 years Dec 18 1,109 865,450 863,150 779 Uncompleted New Sale PARC LIFE EC 99 years Dec 20 1,281 974,700 972,400 759 Uncompleted New Sale PARC LIFE EC 99 years Dec 22 980 761,900 759,600 775 Uncompleted New Sale PARC LIFE EC 99 years Dec 23 1,001 779,000 776,700 776 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Dec 23 915 934,000 1,021 Uncompleted New Sale THE BROWNSTONE EC 99 years Dec 21 850 707,200 832 Uncompleted New Sale THE CRITERION EC 99 years Dec 17 947 689,600 728 Uncompleted New Sale THE CRITERION EC 99 years Dec 19 1,076 817,600 760 Uncompleted New Sale THE CRITERION EC 99 years Dec 19 1,023 776,000 759 Uncompleted New Sale THE VISIONAIRE EC 99 years Dec 17 1,141 943,000 826 Uncompleted New Sale THE VISIONAIRE EC 99 years Dec 18 1,356 1,020,000 752 Uncompleted New Sale THE VISIONAIRE EC 99 years Dec 20 1,346 1,077,000 800 Uncompleted New Sale THE VISIONAIRE EC 99 years Dec 22 872 712,000 817 Uncompleted New Sale THE VISIONAIRE EC 99 years Dec 24 1,141 926,145 812 Uncompleted New Sale THE WISTERIA Apartment 99 years Dec 17 893 925,300 1,036 Uncompleted New Sale THE WISTERIA Apartment 99 years Dec 17 1,173 1,145,400 976 Uncompleted New Sale THE WISTERIA Apartment 99 years Dec 18 969 1,000,012 1,032 Uncompleted New Sale THE WISTERIA Apartment 99 years Dec 22 969 957,812 989 Uncompleted New Sale District 28 FLORAVILLE Apartment Freehold Dec 18 797 888,000 1,115 Uncompleted New Sale NIM GARDENS Condominium Freehold Dec 20 1,830 1,520,000 831 1986 Resale DISCLAIMER: Source: URA Realis. Updated Jan 3, 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
EP10 THEEDGE SINGAPORE JANUARY 9, 2017 DEAL WATCH Corner terrace at Woodgrove View for sale BY TAN CHEE YUEN For those who aspire to own a landed home, this corner terraced house at Woodgrove View could be the answer. It has three storeys and four bedrooms, with a built-up area of 3,111 sq ft. Sitting on a land area of 2,169 sq ft, the house was listed on TheEdge- Property.com for $1.95 million, which translates to $899 psf. The property is attractive, given its size and location in Woodlands, just 300m from the Singapore American School. In fact, the unit is currently leased to an American family at a monthly rental rate of $7,000 until September 2017. The family has been living there for several years, according to Jenny Yeo, a property agent with PropNex Realty, who is marketing the property. Based on the asking price of $1.95 million and current monthly rental rate of $7,000, the gross rental yield works out to Recent rental contracts for 2,000 to 2,500 sq ft terrace houses on Woodgrove View LEASE DATE MONTHLY RENT ($) September 2016 8,500 August 2016 6,000 August 2016 5,200 August 2016 4,900 June 2016 4,600 4.3% per annum, which is attractive compared with rental yields of typical landed homes. This is owing to the house s proximity to the Singapore American School, hence its popularity with expatriate families, points out Yeo. The house is part of the Century Recent transactions of landed properties on Woodgrove View CONTRACT DATE PROPERTY TYPE AREA (SQ FT) PRICE PSF ($) PRICE ($) June 23, 2014 Terrace 1,615 1,071 1,730,000 Dec 5, 2013 Terrace 1,615 1,084 1,750,000 Sept 20, 2012 Terrace 1,615 1,065 1,720,000 March 27, 2012 Detached 5,382 631 3,400,000 TABLES: URA, THE EDGE PROPERTY Woods enclave, located within Woodgrove Estate, a landed housing area developed by Far East Organization in 1996. Many of these houses have been sold to individual owners over the years. The owner of the house at Woodgrove View that is currently on the market purchased it in 1999. However, the house has been tenanted over the years as the owners are currently living abroad. They are now seeking to sell the property as they are unlikely to return to Singapore in the near future, says Yeo. It s a value buy because you re getting a corner terrace house for under $2 million, she adds. The house is also within a short distance of Fuchun primary and secondary schools, which is sought-after among Singaporean families, says Yeo. As the property is well maintained and sizeable, it will appeal to owner occupiers as well. Besides the Causeway Point shopping centre and Marsiling MRT Station, many other amenities from dining to leisure and entertainment options across the Singapore-Johor Causeway are also just a 10-minute drive away. The latest transaction of a house at Woodgrove View was in June 2014 when an intermediate terraced house sitting on a land area of 1,615 sq ft was sold for $1.73 million, or $1,071 psf based on the land area. E The exterior of the corner terraced house at Century Woods within the Woodgrove Estate in Woodlands JENNY YEO 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 Gift Last name (Mr/Ms/Dr ) First name Company Job Title Delivery Address Home Office Postal Code COLLECTION 3-Year plan at $238 only The Edge Singapore (print + 3 digital access) + The Edge Malaysia (1 digital access) Celebrating Special Occasions Since 1938 There s no better place to celebrate your special occasions than at Lawry s. Located in the heart of Orchard Road, Lawry s The Prime Rib Singapore is renowned for its exceptional American cuisine. The restaurant has a seating capacity of 170, with six private dining rooms equipped with state of the art presentation facilities for private as well as corporate events. Expect impeccable standard of service and savour the all-time-favourite Signature Roasted Prime Ribs of Beef, carved from Silver Carts and served with the Famous Original Spinning Bowl Salad. With choices of à la carte and set menus featuring unique dishes, enjoy a world-class dining experience you will never forget! * Terms and conditions apply Visit www.lawrys.com.sg to find out the latest special menu at Lawry s. LAWRY S THE PRIME RIB 333A Orchard Road #04-01/31 Mandarin Gallery Singapore 238897 www.lawrys.com.sg Operating hours: Lunch: 11.30am to 2.30pm Dinner: 5pm to 10pm (Sun-Thurs) 5pm to 10.30pm (Fri, Sat & eve of PH) For reservations, please call: 6836 3333 Tel Mobile Date Of Birth Fax Email PAYMENT OPTIONS 1. Credit Card. Please charge to my credit card American Express MasterCard Visa Cardholder s name Contact No Card no Expiry date Signature Email 2. Cheque. My cheque payable to The Edge Publishing Pte Ltd is enclosed Cheque no 3. Online. 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