Pushing the space frontiers

PROPERTY PERSONALISED MCI (P) 047/08/2018 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of January 21, 2019 ISSUE 865-87 Market Trends December sales highest in six years ep6 Spotlight Elite Partners on expansion path ep11 Done Deals Residential buzz for former Zouk site ep12 Under the Hammer Blu Coral penthouse going for $1.65 mil ep16 Pushing the space frontiers How does CapitaLand s $11 billion merger and acquisition with Ascendas-Singbridge impact the Singapore real estate market? Turn to our Cover Story on Pages 8 & 9. CapitaLand s M&A will give it access to Ascendas-Singbridge s Changi Business Park

EP2 EDGEPROP JANUARY 21, 2019 PROPERTY BRIEFS EDITORIAL editor Cecilia Chow deputy editor Amy Tan writers Timothy Tay, Bong Xin Ying, Charlene Chin digital writer Fiona Ho copy-editing desk Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah; SINGAPORE: Pek Tiong Gee, Rachel Heng photo editor Samuel Isaac Chua photographer Albert Chua editorial coordinator Yen Tan design desk Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafian Mohd Za abah; SINGAPORE: Kim Sy ADVERTISING + MARKETING ADVERTISING SALES director, commercial operations Diana Lim senior account managers Janice Zhu, James Chua account manager Pang Kai Xin sales strategist Han YaoGuang CIRCULATION director Dominic Kevin Sim manager Bryan Kek executives Malliga Muthusamy, Ashikin Kader CORPORATE chief executive officer Bernard Tong PUBLISHER The Edge Property Pte Ltd 150 Cecil Street #13-00 Singapore 069543 Tel: (65) 6232 8688 Fax: (65) 6232 8620 PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333 PERMISSION AND REPRINTS Material in The Edge Property may not be reproduced in any form without the written permission of the publisher We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. Newton Lodge launched for collective sale Newton Lodge, a residential site at Newton Road, has been launched for collective sale with an asking price of $44 million. This reflects a land rate of $1,468 psf per plot ratio (ppr), according to sole marketing agent JLL. After factoring an additional 8% bonus gross floor area for balconies and communal areas, the reserve price will be at a lower rate of about $1,359 psf ppr. Development charges are not payable. Newton Lodge is a 16-unit freehold site, with a land area of 21,409 sq ft. It is zoned for residential use under the 2014 Master Plan, with an allowable gross plot ratio of 1.4. The property may be redeveloped into a low-rise apartment project comprising up to 27 units, with an average size of 100 sq m (1,076 sq ft) per unit. Subject to approval from the authorities, Newton Lodge may also be redeveloped as serviced residences or a custom-built co-living development. If approved for serviced apartments, Newton Lodge may house 50 to 60 rooms which could be rented for a minimum seven-day stay. The tender will close on Feb 26, 2.30pm. Chip Eng Seng tops bids for Kampong Java site at $418.8 mil The tender for the 125,326 sq ft residential site at Kampong Java Road closed on Jan 15, and drew seven bids. The top bid of $418.8 million ($1,192 psf per plot ratio or psf ppr) came from CELH Development, a unit of Singapore-listed construction and property developer Chip Eng Seng Corp. The second highest bid of $417.24 million ($1,189.97 psf ppr) was submitted by GuocoLand. The site could be developed into a new private condominium of 436 units given the maximum gross floor area of 350,914 sq ft. The Kampong Java site was the first private residential land on the Confirmed List of the government land sale (GLS) that was put up for launch since the minimum average unit size guidelines were announced in October, notes Tricia Song, Colliers International head of research for Singapore. However, the top bid was below our expectations, a testament to the cautious mood of the developers. The top bid of $1,192 psf ppr for the GLS site at Kampong Java was relatively low compared to the $1,540 psf ppr for the Fourth Avenue GLS site purchased by Allgreen Properties and the $1,733 psf ppr paid by Frasers Property for the Jiak Kim Street site in December 2017, points out Nicholas Mak, ZACD group executive director. What s more, the freehold development next door, Makeway View, was sold en bloc for $168 million ($1,626 psf ppr) in March last year, observes Mak. Based on the bid price by Chip Eng Seng, Colliers Song reckons the breakeven price of the new project to be at $1,700 psf and the selling price could be in the range of $1,900 to $2,000 psf. Chip Eng Seng has been rather successful with its launch of Park Colonial last July, and is ready to replenish its landbank, she remarks. The Kampong Java land parcel is located in the prime District 9 and within walking distance to Newton MRT Station, says Lee Nai Jia, Knight Frank Singapore senior director and head of research. The location is ideal for those who work in the Novena medical cluster, CBD and Orchard Road, he adds. Hence, the new development on the site is expected to appeal to both homebuyers and investors. Given the number of land sales in the prime districts over the past two years, there is significant supply of new units in these areas, says Ong Teck Hui, senior director of research and consultancy at JLL. Worldwide Hotel Group submits top bid of $562 mil for Club Street hotel site In the latest batched tender closing on Jan 15, bidding for the Club Street hotel plot was fairly aggressive with eight bids received. It was the first hotel site offered for sale in the government land sales (GLS) programme in a decade since the hotel site at Bukit Chermin Road in 2H2008, says Tricia Song, Colliers International head of research for Singapore. The top bid submitted for the Club Street site was $562.2 million and translated to $2,148.5 psf per plot ratio (ppr). While it may seem particularly bold, we think the bidder Midtown Development, a subsidiary of Worldwide Hotel Group would be working on an economy model, notes Song. The group could Newton Lodge is a 16-unit freehold site, with a land area of 21,409 sq ft potentially build an 800-room hotel on the site, thereby making more efficient use of the plot, she adds. The breakeven cost is estimated to be $800,000 per key, which could generate a decent yield for the developer, according to Song. The site allows for the development to include 4,800 sq m (51,667 sq ft) of commercial space to supplement hotel income. Worldwide Hotel Group owns and manages six hotel brands in Singapore, namely Hotel Boss, V Hotel, Hotel Mi, Value Hotel, Venue Hotel and Hotel 81. It currently owns 38 hotels islandwide with a total of 6,500 rooms, and is considered Singapore s leading tourist-class hotel group. Last November, Worldwide Hotel Group purchased the freehold Golden Wall Centre, off Rochor Canal Road near Little India, in a collective sale for $276.2 million ($2,331 psf ppr). Golden Wall Centre, a strata-titled commercial complex, has received approval for redevelopment into a hotel, says Giuliano Esposito, senior VP of strategic advisory & asset management at JLL Hotels & Hospitality. The wide price gap of 12.4% between the bid from Worldwide Hotel Group s Midtown Development and the second highest bidder listed property firm UOL Group s subsidiary United Venture Investments (No. 1) reflects the confidence of the former in the location amid a general return of interest in the hotel sector, adds Song. The top bid by Midtown Development for the Club Street site is 22% higher than the $118 million ($1,760 psf ppr) paid by privately-held property developer EL Development for the former Singtel Tower site on Hill Street last February. The high premiums paid for the Club Street site are due to the scarcity of centrally located hotel development sites, says JLL s Esposito. Robust hotel economic fundamentals and a positive market outlook also helped push up bid prices. Hoi Hup-Sunway JV submits highest bid of $434.5 mil for Tampines EC site The tender for the executive condominium (EC) site at Tampines Ave 10 closed on Jan 15 and received seven bids. The highest bid of $434.45 million or $578 psf per plot ratio (ppr) was submitted by the joint venture between Hoi Hup Realty and Sunway Developments, a subsidiary of Malaysian group Sunway Berhad. The number of bids received for the site was in line with the other two EC sites sold last September, notes Nicholas Mak, executive director of ZACD Group. One The 244-unit Sultan Plaza was built in the 1970s was at Canberra Link in Sembawang, which was also purchased by Hoi Hup and Sunway, which submitted the highest of nine bids received. The other was at Anchorvale Crescent in Sengkang, which also saw seven bids, and was purchased by a joint venture between Evia Real Estate and Malaysian group Gamuda Land. The highest bid received at Tampines Avenue 10 was 3.7% and 0.5% higher than the Canberra Link ($576 psf ppr) and Anchorvale EC sites ($558 psf ppr) respectively, notes ZACD s Mak. The EC site at Tampines Avenue 10 sits on a site area of 268,384 sq ft, with a maximum gross floor area (GFA) of 751,482 sq ft. The site can be developed into a new EC development with 695 units. The second highest bid of $431.62 million ($574 psf ppr) for the Tampines Avenue 10 site came from Chinese developer MCC Land. Sultan Plaza up for collective sale at $380 mil Sultan Plaza, a strata-titled commercial complex located on Sultan Road just off Beach Road, was launched for collective sale on Jan 16. The reserve price for the mixed-use development with office and retail space is $380 million, which translates to a land rate of $1,860 psf per plot ratio (ppr), inclusive of development charge and differential premium payable for topping up the lease, says ERA Realty Network, the marketing agent for the project. Over 80% of the owners have agreed to the en bloc sale. The 244-unit Sultan Plaza was built in the 1970s and has a 99-year lease from 1978. It sits on a land area of 52,471 sq ft which is zoned for commercial use. Under the 2014 Master Plan, the maximum permissible plot ratio is subject to detailed planning. The adjacent City Gate is a redevelopment of the former commercial building Keypoint. It had an approved development plot ratio of 5.3 and a development height control of about 140.48 above mean sea level (AMSL). City Gate is now a mixed-use development with 311 residential units and 188 retail units completed last year. According to ERA, the development baseline for Sultan Plaza is about 244,667 sq ft, and development charge is payable. Subject to the relevant authorities approval, the site can be redeveloped into a new project with a maximum gross floor area of 283,803 sq ft or plot ratio of 5.3. The tender will close on March 28. ERA JLL CONTINUES ON PAGE EP4 SENTOSA BUNGALOWS FOR SALE Seaview $18m/$29m, panaromic views, modern, bigger plots Golf and lakeviews - $10.8m /$16m/$18m - brand new and almost new Waterway Brand New $15.xm Unblocked Waterway $10.8m/ $18m/$20m/$24m for 50ft yacht Homes with award winning architects $18m-$25m, bespoke homes with exceptional views *And many more beautiful homes not to be missed. Serious and motivated sellers. ROWENA CHAN 90383166 (R051626C)

EDGEPROP JANUARY 21, 2019 EP3

EP4 EDGEPROP JANUARY 21, 2019 INDUSTRY WATCH Construction demand in 2019 to be driven by infrastructure and industrial building projects BY AMY TAN Total construction demand in 2019 is expected to be in the range of $27 billion to $32 billion, according to the Building and Construction Authority (BCA) in a release on Jan 14. This is comparable to the estimated $30.5 billion construction contracts awarded in 2018. The public sector is expected to account for between $16.5 billion and $19.5 billion, contributing to 60% of projected construction demand in 2019. It is bolstered by major infrastructure and a pipeline of major industrial building projects. Construction contracts worth $10.5 billion to $12.5 billion are expected to come from the private sector this year, representing about 40% of total construction demand. The bulk will come from the redevelopment of successful en bloc sites transacted in the recent collective sale cycle from 2H2017 to 1H2018, says Teo Jing Siong, group director of BCA s strategic planning office, who spoke at a seminar organised by BCA and the Real Estate Developers Association of Singapore (REDAS) on Jan 14. Private residential developments are expected to bring in $4.3 billion to $4.7 billion in construction demand this year, slightly lower than last year s $5.2 billion, says Teo. The rest will come from new industrial developments. In 2018, total preliminary construction demand for the public and private sector was $18.4 billion and $12.1 billion respectively, according to BCA. This fell within forecast numbers due to strong demand from institutional building and civil engineering projects, growth in the manufacturing sector and more private residential redevelopment projects from en bloc sales in 2017 and 1H2018. To help firms improve productivity, BCA will expand the Building Innovation Panel (BIP) to cover any type of innovation that can improve Singapore s built environment. The inter-agency platform accelerates the regulatory clearance of technologies that improve construction productivity. Innovations can include advanced and sustainable building materials, technologies for green buildings and automation. Additionally, BIP can help match inventors of an innovation with developers so that it can be implemented in an actual project and eventually across the industry. With stable and sustainable construction demand fundamentals, firms in the sector will have more opportunities to invest in innovation. This is important, given that the way we build is increasingly being transformed by the use of technology, said Zaqy Mohamad, Minister of State for National Development and Manpower in his address at the BCA-Redas Build Environment and Property Prospects Seminar. He added that the BIP will review policies, regulations and requirements that may inhibit innovation. It will also facilitate the early involvement of relevant regulatory agencies as soon as promising solutions have been identified. In the medium term, BCA foresees steady improvement in construction demand with spending between $27 billion and $34 billion per year for 2020 and 2021. This could increase to between $28 billion and $35 billion per year for 2022 and 2023. The public sector is expected to remain a key contributor with spending estimated at $16 billion to $20 billion per year from 2020 to 2023 with similar proportions of demand from building projects and civil engineering works. In addition to public residential developments, public sector construction demand over the medium term will remain supported by big infrastructure projects such as the Cross Island Line, developments at Jurong Lake District and Changi Airport Terminal 5. Elsewhere, private sector construction demand is expected to gradually increase in the medium term, in line with growth in other economic sectors. E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Construction contracts worth $10.5 billion to $12.5 billion are expected to come from the private sector this year, representing about 40% of total construction demand. PROPERTY BRIEFS FROM PAGE EP2 Century Warehouse sold for $48.5 mil Century Warehouse, a freehold industrial B1 development along Pasir Panjang Road, has been sold collectively for $48.5 million to a private investment company, according to Knight Frank who brokered the sale. This is $8.5 million less than the initial asking price of $57 million when the property was first put up for sale last October. Century Warehouse is an eight-storey, freehold industrial warehouse with a basement carpark, and comprises 35 strata units. The development has a total strata area of 56,539 sq ft, and sits on a site with an area of about 30,402 sq ft. The $48.5 million sale price translates to a unit rate of $858 psf on the existing strata area, or a land rate of $638 psf per plot ratio (ppr). Singapore-listed Tuan Sing Holdings wholly-owned subsidiary, Asiaview Properties, owns 31 out of the 35 strata units, and close to 90% of the strata area. Hence, it stands to receive $42.4 million in proceeds from the sale. The remaining four strata units are owned by third parties. All the owners (100%) gave their consent to sell the property. The buyer has paid a $100,000 tender fee and 10% down payment, with the balance payable upon completion of the sale on March 27. Hotel Marrison @ Desker has dual frontages onto Kampong Kapor Road and Desker Road Boutique hotel at Desker Road for sale from $28 mil A 25-room freehold boutique hotel on Desker Road in the Little India vicinity is up for sale via Expression of Interest (EOI). The site has a guide price of about $28 million to $30 million, according to marketing agent Knight Frank. The property is currently operating under the name of Hotel Marrison @ Desker, with an average occupancy rate of over 85% in the last two years. It sits on a land area of 6,664 sq ft, with a total gross floor area of about 12,270 sq ft. The property comprises six adjoining units of PICTURES: KNIGHT FRANK Century Warehouse is an eight-storey, freehold industrial warehouse two-storey shophouses with attic, and has an eating house situated on the ground floor. It has dual frontages onto Kampong Kapor Road and Desker Road. The EOI exercise will close on Feb 26, 3pm. Compiled by Bong Xin Ying, Charlene Chin, Timothy Tay E

EDGEPROP JANUARY 21, 2019 EP5

EP6 EDGEPROP JANUARY 21, 2019 MARKET TRENDS The crowd at the balloting of Parc Esta, which was launched in November and continued to be the top-seller in December MCL LAND December sales highest in six years BY CHARLENE CHIN Private new home sales dropped off sharply to 602 units (excluding executive condos) in December 2018, down 39.7% from the previous month. Still, the data was quite encouraging in the absence of new project launches and given the typical year-end lull during the festive period. It was the highest sales done in the month of December since 2012, when 1,410 units were sold, says Tricia Song, Colliers International head of research for Singapore. Only 101 new private homes from existing launches were put up for sale in December, a 92.5% drop from the previous month and a 56.3% fall y-o-y. It was the lowest number of new private homes launched since September 2017, says Ong Teck Hui, JLL senior director of research and consultancy. For the whole of 2018, developers launched 8,773 private residential units compared to 6,020 in 2017, says JLL. The number of units sold in 2018 totalled 9,264 units just a shade paler than the 10,566 units sold in 2017, says Desmond Sim, CBRE head of research for Singapore and South East Asia. He attributes the sales contraction partly to the July 2018 cooling measures. If returned units in 4Q2018 are taken into consideration, the year could end with 8,706 units sold instead of 9,264 units, reckons Colliers Song. This would mean new home sales in 2018 would have contracted further by 17.6% instead of 12.3% from 10,566 units in 2017. dian price of $1,327 psf). The third best-seller in December was Riverfront Residences, with 47 units sold at a median price of $1,313 psf, followed closely by Park Colonial, with 43 units sold at a median price of $1,729 psf. Developers of projects that have sold well seem to have found the right pricing formula in the post-cooling measures regime, says Colliers Song. Projects like Riverfront Residences, Park Colonial, Stirling Residences and The Tapestry have achieved sales rates from 40% to 65%, with prices relatively steady in the range of $1,313 to $1,745 psf. According to CBRE Research, the three top-selling new launches in 2018 were: Riverfront Residences (825 units sold out of a total of 1,427 units), The Tapestry (556 of 861 units sold), and Twin View (454 out of 520 units sold). Number of private residential property transactions YEAR SLP RESEARCH, URA PRIVATE HOUSING UNITS SOLD DIRECTLY BY DEVELOPERS 2012 22,197 2013 14,948 2014 7,316 2015 7,440 2016 7,972 2017 10,566 2018 (Estimated) 9,264 Supply-led New home sales are expected to continue to be supply-led with the pace of new launches to dictate take-up rates. In 2019, Colliers expects 55 to 60 new projects with a total of about 17,000 units to be launched. Some of these new launches could spill over to 2020, depending on market conditions, notes Song. The new launches this month are in the prime districts of 9, 10 and 11: the 476-unit Fourth Avenue Residences by Allgreen Properties; the 71-unit Fyve Derbyshire and the 140- unit RV Altitude, both by Roxy-Pacific Holdings. New home sales are likely to remain fairly subdued in January due to the limited number of launches and the Chinese New Year festivities in February, notes Song. Other potential projects that could be put on the market in 1Q2019 include the 1,410-unit Florence Residences, the 2,203-unit Treasure@ Tampines, the former Normanton Park (about 1,900 units) and the former Amber Park (616 units), say property consultants. Colliers forecast is that developers could sell 9,500 to 10,000 new homes given the steady pipeline of upcoming projects. HUTTONS RESEARCH COLLIERS INTERNATIONAL RESEARCH While prospective buyers have been more cautious, the demand for Singapore residential properties remains strong, says Tan Tee Khoon, Knight Frank executive director and head of residential project marketing. Tan reckons there will be potential upside in prices, as trade tensions and wider economic risks are expected to be resolved. E CITY DEVELOPMENTS Increased pace of new launches The momentum of new launches was higher in 2H2018 accounting for 5,415 units (61%) compared to 1H2018. The increased momentum of launches was partly due to the prospect of a large launch supply entering the market in 2019. It led developers to launch their projects and secure sales before the year ended, notes JLL s Ong. We can expect the launch momentum to carry over into 2019 when 10,000 to 12,000 new private homes could be launched. Projects launched in November continued to be popular in December, hence the two top-selling projects last month were Parc Esta (160 units sold at a median price of $1,687 psf); and Whistler Grand (128 units sold at a me- Whistler Grand was one of the top-selling projects in the month of December

EDGEPROP JANUARY 21, 2019 EP7 MARKET TRENDS Demand for executive condos to remain robust HUTTONS ASIA BY CHARLENE CHIN Only three new executive condo (EC) units were sold in December 2018, from among the few left-over units in new EC projects: One unit at Rivercove Residences in Sengkang was sold at $964 psf; while two units at Northwave in Woodlands were sold at a median price of $908 psf. According to Ong Teck Hui, JLL senior director of research & consultancy, 628 new ECs were launched and 1,137 units sold in 2018 as a whole. The supply and demand imbalance resulted in the median prices of new ECs shooting up by 24.7% from $793 psf in 4Q2017 to $989 psf in 4Q2018. The demand for executive condos (ECs) is expected to remain robust in 2019, says Nicholas Mak, executive director of ZACD Group. However, the supply of new EC launches will continue to be limited. While the number of EC units launched decreased significantly by 59.6% y-o-y in 2018, the number of units sold dropped correspondingly by 72% over the same period, he notes. The sales of new EC units will increase when the next EC project at Punggol is launched sometime in 2Q2019, says Mak. The EC project by City Developments Ltd is estimated to have 820 units and is located at Sumang Walk. If priced reasonably, the take-up rate of this project is expected to be very high, he adds. The 628-unit Rivercove Residences EC project was launched in July last year, and saw 80% of the units snapped up on the first weekend at an average of $965 psf. E The 628-unit Rivercove Residences was launched last July and saw 80% of the units snapped up at an average of $965 psf No. of executive condos launched and sold (2012-2018 to date) SOURCE: SLP RESEARCH, URA YEAR EC UNITS LAUNCHED EC UNITS SOLD DIRECTLY BY DEVELOPERS 2012 4,936 4,499 2013 3,337 3,588 2014 2,505 1,578 2015 3,750 2,550 2016 2,749 3,999 2017 1,555 4,011 2018 (Estimated) 628 1,137 BUILDING DESIGN Inside Huawei s giant faux-european campus Huawei s billionaire founder, Ren Zhengfei, broke years of silence on Jan 15 to defend China s largest technology company from growing espionage accusations. One thing he didn t address was the massive new campus the telecoms giant is building in Dongguan maybe because the complex pretty much speaks for itself. From faux Italian towers to artificial lakes and classical palaces, Huawei is recreating a wide swathe of Europe in its backyard. Ren a civil engineer by training is overseeing the construction of a massive new campus that neatly sums up Huawei s global ambitions. Bloomberg LP PICTURES: QILAI SHEN

EP8 EDGEPROP JANUARY 21, 2019 COVER STORY The M&A will expand CapitaLand s portfolio to include ASB s flagship projects such as Singapore Science Park SAMUEL ISAAC CHUA Pushing the space frontiers How does CapitaLand s $11 billion merger and acquisition with Ascendas-Singbridge impact the Singapore real estate market? BY AMY TAN & BONG XIN YING On Jan 14, CapitaLand announced that it is acquiring all the shares in two wholly-owned intermediate subsidiaries of Ascendas-Singbridge (ASB), which is in turn a subsidiary of Temasek. The acquisition, valued at $11 billion, will make CapitaLand the largest diversified real estate group in Asia. The question is why. Scale is one of the main reasons. It has become apparent over the last few years that scale has become increasingly important, as it provides a competitive advantage, says Regina Lim, JLL head of capital markets research for Southeast Asia. Moving forward, there could be more such M&As (mergers and acquisitions). Post-transaction, CapitaLand will be a behemoth with combined total assets under management (AUM) of more than $116 billion. The expanded portfolio will cover a wide spectrum of the real estate industry from logistics/ business parks, industrial, lodging, commercial, retail to residential. Its geographical presence will span 180 cities across 32 countries. Immediate scale The acquisition will provide almost immediate scale in the key industrial and business park sectors, and access to new growth markets such as India and Korea, while CapitaLand rapidly expands its presence in the mature European and US real estate markets, says Moray Armstrong, CBRE managing director of advisory & transaction services, Singapore. The acquisition gives CapitaLand a strong foothold in the Singapore industrial and business park sector where ASB was traditionally one of the largest and most experienced developers and landlords, adds Armstrong. While CapitaLand is a key player in the CBD commercial office space, Ascendas dominates the business park and suburban office space. CapitaLand bought ASB so it can control the downstream penetration of this market, says Mark Lampard, director and head of regional tenant representation, Cushman & Wakefield (C&W). Lampard was speaking at the BCA-Real Estate Developers Association of Singapore (REDAS) Built Environment and Property Prospects seminar on Jan 14, the same day that the M&A deal was announced. Grade-A office rental rates in the CBD are over $10 psf per month today, while rental rates in suburban office and business park space are in the range of $4 to $6 psf per month, notes Lampard. This arbitrage is what organisations are looking for, and that s the biggest reason why CapitaLand bought ASB. Aside from business parks, ASB Tower along Robinson Road will also be added to Capita- Land s portfolio. A redevelopment of the CPF Building, ASB Tower has a total lettable area CAPITALAND Located on Market Street, CapitaSpring has a total lettable area of 635,000 sq ft A redevelopment of the former CPF building, the ASB Tower at 79 Robinson Road will feature over 500,000 sq ft of prime Grade A office space CAPITALAND

EDGEPROP JANUARY 21, 2019 EP9 COVER STORY CMT s Funan comprises a mall, two Grade-A office blocks as well as The Ascott s lyf brand of co-living serviced residences of 514,000 sq ft and is expected to be completed in 2020. Impact on competition In addition to ASB Tower, the only other Grade-A office space that will be completed in the next two years is CapitaLand s CapitaSpring (redevelopment of the former Golden Shoe Carpark). Located on Market Street, the project has a total lettable area of 635,000 sq ft. While CapitaLand will be in control of upcoming new supply of Grade-A office space, industry observers say it is unlikely that this would impact rent in the prime office segment. Armstrong doesn t expect the expanded footprint of the combined group to affect the competitive environment in the office market. The office sector in Singapore is already pretty competitive with a multitude of private owners and investors alongside established government-linked providers of commercial space, he says. What this acquisition will bring is an expanded pipeline of potential assets which can be injected into Ascendas Reit (A-REIT), CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) which are now the three largest Reits in the [Singapore] market. The acquisition is unlikely to change the landscape to a large degree. The larger aggregated portfolio may, however, open up more opportunities for the group to reposition its assets, says Armstrong. Broader suite of premises solutions With this acquisition, CapitaLand is now in a position to offer a broader suite of premises solutions to corporate occupiers covering front office and corporate HQ as well as locations suitable for support functions and backend infrastructure, observes CBRE s Armstrong. The ability to deliver end-to-end solutions addressing customers space requirements will provide opportunities for the group to deepen relationships with customers. Chris Archibold, JLL s head of leasing, agrees. He reckons that the merger will allow Capita- Land to execute a more holistic strategy across its occupier offering as it can now offer clients Grade-A office space to business park space. On the new economy front, CapitaLand will now have an even broader portfolio base to testbed and roll out its best-in-class digital offerings to enhance customer experience and connectivity, he adds. Last October, CapitaLand paid $27 million for a 50% stake in co-working operator The Work Project, as part of its office of the future strategy. In September 2017, CapitaLand s corporate venture fund, C31 Ventures, participated in The Great Room s Series-A funding. Flexible space, decoupling Developers and landlords have to focus on flexible space as this is what tenants want, says JLL s Lim. Tenants increasingly want flexibility as there is a war for talent at the moment, she adds. They want a built environment with a human experience in order to retain their employees and foster innovation. C&W s Lampard agrees. Two to three years ago, in talking to MNCs, they wouldn t consider putting their staff in co-working spaces due to fear of intellectual property or security concerns, he observes. Now, I would challenge you to find an organisation that s not thinking of some degree of co-working in their organisation. It could be because of the capital requirements of fitting out a new office space, or to have an environment that caters to their millennial staff. Increasingly, office tenants are also looking at decoupling, says Ong Choon Fah, CEO of Edmund Tie & Co (ET&Co). They may maintain a CBD or premium office address for their client-facing business and relocate the others to a suburban office. The enlarged portfolio of CapitaLand and ASB will mean that the group will be able to provide their clients with more space options, she adds. That means tenants will be dealing with the same landlord, whether in Singapore or elsewhere, and whether they are looking for office, retail or business park space. Defensive move amid disruption? The move could also be defensive, especially in the retail sector, which is undergoing a difficult time with disruption and changes in consumers shopping behaviour. CMT is the biggest retail mall REIT listed on the Singapore Exchange, with a market capitalisation of $8.59 billion and total AUM. What this means for CapitaLand is that it will now be able to handle disruption better, says Dennis Yeo, C&W chief executive for Singapore and Southeast Asia. Retailers, for example, are increasingly looking at both offline and online retail, which means they have to take up a storefront and also take up space in warehouses or logistics space for their inventory, he adds. With the merger, CapitaLand will be able to tap ASB s expertise in providing such logistics or warehouse space as well as supporting infrastructure to meet the needs of their tenants, adds Yeo. According to Tan Tiong Cheng, president of Knight Frank Asia Pacific, the retail sector is not just affected by e-commerce. Consumer spending is down, and traditional retail malls are suffering not just in Singapore but around the world, he adds. Even F&B operators are not expanding as quickly, not just because of rents but difficulty in labour. Malls are seeing more leisure and entertainment tenants. Co-working operators are also entering malls, further blurring the lines between retail and office space. Blurring of lines, more mixed-use The whole business model around space is changing, says ET&Co s Ong. Landlords will no longer be providers of space but will increasingly become service providers. Lines between the different real estate sectors are blurring, and more buildings are becoming mixed-use complexes. An example is Funan, which is owned by CMT and managed by CapitaLand, and slated to open in 3Q2019. It s an integrated development with a mall, two Grade-A office blocks as well as The Ascott s lyf, its brand of co-living serviced residence designed for millennials. The mall at Funan will feature Singapore s first deployment of automated guided vehicles and robotic arm in a retail setting as well as a 24-hour click-and-collect drive-through supplemented by warehousing facilities within the property. Co-working operator WeWork became the first office tenant when it committed to taking up 40,000 sq ft in the office block of Funan in December 2017. Ramp-up in AUM In Singapore, the combined entity s AUM will grow by 40%, while in China, it will increase by 9%. The value of the group s properties in Singapore will be worth $38.6 billion or 33% of the total AUM. According to CapitaLand, the merger will see its number of CBD and suburban offices grow from 39 to 83 properties across 10 countries, with a total gross floor area of about 27 million sq ft. Over 100 properties in logistics/business parks and data centres will be added to the portfolio and these are expected to drive the group s growth in the future. [The deal] would add on to the portfolio of asset classes that CapitaLand is traditionally strong in residential, shopping malls, offices. The whole range of asset classes will give us more choice to deploy capital, says Lee Chee Koon, CapitaLand s president and group CEO. E A-REIT s Aperia will be added to CapitaLand s portfolio. Aperia is a three-storey retail and F&B podium integrated with two Business-1 towers, located at the CBD fringe SAMUEL ISAAC CHUA CAPITALAND

EP10 EDGEPROP JANUARY 21, 2019 MARKET TRENDS Mixed prospects for Singapore property market ALBERT CHUA rents are expected to increase by 8% to 10% over the next few years on the back of limited new supply in the CBD, he adds. In most commercial markets, it s demand that drives the market place, adds Lampard. In Singapore, it s supply-led. The Singapore office market has seen an addition of one million sq ft of new office space every year. And it s the trophy buildings that drive rents, he adds. He expects that the rush to fill these new trophy buildings will cause prime commercial rents in the CBD to increase by 20% to 25% over the next few years, says Lampard. Technology firms now take up a quarter of the total office space in Singapore compared to about 8% four years ago BY TIMOTHY TAY The property cooling measures in July last year had a greater impact than five years earlier when the total debt servicing ratio (TDSR) loan framework came into effect in June 2013, says Alan Cheong, senior director and head of research for Savills Singapore. By end 4Q2018, private home prices were down 4%, compared to 2% in 4Q2013. Cheong was speaking on the residential market at the annual Built Environment and Property Prospects Seminar, jointly organised by the Building and Construction Authority (BCA) and the Real Estate Developers Association of Singapore (REDAS) on Jan 14. The luxury market was relatively less affected by the cooling measures, as foreign buyers now see the higher ABSD [additional buyer s stamp duty] as part of the entry price for a good valued investment in a stable market, says Regina Lim, JLL s head of capital markets research for Southeast Asia. More foreign buyers are picking up bigger ticket properties in the $7 million to $10 million range a sign that they are buying for their own use, she adds, unlike in the past, when they purchased smaller units as investment properties. About 60 new projects yielding 20,000 new units are in the pipeline for launch this year. However, 47% of the units are from six developments with over 1,000 units each, notes Savills Cheong. Developers have to be very tactical and strategic, especially those who had purchased a lot of land over the last two years, says JLL s Lim. We are expecting annual demand to be about 8,000 units, she adds. But based on the sites that developers have bought, they would need to sell more than 8,000 units a year over the next five years. The government s change in minimum average unit size from 70 sq m to 85 sq m for non-central Areas announced last October, will mean that developers will have to suffer some price psf decline if they do not want to push up the ticket price of the units, she adds. However, demand for private homes may not fall off as steeply, observes Savills Cheong. Those who started work in the 1970s to 1990s have acquired enough wealth over the past decade, he says. They are now using their savings to help their children buy property. Office market In Singapore, the penetration of flexible workspace is expected to grow from 3% to 4% today, to about 10% to 15% of the total office stock by 2025, says JLL s Lim. The outlook for the segment is promising for the next two to three years, says Lee Nai Jia, head of research at Knight Frank Singapore. Given the current economic uncertainty, firms looking to expand will first consider co-working arrangements, while waiting for the right moment to re-enter into a more traditional lease arrangement, he adds. Technology firms now take up a quarter of the total office space in Singapore compared to about 8% four years ago, and space for financial services firms has fallen from 47% to 23% over the same period, says JLL s Lim. Overall vacancy rates in the central business district are less than 4%, says Mark Lampard, head of regional tenant representation at Cushman & Wakefield (C&W). Grade-A office Greater workplace flexibility However, occupiers today are unprepared to stomach such dramatic increase in costs and they are changing their workplace strategies to allow more employees to work remotely. They are also adapting flexible workspaces, and finding alternative high-quality commercial spaces in city-fringe locations like Paya Lebar Quarter, says Lampard. Others are also considering outsourcing more operations offshore to countries like India, he adds. Over the next 12 months, the focus will be on building more flexible spaces, says JLL s Lim. Co-working operators and more importantly, landlords and developers are thinking of what tenants want, which is more flexibility. Meanwhile, investor interest will be in alternative assets such as data centres, self-storage, student housing, aged care, nursing homes and even co-living, which are outperforming traditional residential sector, Lim adds. E BCA/REDAS From left: Lee Nai Jia, head of research Knight Frank Singapore; Alan Cheong, head of research and consultancy Savills Singapore; Regina Lim, head of capital markets research Southeast Asia JLL; Mark Lampard, head of regional tenant representation Cushman & Wakefield; Boaz Boon, director of real estate advisory VestAsia Group CHARTS: JLL RESEARCH

EDGEPROP JANUARY 21, 2019 EP11 SPOTLIGHT Scotland accounts for 26% of the assets in the portfolio of 97 properties acquired by Elite Partners Capital in the UK Elite Partners on expansion path PICTURES: ELITE PARTNERS BY CECILIA CHOW Singapore-based private equity firm, Elite Partners Capital, acquired a portfolio of 97 commercial properties across the UK last November. The portfolio, worth 282.15 million ($492.82 million), was purchased from Telereal Trillium, one of the largest privately-owned property firms in the UK. All except one of the 97 properties in the portfolio have freehold tenures. The 97th property has a 250-year lease. About 85% of the office buildings are located in town centres and have a combined floor area of 2.6 million sq ft. About 99.4% of the rental income in the portfolio is secured against the covenant of the UK Secretary of State for Communities and Local Government. The remaining 0.6% in the portfolio is leased to shops, F&B and other amenities that serve the office users. The portfolio is currently let to the UK s largest government department, namely the Department for Work and Pensions. The lease is for 10 years with effect from April 1, 2018. We were exploring logistics properties in Europe when we chanced upon this portfolio of assets in the UK, says Victor Song, CEO and managing director of Elite Partners Capital. I thought these UK office assets would provide sustainable returns to our investors given the good covenant strength, predominantly freehold tenure of the portfolio and the fact that the properties are diversified across the UK from London, to East and West Midlands, the South and even to Glasgow, Scotland in the north. Land banking, asset enhancement About 36% of the portfolio by income is situated in London, the South and the Midlands. Another 26% of the portfolio is located in Scotland, including a major asset in Glasgow City Centre. The portfolio has cash-on-cash returns of about 11% and running yield of 8.3% per annum. It has potential for further gains with built-in rent uplifts in the range of 1% to 5%, asset enhancement and redevelopment. Some of the buildings in the portfolio sit on huge plots of land that have yet to be fully developed, while others are located near public transport facilities such as train stations or bus interchange, notes Song. The portfolio therefore presents opportunities for land banking, asset enhancements and hence, capital gains, he adds. The acquisition is the first significant transaction by Elite Partners Singapore-domiciled Elite UK Commercial Fund, which focuses on UK commercial real estate. To date, the fund has raised 120 million ($216 million) in equity and mezzanine funding from more than a dozen prominent institutional investors, family offices and ultra-high net worth individuals. The fund life is five years. No doubt, the uncertainty around Brexit is disconcerting to investors. However, Song says, Short-term volatility surrounding the Brexit develoments are within our expectations. He adds, We do see interesting opportunities and entry points in times like this. We maintain a long-term view in real estate investments and we do conduct fundamental and in-depth analysis on potential enhancement opportunities in our investments. The portfolio of properties acquired by Elite Partners is diversified across the UK, including Stoke-on-Trent in Staffordshire in the West Midlands REIT ambitions Song s intention is to bulk up by purchasing more commercial properties in the UK tofurther increase the assets under management (AUM) to about $700 million to $800 million. We have a handful of potential acquisition targets in the pipeline, with deal size varying between 130 million and 180 million and we are in active discussions with the vendors, says Song. We are making a site visit to two of those in the pipeline this week before making a firm offer. The group is also exploring the possibility of setting up a REIT. If successful, it will be the first UK commercial REIT to be listed on the Singapore Exchange. Song is no stranger to setting up REITs. He was the head of asset management and investment director at Viva Industrial Trust (VIT) before its merger with ESR-REIT last April to become the fourth largest Singapore-listed industrial REIT with $3 billion in assets. VIT was subsequently delisted in October 2018. While at VIT, he formulated the business plans for the REIT s properties and was involved in acquisitions and divestments. Prior to joining VIT, he was the sole proprietor of VS Real Estate, and was responsible for managing real estate-related contracts. Before that, Song was in the investment team of Cambridge Industrial Trust Management, where he was also involved in investment strategies. Song co-founded Elite Partners with Chiew Chuanjin and Charles Hoon in 2017. Chiew is executive director and CFO of the firm, while Hoon is executive director and COO. The team has a total of nine staff as at end-2018, and is expanding to 15 to 20 this year. Opportunities in Belt and Road Initiative Besides the Elite UK Commercial Fund, Elite Partners is exploring the launch of a European Logistics Fund which will invest in assets that will benefit from the Belt and Road Initiative. Proposed by China in 2017, the Belt and Road Initiative will see the development of transportation hubs, new railway routes and ports across parts of Asia and Europe. The rationale is that it will enhance connectivity in Eurasia, and boost trade and investments in infrastructure construction. The fund will acquire logistics properties, warehouses and distribution centres around Europe, he adds. We have already started buying assets for this portfolio since March 2018. Investments include five plots of land in Poland, which have been amalgamated, with plans to build two logistics blocks on the site. The intention is to develop and also to purchase existing assets with ready yields, explains Song. The group raised seed funding of 30 million ($46.4 million) which has already been invested, and it intends to grow the fund s portfolio size to 400 million to 500 million range, he adds. Properties in the UK commercial portfolio acquired by Elite Partners include Palatine House & Duchy House in Preston Co-founders of Elite Partners Capital (from left): Chiew Chuanjin, Victor Song and Charles Hoon Alternative investments Elite Partners has also launched the Elite InNorvate Growth Fund, which works closely with Norwegian government agencies to identify and co-invest in promising start-up companies in Norway. The fund will focus on companies involved in sectors such as clean energy, ocean space, healthcare and welfare, smart cities, bio-economy, creative industries and tourism. Emily Goh, Elite Partners portfolio director is overseeing the Elite InNorvate Growth Fund. Another fund by Elite Partners is the Excelon Structured Trade Income Fund that invests in short-term trade financing and arbitrage opportunities, particularly in metals traded on the London Metal Exchange (LME). Elite Partners acted as sub-investment manager of the fund. We have been gradually returning capital and profits to the investors upon maturity of our investments, says Goh. The idea is to focus on alternative investments, and to create opportunities for investors who want to diversify their portfolios, says Elite Partners CFO, Chiew. We try to provide a range of products with different risk profiles for investors who want to gain exposure to non-traditional assets. Song concurs. Our expertise is in real estate and alternative investments, he adds. We are able to identify opportunities for investors and structure products to provide a secured return on their investments. In Singapore, Elite Partners is exploring the possibility of investing in a logistics hub in Jurong, which will be a halal food hub. According to Song, the group is looking for a suitable site with a 30-year lease from industrial landlord JTC Corp. Today, Elite Partners is managing about $560 million of AUM. The intention is to grow it to about $1 billion by end of the year, says Song. E

EP12 EDGEPROP JANUARY 21, 2019 DONE DEALS The former Zouk site (in the foreground) will be transformed into a mixed-use development with a serviced apartment component PICTURES: SAMUEL ISAAC CHUA Residential buzz for former Zouk site BY CHARLENE CHIN Along the Singapore River, Rivière is generating a lot of interest. It is located on Jiak Kim Street, where Zouk had been for 26 years before it closed in December 2016; it reopened at Clarke Quay soon after. Zouk was ranked third in the world s top 100 clubs last year. Given the nostalgia factor, the site was hotly contested when the government put it up for sale two years ago. Frasers Property beat nine others to win the site in December 2017 with a bid of $955.4 million, or $1,733 psf per plot ratio. Frasers Property has yet to announce when the project is going to be launched, but it s likely to be some time in 1H2019. Rivière is a 455- unit residential project and part of a mixed-use development that includes serviced apartments by Frasers - Frasers Residence Promenade - and the warehouse (where Zouk was located), which will be conserved. The site is special, says Dominic Lee, PropNex Realty s head of luxury team. It s nostalgic for many born in the 70s and 80s who remember clubbing there in their youth. According to Lee, he s had a lot of enquiries for the project. Those who were born in the 70s and 80s are in their mid-30s to 40s now, and are at the peak of their careers, he observes. They want to buy what is equivalent to a trophy property. PropNex is one of the appointed marketing agents for Rivière together with ERA Realty and Huttons Asia. Given the purchase price for the site and its prime waterfront location as well as its District 9 postcode, the project is likely to achieve a record price, notes Lee. The upcoming launch is having a spillover effect on the transaction prices of its neighbours. Across the river is the freehold, 545-unit Rivergate, which was completed in 2009. Average resale prices have gone up 11.3% from an average of $1,981 psf in 4Q2017 to $2,205 psf in 4Q2018, based on caveats lodged. The latest project launched in the Martin Road-Martin Place area was GuocoLand s 450- unit Martin Modern in July 2017. Construction of the project located at Martin Place is underway. Of 320 units launched to date, 308 have been sold as at end-december, with the latest transactions at a median price of $2,932 psf. Units even hit a high of $3,208 psf last month: It was for the sale of a 1,012 sq ft, three-bedroom unit on the 29th floor of one of the twin 30-storey towers. Adjacent to the upcoming Rivière is Mirage Tower, a freehold, 248-unit private condo that was completed 22 years ago. The development has seen a pick-up in transactions in the second half of last year, with units changing hands at prices of $1,720 to $1,791 psf, according to caveats lodged with URA Realis. Located further down the river is 8 Rodyk, a freehold, 50-unit boutique development completed in 2011. A 1,227 sq ft, three-bedroom unit on the ninth floor there changed hands for $2.4 million ($1,956 psf), according to a caveat lodged early this month. There hasn t been a transaction at 8 Rodyk for close to a year not since February 2018 when a 1,432 sq ft, three-bedroom unit on the fourth floor was sold for $2.85 million ($1,991 psf). However, the spotlight is likely to be on the upcoming launch of Fraser Residence Promenade in the coming months. The site has a prominent frontage right on the bank of the Singapore River, and is a prime location that has created many meaningful memories for many Singaporeans, Christopher Tang, CEO of Frasers Property Singapore, had commented recently. E Residential transactions with contracts dated Jan 1 to 8 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 Psf prices have risen by 11.24% at Rivergate, from $1,975 psf in 2017 to $2,197 psf in 2018

EDGEPROP JANUARY 21, 2019 EP13 DONE DEALS Residential transactions with contracts dated Jan 1 to 8 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 RIVERWALK APARTMENTS Apartment 99 years Jan 2, 2019 1,615 2,100,000-1,301 1985 Resale District 2 ICON Apartment 99 years Jan 2, 2019 1,249 2,100,000-1,682 2007 Resale District 3 MARGARET VILLE Apartment 99 years Jan 4, 2019 829 1,495,200-1,804 Uncompleted New Sale MARGARET VILLE Apartment 99 years Jan 6, 2019 829 1,480,200-1,786 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jan 2, 2019 764 1,313,000-1,718 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jan 2, 2019 624 1,147,000-1,837 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jan 3, 2019 764 1,305,000-1,708 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jan 3, 2019 764 1,328,000-1,738 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jan 4, 2019 980 1,696,000-1,731 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jan 5, 2019 635 1,118,000-1,760 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jan 5, 2019 689 1,173,000-1,703 Uncompleted New Sale District 4 THE INTERLACE Condominium 99 years Jan 3, 2019 1,873 2,385,000-1,273 2013 Resale THE VILLAS @ SENTOSA COVE Terrace 99 years Jan 4, 2019 2,325 4,888,000-2,100 2007 Resale District 5 HERITAGE VIEW Condominium 99 years Jan 7, 2019 1,195 1,405,000-1,176 2000 Resale KENT RIDGE HILL RESIDENCES Apartment 99 years Jan 2, 2019 474 820,000-1,731 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Jan 3, 2019 646 1,097,000-1,699 Uncompleted New Sale THE INFINITI Condominium Freehold Jan 8, 2019 1,249 1,380,000-1,105 2008 Resale WHISTLER GRAND Apartment 99 years Jan 2, 2019 1,281 1,801,600-1,406 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 2, 2019 764 1,040,040-1,361 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 3, 2019 1,066 1,465,290-1,375 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 5, 2019 441 619,200-1,403 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 5, 2019 764 1,100,790-1,440 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 5, 2019 958 1,283,040-1,339 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 5, 2019 764 1,007,200-1,318 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 5, 2019 1,066 1,352,700-1,269 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 5, 2019 1,066 1,340,000-1,257 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 6, 2019 614 921,780-1,502 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 6, 2019 506 710,400-1,404 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 6, 2019 958 1,338,400-1,397 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 6, 2019 624 818,400-1,311 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jan 6, 2019 624 817,290-1,309 Uncompleted New Sale District 7 DUO RESIDENCES Apartment 99 years Jan 2, 2019 1,012 2,050,000-2,026 2017 Sub Sale District 9 8 RODYK Apartment Freehold Jan 4, 2019 1,227 2,400,000-1,956 2011 Resale CENTREPOINT Apartment 99 years Jan 3, 2019 743 1,900,000-2,558 1983 Resale EMILY RESIDENCE Apartment Freehold Jan 4, 2019 947 1,130,000-1,193 2006 Resale MIRAGE TOWER Condominium Freehold Jan 3, 2019 1,496 2,680,000-1,791 1996 Resale NEW FUTURA Condominium Freehold Jan 7, 2019 1,830 6,750,400-3,689 2017 Resale District 10 3 CUSCADEN Apartment Freehold Jan 3, 2019 764 2,567,000-3,359 Uncompleted New Sale 3 CUSCADEN Apartment Freehold Jan 4, 2019 764 2,722,000-3,562 Uncompleted New Sale DYNASTY GARDEN Condominium Freehold Jan 2, 2019 1,152 1,513,000-1,314 1979 Resale GRAMERCY PARK Condominium Freehold Jan 2, 2019 2,594 7,800,000-3,007 2016 Resale QUINTERRA Apartment 99 years Jan 2, 2019 1,787 2,530,000-1,416 2009 Resale THE MARBELLA Condominium Freehold Jan 2, 2019 2,949 3,300,000-1,119 2005 Resale THE TESSARINA Condominium Freehold Jan 3, 2019 2,228 2,615,000-1,174 2003 Resale District 11 SHELFORD VILLAS Semi-Detached Freehold Jan 3, 2019 2,142 4,750,000-2,214 1996 Resale District 12 EIGHT RIVERSUITES Condominium 99 years Jan 4, 2019 807 1,138,000-1,410 2016 Resale NOVA 88 Apartment Freehold Jan 2, 2019 1,238 1,638,000-1,323 2012 Resale RIVERBAY Apartment 999 years Jan 3, 2019 786 1,060,000-1,349 2014 Resale RIVERBAY Apartment 999 years Jan 7, 2019 926 1,210,000-1,307 2014 Resale TREVISTA Condominium 99 years Jan 3, 2019 1,281 1,700,000-1,327 2011 Resale District 13 NIN RESIDENCE Apartment 99 years Jan 2, 2019 474 729,000-1,539 2014 Resale NIN RESIDENCE Apartment 99 years Jan 7, 2019 1,238 1,600,000-1,293 2014 Resale PARK COLONIAL Condominium 99 years Jan 3, 2019 1,249 2,187,000-1,752 Uncompleted New Sale PARK COLONIAL Condominium 99 years Jan 6, 2019 1,023 1,723,000-1,685 Uncompleted New Sale PARK COLONIAL Condominium 99 years Jan 6, 2019 1,066 1,994,000-1,871 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Jan 3, 2019 1,507 1,911,000-1,268 2018 New Sale THE TRE VER Condominium 99 years Jan 2, 2019 506 834,000-1,649 Uncompleted New Sale THE TRE VER Condominium 99 years Jan 2, 2019 484 738,000-1,524 Uncompleted New Sale THE TRE VER Condominium 99 years Jan 5, 2019 743 1,237,000-1,666 Uncompleted New Sale THE TRE VER Condominium 99 years Jan 6, 2019 743 1,249,000-1,682 Uncompleted New Sale District 14 EUHABITAT Terrace 99 years Jan 7, 2019 3,380 2,800,000-828 2015 Resale PARC ESTA Apartment 99 years Jan 1, 2019 710 1,223,000-1,722 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 1, 2019 527 930,000-1,763 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 2, 2019 452 806,000-1,783 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 2, 2019 517 934,000-1,808 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 3, 2019 420 735,000-1,751 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 3, 2019 635 1,075,000-1,693 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 3, 2019 700 1,173,000-1,677 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 4, 2019 840 1,365,000-1,626 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 5, 2019 958 1,535,000-1,602 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 5, 2019 840 1,476,000-1,758 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 5, 2019 517 930,000-1,800 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 452 828,000-1,832 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 635 1,093,000-1,721 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 603 1,085,000-1,800 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 603 1,069,000-1,773 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 603 1,073,000-1,780 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 700 1,169,000-1,671 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 635 1,051,000-1,655 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 420 792,000-1,887 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 517 933,000-1,806 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 732 1,235,000-1,687 Uncompleted New Sale PARC ESTA Apartment 99 years Jan 6, 2019 732 1,251,000-1,709 Uncompleted New Sale THE NAVIAN Apartment Freehold Jan 2, 2019 893 1,489,000-1,667 Uncompleted New Sale District 15 FLAMINGO VALLEY Condominium Freehold Jan 8, 2019 818 1,110,000-1,357 2014 Resale HAIG TEN Apartment Freehold Jan 3, 2019 1,098 1,138,000-1,036 2002 Resale VILLA MARINA Condominium 99 years Jan 4, 2019 1,249 1,288,000-1,032 1999 Resale District 16 ARCHIPELAGO Condominium 99 years Jan 4, 2019 1,539 1,620,000-1,052 2015 Resale BAYSHORE PARK Condominium 99 years Jan 3, 2019 936 1,050,000-1,121 1986 Resale CHANGI GREEN Condominium Freehold Jan 2, 2019 1,335 1,538,102-1,152 1998 Resale COSTA DEL SOL Condominium 99 years Jan 3, 2019 1,561 2,000,000-1,281 2003 Resale STRATFORD COURT Condominium 99 years Jan 4, 2019 2,110 1,653,000-784 1998 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 SUNHAVEN Condominium Freehold Jan 7, 2019 1,894 1,300,000-686 2002 Resale TANAH MERAH GREEN Terrace 99 years Jan 3, 2019 2,228 2,188,000-982 2000 Resale District 17 CASA AL MARE Apartment Freehold Jan 6, 2019 775 1,271,000-1,640 Uncompleted New Sale DAHLIA PARK CONDOMINIUM Condominium Freehold Jan 4, 2019 1,292 1,080,000-836 2003 Resale HEDGES PARK CONDOMINIUM Condominium 99 years Jan 2, 2019 484 545,000-1,125 2015 Resale District 18 D NEST Condominium 99 years Jan 3, 2019 1,432 1,560,000-1,090 2017 Resale LIVIA Condominium 99 years Jan 8, 2019 915 817,000-893 2011 Resale THE PALETTE Condominium 99 years Jan 4, 2019 753 800,000-1,062 2015 Resale THE TAPESTRY Condominium 99 years Jan 3, 2019 990 1,225,600-1,238 Uncompleted New Sale THE TAPESTRY Condominium 99 years Jan 5, 2019 441 607,200-1,376 Uncompleted New Sale THE TAPESTRY Condominium 99 years Jan 5, 2019 441 610,400-1,383 Uncompleted New Sale THE TAPESTRY Condominium 99 years Jan 5, 2019 1,130 1,459,200-1,291 Uncompleted New Sale THE TAPESTRY Condominium 99 years Jan 5, 2019 474 706,840-1,492 Uncompleted New Sale District 19 AFFINITY AT SERANGOON Apartment 99 years Jan 2, 2019 624 935,000-1,498 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jan 2, 2019 732 1,100,000-1,503 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jan 2, 2019 732 1,152,000-1,574 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jan 4, 2019 732 1,100,000-1,503 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jan 4, 2019 689 933,000-1,354 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jan 6, 2019 474 703,000-1,484 Uncompleted New Sale BLISS@KOVAN Condominium Freehold Jan 8, 2019 1,249 1,800,000-1,442 2015 Resale BOATHOUSE RESIDENCES Condominium 99 years Jan 7, 2019 893 968,000-1,083 2015 Resale BOATHOUSE RESIDENCES Condominium 99 years Jan 7, 2019 624 662,000-1,060 2015 Resale COMPASS HEIGHTS Apartment 99 years Jan 3, 2019 1,324 1,170,800-884 2002 Resale ESPARINA RESIDENCES EC 99 years Jan 3, 2019 829 870,000-1,050 2013 Resale ESPARINA RESIDENCES EC 99 years Jan 4, 2019 829 920,000-1,110 2013 Resale JEWEL @ BUANGKOK Condominium 99 years Jan 8, 2019 484 657,000-1,356 2016 Resale PRIVE EC 99 years Jan 2, 2019 775 738,000-952 2013 Resale PRIVE EC 99 years Jan 4, 2019 1,055 1,065,000-1,010 2013 Resale PRIVE EC 99 years Jan 7, 2019 818 810,000-990 2013 Resale RIVER ISLES Condominium 99 years Jan 4, 2019 1,206 1,208,000-1,002 2015 Resale RIVER ISLES Condominium 99 years Jan 8, 2019 947 880,000-929 2015 Resale RIVERFRONT RESIDENCES Apartment 99 years Jan 2, 2019 614 827,000-1,348 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 2, 2019 463 604,000-1,305 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 3, 2019 603 849,000-1,408 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 4, 2019 614 808,000-1,317 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 4, 2019 463 622,000-1,344 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 5, 2019 463 617,000-1,333 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 5, 2019 1,066 1,308,000-1,227 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 5, 2019 614 808,000-1,317 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 6, 2019 463 655,000-1,415 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 6, 2019 463 604,000-1,305 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 6, 2019 463 607,000-1,311 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 6, 2019 915 1,221,000-1,335 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jan 6, 2019 721 949,000-1,316 Uncompleted New Sale SERANGOON GARDEN ESTATE Detached 999 years Jan 2, 2019 4,768 5,388,000-1,130 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years Jan 2, 2019 2,648 3,550,000-1,343 Unknown Resale SUNGLADE Condominium 99 years Jan 7, 2019 1,238 1,450,000-1,171 2003 Resale TERRASSE Condominium 99 years Jan 2, 2019 807 940,000-1,164 2014 Resale THE MINTON Condominium 99 years Jan 4, 2019 990 1,030,000-1,040 2013 Resale THE QUINN Apartment Freehold Jan 2, 2019 1,141 1,600,000-1,402 2016 Resale THE SCALA Apartment 99 years Jan 3, 2019 1,798 2,088,888-1,162 2013 Resale District 20 CLOVER BY THE PARK Condominium 99 years Jan 2, 2019 1,765 2,180,000-1,235 2011 Resale HAPPY ESTATE Semi-Detached Freehold Jan 2, 2019 7,395 7,000,000-946 1984 Resale JADESCAPE Condominium 99 years Jan 6, 2019 764 1,318,600-1,725 Uncompleted New Sale GARDENIA ROAD Terrace Freehold Jan 8, 2019 2,971 3,000,000-1,010 1983 Resale District 21 BUKIT REGENCY Condominium Freehold Jan 8, 2019 1,055 1,190,000-1,128 1995 Resale DAINTREE RESIDENCE Condominium 99 years Jan 4, 2019 710 1,159,000-1,631 Uncompleted New Sale GARDENVISTA Condominium 99 years Jan 4, 2019 850 1,150,000-1,352 2006 Resale MAYFAIR GARDENS Condominium 99 years Jan 2, 2019 1,066 2,025,000-1,900 Uncompleted New Sale MAYFAIR GARDENS Condominium 99 years Jan 2, 2019 710 1,483,000-2,087 Uncompleted New Sale MAYFAIR GARDENS Condominium 99 years Jan 5, 2019 560 1,122,000-2,005 Uncompleted New Sale MAYFAIR GARDENS Condominium 99 years Jan 6, 2019 1,130 2,040,000-1,805 Uncompleted New Sale MAYFAIR GARDENS Condominium 99 years Jan 6, 2019 560 1,105,000-1,974 Uncompleted New Sale THE HILLSIDE Condominium Freehold Jan 7, 2019 1,313 1,638,000-1,247 2001 Resale District 22 THE FLORAVALE EC 99 years Jan 2, 2019 1,324 850,000-642 2000 Resale District 23 HILLION RESIDENCES Apartment 99 years Jan 7, 2019 463 760,000-1,642 2017 Resale LE QUEST Apartment 99 years Jan 2, 2019 1,130 1,527,000-1,351 Uncompleted New Sale LE QUEST Apartment 99 years Jan 5, 2019 980 1,426,000-1,456 Uncompleted New Sale VILLA VERDE Terrace 99 years Jan 7, 2019 1,615 1,520,000-941 2000 Resale District 25 PARC ROSEWOOD Condominium 99 years Jan 2, 2019 603 660,000-1,095 2014 Resale District 26 BULLION PARK Condominium Freehold Jan 8, 2019 807 860,000-1,065 1993 Resale CASTLE GREEN Condominium 99 years Jan 3, 2019 1,152 1,000,000-868 1997 Resale District 27 SPRINGHILL Terrace 99 years Jan 4, 2019 3,014 1,380,000-458 2005 Resale District 28 BELGRAVIA GREEN Terrace Freehold Jan 1, 2019 3,132 2,701,900-863 Uncompleted New Sale BELGRAVIA GREEN Terrace Freehold Jan 6, 2019 3,294 2,811,800-854 Uncompleted New Sale H2O RESIDENCES Condominium 99 years Jan 3, 2019 1,195 1,318,888-1,104 2015 Resale MIMOSA TERRACE Terrace Freehold Jan 3, 2019 1,647 2,550,000-1,553 2000 Resale PARC BOTANNIA Condominium 99 years Jan 2, 2019 1,281 1,657,730-1,294 Uncompleted New Sale DISCLAIMER: Source: URA Realis. Updated January 15, 2019. The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. # Not all caveats reflected due to the overwhleming number of caveats lodged EC stands for executive condominium

EP14 EDGEPROP JANUARY 21, 2019 GAINS AND LOSSES Top gains and losses for the week (Jan 1 to 8) Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2019) SALES PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Costa del Sol 16 1561 Jan 3 1281 Aug 8, 2006 666 961,000.00 92 5 12.4 2 Quinterra 10 1787 Jan 2 1416 Jun 10, 2009 940 850,000.00 51 4 9.6 3 Sunglade 19 1238 Jan 7 1171 Aug 8, 2001 548 771,520.00 114 4 17.4 4 Centrepoint 9 743 Jan 3 2558 Dec 22, 2010 1748 602,000.00 46 5 8.0 5 Clover by the Park 20 1765 Jan 2 1235 Aug 27, 2010 901 590,000.00 37 4 8.4 6 Nova 88 12 1238 Jan 2 1323 Jun 23, 2009 855 580,000.00 55 5 9.5 7 GardenVista 21 850 Jan 4 1352 Jun 28, 2006 694 560,000.00 95 5 12.5 8 Heritage View 5 1195 Jan 7 1176 May 30, 2007 732 530,000.00 61 4 11.6 9 Compass Heights 19 1324 Jan 3 884 Apr 6, 2001 506 501,000.00 75 3 17.8 10 Emily Residence 9 947 Jan 4 1193 Apr 5, 2006 725 459,000.00 68 4 12.8 11 The Hillside 21 1313 Jan 7 1247 Oct 28, 2010 899 458,000.00 39 4 8.2 12 The Tessarina 10 2228 Jan 3 1174 Jul 16, 2007 987 415,000.00 19 2 11.5 13 Haig Ten 15 1098 Jan 3 1036 Dec 17, 2009 674 398,000.00 54 5 9.1 14 Changi Green 16 1335 Jan 2 1152 Nov 27, 1996 865 384,102.00 33 1 22.1 15 Duo Residences 7 1012 Jan 2 2026 Dec 16, 2013 1656 373,930.00 22 4 5.0 Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2019) SALES PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Icon 2 1249 Jan 2 1682 Sep 17, 2007 1974 322,296.00 13 1 11.3 2 8 Rodyk 9 1227 Jan 4 1956 Dec 9, 2011 2200 300,000.00 11 2 7.1 3 The Quinn 19 1141 Jan 2 1402 Aug 15, 2013 1571 192,320.00 11 2 5.4 4 Livia 18 915 Jan 8 893 Mar 25, 2011 967 68,000.00 8 1 7.8 5 Stratford Court 16 2110 Jan 4 784 Nov 5, 2012 811 57,000.00 3 1 6.2 6 Nin Residence 13 474 Jan 2 1539 Dec 15, 2014 1556 7,800.00 1 0.3 4.1 7 The Interlace 4 1873 Jan 3 1273 Jul 30, 2015 1277 6,300.00 0.3 0.1 3.4 8 Flamingo Valley 15 818 Jan 8 1357 Jan 25, 2012 1361 3,300.00 0.3 0.04 7.0 Note: Computed based on URA caveat data as at Jan 15 for private non-landed houses transacted from Jan 1 to 8. The profit and loss computation excludes transactions costs such as stamp duties. URA, EDGEPROP SUBSCRIBE NOW Driving Conversations, Inspiring Change Print + Digital (12 months) $148 $2.85 per week Print + Digital (3months) $58 $4.83 per week Digital only (12 months) $118 $2.27 per week Digital only (3 months) $30 $2.50 per week For online subscription: bit.ly/readtheedge *Subscription to The Edge Collection is non-cancellable and non-refundable. Visit our website or subscribe via hotlinespore@bizedge.com The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for non-singapore addresses.

EDGEPROP JANUARY 21, 2019 EP15 OFFSHORE Sydney home owners are grappling with the worst real estate slump since the 1980s PICTURES: BLOOMBERG London, New York and Hong Kong no longer immune to global housing downturn BY PATRICK CLARK In the years since the financial crisis, global cities like London, Hong Kong and New York appeared to defy housing-market cycles, thanks to a concentration of financial jobs and the self-fulfilling belief that they offered investors a safe haven. Now every release of data seems to turn those assumptions on their head. In Manhattan, the median condo price dipped below US$1 million ($1.36 million) for the first time in three years. Hong Kong home values endured their longest losing streak since 2008, while prices in outer London neighbourhoods fell for the first time since 2011. Sydney homeowners are grappling with the worst real estate slump since the 1980s. Luxury residential prices are growing at the slowest rate since 2012, according to a Knight Frank index of prime properties in 43 cities. Where some see an orderly retreat, others see cause for concern. A November working paper by the International Monetary Fund warned that the tendency of housing prices in global cities to move in sync means that local shocks could upend markets around the world. There are a few global cities that affect the sentiment about risk perception, said Albert Saiz, a professor of urban economics and real estate at the Massachusetts Institute of Technology. If New York and London are catching a cold, the primacy is large enough that they might have an impact on the overall market. International investors in search of higher-yielding investments have poured cash into the biggest, most-expensive housing markets, pushing prices ever upwards. Governments became concerned the gains were unsustainable, and reacted with measures aimed at curbing the flows of international money. UK lawmakers will publish details later this month of a tax on foreign real estate buyers in London. That plan follows moves to increase charges on second homes and properties owned by corporate entities. The government also eliminated tax breaks for rental homes bought with mortgages. Home prices in the most-expensive parts of London are down 19% from their peak in 2014, according to data from Savills Plc, but the move to curtail investor purchases is still on. Similar dynamics are playing out around the world. The number of home sales in Vancouver dropped 32% in 2018 from the previous year, following a series of new taxes, stricter mortgage rules and rising interest rates. Median prices in Auckland registered their first annual drop since 2008 after the New Zealand government passed legislation to restrict foreign buying that it said was partly to blame for escalating housing costs. Home prices have dropped 11% in Sydney from their 2017 peak after government restrictions on foreign purchases and tighter credit. Government action Government actions to reduce foreign purchases and/or stretched borrower affordability have already caused home prices to stall or fall in cities such as Sydney, Melbourne, Toronto, Vancouver and Stockholm, Fitch Ratings said in a Jan 15 report on global homeprice growth. In Hong Kong, a looming vacancy tax, intended to dissuade investors from hoarding empty apartments, played a part in driving prices down almost 9% from their August peak. Citigroup Inc said it expects prices to reach their nadir in March and there s ample evidence to suggest homebuilders remain concerned. China Overseas Land & Investment Ltd recently unveiled aggressive discounts at its new residential units released in Hong Kong s Tai Po area in an effort to fend off competition amid rising supply. Policies aimed at reining in prices aren t the only factors weighing on growth. Local dynamics, like Britain s planned exit from the European Union, last year s US tax bill, or tighter capital controls in China are no longer local they ripple around the world. In the US, developers that focused on affluent buyers came out of the Great Recession In Hong Kong, prices are down almost 9% from their August peak with comparatively strong credit, said Daryl Fairweather, chief economist at Redfin Corp. The result has been a glut of million-dollar condos accumulating in major markets, while scarce supply drove prices higher on more-modest homes. Now US markets are softening as buyers blink at high prices and rising interest rates and volatile equity markets exacerbate affordability concerns. For a long time, you could talk about big, important issues like Brexit or tax policy change in the US each one of them seemed to hit a major market but didn t really cross over, said Dan Conn, chief executive officer of Christie s International Real Estate. What happened this year is that the trade battles started to make this, instead of a regional conversation, much more of a global conversation. People are talking about global impact. Bloomberg LP E

EP16 EDGEPROP JANUARY 21, 2019 UNDER THE HAMMER Blu Coral duplex penthouse going for $1.65 mil PICTURES: ET&CO BY BONG XIN YING A 2,110 sq ft duplex penthouse at Blu Coral will be put up for auction by Edmund Tie and Co (ET&Co) on Jan 21. The guide price for the fifthfloor unit is $1.65 million ($782 psf). This is an owner s sale and the second time that the property will be put up for auction. The penthouse was first put up for auction on Dec 12 at an opening price of $1.8 million ($853 psf). ET&Co had received the appointment to handle the marketing of the penthouse on behalf of the owner just a week before the auction. The relatively short time frame prior to the auction was compounded by the lull period during the festive period, says Joy Tan, head of auction and sales at ET&Co. As such, the penthouse didn t receive any bids and was withdrawn. Blu Coral, a freehold, 79-unit boutique condominium on Lorong L Telok Kurau, was developed by World Class Capital, a subsidiary of World Class Land and the property arm of listed jewellery company Aspial Corp. Located in prime District 15, Blu Coral was completed in 2009. The project is located within walking distance of Siglap Park Connector, East Coast Park and Kembangan MRT Station on the East-West Line. The three-bedroom duplex penthouse at Blu Coral will be sold with vacant possession. The owners, a Singaporean couple, are looking to downsize as their children have grown up and have their own homes, says ET&Co s Tan. The couple purchased the unit when the project was newly launched in April 2008. The price then was $1.27 million ($603 psf), according to a caveat lodged with URA Realis. The duplex penthouse comes with a roof terrace and private pool on the topmost level, which also contains the master suite. The roof terrace offers a view of the city. The lower level contains the living and dining area, an enclosed kitchen, the yard and the household shelter as well as two other bedrooms with a shared bathroom. The last transaction at Blu Coral was for another duplex penthouse that is slightly smaller at 1,851 sq ft. The three-bedroom unit with a private jacuzzi changed hands for $1.83 million ($988 psf) in November last year, according to a caveat lodged with URA Realis. The guide price of $1.65 million ($782 psf) for the 2,110 sq ft duplex penthouse is reasonable as prices of similar-sized units in the same location are currently averaging $1,000 psf or higher, notes ET&Co s Tan. E TABLES: URA, EDGEPROP Recent rental contracts for 2,000 to 2,100 sq ft units at Blu Coral LEASE DATE MONTHLY RENT ($) March 2018 4,200 January 2016 3,700 The penthouse unit commands a city view from the roof terrace Recent transactions at Blu Coral CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) Nov 16, 2018 1,851 1,830,000 988 Jun 12, 2018 1,087 1,240,000 1,141 May 09, 2018 1,163 1,300,000 1,118 Apr 16, 2018 1,141 1,260,000 1,104 Mar 26, 2018 2,088 2,050,000 982 Blu Coral comprises 79 units in four 5-storey blocks PROP HUNT CLASSIFIEDS Properties for Sale Scan QR code for more details To be featured, email shermie.tee@edgeprop.sg or call 8822-2997 $3,300,000 Corner Terrace House D23 PAVILION VIEW Freehold Built-Up(sqft): 3,000 Land(sqft): 2,153 PSF: $1,533 $9,588,888 GB Building - Office for sale D1 CECIL STREET 99 years Size(sqft): 5,210 PSF: $1,840 $10,800,000 Detached House D4 SENTOSA COVE 99 years Built-Up(sqft): 8,300 Land(sqft): 7,043 PSF: $1,533 $3,300,000 Corner Terrace House D15 KOON SENG ROAD Freehold Built-Up(sqft): Est. 2,000 Land(sqft): 2,400 PSF: $1,375 3 sty. Pavilion View Corner Terrace For Sale. 4 bedrooms + helper + 4 ensuites bath. Almost Brand new condition. Freehold tenure. Spacious roof terrace. Serious seller. Alan Wee ERA REALTY NETWORK PTE LTD R024730A 65 9297 3150 Whole floor for Sale. Great Corporate image. Tenanted till 2021 @$5.20psf. High floor & column free. Great for own use/ investment. Centrally located & short walk to Tj Pagar, Telok Ayer MRT & future Shenton Way MRT. Alex Chong ORANGETEE & TIE PTE LTD R046782D 65 9026 8168 Beautiful Sentosa Bungalow at $10.8 only. 2.5 storey corner Modern Bungalow, 5 ensuites with high quality fittings overlooking 100m unblocked waterway for a 50ft yacht. Enjoy the magnificient views at the roof terrace. More homes available for sale. Rowena Chan LIST INTERNATIONAL REALTY PTE LTD R051926C 65 9038 3166 Rare 2-Sty CORNER-unit on this stretch, which makes it feels like a SEMI-D, complete with side and back garden. Ultra-CONVENIENT with 3 MRTs nearby, 7 Good Primary Schools within 2km, and Supermarket & Childcares within minute s walk. Lester Tan ORANGETEE & TIE PTE LTD R020698B 65 9188 9088