Mortgagee sales rising

A PULLOUT WITH MCI (P) 056/03/2017 PPS 1519/09/2012 (022805) MAKE BETTER DECISIONS Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF MARCH 27, 2017 ISSUE 772 Land Deal Rare redevelopment sites on Balmoral-Ewe Boon Road for sale EP2 Eat, Play, Live Keong Saik s second wave of gentrification EP4&6 Research Making sense of recent land bids EP10 Gains & Losses Unit at Astrid Meadows sees $2.5 mil profit EP14 Mortgagee sales rising As the slowing economy continues to take its toll, more property owners are facing difficulty meeting mortgage payments. See our Cover Story on Pages 8 and 9. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EP2 THEEDGE SINGAPORE MARCH 27, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Ben Paul THE EDGE PROPERTY SECTION EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY SECTION EDITOR Michael Lim SENIOR ANALYST Lin Zhiqin ANALYST Tan Chee Yuen Rare redevelopment sites on Balmoral-Ewe Boon Road for sale COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Rahayu Mohamad DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGERS Priscilla Wong, James Chua THE EDGE SINGAPORE ADVERTISING + MARKETING ADVERTISING SALES CHIEF MARKETING OFFICER Cecilia Kay ASSOCIATE ACCOUNT DIRECTOR Windy Tan ACCOUNT MANAGER Elaine Tan EVENTS SENIOR MANAGER Sivam Kumar MARKETING EXECUTIVE Tim Jacobs COORDINATOR Syazana Jumari CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim BY CECILIA CHOW Two adjoining, prime freehold residential redevelopment sites owned by two Singaporean families have been put on the market. One is a rectangular plot fronting Balmoral Road; the other is located on Ewe Boon Road. The two sites have a combined land area of 57,349 sq ft and are zoned residential, with a gross plot ratio of 1.6 and a maximum building height of 12 storeys under the 2014 URA Master Plan. An estimated total development charge of $31.5 million is payable to redevelop the combined land parcel, which can yield 121 residential units, assuming an average size of 750 sq ft. The bigger plot is the one on Balmoral Road, which can be developed into an 82-unit condominium; the Ewe Boon Road site can be developed into a 39-unit apartment block if sold separately. However, Swee Shou Fern, Edmund Tie & Co (ET&Co) senior director of investment advisory services, thinks developers are likely to The freehold land parcel on Ewe Boon Road can be redeveloped into a 39-unit condominium bid for both sites because when combined, they can be developed into a bigger project with more facilities. ET&Co is marketing both sites. As the two sites are being sold in separate tenders, the asking price for the Balmoral site is $88 million, and that of the Ewe Boon Road site is $41 million. The total purchase price of $160.5 million, including development charge, translates into about $1,750 psf per plot ratio. The tender is expected to attract a lot of developer interest as the last site sold on Balmoral Road was the former Balmoral Condominium in 2011. It was purchased by a consortium made up of Tiong Eng Group, Clarus Corpo (controlled by the Ng family of Pan United Corp) and Yuan Ching Development, a wholly-owned subsidiary of Tiong Seng Holdings that paid $141 million for the site. ET&CO The former Balmoral Condominium has since been redeveloped into the 72-unit Goodwood Grand, which is scheduled for completion by 2Q2017. Spanning 12 storeys, it contains 65 condo units and eight strata bungalows. Goodwood Grand is 44% sold. Units were sold last year at prices ranging from $1.89 million ($2,442 psf) for a 775 sq ft unit on the ninth floor to $2.8 million ($2,282 psf) for a 1,227 sq ft unit on the third floor. Located adjacent to Goodwood Grand is the 85-unit freehold condo Volari, which was completed in 2012. Volari is a redevelopment of the former Garden Hotel. According to Swee, the two sites on Balmoral Road and Ewe Boon Road are regular and rectangular-shaped. It s rare to find two such redevelopment plots in the Balmoral-Ewe Boon Road area, she says. Interested parties include locally listed companies and construction groups as well as Chinese developers that do not yet have a stake in the prime residential neighbourhood, adds Swee. The tender for the two sites will close on April 20. E CORPORATE CHIEF EXECUTIVE OFFICER Ben Paul DIRECTOR Anne Tong PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore 069543 Tel: (65) 6232 8622 Fax: (65) 6232 8620 ROCKET INVESTMENTS CBRE MAPLETREE INVESTMENTS PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333 We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. The Atlas to be showcased in Singapore UK property developer Rocket Investments is releasing The Atlas Building (above, left) in Singapore over the weekend of March 25 and 26. The project is a mixed-use development in Tech City, Shoreditch, London, and comprises a 40-storey residential tower and a 10-storey office block. A major occupier in the office block is co-working operator WeWork. There are also retail and F&B outlets fronting a public piazza. Designed by the award-winning MAKE Architects, the 152m-high residential building is located close to Old Street roundabout. It will be the tallest structure in Tech City when completed in 2019. It is also close to London s financial district, the Square Mile. The Atlas Building contains a total of 302 apartments, with a mix of studio and one- to three-bedroom apartments. Prices start from 797,000 ($1.38 million). The property is marketed by Colliers International and will be showcased at Regent Hotel Singapore. KSH clinches $145.7 mil contract from NUS KSH Holdings Ltd announced on March 20 that it had clinched a $145.7 million contract from the National University of Singapore. KSH will construct a 16-storey research building with a basement. Construction is scheduled to start on April 1 and targeted for completion within 24 months. The project will lift KSH s order book to more than $360 million. Freehold ground-floor shop at Sim Lim Tower going for $16.2 mil A freehold, ground-floor shop unit at Sim Lim Tower (above, centre) has been put up for sale by public tender. The indicative price for the 4,908 sq ft unit is $16.19 million, or $3,300 psf. The ground-floor unit is currently tenanted and comes with approval for F&B use, which is very rare, especially in a prime freehold development in the city-fringe area. Sim Lim Tower is near the Rochor MRT station and the upcoming Jalan Besar MRT station on the Downtown Line. The property is marketed by CBRE, and the tender closes on April 18. ECO WORLD Mapletree raises US$535 mil for student dorm private trust Mapletree Investments has closed the Mapletree Global Student Accommodation Private Trust (MGSA P-Trust), the first trust in Singapore that focuses on student accommodation assets. The trust holds about US$1.3 billion ($1.8 million) in student accommodation assets in the UK and the US. About 195 million ($339.7 million) of equity was raised for the 5,910-bed UK portfolio and US$291 million for the 8,363-bed US portfolio. The UK portfolio includes Hawley Crescent (above, right), which is close to top universities such as Imperial College London, University College London, King s College and Goldsmiths, University of London. Major investors include The Great Eastern Life Assurance Co Ltd, DBS Bank and UBS AG, which are investing in the trust on behalf of their high-net-worth clients. Eco World to provide accommodation for University of Reading Malaysia Eco World Development Group Bhd has inked a memorandum of understanding with the University of Reading Malaysia to provide student accommodation at Eco Nest Service apartments. Located in the heart of Iskandar Puteri, Eco Nest is a serviced apartment project in the 270-acre Eco Botanic township. Eco Nest is also surrounded by shop offices in Eco Boulevard and Eco Galleria, an integrated commercial development. Units at Eco Nest start from 582 sq ft, with a starting price of RM550,000 ($174,603). There are also 1,238 sq ft duplex units that start from RM1.069 million. Compiled by Tan Chee Yuen E

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EP4 THEEDGE SINGAPORE MARCH 27, 2017 EAT, PLAY, LIVE PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The Keong Saik Road area was once a prominent red-light district peppered with brothels from the 1960s up to the 1980s Keong Saik Road s second wave of gentrification Tong Ah restaurant is popular among office workers and residents for their kaya toast and coffee BY MICHAEL LIM In early March, Chinatown Hotel on Teck Lim Road was put up for sale. The 42-room boutique hotel is located off Keong Saik Road in the Chinatown-Bukit Pasoh area. The owners have been operating the hotel for the past 25 years. They felt it was time to let go of the property and focus on their other businesses, says Shaun Poh, Cushman & Wakefield execu tive director of capital markets, who is handling the sale by expression of interest. The indicative price for Chinatown Hotel is $40 million, or about $952,000 a room, and the expression of interest will close on March 28. Interest in the property has been strong, notes Poh, as it is rare for three adjoining freehold conservation shophouses with approval for use as a hotel to be put on the market for sale. The new owner has the option to continue running the property as a hotel, which is the highest and best use, according to Poh. Alternatively, the new owner can convert the upper floors of the 3½-storey shophouses into offices and turn the ground floor units into F&B use. Just around the corner, on Keong Saik Road, is the iconic, triangular pre-war shophouse headlined by Potato Head Folk, featuring inter national cuisine in a three- storey conservation building with a rooftop garden. Foodies haunt Adjacent to it is a three-storey shophouse that has been put on the market for sale. The first level of the shophouse is currently tenanted to a Jin Fu Cheng Bak Kwa seller, who will be vacating the unit in July. The upper floors have been leased to Potato Head Folk to be used as its office. The freehold pre-war shophouse has a built-up area of 2,800 sq ft and sits on a land area of 1,067 sq ft. The asking price is $9.8 million ($3,000 psf). Knight Frank and Cushman & Wakefield are jointly marketing the property. The shophouse will be sold with vacant possession. It has been in the possession of the Neo family for more than a decade now, and the two brothers who are holding the asset have decided to sell it. They intend to redeploy the cash for other investments or business ventures, says Cushman & Wakefield s Poh. There are few places in the CBD fringe that offer this unique charm of having offices, boutique hotels, hip restaurants and cafes, local coffee shops, as well as an Indian and a Chinese temple, says Mary Sai, Knight Frank executive director of investment and capital markets. As the revitalisation of Keong Saik Road progresses, it could be the next Tiong Bahru or Holland Village with its eclectic mix of F&B, work and hospitality offerings all in one place. Keong Saik Road is now a popular foodies haunt. Besides Potato Head Folk, there are other eateries such as Man Man Japanese Unagi Restaurant, Bread & Hearth artisan bakery and coffee shop, Esquina Spanish tapas bar, and Burnt Ends, featuring modern Australian barbecue. Traditional eateries include local coffee shop Tong Ah Eating House featuring kaya toast and coffee, Yanti Nasi Padang and Foong Kee Coffeeshop, which specialises in roast chicken, duck and served with rice and noodles. In the morning, you can see office workers and residents queueing up at Tong Ah for their toast and coffee, as well as at Bread & Hearth for freshly baked breads and buns, says Cushman s Poh. A queue outside Man Man Japanese Restaurant, which specialises in unagi (eel) dishes Office workers flock to Foong Kee Coffee Shop, which serves roast chicken, duck and pork with rice and noodles First wave of gentrification But things had not always been this way. For much of the 1960s to the 1990s, Keong Saik CONTINUES ON PAGE EP6

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EP6 THEEDGE SINGAPORE MARCH 27, 2017 EAT, PLAY, LIVE First wave sparked by opening of Hotel 1929 in 2003 FROM PAGE EP4 was known as the red-light district of Chinatown before undergoing a series of gentrification. Bounded by Neil Road, Kreta Ayer Road and Bukit Pasoh Road, Keong Saik Road was once a forgotten part of Chinatown, says Knight Frank s Sai. What really sparked a rejuvenation 14 years ago was the opening of the 32-room Hotel 1929, reckons Poh, who happened to have a hand in how the boutique hotel came to be. In 2002, when he was the auctioneer at DTZ (now Edmund Tie & Co), he sold a row of five shophouses on Keong Saik Road in a mortgagee sale. The property was snapped up for $3.4 million by former lawyer Loh Lik Peng. Hotel 1929 was the flagship property of Loh, now a successful hotelier-restaurateur operating under his own company, Unlisted Collection. Today, his portfolio of hotels includes the New Majestic at Bukit Pasoh and Wanderlust in Little India, both here; Town Hall and 196 Bishopsgate in London; as well as The Waterhouse at South Bund, Shanghai. Loh opened Hotel 1929 in February 2003 after spending close to $2 million sprucing up the shophouses. He also tied up with executive chef Sebastian Ng to start Restaurant Ember at the hotel. That was when people [began to take] notice of the Keong Saik area, notes Poh. In a way, Loh kick-started the gentrification of Keong Saik Road. The success of Hotel 1929 led to the rejuvenation of The Royal Peacock Hotel. The 79- room hotel across the road opened in 1995, and was then owned by Grace International, headed by Geeson Lawadinata, the scion of an Indonesian family trading business. Grace International also owns The Scarlet, an 84- room boutique hotel on Erskine Road, off Ann Siang Hill. The Royal Peacock Hotel was rebranded The SAFF in 2010 and subsequently sold to Naumi Hotels for $42 million, or about $532,000 a room in September 2011. Naumi Hotels is owned by the Jhunjhnuwala family, who also own the Naumi Hotel on Seah Street. In 2011, a new boutique hotel, Park 22, opened right next door to Chinatown Hotel on Teck Lim Road. The 56-room Park 22 sits on three adjacent shophouses and is owned and operated by White Oak Investments, a Singapore-based hospitality management and investment firm. Second wave of gentrification In September 2013, Loh sold Hotel 1929 for $35 million. However, under a leaseback arrangement, he continues to operate the hotel and its in-house Restaurant Ember. He recent- Naumi Loria was acquired by Naumi Hotels for $42 million, or about $532,000 a room, from Grace International. It was formerly The SAFF and, before that, Royal Peacock Hotel. A three-storey shophouse on Keong Saik Road with a built-up area of 2,800 sq ft on a land area of 1,067 sq ft is up for sale at $9.8 million ($3,000 psf) ly brought in new executive chef Alex Phan, a nominee for Rising Chef of the Year at the World Gourmet Summit 2016, to helm Ember. The buyer of Hotel 1929 is reportedly Cheong Keng Hooi, a member of the Cheong family who developed International Plaza and owns Singapore-listed Hong Fok Corp. Cheong is also related to luxury property developer Simon Cheong of SC Global Developments. Hotel 1929 opened its doors in February 2003 and was subsequently sold by Loh Lik Peng in September 2013 for $35 million to a company owned by Cheong Keng Hooi CUSHMAN & WAKEFIELD Chinatown Hotel has been put up for sale at an indicative price of $40 million, or about $952,000 a room The $35 million price tag for Hotel 1929 translated to $1.09 million per key and set a new benchmark for hotel transactions. It surpassed the price of the former 49-room Berjaya Hotel (renamed The Duxton) on Duxton Road that was sold for $50 million or $1.02 million per key in May 2013. The sale of Hotel 1929 sparked another wave of rejuvenation at Keong Saik Road, The café on the first level of The Working Capitol on Keong Saik Road, operated by Lo & Behold Group notes Poh. And with Chinatown Hotel on the market now, interest has returned to the area. Besides Loh, another entrepreneur instrumental in the remaking of Keong Saik is Ben Gattie of The Bamboo Group and The Working Capitol, which he co-founded with his sister, Saranta. Gattie bought the former AIA Building on 1 Keong Saik Road and converted the row of five shophouses into co-working space The Working Capitol, with a café on the first level jointly owned and managed by Lo & Behold Group. The Working Capitol on Keong Saik opened in April 2015 and is running at full capacity with about 350 members working out of its premises. Owing to demand, Gattie had to expand to the second floor of the conservation shophouse across the road, above the coffee shop. One of his tenants at Keong Saik Road is Rutgers Business School Asia Pacific, which runs an executive MBA programme there. Gattie also introduced new F&B concepts to Keong Saik by bringing in tenants such as Man Man Japa nese Unagi Restaurant, Neon Pigeon Izakaya and Potato Head Folk. In a lot of cases, it was about bringing in first-ofits-kind F&B operators, Gattie says. Keong Saik is not a traditional office location. But we thought it was ready for this [The Working Capitol], and we just loved the property. We already had some projects down the road and we re part of the social fabric here. E

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EP8 THEEDGE SINGAPORE MARCH 27, 2017 COVER STORY Mortgagee sales rising As the slowing economy continues to take its toll, more property owners are facing difficulty meeting mortgage payments PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE View of One 15 Marina from The Marina Collection at Sentosa Cove BY CECILIA CHOW A condominium unit at The Marina Collection in Sentosa Cove was to be put up for auction a third time by Edmund Tie & Co (ET&Co) on March 29. However, it was sold prior to the auction, at a price believed to be around $3 million. The unit was a mortgagee sale, and the recent buyer, a foreign investor. The latest transaction translates to a 42.8% discount to the previous owner s purchase price of $5.24 million ($2,800 psf), based on a caveat lodged for the unit in December 2011. The 1,873 sq ft unit on the second level has a direct view of the marina and contains three bedrooms and a study. The unit is currently tenanted at a rental rate of about $6,000 a month. Last December, a similar-sized unit on the third level (above the one that just sold) of The Marina Collection fetched $3 million ($1,602 psf) as well. It shows that prices of condos at Sentosa Cove have finally bottomed. These transactions demonstrate that at the current price levels, buyers are finding it attractive to come in, says Joy Tan, head of auction at ET&Co. And we re getting a lot of calls for Sentosa Cove properties. More penthouses as mortgagee sales At ET&Co s upcoming auction on March 29, eight out of 12 properties to be featured are mortgagee sales. Four of them are new listings. One is a duplex penthouse at Volari, a high-end, freehold condo on Balmoral Road. The 85-unit condo was completed in 2012. The penthouse at Volari has a total floor area of 3,950 sq ft and comes with a private lift, four bedrooms and a study, as well as private pool and private enclosed space of A duplex penthouse at Volari is on the market for $6.45 million at ET&Co s upcoming auction about 1,453 sq ft. It also has direct views of the colonial Black & White bungalows at Goodwood Hill. The indica tive price of the penthouse is $6.45 million ($1,633 psf), which is almost $1 million below the previous owner s purchase price of $7.33 million ($1,856 psf) in Novem ber 2009. It s a one-off deal, and the first mortgagee sale in the development, says Tan. This is a freehold condo in a tranquil environment in prime District 10, and near Orchard Road. Another penthouse making its debut at the auction is a duplex at The Foresta @ Mount Faber. The 141-unit private condo is on Wishart Road, a quiet road at the foot of Mount Faber. Yet, it is within walking distance of the Telok Blangah MRT station and a short drive from the CBD. The freehold, five-storey condo was completed in 2014. The Foresta penthouse has a floor area of 1,539 sq ft, including a 183 sq ft roof terrace, and contains three bedrooms as well as a study. A mortgagee sale, the unit has an indicative price of $2.33 million ($1,514 psf), which is on a par with the previous owner s purchase price of $2.31 million in 2011. Knight Frank s auction on March 22 also saw the debut of a penthouse at The Beverly on Toh Tuck Road in District 21. The three-bedroom penthouse has a floor area of 2,734 sq ft, which includes the private pool and roof terrace. It was also a mortgagee sale and had an opening price of $2.08 million. As no bids were received, the property was withdrawn. The 118-unit The Beverly is a freehold, five-storey condo completed in 2012. More motivated sellers This month alone, half of the 72 properties put up for auction by Colliers International, ET&Co, ERA, JLL and Knight Frank combined are mortgagee sales, with another handful of properties by owners who are considered motivated sellers. One such motivated seller is the owner of a unit at Altez. The 861 sq ft, one-bedroom loft has an indica tive price of $1.67 million ($1,940 psf), which is 16% below the owner s purchase price of $1.99 million ($2,314 psf) in February 2013. The unit was put up for auction by ERA on March 24. The 280-unit, 99-year leasehold Altez, located in the heart of Tanjong Pagar in the CBD, obtained its Temporary Occupation Permit in 2014. A double-storey penthouse at The Foresta @ Mount Faber is up for sale with an indicative price of $2.3 million at the upcoming ET&Co auction At ERA s auction, a 99-year leasehold unit on the first level of Caribbean at Keppel Bay made its debut as a bank sale or mortgagee sale. The 1,485 sq ft, three-bedroom unit has generated a lot of interest from potential buyers, many of whom are looking for a property for their own use, according to an ERA agent who declined to be named. The indicative price for the pool-facing unit is $1.9 million ($1,279 psf), which is 7.8% below the previous owner s acquisition price of $2.06 million ($1,387 psf) in June 2011. ET&Co s Tan foresees the number of mortgagee sales rising this year if the economy continues to slow. Some people thought it would be the shoebox apartments that would see a spike in mortgagee sales, but it is the larger units that continue to surface as mortgagee sales, she says. At Knight Frank s auction on March 22, eleven of the 27 listed for sale were mortgagee sales. One was a three-bedroom apartment at the 102-unit Paterson Suites in prime District 9. The freehold condo, which has two 21-storey towers, was completed in 2010. It was also the first mortgagee sale at Paterson Suites. The 1,679 sq ft, three-bedroom unit is on the 12th floor of one of the towers. The pre vious owner paid $4.65 million ($2,769 psf) for the apartment in January 2013. At Knight Frank s auction on March 22, the unit had an opening price of $3.75 million and there was a counter offer of $3.6 million. However, the property was withdrawn without a sale. Caught in a bind The pain of Singapore s high unemployment rate and economic slowdown is most visible at property auctions, as mortgagee sales continue to climb. The jobless rate for 2016 hit 2.1%, up from 1.9% in 2015 the highest annual unemployment rate since 2010. Some of those who lost their jobs have defaulted on their mortgages, while beleaguered business owners have struggled to hold on to their assets, says Sharon Lee, Knight Frank s head of auction. Other distressed sales could be the result of a divorce, with couples having to sell their assets after the split, she notes. The rise in mortgagee sales is due to a combination of factors. An increasing number of investors are caught in a bind because either

THEEDGE SINGAPORE MARCH 27, 2017 EP9 COVER STORY their property has been vacant for a prolonged period or the monthly rents are insufficient to cover the mortgage payments, observes Lee. Many of these buyers entered the market when it was on an upturn between 2011 and 2013, before the total debt servicing ratio (TDSR) loan framework was introduced. It is perhaps in recognition of the increasing hardship wrought by economic uncertainty that the government tweaked some of the property cooling measures on March 10. For instance, it cut the holding period for seller s stamp duty from four to three years, and relaxed the TDSR for mortgage equity withdrawal loans with loan-to-value ratios of 50% or less. Mortgagee sales of strata shops, office units Mortgagee sales are also surfacing in the strata commercial segment. At the upcoming mixed-use scheme, EON Shenton, two adjacent strata office units will be put up for auction by ET&Co on March 29. The two 99-year leasehold office units, each with its own attached toilet, have a combined strata area of 1,109 sq ft. Both are now mortgagee sales and have an indicative price of $2.68 million ($2,417 psf), which is 3% below the original purchase price of $2.77 million ($2,501 psf), according to a caveat lodged in May 2013. EON Shenton contains a mix of residential units, strata offices and A Business 1 factory unit at CT Hub 2 was put up for mortgagee sale by Knight Frank shops, and construction is currently underway. It is scheduled for completion in 2H2017. At JLL s auction on March 23, an F&B shop at East Village on Upper Changi Road was put up for sale. The 366 sq ft unit, which is currently vacant, is now a mortgagee sale with an indicative price of $1.55 million ($4,235 psf). When the freehold strata retail complex was launched for sale in April 2012, many of the units, ranging from 108 to 420 sq ft, were snapped up at prices averaging $5,177 psf. At that time, many small investors were diverted from the residential sector, owing to the imposition of the seller s stamp duty (SSD) and additional buyer s stamp duty (ABSD), says a property consultant who declined to be named. Many of them snapped up such small shop units at the launch because they were looking at a quantum play, with absolute prices from $500,000, she says. Two adjacent strata office units at EON Shenton will be put up for auction on March 29 with an indicative price of $2.68 million Meanwhile, at Colliers International s auction on March 30, a 409 sq ft shop unit in the basement of Thomson V Two will be put up for sale. The freehold unit has been transacted twice before. The first time was in June 2007, when the owner snapped it up for $654,000 ($1,599 psf). It changed hands in September 2013 for double the price, or $1.3 million ($3,178 psf). How ever, the property is now a mortgagee sale, with an indication price of $850,000, which is 34.6% below the 2013 purchase price. Thomson V has two mixed-use blocks, both containing residential units on the upper levels, and strata shops on the first and basement levels. Thomson V One was completed in 2008, and Thomson V Two, a year later. Spike in mortgagee sales of strata factory units The slowing economy has taken a toll on small businesses, and this is evident in the rising tide of mortgagee sales and receiver s sales of strata industrial units. At Colliers upcoming auction, eight of the 14 properties are mortgagee sales. Half of these are for ramp-up factory units in new strata industrial developments. Likewise, at Knight Frank s auction, four of the nine industrial units for sale are mortgagee sales. At CT Hub 2 on Lavender Street, a Business 1 (B1) factory unit on the third floor is a mortgagee sale. The 1,873 sq ft unit has a 60-year lease, with effect from 2010. CT Hub 1 and 2 is a giant mixed-use scheme with 310 B1 factory units, 41 retail shops and 77 office units. The project was completed in 2015. With the economy remaining sluggish, more mortgagee sales are likely to surface, as both individual investors and business owners con tinue to face tough times, says Mok Sze Sze, head of auction at JLL. However, for bargain hunters, there are more opportunities on the market. E

EP10 THEEDGE SINGAPORE MARCH 27, 2017 RESEARCH SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Making sense of recent land bids BY FEILY SOFIAN On March 14, the government launched a residential site on Tampines Avenue 10 (Parcel C) for sale by tender. Market watchers have different opinion regarding developers interest for the site, given that it is flanked by The Santorini and The Alps Residences, which still have 217 and 244 unsold units respectively, based on URA caveat records. Still, the site is likely to be highly contested, given developers robust appetite for land recently, as well as stiffer competition from foreign developers. Developers have submitted bullish bids in state tenders since mid-2016. Could this be an impetus for a turnaround in property prices? Notably, GuocoLand s top bid of $1,239 psf per plot ratio (ppr) for the Martin Place site in June 2016 was the highest unit land price for a pure residential site sold in the government land sales programme. The break-even price for the site would be $1,800 to $1,900 psf. Just three months after the sale of the Martin Place site, a private housing site on Fernvale Road attracted a top bid of $517 psf ppr from Sing Development and Wee Hur Development. The price was 17% higher than the $443 psf ppr paid in August 2014 for a neighbouring site that is currently being developed into High Park Residences. With the break-even price projected to be $950 to $1,050 psf, the launch price for the new condominium on the site could be over $1,100 psf. Prices at High Park Residences, meanwhile, have averaged $989 psf. Recent land tenders fetched price premiums over nearby sites TENDER LOCATION PRICE TENDER LOCATION/ PRICE CLOSING ($ PSF PPR) CLOSING PROJECT NAME ($ PSF PPR) February 2017 West Coast Vale 592 August 2015 West Coast Vale/ 551 Parc Riviera January 2017 Perumal Road 1,001* March 2015 Sturdee Road/ 787 Sturdee Residences December 2016 Margaret Drive 998 June 2015 Dundee Road/ 871 Queens Peak September 2016 Fernvale Road 517 August 2014 Fernvale Road/ 443 High Park Residences June 2016 Martin Place 1,239 *Residential with commercial at first storey Separately, MCL Land paid $998 psf ppr for a residential site on Margaret Drive in December 2016, 15% higher than the $871 psf ppr fetched for the Queens Peak site and 13% more than the $883 psf ppr paid for the Commonwealth Towers site. Most recently, China Construction paid $592 psf ppr for a private housing site on West Coast Vale, 7% higher than the $551 psf ppr that EL Development paid for its Parc Riviera site next door. In contrast, developers bids were less optimistic in 2015 and 1H2016. The Grandeur Park Residences site, for example, fetched $761 psf ppr in February 2016, lower than the $791 psf ppr paid in October 2012 for The Glades site, located a stone s throw away. Meanwhile, MCC Land paid $483 psf ppr for The Alps Residences site in May 2015, 14% lower than the $562 psf ppr it paid for The Santorini site in July 2013. The bullish bids by developers in recent times should not come as a surprise. Nearly 30 private housing sites were launched for sale in 2011, excluding executive condo sites. Many projects built on these sites have been completed and developers would be chasing after new sites to reinvest their capital. Less than 10 private housing sites, however, were launched for sale in 2016. Recent land sales paint a rosier picture for the Singapore residential market after more than three years of declining prices. The bullish bids would mean that the average development cost will be elevated and, under normal circumstances, this would translate into higher selling prices for new launches. Any upside in URA, HDB, THE EDGE PROPERTY price is likely to be modest as buyers remain price-sensitive, and the impact on the overall market may be limited as it is just one of the many variables in the equation. The resale market, meanwhile, continues to be mired in a slew of challenges. Amid elevated supply and slower population growth, monthly rents for one-bedroom condo and apartment units fell 7% y-o-y on estimate between 4Q2015 and 4Q2016 across market segments. Rents for two-bedroom units were down 3% y-o-y in the high-end segment and 6% y-o-y in the cityfringe and suburban areas over the same period. The change was computed based on average rents at apartments and condos with at least five contracts in each quarter. Meanwhile, the US Federal Reserve is expected to increase rates three times this year, which would dent mortgage affordability. A new launch may boost prices of resale properties in the vicinity, but the effect may be temporary. The average price at Waterview, a 696-unit condo completed in 2014, fell 8% from $1,027 psf in 2013 to $945 psf in 2016. This was despite the launch of Q Bay Residences in 2013 at $1,043 psf and The Santorini in 2014 at $1,123 psf both projects are located within 500m from Waterview. In the Tanah Merah area, the average price at Casa Merah and East Meadows fell 13% and 9% respectively between 2013 and 2016 despite the launch of The Glades in 2013. For context, the URA price index for non-landed homes in Outside Central Region fell 9% between 4Q2013 and 4Q2016. E

THEEDGE SINGAPORE MARCH 27, 2017 EP11

EP12 THEEDGE SINGAPORE MARCH 27, 2017 DONE DEALS Le Nouvel Ardmore unit fetches $4,005 psf BY TAN CHEE YUEN At Le Nouvel Ardmore, Wing Tai Holdings 43-unit ultra-luxury condominium project, a unit was recently sold for $15.17 million ($4,005 psf), according to a caveat lodged on March 14. The 3,789 sq ft, four-bedroom unit is on the 23rd floor of the 33-storey tower designed by renowned French architect and Pritzker Prize winner Jean Nouvel. The last transaction prior to this was in June 2016, when a 5,242 sq ft, four-bedroom unit on the seventh floor was sold to a foreign buyer, believed to be an Indonesian tycoon, for $21 million ($4,006 psf). The most eye-popping transaction at Le Nouvel was the sale of the duplex penthouse of 13,875 sq ft for $51 million. The buyer was said to be Sun Tongyu, a mainland Chinese tycoon who is a Singapore permanent resident and general partner of Venturecraft Group and the Singapore Diamond Investment Exchange, one of the few commodity exchanges in the world for physically settled diamonds. Sun is a founding member of Alibaba and Taobao, an e-commerce marketplace. The penthouse includes a 5,000 sq ft roof terrace. Its $51 million price tag translated to $3,676 psf, based on total floor area. In terms of abso lute price, it is still considered a record-breaking transaction for a condo unit today. Completed in 2014, Le Nouvel Ardmore contains only three- and four-bedroom units from about 3,800 sq ft. Le Nouvel appeals to buyers with deep pockets who are looking for a luxurious and spacious unit in the most prestigious location in the prime district, says Samuel Eyo, managing director of Singapore Christie s International Real Estate. In recent weeks, there has been a handful of transactions elsewhere in the Ardmore Park neighbourhood. Last month, a 2,885 sq ft, four-bedroom unit at the neighbouring Ardmore Park condo changed hands for $8.9 million (3,085 psf). The seller purchased the unit in August 1996 for $5.4 million ($1,876 psf) when the project was launched. Developed by Wheelock Properties and completed in 2001, the 330- unit freehold Ardmore Park Condo is still regarded as the barometer for the luxury residential market. Wheelock s other project in Ardmore Park, the 84-unit Ardmore Three, saw five units sold at prices ranging from $6.06 million ($3,389 psf) to $7.07 million ($3,981 psf) in February. The project, completed in 2015, contains three-bedroom units of about 1,800 sq ft. E The 43-unit Le Nouvel Ardmore (centre) and the neighbouring Nouvel 18 (left) were designed by French architect Jean Nouvel SAMUEL ISAAC CHUA/THE EDGE SINGAPORE LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated March 7 to 14 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 EMERALD GARDEN Condominium 999 years March 08 1,259 1,938,860-1,540 1999 Resale MARINA BAY RESIDENCES Condominium 99 years March 10 732 1,450,000-1,981 2010 Resale ONE SHENTON Apartment 99 years March 08 581 950,000-1,634 2011 Resale District 2 SKYSUITES@ANSON Apartment 99 years March 10 1,012 2,680,000-2,649 2014 Resale District 3 ALEX RESIDENCES Apartment 99 years March 07 926 1,652,000-1,785 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years March 07 1,044 1,909,000-1,828 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years March 08 904 1,571,000-1,737 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years March 10 926 1,689,500-1,825 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March 10 904 1,493,900-1,652 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March 10 904 1,537,100-1,700 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March 10 904 1,395,200-1,543 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March 12 463 848,000-1,832 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March 12 463 848,000-1,832 Uncompleted New Sale EMERALD PARK Condominium 99 years March 14 926 1,050,000-1,134 1993 Resale HIGHLINE RESIDENCES Condominium 99 years March 08 2,174 4,042,100-1,859 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 08 1,109 2,131,800-1,923 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 09 1,292 2,288,300-1,772 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 10 904 1,611,800-1,783 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 10 915 1,596,000-1,744 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 11 883 1,626,700-1,843 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 11 700 1,385,900-1,981 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 12 904 1,543,800-1,707 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 12 1,292 2,357,100-1,825 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 12 1,292 2,198,100-1,702 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 07 484 819,000-1,691 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 08 484 790,000-1,631 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 08 786 1,290,000 1,285,000 1,635 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 08 807 1,298,500-1,608 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 08 807 1,302,420-1,613 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 08 797 1,289,680-1,619 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 08 797 1,309,280-1,644 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 09 797 1,345,000-1,689 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 10 484 794,000-1,639 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 11 786 1,266,000 1,261,000 1,605 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March 12 764 1,230,000-1,609 Uncompleted New Sale QUEENS Condominium 99 years March 08 1,184 1,430,000-1,208 2002 Resale QUEENS PEAK Condominium 99 years March 08 775 1,166,000-1,505 Uncompleted New Sale QUEENS PEAK Condominium 99 years March 10 441 763,000-1,729 Uncompleted New Sale RIVER PLACE Condominium 99 years March 10 786 990,000-1,260 1999 Resale THE ANCHORAGE Condominium Freehold March 08 1,647 1,938,888-1,177 1997 Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years March 13 1,335 1,920,000-1,438 2004 Resale CORALS AT KEPPEL BAY Condominium 99 years March 07 883 1,470,000-1,665 2016 New Sale CORALS AT KEPPEL BAY Condominium 99 years March 09 2,659 6,520,000-2,452 2016 New Sale THE BERTH BY THE COVE Condominium 99 years March 13 1,658 2,200,000-1,327 2006 Resale THE INTERLACE Condominium 99 years March 14 1,744 1,870,000-1,072 2013 Resale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 5 BLUE HORIZON Condominium 99 years March 08 1,163 1,190,000-1,024 2005 Resale CLEMENTIWOODS Condominium 99 years March 08 1,421 1,400,000-985 2010 Resale HERITAGE VIEW Condominium 99 years March 07 969 1,100,000-1,135 2000 Resale JULUCA Detached Freehold March 07 3,692 2,180,000-590 2010 Resale PARC RIVIERA Condominium 99 years March 11 710 865,000-1,218 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 11 1,184 1,332,000-1,125 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 12 1,184 1,317,000-1,112 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 12 990 1,175,020-1,187 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 12 710 865,000-1,218 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 12 603 822,000-1,364 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 12 1,152 1,438,000-1,249 Uncompleted New Sale PARC RIVIERA* Condominium 99 years March 12 710 855,540-1,204 Uncompleted New Sale SPRINGWOOD Terrace Freehold March 13 2,250 2,700,000-1,201 1990 Resale THE CLEMENT CANOPY Apartment 99 years March 07 990 1,352,000-1,365 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 08 732 1,013,000-1,384 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 11 1,346 1,691,000-1,257 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 11 657 939,000-1,430 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 11 732 977,000-1,335 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 1,346 1,688,000-1,255 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 732 1,009,000-1,379 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 990 1,357,000-1,370 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 657 948,000-1,444 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 710 966,000-1,360 Uncompleted New Sale THE TRILINQ Condominium 99 years March 07 1,356 1,657,000-1,222 Uncompleted New Sale THE TRILINQ Condominium 99 years March 07 1,356 1,573,000-1,160 Uncompleted New Sale THE TRILINQ Condominium 99 years March 09 1,346 1,554,000-1,155 Uncompleted New Sale THE TRILINQ Condominium 99 years March 10 1,518 1,799,000-1,185 Uncompleted New Sale THE TRILINQ Condominium 99 years March 11 1,356 1,622,000-1,196 Uncompleted New Sale THE TRILINQ Condominium 99 years March 11 1,518 1,842,000-1,214 Uncompleted New Sale District 7 THE BENCOOLEN Apartment 99 years March 10 1,044 1,268,000-1,214 1999 Resale THE PLAZA Apartment 99 years March 10 732 739,800-1,011 1979 Resale District 8 CITY SQUARE RESIDENCES Condominium Freehold March 08 1,216 1,642,000-1,350 2009 Resale CITY SQUARE RESIDENCES Condominium Freehold March 13 1,216 1,610,000-1,324 2008 Resale KENTISH COURT Apartment 99 years March 07 1,055 970,000-920 1999 Resale SING AVENUE Apartment Freehold March 08 2,928 1,820,000-623 Unknown Resale STURDEE RESIDENCES Condominium 99 years March 11 947 1,381,800-1,459 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years March 12 721 1,184,700-1,643 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years March 12 1,044 1,623,168-1,555 Uncompleted New Sale STURDEE VIEW Apartment Freehold March 07 1,475 1,450,000-983 1999 Resale District 9 2 RVG Apartment Freehold March 09 893 1,500,000-1,679 2006 Resale BELLE VUE RESIDENCES Condominium Freehold March 07 2,303 4,300,000-1,867 2010 Resale CAIRNHILL NINE Apartment 99 years March 07 1,055 2,811,000-2,665 2016 New Sale CAIRNHILL NINE Apartment 99 years March 07 1,033 2,792,000-2,702 2016 New Sale CAIRNHILL NINE Apartment 99 years March 11 1,033 2,657,000-2,571 2016 New Sale CAIRNHILL RESIDENCES Apartment Freehold March 08 1,163 2,098,000-1,805 2009 Resale LEONIE GARDENS Condominium 99 years March 07 2,540 2,770,000-1,090 1993 Resale LIV ON WILKIE Apartment Freehold March 12 452 988,000-2,185 Uncompleted New Sale OUE TWIN PEAKS Condominium 99 years March 08 1,399 4,029,200-2,879 2015 Resale OUE TWIN PEAKS Condominium 99 years March 13 1,399 3,800,000-2,716 2015 Resale ROBERTSON 100 Apartment Freehold March 07 883 1,480,000-1,677 2004 Resale SOPHIA HILLS Condominium 99 years March 07 710 1,376,000-1,937 Uncompleted New Sale SOPHIA HILLS Condominium 99 years March 10 581 1,245,000-2,142 Uncompleted New Sale SOPHIA HILLS Condominium 99 years March 12 700 1,305,000-1,865 Uncompleted New Sale SOPHIA HILLS Condominium 99 years March 12 1,012 1,864,000-1,842 Uncompleted New Sale ST THOMAS SUITES Condominium Freehold March 10 1,819 3,350,000-1,842 2010 Resale THE PEAK @ CAIRNHILL II Apartment Freehold March 12 904 2,511,000-2,777 2015 Resale THE WHARF RESIDENCE Condominium 999 years March 13 1,044 1,958,000-1,875 2012 Resale TOWNHOUSE APARTMENTS Apartment 99 years March 10 2,228 1,900,000-853 Unknown Resale VISIONCREST Apartment Freehold March 13 915 1,690,000-1,847 2007 Resale WATERMARK ROBERTSON QUAY Apartment Freehold March 14 1,346 2,020,000-1,501 2008 Resale District 10 ASTRID MEADOWS Condominium Freehold March 09 2,583 4,280,000-1,657 1990 Resale BALMORAL GATE Condominium Freehold March 13 1,572 2,300,000-1,464 1994 Resale BELMOND GREEN Condominium Freehold March 13 1,270 2,023,000-1,593 2004 Resale D LEEDON Condominium 99 years March 10 2,260 3,165,000-1,400 2014 Resale GRAMERCY PARK Condominium Freehold March 08 2,562 6,570,704-2,565 2016 Resale GRAMERCY PARK Condominium Freehold March 13 2,207 5,746,000-2,604 2016 Resale LE NOUVEL ARDMORE Condominium Freehold March 14 3,789 15,174,945-4,005 2014 Resale LOFT@HOLLAND Apartment Freehold March 13 323 720,000-2,230 2014 Resale JALAN ISTIMEWA Semi-Detached 999 years March 07 3,746 5,650,000-1,510 1996 Resale ONE BALMORAL Condominium Freehold March 09 969 2,219,000-2,291 2016 Resale ONE BALMORAL Condominium Freehold March 13 969 2,097,000-2,165 2016 Resale ONE TREE HILL MANSIONS Apartment 99 years March 07 1,615 1,440,000-892 Unknown Resale POLLEN & BLEU Condominium 99 years March 14 872 1,737,400-1,993 2016 Resale POLLEN & BLEU Condominium 99 years March 14 872 1,774,800-2,036 2016 Resale THE FERNHILL Apartment Freehold March 13 1,604 2,580,000-1,609 2009 Resale THE LEGEND Condominium Freehold March 07 1,496 1,780,000-1,190 1996 Resale THE SIERRA Apartment 947 years March 09 667 820,000-1,229 1998 Resale THE TESSARINA Condominium Freehold March 08 969 1,380,000-1,425 2003 Resale THE TRESOR Condominium 999 years March 09 1,485 2,260,000-1,521 2007 Resale THE TRIZON Condominium Freehold March 13 2,174 3,360,000-1,545 2012 Resale VICTORIA PARK VILLAS Semi-Detached 99 years March 09 2,217 4,463,000-2,016 Uncompleted New Sale WOOLLERTON PARK Apartment Freehold March 13 2,357 3,600,000-1,527 Unknown Resale District 11 CHANCERY CORNER Apartment Freehold March 09 1,421 875,000-616 1986 Resale TEN @ SUFFOLK Apartment Freehold March 10 1,184 1,600,000-1,351 2006 Resale District 12

THEEDGE SINGAPORE MARCH 27, 2017 EP13 DONE DEALS Residential transactions with contracts dated March 7 to 14 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE BEACON HEIGHTS Condominium 999 years March 10 926 950,000-1,026 2012 Resale EIGHT RIVERSUITES Condominium 99 years March 07 850 1,050,000-1,235 2016 Sub Sale EIGHT RIVERSUITES Terrace 99 years March 10 3,003 2,150,000-716 2016 New Sale GEM RESIDENCES Condominium 99 years March 08 775 1,146,000-1,479 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 10 678 1,081,000-1,594 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 11 1,313 1,785,000-1,359 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 11 484 756,000-1,561 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 12 1,249 1,842,000-1,475 Uncompleted New Sale KINGSLEY MANSIONS Apartment Freehold March 07 1,356 1,350,000-995 1987 Resale REGENT RESIDENCES Apartment Freehold March 10 409 700,000-1,711 2015 Resale THE MEZZO Apartment Freehold March 09 840 990,000-1,179 2012 Resale TRELLIS TOWERS Condominium Freehold March 09 710 1,010,000-1,422 2000 Resale District 13 8@WOODLEIGH Condominium 99 years March 10 958 1,225,000-1,279 2012 Resale CLYDESWOOD Apartment Freehold March 08 1,152 1,005,000-873 1993 Resale THE POIZ RESIDENCES Apartment 99 years March 11 420 643,000-1,532 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years March 12 420 649,000-1,546 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years March 12 420 643,000-1,532 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years March 12 420 652,000-1,553 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years March 12 538 789,000-1,466 Uncompleted New Sale THE POIZ RESIDENCES* Apartment 99 years March 12 1,249 1,271,000-1,018 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 07 1,152 1,581,000-1,373 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 08 1,152 1,581,750-1,373 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 09 1,238 1,777,965-1,436 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 11 1,270 1,585,000-1,248 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 12 1,130 1,588,207-1,405 Uncompleted New Sale District 14 LEVENUE Apartment Freehold March 08 463 650,000-1,404 2014 Resale JALAN LANA Semi-Detached Freehold March 08 2,842 2,700,000-949 Unknown Resale PALMERA EAST Apartment Freehold March 08 431 615,000-1,428 2012 Resale RESIDENCES 88 Apartment Freehold March 07 431 565,000-1,312 2013 Resale SIMS URBAN OASIS Condominium 99 years March 11 958 1,239,700-1,294 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March 12 1,033 1,366,700-1,323 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March 12 1,033 1,370,000-1,326 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March 12 667 951,750-1,426 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March 12 990 1,365,000-1,378 Uncompleted New Sale SIMS URBAN OASIS* Condominium 99 years March 12 667 930,000-1,394 Uncompleted New Sale TRE RESIDENCES Condominium 99 years March 11 850 1,246,000-1,465 Uncompleted New Sale TRE RESIDENCES Condominium 99 years March 12 700 1,034,000-1,478 Uncompleted New Sale District 15 COSTA RHU Condominium 99 years March 14 1,776 2,120,000-1,194 1997 Resale COTE D AZUR Condominium 99 years March 08 1,270 1,565,000-1,232 2004 Resale COTE D AZUR Condominium 99 years March 10 1,539 1,738,800-1,130 2004 Resale EMERALD EAST Apartment Freehold March 13 980 1,180,000-1,205 1999 Resale FRANKEL ESTATE Semi-Detached Freehold March 13 3,864 4,650,000-1,205 1995 Resale FULCRUM Condominium Freehold March 07 829 1,410,750-1,702 2016 Resale FULCRUM Condominium Freehold March 08 474 964,000-2,035 2016 Resale LAGUNA PARK Apartment 99 years March 09 1,615 1,428,800-885 1978 Resale LAGUNA PARK Apartment 99 years March 10 1,615 1,300,000-805 1978 Resale LAVERNE S LOFT Apartment Freehold March 07 441 590,000-1,337 2013 Resale EVERITT ROAD NORTH Terrace Freehold March 10 2,852 2,750,000-964 Unknown Resale OPERA ESTATE Detached Freehold March 13 5,996 6,400,000-1,067 Unknown Resale OPERA ESTATE Terrace Freehold March 14 1,604 3,150,000-1,969 Unknown Resale PEACH GARDEN Apartment Freehold March 07 2,766 3,110,000-1,124 1975 Resale TEMBELING COURT Apartment Freehold March 09 1,324 1,420,000-1,073 2010 Resale THE ESTA Condominium Freehold March 10 3,068 4,000,000-1,304 2008 Resale THE SERENNO Apartment Freehold March 09 484 668,000-1,379 2016 Resale THE SILVER FIR Apartment Freehold March 13 1,044 1,100,000-1,054 2013 Resale VILLA MARINA Condominium 99 years March 14 1,755 1,430,000-815 1999 Resale WATER PLACE Condominium 99 years March 13 1,216 1,550,000-1,274 2004 Resale District 16 BAYSHORE PARK Condominium 99 years March 07 2,239 1,900,000-849 1986 Resale BAYSHORE PARK Condominium 99 years March 07 936 810,000-865 1986 Resale BAYSHORE PARK Condominium 99 years March 10 1,173 938,888-800 1986 Resale CASA MERAH Apartment 99 years March 10 1,259 1,300,000-1,032 2009 Resale COSTA DEL SOL Condominium 99 years March 10 1,475 1,450,000-983 2003 Resale EASTWOOD GREEN Condominium 99 years March 09 1,302 975,000-749 1998 Resale ECO Condominium 99 years March 08 1,023 1,200,000-1,174 2017 Sub Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 09 474 739,000-1,560 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 10 560 796,000-1,422 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 10 883 1,204,000-1,364 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 624 882,000-1,413 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 893 1,143,000-1,279 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 474 715,000-1,510 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 850 857,000-1,008 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 667 950,000-1,424 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 893 1,222,000-1,368 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 1,453 1,902,000-1,309 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 667 924,000-1,385 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 893 1,173,000-1,313 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 904 1,106,000-1,223 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 904 1,098,000-1,214 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 883 979,000-1,109 Uncompleted New Sale GRANDEUR PARK RESIDENCES* Condominium 99 years March 12 883 978,000-1,108 Uncompleted New Sale KEW PLACE Semi-Detached Freehold March 14 3,993 3,500,000-877 1987 Resale KEW VALE Terrace 99 years March 13 1,711 1,700,000-996 1995 Resale LUCKY HILL Terrace 999 years March 08 1,679 2,150,000-1,281 Unknown Resale THE GLADES Condominium 99 years March 10 506 810,000-1,601 2016 New Sale District 17 HEDGES PARK CONDOMINIUM Condominium 99 years March 08 484 526,000-1,086 2015 Resale JLB RESIDENCES Apartment 946 years March 14 958 828,000-864 2008 Resale THE GALE Condominium Freehold March 07 980 835,000-852 2013 Resale District 18 COCO PALMS Condominium 99 years March 10 2,067 2,041,600-988 Uncompleted New Sale DOUBLE BAY RESIDENCES Condominium 99 years March 09 936 1,010,000-1,079 2012 Resale ELIAS GREEN Condominium 99 years March 10 1,550 880,000-568 1994 Resale ELIAS GREEN Condominium 99 years March 13 1,528 860,000-563 1994 Resale MELVILLE PARK Condominium 99 years March 07 1,044 730,800-700 1996 Resale NV RESIDENCES Condominium 99 years March 10 764 720,000-942 2013 Resale Q BAY RESIDENCES Condominium 99 years March 10 1,119 1,208,000-1,079 2016 Resale RIPPLE BAY Condominium 99 years March 09 1,055 888,000-842 2015 Resale RIPPLE BAY Condominium 99 years March 10 775 760,000-981 2015 Resale THE ALPS RESIDENCES Condominium 99 years March 09 936 938,000-1,002 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years March 11 700 742,000-1,061 Uncompleted New Sale THE PALETTE Condominium 99 years March 13 743 770,000-1,037 2015 Resale THE SANTORINI Condominium 99 years March 08 904 980,000-1,084 Uncompleted New Sale THE SANTORINI Condominium 99 years March 08 915 913,770-999 Uncompleted New Sale THE SANTORINI Condominium 99 years March 10 915 913,700-999 Uncompleted New Sale THE SANTORINI Condominium 99 years March 10 1,184 1,211,000-1,023 Uncompleted New Sale THE SANTORINI Condominium 99 years March 11 915 983,000-1,074 Uncompleted New Sale THE SANTORINI Condominium 99 years March 11 753 774,000-1,027 Uncompleted New Sale THE SANTORINI Condominium 99 years March 11 1,130 1,154,000-1,021 Uncompleted New Sale THE SANTORINI Condominium 99 years March 11 1,130 1,133,550-1,003 Uncompleted New Sale TROPICAL SPRING Condominium 99 years March 14 1,356 1,065,000-785 2002 Resale VUE 8 RESIDENCE Condominium 99 years March 07 1,313 1,271,200-968 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years March 08 2,153 1,830,000-850 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years March 10 1,346 1,270,000-944 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years March 11 1,701 1,450,000-853 Uncompleted New Sale District 19 A TREASURE TROVE Condominium 99 years March 07 1,044 1,070,000-1,025 2015 Resale AMARANDA GARDENS Condominium Freehold March 14 1,163 1,620,888-1,394 2004 Resale CASA CAMBIO Condominium Freehold March 07 667 1,030,000-1,543 2014 Resale CHERRY GARDENS Apartment 99 years March 10 2,110 1,300,000-616 2004 Resale COMPASS HEIGHTS Apartment 99 years March 09 667 695,000-1,041 2002 Resale FOREST WOODS Condominium 99 years March 07 915 1,245,000-1,361 Uncompleted New Sale FOREST WOODS Condominium 99 years March 09 732 1,056,000-1,443 Uncompleted New Sale FOREST WOODS Condominium 99 years March 12 915 1,252,000-1,368 Uncompleted New Sale KENSINGTON PARK Condominium 999 years March 09 1,249 1,360,000-1,089 1990 Resale JALAN ARIF Terrace 999 years March 09 2,002 2,200,000-1,097 1994 Resale THRIFT DRIVE Detached Freehold March 10 4,650 3,500,000-753 Unknown Resale OASIS GARDEN Condominium Freehold March 07 1,238 1,300,000-1,050 2009 Resale ONE SURIN Terrace Freehold March 12 5,038 2,720,000-540 2017 New Sale ONE SURIN Terrace Freehold March 12 4,004 2,600,000-649 2017 New Sale PARC CENTROS Condominium 99 years March 07 1,313 1,450,000-1,104 2016 Sub Sale PARK GREEN EC 99 years March 08 1,389 880,000-634 2004 Resale PARK GREEN EC 99 years March 14 1,206 840,000-697 2004 Resale PARRY GREEN Terrace 99 years March 08 1,615 1,580,000-979 1998 Resale REGENTVILLE Apartment 99 years March 09 1,152 770,000-669 1999 Resale RIVERVALE CREST Apartment 99 years March 13 1,163 780,000-671 2002 Resale STARS OF KOVAN Apartment 99 years March 12 743 1,022,860-1,377 Uncompleted New Sale STARS OF KOVAN Apartment 99 years March 12 743 1,065,000-1,434 Uncompleted New Sale STARS OF KOVAN Apartment 99 years March 12 732 1,137,240-1,554 Uncompleted New Sale STARS OF KOVAN Apartment 99 years March 12 743 1,022,860-1,377 Uncompleted New Sale SUITES @ PAYA LEBAR Apartment Freehold March 09 614 835,000-1,361 2013 Resale SUNGLADE Condominium 99 years March 08 1,518 1,350,000-889 2003 Resale THE FLORIDA EC 99 years March 13 1,389 910,000-655 2000 Resale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE MINTON Condominium 99 years March 13 936 940,000-1,004 2013 Resale THE VALES EC 99 years March 07 764 661,000-865 Uncompleted New Sale THE VALES EC 99 years March 08 1,679 1,316,000-784 Uncompleted New Sale THE VALES EC 99 years March 08 753 623,888-828 Uncompleted New Sale THE VALES EC 99 years March 09 915 750,000-820 Uncompleted New Sale THE VALES EC 99 years March 10 753 643,888-855 Uncompleted New Sale THE VALES EC 99 years March 11 764 630,888-826 Uncompleted New Sale THE VALES EC 99 years March 11 764 662,310-867 Uncompleted New Sale THE VALES EC 99 years March 12 1,668 1,388,000-832 Uncompleted New Sale District 20 GOLDENHILL PARK Condominium Freehold March 14 1,335 1,800,000-1,349 2004 Resale KINGSGROVE Condominium Freehold March 09 1,528 1,280,000-837 1992 Resale JALAN REBANA Semi-Detached Freehold March 07 3,079 3,170,000-1,030 Unknown Resale SEMBAWANG HILLS ESTATE Terrace Freehold March 07 2,034 1,900,000-932 Unknown Resale SKY HABITAT Condominium 99 years March 13 1,518 2,296,000-1,513 2015 Resale SKY HABITAT Condominium 99 years March 13 1,798 2,598,600-1,446 2015 Resale SKY VUE Condominium 99 years March 07 678 1,148,300-1,693 2016 Resale SKY VUE Condominium 99 years March 10 678 1,184,300-1,746 2016 Resale THOMSON GRAND Condominium 99 years March 13 947 1,200,000-1,267 2015 Sub Sale THOMSON IMPRESSIONS Apartment 99 years March 10 1,055 1,392,700-1,320 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years March 10 463 785,200-1,696 Uncompleted New Sale THOMSON VIEW Condominium 99 years March 07 2,024 1,530,000-756 1987 Resale District 21 CLEMENTI GARDENS Terrace Freehold March 13 3,369 4,760,000-1,411 1983 Resale FLORIDIAN Condominium Freehold March 08 915 1,550,000-1,694 2012 Resale SHERWOOD TOWER Apartment 99 years March 13 1,518 1,020,000-672 1980 Resale THE CREEK @ BUKIT Condominium Freehold March 07 936 1,540,000-1,644 Uncompleted New Sale THE CREEK @ BUKIT Condominium Freehold March 12 936 1,579,000-1,686 Uncompleted New Sale District 22 CASPIAN Condominium 99 years March 09 1,604 1,625,000-1,013 2012 Resale LAKE GRANDE Condominium 99 years March 09 904 1,149,000-1,271 Uncompleted New Sale LAKE GRANDE Condominium 99 years March 12 926 1,229,000-1,328 Uncompleted New Sale LAKE GRANDE Condominium 99 years March 12 904 1,176,000-1,301 Uncompleted New Sale LAKE GRANDE Condominium 99 years March 12 904 1,180,000-1,305 Uncompleted New Sale SUMMERDALE EC 99 years March 07 1,399 935,000-668 2000 Resale THE FLORAVALE EC 99 years March 08 1,292 815,000-631 2000 Resale THE LAKEFRONT RESIDENCES Condominium 99 years March 08 1,399 1,740,000-1,243 2014 Resale WESTWOOD RESIDENCES EC 99 years March 08 1,033 847,200-820 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 08 1,033 778,700-754 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 08 1,152 946,900-822 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 10 947 709,300-749 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 11 1,238 976,300-789 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 11 1,152 964,000-837 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 12 1,033 764,500-740 Uncompleted New Sale District 23 ESPA Condominium 999 years March 13 1,206 1,250,000-1,037 2009 Resale HILLION RESIDENCES Apartment 99 years March 09 463 636,640-1,375 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years March 09 474 655,040-1,383 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years March 09 474 649,520-1,371 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years March 09 474 648,850-1,370 Uncompleted New Sale HILLION RESIDENCES* Apartment 99 years March 11 463 664,240-1,435 Uncompleted New Sale HILLVIEW GARDEN ESTATE Apartment 998 years March 07 1,076 894,000-831 Unknown Resale HILLVIEW REGENCY Condominium 99 years March 07 1,109 850,000-767 2005 Resale INZ RESIDENCE EC 99 years March 12 1,109 849,500-766 Uncompleted New Sale INZ RESIDENCE EC 99 years March 12 1,184 978,000-826 Uncompleted New Sale INZ RESIDENCE EC 99 years March 12 1,109 889,000-802 Uncompleted New Sale INZ RESIDENCE EC 99 years March 12 1,066 810,000-760 Uncompleted New Sale INZ RESIDENCE* EC 99 years March 12 1,690 1,229,000-727 Uncompleted New Sale MI CASA Condominium 99 years March 07 1,259 900,000-715 2012 Resale MI CASA Condominium 99 years March 08 1,313 1,100,000-838 2012 Resale MONTROSA Condominium 999 years March 13 1,195 1,030,000-862 1999 Resale PALM GARDENS Condominium 99 years March 13 1,206 825,000-684 2000 Resale SOL ACRES EC 99 years March 12 1,098 818,000-745 Uncompleted New Sale SOL ACRES EC 99 years March 12 1,044 865,000-828 Uncompleted New Sale SOL ACRES EC 99 years March 12 872 712,000-817 Uncompleted New Sale SOL ACRES EC 99 years March 12 1,066 849,000-797 Uncompleted New Sale SOL ACRES EC 99 years March 12 850 682,000-802 Uncompleted New Sale SOL ACRES EC 99 years March 12 872 714,000-819 Uncompleted New Sale SOL ACRES* EC 99 years March 12 872 682,000-782 Uncompleted New Sale THE HILLIER Apartment 99 years March 13 592 775,000-1,309 2016 Sub Sale THE JADE Condominium 99 years March 10 1,615 1,560,000-966 2004 Resale WANDERVALE EC 99 years March 07 1,098 876,000-798 Uncompleted New Sale YEW MEI GREEN EC 99 years March 08 1,292 870,000-674 2000 Resale District 25 BELLEWOODS EC 99 years March 12 1,227 956,340-779 Uncompleted New Sale BELLEWOODS EC 99 years March 12 1,227 946,440-771 Uncompleted New Sale NORTHWAVE EC 99 years March 07 990 749,150-756 Uncompleted New Sale NORTHWAVE EC 99 years March 09 1,098 835,600-761 Uncompleted New Sale NORTHWAVE EC 99 years March 11 753 578,300-768 Uncompleted New Sale NORTHWAVE EC 99 years March 12 753 586,850-779 Uncompleted New Sale PARC ROSEWOOD Condominium 99 years March 09 431 528,000-1,226 2014 Resale PARC ROSEWOOD Condominium 99 years March 10 517 555,000-1,074 2014 Resale District 26 FOREST HILLS Condominium 99 years March 08 1,195 946,000-792 2003 Resale MEADOWS @ PEIRCE Condominium Freehold March 10 1,518 1,800,000-1,186 2012 Resale THE CALROSE Condominium Freehold March 14 2,024 1,650,000-815 2007 Resale District 27 CANBERRA RESIDENCES Condominium 99 years March 08 904 860,000-951 2013 Resale EUPHONY GARDENS Condominium 99 years March 10 980 730,000-745 2001 Resale NORTH PARK RESIDENCES Apartment 99 years March 07 872 995,280-1,142 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years March 07 1,098 1,343,900-1,224 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years March 08 872 989,120-1,134 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years March 11 829 1,096,200-1,323 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years March 12 700 933,680-1,334 Uncompleted New Sale ORCHID PARK Condominium 99 years March 09 980 692,500-707 1994 Resale PARC LIFE EC 99 years March 10 1,066 863,550 861,250 808 Uncompleted New Sale PARC LIFE EC 99 years March 10 947 675,450 673,150 711 Uncompleted New Sale PARC LIFE EC 99 years March 11 1,066 793,250 790,950 742 Uncompleted New Sale PARC LIFE EC 99 years March 11 1,066 859,750 857,450 805 Uncompleted New Sale PARC LIFE EC 99 years March 11 1,109 842,650-760 Uncompleted New Sale PARC LIFE EC 99 years March 11 1,270 965,200 962,900 758 Uncompleted New Sale PARC LIFE EC 99 years March 11 1,109 893,000 889,700 802 Uncompleted New Sale PARC LIFE EC 99 years March 12 753 587,100 584,800 776 Uncompleted New Sale PARC LIFE EC 99 years March 12 1,001 783,750-783 Uncompleted New Sale PARC LIFE EC 99 years March 12 1,001 733,400-733 Uncompleted New Sale SEMBAWANG SPRINGS ESTATE Semi-Detached 999 years March 07 2,734 2,580,000-944 1996 Resale SIGNATURE AT YISHUN EC 99 years March 09 1,076 794,780-738 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 11 1,184 950,137-802 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 11 1,184 861,845-728 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 12 947 767,812-811 Uncompleted New Sale SKIES MILTONIA Condominium 99 years March 07 527 570,000-1,081 2016 Resale SYMPHONY SUITES Condominium 99 years March 07 797 850,000-1,067 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years March 07 689 748,000-1,086 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years March 09 1,023 1,096,000-1,072 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years March 12 893 955,000-1,069 Uncompleted New Sale THE BROWNSTONE EC 99 years March 07 947 764,000-807 Uncompleted New Sale THE BROWNSTONE EC 99 years March 07 947 761,600-804 Uncompleted New Sale THE CRITERION EC 99 years March 07 1,023 765,600-749 Uncompleted New Sale THE CRITERION EC 99 years March 08 1,173 889,100-758 Uncompleted New Sale THE CRITERION EC 99 years March 09 1,098 846,300-771 Uncompleted New Sale THE CRITERION EC 99 years March 10 1,076 787,800-732 Uncompleted New Sale THE CRITERION EC 99 years March 12 1,249 1,016,000-814 Uncompleted New Sale THE CRITERION EC 99 years March 12 1,378 1,142,400-829 Uncompleted New Sale THE CRITERION EC 99 years March 12 1,173 874,400-745 Uncompleted New Sale THE VISIONAIRE EC 99 years March 07 958 762,795-796 Uncompleted New Sale THE VISIONAIRE EC 99 years March 09 980 820,000-837 Uncompleted New Sale THE VISIONAIRE EC 99 years March 10 1,346 1,093,000-812 Uncompleted New Sale THE VISIONAIRE EC 99 years March 12 1,281 967,500-755 Uncompleted New Sale THE VISIONAIRE EC 99 years March 12 1,141 920,130-806 Uncompleted New Sale THE WISTERIA Apartment 99 years March 09 969 985,412-1,017 Uncompleted New Sale THE WISTERIA Apartment 99 years March 10 893 959,000-1,073 Uncompleted New Sale THE WISTERIA Apartment 99 years March 11 969 936,112-966 Uncompleted New Sale THE WISTERIA Apartment 99 years March 11 969 958,712-990 Uncompleted New Sale THE WISTERIA Apartment 99 years March 12 969 990,000-1,022 Uncompleted New Sale District 28 GRANDE VISTA Condominium 999 years March 07 2,702 2,080,000-770 1992 Resale HIGH PARK RESIDENCES Apartment 99 years March 11 990 1,008,112-1,018 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years March 07 947 991,140-1,046 Uncompleted New Sale SARACA GARDENS Semi-Detached Freehold March 07 4,004 3,370,000-842 1993 Resale SUNRISE VILLA Terrace Freehold March 07 2,121 2,000,000-942 1985 Resale DISCLAIMER: Source: URA Realis. Updated March 21, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium * Not all the caveats are reflected in the table owing to the sheer number of transactions for the projects

EP14 THEEDGE SINGAPORE MARCH 27, 2017 GAINS AND LOSSES Profit of $2.5 mil at Astrid Meadows BY LIN ZHIQIN On March 9, a 2,583 sq ft unit at Astrid Meadows in prime District 10 was sold at a $2.5 million profit. The seller bought the unit at $1.8 million, or $706 psf, in October 1998 and sold it at $4.3 million, or $1,657 psf. The profit works out to 135%, or 5% a year, over a holding period of 18 years. There were four rental contracts for units ranging from 2,500 to 2,600 sq ft at Astrid Meadows in 2H2016, with monthly rents averaging $9,550. This implies a 3% gross rental yield for the recently transacted unit. Based on the matching of URA caveat data, four units at Astrid Meadows were sold at profits ranging from $498,000 to $1.6 million last year, while one unit was sold at a $135,000 loss. The seller who incurred the loss bought the unit at $3.4 million, or $1,653 psf, in February 2011 and sold it at $3.2 million, or $1,587 psf, in September 2016. Astrid Meadows is a freehold condominium with 208 units. It was completed in 1990. A 2,766 sq ft unit at Peach Garden in District 15 fetched the secondbiggest profit of $1.7 million, for private non-landed houses sold in the week of March 7 to 14. The seller bought the unit at $1.4 million, or $506 psf, in 1995 and sold it at $3.1 million, or $1,124 psf, on March 7. The profit works out to 122%, or 4% a year, over a holding period of 22 years. There were three rental contracts for units ranging from 2,700 to 2,800 sq ft at Peach Garden in 2H2016, with monthly rents averaging $5,433. This implies a 2% gross rental yield for the recently transacted unit. Based on the matching of URA caveat data, there have been 17 profitable transactions and no unprofit able transaction at Peach Garden since There have been 119 profitable transactions at Costa Rhu since 2012. Find the most affordable listing in the project at bit.ly/costarhuedge. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Four units at Astrid Meadows were sold at profits ranging from $498,000 to $1.6 million last year. Find the most affordable listing in the project at bit.ly/astridmeadowsedge. 2006. The freehold Peach Garden was completed in 1975. It is located within walking distance of the upcoming Tanjong Katong MRT station and comprises 72 apartment units. At Costa Rhu, also located in District 15, a 1,776 sq ft unit fetched the third-biggest profit, of $1.3 million, for the week. The seller bought the unit at $838,000, or $472 psf, in November 2005 and sold it at $2.1 million, or $1,194 psf, on March 14. The profit works out to 153%, or 9% a year, over a holding period of 11 years. There were 12 rental contracts for units ranging from 1,700 to 1,800 sq ft at Costa Rhu in 2H20116, with monthly rents averaging $5,175. This implies a 3% gross rental yield for the recently transacted unit. Based on the matching of URA caveat data, there have been 119 profitable transactions and two unprofitable transactions at Costa Rhu since 2012. The unprofitable transactions were for two units that were bought at $1,166 and $1,274 psf in 2011 and sold at the same price in March 2016 and February this year. Costa Rhu is a 99-year leasehold condo with 737 units. It was completed in 1997. Separately, the seller of a 1,604 sq ft unit at The Fernhill in prime District 10 incurred a $1.05 million loss on March 13. The seller bought the unit at $3.6 million, or $2,265 psf, in June 2007 and sold it at $2.6 million, or $1,609 psf. The loss works out to 29%, or 3% a year, over a holding period of 10 years. Based on the matching of URA caveat data, the same unit was flipped for a $1.4 million profit in June 2007. The previous seller bought the unit from the developer at $2.3 million, or $1,410 psf, in January and sold it in a sub-sale for $3.6 million, or $2,265 psf, in June. There was one rental contract for units ranging from 1,600 to 1,700 sq ft at The Fernhill in 2H2016, with a monthly rent of $5,000. Completed in 2009, The Fernhill is a freehold development with 25 apartment units. It is within walking distance of the upcoming Stevens MRT station. E ALBERT CHUA/THE EDGE SINGAPORE Non-landed residential transactions with contracts dated March 7 to 14 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Astrid Meadows 10 2,583 March 9 1,657 Oct 26, 1998 706 2,455,000 135 5 18.4 2 Peach Garden 15 2,766 March 7 1,124 Jan 1, 1995 506 1,710,000 122 4 22.2 3 Costa Rhu 15 1,776 March 14 1,194 Nov 2, 2005 472 1,282,000 153 9 11.4 4 Townhouse Apartments 9 2,228 March 10 853 Jan 21, 1999 310 1,210,000 175 6 18.1 5 City Square Residences 8 1,216 March 13 1,324 May 5, 2005 538 955,280 146 8 11.9 6 Cote D Azur 15 1,539 March 10 1,130 May 24, 2005 525 930,800 115 7 11.8 7 Goldenhill Park Condominium 20 1,335 March 14 1,349 Feb 14, 2003 676 898,000 100 5 14.1 8 Grande Vista 28 2,702 March 7 770 Dec 1, 1995 477 792,000 61 2 21.3 9 Belmond Green 10 1,270 March 13 1,593 Oct 18, 2004 981 777,000 62 4 12.4 10 Queens 3 1,184 March 8 1,208 Oct 3, 2005 557 770,000 117 7 11.4 URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 The Fernhill 10 1,604 March 13 1,609 June 4, 2007 2,265 1,053,000 29 3 9.8 2 The Legend 10 1,496 March 7 1,190 Oct 17, 2012 1,537 520,000 23 6 4.4 3 Chancery Corner 11 1,421 March 9 616 June 22, 2007 950 475,000 35 4 9.7 4 Woollerton Park 10 2,357 March 13 1,527 Feb 24, 2010 1,697 400,000 10 1 7.1 5 City Square Residences 8 1,216 March 8 1,350 Jan 23, 2013 1,579 278,000 14 4 4.1 6 Cairnhill Residences 9 1,163 March 8 1,805 Oct 10, 2011 2,031 262,890 11 2 5.4 7 Laguna Park 15 1,615 March 10 805 Aug 8, 2007 960 250,000 16 2 9.6 8 Emerald Garden 1 1,259 March 8 1,540 Nov 30, 2007 1,731 241,140 11 1 9.3 9 Clementiwoods Condominium 5 1,421 March 8 985 Sept 19, 2011 1,126 200,000 13 2 5.5 10 Cherry Gardens 19 2,110 March 10 616 Sept 28, 2012 699 175,000 12 3 4.4 Note: The profit and loss computation excludes transaction costs such as stamp duties

THEEDGE SINGAPORE MARCH 27, 2017 EP15 DEAL WATCH Parc Emily unit selling at $1,592 psf THE EDGE SINGAPORE BY TAN CHEE YUEN Parc Emily is a freehold condominium on Mount Emily Road in prime District 9. Completed in 2008, the 295- unit development is adjacent to Mount Emily Park and within walking distance of the Wilkie Edge mall. A 754 sq ft, one-bedroom ground floor unit was listed on TheEdge Property.com for $1.2 million ($1,592 psf). It is currently tenanted at a monthly rate of $3,000. Based on the latest asking price, the gross rental yield is 3%. The owner, believed to be a Singa porean, is looking to upsize to a bigger unit, according to Derek Teng, a property agent with OrangeTee.com who is marketing the property. Over the past three months, there were three rental contracts for 600 to 700 sq ft units at Parc Emily, which Recent transactions at Parc Emily CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) Feb 27, 2017 1,001 1.500 1,498 Feb 24, 2017 549 0.940 1,712 July 5, 2016 603 1.070 1,775 April 12, 2016 549 0.985 1,794 March 28, 2016 980 1.400 1,429 were transacted at monthly rental rates of $2,900 to $3,200. Last month, two units changed hands at Parc Emily: a 549 sq ft, one-bedroom unit on the second floor was sold for $940,000 ($1,712 psf); and a 1,001 sq ft, two-bedroom unit on the sixth floor fetched $1.5 million ($1,498 psf). The property is in the city yet nicely tucked away in the charming arts and heritage area, notes Teng. Visit tinyurl.com/dealwatch-s772 for more information. E Recent rental contracts for 600 to 700 sq ft units at Parc Emily LEASE DATE MONTHLY RENT $ $ PSF January 2017 3,200 4.90 January 2017 2,900 4.50 December 2016 3,050 4.70 TABLES: URA, THE EDGE PROPERTY A 754 sq ft, one-bedroom ground floor unit at Parc Emily was listed on TheEdgeProperty.com for $1.2 million ($1,592 psf) YES! Start my annual subscription now. $238.00 (Inclusive of GST) for The Edge Collection 3-year plan and save 70% off newsstand price $118.00 (Inclusive of GST) for The Edge Collection 1-year plan TYPE OF SUBSCRIPTION Corporate Personal Gift Last name (Mr/Ms/Dr ) First name Company Job Title Delivery Address Home Office Postal Code Tel Mobile Date Of Birth Fax Email PAYMENT OPTIONS 1. Credit Card. Please charge to my credit card American Express MasterCard Visa Cardholder s name Contact No Card no Expiry date Signature Email 2. Cheque. My cheque payable to The Edge Publishing Pte Ltd is enclosed Cheque no 3. Online. Visit subscribe.theedgesingapore.com 4. Phone. Please call 6232 8622 (Monday to Friday 9am to 5.30pm) Mail the duly completed subscription form and cheque to: The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore 069543 Tel: 6232 8622 Fax: 6232 8630 Email: hotlinespore@bizedge.com *This special promotion ends on March 31, 2017. Subscription to The Edge Collection is non-cancellable and non-refundable. The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for non-singapore addresses. Dining voucher limited to first 400 customers who sign up for the $238 3-year subscription plan. Terms and conditions apply Dining voucher limited to rst 400 customers who sign up for the $238 3-year subscription plan ** You hereby authorize The Edge Publishing Pte Ltd to charge to your credit card for automatic subscription renewal as per the selected plan until you cancel your subscription. If you wish to opt out of the auto-renewal, please check this box: TES771/NOX TES770/NOX

EP16 THEEDGE SINGAPORE MARCH 27, 2017 EVENTS Navigating through turbulent times BY THE EDGE PROPERTY The residential property market shows signs of bottoming out, with the transaction volume of private residential property rising 16% from 14,117 units in 2015 to 16,378 units in 2016. The price decline has also slowed to a modest pace of below 1% q-o-q last year. Recently, a positive note came in the form of a recalibration in the property cooling measures. However, the market still faces mounting headwinds. The US Federal Reserve increased its benchmark rate by 0.25 percentage point on March 15, and the market expects two more Fed rate hikes this year. Meanwhile, the Ministry of Manpower highlighted in its latest labour market report that the resident unemployment rate rose to 3% in 2016, after holding steady at about 2.8% for four years. In these turbulent times, join us at The Edge Property 360 on April 8 as our panel of experts give their views on the outlook for Singapore s economy and property market. Dr Boaz Boon, former head of research at CapitaLand, founder and principal of THRED and director of Vestasia, will lead the panel discussion. E Alan Cheong, senior director, research and consultancy, Savills Singapore The recalibration of the cooling measures is actually not a surprise. We will discuss the reason for the measures being adjusted downwards and what to expect in the private residential property market. The recalibration exercise appears to have had an impact on developers sales, albeit marginally. For example, in the weekend that the revised seller s stamp duty kicked in, of nine projects surveyed, six saw an increase in sales and three, a decline. Is the Singapore residential property market really that in need of such recalibration stimulus to boost sales? Yes and no. No, because the market was already on its way to recovery since mid-2016. Yes, because we believe the existing slew of measures are so harsh that they may retard the ambitious programmes that the government is planning for the future. These range from the Kampong Bugis development plan to re-engineering the economy to a cerebrally driven one. For all these to happen, a greater admission of overseas nationals with the requisite skill sets is needed, and to house them, residential sales have to step up a notch. Tan Hong Boon, regional director, capital markets, JLL Singapore The evaluation of a potential collective sale project is more than just the location, tenure, age and density (or lack of) seen on site. It entails investigation into the planning parameters such as zoning, plot ratio and height control, as well as the financial aspects such as the expected land price, development charges, differential premiums, existing unit prices, likely prices apportioned to the respective units in a project, to see if it indeed stands a good chance to go en bloc. And that is only half the homework done. The other half is getting the lengthy process right, convincing the majority of the owners, going to the market with a reasonable expectation and finding a worthy buyer. Being procedurally and stringently regulated, the collective sale exercise may be plagued with many potential pitfalls along the way. What to look out for along the route to success becomes critical. Suan Teck Kin, senior economist, global economics and markets research, UOB Singapore s economic growth rate has been trending down after the global financial crisis in 2008, leading to concerns about whether such a lowgrowth environment would be the new normal, and how the Committee on the Future Economy would lift Singapore to the next level. In this session, we will take stock of how Singapore s economy has developed over the past five decades and consider, with the CFE, what the outlook for the country s economy is, as well as the bright spots and risks that lie ahead.