Fourth Avenue Residences sets the tone for new launches

PROPERTY PERSONALISED MCI (P) 047/08/2018 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of January 14, 2019 ISSUE 864-86 Spotlight ERA s Plush targets affluent millennials, en bloc millionaires EP3 Superhomes House of food and wine connoisseurs on the market for $25.5 mil EP6&7 Gains and Losses Penthouse at The Stellar sees $1.38 mil profit EP14 Under the Hammer Triplex penthouse at Amber Residences going for $5.7 mil EP16 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Fourth Avenue Residences sets the tone for new launches Allgreen Properties first of three new projects in prime District 10 is drawing buyer interest. Will the developer s $1.2 billion bet on The Bukit Timah Collection pay off? Turn to our Cover Story on Pages 8 & 9. The crowd at the sales gallery of Fourth Avenue Residences, which drew 2,000 visitors at its preview over the weekend of Jan 5 and 6

EP2 EDGEPROP JANUARY 14, 2019 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow DEPUTY EDITOR Amy Tan CONTRIBUTING EDITOR Pek Tiong Gee WRITERS Timothy Tay, Bong Xin Ying, Charlene Chin DIGITAL WRITER Fiona Ho COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Yen Tan DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, COMMERCIAL OPERATIONS Diana Lim SENIOR ACCOUNT MANAGERS Janice Zhu, James Chua ACCOUNT MANAGER Pang Kai Xin REGIONAL BUSINESS DEVELOPMENT MANAGER Cole Tan HEAD OF MARKETING & BRANDING 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. Ascott REIT divests Ascott Raffles Place for $353.3 mil Ascott Residence Trust (Ascott REIT) is selling Ascott Raffles Place Singapore for $353.3 million to an unrelated third party. Located on 2 Finlayson Green, the 999-year leasehold property comprises 146 units including studios, one- and two-bedroom apartments. It has a gross floor area (GFA) of 168,952 sq ft. The sale price of $353.3 million is 64.3% above its latest valuation of $215 million at end-december. The divestment is in line with Ascott REIT s strategy to regularly evaluate and rejuvenate its portfolio. It expects to realise an estimated net gain of $134 million. It acquired the property from The Ascott Limited for $220 million in 2012. Net proceeds from the sale could be used for new investment opportunities and to pay down debt. The sale is not expected to have a material impact on the REIT s financial performance. Golden Mile Complex may be developed as an integrated development if conserved If the collective sale of the iconic Golden Mile Complex (above, left) goes through, the property may be developed as an integrated development with a GFA of 925,456 sq ft. This is advised by the Urban Redevelopment Authority (URA), and is subject to the conservation of the main building of Golden Mile Complex. The outline application has been submitted to retain the existing 16-storey building and to add a new block next to the building, according to sole marketing agent Edmund Tie & Company (ET&Co). Currently zoned for commercial use under the URA s 2014 Master Plan, the new integrated development may comprise retail, office, residential, serviced apartments and hotels. The property has a land area of about 1.3 hectares. The new Golden Mile Complex will be an essential part of rejuvenating the Beach Road corridor, and this unique adaptive reuse opportunity will let the developer breathe a new vision into this iconic development, says Swee Shou Fern, ET&Co s senior director of investment advisory. Golden Mile Complex has a reserve price of $800 million. The differential premium to intensify the land use and the lease upgrading premium to top up the lease to 99 years will depend on the developer s proposed land use mix. The tender exercise will close on Jan 30, at 3pm. HighPoint at Mount Elizabeth up for collective sale at $550 mil The owners of HighPoint (above, centre) along Mount Elizabeth, have launched their condo for collective sale at a guide price of $550 million. The freehold site, on 47,606 sq ft of land, has an approximate GFA of 211,976 sq ft and a plot ratio of 4.45. The price tag works out to $2,595 psf per plot ratio (ppr), or $2,509 psf ppr inclusive of the 7% bonus GFA. The site is zoned for residential use, with a height control of up to 36 storeys, based on URA s 2014 Master Plan. There is no development charge payable for the site up to a GFA of 213,383 sq ft. A pre-application feasibility study is also not required, says CBRE, marketing agent for the property. The site can accommodate up to 196 units, assuming an average unit size of 1,076 sq ft, adds CBRE. HighPoint comprises 57 apartments and two penthouses. It sits on an elevated cul-de-sac plot along Mount Elizabeth, off Orchard Road. It is a 17-minute walk to Newton MRT station, and the Orchard Road shopping belt is a 15-minute walk away. CBRE has already received positive feedback from some foreign developers, says Galven Tan, executive director of capital markets at CBRE. The tender for the site will close on Feb 26, at 3pm. Realty Centre launched for collective sale at $165 mil In the first commercial collective sale this year, Realty Centre (above, right), an office building at 15 Enggor Street, is up for the taking at a reserve price of $165 million. This translates into a land rate of about $2,714 psf ppr, and is inclusive of an estimated development charge amount of $2.188 million, according to marketing agent Cushman & Wakefield. The freehold Realty Centre has a land area of about 11,000 sq ft. The site is zoned for commercial use, according to URA s 2014 Master Plan. It has an allowable gross plot ratio of 5.6 times and a maximum storey height of 35 storeys. It has a verified GFA of 59,355 sq ft, or a plot ratio of 5.396. The property is located within a five-minute walk to Tanjong Pagar MRT Station and the upcoming Prince Edward Road MRT Station on the Circle Line which is due to be completed before 2025. The tender for Realty Centre will close on Feb 21, at 3pm. Two semi-detached houses in Braddell Heights on the market for $12.3 mil A pair of semi-detached houses in the Braddell Heights landed estate in District 13 has been launched for sale via expression of interest (EOI), announced marketing agent Savills Singapore. The properties sit on a combined freehold plot of 11,136 sq ft and have a guide price of $12.28 million, which translates to a land rate of $1,100 psf. The houses may also be sold separately on an as is basis. Located at 22 & 24 Jalan Lateh off Sommerville Road, the site is zoned for two-storey mixed landed residential use under URA s 2014 Master Plan. The properties could be redeveloped into a pair of detached or semi-detached houses, or a row of three terrace houses, with a gross plot ratio of 2.072. Currently, the two houses have a built-up area of about 5,000 sq ft each. The landed estate mainly comprises low-density landed homes on a freehold or 999-year tenure. The area is served by Serangoon MRT Station and Bus Interchange, and nearby malls include Serangoon NEX and the upcoming Woodleigh Mall. The scarcity of freehold landed plots with redevelopment potential in well-established neighbourhoods means they are an attractive property purchase among middle- and upper-middle-income Singaporeans, says Suzie Mok, senior director of investment sales at Savills Singapore. The EOI closes on Feb 18. Four retail shops launched for sale Four retail shops have been put up for sale by Knight Frank. They comprise two shops within mature HDB estates; a three-storey, freehold shophouse along Havelock Road; and a strata retail shop at Parklane Shopping Mall. One of the HDB shops is along Jalan Bukit Merah and fronts the main road. With an indicative price of $3 million to $3.2 million, it comprises two adjoining shops with living quarters. The combined retail space on the ground floor is 1,507 sq ft, the same size as the living quarters. The retail space is currently tenanted to a childcare centre. The other HDB shop is on Telok Blangah Drive and also comprises two adjoining shops with living quarters. Its guide price is $3 million to $3.1 million. The combined ground floor shop space is 1,518 sq ft, while the living quarters are 1,711 sq ft. The shop space was previously tenanted to a financial institution and still has a bank vault in the property. Located along a stretch of restaurants on Havelock Road, the 1,574 sq ft shophouse for sale has a GFA of 3,207 sq ft. There is parking space along the roadside and the nearby multi-storey carpark at Beo Crescent. The property has a guide price of $4.6 million to $4.8 million. The 2,002 sq ft strata shop unit is located in Parklane Shopping Mall along Selegie Road, close to The Cathay, POMO, and the School of the Arts. The Bencoolen MRT Station on the Downtown Line is 260m from the unit. The unit is currently tenanted to a Mc- Donald s outlet and has an indicative price of $4.5 million to $4.6 million. The strata unit has been launched for sale via EOI, while the others are available for sale on an individual basis. The public tender and EOI for the retail shops will close on Feb 19. Penthouse office floor at Chinatown Point launched for sale The penthouse office floor in Chinatown Point has been launched for sale at a guide price of $2,080 psf via an EOI exercise, with CBRE as the sole marketing agent. With a combined strata floor area of about 9,719 sq ft, the sale offering consists of four strata-titled units, with areas ranging from 2,346 sq ft to 2,486 sq ft. Completed in 1990, the mixed-use Chinatown Point comprises an office block from the eighth to 25th storeys, and a retail podium from basement 2 to the fifth storey. It was refurbished in 2012. There are 361 carpark lots provided across four levels. Chinatown Point enjoys high visibility with wide dual frontages, given its corner location at the junction of New Bridge Road and Upper Cross Street. The key selling points include the spectacular view that the penthouse office units command overlooking the Singapore River, shophouses and the CBD skyline, notes Sammi Lim, director of capital markets at CBRE. This development is observed to have been extremely popular with law firms which want to be near the State Courts, and the Family and Juvenile Court, adds Lim. Chinatown Point is directly linked to Chinatown MRT Interchange Station. Investors have the option to divest the units on an individual basis in the future. As the units are zoned commercial under the 2014 Master Plan, both local and foreigners are eligible to purchase them without the additional buyers stamp duty or sellers stamp duty imposed. The EOI will close on Feb 22. CONTINUES ON PAGE EP15

EDGEPROP JANUARY 14, 2019 EP3 SPOTLIGHT ERA REALTY ERA launched Plush on Jan 3. More than 100 ERA agents have joined the high-end property salespersons club. ERA s Plush targets millennials, en bloc millionaires buying luxury homes BY TIMOTHY TAY Millennials are now a force to be reckoned with in the high-end condominium segment. In line with their rising affluence, these property buyers have a higher expectation of their real-estate agents, says Jack Chua, CEO of ERA Realty Network. As a result, ERA launched Plush, a high-end sales group that caters for the needs of the new breed of high-net-worth individuals. More than 100 agents signed up to join the new group at the launch event on Jan 3. ERA chief operating officer Marcus Chu is the head of Plush. The minimum requirement for an ERA agent to join Plush is to broker the sale of a property worth more than $5 million every two years, and to earn a minimum annual commission of $200,000. The Plush agents will receive training to increase their competency in handling the requirements of wealthy millennials. These buyers expect real-estate agents to be knowledgeable, all-rounded and aware of the current market trends, says Chu. In introducing Plush, we also hope that our agents will be professional, like financial advisers. He believes this is a necessary evolution for real-estate agents to remain relevant amid technological disruptions. Rich pickings Last year, sales commissions of luxury properties contributed about $40 million to ERA s annual revenue in Asia-Pacific, including Singapore. This translates into about 10% of the company s total revenue in 2018, says ERA CEO Chua. Chua s aim is to double the proportion of luxury property sales going into the firm s coffers over the next few years. ERA estimates that In 2017 and 2018, about 50% of new homes in the CCR were sold to foreigners and Singapore PRs Islandwide new sales January 2017 to December 2018 (17,922 units) Singaporeans 14,044 78% Company 85 1% Foreigners 1,313 7% PRs 2,480 14% there will be 32 new launches in the Core Central Region (CCR) this year, comprising a total of about 5,500 units. This is far higher than the 23 new launches in the city-fringe area or Rest of Central Region (RCR) and 14 in the suburbs or Outside Central Region (OCR). Allgreen Properties previewed Fourth Avenue Residences, located in prime District 10, on Jan 5. Likewise, Roxy-Pacific Holdings previewed two projects in the prime district: RV Altitude on River Valley Road in District 9 and Fyve Derbyshire in District 11. ERA is one of the appointed marketing agents for all three projects. Chua says ERA has secured appointments for the launch of 32 new projects so far this year, and is in discussions for more. Besides rich millennials, prospective buyers in the high-end segment are the en bloc beneficiaries, especially those whose projects were sold in late 2017 and 1H2018. Many of them want to buy replacement homes in the same neighbourhood, while others are looking CCR new sales January 2017 to December 2018 (1,344 units) Singaporeans 689 51% Foreigners 369 27% Company 48 4% PRs 238 18% ERA REALTY at downsizing and using part of their windfall to purchase a home in the CCR for their children. Many of them are worried that their children will be priced out of owning properties in the CCR, says Chua. Regional rollout by end-2019 Plush was launched in Singapore first, but by year-end, the plan is to launch it in ERA s other markets across Asia-Pacific, namely Cambodia, China, Indonesia, Japan, South Korea, Malaysia, Taiwan, Thailand and Vietnam. Singapore-listed holding company APAC Realty owns the ERA Asia-Pacific franchise. Within ERA, there are already property agents who specialise in the luxury segment, says Chu. With Plush, the agents across the region can work together when there is a launch of a luxury project in Singapore or other key cities in the region, he adds. In Singapore, ERA is marketing five highend overseas properties: White City in London, developed by Stanhope; Filmworks in London, by Berkeley Group; SO Sofitel Residences in Kuala Lumpur, by Singapore-listed property group Oxley Holdings; as well as The Monument Thong Lo and 98 Wireless in Bangkok, by Thai developer Sansiri. Foreign buyers are also interested in buying prime properties in Singapore, despite the property cooling measures implemented last July. According to ERA, foreign buyers accounted for 27% of new home sales in the CCR over the past two years, compared with Singaporeans (51%) and permanent residents (18%). Mainland Chinese buyers are the biggest group of foreign buyers in the luxury segment. Most of them are buying for their own use, and many of them want to send their children to schools in Singapore. They also come to Singapore for the high-quality healthcare services here, says Chu. Mergers and collaborations Today, ERA is the second-largest agency in Singapore in terms of number of agents. It had 6,490 agents registered with the Council of Estate Agencies (CEA) as at Jan 1. Last year, ERA acquired two smaller agencies in Singapore: CBRE Realty Associates, the associate arm of CBRE, and HSR International Realtors, which together increased its number of agents by 665. In Asia-Pacific, ERA has close to 17,000 agents. According to Chu, talks are underway with a number of small agencies on possible mergers or collaboration this year. We see revenue per agent as an important factor, and today, among the listed real-estate agencies in Singapore, ERA has the highest income per agent, he says. We focus our energy on training our agents and providing them with sales opportunities so they can increase their income. E

EP4 EDGEPROP JANUARY 14, 2019 Teo: Building all two-bedroom units is an interesting and attractive proposition to homebuyers who want a foothold in a prime district. Niche pickings in prime districts Roxy-Pacific executive chairman Teo Hong Lim unveils the property group s two new launches in January New prime locations may have emerged in the Core Central Region (CCR) of Singapore, but the traditional postcodes of 9, 10 and 11 continue to be associated with wealth and aspiration. If anything, they have become even more desirable as the bastion of prime, freehold real estate. Over the past year, the prices of new projects launched in these traditional prime districts have soared well above $3,000 psf and beyond the reach of the average homebuyer. Teo Hong Lim, executive chairman of Singapore-listed property group Roxy-Pacific Holdings, wants to level the playing field by developing condominium projects in the prime districts that are cleverly designed, well thought through and more importantly, fall within the buying power of first-time homebuyers. To kick off the year, Roxy-Pacific previewed two freehold projects in the prime districts on Jan 5: RV Altitude in District 9; and Fyve Derbyshire in District 11. RV ALTITUDE RV Altitude sits on a freehold site of close to 29,000 sq ft along River Valley Road. For Teo, being close to an MRT station is a plus: the site is just a stone s throw from the upcoming Great World MRT station on the Thomson-East Coast Line. It s also near the eateries and bars at Robertson Quay and the Orchard Road shopping belt. The site sits within the Central Area, which means that it is not subject to new URA regulations on minimum average unit sizes of 85 sqm, raised from 70 sqm before. The fact that the Central Area has been The showflat of a two-bedroom dual-key unit at RV Altitude spared the minimum average unit sizes by URA implies that the government recognises the need for such compact apartments in the prime areas in and around the city centre and Orchard Road, notes Teo. THE POWER OF TWO Given the accessibility of RV Altitude to the shopping malls at Great World City and Orchard Road, the Great World MRT station and the CBD, Roxy-Pacific decided to design a project that would appeal to millennial investors and owner-occupiers alike. RV Altitude has one 21-storey tower and a total of 140 units. The development is a carefully curated selection of various two-bedroom types, ranging from 441 sq ft; to premium units of 570 to 624 sq ft; and dual-key offerings of 624 to 635 sq ft. Units at RV Altitude will be priced from just $1.3 million. Such an enticing entry point gives people an opportunity to own an exclusive, freehold, prime District 9 address. Moreover, buying a two-bedroom unit at a more attractive entry price means one is likely to enjoy a higher return on one s investment easily. For sure, the units at RV Altitude are very sizeable and well-designed with an efficient layout, well-thought-out storage space and quality finishes. With so many new projects up for launch, every developer will be trying to differentiate their project from the rest. Teo is confident that RV Altitude s niche offering of two-bed- PICTURE: EDGEPROP SG The crowd at the first weekend of the preview of RV Altitude The kitchenette and dining area of one of the dual-key units

EDGEPROP JANUARY 14, 2019 EP5 The showflat of a three-bedroom-plus-guestroom unit at Fyve Derbyshire room units will stand out in the crowd. Building all two-bedroom units is an interesting and attractive proposition to homebuyers who want a foothold in a prime district at a palatable quantum. It is no longer a dream but a reality for many aspiring buyers, he adds. FYVE DERBYSHIRE In District 11, another Roxy-Pacific project, Fyve Derbyshire, is located on Derbyshire Road, just off Thomson Road. It is a redevelopment of the former Derby Court, which Roxy-Pacific purchased en bloc in December 2017. Derby Court sits on a freehold site of 18,674 sq ft. Fyve Derbyshire will have a total of 71 units, ranging from two- to three-bedroom units, which also have guest rooms. The units boast efficient sizes to ensure affordability. The new project is located in the Novena area, with shopping malls such as United Square, Square Two and Velocity within the vicinity. Linked underground to the malls is the Novena MRT station on the North-South Line, which is just one stop from Newton MRT station, which also functions as an interchange for the Downtown Line. Teo believes that the proximity of the project to the Novena medical precinct is a huge bonus for future residents, especially with the unveiling of HealthCity Novena, an integrated master plan to transform the area into the regional health system for Central Singapore by 2030. The latest to open in the area are the Lee Kong Chian School of Medicine and the Centre for Healthcare Innovation. The Integrated Intermediate Care Hub, including the National Healthcare Group s headquarters, and National Skin Centre s expansion are scheduled to be ready by 2020, which will mark the completion of phase 1 of the grand master plan. The scale model of the 71-unit Fyve Derbyshire When completed by 2030, HealthCity Novena will be Singapore s largest medical complex with 15 integrated buildings, with eight hectares of greenery, fitness and heritage areas linked to the community by a network of aerial bridges, underground walkways and streets. Residents of Fyve Derbyshire will have access to these new amenities within the Novena neighbourhood. Roxy-Pacific s Teo notes that there haven t been many new development launches in the Novena area over the past years. Hence, Fyve Derbyshire will mark the first new project launch in the area since 2013. There is a vast variety of potential buyers including doctors who may be interested in having an alternative resting pod in between their surgery appointments, not forgetting medical tourists who are looking to stay near well-established medical centres. A RETURN TO PRIME This will be an exciting year for Roxy-Pacific which purchased 11 sites in both collective sales and private treaty deals between 2016 and first half of 2018. Having launched five of those projects last year, the developer will be rolling out six this year, starting with RV Altitude and Fyve Derbyshire. The other projects in the pipeline for launch would include the former Dunearn Court site, The master bathroom of a three-bedroom-plusguestroom at Fyve Derbyshire purchased in October 2017; the former Kismis View, and a neighbouring bungalow site at 19 Lorong Kismis in January 2018; and The Wilshire also in January last year. The sites at Kismis View and The Wilshire were purchased jointly with TE2, the private property investment arm of the Teo family of Tong Eng Group. This time around, we are blessed to secure quite a few prime, freehold sites, notes Teo. We feel it s time for the revival of the prime districts, having been in the doldrums for so many years. This year, prospective homebuyers can look forward to six new, exciting projects by Roxy-Pacific. Show suite at 344 River Valley Road ERA Jim Teh 9002 2267 (R026381A) Huttons Freddy Lui 8333 3354 (R007935B) Propnex Harry Zeng 8858 8858 (R020549H) Show suite at 27 Moulmein Rise ERA Marcus Goh 9455 4663 (R007810J) Huttons Jimmy Tan 9183 9889 (R029278A) Propnex Jen Tan 9066 2926 (R020846B)

EP6 EDGEPROP JANUARY 14, 2019 SUPERHOMES PICTURES: ALBERT CHUA/THE EDGE SINGAPORE The GCB on Swettenham Road was built more than 20 years ago House of food and wine connoisseurs on the market for $25.5 mil BY CECILIA CHOW & CHARLENE CHIN Melina Yong, an accomplished cook, and her husband, retired heart surgeon turned wine connoisseur Dr N K Yong, have made entertaining an art form. One could say they are veterans, as they have been doing The long driveway can accommodate 10 cars this for more than three decades. The couple is famous for their home parties, whose guests include Michelin-starred chefs and wine enthusiasts, as well as for hosting glitzy charity events at luxury hotels that consist of a gala dinner and wine auction and tasting over a weekend. The events are usually held in January to coincide with Dr Yong s milestone birthdays the most recent was his 90th in 2017. The couple s home for the past 21 years has been a double-storey Good Class Bungalow (GCB) that occupies a 16,000 sq ft freehold site on Swettenham Road. Today, the house is up for sale at $25.5 million. The couple purchased the property at the beginning of the Asian financial crisis in August 1997. Prior to that, they were living in a walk-up apartment located on Draycott Drive, just off Ardmore Park, that was sold en bloc. I believe it was the last en bloc sale just before the Asian financial crisis struck, recounts Melina. When they were house-hunting at the time, they wanted a place in the vicinity of the Botanic Gardens, as Dr Yong was still in private practice at Mount Elizabeth Medical Centre and subsequently, Gleneagles Medical Centre. He retired in 2004. Dr Yong performed the first hole-in-heart surgery in Singapore in 1965. A home designed for entertaining The GCB on Swettenham Road has a driveway that is wide enough for two cars to pass through, and long enough to park 10 cars. The previous owners had built the house but never lived in it. Instead, they lived next door and only used the garage and driveway of the house to park their son s supercars. They then decided to put the house up for sale. They thought it would be difficult to sell the house because of the long driveway, but we liked it precisely because of that, says Melina. A wide driveway that allows two cars to come in and out easily, with parking for 10 cars, was ideal for us because we entertain at home a lot. After purchasing the GCB on Swettenham Road, the Yongs spent $1 million converting the 50m Olympic-sized swimming pool into a temperature-controlled wine cellar that contains more than 10,000 bottles of wine today. Even that is not large enough for their extensive wine collection, with more being stored in commercial wine storage facilities. The house was also extended to accommodate a conservatory, a bigger dining room and a second kitchen as well as a barbecue area in the garden. The open space outside the conservatory is ideal for al fresco dining. I have friends from overseas and they like to sit out there to have their breakfast in the morning or to have drinks in the evening, says Melina. The dining room is spacious enough to accommodate a dining table that can seat 20. Makeover needs Melina s paintings adorn the walls of the house. One of them is a painting of the driveway and exterior of the house. The painting was done 12 years ago and printed on the cover of invitation cards. At that time, we were organising a charity event for my husband s 80th birthday, says Melina. All our friends were coming for the

EDGEPROP JANUARY 14, 2019 EP7 SUPERHOMES The wine cellar was once a swimming pool and contains more than 10,000 bottles of wine today Dr Yong has been collecting and investing in wine since the 1980s The dining room has a table large enough for a sit-down dinner for 20 From the living room, steps lead up to the dining room and the two kitchens beyond event, many of them from overseas, and we wanted to give them something they would recognise right away as they entered the driveway. After 21 years, the house is in need of a renovation. Melina had considered installing a home lift. We re getting on in years, and my husband is now using a walking aid, she says. I thought it was quite a challenge for him to go up and down the stairs every day, and when we entertain, he has to walk up the stairs from the living room to the dining area, and then down again. After consulting an architect friend about installing a lift, it dawned on Melina that they would have to move out of the house during the renovation. Moving once is bad enough, but moving twice that is going to be a challenge, she says. I was advised by my family members that it is better to just move once. That led to the decision to look for a new and smaller house more suited for their needs today. The Yongs have decided to put the house on the market for sale with Jeffrey Sim, associate executive director of OrangeTee & Tie, a specialist in marketing luxury GCBs. Sim is the exclusive agent. Neighbours The house sits on a rectangular-shaped, freehold site of 16,000 sq ft, says Sim. The existing building has a built-up area of 6,000 sq ft. Those who want a bigger house can tear down the building and build a new home of 10,000 to 12,000 sq ft, he adds. The $25.5 million price tag for the GCB translates into a land rate of $1,594 psf. The Peirce Road-Swettenham Road-Ridout Road enclave, located off Holland Road, is one of the most prestigious GCB estates. Neighbours on Swettenham Road include property tycoon Simon Cheong of SC Global Developments, well-known plastic surgeon Woffles Wu and former deputy prime minister Wong Kan Seng, now chairman of Ascendas-Singbridge. George Quek, founder and chairman of BreadTalk Group, lives on Ridout Road. Other residents in the Swettenham Road neighbourhood include Patrick Ngiam, CEO of listed IPC Corp, which is involved in property development and investments; as well as the Tan family of logistics and property company Cogent Holdings, who paid $91.7 million for a house on Ridout Road in 2015. The most recent transaction on Swettenham Road was the sale of the house of Jean Yip, founder of the eponymous chain of hair and beauty salons. The GCB, which sits on The living room and conservatory of the GCB a land area of 15,145 sq ft, fetched $23.8 million ($1,571 psf) in May last year, according to a caveat lodged with URA Realis. Renewal The GCB adjacent to the Yongs home occupies a land area of 15,199 sq ft; it was sold for $19.28 million ($1,268 psf) in November 2017. Another GCB in the Swettenham Road area is also on the market for sale. However, it sits on a larger site of 18,000 sq ft and has a higher price tag of $31 million. Sim says the Yongs GCB is a great plot. The Swettenham Road area is a sought-after location for GCB house hunters and the property is attractively priced, he adds. Having lived in the house for more than two decades, Melina feels it is time to move on. We cherish the old, of course, even as we look forward to something new, she says. I m sure the new owners will want to make extensive changes to the house to suit their needs, just like what we did when we first bought the house 21 years ago. E

EP8 EDGEPROP JANUARY 14, 2019 COVER STORY PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The preview of Fourth Avenue Residences over the weekend of Jan 5 and 6 attracted about 2,000 visitors Fourth Avenue Residences sets the tone for new launches Allgreen Properties first of three new projects in prime District 10 is drawing buyer interest. Will the developer s $1.2 billion bet on The Bukit Timah Collection pay off? The project features spaces that can accommodate changing needs BY AMY TAN This year, an estimated 60 residential projects are slated for launch. Kicking off the year is Allgreen Properties highend condominium Fourth Avenue Residences. The 476-unit project held its preview over the weekend of Jan 5 and 6, drawing more than 2,000 visitors. We are encouraged by the turnout at the preview, says Anson Lim, Allgreen Properties senior general manager residential marketing and sales. As the first major project of the year, we also hope that we can inject positive sentiment into the property market. Lim reckons that about 70% of the prospective buyers are residents in the Bukit Timah area, while 30% are from the surrounding city-fringe areas, for instance the Upper Bukit Timah and Toh Tuck area in District 21, the Alexandra-Commonwealth area in District 3 and the Buona Vista-Clementi area in District 5. Some are looking to buy for their own use and there is a good mix of investors and owner-occupiers while others are looking to buy for their children or grandchildren, he observes. Fourth Avenue Residences is located adjacent to Sixth Avenue MRT station on the Downtown Line and in the vicinity of a Good Class Bungalow area. It is also near top schools such as Hwa Chong Institution, Nanyang Primary School and Methodist Girls School. The upcoming private condo is situated on a 99-year leasehold site that was purchased by Allgreen Properties in a government land sale (GLS) tender in December 2017 for $533 million, or $1,540 psf per plot ratio (psf ppr). Pent-up demand According to Lee Sze Teck, head of research for Huttons Asia, the last

EDGEPROP JANUARY 14, 2019 EP9 COVER STORY The living area of a one-bedroom unit GLS site that was sold in the Bukit Timah area in prime District 10 was more than 20 years ago. The site on Duchess Avenue was purchased in 1995 by Wing Tai Holdings and developed into the 251-unit Duchess Crest. Meanwhile, the last new launch of a private condo in the area the 175-unit The Sixth Avenue Residences was 12 years ago. Pent-up demand has therefore been building up for more than 10 years, says Lee. Furthermore, not many projects in the prime districts can claim to have an MRT station at their doorstep, adds Lee. On Bukit Timah Road, Fourth Avenue Residences is the only residential development with a direct covered linkway to the MRT station. Recognising the pent-up demand, Allgreen, a property group controlled by Malaysia s richest man Robert Kuok, purchased not just one but three residential sites in the prestigious residential enclave in December 2017. Besides the Fourth Avenue Residences site, Allgreen Properties bought Royalville and Crystal Tower. Both of these are freehold, collective sale sites. Royalville, which is located near Fourth Avenue Residences, was purchased for $477.94 million ($1,960 psf ppr) while Crystal Tower was acquired for $180.65 million ($1,840 psf ppr). Strategic purchases The purchase of the three sites for a total of about $1.2 billion was strategic, says Allgreen s Lim. The three new projects have since been collectively branded The Bukit Timah Collection. Fourth Avenue Residences is the biggest development within the collection, both in terms of land area and number of units. Crystal Tower will be launched as the 115-unit Juniper Hill, while Royalville will be redeveloped into a luxury project with just 285 units. The entire luxury property portfolio under the Bukit Timah Collection contains just 876 units, says Lim. Allgreen is known as a developer of quality projects. The group even has its own in-house design team that works closely with the appointed architects. At Fourth Avenue Residences, the appointed design architect is RSP Architects & Planners. About 67% of the units are one- and two-bedroom apartments, including two-bedroom premium units. The one- and two-bedroom units range from 474 to 721 sq ft. The one-bedroom units start from $1.05 million, while the two-bedroom units start from $1.4 million. The three-bedroom units start from 915 sq ft, with prices from $2.08 million, while four-bedroom-plus-study units start from 1,475 sq ft, with prices from $3.387 million. The average price is said to start from $2,180 psf. Buying opportunity Fourth Avenue Residences presents a good opportunity for people who currently don t own a property in the prime districts, says Allgreen s Lim. The one- and three-bedroom units at Fourth Avenue Residences were the most popular, as many of the potential buyers are residents from the Sixth Avenue neighbourhood while others are parents buying for their children to live near them, according to DBS Group Research analysts Rachel Tan and Derek Tan in their Jan 8 report on the Singapore property market. The DBS analysts estimate the break-even price for Fourth Avenue Residences to be about $2,000 psf. With indicative selling prices from $2,180 psf, Allgreen might look to achieve a good sales start before pricing higher in the medium term, they reckon. Developments with good design concepts and located just a stone s throw from an MRT station could see an annualised price growth of 4.4% from the time of launch, says Tan Tee Khoon, Knight Frank executive director and head of residential project marketing. Tan expects Fourth Avenue Residences to see similar price appreciation in the years ahead. Early bird In January, only three projects were previewed. Besides Fourth Avenue Residences, the other two are projects by listed property developer Roxy-Pacific Holdings: the 140-unit RV Altitude on River Valley Road and the 71-unit Fyve Derbyshire in the Novena area. The next launch is likely to be after the Chinese New Year, which falls on Feb 5. It is said to be Logan The master bedroom of a one-bedroom unit Property s 1,400-unit Florence Residences on the site of the former Florence Regency privatised HUDC estate on Hougang Avenue 2, says Huttons Lee. Other projects that will be launched after the Chinese New Year include Sustained Land s One Meyer on Meyer Road, TEE Land s 35 Gilstead and Aurum Land s Nyon on Amber Road. With 19,000 units that may be slated for launch this year, buyers will have plenty of options, says Lee. However, we are of the view that developers are likely to pace their launches according to demand. He expects sales of new launches this year to ring in at between 9,500 and 11,000 units and prices to increase up to 5% by end-2019. Eugene Lim, ERA Realty s key executive officer, concurs. The new projects will provide support for property prices, he says. We expect prices to increase marginally by 2% in 2019, with developers sales in the range of 8,000 to 10,000 units. It looks like Allgreen will have first-mover advantage by being the first developer with a major project launch out of the gate on the first weekend of the New Year. E Every home at Fourth Avenue Residences comes with fittings from De Dietrich, Hansgrohe, Laufen and Miele The living area of a three-bedroom unit

EP10 EDGEPROP JANUARY 14, 2019 OFFSHORE Things may get worse for sellers in most cities this year BY JAMES TARMY PICTURES: BLOOMBERG About 3,000 new condominium units were estimated for New York City (pictured) for 2018 The luxury real-estate market in 2018 was not great for many people. Sellers in cities as far apart as London, Los Angeles and New York found themselves facing daunting macro- and microeconomic headwinds, while buyers, on the other hand, had to contend with overpriced stock and rising interest rates and taxes. For 2019, every market indicator points to things getting worse for sellers. London, Amsterdam, Hong Kong, Munich, Toronto and Vancouver are all at risk of property bubbles and their subsequent deflation, according to a report by UBS Group. In the US, if you look at the data, it s crystal clear, says Jon Woloshin, head of real estate for UBS Global Wealth Management s chief investment office. In the luxury tier, which Woloshin pegs at about US$3,000 psf and higher, there s been a clear slowdown in the market, he says. Foreign buyers, particularly wealthy Chinese, have pulled back, in part because of a strong dollar, while rising interest rates are making domestic homeownership less attractive. That means more supply. In the London market, prohibitively high asking prices, combined with Brexit uncertainty, have slowed the housing market to a crawl. In September, prices of homes sold fell 0.7% from a year earlier, the Office for National Statistics reports. Compare that to as recently as March 2016, when price growth was 14.8% y-o-y. That slowdown could accelerate. If this is truly a hard Brexit and there s a loss of passporting, or if that becomes more challenging, then I start to question if there s a potential for a ripple effect into residential real estate, Woloshin says. The market slowdown is not only in financial centres; it is also where people in those financial centres vacation. Home prices in the Hamptons on New York s Long Island are down, and inventories are up. Average sales prices in Aspen, Colorado, fell 13% in 3Q2018 from a year ago, a report by Douglas Elliman Real Estate shows. And in Switzerland, posh resort towns such as Verbier saw prices fall modestly by mid-2018, according to a Knight Frank report in May. Possibly the greatest threat to sellers home prices is excessive supply. We forecast last year that in 2018, there would be about 3,000 new condominium units coming in New York City, says Jonathan Miller, president Prime residential real-estate prices One-year change, 2019 forecast -10% -5% 0 5% 10% Hong Kong Mumbai Dubai New York Singapore Geneva Hong Kong Melbourne Los Angeles Sydney Vancouver Miami Berlin Madrid Paris BLOOMBERG ; KNIGHT FRANK RESEARCH; DOUGLAS ELLIMAN; S&P CASE-SHILLER CORELOGIC; IMMOBILIENSCOUT24 In London, prohibitively high asking prices, combined with Brexit uncertainty, have slowed the housing market to a crawl of appraiser Miller Samuel. The city s softening home prices have received a lot of attention last quarter, the median price in Manhattan dropped below US$1 million ($1.35 million) for the first time in three years. What was different in 2018, and will be even more marked in 2019, is that there will also be product coming onto the market that was held back in 2016, when the market started to soften, says Miller. Developers cannot afford to keep holding back, so more apartments are entering the market even as fewer people are buying. Every year, the cumulative inventory keeps rising, adds Miller. He estimates that by end-2019, there will be almost 8,000 units on the market; only about 2,000 of those are expected to sell. And that is just new apartments resales add significantly to the total. The inventory issue is widespread. The national statistics pivoted about six months ago, where we started to go negative, Miller says. Not a sharp correction or anything, but inventory is rising. And what happens? Prices slide or at least slow their rate of growth. All of this means that 2019 is shaping up to be a depressing, albeit probably not disastrous, year for home sellers. Probably, 2019 will be more favourable to buyers, Woloshin says. Miller is of the same opinion. And some people don t know it yet. Those people are the sellers, he says. Bloomberg LP E

EDGEPROP JANUARY 14, 2019 EP11

EP12 EDGEPROP JANUARY 14, 2019 DONE DEALS South Beach Residences draws Chinese buyers BY CHARLENE CHIN A luxury development that stole the limelight in December was South Beach Residences. Over the week of Dec 21 to 30, four units sold at the condominium were among the top eight highest transactions. The most expensive unit sold at the development during the period in review fetched $8.85 million ($3,384 psf). The unit was a 2,616 sq ft, four-bedroom apartment. Two other units sold were 2,099 sq ft, three bedroom apartments. One was transacted at $6.76 million and the other at $6.79 million. This translates into $3,219 and $3,234 psf, respectively. The fourth unit sold in the same period was a 1,916 sq ft apartment that fetched $6.4 million ($3,348 psf). All the buyers were Chinese nationals, says Dominic Lee, head of the luxury team at PropNex Realty. The 190-unit South Beach Residences sits on top of the JW Marriott Hotel and is part of an integrated development that includes a Grade-A office tower and retail space and is linked to the Esplanade MRT station. More recently, three more units were sold to Chinese buyers, according to Lee. These transactions have yet to be reflected in URA caveats. December is usually a quiet month for the property market, but this time it was markedly different buying momentum picked up among foreign buyers, particularly Chinese nationals, Bruce Lye, managing partner of SRI, told EdgeProp in an earlier interview. Foreign buyers were mainly focused on two luxury developments South Beach Residen ces and New Futura, PropNex s Lee points out. He believes the buyers were drawn to both developments as they wanted a prestigious address. The 190-unit South Beach Residences sits on top of the JW Marriott Hotel and is part of an integrated development In contrast, Lee believes foreign interest in the luxury market is likely to see a fall in numbers this year, owing to the higher additional buyer s stamp duty that came into effect on July 6 last year and global macroeconomic uncertainty. So far, 25 units have been sold at South Beach Residences, according to caveats lodged with URA as at Jan 9. The majority of these units were sold to Chinese buyers, Lee says. The lowest psf price fetched at the development was $2,795. The buyer of a 1,216 sq ft, two-bedroom unit on the 23rd floor paid $3.4 million last September, when the development was officially launched. Meanwhile, a detached house in the One Tree Hill Collection a 14-unit development in District 10 was sold for $17.1 million. This was the highest price fetched during the period in review. The house, at 30 Jalan Kelawar, occupies a 5,145 sq ft freehold site and is one of only two detached houses at One Tree Hill Collection. The other 12 houses at the development are semi-detached. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE All houses at the One Tree Hill come with five en-suite bedrooms, a home lift and a lap pool, spread across four levels. Based on caveats lodged with URA, two other houses have been sold at One Tree Hill Collection. A semi-detached house at 12C One Tree Hill that that occupies a 2,939 sq ft plot was sold for $8.9 million ($3,042 psf). At 60 Jalan Arnap, a house that sits on a 2,336 sq ft site was sold for $8.2 million ($3,532 psf). Both properties were sold ahead of the project s official launch at private previews. E Residential transactions with contracts dated Dec 21 to 30 Singapore by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE District 1 MARINA ONE RESIDENCES Apartment 99 years December 27, 2018 700 1,837,000 2,626 2017 New Sale MARINA ONE RESIDENCES Apartment 99 years December 27, 2018 1,582 3,641,000 2,301 2017 New Sale District 3 CENTRAL GREEN CONDOMINIUM Condominium 99 years December 28, 2018 947 1,280,000 1,351 1995 Resale MARGARET VILLE Apartment 99 years December 28, 2018 463 939,000 2,029 Uncompleted New Sale MARGARET VILLE Apartment 99 years December 30, 2018 829 1,490,200 1,798 Uncompleted New Sale QUEENS Condominium 99 years December 28, 2018 2,390 2,300,000 963 2002 Resale STIRLING RESIDENCES Apartment 99 years December 21, 2018 1,055 1,760,000 1,668 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years December 22, 2018 1,055 1,746,000 1,655 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years December 22, 2018 689 1,250,000 1,814 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years December 23, 2018 764 1,369,000 1,791 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years December 23, 2018 786 1,421,000 1,808 Uncompleted New Sale THE ANCHORAGE Condominium Freehold December 27, 2018 2,088 3,350,000 1,604 1997 Resale THE CREST Condominium 99 years December 26, 2018 1,884 3,888,000 2,064 2017 Resale THE CREST Condominium 99 years December 27, 2018 1,302 2,470,000 1,896 2017 Resale THE METROPOLITAN CONDOMINIUM Condominium 99 years December 27, 2018 1,787 2,550,000 1,427 2009 Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years December 26, 2018 1,216 1,880,000 1,546 2004 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years December 26, 2018 883 1,450,000 1,643 2011 Resale District 5 BLUE HORIZON Condominium 99 years December 26, 2018 1,152 1,230,000 1,068 2005 Resale BOTANNIA Condominium 956 years December 26, 2018 1,572 1,950,000 1,241 2009 Resale KENT RIDGE HILL RESIDENCES Apartment 99 years December 23, 2018 797 1,372,000 1,722 Uncompleted New Sale LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE KENT RIDGE HILL RESIDENCES Apartment 99 years December 24, 2018 1,076 1,801,000 1,673 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years December 27, 2018 474 792,000 1,672 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years December 28, 2018 646 1,127,000 1,745 Uncompleted New Sale THE STELLAR Condominium Freehold December 27, 2018 2,271 2,480,000 1,092 2008 Resale WESTCOVE CONDOMINIUM Condominium 99 years December 28, 2018 1,227 1,020,000 831 1998 Resale WHISTLER GRAND Apartment 99 years December 21, 2018 764 1,108,000 1,450 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 21, 2018 1,066 1,372,000 1,287 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 21, 2018 1,270 1,560,000 1,228 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 21, 2018 958 1,253,880 1,309 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 21, 2018 1,281 1,678,400 1,310 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 22, 2018 764 1,128,330 1,476 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 22, 2018 764 1,055,200 1,381 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 22, 2018 1,066 1,372,000 1,287 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 22, 2018 624 795,200 1,274 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 22, 2018 624 896,800 1,436 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 23, 2018 624 827,200 1,325 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 23, 2018 689 1,029,600 1,495 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 24, 2018 990 1,336,800 1,350 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 24, 2018 614 833,600 1,359 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 24, 2018 1,464 1,946,400 1,330 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 24, 2018 1,066 1,405,600 1,319 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 26, 2018 614 816,480 1,331 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 26, 2018 603 856,800 1,421 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 26, 2018 1,066 1,460,000 1,370 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 26, 2018 1,066 1,463,670 1,374 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 26, 2018 624 899,200 1,440 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 26, 2018 990 1,288,000 1,301 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 27, 2018 764 1,102,400 1,442 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 28, 2018 614 891,000 1,452 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 28, 2018 764 1,096,000 1,434 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 28, 2018 764 1,045,600 1,368 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 28, 2018 624 824,800 1,321 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 29, 2018 1,281 1,593,600 1,244 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 29, 2018 1,066 1,461,600 1,372 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 29, 2018 1,066 1,360,000 1,276 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 29, 2018 990 1,280,000 1,293 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 29, 2018 624 892,620 1,430 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 30, 2018 506 704,000 1,392 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 30, 2018 1,066 1,431,270 1,343 Uncompleted New Sale WHISTLER GRAND Apartment 99 years December 30, 2018 1,066 1,413,600 1,327 Uncompleted New Sale District 7 SOUTH BEACH RESIDENCES Apartment 99 years December 28, 2018 2,616 8,850,380 3,384 2016 Resale SOUTH BEACH RESIDENCES Apartment 99 years December 28, 2018 2,099 6,755,760 3,219 2016 Resale SOUTH BEACH RESIDENCES Apartment 99 years December 28, 2018 2,099 6,787,440 3,234 2016 Resale SOUTH BEACH RESIDENCES Apartment 99 years December 28, 2018 1,916 6,415,200 3,348 2016 Resale District 9 8 SAINT THOMAS Condominium Freehold December 27, 2018 1,755 5,508,000 3,139 2018 Resale 8 SAINT THOMAS Condominium Freehold December 27, 2018 807 2,630,800 3,259 2018 Resale CASA CAIRNHILL Apartment Freehold December 28, 2018 1,636 2,700,000 1,650 1991 Resale MARTIN MODERN Condominium 99 years December 27, 2018 1,798 4,978,600 2,770 Uncompleted New Sale MARTIN PLACE RESIDENCES Condominium Freehold December 21, 2018 592 1,380,000 2,331 2011 Resale SCOTTS HIGHPARK Condominium Freehold December 21, 2018 4,209 9,000,000 2,138 2009 Resale THE PEAK @ CAIRNHILL II Apartment Freehold December 27, 2018 904 2,388,000 2,641 2015 Resale

EDGEPROP JANUARY 14, 2019 EP13 DONE DEALS Residential transactions with contracts dated Dec 21 to 30 LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE THE PEAK @ CAIRNHILL II Apartment Freehold December 28, 2018 904 2,320,000 2,566 2015 Resale TIARA Condominium Freehold December 21, 2018 1,281 2,608,000 2,036 1995 Resale VISIONCREST Apartment Freehold December 27, 2018 1,324 2,050,000 1,548 2007 Resale District 10 AVALON Condominium Freehold December 27, 2018 1,163 2,130,000 1,832 1999 Resale BALMORAL RESIDENCES Condominium Freehold December 28, 2018 2,379 4,000,000 1,681 2001 Resale CASA JERVOIS Apartment Freehold December 21, 2018 1,227 1,900,000 1,548 Unknown Resale DUCHESS RESIDENCES Condominium 999 years December 26, 2018 3,057 4,800,000 1,570 2011 Resale KINGSVILLE Semi-Detached 102 years December 21, 2018 2,422 3,000,000 1,239 1999 Resale LEEDON 2 Condominium Freehold December 21, 2018 1,206 1,796,500 1,490 1996 Resale ONE TREE HILL COLLECTION Detached Freehold December 27, 2018 5,145 17,100,000 3,323 Uncompleted New Sale VALLEY PARK Condominium 999 years December 28, 2018 1,701 3,215,000 1,890 1997 Resale District 11 CHANCERY HILL VILLAS Semi-Detached Freehold December 26, 2018 7,761 4,668,000 601 2018 Sub Sale HILLCREST VILLA Terrace 99 years December 27, 2018 3,003 2,980,000 992 2009 Resale ROCHELLE AT NEWTON Condominium 99 years December 28, 2018 1,744 2,750,000 1,577 2012 Resale THE AXIS Apartment Freehold December 21, 2018 1,647 2,000,000 1,214 2009 Resale THE PARK VALE Condominium 999 years December 26, 2018 1,356 1,850,000 1,364 1997 Resale Dist rict 12 DOMUS Apartment Freehold December 21, 2018 1,367 1,770,000 1,295 2012 Resale EIGHT RIVERSUITES Condominium 99 years December 21, 2018 441 708,000 1,604 2016 Resale JUI RESIDENCES Apartment Freehold December 22, 2018 463 833,000 1,800 Uncompleted New Sale District 13 LEICESTER SUITES Apartment Freehold December 27, 2018 463 742,500 1,604 2013 Resale PARC ASTON Apartment Freehold December 21, 2018 1,195 1,380,000 1,155 2011 Resale PARK COLONIAL Condominium 99 years December 21, 2018 1,249 2,169,000 1,737 Uncompleted New Sale PARK COLONIAL Condominium 99 years December 21, 2018 980 1,634,000 1,668 Uncompleted New Sale PARK COLONIAL Condominium 99 years December 21, 2018 603 1,107,000 1,836 Uncompleted New Sale PARK COLONIAL Condominium 99 years December 23, 2018 635 1,107,000 1,743 Uncompleted New Sale PARK COLONIAL Condominium 99 years December 23, 2018 743 1,397,000 1,881 Uncompleted New Sale PARK COLONIAL Condominium 99 years December 23, 2018 936 1,582,000 1,689 Uncompleted New Sale PARK COLONIAL Condominium 99 years December 23, 2018 1,367 2,265,000 1,657 Uncompleted New Sale PARK COLONIAL Condominium 99 years December 26, 2018 1,410 2,403,000 1,704 Uncompleted New Sale PARK COLONIAL Condominium 99 years December 26, 2018 980 1,688,000 1,723 Uncompleted New Sale PARK COLONIAL Condominium 99 years December 30, 2018 624 1,157,000 1,853 Uncompleted New Sale THE ADDITION Apartment Freehold December 30, 2018 592 1,095,000 1,850 Uncompleted New Sale THE TRE VER Condominium 99 years December 27, 2018 1,098 1,721,000 1,567 Uncompleted New Sale THE TRE VER Condominium 99 years December 30, 2018 506 826,000 1,633 Uncompleted New Sale District 14 ARENA RESIDENCES Apartment Freehold December 23, 2018 850 1,130,000 1,329 Uncompleted New Sale ARENA RESIDENCES Apartment Freehold December 28, 2018 603 1,103,000 1,830 Uncompleted New Sale ATRIUM RESIDENCES Apartment Freehold December 21, 2018 1,302 1,388,000 1,066 2008 Resale JALAN DAUD Detached Freehold December 26, 2018 4,542 3,600,000 793 Unknown Resale PARC ESTA Apartment 99 years December 21, 2018 1,227 1,896,000 1,545 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 452 824,000 1,823 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 452 795,000 1,759 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 743 1,213,000 1,633 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 1,033 1,691,000 1,636 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 904 1,427,000 1,578 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 527 937,000 1,777 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 527 916,000 1,737 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 420 741,000 1,765 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 420 721,000 1,718 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 420 718,000 1,710 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 452 789,000 1,745 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 452 798,000 1,765 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 452 789,000 1,745 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 840 1,369,000 1,631 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 840 1,389,000 1,654 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 926 1,535,000 1,658 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 635 1,069,000 1,683 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 635 1,036,000 1,631 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 926 1,464,000 1,581 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 926 1,514,000 1,636 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 958 1,520,000 1,587 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 420 749,000 1,784 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 420 723,000 1,722 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 420 729,000 1,737 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 527 934,000 1,771 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 926 1,539,000 1,663 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 700 1,145,000 1,637 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 1,227 2,012,000 1,640 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 420 765,000 1,822 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 549 905,000 1,649 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 958 1,495,000 1,561 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 915 1,462,000 1,598 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 915 1,477,000 1,614 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 915 1,492,000 1,631 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 915 1,457,000 1,592 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 915 1,517,000 1,658 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 635 1,105,000 1,740 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 635 1,081,000 1,702 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 635 1,109,000 1,746 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 743 1,231,000 1,657 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 1,001 1,623,000 1,621 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 1,001 1,628,000 1,626 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 1,033 1,634,000 1,581 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 904 1,383,000 1,530 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 517 918,000 1,777 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 517 909,000 1,759 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 732 1,255,000 1,715 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 420 768,000 1,829 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 1,399 2,303,000 1,646 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 635 1,047,000 1,649 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 635 1,018,000 1,603 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 926 1,545,000 1,669 Uncompleted New Sale PARC ESTA Apartment 99 years December 21, 2018 926 1,550,000 1,674 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 452 812,000 1,796 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 635 1,046,000 1,647 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 958 1,570,000 1,639 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 452 788,000 1,743 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 452 776,000 1,716 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 635 1,030,000 1,622 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 915 1,563,000 1,708 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 915 1,538,000 1,681 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 517 907,000 1,755 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 420 739,000 1,760 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 452 792,000 1,752 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 958 1,515,000 1,581 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 915 1,487,000 1,625 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 915 1,487,000 1,625 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 635 1,077,000 1,696 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 635 1,089,000 1,715 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 840 1,418,000 1,689 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 420 742,000 1,768 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 420 736,000 1,753 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 517 943,000 1,825 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 517 911,000 1,763 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 1,399 2,261,000 1,616 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 1,399 2,317,000 1,656 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 1,399 2,268,000 1,621 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 1,023 1,598,000 1,563 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 420 739,000 1,760 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 420 698,000 1,663 Uncompleted New Sale PARC ESTA Apartment 99 years December 22, 2018 958 1,545,000 1,613 Uncompleted New Sale LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE PARC ESTA Apartment 99 years December 23, 2018 926 1,580,000 1,707 Uncompleted New Sale PARC ESTA Apartment 99 years December 25, 2018 420 735,000 1,751 Uncompleted New Sale PARC ESTA Apartment 99 years December 25, 2018 420 768,000 1,829 Uncompleted New Sale PARC ESTA Apartment 99 years December 25, 2018 420 736,000 1,753 Uncompleted New Sale PARC ESTA Apartment 99 years December 25, 2018 517 904,000 1,750 Uncompleted New Sale PARC ESTA Apartment 99 years December 26, 2018 452 805,000 1,781 Uncompleted New Sale PARC ESTA Apartment 99 years December 27, 2018 527 943,000 1,788 Uncompleted New Sale PARC ESTA Apartment 99 years December 27, 2018 840 1,357,000 1,616 Uncompleted New Sale PARC ESTA Apartment 99 years December 28, 2018 452 766,000 1,694 Uncompleted New Sale PARC ESTA Apartment 99 years December 28, 2018 840 1,408,000 1,677 Uncompleted New Sale PARC ESTA Apartment 99 years December 29, 2018 420 748,000 1,782 Uncompleted New Sale PARC ESTA Apartment 99 years December 29, 2018 840 1,381,000 1,645 Uncompleted New Sale PARC ESTA Apartment 99 years December 29, 2018 840 1,412,000 1,682 Uncompleted New Sale PARC ESTA Apartment 99 years December 29, 2018 958 1,540,000 1,608 Uncompleted New Sale PARC ESTA Apartment 99 years December 29, 2018 915 1,481,000 1,619 Uncompleted New Sale PARC ESTA Apartment 99 years December 29, 2018 840 1,460,000 1,739 Uncompleted New Sale PARC ESTA Apartment 99 years December 30, 2018 829 1,423,000 1,717 Uncompleted New Sale PARC ESTA Apartment 99 years December 30, 2018 926 1,519,000 1,641 Uncompleted New Sale District 15 DUNMAN REGENCY Apartment Freehold December 22, 2018 797 950,000 1,193 2016 Resale HAIG APARTMENTS Apartment Freehold December 21, 2018 1,711 1,420,000 830 1991 Resale BRANKSOME ROAD Detached Freehold December 26, 2018 6,566 11,500,000 1,751 2015 Resale OPERA ESTATE Semi-Detached Freehold December 28, 2018 3,778 3,988,000 1,057 Unknown Resale PALMERA RESIDENCE Apartment Freehold December 26, 2018 549 698,000 1,271 2010 Resale District 16 AQUARIUS BY THE PARK Condominium 99 years December 21, 2018 893 827,000 926 2000 Resale ARCHIPELAGO Condominium 99 years December 26, 2018 840 1,020,000 1,215 2015 Resale ARCHIPELAGO Condominium 99 years December 27, 2018 829 1,150,000 1,388 2015 Resale GRANDEUR PARK RESIDENCES Condominium 99 years December 22, 2018 1,238 1,857,000 1,500 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years December 23, 2018 1,238 1,850,000 1,495 Uncompleted New Sale THE BAYSHORE Condominium 99 years December 21, 2018 1,259 1,035,000 822 1996 Resale THE CLEARWATER Condominium 99 years December 27, 2018 1,378 1,308,000 949 2001 Resale District 17 CHANGI HEIGHTS Terrace Freehold December 27, 2018 1,733 2,300,000 1,327 2002 Resale PARC OLYMPIA Condominium 99 years December 21, 2018 646 650,000 1,006 2015 Resale District 18 PINEVALE EC 99 years December 28, 2018 1,281 970,000 757 1999 Resale Q BAY RESIDENCES Condominium 99 years December 26, 2018 1,163 1,330,000 1,144 2016 Resale THE PALETTE Condominium 99 years December 27, 2018 1,163 1,210,000 1,041 2015 Resale THE TAPESTRY Condominium 99 years December 21, 2018 689 945,600 1,373 Uncompleted New Sale THE TAPESTRY Condominium 99 years December 21, 2018 603 860,800 1,428 Uncompleted New Sale THE TAPESTRY Condominium 99 years December 22, 2018 603 880,000 1,460 Uncompleted New Sale THE TAPESTRY Condominium 99 years December 24, 2018 441 648,800 1,470 Uncompleted New Sale THE TAPESTRY Condominium 99 years December 26, 2018 441 645,600 1,463 Uncompleted New Sale THE TAPESTRY Condominium 99 years December 27, 2018 603 929,880 1,543 Uncompleted New Sale THE TAPESTRY Condominium 99 years December 28, 2018 603 916,920 1,521 Uncompleted New Sale THE TAPESTRY Condominium 99 years December 29, 2018 441 673,110 1,525 Uncompleted New Sale THE TAPESTRY Condominium 99 years December 30, 2018 441 666,630 1,511 Uncompleted New Sale District 19 AFFINITY AT SERANGOON Apartment 99 years December 27, 2018 732 1,138,000 1,555 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years December 28, 2018 474 703,000 1,484 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years December 29, 2018 474 691,000 1,459 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years December 30, 2018 624 991,000 1,587 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years December 30, 2018 614 950,000 1,548 Uncompleted New Sale ARDISIA GARDENS Terrace 99 years December 21, 2018 1,733 1,925,000 1,112 1997 Resale COMPASS HEIGHTS Apartment 99 years December 21, 2018 1,055 965,000 915 2002 Resale ESPARINA RESIDENCES EC 99 years December 21, 2018 883 940,000 1,065 2013 Resale FOREST WOODS Condominium 99 years December 22, 2018 1,249 1,992,000 1,595 Uncompleted New Sale FOREST WOODS Condominium 99 years December 26, 2018 926 1,528,000 1,651 Uncompleted New Sale KOVAN REGENCY Terrace 99 years December 26, 2018 3,886 2,980,000 767 2015 Resale KOVAN REGENCY Condominium 99 years December 28, 2018 980 1,380,000 1,409 2015 Resale MINT RESIDENCES @ JANSEN Apartment 999 years December 27, 2018 710 828,000 1,166 2009 Resale PRIVE EC 99 years December 24, 2018 1,442 1,370,000 950 2013 Resale RIVER ISLES Condominium 99 years December 21, 2018 1,141 1,100,000 964 2015 Resale RIVERFRONT RESIDENCES Apartment 99 years December 21, 2018 1,109 1,347,000 1,215 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years December 23, 2018 721 922,000 1,278 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years December 24, 2018 603 811,000 1,345 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years December 27, 2018 1,109 1,391,000 1,255 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years December 27, 2018 915 1,225,000 1,339 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years December 28, 2018 614 804,000 1,310 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years December 30, 2018 517 695,000 1,345 Uncompleted New Sale RIVERSAILS Condominium 99 years December 21, 2018 850 905,000 1,064 2016 Resale RIVERSAILS Condominium 99 years December 26, 2018 1,066 1,200,000 1,126 2016 Resale SERANGOON GARDEN ESTATE Terrace 999 years December 21, 2018 2,626 3,030,000 1,153 2002 Resale SERANGOON GARDEN ESTATE Semi-Detached 999 years December 21, 2018 3,154 3,360,000 1,066 Unknown Resale THE SCALA Apartment 99 years December 28, 2018 474 795,000 1,679 2013 Resale District 20 SEASONS VIEW Condominium 99 years December 27, 2018 1,141 1,280,000 1,122 2000 Resale THE PANORAMA Condominium 99 years December 27, 2018 431 685,000 1,591 2017 Resale THOMSON IMPRESSIONS Apartment 99 years December 27, 2018 1,055 1,700,000 1,612 2018 Sub Sale THOMSON THREE Apartment 99 years December 21, 2018 1,033 1,610,000 1,558 2016 Resale District 21 GARDENVISTA Condominium 99 years December 28, 2018 1,345 1,770,000 1,315 2006 Resale MAYFAIR GARDENS Condominium 99 years December 22, 2018 710 1,438,000 2,024 Uncompleted New Sale CLEMENTI ROAD Terrace Freehold December 26, 2018 2,034 3,050,000 1,502 1990 Resale THE NEXUS Condominium Freehold December 28, 2018 947 1,650,000 1,742 2006 Resale THE STERLING Condominium Freehold December 28, 2018 1,001 1,745,000 1,743 2000 Resale District 23 GUILIN VIEW Condominium 99 years December 26, 2018 1,744 1,500,000 860 2000 Resale HILLSTA Condominium 99 years December 27, 2018 753 838,000 1,112 2016 Resale HILLVIEW REGENCY Condominium 99 years December 26, 2018 1,109 1,030,000 929 2005 Resale MI CASA Condominium 99 years December 28, 2018 1,292 1,150,000 890 2012 Resale THE HILLIER Apartment 99 years December 21, 2018 818 1,075,000 1,314 2016 Resale THE LANAI Condominium 999 years December 26, 2018 958 1,288,000 1,344 2014 Resale VILLA VERDE Terrace 99 years December 21, 2018 2,153 1,730,000 804 2000 Resale District 25 NORTHWAVE EC 99 years December 28, 2018 1,119 1,047,000 935 Uncompleted New Sale District 26 SEASONS PARK Condominium 99 years December 21, 2018 1,109 900,000 812 1997 Resale SEASONS PARK Condominium 99 years December 26, 2018 1,066 810,000 760 1997 Resale District 27 EIGHT COURTYARDS Condominium 99 years December 21, 2018 549 640,000 1,166 2014 Resale EIGHT COURTYARDS Condominium 99 years December 26, 2018 1,399 1,208,888 864 2014 Resale EUPHONY GARDENS Condominium 99 years December 27, 2018 1,141 772,000 677 2001 Resale KANDIS RESIDENCE Condominium 99 years December 28, 2018 1,023 1,275,000 1,247 Uncompleted New Sale LILYDALE EC 99 years December 26, 2018 1,195 750,000 628 2003 Resale SKIES MILTONIA Condominium 99 years December 21, 2018 1,313 1,300,000 990 2016 Resale District 28 BELGRAVIA GREEN Terrace Freehold December 22, 2018 3,294 2,861,300 869 Uncompleted New Sale MIMOSA PARK Condominium Freehold December 27, 2018 1,894 1,770,000 934 1979 Resale NIM COLLECTION Terrace 99 years December 26, 2018 1,615 2,823,000 1,748 Uncompleted New Sale PARC BOTANNIA Condominium 99 years December 25, 2018 980 1,343,450 1,372 Uncompleted New Sale PARC BOTANNIA Condominium 99 years December 27, 2018 980 1,234,810 1,261 Uncompleted New Sale PARC BOTANNIA Condominium 99 years December 28, 2018 1,453 1,622,810 1,117 Uncompleted New Sale PARC BOTANNIA Condominium 99 years December 28, 2018 969 1,270,000 1,311 Uncompleted New Sale PARC BOTANNIA Condominium 99 years December 28, 2018 667 915,680 1,372 Uncompleted New Sale PARC BOTANNIA Condominium 99 years December 29, 2018 872 1,100,000 1,262 Uncompleted New Sale PARC BOTANNIA Condominium 99 years December 30, 2018 1,281 1,672,280 1,306 Uncompleted New Sale DISCLAIMER: Source: URA Realis. Updated Jan 8, 2019. 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 *Not all caveats are shown due to the overwhelming number of transactions

EP14 EDGEPROP JANUARY 14, 2019 GAINS AND LOSSES Penthouse at The Stellar sees $1.38 mil profit BY TIMOTHY TAY Two of the top three deals closed over the period of Dec 21 to 30 last year came from condominiums located outside the prime districts. The most profitable deal was the sale of a penthouse unit at The Stellar, a freehold condo on West Coast Road in District 5. The 2,271 sq ft unit on the fifth floor changed hands for $2.48 million ($1,092 psf) on Dec 27. The seller had bought the unit for $1.095 million ($482 psf) in 2006. This translates into a $1.38 million (126%) profit over a holding period of almost 13 years, or an annualised profit of 7%. The sale is also the most profitable transaction to date at the 162-unit development. So far, just two out of the 123 resale transactions at The Stellar were not profitable, and profits have ranged from $8,000 to $1.38 million, based on the matching of URA caveats. The second most profitable deal at The Stellar occurred in 2011, when a 1,733 sq ft unit on the ground floor was sold for $2 million ($1,154 psf). The seller walked away with a $1.07 million (114%) profit, having purchased it for $934,000 ($539 psf) in 2006. The second most profitable deal during the period in review was the sale of a 1,281 sq ft, three-bedroom unit at Tiara in prime District 9 on Dec 21. The 264-unit, freehold development located on Kim Seng Walk was completed in 1995. The unit fetched $2.6 million ($2,036 psf) and had been bought for $1.42 million ($1,109 psf) in 2006. The transaction made the seller a $1.19 million (84%) profit, or an annualised profit of 5% over 12 years. Meanwhile, in District 3, the sale of a unit at The Metropolitan Condominium on Alexandra View was the third most profitable deal during the period in review. The 1,787 sq ft unit fetched $2.55 million ($1,427 psf) on Dec 27 last year. The four-bedroom unit on the 38th floor had been bought for $1.43 million ($798 psf) in December 2006. The seller made a $1.12 million (79%) profit over 12 years, or an annualised profit of 5%. The sale was also the third most profitable deal last year at the 99-year leasehold condo, where resale transactions in 2018 recorded profits of $80,000 to $1.22 million. The 2018 transactions were all profitable, based on the matching of URA caveats. To date, the most profitable deal at the 382-unit condo occurred in 2012 when a penthouse unit changed hands for $3.95 million ($1,158 psf). Its previous owner had purchased the unit for $2.61 million ($767 psf) in 2006. The seller walked away with a $1.33 million (50%) profit over almost six years. The biggest loss during the period in review was for the sale of a 797 sq ft, two-bedroom unit at Dunman Regency on Dunman Road in District 15. The unit changed hands for $950,000 ($1,193 psf) on Dec 22, less than two years after the seller had bought it for $1.29 million ($1,620 psf) in May 2017. This translates into a loss of $340,000. This is the first resale transaction at the freehold development, based on the matching of URA caveats. The development, comprising 12 units of 797 sq ft to 1,604 sq ft, was launched for sale in 2013 and completed three years ago. E PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The seller of the penthouse unit at The Stellar made a 126% profit on Dec 27 A unit at The Metropolitan Condominium reaped a $1.12 million (79%) gain for the seller on Dec 27 Top gains and losses from Dec 21 to 30 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALES PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 The Stellar 5 2,271 Dec 27 1,092 Mar 27, 2006 482 1,384,464 126 7 12.8 2 Tiara 9 1,281 Dec 21 2,036 Dec 30, 2006 1,109 1,188,000 84 5 12.0 3 The Metropolitan Condominium 3 1,787 Dec 27 1,427 Dec 1, 2006 798 1,124,400 79 5 12.1 4 The Park Vale 11 1,356 Dec 26 1,364 Jul 23, 2004 538 1,120,000 153 7 14.4 5 Queens 3 2,390 Dec 28 963 Mar 8, 2002 526 1,044,000 83 4 16.8 6 The Axis 11 1,647 Dec 21 1,214 Feb 26, 2007 684 872,736 77 5 11.8 7 Casa Cairnhill 9 1,636 Dec 28 1,650 Jul 3, 1997 1,131 850,000 46 2 21.5 8 The Stirling 21 1,001 Dec 28 1,743 Sep 7, 1999 950 794,050 84 3 19.3 9 Valley Park 10 1,701 Dec 28 1,890 Jun 18, 2010 1,426 790,000 33 3 8.5 10 Seasons View 20 1,141 Dec 27 1,122 Dec 29, 1998 491 720,000 129 4 20.0 Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALES PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Dunman Regency 15 797 Dec 22 1,193 May 12, 2017 1,620 340,000 26 17 1.6 2 Visioncrest 9 1,324 Dec 27 1,548 Jul 27, 2007 1,782 309,000 13 1 11.4 3 Reflections at Keppel Bay 4 883 Dec 26 1,643 Oct 06, 2008 1,907 233,540 14 1 10.2 4 Seasons Park 26 1,109 Dec 21 812 Aug 26, 2013 875 70,000 7 1 5.3 5 Skies Miltonia 27 1,313 Dec 21 990 Oct 31, 2012 1,031 54,000 4 1 6.1 6 Palmera Residence 15 549 Dec 26 1,271 Oct 14, 2014 1,366 52,000 7 2 4.2 7 Mi Casa 23 1,292 Dec 28 890 Mar 29, 2012 917 35,000 3 0.4 6.8 8 Hillsta 23 753 Dec 27 1,112 May 15, 2012 1,144 24,074 3 0.4 6.6 9 The Hillier 23 818 Dec 21 1,314 Jan 31, 2012 1,329 12,041 1 0.2 6.9 Note: Computed based on URA caveat data as at Jan 8 for private non-landed houses transacted from Dec 21 to 30, 2018. The profit-and-loss computation excludes transaction costs such as stamp duties. URA, EDGEPROP

EDGEPROP JANUARY 14, 2019 EP15 PROPERTY BRIEFS FROM PAGE EP2 Berkeley launches showhome at Wimbledon Hill Park Berkeley Homes West London has launched a three-bedroom showhome (above, left) at Wimbledon Hill Park, its landmark West London development in Copse Hill. Priced at 1.6 million ($2.8 million), the fully-furnished apartment is in move-in condition. The 1,528 sq ft showhome is located in the refurbished Wellington Row, with interiors styled by Sophie Peckett Designs. The apartment has floor-to-ceiling dual-aspect windows, and the high ceilings are enhanced by coffered detailing and chandelier lighting. It comes with an open-plan kitchen, and an 118 sq ft terrace that overlooks the residents courtyard gardens. The master bedroom suite features an ensuite bathroom and a dressing area. The second bedroom is en suite, while the third bedroom is a double room served by a family bathroom. The showhome comes with two gated underground parking spaces. Wimbledon Village is minutes from Wimbledon Hill Park, which offers an array of boutique shops, bars and restaurants. CapitaLand acquires 70% of Shanghai s Pufa Tower through JV CapitaLand has entered into a 50:50 joint venture with an unrelated third party to acquire about 70% of Pufa Tower (above, right) in Shanghai, China, for RMB2,752 million ($546.3 million). The acquisition marks the group s first office property in Shanghai s core Lujiazui central business district in Pudong New Area. It will immediately contribute to the group s recurring income. The property has been identified as a seed asset for a value-add fund, which CapitaLand is setting up to invest in commercial real estate in key gateway cities in Asia. The 34-storey Pufa Tower has three basement carpark levels. Post-transaction, CapitaLand and its joint venture partner will own levels 8 to 19 and levels 21 to 32 with a total GFA of 449,645 sq ft, as well as 61 parking lots with property title. Pufa Tower s ground floor lobby and refuge floor on Level 20 are co-owned with Shanghai Pudong Development Bank, which also owns the rest of the building. Continual high demand for quality commercial properties in China s top tier cities, coupled with low supply, has made the renewal of ageing commercial assets a compelling investment strategy in these markets, says Lucas Loh, president (China & Investment Management), CapitaLand Group. While Pufa Tower has not seen a major renovation since its completion in 2002, the group sees potential in upgrading the asset s specifications, tenant mix and operational efficiencies. Including Pufa Tower, CapitaLand now owns and manages 21 commercial properties in Shanghai, spanning close to 20.45 million sq ft in GFA. Compiled by Bong Xin Ying, Charlene Chin, and Timothy Tay E

EP16 EDGEPROP JANUARY 14, 2019 UNDER THE HAMMER Triplex penthouse at Amber Residences going for $5.7 mil BY BONG XIN YING A 5,113 sq ft triplex penthouse at Amber Residences will be put up for its second auction by Knight Frank Singapore on Jan 23. This is an owner s sale, and the unit has a guide price of $5.7 million ($1,115 psf). The 21st-floor unit was first put up for auction on Nov 14 last year at a higher opening price of $5.8 million ($1,134 psf). As there were no bids then, the property was withdrawn. Amber Residences, a freehold condominium by Voda Land, was completed in 2011. It comprises 114 units in a 21-storey block. The four-bedroom penthouse will be sold with an existing tenancy that ends in August this year. According to Tricia Tan, deputy director of auction and sales at Knight Frank Singapore who is marketing the unit, the lease commenced in August last year, and the corporate tenant is paying a monthly rental of $13,500. The owners, a Singaporean couple, used to reside in the unit with their children before they upgraded to a landed property, adds Tan. They purchased the unit for $5.1 million ($1,000 psf) in October 2012, according to the caveat lodged in URA Realis. The triplex penthouse has a roof terrace and a pool on the third storey. Tan says that the owners have converted a part of the rooftop space into a private playground for their children. Recent transactions at Amber Residences The penthouse unit commands a seaview from the living area and the roof terrace The unit itself commands a panoramic seaview from the roof terrace, the living area on the second storey, and two bedrooms including the master bedroom on the first floor. The unit has four en-suite bedrooms in all. The other two bedrooms are on the second floor. The owners have also added a helper s room on the first storey, says Tan. There were five resale transactions at Amber Residences last year. The resale units ranged from 1,163 sq ft to 2,217 sq ft, based on URA caveat data. The last transaction was CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) SOLD ON (2018) Jul 25, 2018 1,163 2,188,888 1,883 Dec 27 Jun 29, 2018 1,798 3,250,000 1,808 Dec 21 Mar 19, 2018 2,217 3,500,000 1,578 Dec 27 Jan 16, 2018 1,518 2,800,000 1,845 Dec 26 Jan 4, 2018 1,249 1,700,000 1,361 Dec 28 for a 1,163 sq ft, two-bedroom unit on the 19th floor which changed hands for $2.19 million ($1,883 psf) last July. In 2017 and 2018, a total of 14 units at the condo were transacted at an average of $1,557 psf. At $1,115 psf for a freehold property that is highly accessible, the unit [put up for auction] offers value for money, notes Tan. Amber Residences is located in District 15, and is less than 10 minutes away by foot to Katong Plaza and 112 Katong mall. E URA, EDGEPROP Recent rental contracts for >3000 sq ft units at Amber Residences LEASE DATE MONTHLY RENT ($) September 2018 8,500 August 2018 13,500 September 2017 9,500 PICTURE: KNIGHT FRANK PTE LTD PICTURE: THE EDGE SINGAPORE Amber Residences comprises a 21-storey block with a total of 114 units PROP HUNT CLASSIFIEDS Properties for Sale Scan QR code for more details To be featured, email shermie.tee@edgeprop.sg or call 8822-2997 $7,780,000 Leonie Parc View D9 LEONIE HILL ROAD Freehold Size(sqft): 3,854 PSF: $2,019 Bedroom: 4 $1,620,000 Viz at Holland D10 QUEENSWAY Freehold Size(sqft): 947 PSF: $1,711 Bedroom: 2 Corner unit with fantastic clear unblocked view. South-east facing. High ceiling. Efficient layout & spacious master bedroom with study. Minutes away from amenities. 5 mins drive to Orchard Road shopping & entertainment belt & 15 mins drive to CBD. $470,000 Eco-Tech @ Sunview - Factory for sale D22 SUNVIEW ROAD 30 years Size(sqft): 2,228 PSF: $211 $1,830,000 Daisy Suites D13 DAISY ROAD Freehold Size(sqft): 1,280 PSF: $1,430 Bedroom: 4 Unique single level penthouse with personal deck pool, 4 bedrooms with 3 ensuites + bomb shelter. North-south facing. Windy & relaxing. Minutes to Orchard. Facilities: lap pool, gym, function room, playground, BBQ, 24-hour security guard and etc. B2 light industrial building. Convenient & easy accessible. Ramp up to 8th storey with facilities (lap pool, gym, basketball court, BBQ & garden) on the 9th storey. 20 footer container accessible. Canteen & ample carpark. 24hr security guard. Nestled in landed enclave, near Woodleigh MRT station & Nex mall. Penthouse with private lap pool. Unblocked and beautiful sunset views. City fringe, convenient. Veronica Lim ORANGETEE & TIE PTE LTD R019750I 65 9455 0898 Veronica Lim ORANGETEE & TIE PTE LTD R019750I 65 9455 0898 Veronica Lim ORANGETEE & TIE PTE LTD R019750I 65 9455 0898 Elsie Cheng PROPNEX REALTY PTE LTD R042414I 65 9636 1929