MAKE BETTER DECISIONS MCI (P) 079/05/2017 PPS 1519/09/2012 (022805) Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JULY 31, 2017 ISSUE 790-12 Market Trends JustCo and naked Hub merge to defend their turf in Asia EP3 Eat Play Live Eclectic vibe in Balestier EP4 Done Deals Amber Skye, Goodwood Grand see pickup in sales post-completion EP8 Gains and Losses Units at Astrid Meadows sold at profit of more than $1 mil each EP11 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Building a $16 mil gem on EMERALD HILL Homeowner Justine Toh talks about what it takes to create prized real estate that can be passed down through the generations. See our Cover Story on Pages 6 and 7.
EP2 THEEDGE SINGAPORE JULY 31, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY EDITOR Lin Zhiqin WRITER Angela Teo ANALYST Tan Chee Yuen COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Shanthi Murugiah PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Yen Tan DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGERS Priscilla Wong, James Chua REGIONAL BUSINESS DEVELOPMENT MANAGER Suki Lin CIRCULATION DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim CORPORATE MANAGING DIRECTOR Bernard Tong PUBLISHER The Edge Property Pte Ltd 150 Cecil Street #13-00 Singapore 069543 Tel: (65) 6232 8622 Fax: (65) 6232 8620 PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333 PERMISSION AND REPRINTS Material in The Edge Property may not be reproduced in any form without the written permission of the publisher We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. Serangoon Ville sold at $499 mil Oxley Serangoon, a consortium led by Oxley Holdings, is acquiring the former HUDC estate Serangoon Ville (above, left) en bloc, at $499 million. This works out to $835 psf per plot ratio (ppr), including an estimated differential premium of $195 million. The tender exercise for the land parcel, which has 66 years remaining on its lease, closed on July 25. Serangoon Ville was privatised in 2014. It sits on a 296,913 sq ft land parcel with a plot ratio of 2.8. The current development comprises 244 apartments and maisonettes across seven residential blocks. Each unit is set to receive $2 million upon completion of the sale, according to ERA, the marketing agent for the collective sale. Oxley Serangoon s shareholders are Oxley Holdings (40%), Unique Invesco (20%), Lian Beng (Serangoon) (20%) and Apricot Capital (20%). KSH Holdings wholly-owned subsidiary Kim Seng Heng Realty owns a 37.5% stake in Unique Invesco. Apricot Capital is owned by Super Group s Teo family. Dunearn Court up for en-bloc sale by tender at $38.8 mil Dunearn Court (above), a freehold redevelopment site, has been put up for sale by tender, says exclusive marketing agent Knight Frank. The guide price is $38.8 million, which translates to $1,443 psf ppr. Located in prime District 11, the 19,203 sq ft site currently houses one residential block of 12 apartment units. According to the 2014 Master Plan, the site is zoned Residential with a gross plot ratio of 1.4. Dunearn Court is within walking distance of the Tan Kah Kee and Botanic Gardens MRT stations on the Downtown Line, says Knight Frank. It is also accessible via Ayer Rajah Expressway and major arterial roads: Dunearn Road and Bukit Timah Road. The purchaser could potentially configure the maximum permissible gross floor area (GFA) of 26,884 sq ft into 32 apartment units with an average size of 753 sq ft, subject to URA approval, says Ian Loh, Knight Frank s executive director and head of investment and capital markets. The tender for Dunearn Court was launched on July 26 and will close on Sept 6. Northpoint City on track for soft opening in 4Q2017 Frasers Centrepoint announced on July 25 that Northpoint City (right) is on track for a soft opening in 4Q2017. When completed, the 1.33 million sq ft Northpoint City will be the largest integrated development in northern Singapore, according to Frasers Centrepoint. Northpoint City will house the 920-unit North Park Residences and Northpoint Shopping Centre, which will have more than 400 retail and dining outlets. In addition, the development will house the Nee Soon KNIGHT FRANK SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Central Community Centre, an air-conditioned bus interchange and an underground retail link that connects directly to the Yishun MRT station. The north wing of the shopping mall will be the first to open in September after the completion of its asset enhancement initiative. Christopher Tang, CEO of Frasers Centrepoint Singapore, says, Northpoint City will bring new-found vibrancy to the area, just as our landmark Northpoint Shopping Centre did 25 years ago. Martin Modern Phase 1 sold out GuocoLand sold approximately 90 units in the first phase of Martin Modern (above) for a total of more than $220 million, over the weekend of July 22 and 23. The units had a price range of $1.75 million to $4.55 million ($2,009 psf to more than $2,500 psf). Units sold ranged from two- to four-bedroom apartments. More than 70% of the units sold were larger units and 80% of buyers were high-income Singaporeans, says Cheng Hsing Yao, group managing director of GuocoLand Singapore. This is a strong stamp of confidence in Martin Modern in terms of its quality and growth potential. Cheng adds that many of the buyers are considering the units for their own use. According to GuocoLand, Martin Modern buyers were attracted to its home within a botanic garden concept. The project is expected to receive its Temporary Occupation Permit by end-2021. Foreign buyer to pay $430.1 mil for Citimac The freehold Citimac Industrial Building (above, right) is being sold for $430.1 million in a collective sale, according to Edmund Tie & Company (ET&Co), which brokered the deal. The land cost works out to $1,047 psf ppr, inclusive of a development charge of $82 million. The tender exercise for the site closed on July 21 and the buyer is said to be a foreign developer. Located on Macpherson Road in Tai Seng, the freehold redevelopment site has a land area of close to 139,790 sq ft, with a gross plot ratio of 3.5. The site is zoned Business 1-White. FRASERS CENTREPOINT SINGAPORE GUOCOLAND According to ET&Co, the site can yield a maximum GFA of 489,262 sq ft, of which at least 349,473 sq ft is to be set aside for Business 1 use. The remaining 139,789 sq ft can be allocated for White use. JTC launches Tuas South Link 3 site under IGLS On July 25, JTC released a Confirmed List site at Tuas South Link 3 (Plot 25) under the 2H2017 Industrial Government Land Sales Programme. This is the first of eight Confirmed List land plots released by JTC for 2H2017. The 0.4ha site is zoned for Business 2 development. It has a maximum permissible gross plot ratio of 1.4, and holds a 20-year tenure. The tender exercise will close on Sept 19. Suntec REIT acquires 50% stake in Melbourne office building for $446.2 mil Suntec REIT 477 Trust announced on July 26 that it has entered into an agreement to buy a 50% stake in a site on Collins Street, in Melbourne, for A$414.17 million ($446.2 million). Suntec REIT 477 Trust is a wholly-owned sub-trust of Suntec Real Estate Investment Trust. The remaining 50% stake will continue to be owned by the seller, Mirvac, who is also developing the property a 40-storey office building named Olderfleet on the site. Completion is slated for mid-2020. Olderfleet is set to have an estimated net lettable area of 624,312 sq ft, which will include 21,528 sq ft of retail space. According to the REIT, the property is situated in the Western Core of Melbourne s CBD, within the Free Tram Zone. We are pleased to expand our footprint in Australia with the acquisition of 477 Collins Street. This is a strategic fit with Suntec REIT s portfolio of high-quality assets and enhances its income and geographical diversification, says Chan Kong Leong, CEO of ARA Trust Management (Suntec), which manages the REIT. Lian Beng and KSH divest Melbourne property for $36.7 mil Lian Being Group and KSH Holdings announced on July 24 the disposal of a Melbourne property. The 19 units at 596 St Kilda Road will be sold to an unrelated third party, for a consideration of A$34 million ($36.7 million). The 19 separately-titled apartments are housed in a freehold three-storey residential complex, which sits on a 19,414 sq ft area in the southern precinct of St Kilda Road. The property is owned by Lian Beng (St Kilda), a wholly-owned subsidiary of Goldprime Realty. Lian Being Group owns 80% of Goldprime Realty, while KSH owns the remaining 20%. According to Lian Beng and KSH, the divestment is an opportunity to realise good value for the investment and enhance their financial positions. Frasers Property Australia secures four new leases for Melbourne industrial park On July 25, Frasers Property Australia announced that it has inked 10-year lease agreements with four new tenants, for purpose-built facilities in one of its Melbourne industrial park developments. CH2, Stanley Black & Decker, Silvan, and Rubie s Deerfield have signed tenancy agreements with Frasers Property for between 97,198 sq ft to 233,815 sq ft of space each, at The Key Industrial Park in South West Melbourne. ARB also purchased a 172,224 sq ft warehouse in the industrial park. CONTINUES ON PAGE EP10 ET&CO
THEEDGE SINGAPORE JULY 31, 2017 EP3 MARKET TRENDS Asia s co-working players JustCo and naked Hub merge to fend off WeWork BY LIN ZHIQIN Many co-working operators do not really understand co-working, according to Kong Wan Sing, founder and CEO of JustCo, a home-grown serviced office and co-working operator. Co-working is not just providing a space with desks for people to do their work, he explains. Last November, when Kong was in Shanghai, he was introduced to Grant Horsfield, founder and chairman of China-based co-working operator naked Hub. We chatted over drinks. Then, I went to visit naked Hub s co-working space and he came to see JustCo s, Kong recounts. And I thought, This guy knows what he s doing. Maybe we can do something together. At the time, Kong reckoned that demand for co-working space would continue to grow and there would be consolidation in the market. He was open to a merger. On July 18, JustCo and naked Hub announced plans to merge. The merger will lead to the formation of the largest premium co-working operator in Asia, according to the two companies. JustCo currently has 180,000 sq ft of space in Singapore: 35,000 sq ft across five floors at 120 Robinson Road, 15,000 sq ft at 6 Raffles Quay, 50,000 sq ft across two floors at UIC Building and 80,000 sq ft across two floors at Marina One that will open in August. The JustCo co-working spaces at UIC Building and Marina One have unobstructed sea views, according to Eileen Wee, JustCo s marketing communications manager. JustCo s members include bike sharing app company Mobike; Line, a messenger, chat and video call app; and US unicorn company Cloudflare, a content delivery network and security services provider. By end-2017, JustCo will have 400,000 sq ft of space in Singapore, says Kong. There are plans to open JustCo co-working spaces in Bangkok, Kuala Lumpur and Jakarta, and expand all the way to Australia, he adds. naked Hub was started in November 2015 and within the first 10 months of operations, eight naked Hub co-working spaces were opened, according to its CEO Jonathan Seliger. There are currently 11 naked Hub co-working spaces in Beijing, Shanghai and Hong Kong. naked Hub has also branched out into Vietnam, where it is set to open a co-working space in Ho Chi Minh City and another in Hanoi. The company expects to have 21 co-working spaces across Asia by end-2017. Horsfield (left) and Kong at naked Hub@Bonham Strand, the first naked Hub co-working space in Hong Kong JustCo takes up 35,000 sq ft across five floors at its co-working space at 120 Robinson Road NAKED HUB The combined portfolio of the merged company will have a gross floor area of 140,000 sq m (1.51 million sq ft) in 41 locations across six countries that can serve more than 8,000 companies and 32,000 members, according to JustCo and naked Hub. Coworking market untapped The co-working market grew 71% annually from 2007 to 2015 and is projected to grow 68% annually from 2016 to 2018 globally, according to Statista, an online statistics portal. The co-working market is very big and still untapped, says Kong. According to him, many small and medium-sized enterprises that used to rent their own office space have decided to move into co-working spaces, which have a pleasant environment and offer access to the community of people working there. Large corporations that used to lease space from commercial landlords are also becoming interested in engaging co-working operators to manage their office space, or moving into a co-working space. Last September, HSBC took out more than 300 memberships at WeWork s Tower 535, a Grade-A office building in Hong Kong s Causeway Bay. Last November, Microsoft bought WeWork memberships for 300 of its employees, allowing them to have access to WeWork offices in New York. In April, IBM inked a deal with WeWork for 600 employees to move to WeWork s 88 University Place office in New York. Lendlease has moved its regional headquarters in Singapore, which has 150 workers, to The Work Project, a co-working space that opened at OUE s Downtown Gallery in June. The business model for co-working operators has also evolved. Previously, they had to lease the space, but there has been a shift to the management contract model where the Artist s impression of JustCo s co-working space at UIC Building, where it occupies 50,000 sq ft across two floors operator is paid a fee. According to Kong, JustCo has been in discussions with a US-headquartered Fortune 500 company to revamp the latter s Singapore office and operate it as a co-working office, complete with a community of members who are not the US company s own employees. JustCo is also looking to take up close to 100,000 sq ft of space in a shopping mall that will house at least 2,000 members, says Kong. He reckons it will inject life into the shopping mall because of the additional footfall and spending from the community. Three years ago, I was very sceptical about co-working. I used to wonder how people can work in an open area and how they collaborate, says Kong. But it s good. Collaboration is the new way of working. Now, our office is open. Defending territory JustCo and naked Hub are working with China Renaissance to finalise a US$200 million ($272.7 million) Series C funding round by end-august. The Beijing-based investment bank has advised on deals for ride-hailing app company Didi Chuxing as well as Mobike and the listing of e-commerce company JD.com. It will value us at US$1 billion and is a very important part of our conditional merger, says Kong. naked Hub closed a $33 million funding round led by Gaw Capital, a Hong Kong-based private-equity real-estate firm, in November 2016. JustCo is backed by European private-equity firm Tikehau Capital Partners and Singapore s Pinetree Capital Partners. According to Kong, Tikehau and Pinetree are also looking to participate in the Series C funding round. According to research firm CB Insights, New York-based co-working company WeWork is the fifth-most-valuable privately held start-up. Earlier this month, WeWork raised US$760 million in a funding round that valued it at about US$20 billion. WeWork is the largest co-working operator in the US. It has operations in close to 50 cities. In Asia, WeWork operates in China, Hong Kong and India and is set to begin operations in Tokyo soon. Singapore is said to be We- Work s next stop, based on job vacancies it is trying to fill. I want to be No 1 in Southeast Asia in two years, says Kong. With WeWork muscling into Asia to grab market share, there is a need to grow fast and that will require funding, he adds. We have to defend our territory. E JUSTCO SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
EP4 THEEDGE SINGAPORE JULY 31, 2017 EAT PLAY LIVE Eclectic vibe in Balestier Aerial view of Balestier and Whampoa Drive, which has undergone a renewal PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY RUTH LOH XIU Balestier Road is just off Thomson Road on one end and the Novena area on the other end. Unlike most typical residential areas, which are more homogeneous in character, Balestier Road is more eclectic with shops, eateries, hotels, temples, industrial buildings, hospitals and apartment blocks. This makes the neighbourhood colourful and busy, says Ong Teck Hui, JLL national director of research and consultancy. URA identified Balestier as an identity node in 2002 and gazetted many conservation buildings in the area, including heritage shophouses built in the 1840s and monuments such as the Sun Yat Sen Nanyang Memorial Hall under its Old World Charm conservation proposal. Part of Balestier s charm is its blend of old and new the juxtaposition of heritage shophouses against retro-age and new buildings. It has a rich history spanning 160 years and was named after Joseph Balestier, the US first consul to Singapore and a sugarcane plantation owner who named his plantation Balestier Plains. People can now learn more about Balestier from the 1.6km Balestier Heritage Trail and the Balestier Food Trail map detailing special spots that set the area apart as culturally unique. Places of interest on the heritage trail include the Sun Yat Sen Nanyang Memorial Hall, the Maha Sasana Ramsi Burmese Buddhist Temple and The Former Shaw Malay Film Studios a significant site in Asian Cinema from the 1930s to 1980s. The Novena area has also long been a desirable CBD fringe office location, with office towers at Novena Square as well as the upcoming Royal Square and its mix of offices and medical suites Evolving enclave Long associated with its numerous lighting shops, hardware and home-fitting shops and local food, Balestier is also evolving. The traditional food haunts are still there, including Loong Fatt Eating House and Confectionery, House of Tau Sar Piah, Noi s Mushroom Minced Meat Noodles, Founder Bak Kut Teh, Boon Tong Kee and Loy Kee Chicken Rice. There is also Balestier Market, where some of the popular stalls from Longhouse Food Centre including the famous Long House Soon Kee Boneless Lor Duck Rice, Ah Hui Big Prawn Noodle and Boon Pisang Goreng have moved to. New cafés and restaurants that have sprouted up in Balestier include Café de Hong Kong; Paw Pet-radise Café, which is pet-friendly; Starker Bistro; and Wheeler s Yard, an industrial warehouse café, a favourite with cyclists. The Balestier neighbourhood has also undergone a renewal in terms of its residential landscape, following the last wave of collective sales, which saw new apartment and condominium projects spring up in the area. The fact that there have been some 30 collective sales in Balestier since 2006 shows a healthy demand for housing in that area and no shortage of interest from developers, says Ong. It looks like the Balestier area is poised for another collective-sale wave, with developments such as Balestier Regency, Boon Teck Tower and Kemaman Point attempting collective sales. Residential offerings An influx of international students has also helped in the rejuvenation of Balestier in recent years, especially given the proximity of the area to Curtin Singapore, East Asia Institute of Management and Global Indian International School. There is therefore strong rental demand, which bodes well for investors, especially since they can achieve net rental yields of 2% to 3%, according to JLL s Ong. New developments in the area that will soon be completed include City Suites, a 56- unit freehold project located on Balestier Road. Developed by Singapore-listed international property developer SingHaiyi Group, it has a wide range of one-bedroom units measuring 452 to 527 sq ft. The project is expected to obtain its Temporary Occupation Permit in 3Q2017. The one-bedroom units have fully fitted kitchen appliances and cabinets, bathroom accessories as well as built-in wardrobes. Assuming an average selling price of $1,800 psf and a monthly rental rate of $2,500, investors can achieve gross rental yields of 3.1% to 3.7%. Over the years, Balestier has become popular with investors. For example, one named Loke chose to invest in an apartment in Balestier after looking at different parts of Singapore 11 years ago. He has found it easy to lease out his two-bedroom apartment in Balestier since purchasing it in 2006. It s so close to town, and the return on investment isn t bad compared with properties in the nearby prime District 11 which have higher prices psf, he says. Besides City Suites, new developments in the area include OKIO, VIIO @ Balestier and Viridian. Over the past year, transacted prices in these projects have ranged from $1,230 to $1,724 psf, according to caveats lodged with URA Realis. These prices are affordable to investors and owner-occupiers, given their cityfringe location and freehold tenure, notes JLL s Ong. Besides Tan Tock Seng Hospital and Ren Ci Hospital, other existing medical facilities in Novena include Mount Elizabeth Novena Hospital and Specialist Centre (pictured) The Wheeler s Yard is an industrial warehouse café in Balestier that is popular with cyclists
THEEDGE SINGAPORE JULY 31, 2017 EP5 EAT PLAY LIVE This tau sar piah shop in one of the old shophouses on Balestier Road continues to be a favourite today The Sun Yat Sen Nanyang Memorial Hall is a heritage building surrounded by parkland Zhongshan Park, a mixed-use development, contains an office tower, two hotels and Zhongshan Mall, and is part of the grounds that include the conserved Sun Yat Sen Nanyang Memorial Hall Curtin Singapore (pictured above), East Asia Institute of Management and Global Indian International School have helped in the rejuvenation of Balestier, bringing foreign students to the neighbourhood New commercial developments, Health City Novena One development that has really changed the face of Balestier is Zhongshan Park, a mixeduse development with a premium office tower, and two hotels branded Days Hotel and Ramada Singapore. Within the development is also Zhongshan Mall, which has more than 58,000 sq ft of retail space and is anchored by FairPrice Finest supermarket. Zhongshan Park is also part of the grounds, which include the Sun Yat Sen Nanyang Memorial Hall and the park around it. An added attraction of Balestier is its proximity to Health City Novena, poised to be Singapore s largest medical hub. Officially launched in 2013, Health City Novena will be developed jointly by the Ministry of Health, Tan Tock Seng Hospital and National Healthcare Group. When completed by 2030, healthcare-related space at Health City Novena will double to 6.46 million sq ft from 2.69 million sq ft today. It is also expected to see 30,000 people either working there or visiting the complexes daily, which will have a significant ripple effect on the surrounding area. Besides Tan Tock Seng Hospital and Ren Ci Hospital, other existing medical facilities in Novena are Novena Medical Centre as well as Mount Elizabeth Novena Hospital and Specialist Centre. Complementing Health City Novena is Thomson Medical Centre, a private hospital specialising in gynaecology and in-vitro fertilisation. Amenities for residents Besides Balestier Plaza, Shaw Plaza and Zhongshan Mall, the residents in Balestier are also well served by the shopping centres in the Novena area Velocity, Square 2 and United Square which are linked underground to the Novena MRT station. The Novena area has also long been a desirable CBD fringe office location, with office towers at Novena Square, Newton 200, Goldhill Plaza, Revenue House and United Square. A new mixed-use commercial development in the area is Royal Square, which contains a mix of offices and medical suites. In terms of public transport, Balestier is well served by buses and the MRT. It is also accessible via the Central Expressway and Pan Island Expressway, which means it is just a 10-minute drive to the CBD, Marina Bay and Orchard Road. E Ruth Loh Xiu is a freelance writer Exterior of the 56-unit City Suites, one of the new residential developments in Balestier The retro-age Balestier Plaza (directly above) and adjacent Shaw Plaza shopping centre on Balestier Road The famous Boon Tong Kee Chicken Rice draws tourists to Balestier The Balestier Food Market, where some of the popular stalls from Longhouse Food Centre have moved to
EP6 THEEDGE SINGAPORE JULY 31, 2017 COVER STORY PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Toh s double-storey terraced house on Emerald Hill Road Building a $16 mil gem on EMERALD HILL Homeowner Justine Toh talks about what it takes to create prized real estate that can be passed down through the generations The spacious interior of the house at Emerald Hill with travertine-marble feature walls BY CECILIA CHOW The conservation area of Emerald Hill Road, located off Orchard Road and Cairnhill Road in prime District 9, has just 150 terraced houses. Many of them were built at the turn of the 20th century by Singapore s aristocracy and nouveaux riches, that is, the wealthy Chinese and Straits-Chinese merchants. The Emerald Hill terraced houses reflect the shifts in architectural fashion that took place in the early 1900s, from the Transitional, Late and Art Deco Shophouse Styles to an architectural hybrid referred to as Chinese baroque, which features ornate doorways, plaster work, intricate wood carvings and ceramic tilework. URA declared Emerald Hill a conservation area in 1985 and gazetted it four years later. It includes Peranakan Place, a row of six double-storey conserved shophouses built in 1902 and fronting Orchard Road. Singaporean Justine Toh, who owns a terraced house on Emerald Hill Road, likens the area to the Left Bank of Paris. Deceptive exterior Toh s house is located near the top of Emerald Hill Road and looks like the other conserved terraced houses in the area. Once you enter the gate to the driveway lined with well-manicured plants and walk up the three steps to the entrance of the house, however, you are greeted by a cavernous living room with walls of silver travertine, limestone flooring and double-volume ceiling height. Beyond the living room is the koi pond, with a massive skylight overhead and a flight of steps leading to the basement, which has been converted into a spacious home study with en suite bathroom. The second level of the house has two wings the private wing at the front contains a master suite with en suite walk-in wardrobe, master bathroom and a loft that can be turned into an additional wardrobe area. Adjoining the master suite is the private gym. The public wing contains the dining room and kitchen on the first level, and a junior master suite and guest bedroom on the second level. A lot of people cannot visualise the size of the interior from the outside, says Toh, who lives in the house with a helper and three huskies. I like to build houses that give you the perception of space, with the high ceiling, skylight and muted colour palette. Lawyer-cum-banker-turned-builder Toh, a self-taught home builder, interior designer and art collector, named her firm Artigiano (Italian for artisan ). She started as a purveyor of well-crafted Italian furniture and antiques, and used her home as a showcase to help cus-
THEEDGE SINGAPORE JULY 31, 2017 EP7 COVER STORY The rooftop skylight can be opened and closed remotely The master bedroom has double-volume ceiling height, and windows and doors of Burmese teak The kitchen with Santos Palisander wooden cabinets and panels The master bathroom with bookmatched marble slabs The staircase leading to the private wing of the house tomers visualise how they could display them in their own homes. But many would come back and ask me to help them display the pieces in their own homes, she says. And that s how I ventured into interior design. One day, a client of many years asked Toh to speak to his architect on his behalf, as he did not like the way his house was being designed and built. She says, I worked with the architect and enjoyed the process so much that I decided to become a builder. Toh was a partner in one of the largest Singapore and US law firms, specialising in banking and finance for more than 20 years before becoming senior counsel and global head of legal and compliance in Fortune 500 companies and financial institutions. When she was working full-time, interior design and home building was a passion she indulged in only on weeknights and weekends. Toh had been investing in property for more than 20 years, though, focusing exclusively on homes in prime Districts 9 and 10. She purchased the terraced house on Emerald Hill Road in July 2008. This was just before the global financial crisis, when luxury condo prices were still at their peak and four-bedroom units in luxury condos in the Orchard Road neighbourhood were still going for more than $7 million. That was when I stopped investing in condominiums because I just couldn t wrap my head around the fact that I could buy a freehold house in prime District 9 for the same price, she relates. So, I decided to buy and develop landed property instead. Patience rewarded Toh was patient in her house hunt and knew exactly what she wanted. She had her eye on two units on Emerald Hill Road and asked her agents to approach the owners. After two years, one of the owners relented. The house was in a state of disrepair the roof had been eaten by termites and it still had squat toilets. The purchase also marked Toh s maiden venture as a builder in a conservation area. The typical conserved terraced house is usually quite dark, as there s not much daylight coming in, she says. It s therefore better to buy a unit whose interior can be remodelled for modern-day living. And that was exactly what she did. Construction of the house took two years because a year was spent securing regulatory approvals, particularly for the basement. The Building and Construction Authority (BCA) was concerned about the soil condition of Emerald Hill Road, as the area was originally plantation land before it became a residential neighbourhood in the early 1900s. Toh and her architect bore three holes and found that the house was sitting on bedrock. As Toh: I m happy because the house turned out exactly the way I had visualised it BCA was still unconvinced, they bore 10 other holes in various parts of the house, with the same results. It was only then that BCA was willing to approve the plans for the basement level. Exca vation work cost about $250,000. But when you re sitting in the living room looking at the space, it is well worth it, she says. Luxury finishing and fittings When it came to the silver travertine on the walls, Toh visited the quarry in Italy that produced it. She had to buy two slabs one for each wall. They were cut and bookmatched, resulting in no visible break line throughout the two walls. The travertine had been shipped from Italy to the factory in Singapore, where it was cut again, and then transported to the house. The travertine cost about $250,000, and Toh estimates that it would cost $400,000 today. Even the marble slabs in the bathrooms are larger than normal and also had to be bookmatched. Toh opted for limestone flooring for the ground and basement levels as it is porous and helps cool the house. The latticework panels and privacy screens in the house as well as the doors and windows, staircases and flooring on the second level are of Burmese teak. Even the air-conditioning units are concealed by latticework panels of Burmese teak. No detail has been overlooked. In the kitchen, the wood panelling and cabinetry are of Santos Palisander wood, an exotic South American wood. For Toh, no ordinary ceiling fan could adorn the living room only a $5,000 Boffi one would do. The house also boasts an audiophile sound system. Even though the original terraced house was not a conserved property, Toh decided to have the façade designed in keeping with the conserved terraced houses in its vicinity. All in, she spent about $3 million building the house. Today, if a homeowner were to replicate the building of the house using the same materials, it would cost closer to $5 million. Sense of space I m happy because the house turned out exactly the way I had visualised it, she says. I built this house so that I could come home to a calm place after work. And I love the fact that people have the same sense of space and tranquillity when they come in. Having enjoyed living in her house for eight years, Toh is now itching to embark on her next project. I m looking for a suitable site to build a Good Class Bungalow, and I already have an architect in mind, she says. Toh s house sits on a freehold land area of about 2,450 sq ft with built-up space of around 6,000 sq ft. It is one of just 20 to 30 terraced houses in the Emerald Hill neighbourhood that comes with private parking. The houses with odd numbers on this side of Emerald Hill Road are prized for their private parking space, says K L Goh, associate agency head of Century 21, exclusive agent for Toh s house. It s also relatively quiet on this side of Emerald Hill Road, unlike some of those on the opposite side, where the rear end abuts the Central Expressway. Owing to the rarity of the houses on Emerald Hill Road, they appeal to collectors who want to buy and hold for the long term. The most recent transaction on Emerald Hill Road was that of a house sitting on a land area of 2,626 sq ft that fetched $10.8 million in February, according to a caveat lodged with URA Realis. Meanwhile, the price tag on Toh s home is $16 million. Every house on Emerald Hill is different, says Century 21 s Goh. Her house was specially designed with imported materials. Toh concurs. The buyer of this house will be getting a premium product. E
EP8 THEEDGE SINGAPORE JULY 31, 2017 DONE DEALS Amber Skye, Goodwood Grand see spike in sales post-completion ALBERT CHUA/THE EDGE SINGAPORE BY ANGELA TEO The 109-unit Amber Skye, located on the corner of Amber Road and Tanjong Katong Road, was completed in April. Since then, about 40 units have been sold at prices ranging from $1.053 million for a 527 sq ft, one-bedroom unit on the fifth floor to $2.65 million for a 1,335 sq ft, three-bedroom unit on the 19th floor. The project is jointly developed by CS Land (formerly known as China Sonangol Land) and OKP Land. According to Amber Skye s marketing agent, Kelvin Tan of Huttons Asia, the developer is offering a 5%+1% discount on selected units, including one- to two-bedroom lofts, three- and four-bedroom units, three- to six-bedroom penthouses and garden villas. As at July 21, only 58 units were available for sale. The project s quality finishing and unit layout could be a reason for the pickup in transactions since completion. Another attraction could be the freehold project s location, which is directly across the road from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line. In the Balmoral area, Goodwood Grand obtained its Temporary Occupation Permit in June. The developer relaunched the project upon completion and, since then, 14 units have been snapped up even without discounts being offered, according to Emilia Teo, business development director at Tong Eng Group. Goodwood Grand is jointly developed by Tong Eng Group (50%), the Ng family of Clarus Corp (20%) and listed construction group Tiong Seng Holdings (30%). The project contains 65 apartments and eight strata bungalows. The prices of units sold in July have ranged from $1.88 million ($2,430 psf) for a 775 sq ft, two-bedroom-plus-study unit on the sixth floor, to $2.97 million ($2,419 psf) for a 1,227 sq ft, four-bedroom unit on the third floor, according to caveats lodged between July 2 and 16. Goodwood Grand is 63% sold. Pull factors are said to include its freehold status, location in prime District 10 and proximity to Goodwood Hills and Orchard Road. The buyers are believed to be predominantly young local couples buying for their own use, as well as some investors buying for rental income. Meanwhile, CapitaLand released a new phase of houses at Victoria Park Villas in mid-july. The 99-year leasehold landed housing project comprises 106 semi-detached houses and three bungalows. It is located in the prestigious Victoria Park Good Class Bungalow area. Following the launch of the new phase of semi-detached houses at Victoria Park Villas, 16 units were snapped for $3.9 million to $5.07 million on July 15. Jack Chua, CEO of ERA Realty, the marketing agent for Victoria Park Villas, says the strong pickup in transactions is because buyers have been waiting for the release of this latest phase one of the inner clusters fronting a newly created road within the development called Victoria Park Grove. About 60% of the houses have been sold, he adds. Victoria Park Villas is sought-after for its proximity to top schools such as Nanyang Kinder garten, Nanyang Primary School, Raffles Girls Primary School, Hwa Chong Institution and St Margaret s Secondary School. E Amber Skye is located directly across the road from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated July 11 to 18 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 PEOPLE S PARK COMPLEX Apartment 99 years July 12, 2017 1,119 800,000-715 1972 Resale District 2 ICON Apartment 99 years July 17, 2017 904 1,530,000-1,692 2007 Resale ICON Apartment 99 years July 11, 2017 786 1,250,000-1,591 2007 Resale ICON Apartment 99 years July 11, 2017 700 1,138,000-1,627 2007 Resale SPOTTISWOODE PARK Apartment 99 years July 14, 2017 850 785,000-923 Unknown Resale SPOTTISWOODE PARK Apartment 99 years July 11, 2017 1,270 860,000-677 Unknown Resale SPOTTISWOODE SUITES Apartment Freehold July 16, 2017 441 1,065,000-2,413 2017 New Sale SPOTTISWOODE SUITES Apartment Freehold July 16, 2017 441 1,055,000-2,391 2017 New Sale SPOTTISWOODE SUITES Apartment Freehold July 16, 2017 441 985,000-2,232 2017 New Sale SPOTTISWOODE SUITES Apartment Freehold July 15, 2017 441 1,038,000-2,352 2017 New Sale SPOTTISWOODE SUITES Apartment Freehold July 14, 2017 441 1,020,000-2,311 2017 New Sale District 3 ALEX RESIDENCES Apartment 99 years July 16, 2017 474 977,000-2,063 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years July 16, 2017 1,044 1,980,000-1,896 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years July 15, 2017 657 1,323,000-2,015 Uncompleted New Sale CENTRAL GREEN Condominium 99 years July 17, 2017 926 1,290,000-1,394 1995 Resale CENTRAL GREEN Condominium 99 years July 12, 2017 775 1,080,000-1,394 1995 Resale CENTRAL GREEN Condominium 99 years July 11, 2017 1,432 1,720,000-1,201 1995 Resale COMMONWEALTH TOWERS Condominium 99 years July 16, 2017 474 908,000-1,917 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years July 16, 2017 474 908,000-1,917 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years July 16, 2017 484 899,000-1,856 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years July 16, 2017 484 899,000-1,856 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years July 16, 2017 797 1,368,000-1,717 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years July 15, 2017 484 899,000-1,856 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years July 13, 2017 463 888,000-1,919 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years July 12, 2017 463 888,000-1,919 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years July 11, 2017 463 888,000-1,919 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years July 16, 2017 700 1,400,400-2,002 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years July 15, 2017 1,152 2,156,000-1,872 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years July 14, 2017 635 1,334,500-2,101 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 16, 2017 484 833,000-1,720 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 15, 2017 495 852,000-1,721 Uncompleted New Sale QUEENS PEAK Condominium 99 years July 16, 2017 431 774,560-1,799 Uncompleted New Sale QUEENS PEAK Condominium 99 years July 14, 2017 947 1,465,000-1,547 Uncompleted New Sale QUEENS PEAK Condominium 99 years July 14, 2017 441 771,470-1,748 Uncompleted New Sale QUEENS PEAK Condominium 99 years July 12, 2017 441 814,730-1,846 Uncompleted New Sale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE QUEENS PEAK Condominium 99 years July 12, 2017 624 1,089,360-1,745 Uncompleted New Sale RIVER PLACE Condominium 99 years July 18, 2017 786 998,000-1,270 2000 Resale THE CREST Condominium 99 years July 13, 2017 1,238 2,005,560-1,620 2017 New Sale THE CREST Condominium 99 years July 12, 2017 1,195 1,934,000-1,619 2017 New Sale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years July 12, 2017 1,206 1,780,000-1,476 2004 Resale THE AZURE Condominium 99 years July 12, 2017 1,668 2,600,000-1,558 2008 Resale District 5 BLUE HORIZON Condominium 99 years July 11, 2017 958 935,000-976 2005 Resale BOTANNIA Condominium 956 years July 14, 2017 1,227 1,400,000-1,141 2009 Resale CARABELLE Condominium 956 years July 13, 2017 883 1,020,000-1,156 2009 Resale FABER CREST Condominium 99 years July 13, 2017 1,270 1,040,000-819 2001 Resale HERITAGE VIEW Condominium 99 years July 18, 2017 969 1,050,000-1,084 2000 Resale HERITAGE VIEW Condominium 99 years July 18, 2017 1,464 1,800,000-1,230 2000 Resale LOTUS AT PASIR PANJANG Condominium Freehold July 11, 2017 89,621 121,000,000-1,350 Unknown Resale PARC RIVIERA Condominium 99 years July 16, 2017 710 885,000-1,246 Uncompleted New Sale PARC RIVIERA Condominium 99 years July 16, 2017 1,152 1,345,000-1,168 Uncompleted New Sale PARC RIVIERA Condominium 99 years July 15, 2017 710 972,000-1,368 Uncompleted New Sale PARC RIVIERA Condominium 99 years July 11, 2017 1,152 1,366,000-1,186 Uncompleted New Sale PARC RIVIERA Condominium 99 years July 11, 2017 646 825,160-1,278 Uncompleted New Sale PARC RIVIERA Condominium 99 years July 11, 2017 990 1,256,000-1,268 Uncompleted New Sale PASIR PANJANG GARDENS Terrace Freehold July 17, 2017 1,496 2,360,000-1,577 Unknown Resale REGENT PARK Condominium 99 years July 18, 2017 818 750,000-917 1997 Resale SEAHILL Condominium 99 years July 17, 2017 517 770,000-1,490 2016 Sub Sale THE ORIENT Apartment Freehold July 15, 2017 581 1,070,300-1,841 Uncompleted New Sale THE PARC Condominium Freehold July 18, 2017 1,292 1,570,000-1,215 2010 Resale THE TRILINQ Condominium 99 years July 14, 2017 1,518 1,736,000-1,144 2017 New Sale THE TRILINQ Condominium 99 years July 14, 2017 1,356 1,678,000-1,237 2017 New Sale THE TRILINQ Condominium 99 years July 13, 2017 753 1,108,000-1,471 2017 Sub Sale THE TRILINQ Condominium 99 years July 12, 2017 1,356 1,579,000-1,164 2017 New Sale THE TRILINQ Condominium 99 years July 12, 2017 538 818,000-1,520 2017 New Sale District 7 GOLDEN MILE COMPLEX Apartment 99 years July 11, 2017 926 680,000-735 Unknown Resale SUNSHINE PLAZA Apartment 99 years July 13, 2017 1,109 1,405,000-1,267 2001 Resale SUNSHINE PLAZA Apartment 99 years July 11, 2017 2,250 2,200,000-978 2001 Resale THE PLAZA Apartment 99 years July 12, 2017 732 745,000-1,018 1979 Resale District 8 CITY SQUARE RESIDENCES Condominium Freehold July 14, 2017 1,830 2,000,000-1,093 2008 Resale CITY SQUARE RESIDENCES Condominium Freehold July 13, 2017 1,507 2,088,000-1,386 2008 Resale CITYSCAPE @FARRER PARK Condominium Freehold July 12, 2017 1,378 1,630,000-1,183 2014 Resale KENTISH COURT Apartment 99 years July 18, 2017 1,335 1,170,000-877 1999 Resale STURDEE RESIDENCES Condominium 99 years July 12, 2017 829 1,329,000-1,603 Uncompleted New Sale VANADIUM Apartment Freehold July 17, 2017 732 970,000-1,325 2007 Resale District 9 8 @ MOUNT SOPHIA Condominium 103 years July 11, 2017 1,464 2,080,000-1,421 2007 Resale CAIRNHILL CREST Condominium Freehold July 14, 2017 2,013 3,663,660-1,820 2004 Resale RIVER VALLEY COURT Apartment Freehold July 18, 2017 1,636 2,000,000-1,222 1994 Resale RIVERGATE Apartment Freehold July 11, 2017 1,507 2,808,000-1,863 2009 Resale ROBERTSON 100 Apartment Freehold July 17, 2017 872 1,515,000-1,738 2004 Resale SOPHIA HILLS Condominium 99 years July 16, 2017 700 1,382,000-1,975 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 16, 2017 1,539 3,168,000-2,058 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 15, 2017 570 1,116,000-1,956 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 15, 2017 710 1,443,000-2,031 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 14, 2017 700 1,413,000-2,020 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 13, 2017 506 1,061,000-2,097 Uncompleted New Sale THE CLAYMORE Condominium Freehold July 11, 2017 3,348 8,000,000-2,390 1985 Resale THE COSMOPOLITAN Condominium Freehold July 11, 2017 1,679 3,180,000-1,894 2008 Resale TRIBECA Condominium Freehold July 12, 2017 1,033 1,760,000-1,703 2010 Resale UE SQUARE Apartment 929 years July 13, 2017 1,528 2,500,000-1,636 1997 Resale UE SQUARE Apartment 929 years July 12, 2017 506 950,000-1,878 1997 Resale VISIONCREST Apartment Freehold July 18, 2017 947 1,703,000-1,798 2007 Resale VISIONCREST Apartment Freehold July 14, 2017 1,152 2,000,000-1,736 2007 Resale District 10 ASTRID MEADOWS Condominium Freehold July 12, 2017 3,800 6,350,000-1,671 1990 Resale ASTRID MEADOWS Condominium Freehold July 11, 2017 3,800 6,400,000-1,684 1990 Resale CYAN Condominium Freehold July 18, 2017 657 1,298,000-1,977 2014 Resale D LEEDON Condominium 99 years July 18, 2017 1,152 1,775,000-1,541 2014 Resale GALLOP GABLES Condominium Freehold July 12, 2017 2,669 4,500,000-1,686 1997 Resale GOODWOOD GRAND Apartment Freehold July 16, 2017 775 1,883,000-2,430 2017 New Sale GOODWOOD GRAND Apartment Freehold July 15, 2017 1,109 2,676,000-2,414 2017 New Sale GOODWOOD GRAND Apartment Freehold July 13, 2017 1,044 2,624,000-2,513 2017 New Sale
THEEDGE SINGAPORE JULY 31, 2017 EP9 DONE DEALS Residential transactions with contracts dated July 11 to 18 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE GOODWOOD GRAND Apartment Freehold July 11, 2017 893 2,207,000-2,470 2017 New Sale GRAMERCY PARK Condominium Freehold July 14, 2017 1,959 5,055,300-2,580 2016 Resale GRAMERCY PARK Condominium Freehold July 13, 2017 1,270 3,757,600-2,958 2016 Resale GRAMERCY PARK Condominium Freehold July 12, 2017 2,067 5,846,400-2,829 2016 Resale GREENLEAF ROAD Detached Freehold July 14, 2017 6,168 9,400,000-1,525 Unknown Resale HOLLAND RESIDENCES Condominium Freehold July 17, 2017 2,347 3,250,000-1,385 2012 Resale HOLLAND ROAD Condominium Freehold July 12, 2017 1,098 1,525,000-1,389 1995 Resale HOLLAND TOWER Apartment Freehold July 12, 2017 1,873 2,150,000-1,148 Unknown Resale JALAN SIANTAN Semi-Detached Freehold July 14, 2017 4,521 6,800,000-1,504 Unknown Resale JERVOIS ROAD Semi-Detached Freehold July 17, 2017 5,662 21,000,000-3,708 Unknown Resale ONE DUCHESS Apartment 999 years July 14, 2017 807 1,630,140-2,019 Uncompleted New Sale RIDGEWOOD Condominium 999 years July 13, 2017 1,744 2,050,000-1,176 1981 Resale RV RESIDENCES Condominium 999 years July 11, 2017 678 1,360,000-2,006 2015 Resale SHEARES VILLE Apartment Freehold July 11, 2017 1,475 2,210,000-1,499 2003 Resale SOMMERVILLE PARK Condominium Freehold July 14, 2017 1,302 1,830,000-1,405 1985 Resale SPRING GROVE Condominium 99 years July 13, 2017 1,012 1,455,000-1,438 1996 Resale THE ASANA Apartment Freehold July 15, 2017 570 1,511,409-2,649 Uncompleted New Sale THE ORANGE GROVE Condominium Freehold July 17, 2017 2,153 4,100,000-1,904 2010 Resale THREE BALMORAL Apartment Freehold July 14, 2017 614 1,415,898-2,308 2016 Resale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,357 4,382,000-1,863 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,314 4,299,000-1,859 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,982 5,073,000-1,704 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,153 4,011,000-1,863 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,271 4,238,000-1,865 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,153 3,908,000-1,815 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 3,100 5,031,000-1,626 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,153 3,908,000-1,815 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,217 3,980,000-1,792 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,217 3,980,000-1,792 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,314 4,145,000-1,789 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,669 4,732,000-1,770 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,960 5,062,000-1,710 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,174 4,135,000-1,901 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,497 4,516,000-1,806 Uncompleted New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 15, 2017 2,153 4,062,000-1,887 Uncompleted New Sale WOOLLERTON PARK Apartment Freehold July 12, 2017 2,551 4,400,000-1,725 Unknown Resale District 11 6 DERBYSHIRE Condominium Freehold July 12, 2017 1,012 2,087,420-2,063 2017 New Sale CUBE 8 Condominium Freehold July 12, 2017 1,335 1,880,000-1,409 2013 Resale JALAN UNGGAS Semi-Detached Freehold July 12, 2017 3,918 6,168,000-1,575 Unknown Resale LINCOLN SUITES Condominium Freehold July 11, 2017 527 1,250,000-2,370 2014 Resale SOLEIL @ SINARAN Condominium 99 years July 11, 2017 506 988,000-1,953 2011 Resale THOMSON 800 Condominium Freehold July 17, 2017 1,399 1,780,000-1,272 1999 Resale THOMSON 800 Condominium Freehold July 12, 2017 1,625 2,078,000-1,278 1999 Resale THOMSON 800 Condominium Freehold July 12, 2017 1,399 1,775,000-1,268 1999 Resale VILLA CHANCERY Condominium Freehold July 12, 2017 2,056 3,000,000-1,459 1986 Resale WATTEN ESTATE Semi-Detached Freehold July 17, 2017 3,972 7,828,000-1,971 Unknown Resale District 12 BALESTIER POINT Apartment Freehold July 11, 2017 1,130 1,000,000-885 1986 Resale BELMONDO VIEW Apartment Freehold July 12, 2017 1,281 1,320,000-1,031 2002 Resale CHELSEA GROVE Apartment Freehold July 11, 2017 990 1,100,000-1,111 2007 Resale GEM RESIDENCES Condominium 99 years July 15, 2017 1,313 1,957,230-1,490 Uncompleted New Sale GEM RESIDENCES Condominium 99 years July 15, 2017 452 818,000-1,809 Uncompleted New Sale GEM RESIDENCES Condominium 99 years July 15, 2017 1,249 1,710,720-1,370 Uncompleted New Sale GEM RESIDENCES Condominium 99 years July 14, 2017 936 1,461,000-1,560 Uncompleted New Sale GEM RESIDENCES Condominium 99 years July 11, 2017 936 1,436,000-1,533 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold July 15, 2017 1,432 2,931,351-2,048 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold July 11, 2017 517 1,282,263-2,482 Uncompleted New Sale MOONSTONE RESIDENCES Apartment Freehold July 14, 2017 1,044 1,030,000-986 2004 Resale MOONSTONE RESIDENCES Apartment Freehold July 11, 2017 1,238 1,306,000-1,055 2004 Resale OLEANDER TOWERS Apartment 99 years July 12, 2017 1,464 1,550,000-1,059 1997 Resale REGAL COURT Apartment Freehold July 18, 2017 1,173 1,210,000-1,031 1997 Resale TRELLIS TOWERS Condominium Freehold July 11, 2017 1,647 1,950,000-1,184 2000 Resale VA RESIDENCES Apartment Freehold July 14, 2017 506 775,000-1,532 2016 New Sale VA RESIDENCES Apartment Freehold July 12, 2017 517 785,000-1,519 2016 New Sale District 13 FORTUNE VIEW Terrace Freehold July 12, 2017 1,948 1,580,000-811 1998 Resale THE POIZ RESIDENCES Apartment 99 years July 16, 2017 1,184 1,649,030-1,393 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years July 16, 2017 1,227 1,709,800-1,393 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years July 16, 2017 1,206 1,668,600-1,384 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years July 15, 2017 1,464 2,006,440-1,371 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years July 11, 2017 1,765 1,835,460-1,040 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years July 11, 2017 1,948 2,338,888-1,200 2017 New Sale District 14 DAKOTA RESIDENCES Condominium 99 years July 14, 2017 1,292 1,800,000-1,394 2010 Resale JALAN AWANG Semi-Detached Freehold July 17, 2017 3,843 3,350,000-873 1974 Resale JALAN DAUD Terrace Freehold July 11, 2017 3,111 2,400,000-771 1991 Resale JALAN SENYUM Terrace Freehold July 11, 2017 1,970 2,688,888-1,366 1996 Resale SIMS URBAN OASIS Condominium 99 years July 16, 2017 1,033 1,426,100-1,380 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 16, 2017 1,033 1,436,400-1,390 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 16, 2017 958 1,339,400-1,398 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 15, 2017 829 1,069,100-1,290 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 15, 2017 635 852,000-1,342 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 15, 2017 1,206 1,653,200-1,371 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 15, 2017 1,206 1,639,800-1,360 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 15, 2017 958 1,333,100-1,392 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 14, 2017 958 1,390,400-1,451 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 14, 2017 710 1,057,700-1,489 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 14, 2017 700 1,031,100-1,474 Uncompleted New Sale STARVILLE Condominium Freehold July 13, 2017 1,216 1,020,000-839 2006 Resale THE SUNNY SPRING Apartment Freehold July 17, 2017 1,238 1,160,000-937 1998 Resale TRE RESIDENCES Condominium 99 years July 15, 2017 947 1,327,000-1,401 Uncompleted New Sale TRE RESIDENCES Condominium 99 years July 14, 2017 700 1,038,000-1,484 Uncompleted New Sale TRE RESIDENCES Condominium 99 years July 12, 2017 861 1,334,000-1,549 Uncompleted New Sale District 15 8M RESIDENCES Apartment Freehold July 18, 2017 646 1,292,000-2,000 2016 Resale 8M RESIDENCES Apartment Freehold July 13, 2017 893 1,668,888-1,868 2016 Resale AMBER RESIDENCES Condominium Freehold July 11, 2017 1,163 1,680,000-1,445 2011 Resale AMBER SKYE Apartment Freehold July 16, 2017 1,216 2,140,000-1,759 2017 New Sale AMBER SKYE Apartment Freehold July 16, 2017 1,119 2,150,000-1,921 2017 New Sale AMBER SKYE Apartment Freehold July 13, 2017 1,335 2,510,000-1,881 2017 New Sale AMBER SKYE Apartment Freehold July 13, 2017 1,335 2,536,500-1,900 2017 New Sale AMBER SKYE Apartment Freehold July 12, 2017 1,335 2,593,000-1,943 2017 New Sale ARTHUR 118 Apartment Freehold July 18, 2017 990 1,488,000-1,503 2006 Resale BLU CORAL Condominium Freehold July 11, 2017 1,184 1,188,000-1,003 2009 Resale EASTERN LAGOON Condominium Freehold July 11, 2017 1,378 1,628,000-1,182 1985 Resale FRANKEL ESTATE Semi-Detached Freehold July 18, 2017 5,490 7,000,000-1,276 1968 Resale FRANKEL ESTATE Terrace Freehold July 12, 2017 2,756 3,450,000-1,253 1988 Resale FULCRUM Condominium Freehold July 12, 2017 818 1,357,000-1,659 2016 Resale FULCRUM Condominium Freehold July 11, 2017 818 1,439,000-1,759 2016 Resale JOO CHIAT ROAD Apartment 9999 years July 17, 2017 1,076 925,700-860 Unknown Resale MANDARIN GARDENS Condominium 99 years July 14, 2017 1,528 1,380,000-903 1986 Resale NEPTUNE COURT Apartment 99 years July 12, 2017 1,636 1,190,000-727 1975 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 ONE AMBER Condominium Freehold July 14, 2017 1,302 1,950,000-1,497 2010 Resale PARKSHORE Condominium Freehold July 17, 2017 1,647 1,820,000-1,105 1995 Resale ROSE COURT Apartment Freehold July 17, 2017 1,690 1,808,000-1,070 1973 Resale SEASIDE RESIDENCES Apartment 99 years July 16, 2017 1,023 1,599,000-1,564 Uncompleted New Sale SIGLAP PARK Terrace Freehold July 17, 2017 1,679 2,700,000-1,608 Unknown Resale SILVERSEA Condominium 99 years July 11, 2017 980 1,400,000-1,429 2014 Resale TELOK KURAU ROAD Terrace Freehold July 17, 2017 2,551 2,150,000-842 1972 Resale THE SEA VIEW Condominium Freehold July 13, 2017 560 985,000-1,760 2008 Resale THE SEA VIEW Condominium Freehold July 11, 2017 1,518 2,300,000-1,515 2008 Resale THE TREELINE Apartment Freehold July 12, 2017 1,453 1,390,000-957 2008 Resale District 16 BAYSHORE PARK Condominium 99 years July 17, 2017 936 800,000-854 1986 Resale CHANGI COURT Condominium Freehold July 18, 2017 1,389 1,338,000-964 1997 Resale COSTA DEL SOL Condominium 99 years July 13, 2017 1,755 2,350,000-1,339 2004 Resale EAST MEADOWS Condominium 99 years July 14, 2017 1,195 990,000-829 2002 Resale EASTWOOD CENTRE Apartment 99 years July 13, 2017 1,604 1,200,000-748 1998 Resale PALMWOODS Condominium 99 years July 11, 2017 1,227 938,888-765 1999 Resale SENNETT AVENUE Semi-Detached Freehold July 18, 2017 4,801 4,998,000-1,041 Unknown Resale SUNHAVEN Condominium Freehold July 17, 2017 990 830,000-838 2002 Resale SUNHAVEN Condominium Freehold July 11, 2017 1,066 925,000-868 2002 Resale THE BAYSHORE Condominium 99 years July 17, 2017 1,432 1,260,000-880 1997 Resale THE GLADES Condominium 99 years July 11, 2017 1,948 2,398,000-1,231 2016 New Sale UPPER EAST COAST ROAD Terrace Freehold July 14, 2017 3,283 2,800,000-853 Unknown Resale District 17 ESTELLA GARDENS Condominium Freehold July 13, 2017 657 588,000-896 1999 Resale HEDGES PARK Condominium 99 years July 17, 2017 1,076 880,000-818 2015 Resale HEDGES PARK Condominium 99 years July 13, 2017 915 855,000-934 2015 Resale District 18 COCO PALMS Condominium 99 years July 16, 2017 1,259 1,426,800-1,133 Uncompleted New Sale COCO PALMS Condominium 99 years July 14, 2017 743 840,000-1,131 Uncompleted Sub Sale THE ALPS RESIDENCES Condominium 99 years July 15, 2017 689 805,000-1,169 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 15, 2017 689 793,000-1,151 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 15, 2017 689 755,000-1,096 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 14, 2017 1,066 1,160,000-1,089 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 14, 2017 1,066 1,147,420-1,077 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 12, 2017 689 781,040-1,134 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 12, 2017 936 981,590-1,048 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 11, 2017 689 723,000-1,050 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 11, 2017 1,066 1,142,000-1,072 Uncompleted New Sale THE PALETTE Condominium 99 years July 14, 2017 1,163 1,100,000-946 2015 Resale THE SANTORINI Condominium 99 years July 15, 2017 915 944,350-1,032 2017 New Sale THE SANTORINI Condominium 99 years July 15, 2017 915 984,400-1,076 2017 New Sale THE SANTORINI Condominium 99 years July 14, 2017 1,152 1,166,000-1,012 2017 New Sale THE SANTORINI Condominium 99 years July 14, 2017 1,109 1,129,564-1,019 2017 New Sale THE SANTORINI Condominium 99 years July 13, 2017 1,152 1,153,000-1,001 2017 New Sale THE SANTORINI Condominium 99 years July 13, 2017 1,119 1,163,000-1,039 2017 New Sale THE SANTORINI Condominium 99 years July 12, 2017 1,152 1,179,000-1,024 2017 New Sale THE SANTORINI Condominium 99 years July 12, 2017 915 1,032,400-1,128 2017 New Sale THE SANTORINI Condominium 99 years July 12, 2017 1,130 1,171,100-1,036 2017 New Sale THE SANTORINI Condominium 99 years July 12, 2017 1,507 1,646,000-1,092 2017 New Sale THE SANTORINI Condominium 99 years July 12, 2017 1,109 1,243,000-1,121 2017 New Sale THE SANTORINI Condominium 99 years July 11, 2017 904 989,500-1,094 2017 New Sale THE SANTORINI Condominium 99 years July 11, 2017 1,378 1,408,770-1,022 2017 New Sale THE SANTORINI Condominium 99 years July 11, 2017 1,130 1,299,700-1,150 2017 New Sale District 19 A TREASURE TROVE Condominium 99 years July 14, 2017 1,130 1,088,000-963 2015 Resale BARTLEY RESIDENCES Apartment 99 years July 17, 2017 463 685,000-1,480 2015 Resale CENTRAL VIEW Condominium 99 years July 14, 2017 1,259 1,054,388-837 2002 Resale CENTRAL VIEW Condominium 99 years July 13, 2017 980 872,000-890 2002 Resale CHARLTON 18 Terrace Freehold July 12, 2017 3,671 2,900,000-790 2016 Resale CHUAN PARK Condominium 99 years July 13, 2017 1,173 950,000-810 1985 Resale EVERGREEN PARK Apartment 99 years July 14, 2017 1,238 828,000-669 1999 Resale FOREST WOODS Condominium 99 years July 14, 2017 915 1,269,000-1,387 Uncompleted New Sale KOVAN MELODY Condominium 99 years July 13, 2017 1,410 1,550,000-1,099 2006 Resale RESIDENCES @ JANSEN Apartment 999 years July 14, 2017 1,615 1,330,000-824 2008 Resale RESIDENCES @ JANSEN Apartment 999 years July 12, 2017 1,066 1,010,000-948 2008 Resale RIVERSAILS Condominium 99 years July 12, 2017 1,109 1,085,000-979 2016 Resale SERANGOON GARDEN ESTATE Terrace 999 years July 18, 2017 1,830 2,220,000-1,214 Unknown Resale STARS OF KOVAN Apartment 99 years July 16, 2017 753 1,061,240-1,408 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 15, 2017 947 1,438,780-1,519 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 15, 2017 743 1,110,260-1,495 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 15, 2017 732 1,000,000-1,366 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 12, 2017 743 1,107,000-1,490 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 11, 2017 732 1,130,000-1,544 Uncompleted New Sale TERRASSE Condominium 99 years July 14, 2017 1,550 1,468,000-947 2014 Resale THE LUXURIE Condominium 99 years July 14, 2017 775 840,000-1,084 2015 Resale THE RIVERVALE EC 99 years July 14, 2017 1,302 860,000-660 2000 Resale THE TERRACE EC 99 years July 15, 2017 1,076 863,000-802 2017 New Sale District 20 BISHAN LOFT EC 99 years July 14, 2017 1,378 1,500,000-1,089 2003 Resale BRADDELL VIEW Apartment 102 years July 17, 2017 1,561 1,278,000-819 1981 Resale FAR HORIZON GARDENS Condominium 99 years July 13, 2017 1,152 795,000-690 1986 Resale HORIZON GARDENS Terrace 99 years July 11, 2017 2,906 1,848,888-636 2002 Resale JALAN RABU Semi-Detached Freehold July 13, 2017 2,400 2,700,000-1,126 Unknown Resale SEMBAWANG HILLS ESTATE Detached Freehold July 11, 2017 4,370 4,800,000-1,099 2004 Resale SKY HABITAT Condominium 99 years July 14, 2017 1,798 2,570,100-1,430 2015 Resale SKY HABITAT Condominium 99 years July 11, 2017 1,970 2,844,000-1,444 2015 Resale District 21 HIGH OAK Condominium 99 years July 13, 2017 1,184 930,000-785 1999 Resale HUA GUAN GARDENS Terrace 999 years July 13, 2017 4,176 4,500,000-1,078 1985 Resale PINE GROVE Condominium 99 years July 11, 2017 1,690 1,500,000-888 Unknown Resale SOUTHAVEN II Condominium 999 years July 12, 2017 1,507 1,515,000-1,005 1999 Resale THE CASCADIA Condominium Freehold July 18, 2017 2,260 1,700,000-752 2010 Resale THE CREEK @ BUKIT Condominium Freehold July 13, 2017 441 823,800-1,867 Uncompleted New Sale THE CREEK @ BUKIT Condominium Freehold July 13, 2017 721 1,266,800-1,757 Uncompleted New Sale THE CREEK @ BUKIT Condominium Freehold July 12, 2017 850 1,462,000-1,719 Uncompleted New Sale THE CREEK @ BUKIT Condominium Freehold July 12, 2017 786 1,273,020-1,620 Uncompleted New Sale THE NEXUS Condominium Freehold July 11, 2017 1,378 1,960,000-1,423 2006 Resale District 22 LAKE GRANDE Condominium 99 years July 15, 2017 775 1,052,000-1,357 Uncompleted New Sale THE CENTRIS Apartment 99 years July 11, 2017 1,195 1,060,000-887 2009 Resale WESTWOOD RESIDENCES EC 99 years July 16, 2017 947 733,300-774 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years July 16, 2017 1,238 981,900-793 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years July 16, 2017 1,033 801,000-775 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years July 16, 2017 1,152 942,300-818 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years July 16, 2017 1,152 945,000-820 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years July 16, 2017 1,152 931,500-809 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years July 16, 2017 1,033 808,500-782 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years July 16, 2017 1,152 938,700-815 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years July 15, 2017 1,033 835,200-808 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years July 15, 2017 1,033 810,900-785 Uncompleted New Sale CONTINUES NEXT PAGE
EP10 THEEDGE SINGAPORE JULY 31, 2017 PROPERTY BRIEFS FROM PAGE EP2 Over at West Park Industrial Estate in Melbourne s West another development under the Frasers Property portfolio Ceva Logistics and National Tiles have leased a 400,170 sq ft warehouse and a 160,070 sq ft building for 10 and six years, respectively. According to Anthony Maugeri, general manager of the southern region for Frasers Property Australia, the two industrial parks are easily accessible from Melbourne s CBD and major transport infrastructure. The deals create new assets with a total end value of about $190 million, says Frasers Property Australia. M&G acquires Brisbane office building for $128.6 mil M&G Real Estate Asia announced on July 25 that it has acquired HQ South, a Grade A office building in Brisbane for A$119.1 million ($128.6 million). This works out to $853 psf, based on a net lettable area of 150,696 sq ft. HQ South is M&G s first acquisition in Brisbane. The property houses seven office floors, with one floor set aside for retail and car parking space. Located adjacent to Fortitude Valley railway station one stop from Brisbane s CBD the property is in close proximity to a variety of retail and entertainment options. This is the fifth purchase our core Asia property strategy has made this year, which further utilises our capital queue in light of the continued investment appetite from regional and foreign capital, says Chiang Ling Ng, CEO and chief investment officer of M&G Real Estate Asia. Manhattan residential project launched over the weekend 30 East 31st Street (below), a residential development in NoMad, Manhattan, was launched over the weekend of July 29 and 30, in New York City. Knight Frank pre-launched the 42- unit project in Singapore over the weekend of July 22 and 23. Situated within Madison Square Park North Historic District, the 45,208 sq ft property houses 13 one-bedroom and 28 two-bedroom units, as well as a duplex three-bedroom penthouse. Floor areas range from 866 to 3,354 sq ft, EKSTEIN DEVELOPMENT GROUP with prices starting from US$1.7 million ($2.3 million). Foreigners can receive a 421-A tax abatement when they purchase units at the project, says Knight Frank. The 39-storey project boasts panoramic views of Midtown and Downtown Manhattan and the units have expansive floor-to-ceiling windows. Services and amenities offered include a 24-hour concierge service, a fitness centre, and a private dining room with a catering kitchen. Ascott buys 80% stake in Synergy Global Housing in the US at $46.7 mil CapitaLand s wholly-owned unit, The Ascott, has bought an 80% stake in Synergy Global Housing, for US$33.7 million ($46.7 million). The move triples Ascott s portfolio in the US from about 1,000 units to 3,000 units. It will increase Ascott s global portfolio to 70,000 units, and give Ascott direct access to Synergy s corporate clients based in Silicon Valley, says Lee Chee Koon, CEO of Ascott. In turn, Ascott will provide accommodation options for Synergy s clients outside of the US. Synergy leases units in properties such as Mosso in San Francisco, from partners and property owners, to rent to corporate clients in the US. The remaining 20% stake in Synergy will be held by its co-founders, Henry Luebbert and Jack Jensky, who sold the majority stake in Synergy to Ascott. Centurion buys five student housing assets in the US at $187 mil Centurion Corp has proposed the purchase of 1,936 beds across five operational US student housing assets for US$136 million ($187 million). Centurion intends to hold a 30% stake in the portfolio, and is in discussion with third-party investors to buy the remaining interest. The five student accommodation assets are located in four US cities: Auburn, Alabama; Tallahassee, Florida; Madison, Wisconsin; and College Station, Texas. They include the 231- bed The Towers on State, which, according to Centurion, is located in close proximity to University of Wisconsin Madison. The acquisition is expected to take place at end-september. When completed, Centurion will have 5,424 beds under management across 16 student housing assets in the US, the UK, Australia and Singapore. Compiled by Angela Teo E Clarification JustCo would like to clarify that the JustConaked Hub merged entity can serve over 8,000 companies and is expected to attract 32,000 members, and not as published in the brief JustCo merges with naked Hub (Issue 789, July 24). DONE DEALS FROM PREVIOUS PAGE Residential transactions with contracts dated July 11 to 18 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE WESTWOOD RESIDENCES EC 99 years July 13, 2017 1,152 947,700-823 Uncompleted New Sale District 23 ECO SANCTUARY Condominium 99 years July 11, 2017 990 1,250,000-1,262 2016 Sub Sale ESPA Condominium 999 years July 14, 2017 1,066 1,100,000-1,032 2009 Resale GLENDALE PARK Condominium Freehold July 13, 2017 1,367 1,160,000-849 2000 Resale HILLBROOKS Condominium Freehold July 14, 2017 1,098 1,060,000-965 1999 Resale HILLION RESIDENCES Apartment 99 years July 13, 2017 474 720,100-1,520 Uncompleted New Sale HILLVIEW REGENCY Condominium 99 years July 18, 2017 904 710,000-785 2005 Resale INZ RESIDENCE EC 99 years July 16, 2017 1,044 827,000-792 Uncompleted New Sale INZ RESIDENCE EC 99 years July 16, 2017 689 514,500-747 Uncompleted New Sale INZ RESIDENCE EC 99 years July 16, 2017 1,012 808,000-799 Uncompleted New Sale INZ RESIDENCE EC 99 years July 15, 2017 1,109 880,000-794 Uncompleted New Sale INZ RESIDENCE EC 99 years July 15, 2017 990 810,000-818 Uncompleted New Sale INZ RESIDENCE EC 99 years July 15, 2017 883 705,000-799 Uncompleted New Sale INZ RESIDENCE EC 99 years July 15, 2017 1,012 775,000-766 Uncompleted New Sale INZ RESIDENCE EC 99 years July 15, 2017 689 538,000-781 Uncompleted New Sale INZ RESIDENCE EC 99 years July 13, 2017 1,173 905,000-771 Uncompleted New Sale INZ RESIDENCE EC 99 years July 11, 2017 689 498,500-724 Uncompleted New Sale PALM GARDENS Condominium 99 years July 17, 2017 1,216 806,000-663 2000 Resale PALM GARDENS Condominium 99 years July 12, 2017 1,432 960,000-671 2000 Resale SOL ACRES EC 99 years July 16, 2017 614 507,000-826 Uncompleted New Sale SOL ACRES EC 99 years July 16, 2017 1,216 955,000-785 Uncompleted New Sale SOL ACRES EC 99 years July 15, 2017 926 693,000-749 Uncompleted New Sale SOL ACRES EC 99 years July 15, 2017 570 443,000-777 Uncompleted New Sale SOL ACRES EC 99 years July 14, 2017 570 473,000-829 Uncompleted New Sale SOL ACRES EC 99 years July 13, 2017 570 443,000-777 Uncompleted New Sale SOL ACRES EC 99 years July 12, 2017 732 623,000-851 Uncompleted New Sale SOL ACRES EC 99 years July 12, 2017 570 447,000-784 Uncompleted New Sale SOL ACRES EC 99 years July 11, 2017 570 463,000-812 Uncompleted New Sale THE PETALS Condominium Freehold July 12, 2017 1,302 1,118,888-859 2002 Resale TREE HOUSE Condominium 99 years July 12, 2017 797 800,000-1,004 2013 Resale District 25 NORTHWAVE EC 99 years July 16, 2017 1,270 996,900-785 Uncompleted New Sale NORTHWAVE EC 99 years July 15, 2017 1,098 868,000-791 Uncompleted New Sale NORTHWAVE EC 99 years July 15, 2017 1,464 1,126,700-770 Uncompleted New Sale NORTHWAVE EC 99 years July 13, 2017 753 548,300-728 Uncompleted New Sale NORTHWAVE EC 99 years July 11, 2017 1,464 1,083,100-740 Uncompleted New Sale District 26 LENTOR VILLAS Terrace Freehold July 17, 2017 2,271 2,280,000-1,002 1997 Resale MEADOWS @ PEIRCE Condominium Freehold July 13, 2017 1,830 1,960,000-1,071 2012 Resale MELODY VILLAS Terrace Freehold July 17, 2017 4,908 4,100,000-836 1993 Resale SPRINGSIDE AVENUE Terrace Freehold July 12, 2017 1,711 2,860,000-1,670 2016 Resale THE CALROSE Condominium Freehold July 11, 2017 1,076 1,238,000-1,150 2007 Resale District 27 EUPHONY GARDENS Condominium 99 years July 17, 2017 2,056 1,130,000-550 2001 Resale NORTH PARK RESIDENCES Apartment 99 years July 16, 2017 732 992,700-1,356 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years July 16, 2017 1,259 1,436,250-1,140 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years July 15, 2017 969 1,253,700-1,294 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years July 14, 2017 969 1,310,400-1,353 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years July 11, 2017 969 1,281,600-1,323 Uncompleted New Sale PARC LIFE EC 99 years July 16, 2017 1,109 901,440-813 Uncompleted New Sale PARC LIFE EC 99 years July 16, 2017 764 621,300-813 Uncompleted New Sale PARC LIFE EC 99 years July 15, 2017 764 606,100-793 Uncompleted New Sale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PARC LIFE EC 99 years July 15, 2017 1,066 859,750-807 Uncompleted New Sale PARC LIFE EC 99 years July 15, 2017 1,001 709,650-709 Uncompleted New Sale PARC LIFE EC 99 years July 15, 2017 1,270 996,480-785 Uncompleted New Sale PARC LIFE EC 99 years July 15, 2017 764 599,450-784 Uncompleted New Sale PARC LIFE EC 99 years July 14, 2017 1,066 811,300-761 Uncompleted New Sale PARC LIFE EC 99 years July 11, 2017 1,109 902,400-814 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years July 16, 2017 1,098 820,710-748 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years July 14, 2017 1,184 985,545-832 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years July 13, 2017 947 765,765-808 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years July 13, 2017 1,184 990,990-837 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years July 11, 2017 1,302 971,685-746 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 16, 2017 1,023 1,026,000-1,003 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 16, 2017 915 942,000-1,030 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 15, 2017 915 938,000-1,025 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 15, 2017 1,023 1,021,000-998 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 15, 2017 786 860,000-1,094 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 15, 2017 915 966,000-1,056 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 15, 2017 1,023 1,076,000-1,052 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 13, 2017 915 953,000-1,042 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 11, 2017 1,023 1,016,000-994 Uncompleted New Sale THE BROWNSTONE EC 99 years July 16, 2017 947 752,000-794 Uncompleted New Sale THE BROWNSTONE EC 99 years July 13, 2017 936 748,800-800 Uncompleted New Sale THE CRITERION EC 99 years July 16, 2017 1,173 932,000-794 Uncompleted New Sale THE CRITERION EC 99 years July 16, 2017 1,012 761,600-753 Uncompleted New Sale THE CRITERION EC 99 years July 15, 2017 1,378 1,110,400-806 Uncompleted New Sale THE CRITERION EC 99 years July 13, 2017 915 700,000-765 Uncompleted New Sale THE CRITERION EC 99 years July 13, 2017 1,195 844,000-706 Uncompleted New Sale THE CRITERION EC 99 years July 12, 2017 1,098 833,600-759 Uncompleted New Sale THE CRITERION EC 99 years July 11, 2017 700 573,600-820 Uncompleted New Sale THE VISIONAIRE EC 99 years July 16, 2017 1,582 1,152,000-728 Uncompleted New Sale THE VISIONAIRE EC 99 years July 16, 2017 1,023 827,000-809 Uncompleted New Sale THE VISIONAIRE EC 99 years July 15, 2017 1,023 821,000-803 Uncompleted New Sale THE VISIONAIRE EC 99 years July 14, 2017 1,141 954,000-836 Uncompleted New Sale THE VISIONAIRE EC 99 years July 13, 2017 980 817,000-834 Uncompleted New Sale THE VISIONAIRE EC 99 years July 13, 2017 1,141 947,000-830 Uncompleted New Sale THE WISTERIA Apartment 99 years July 15, 2017 969 1,060,612-1,095 Uncompleted New Sale THE WISTERIA Apartment 99 years July 15, 2017 969 966,012-997 Uncompleted New Sale THE WISTERIA Apartment 99 years July 14, 2017 969 1,075,212-1,110 Uncompleted New Sale WATERCOVE Terrace Freehold July 16, 2017 3,358 2,680,000-798 Uncompleted New Sale WATERCOVE Terrace Freehold July 16, 2017 3,358 2,690,000-801 Uncompleted New Sale WATERCOVE Terrace Freehold July 13, 2017 3,552 2,900,000-816 Uncompleted New Sale WATERCOVE Terrace Freehold July 11, 2017 3,466 2,350,000-678 Uncompleted New Sale District 28 BELGRAVIA VILLAS Semi-Detached Freehold July 15, 2017 3,961 3,489,920-881 Uncompleted New Sale H2O RESIDENCES Condominium 99 years July 17, 2017 1,389 1,380,000-994 2015 Resale SELETAR HILLS ESTATE Semi-Detached Freehold July 11, 2017 2,390 2,500,000-1,044 1998 Resale SELETAR SPRINGS Condominium 99 years July 18, 2017 2,077 1,350,000-650 2000 Resale TAMARIND ROAD Semi-Detached Freehold July 11, 2017 3,627 3,250,000-896 Unknown Resale THE GREENWICH Condominium 99 years July 14, 2017 883 868,000-983 2014 Resale DISCLAIMER: Source: URA Realis. Updated July 25, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.
THEEDGE SINGAPORE JULY 31, 2017 EP11 GAINS AND LOSSES Two units at Astrid Meadows sold at a profit of more than $1 mil each BY LIN ZHIQIN On July 11, a 3,800 sq ft unit on the second floor of Astrid Meadows was sold for a $1.15 million profit. A day later, a similar-size unit on the fourth floor of the same block fetched a $3.1 million profit, the highest profit for private non-landed homes transacted in A 3,348 sq ft unit at The Claymore was sold at a $2.15 million profit on July 11. Find the most affordable listing in the project at edgepr.link/theclaymore. the week of July 11 to 18. The unit on the second floor was purchased for $5.25 million ($1,382 psf) in October 2009 and sold for $6.4 million ($1,684 psf). This translates into a 22% profit, or 3% a year over a holding period of nearly eight years. The unit on the fourth floor that fetched a $3.1 million profit on July 12 was sold for $6.35 million ($1,671 psf). The previous owner bought it for $3.25 million ($855 psf) in August 2005. He made a 95% profit from the sale, or 6% a year over 12 years. Prices for 3,800 sq ft units at Astrid Meadows peaked in 2013 when three units were transacted at $1,711, SAMUEL ISAAC CHUA/THE EDGE SINGAPORE $1,798 and $1,842 psf. There were no transactions for units of this size from 2014 to June 2017. Astrid Meadows is a freehold condominium in prime District 10. It was completed in 1990 and has 208 units. In 2016, there were four profitable transactions at Astrid Meadows, with profits averaging $1.2 million (64%), and one unprofitable transaction, in which the seller incurred a $135,000 (4%) loss. This year, there have been five profitable transactions, with profits averaging $1.5 million (58%). Only one seller has incurred a loss so far this year. He lost $63,000 (2%) when he sold the 2,433 sq ft unit in May 2017. Based on URA caveat data, the same unit has changed hands five times so far. It was sold for $740 psf in 1999; $649 psf in 2001; $760 psf in 2006; $1,516 psf in 2011; and $1,490 psf in 2017. The unit fetched a profit of $1.84 million (99%) for the seller, who sold it in 2011. The profit translates into 13% a year over 5.8 years. So far this year, there have been five profitable transaction at Astrid Meadows, with an average profit of $1.5 million (58%). Find the most affordable listing in the project at edgepr.link/astridmeadows. At The Claymore, located off Orchard Road in prime District 9, a 3,348 sq ft unit fetched the second-highest profit of $2.15 million in the week of July 11 to 18. The previous owner of the 25th-storey unit bought it for $5.85 million ($1,748 psf) in November 1997 and sold it for $8 million ($2,390 psf) on July 11. He made a profit of 37%, or 2% a year over a holding period of nearly 20 years. Based on the matching of URA caveat data, there have been no unprofitable transactions at The Claymore since September 2009, when a 2,680 sq ft unit changed hands at a $562,000 (8%) loss. The previous owner of the unit bought it for $6.8 million ($2,537 psf) in May 2008 and sold it for $6.24 million ($2,327 psf) about one year and four months later. The same unit fetched a $4.05 million (147%) profit when it changed hands in May 2008. It was purchased for $2.75 million ($1,026 psf), according to a caveat lodged in May 2002. Completed in 1985, The Claymore is a freehold condo with 146 units. Four other condo units were sold for profits of more than a million each in the week of July 11 to 18. They were at Gallop Gables on Farrer Road, UE Square at Robertson Quay, City Square Residences on Kitchener Road and Costa Del Sol, located near the upcoming Bayshore MRT station. E ALBERT CHUA/THE EDGE SINGAPORE Top 10 gains and losses from July 11 to 18 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Astrid Meadows 10 3,800 July 12 1,671 Aug 24, 2005 855 3,100,000 95 6 11.9 2 The Claymore 9 3,348 July 11 2,390 Nov 24, 1997 1,748 2,150,000 37 2 19.6 3 Gallop Gables 10 2,669 July 12 1,686 Oct 24, 2008 1,100 1,564,100 53 5 8.7 4 UE Square 9 1,528 July 13 1,636 May 22, 1998 770 1,323,440 112 4 19.2 5 City Square Residences 8 1,830 July 14 1,093 May 4, 2005 411 1,247,600 166 8 12.2 6 Costa Del Sol 16 1,755 July 13 1,339 Sept 30, 2005 635 1,235,000 111 7 11.8 7 Astrid Meadows 10 3,800 July 11 1,684 Oct 7, 2009 1,382 1,150,000 22 3 7.8 8 River Valley Court 9 1,636 July 18 1,222 April 1, 2000 712 835,000 72 3 17.3 9 Parkshore 15 1,647 July 17 1,105 June 3, 1999 650 750,000 70 3 18.1 10 Robertson 100 9 872 July 17 1,738 March 16, 2004 919 714,000 89 5 13.3 URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Tribeca 9 1,033 July 12 1,703 Jan 31, 2013 2,061 370,000 17 4 4.4 2 Holland Residences 10 2,347 July 17 1,385 March 16, 2010 1,520 317,600 9 1 7.3 3 Visioncrest 9 947 July 18 1,798 Sept 24, 2008 2,111 297,000 15 2 8.8 4 Cityscape@Farrer Park 8 1,378 July 12 1,183 June 24, 2011 1,321 190,000 10 2 6.1 5 Residences @ Jansen 19 1,615 July 14 824 Oct 18, 2012 929 170,000 11 3 4.7 6 Sommerville Park 10 1,302 July 14 1,405 May 4, 2011 1,536 170,000 9 1 6.2 7 Palm Gardens 23 1,216 July 17 663 July 3, 2013 769 129,000 14 4 4.0 8 Thomson 800 11 1,399 July 12 1,268 July 11, 2013 1,344 105,000 6 1 4.0 9 People s Park Complex 1 1,119 July 12 715 April 4, 2012 806 102,000 11 2 5.3 10 The Greenwich 28 883 July 14 983 Sept 15, 2010 1,087 91,490 10 1 6.8 Note: Computed based on URA caveat data as at July 25 for private non-landed houses transacted between July 11 and 18. The profit-and-loss computation excludes transaction costs such as stamp duties.
EP12 THEEDGE SINGAPORE JULY 31, 2017 DEAL WATCH Unit at VisionCrest going for $1.45 mil BY TAN CHEE YUEN VisionCrest is a freehold mixed-use development in prime District 9. The project by Wing Tai Holdings was completed in 2007 and comprises four 12-storey residential blocks with a total of 265 units. The apartments are adjacent to a 12-storey office block, VisionCrest Commercial. VisionCrest has a wide array of unit types: from studios of 603 sq ft to two-bedroom units of 947 sq ft, three-bedroom units of up to 1,475 sq ft and penthouses of 1,528 to 2,131 sq ft. A 732 sq ft, one-bedroom unit at VisionCrest has been put up for sale on TheEdgeProperty.com at $1.45 million ($1,981 psf). The owner is a Singaporean who has rented it to a corporate entity until mid-2018, says Elson Tan, a property agent from PropNex Realty who is marketing the unit. VisionCrest is located close to the Dhoby Ghaut MRT station. Schools located within a 1km radius of the property include River Valley Primary School and St Margaret s Primary School. When VisionCrest was launched in 2003, prices ranged from $1,000 to $1,200 psf. The highest price achieved at the project was for a 1,227 sq ft unit on the 10th floor that fetched $3.3 million ($2,700 psf) in January 2008. The first buyer paid $3.1 million ($2,500 psf) for the unit in August 2007 and sold it in a sub-sale five months later. The latest transaction at VisionCrest was that of a 947 sq ft unit, which was sold for $1.7 million ($1,798 psf) on July 18. According to URA data, there were seven rental Recent rental contracts for 700 to 800 sq ft units at VisionCrest LEASE DATE MONTHLY RENT $ $ PSF June 2017 3,800 5.10 May 2017 4,200 5.60 May 2017 3,200 4.30 May 2017 3,600 4.80 May 2017 3,300 4.40 transactions for units measuring 700 to 800 sq ft at VisionCrest in 2Q2017. The average monthly rent was $3,729, translating into a potential gross rental yield of 3.1%, based on the asking price. Located adjacent to VisionCrest is The Rise @ Oxley, another mixed-use development. It comprises 120 apartments and two levels of retail and F&B space. Developed by Oxley Holdings, the freehold project is expected to receive Temporary Occupation Permit by end-2022. The most recent transactions at The Rise @ Oxley Residences were on July 9 when a 667 sq ft unit was sold at $1.58 million ($2,371 psf); and July 10, when a 710 sq ft unit was sold at $1.66 million ($2,334 psf). As at end-june, 113, or 94%, of the 120 units at The Rise @ Oxley Residences had been sold, according to URA data on developer sales. Visit edgepr.link/dealwatch-s790 for more information. E TABLES: URA, THE EDGE PROPERTY Completed in 2007, VisionCrest is a freehold mixed-use development in prime District 9 Recent transactions at VisionCrest CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) July 18, 2017 947 1,703,000 1,798 July 14, 2017 1,152 2,000,000 1,736 June 23, 2017 904 1,840,000 2,035 April 28, 2017 947 1,680,000 1,774 March 31, 2017 893 1,690,000 1,892 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE SUBSCRIBE TO THE EDGE AND GET $50 VOUCHER TO YES! Start my annual subscription now. $238 (inclusive of GST) for The Edge Collection 3-year plan and save 70% off newsstand price $118 (inclusive of GST) for The Edge Collection 1-year plan TYPE OF SUBSCRIPTION Corporate Personal Gift Last name (Mr/Ms/Dr ) First name Company Job title Delivery address Home Office COLLECTION 3-Year plan at Tel Mobile Date of birth Postal code Fax Email $238 only The Edge Singapore (print + 3 digital access) + The Edge Malaysia (1 digital access) PAYMENT OPTIONS 1. Credit Card. 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