PROPERTY PERSONALISED MCI (P) 136/08/2017 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of November 6, 2017 ISSUE 804-26 Market Trends More government land sites rolled out for sale EP3 New launch Parc Botannia to be launched at an average price of $1,280 psf EP4 En Bloc Watch Four collective sale sites launched in five days EP9 Done Deals Unit at Ardmore II sold for $2,678 psf EP10 MARRIOTT INTERNATIONAL Hoi Hup unveils hotel at Royal Square at Novena The new Courtyard by Marriott Singapore Novena is the latest hotel to open at Health City Novena. See our Cover Story on Pages 8 and 9.
EP2 EDGEPROP NOVEMBER 6, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY EDITOR Lin Zhiqin WRITERS Angela Teo, Timothy Tay DIGITAL WRITER Fiona Ho COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Yen Tan DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za abah ASCOTT THE LO & BEHOLD GROUP ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, COMMERCIAL OPERATIONS Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim SENIOR ACCOUNT MANAGER Priscilla Wong ACCOUNT MANAGER James Chua CIRCULATION DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim CORPORATE CHIEF EXECUTIVE OFFICER 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. Ascott to operate two Citadines serviced residences in Singapore The Ascott, a wholly-owned unit of CapitaLand, is set to operate two new Citadines-branded serviced residences in Singapore: at the Golden Shoe Car Park redevelopment at Raffles Place and the redevelopment of The Verge in Rochor. Comprising more than 600 units in total, the two new serviced residences will be the Ascott s two largest properties in the city state. These two new additions will bring the Citadines-branded portfolio to five properties with a total of 989 units in Singapore, says Ervin Yeo, Ascott s regional general manager for Singapore and Malaysia. The 299-unit Citadines property in Raffles Place will comprise studio apartments (75% of rooms) as well as loft studios, and one- and two-bedroom apartments. Located within walking distance of the Raffles Place MRT station, the eight-storey serviced residence is scheduled for completion in 1H2021. At Citadines Rochor Singapore (above, left), about 80% of the 320 units will be studio apartments; the remaining will be one-bedroom and loft apartments. Located within walking distance of the Rochor MRT station, the property is scheduled to open in 2020. Tiong Seng JV rescinds option to purchase Jervois Road sites On Nov 1, Tiong Seng Holdings 60%-owned joint venture (JV) company TSky (Jervois), exercised its right to rescind the option to purchase two freehold Jervois Road sites. Ocean Sky International owns the remaining 40% stake in the JV. Tiong Seng Holdings announced on July 17 its plan to jointly acquire with Ocean Sky International the two residential sites for $21 million. The two sites have a combined site area of roughly 13,415 sq ft and a gross plot ratio of 1.4. As the JV did not obtain the necessary redevelopment approval for the two sites from the relevant authorities, however, TSky (Jervois) has decided to rescind its right to purchase the properties, according to Tiong Seng. The Warehouse Hotel wins at URA s Architectural Heritage Awards The Warehouse Hotel (above, right) on Havelock Road received an award for restoration and innovation at the 23rd URA Architectural Heritage Awards. URA announced the winners of the award that recognises sensitive restoration of National Monuments and conserved buildings in Singapore. According to URA, the 37-room hotel clinched the accolade because thoughtful restoration and sensitive integration of the old and new helped safeguard the heritage value of the former godown, while adapting it for use as a hotel. The Warehouse Hotel, operated by the Lo & Behold Group, opened its doors in January. JTC launches Jalan Lam Huat site JTC announced on Oct 31 that it had launched an industrial site on Jalan Lam Huat under the 2H2017 Industrial Government Land Sales (IGLS) programme. This marks the fifth of eight sites on the Confirmed List for 2H2017 to be launched so far. Zoned for Business-2 development, the 0.77ha site has a 20-year tenure and a maximum permissible gross plot ratio of 2.5. The site is strategically located in the Northern industrial region, near the Woodlands Wafer Fab Park, says JTC. The tender closes on Dec 26. Fifth straight month of price increases for completed private condos NUS announced on Oct 30 that overall private condominium and apartment prices rose 0.1% m-o-m in September, based on the latest flash values of the Singapore Residential Price Index Series. This marks the fifth straight month of increase in the overall SPRI, according to Nicholas Mak, executive director of ZACD Group. The SPRI Central index saw the strongest growth since April 2017, rising 3.9% over the five-month period. This is due to the limited supply of newly launched private residential homes in the Central Region, which causes buyers to turn to the resale market, says Mak. In September, the Central index rose 0.4% m-o-m. On the other hand, the SPRI Non-Central index saw a 2.1% increase over the same five-month period. The SPRI Small Units index rose just 0.3% over the fivemonth period, but registered the strongest growth for September alone, rising 0.9% m-o-m. Both the SPRI Non-Central and Small Units indices are going through a patchy recovery, notes Mak. Property market sentiment highest in seven years: NUS-REDAS index Overall sentiment for the real estate market stood at 6.6 in 3Q2017, a 0.5 point increase from 6.1 in 2Q2017, and the highest since 1Q2010, when it was 6.8, according to the Real Estate Sentiment Index (RESI) released by the National University of Singapore and the Real Estate Developers Association of Singapore (REDAS). Both the indices reflecting current and future sentiment rose from 2Q2017, continuing the uptrend from 4Q2015. Each quarter, NUS and REDAS hold a survey among senior executives of REDAS member firms to measure real estate market sentiment in Singapore. A score above 5 indicates improving conditions. The survey also found that respondents seemed optimistic about the ongoing collective sale fever even amid development charge rate hikes. While 36.1%, 31.7% and 30% of respondents expected the revision of DC rates to have a significant impact on the pricing of en bloc sales, development costs, as well as the number of en bloc sales, 60.9% of respondents felt the hike would not curb the collective sale fever. Chinese investors continue to shift focus from US to Asia, says Colliers Chinese investors continue to shift their focus from the US to Asia. Of particular interest are the Belt and Road markets of Southeast Asia, which saw increased capital flows, says a recent 3Q2017 report on real estate investment in Asia by Colliers International. Markets such as Vietnam are already seeing strong inbound interest from Chinese investors. Hong Kong, Singapore and Shanghai continue to be the top three investment destinations in Asia. Compiled by Timothy Tay and Angela Teo E The Edge Malaysia celebrates 15 years of Property Excellence Awards THE EDGE MALAYSIA On Oct 30, The Edge Malaysia celebrated the 15th year of The Edge Malaysia Property Excellence Awards at a gala dinner at the Grand Hyatt Kuala Lumpur. S P Setia maintained its leading position in the Top Property Developer Award (TPDA). Its president and CEO, Khor Chap Jen, as well as Sarena Cheah, managing director of Sunway s property division for Malaysia and Singapore, were awarded the Outstanding Property CEO Awards. Ter Leong Yap, founder of Sunsuria, and Lee Tian Hock, founder of Matrix Concepts Holdings, received the Outstanding Property Entrepreneur Award. E
EDGEPROP NOVEMBER 6, 2017 EP3 MARKET TRENDS ZACD Group s Mak expects the Fourth Avenue site, which is adjacent to the Sixth Avenue MRT station, to draw 10 to 15 bids PICTURES: URA More government land sites rolled out for sale BY ANGELA TEO On Oct 31, URA announced that it would launch for sale at a future date the 1.85ha Fourth Avenue residential site on the Reserve List. This is one of the more attractive sites on the Reserve List of the current Government Land Sales [GLS] programme, says Nicholas Mak, executive director of ZACD Group. A developer had triggered the site for sale after it committed to bid at no less than $448.8 million ($1,249.92 psf per plot ratio) for the site. This means the Fourth Avenue site is the second Reserve List site to be triggered for sale in just two months. The previous site that was triggered was the 1.35ha residential site (with commercial on the first level) on Jiak Kim Street at Robertson Quay. A developer had committed to submitting a minimum bid of $689.353 million ($1,250 psf ppr). Analysts are expecting bullish bids for the Fourth Avenue site, which is adjacent to the Sixth Avenue MRT station and in the established residential estate of Bukit Timah. The site, which has a gross floor area (GFA) of 359,066 sq ft, can be developed into a 455-unit residential project. Mak expects the Fourth Avenue site to draw 10 to 15 bids. The top bid in the tender for this site could range from $500 million to $550 million ($1,392 to $1,532 psf ppr), says Mak. This year, most of the GLS sites for sale have drawn more than 10 bids each. The Fourth Avenue site is also in the neighbourhood of the Eng Neo Good Class Bungalow Area and the Raffles Park GCBA. In the vicinity are top schools such as Nanyang Girls High School, National Junior College and Hwa Chong Institution. Just 400m from the Fourth Avenue GLS site is the 104-unit, freehold Royalville, which was put up for collective sale in October at $368 million ($1,509 psf ppr). The 174,176 sq ft, freehold site can be redeveloped into a 323-unit private condominium, assuming an average size of 754 sq ft a unit. If the Royalville site is successfully sold, following the close of its tender on Nov 10, this means 778 units will be in the pipeline in the vicinity of the Sixth Avenue MRT station. Cuscaden Road On the Reserve List is also the 0.57ha Cuscaden Road site, which is adjacent to Camden Medical Centre and within walking distance of the future Orchard Boulevard MRT station on the Thomson East Coast Line. The site has a permissible GFA of 172,482 sq ft, and could yield a residential development of 170 units. Comparable land sales in this prime location are few and far between, says ZACD s Mak. He expects the site to attract eight to 15 bids and bid prices of $250 million to $270 million ($1,450 to $1,565 psf ppr). It is quite likely that the Cuscaden Road site could be triggered in the coming months, says Mak. If the collective sale fever continues to push up land prices, he reckons that could just be the catalyst to trigger the launch of the Cuscaden Road site. Almost all condominiums in the vicinity of the Cuscaden Road site are freehold, comments Mak. Tomlinson Heights and Cuscaden Residences, which are comparable developments nearby, have seen average Adjacent to Camden Medical Centre, the Cuscaden Road site is expected to house 170 units, says URA prices of $2,785 to $1,867 psf in recent transactions, he notes. The 70-unit Tomlinson Heights was completed in 2014, and the 150-unit Cuscaden Residences was completed in 2002. Chong Kuo Road Over at Sembawang, the URA has launched a 99-year leasehold site along Chong Kuo Road on the Confirmed List for sale. The tender for the site will close on Jan 30, and its closing is batched with two other residential sites that will be launched for sale in November and December located on Handy Road in Dhoby Ghaut and Sumang Walk in Punggol (an executive condo [EC] site). ET&Co s head of research, Lee Nai Jia, says Kandis Residences, a 99-year leasehold condominium project on Jalan Kandis off Sembawang Road, is a likely comparable to the site on Chong Kuo Road. Tuan Sing had paid $51.07 million ($481 psf ppr) for the Jalan Kandis site in April 2016. In the EC market, the number of unsold units have slipped to just 698 in September the lowest since October 2014, notes ZACD s Mak. At the current rate of sales, the developers inventory of launched and unsold EC units would be fully exhausted in about two months if there are no new launches for the rest of 2017. This makes the Sumang Walk EC site attractive, notes Mak, as the developer will be able to capitalise on the thinning EC supply by building a new development of 815 units on the site. E ET&CO Just 400m away from the Fourth Avenue site is the freehold Royalville, which was put up for collective sale in October at $368 million ($1,509 psf ppr) The Chong Kuo Road site is located in an established residential area and accessible via the Seletar Expressway, according to URA
EP4 EDGEPROP NOVEMBER 6, 2017 NEW LAUNCH About 4,000 people thronged the sales gallery of Parc Botannia during its preview on the weekend of Oct 28 and 29 PICTURES: SING HOLDINGS Parc Botannia to be launched at average price of $1,280 psf BY CECILIA CHOW Parc Botannia, the 735-unit private condominium by Sing Holdings and Wee Hur Holdings, previewed on the weekend of Oct 28 and 29. The project drew a crowd of nearly 4,000 visitors over the weekend. Given the strong response, the developers are expected to launch the project for sale on the weekend of Nov 11 and 12. About 250 units will be released for sale in the first phase at an average price of $1,280 psf. We envisage that we will need to sell the units by balloting at the launch weekend on Nov 11, says Lee Sze Hao, managing director and CEO of Sing Holdings. The project, located on Fernvale Street, has a mix of one- to five-bedroom units ranging from 431 to 1,679 sq ft. At least 62% of the units are one- and two-bedroom types, priced below $1 million. Prices start from $548,000 for one-bedroom units; $738,000 for two-bedroom units; $937,000 for twobedroom-plus-study units; $1.04 million for three-bedroom units, measuring 861 to 1,163 sq ft; $1.3 million for four-bedroom units, measuring 1,130 to 1,507 sq ft; and $1.6 million for five-bedroom units, measuring 1,410 to 1,679 sq ft. We believe our units are attractively priced, given the high bid Lee: We believe our units are attractively priced, given the high bid prices submitted by developers in recent land tenders prices submitted by developers in recent land tenders, says Lee. He notes that the neighbouring 1,390- unit High Park Residences, which was launched in July 2015, was sold out within 20 months of its launch. There hasn t been a new launch in the last two years, notes Lee. Farther down, off Sengkang West Way, private condos such as Riverbank @ Fernvale, Rivertrees Residences and H2O Residences are also fully sold. In addition, after Parc Botannia, there is no other government land site (GLS) in the vicinity of Jalan Kayu and Fernvale Road in the pipeline for launch. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The only other new residential launch in the pipeline in the neighbourhood is an executive condo (EC) project by Hoi Hup Realty and Sunway Development, located on Anchorvale Lane and slated for launch in 1H2018. Interest in Parc Botannia has also been keen because of its proximity to the Seletar Aerospace and the future Seletar Regional Centre. Sengkang is also a sought-after residential neighbourhood, notes Lee. In terms of site attributes, Parc Botannia is adjacent to the Thanggam LRT station, and there will be a gate to give residents direct access to the station. Sing Holdings and Wee Hur will also be building a new 100,000 sq ft park that will sit between Parc Botannia and High Park Residences. Parc Botannia is also located near the Seletar Mall as well as the eateries on Jalan Kayu. Sing Holdings and Wee Hur had purchased the 99-year, 185,085 sq ft site for $287.1 million ($517 psf per plot ratio) in September last year. They beat 13 others to win the hotly contested site. Sing Holdings has a 70% stake in the joint venture and Wee Hur holds the balance. Wee Hur, which has a construction arm, will undertake the construction of the project, which is scheduled for completion in 2021. It will comprise four 22-storey blocks as well as full condo facilities and landscaped features. E Artist s impression of the 735-unit Parc Botannia, comprising four 22-storey towers on a 185,085 sq ft site Water feature at Parc Botannia
EDGEPROP NOVEMBER 6, 2017 EP5
EP6 EDGEPROP NOVEMBER 6, 2017 PERSONALITY Passion for shophouses BY CECILIA CHOW Tucked away amid the supersized Good Class Bungalows of Ridout Road is a little clearing with two blocks of lowrise flats fronting a lawn. These blocks of flats were built by the Singapore Improvement Trust to house the young British professional architects and others who worked for SIT, recounts Julian Davison, anthropologist, architectural historian and former Lee Kong Chian Research Fellow. SIT, the predecessor of HDB, was set up in 1927 by the British colonial government in Singapore to solve overcrowding in shophouses and squatter settlements. This led to the advent of affordable public housing for the mainstream population in Singapore. Incidentally, Davison is a resident of one of these flats on Ridout Road, which are now owned by the Singapore Land Authority (SLA) and available only for lease. It holds nostalgic memories for him, as his father, who worked for SIT as a young architect between 1952 and 1954, had lived in one of these flats too. In the early 1950s, there were no trees here and you had a panoramic view of the whole downtown. The guys who lived in these flats could walk to Queenstown [Singapore s first satellite new town], which was being built then, says Davison. Otherwise, Swettenham-Ridout Road was a rich area with blackand-white bungalows in those days, and not for junior people working in SIT like my father then. His father, Richard Davison, went on to become a founding partner of architectural practice Raglan Square & Partners in 1956. The international architectural firm is now known as RSP Architects Engineers & Planners. Did Davison ever aspire to follow in his father s footsteps and become an architect? I ve always loved architecture and buildings, and my father knew that. But he resolutely didn t push me, and he never said, Why don t you become an architect? But he did say to me that, if I liked architecture, to keep it as a hobby. As an architect, he said he was a 95% businessman who went around shaking hands and was in meetings the whole time. It was the young architects who had the pleasure of designing the buildings. Monteiro: This group of ultra-rich foreign investors are interested in conservation shophouses because to them, it s like buying a piece of history Davison: In the early 1950s, there were no trees here and you had a panoramic view of the whole downtown Davison pursued anthropology and is a recognised architectural historian. He is also author of books such as Singapore Shophouse and Black & White The Singapore House 1898-1941, based on the architecture of the bungalows built during the colonial era. He is completing a history of Singapore s oldest architectural practice, Swan & Maclaren, whose origins date back to the late 1880s, with the book scheduled to be published in the last quarter of 2017. The next book in the pipeline is the history of Singapore told through its architecture. It is not just about the buildings, but who built them and why they were built then. If you look at the way the city grows, it s always in response to some major historical event, says Davison, who hopes to complete the book by 2019, which coincides with the 200th anniversary of the founding of Singapore by Sir Stamford Raffles. View of the CBD and Chinatown shophouses in Singapore, which are sought after by the foreign rich Sea of shophouses Davison says Singapore was a sea of shophouses in the 1950s. Even in the early 1900s, the representation of Singapore was through its shophouses. Given the ubiquity of the shophouses, it s not surprising that it has become a Singapore icon. The shophouses were gazetted by URA for conservation in areas such as Boat Quay, Chinatown and Little India. The shophouses in Chinatown, particularly in the vicinity of the CBD area such as Amoy Street, Telok Ayer, Ann Siang Hill and Duxton Hill, have also gained the attention of overseas investors hedge funds, private-equity firms and family offices over the past 12 years, notes Simon Monteiro, associate director of heritage buildings at Savills (Singapore). It s about wealth preservation, he says. Given the global market uncertainty elsewhere, Singapore looks attractive by comparison. They want to put their wealth in assets that will hold their value and they can pass on to the next generation. Prices in these areas have soared, as there are restrictions in buying such assets, he adds. Of the 8,900 conservation shophouses in Singapore, only 3,000 to 3,500 units are zoned for full commercial use. Foreigners are allowed to buy only such shophouses, notes Monteiro. Foreign investors and corporate en- PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
EDGEPROP NOVEMBER 6, 2017 EP7 OFFSHORE PACIFIC STAR DEVELOPMENT tities are not allowed to buy shophouses zoned for commercial use on the first level and residential use on the upper floors, or those that are zoned for residential use. More than just a building Monteiro has been a specialist in marketing conservation shophouses and heritage buildings for more than 20 years. In that time, he has transacted more than $1 billion worth of shophouses. He still remembers his first deal. It was a conservation shophouse unit at Spottiswoode Park in 1994, and it was sold for $1.6 million. In 2011, Monteiro sold a pair of adjoining shophouses on Neil Road in Bukit Pasoh to Luca Padulli for $17.5 million. Scion of a prominent Milan family and reportedly one of Britain s richest, Padulli is known to be very private, but is famous for his art collection and real estate investments. He is also a co-founder of Camomile hedge fund and asset management firm. Padulli had stated that he would finalise the purchase of the shophouses only if the provenance of the buildings on Neil Road were determined and documented by a historian, says Monteiro. That was when he engaged Davison s service to establish the historical origins of the building. According to Davison, the building was once a biscuit factory owned by a once-upon-atime Biscuit King. Once the provenance of the buildings on Neil Road was established and the deal was completed, Monteiro engaged Tellus Architects to renovate the buildings before it was tenanted to Goethe-Institut Singapore, the cultural institute of the Federal Republic of Germany, which moved in in March 2014. The trailblazers that led the way for foreign wealth into Singapore s conservation shophouses included Ed Peter, who bought three shophouses on Duxton Hill in the Tanjong Pagar conservation area 12 years ago. Monteiro had represented him in those purchases. Peter is chairman of Duxton Asset Management, which he co-founded in 2009. Before that, he was head of Deutsche Asset Management in Asia-Pacific, the Middle East and Africa. Since then, you could see the tide of ultra-rich foreigners snapping up shophouses, says Monteiro. Soaring prices As foreigners could buy only shophouses with commercial zoning, Monteiro has seen prices of these shophouses soar over the past 12 years. In 2005, 99-year leasehold shophouses at Duxton Hill ranged from $1.5 million to $1.7 million each. In 2013, the same shophouses were sold for $7 million to $7.2 million apiece, according to URA Realis. Today, prices of 99-year leasehold two-storey conservation shophouses in the CBD range from $2,000 to $2,500 psf; those that have a 999-year leasehold or freehold tenure are commanding prices of $2,800 to $3,000 psf. Prices of highly soughtafter corner units are at least $200 to $300 psf higher, estimates Monteiro. This group of ultra-rich foreign investors are interested in conservation shophouses because, to them, it s like collecting art buying a piece of history and they appreciate the architecture and the story behind it, says Monteiro. As such, he is collaborating with Davison who given his knowledge of shophouses in Singapore and his wealth of research will be instrumental in helping to establish the provenance of these heritage buildings. With this record of ownership, they can pass it along with the asset to the next generation or the next buyer, says Monteiro. It s like the provenance for a collector of an expensive piece of art or antique. Davison agrees. The second and third generations of owners will appreciate the stories behind it, the characters that were once associated with the property. E Pacific Star Development teams up with Dubai developer BY ANGELA TEO Singapore-listed Pacific Star Development has announced that it is teaming up with Dubai developer DAMAC International to jointly develop luxury properties in key Asean cities. Primary markets will be Malaysia and Thailand, followed by Indonesia, Singapore and Vietnam. Pacific Star Development and DAMAC International will jointly identify prime locations in key gateway cities. The partnership will involve the development of not just residential projects, but hospitality and retail projects as well. We are looking at a broad spectrum of development opportunities that will capitalise on Southeast Asia s rising urbanisation, favourable demographics and increasing tourism, says Glen Chan, CEO and managing director of Pacific Star Development. Chan is confident in the collaboration as both partners goals in Southeast Asia are aligned. We can leverage on each other s strengths to bring innovative, high-end When new residential units at DAMAC International s Dubai project, AYKON City, were launched in April, two-bedroom units went for AED1.3 million ($481,630) and above real estate products to new markets in the region, he adds. DAMAC International is part of DAMAC Group, which has collaborated with global brands such as The Trump Organization, Versace Home, Fendi Casa and Bugatti to deliver signature properties over the past 15 years, according to Pacific Star Development. DAMAC Group has delivered over 19,000 homes in the Middle East, with more than 44,000 units including 13,000 hospitality units in the pipeline, according to Pacific Star. One of DAMAC s key projects that was launched in early 2016 was the AYKON City in Dubai, which is an entire city overlooking Dubai Canal. DAMAC launched a new phase of residential units at the development for sale in April this year. Positioned as a luxurious four-tower development comprising residences, hotel apartments, a hotel and office space, the project sits on a prime site along Sheikh Zayed Road. Residential units launched in April include studios as well as one-, two- and three-bedroom apartments. Two-bedroom units went DAMAC INTERNATIONAL Glen Chan, CEO and managing director of Pacific Star Development, with Hussain Sajwani, chairman of DAMAC International for AED1.3 million ($481,630) and above. While this collaboration with Pacific Star Development marks DAMAC International s maiden foray into Southeast Asia, Pacific Star Development has always been Asean-focused, with projects such as the 562- unit The Address Sathorn Bangkok and the 223-unit Panorama Kuala Lumpur. In Iskandar Malaysia, Pacific Star s freehold Puteri Cove Residences and Quayside mixed-use project comprises two 32-storey condominium blocks, SOHO lofts, Pan Pacific serviced suites and a lifestyle retail centre overlooking a marina managed under the One 15 brand by SUTL Enterprise, a subsidiary of Singapore-based conglomerate SUTL Corp. Separately, Pacific Star Development inked a memorandum of understanding on Sept 26 with Indonesian developer PT Kukuh Mandiri Lestari to jointly build mixed-use high-rise developments on 10ha of seafront land within the Pantai Indah Kapuk 2 (PIK 2) project, a new city in northern Jakarta. We envisage PIK 2 to be a landmark international project on the Jakarta Coastline, says Chan. E
EP8 EDGEPROP NOVEMBER 6, 2017 COVER STORY Occupying the 22nd to 33rd levels of Royal Square at Novena, Courtyard by Marriott Singapore Novena opened its doors on Nov 1 MARRIOTT INTERNATIONAL Hoi Hup unveils hotel at Royal Square at Novena The new Courtyard by Marriott Singapore Novena is the latest hotel to open at Health City Novena BY ANGELA TEO Hoi Hup s 531-unit Hundred Palms Residences executive condo was sold out in seven hours Royal Square at Novena the $470 million project by Hoi Hup Realty and its joint-venture partner, Malaysia s Sunway Developments obtained Temporary Occupation Permit (TOP) in July. The maiden mixed-use development comprises the Marriott Singapore Novena s 250-room Courtyard by Marriott Singapore Novena, 171 strata medical suites, a 55,972 sq ft retail and F&B space as well as parking space. Located at the junction of Irrawaddy Road and Thomson Road, Royal Square at Novena taps the burgeoning Health City Novena, which is expected to see healthcare space double to 6.5 million sq ft by 2030 in anticipation of 30,000 patients, visitors, students and staff who will be passing through the area. The Courtyard by Marriott Singapore Novena was unveiled on Nov 1. The hotel comprises 175 deluxe rooms, 42 premier rooms and 33 executive rooms with daily room rates prices starting from $239++. According to Peter Khong, general manager of Courtyard by Marriott Singapore Novena, the hotel spans the 22nd to 33rd floors of the tower and is capped by a rooftop bar and an infinity swimming pool with views of the city. The Courtyard brand is ideal for the location, as it caters for business travellers who want to mix business with leisure, he adds. It s well positioned to capitalise on medical tourism in Novena. Single tower block According to Lisa Goh, Hoi Hup s property development manager, Royal Square at Novena is the first development in the area that has ERA F&B, retail, medical and hotel components in one tower block. Hoi Hup and Sunway had won the white site for the development of Royal Square at Novena in end-2012 with a bid of $492.5 million ($1,631 psf per plot ratio), beating eight other bidders. Being a white site, it also gave us a lot of opportunities to explore the different combinations, to come up with the right mix, adds Goh. Royal Square at Novena is also adjacent to Novena Square, which is linked underground to the Novena MRT station. The medical suites occupy the seventh to 21st floors of Royal Square at Novena. They have their own set of lifts, which require RFID card access, thus ensuring the privacy of visitors, says Goh. The strata medical suites at Royal Square at Novena were launched four years ago. Close to 64%, or 109, of the 171 units have been sold. To encourage more doctors to purchase the medical suites for their own use, Hoi Hup priced them at an average of $4,200 psf. Meanwhile, investors paid a slight premium of an average of $4,380 psf. We want to support doctors who have decided to come out of public and structured hospitals into private practice, says Goh. Below the medical suites, 50 retail and F&B units occupy the first, second and sixth floors.
EDGEPROP NOVEMBER 6, 2017 EP9 EN BLOC WATCH PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Four collective sale sites launched in five days BY ANGELA TEO & TIMOTHY TAY JLL Goh says Royal Square at Novena is the first develop ment in the area that has F&B, retail, medical and hotel components in one tower block Khong says the Courtyard by Marriott Singapore Novena is well positioned to capitalise on medical tourism at Novena Steamboat restaurant Hai Di Lao is taking up the entire 7,374 sq ft space of the sixth floor. Traditional Chinese medicine group Eu Yan Sang is opening a wellness centre there. Other tenants include Fresh+ salad place and Watsons personal beauty store. Only 13 of the 50 retail and F&B units are still available for sale, adds Goh. Hundred Palms hot seller This year, Hoi Hup launched its executive condominium (EC), the 531-unit Hundred Palms, on Yio Chu Kang Road. The project was sold out on the first day of sales at an average price of $836 psf. Given the location of the project and the pricing, we had expected good response, but we did not expect to sell out the project within seven hours, says Goh. In August last year, Hoi Hup and Sunway won an EC site on Anchorvale Lane in Sengkang in a government land tender for $240.95 million, or $355 psf per plot ratio. Hoi Hup and Sunway had the top bid of 16 for the hotly contested site. Goh says the JV partners intend to roll out the new project in Sengkang called Rivercove Residences in 1H2018. The EC project is estimated to have 640 to 650 units. Hoi Hup has no other future development sites in the pipeline. Like other developers, it is seeking suitable sites in both the collective sale and government land sale market, adds Goh. E On Oct 31, How Sun Park and 11 Balmoral Road were launched for collective sale by tender, marking the third and fourth collective sale sites to be launched in five days, since Crystal Tower was launched on the evening of Oct 26. Significantly, the owners of Pearl Bank Apartments, one of the private residential projects in Singapore with the least amount of years left on its lease, are making a fourth attempt at a collective sale. With about 52 years left on its 99-year lease, they will see the lease expire in 2069 if the site is not redeveloped. Meanwhile, the second collective sale site in 2H2017 to receive 100% owners consent before launch is the 17-unit 11 Balmoral Park. The first to receive all owners consent was Tai Wah Building, which was launched for collective sale at $81 million, or $2,035 psf per plot ratio (ppr), on Oct 9. Receiving full consent from owners is likely to shorten the time it takes for the winning developer to take ownership of the site. With developers looking to replenish their land banks, the close of the tenders of Jalan Besar Plaza, Royalville, Tai Wah Building and Mayfair Gardens in mid-november is expected to be keenly watched. 11 Balmoral Road The owners of the 17-unit apartment block at 11 Balmoral Road have unanimously agreed to put their development up for en bloc sale at $75 million. Including estimated development charges of $10 million, this translates into an estimated land rate of $1,761 psf ppr, according to sole marketing agent JLL. This is the first en bloc sale attempt by the owners of 11 Balmoral Road. With 100% consent, the sale would not need to go through strata title board approval, so the buyer can take ownership of the site at the end of the vacant possession period, explains Tan Hong Boon, regional director of capital markets at JLL. The developer can therefore plan for the marketing and building of the new project more quickly, he adds. The property sits on a 30,200 sq ft, freehold site zoned for residential use with a gross plot ratio of 1.6 under the 2014 Master Plan. With a gross floor area (GFA) of 48,320 sq ft, the site can therefore be redeveloped into a new 64-unit apartment project, assuming an average size of 755 sq ft for each unit. Given the palatable absolute price for the freehold site, its prime location and 100% consent obtained by the owners, JLL s Tan expects the development to attract interest from a wide pool of developers. The tender for 11 Balmoral Road closes on Nov 29. How Sun Park According to Sieow Teak Hwa, managing director of Teakhwa Real Estate, the marketing agent for How Sun Park, the freehold development on How Sun Road has an indicative price of $78 million. After including estimated development charges of $2.92 million, the land cost works out to $1,052 psf ppr, or $1,014 psf ppr if the 10% bonus GFA for balconies is included. In the event the collective sale is successful, each owner of the 20 townhouses in the development will walk away with at least $3.9 million each, he adds. As at Oct 31, 19 of the 20 owners (95%) have consented to All the owners at 11 Balmoral Road have given their consent for the collective sale of the property the collective sale. The existing development sits on a freehold site of 54,943 sq ft. Under the 2014 Master Plan, the site is zoned Residential, with a plot ratio of 1.4, which translates into a GFA of 76,920 sq ft. The developer could build a new residential project with 102 units, assuming an average size of 753 sq ft for the new units. Near How Sun Park is Sun Rosier, which was sold en bloc to a SingHaiyi-Huajiang International Corp joint venture in September at $271 million ($1,325 psf ppr). How Sun Park is within walking distance of the Bartley MRT station. The tender for How Sun Park closes on Nov 28. Pearl Bank Apartments Pearl Bank Apartments is expected to be launched for collective sale in two weeks. This will be its fourth attempt at a collective sale. The reserve price will be $728 million. After factoring in a lease top-up premium of about $195 million for the site, this translates into a land cost of about $1,505 psf ppr. The buyer will not need to pay development charges, says Colliers International, the marketing agent. Pearl Bank Apartments sits on a land area of 82,376 sq ft and has a gross plot ratio of 7.2 under the 2014 Master Plan. The site has an existing GPR of 7.4479. As such, subject to authorities approval, the site can be redeveloped into a residential project with a total GFA of 613,530 sq ft. This translates How Sun Park is located nearby Sun Rosier, which was bought by a SingHaiyi-Huajiang International Corp joint venture in September at $271 million TEAKHWA REAL ESTATE Pearl Bank Apartments is making its fourth attempt at a collective sale with a reserve price of $728 million into 730 units, assuming an average size of 800 sq ft for the new units. Pearl Bank Apartments contains a total of 280 apartments as well as eight commercial units. It has 52 years left on its 99-year lease. Crystal Tower On Oct 26, the freehold Crystal Tower was up for sale by tender. The asking price was $138 million, or $1,406 psf ppr, based on the existing GFA. The property is situated on an elevated 60,482 sq ft site, which is zoned Residential under the 2014 Master Plan. The site has a plot ratio of 1.6 but, subject to authorities approval, can redeveloped up to its existing GFA of 98,179 sq ft, reflecting an equivalent plot ratio of 1.623, according to exclusive marketing agent Edmund Tie & Company (ET&Co). The property can be redeveloped to house about 130 units sized from 753 sq ft, says Swee Shou Fern, senior director of investment advisory at ET&Co. No development charge is payable. Located on Ewe Boon Road, the 28-unit Crystal Tower is within a 1km radius of Anglo-Chinese School (Primary) and Singapore Chinese Girls School. The tender exercise will close on Nov 28. E COLLIERS INTERNATIONAL
EP10 EDGEPROP NOVEMBER 6, 2017 DONE DEALS Unit at Ardmore II sold at $2,678 psf THE EDGE SINGAPORE BY TIMOTHY TAY The rising tide of optimism in the luxury private residential market is helping to lift prices in the resale segment, says Dominic Lee, head of The Luxury Team at Prop Nex Realty. Strong sales momentum in the primary market has also driven down inventory, with buyers turning to the resale market for good deals, he adds. In the prestigious Ardmore Park area, it is not just Wheelock Properties Ardmore Park Condo and Ardmore Three that are seeing strong buying interest, but Ardmore II as well. The 118-unit Ardmore II is the second of three in Wheelock Properties Ardmore Series. Launched in September 2006, the condominium was fully sold within a few months at an average price of about $2,600 psf. All the units are identical four-bedroom units of 2,024 sq ft. The 36-storey twin tower project was completed in 2010. On Oct 23, a unit on the 20th floor of the condo changed hands for $5.42 million ($2,678 psf). This is the latest of half a dozen transactions done so far this year. The other five saw prices ranging from $2,421 psf for a 14th-floor unit to $2,866 psf for a 36th-floor unit. The first in the Ardmore Series, the 330- unit Ardmore Park Condo was launched 21 years ago at the peak of the 1996/97 property boom. It attracted queues for days before its launch. The freehold development was sold out within three days and prices crossed $2,000 psf, which was a record then. Even today, more than two decades later, Ardmore Park Condo is considered the benchmark for luxury projects. The development, which has three 30-storey towers, sits on a sprawling eight-acre site. All the typical units are four-bedroom units of 2,885 sq ft each. There are also four 8,740 sq ft penthouses. At the market s peak in 2010, one of the penthouses fetched $30 million ($3,432 psf). Prices of units that changed hands at Ardmore Park Condo this year ranged from $2,773 psf for a 15th-floor unit to $3,293 psf for a 25th-floor unit. Most of those sold this year were priced above $3,000 psf. Ardmore Three is a departure from the rest in the series. Unlike the first two, which have four-bedroom units, all the 84 units at Ardmore Three are three-bedders of 1,744 to 1,798 sq ft so as to attract the younger set. The single 36-storey tower was completed in 2014. Prices, which started at $2,989 psf for a low-floor unit, hit a high of $4,335 psf when a unit on the 36th floor was sold for $7.7 million in June this year. Prices at Ardmore Three have been relatively stable, notes PropNex s Lee. This year, units sold above the 30th floor have been priced at more than $4,000 psf. E The resurgence in resale demand is causing prices at Ardmore II as well as the other two developments in the series to climb Singapore by postal district Residential transactions with contracts dated Oct 17 to 24 LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 EMERALD GARDEN Condominium 999 years October 19 1,345 1,980,000 1,472 1999 Resale MARINA ONE RESIDENCES Apartment 99 years October 20 1,141 3,006,779 2,635 Uncompleted New Sale District 2 ICON Apartment 99 years October 24 656 1,108,000 1,687 2007 Resale SKYSUITES@ANSON Apartment 99 years October 23 958 2,218,000 2,315 2014 Resale District 3 ALESSANDREA Apartment Freehold October 19 1,098 1,430,000 1,302 2003 Resale ALEX RESIDENCES Apartment 99 years October 20 925 1,781,000 1,924 2017 New Sale ALEX RESIDENCES Apartment 99 years October 20 904 1,780,000 1,969 2017 New Sale ALEX RESIDENCES Apartment 99 years October 21 904 1,800,000 1,991 2017 New Sale ALEX RESIDENCES Apartment 99 years October 21 925 1,838,000 1,986 2017 New Sale ALEX RESIDENCES Apartment 99 years October 21 882 1,728,000 1,958 2017 New Sale ALEX RESIDENCES Apartment 99 years October 22 882 1,738,000 1,969 2017 New Sale ARTRA Apartment 99 years October 20 1,227 1,881,700 1,533 Uncompleted New Sale ARTRA Apartment 99 years October 22 1,044 1,754,100 1,680 Uncompleted New Sale ENG HOON MANSIONS Apartment Freehold October 24 1,420 1,620,000 1,140 2005 Resale HIGHLINE RESIDENCES Condominium 99 years October 21 1,151 2,005,700 1,741 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years October 22 1,108 1,880,000 1,696 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years October 21 495 936,000 931,000 1,880 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years October 21 495 946,000 941,000 1,900 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years October 21 1,076 2,080,000 2,075,000 1,928 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years October 22 764 1,360,000 1,780 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years October 22 484 914,000 909,000 1,877 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years October 22 495 949,000 944,000 1,907 Uncompleted New Sale QUEENS PEAK Condominium 99 years October 18 936 1,560,450 1,666 Uncompleted New Sale QUEENS PEAK Condominium 99 years October 18 936 1,524,090 1,627 Uncompleted New Sale QUEENS PEAK Condominium 99 years October 21 936 1,617,010 1,727 Uncompleted New Sale QUEENS PEAK Condominium 99 years October 22 947 1,409,640 1,488 Uncompleted New Sale THE CREST Condominium 99 years October 23 1,539 2,826,000 1,836 2017 Resale THE CREST Condominium 99 years October 24 1,732 3,113,000 1,796 2017 Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years October 19 1,216 1,780,000 1,463 2004 Resale CARIBBEAN AT KEPPEL BAY Condominium 99 years October 20 1,334 2,000,000 1,498 2004 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years October 19 1,151 1,948,800 1,692 2011 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years October 19 1,528 2,474,010 1,619 2011 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years October 20 1,560 2,615,690 1,676 2011 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years October 23 1,797 3,300,000 1,836 2011 Resale SKYLINE RESIDENCES Condominium Freehold October 24 1,722 2,750,000 1,597 2015 Resale THE COAST AT SENTOSA COVE Condominium 99 years October 23 2,356 2,950,000 1,251 2009 Resale District 5 24 ONE RESIDENCES Apartment Freehold October 18 1,313 1,850,000 1,409 Uncompleted New Sale MONTEREY PARK Condominium 999 years October 20 1,302 1,470,000 1,129 2005 Resale CONDOMINIUM 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 PARC RIVIERA Condominium 99 years October 19 990 1,100,000 1,111 Uncompleted New Sale PARC RIVIERA Condominium 99 years October 19 990 1,263,000 1,275 Uncompleted New Sale PARC RIVIERA Condominium 99 years October 20 904 1,104,000 1,221 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years October 18 635 1,027,000 1,617 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years October 21 990 1,423,000 1,437 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years October 21 990 1,481,000 1,496 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years October 21 732 1,178,000 1,609 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years October 22 1,345 1,982,000 1,473 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years October 22 732 1,181,000 1,613 Uncompleted New Sale THE PARC CONDOMINIUM Condominium Freehold October 19 1,496 1,848,888 1,236 2010 Resale THE TRILINQ Condominium 99 years October 20 1,334 1,376,000 1,031 2017 New Sale THE TRILINQ Condominium 99 years October 20 538 858,000 1,594 2017 New Sale WEST BAY CONDOMINIUM Condominium 99 years October 20 1,227 980,000 799 1994 Resale WEST BAY CONDOMINIUM Condominium 99 years October 23 1,280 1,000,000 781 1993 Resale District 8 CITY SQUARE RESIDENCES Condominium Freehold October 20 1,216 1,650,000 1,357 2009 Resale STURDEE RESIDENCES Condominium 99 years October 18 1,302 1,855,000 1,424 Uncompleted New Sale District 9 CAIRNHILL ASTORIA Apartment Freehold October 23 1,700 2,300,000 1,352 1983 Resale ESPADA Apartment Freehold October 24 452 955,000 2,112 2013 Resale HORIZON TOWERS Condominium 99 years October 23 2,582 2,980,000 1,154 1984 Resale LEONIE HILL RESIDENCES Apartment Freehold October 19 1,141 2,370,000 2,077 2005 Resale MARTIN MODERN Condominium 99 years October 18 764 1,756,848 2,299 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 18 1,420 3,084,599 2,171 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 18 850 2,022,048 2,378 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 18 1,087 2,449,632 2,253 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 18 1,011 2,439,024 2,411 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 19 882 1,917,600 2,173 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 19 850 2,016,336 2,371 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 19 850 2,018,784 2,374 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 19 850 2,049,180 2,410 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 19 1,011 2,344,368 2,317 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 19 1,011 2,177,462 2,152 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 20 1,399 2,899,248 2,072 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 20 850 2,085,832 2,453 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 20 850 2,098,327 2,468 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 20 850 2,080,834 2,447 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 20 1,797 4,212,192 2,343 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 20 1,797 4,248,300 2,363 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 20 1,797 4,221,168 2,348 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 20 1,087 2,468,400 2,270 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 20 1,087 2,463,504 2,266 Uncompleted New Sale MARTIN MODERN Condominium 99 years October 20 1,732 3,868,656 2,232 Uncompleted New Sale MIRAGE TOWER Condominium Freehold October 19 1,496 2,450,100 1,638 1996 Resale ONE OXLEY RISE Apartment Freehold October 20 721 1,300,000 1,803 2009 Resale PARC SOPHIA Apartment Freehold October 23 667 1,100,000 1,648 2011 Resale SKYLINE 360 @ Condominium Freehold October 23 2,130 4,200,000 1,971 2012 Resale SAINT THOMAS WALK SOPHIA HILLS Condominium 99 years October 18 592 1,214,000 2,051 Uncompleted New Sale SOPHIA HILLS Condominium 99 years October 18 570 1,264,000 2,216 Uncompleted New Sale SOPHIA HILLS Condominium 99 years October 18 592 1,301,000 2,198 Uncompleted New Sale SOPHIA HILLS Condominium 99 years October 19 570 1,159,000 2,032 Uncompleted New Sale SOPHIA HILLS Condominium 99 years October 20 570 1,203,000 2,109 Uncompleted New Sale SOPHIA HILLS Condominium 99 years October 20 570 1,291,000 2,263 Uncompleted New Sale SOPHIA HILLS Condominium 99 years October 21 570 1,143,000 2,004 Uncompleted New Sale SOPHIA HILLS Condominium 99 years October 21 570 1,231,000 2,158 Uncompleted New Sale THE ABODE AT DEVONSHIRE Apartment Freehold October 20 1,119 2,000,000 1,787 2002 Resale THE LAURELS Condominium Freehold October 19 882 2,350,000 2,662 2013 Resale THE PATERSON Condominium Freehold October 19 1,313 2,740,000 2,086 2004 Resale District 10 ARDMORE II Condominium Freehold October 23 2,023 5,420,000 2,678 2010 Resale BALMORAL HILLS Condominium Freehold October 20 2,217 3,400,000 1,533 2008 Resale BOTANIC GARDENS MANSION Apartment Freehold October 23 1,754 2,800,000 1,596 Unknown Resale D LEEDON Condominium 99 years October 20 4,487 6,060,000 1,350 2014 Resale DRAYCOTT EIGHT Condominium 99 years October 23 1,431 2,480,000 1,732 2005 Resale GOODWOOD GRAND Apartment Freehold October 18 1,044 2,553,333 2,445 2017 New Sale GOODWOOD GRAND Apartment Freehold October 18 1,044 2,498,575 2,393 2017 New Sale GOODWOOD GRAND Apartment Freehold October 19 1,302 3,034,560 2,330 2017 New Sale GOODWOOD RESIDENCE Condominium Freehold October 19 2,927 6,850,000 2,340 2013 Resale GRAMERCY PARK Condominium Freehold October 23 2,658 7,679,200 2,888 2016 Resale LEEDON RESIDENCE Condominium Freehold October 19 2,130 5,250,000 2,463 2015 Resale EAST SUSSEX LANE Detached Freehold October 23 11,535 14,800,000 1,282 1970 Resale FOURTH AVENUE Detached Freehold October 24 20,197 25,868,000 1,280 1994 Resale NATHAN RESIDENCES Apartment Freehold October 19 592 1,050,000 1,774 2013 Resale NATHAN RESIDENCES Apartment Freehold October 20 775 1,340,000 1,729 2013 Resale ONE JERVOIS Condominium Freehold October 20 990 1,650,000 1,666 2009 Resale PINEWOOD GARDENS Condominium Freehold October 19 1,646 2,520,000 1,530 1990 Resale QUINTERRA Apartment 99 years October 20 1,786 2,250,000 1,259 2009 Resale RV RESIDENCES Condominium 999 years October 24 1,216 2,191,000 1,801 2015 Resale SOMMERVILLE PARK Condominium Freehold October 19 1,302 2,020,000 1,551 1985 Resale TANGLIN REGENCY Condominium 99 years October 23 850 1,180,000 1,388 1998 Resale
EDGEPROP NOVEMBER 6, 2017 EP11 DONE DEALS Residential transactions with contracts dated Oct 17 to 24 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 ASANA Apartment Freehold October 18 570 1,550,000 2,717 Uncompleted New Sale THE ASANA Apartment Freehold October 18 570 1,511,000 2,649 Uncompleted New Sale THE ASANA Apartment Freehold October 20 635 1,703,295 2,682 Uncompleted New Sale THE MONTANA Apartment Freehold October 23 785 1,150,000 1,464 2002 Resale THE TESSARINA Condominium Freehold October 23 1,323 1,860,000 1,405 2003 Resale THE TWINS Apartment Freehold October 20 2,260 3,050,000 1,349 2002 Resale VALLEY PARK Condominium 999 years October 19 1,700 2,720,000 1,599 1997 Resale VICTORIA PARK VILLAS Semi Detached 99 years October 18 2,604 4,470,000 1,716 Uncompleted New Sale VICTORIA PARK VILLAS Semi Detached 99 years October 22 2,292 4,410,000 1,923 Uncompleted New Sale District 11 368 THOMSON Condominium Freehold October 19 689 1,020,000 1,481 2014 Resale 6 DERBYSHIRE Condominium Freehold October 19 527 1,445,231 2,740 2017 Resale CHANCERY ESQUIRE Apartment Freehold October 23 1,259 1,810,000 1,437 1996 Resale ENG AUN MANSION Apartment Freehold October 20 1,001 1,060,000 1,059 Unknown Resale GILSTEAD TWO Apartment Freehold October 20 904 1,710,000 1,891 2014 Resale HILLCREST ARCADIA Condominium 99 years October 23 1,969 1,681,000 853 1980 Resale L VIV Apartment Freehold October 19 656 1,430,000 2,178 2013 Resale NINETEEN SHELFORD ROAD Condominium Freehold October 20 915 1,380,000 1,508 1997 Resale ROCHELLE AT NEWTON Condominium 99 years October 20 1,356 1,900,000 1,401 2012 Resale District 12 CITY SUITES Apartment Freehold October 21 463 826,000 1,785 2017 New Sale EURO-ASIA APARTMENTS Apartment Freehold October 19 1,614 1,615,000 1,000 1990 Resale GEM RESIDENCES Condominium 99 years October 18 936 1,500,000 1,602 Uncompleted New Sale GEM RESIDENCES Condominium 99 years October 18 947 1,409,760 1,488 Uncompleted New Sale GEM RESIDENCES Condominium 99 years October 20 1,313 1,797,000 1,368 Uncompleted New Sale GEM RESIDENCES Condominium 99 years October 20 947 1,339,000 1,414 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold October 22 1,033 2,297,000 2,223 Uncompleted New Sale ST MICHAEL S CONDOMINIUM Apartment Freehold October 20 958 932,888 974 2002 Resale THE ABERDEEN Condominium Freehold October 19 1,302 1,388,000 1,066 1997 Resale THE BELLEFORTE Apartment Freehold October 23 1,022 1,150,000 1,125 2003 Resale TREVISTA Condominium 99 years October 18 1,732 1,880,000 1,085 2011 Resale TREVISTA Condominium 99 years October 24 861 1,120,000 1,301 2011 Resale District 13 BARTLEY RIDGE Condominium 99 years October 19 1,173 1,490,000 1,270 2016 Sub Sale BRADDELL HEIGHTS ESTATE Detached Freehold October 23 4,530 6,150,000 1,356 2009 Resale E MAISON Apartment Freehold October 18 904 1,236,672 1,368 2016 New Sale LEICESTER SUITES Apartment Freehold October 20 452 733,000 1,621 2013 Resale SENNETT ESTATE Terrace Freehold October 23 1,700 2,360,000 1,386 Unknown Resale THE POIZ RESIDENCES Apartment 99 years October 21 1,205 1,694,350 1,405 Uncompleted New Sale District 14 CAMELLIA LODGE Apartment Freehold October 24 1,216 1,010,000 830 1997 Resale CANNE LODGE Apartment Freehold October 20 818 900,000 1,100 1995 Resale MILL CREEK Apartment Freehold October 23 1,022 1,080,000 1,056 2010 Resale LORONG 36 GEYLANG Terrace Freehold October 20 1,657 2,000,000 1,208 Unknown Resale SIMS GREEN Apartment 99 years October 24 1,237 950,000 767 2003 Resale SIMS URBAN OASIS Condominium 99 years October 20 958 1,304,600 1,362 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years October 20 990 1,439,500 1,454 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years October 21 958 1,423,800 1,486 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years October 21 1,184 1,537,100 1,298 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years October 22 1,022 1,420,000 1,389 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years October 22 1,022 1,381,300 1,351 Uncompleted New Sale THE SUNNY SPRING Apartment Freehold October 19 968 960,000 991 1998 Resale THE TRUMPS Condominium 99 years October 23 1,356 1,420,000 1,047 2005 Resale TRE RESIDENCES Condominium 99 years October 18 861 1,210,000 1,405 Uncompleted New Sale TRE RESIDENCES Condominium 99 years October 18 850 1,180,000 1,388 Uncompleted New Sale TRE RESIDENCES Condominium 99 years October 18 861 1,221,000 1,418 Uncompleted New Sale TRE RESIDENCES Condominium 99 years October 19 861 1,236,000 1,435 Uncompleted New Sale TRE RESIDENCES Condominium 99 years October 20 861 1,226,000 1,424 Uncompleted New Sale TRE RESIDENCES Condominium 99 years October 20 861 1,209,000 1,404 Uncompleted New Sale TRE RESIDENCES Condominium 99 years October 22 861 1,216,000 1,412 Uncompleted New Sale TRE RESIDENCES Condominium 99 years October 22 861 1,231,000 1,430 Uncompleted New Sale TRE RESIDENCES Condominium 99 years October 22 861 1,229,000 1,427 Uncompleted New Sale TRE RESIDENCES Condominium 99 years October 22 861 1,211,000 1,406 Uncompleted New Sale WATERBANK AT DAKOTA Condominium 99 years October 24 484 815,000 1,683 2013 Resale District 15 COASTARINA Apartment Freehold October 24 1,388 1,500,000 1,080 2006 Resale FLAMINGO VALLEY Condominium Freehold October 24 516 800,000 1,548 2014 Resale FULCRUM Condominium Freehold October 19 678 1,405,000 2,072 2016 Resale HAIG COURT Condominium Freehold October 19 1,549 2,168,000 1,399 2004 Resale JOO CHIAT MANSIONS Apartment Freehold October 20 1,237 1,080,000 872 1986 Resale ONAN ROAD Terrace Freehold October 23 1,775 2,050,000 1,156 1955 Resale PEBBLE LANE Terrace Freehold October 23 2,034 2,680,000 1,319 1971 Resale WILKINSON ROAD Detached Freehold October 23 25,673 32,100,000 1,250 Unknown Resale UPPER EAST COAST ROAD Semi Detached Freehold October 24 5,810 8,000,000 1,376 1985 Resale NEPTUNE COURT Apartment 99 years October 19 1,636 1,230,000 752 1975 Resale OPERA ESTATE Terrace Freehold October 20 2,163 1,850,000 855 Unknown Resale ROMAN TERRACE Terrace Freehold October 24 1,625 2,918,000 1,801 1991 Resale SANCTUARY GREEN Condominium 99 years October 23 850 950,000 1,117 2004 Resale SEASIDE RESIDENCES Apartment 99 years October 18 678 1,118,000 1,649 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years October 19 678 1,192,000 1,758 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years October 20 1,302 2,043,000 1,569 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years October 22 1,022 1,583,000 1,548 Uncompleted New Sale THE ESTA Condominium Freehold October 20 1,001 1,690,000 1,688 2008 Resale THE MAKENA Condominium Freehold October 19 1,636 2,370,000 1,449 1998 Resale THE MEYERISE Condominium Freehold October 19 1,313 2,985,000 2,273 2014 Resale THE SEAWIND Condominium Freehold October 20 635 1,048,000 1,650 2015 Resale THE SHORE RESIDENCES Condominium 103 years October 23 592 870,000 1,470 2014 Resale THE SOVEREIGN Condominium Freehold October 24 2,636 4,188,000 1,588 1993 Resale VILLA MARINA Condominium 99 years October 20 1,506 1,220,000 810 1999 Resale District 16 AQUARIUS BY THE PARK Condominium 99 years October 19 1,205 980,000 813 2000 Resale BEDOK RESIDENCES Apartment 99 years October 20 882 1,348,000 1,527 2015 Resale CHANGI COURT Condominium Freehold October 19 968 938,888 969 1997 Resale GRANDEUR PARK RESIDENCES Condominium 99 years October 21 624 1,037,000 1,661 Uncompleted New Sale RICHMOND VILLE Semi-Detached Freehold October 20 2,227 2,880,000 1,293 1997 Resale RIVIERA RESIDENCES Condominium Freehold October 24 1,065 1,352,000 1,269 2007 Resale THE BAYSHORE Condominium 99 years October 20 1,237 1,140,000 921 1997 Resale THE TANAMERA Condominium 99 years October 19 1,323 1,120,000 846 1994 Resale WATERFRONT WAVES Condominium 99 years October 20 1,248 1,220,000 977 2011 Resale District 17 LOYANG VALLEY Condominium 99 years October 19 1,528 980,000 641 1985 Resale LOYANG VILLAS Terrace 99 years October 23 1,614 1,400,000 867 1996 Resale District 18 D NEST Condominium 99 years October 23 1,765 1,810,000 1,025 2017 Sub Sale EASTVALE EC 99 years October 19 1,098 738,000 672 1999 Resale ELIAS GREEN Condominium 99 years October 20 1,528 938,000 614 1994 Resale LIVIA Condominium 99 years October 24 1,539 1,240,000 806 2011 Resale SEA ESTA Condominium 99 years October 23 1,399 1,255,000 897 2015 Resale THE ALPS RESIDENCES Condominium 99 years October 18 1,410 1,554,000 1,102 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years October 18 1,410 1,467,000 1,040 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years October 18 936 1,012,000 1,081 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years October 18 1,410 1,436,000 1,018 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years October 20 936 1,024,000 1,093 Uncompleted New Sale THE SANTORINI Condominium 99 years October 20 1,119 1,189,780 1,063 2017 New Sale VUE 8 RESIDENCE Condominium 99 years October 19 796 875,000 1,099 2017 Sub Sale District 19 AMARANDA GARDENS Condominium Freehold October 20 1,162 1,660,000 1,428 2004 Resale BARTLEY RESIDENCES Apartment 99 years October 20 2,023 2,025,000 1,001 2015 Resale BOATHOUSE RESIDENCES Condominium 99 years October 19 1,119 1,020,000 911 2015 Resale BOATHOUSE RESIDENCES Condominium 99 years October 23 732 810,000 1,107 2015 Resale CASA ROSA Condominium 99 years October 19 1,098 940,000 856 2001 Resale FONTAINE PARRY Condominium 999 years October 23 1,237 1,330,000 1,074 2010 Resale FOREST WOODS Condominium 99 years October 21 925 1,413,000 1,526 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years October 19 882 1,193,226 1,352 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years October 19 1,194 1,605,220 1,344 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years October 19 850 1,142,580 1,344 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years October 20 861 1,039,888 1,208 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years October 21 689 975,425 1,416 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years October 21 1,001 1,341,035 1,340 Uncompleted New Sale 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 KINGSFORD WATERBAY Apartment 99 years October 21 850 1,128,416 1,327 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years October 21 689 1,009,691 1,466 Uncompleted New Sale KOVAN MELODY Condominium 99 years October 20 1,227 1,280,000 1,043 2006 Resale KOVAN RESIDENCES Condominium 99 years October 23 1,442 1,650,000 1,144 2011 Resale PALM GROVE CONDOMINIUM Condominium 999 years October 19 1,345 1,350,000 1,003 2002 Resale PARC CENTROS Condominium 99 years October 20 1,141 1,230,000 1,078 2016 Sub Sale PEOPLE S GARDEN Terrace 999 years October 20 1,883 3,000,000 1,589 Unknown Resale RIVER ISLES Condominium 99 years October 20 1,474 1,480,000 1,004 2015 Resale RIVERSOUND RESIDENCE Condominium 99 years October 20 1,679 1,320,000 786 2015 Resale SERANGOON GARDEN ESTATE Detached 999 years October 19 3,788 4,200,000 1,108 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years October 20 2,163 2,950,000 1,361 2000 Resale SERANGOON GARDEN ESTATE Detached 999 years October 23 14,375 9,000,000 626 1994 Resale STARS OF KOVAN Apartment 99 years October 18 742 1,130,040 1,521 Uncompleted New Sale STARS OF KOVAN Apartment 99 years October 18 968 1,527,000 1,576 Uncompleted New Sale STARS OF KOVAN Apartment 99 years October 20 958 1,457,000 1,521 Uncompleted New Sale STARS OF KOVAN Apartment 99 years October 21 785 1,183,360 1,506 Uncompleted New Sale STARS OF KOVAN Apartment 99 years October 21 753 1,131,760 1,502 Uncompleted New Sale STARS OF KOVAN Apartment 99 years October 22 958 1,394,000 1,455 Uncompleted New Sale STARS OF KOVAN Apartment 99 years October 22 753 1,116,280 1,481 Uncompleted New Sale THE MINTON Condominium 99 years October 19 1,216 1,350,000 1,110 2013 Resale THE MINTON Condominium 99 years October 20 1,216 1,338,000 1,100 2013 Resale THE MORRIS RESIDENCES Terrace Freehold October 19 4,261 2,750,000 645 2016 Resale THE RIVERVALE EC 99 years October 19 1,302 865,000 664 2000 Resale THE SPRINGBLOOM Condominium 99 years October 19 1,646 1,688,000 1,025 1999 Resale THE WATERLINE Condominium Freehold October 19 1,291 1,410,000 1,092 2013 Resale TRILIVE Condominium Freehold October 19 549 974,000 1,774 Uncompleted New Sale District 20 ADANA @ THOMSON Apartment Freehold October 21 872 1,400,000 1,606 Uncompleted New Sale BISHAN PARK CONDOMINIUM Condominium 99 years October 20 1,474 1,220,000 827 1994 Resale GOLDENHILL PARK Condominium Freehold October 20 1,334 1,933,001 1,448 2004 Resale CONDOMINIUM GRANDEUR 8 Condominium 99 years October 19 1,259 1,180,000 937 2005 Resale CLOVER WAY Terrace Freehold October 23 1,732 2,830,000 1,631 Unknown Resale PEIRCE VIEW Condominium Freehold October 20 1,539 1,550,000 1,007 1996 Resale SKY VUE Condominium 99 years October 19 678 1,070,000 1,578 2016 Resale SKY VUE Condominium 99 years October 23 678 1,040,000 1,534 2016 Resale THOMSON RISE ESTATE Terrace Freehold October 23 3,142 3,110,000 989 1989 Resale District 21 CLEMENTI PARK Condominium Freehold October 20 1,162 1,250,000 1,075 1983 Resale FLORIDIAN Condominium Freehold October 23 915 1,620,000 1,771 2012 Resale PARC PALAIS Condominium Freehold October 24 1,313 1,230,000 937 1999 Resale SPRINGDALE CONDOMINIUM Condominium 999 years October 20 1,108 1,200,000 1,082 1998 Resale THE HILLSIDE Condominium Freehold October 19 1,313 1,350,000 1,028 2001 Resale District 22 J GATEWAY Condominium 99 years October 23 473 850,000 1,795 2016 Sub Sale LAKE GRANDE Condominium 99 years October 20 775 1,042,000 1,345 Uncompleted New Sale LAKE GRANDE Condominium 99 years October 22 775 1,019,000 1,315 Uncompleted New Sale SUMMERDALE EC 99 years October 19 1,270 860,000 677 2000 Resale District 23 CASHEW VILLAS Terrace 999 years October 19 1,732 2,308,000 1,334 1993 Resale GUILIN VIEW Condominium 99 years October 23 1,280 905,000 707 2000 Resale HILLBROOKS Condominium Freehold October 20 1,474 1,385,000 939 1999 Resale HILLVIEW REGENCY Condominium 99 years October 24 904 790,000 874 2005 Resale HUA MEI GARDENS Semi-Detached Freehold October 20 3,949 3,580,000 907 1985 Resale INZ RESIDENCE EC 99 years October 18 990 777,000 785 Uncompleted New Sale INZ RESIDENCE EC 99 years October 18 1,011 785,000 776 Uncompleted New Sale INZ RESIDENCE EC 99 years October 18 1,011 789,000 780 Uncompleted New Sale INZ RESIDENCE EC 99 years October 18 1,065 819,000 769 Uncompleted New Sale INZ RESIDENCE EC 99 years October 19 1,044 862,000 826 Uncompleted New Sale INZ RESIDENCE EC 99 years October 19 1,108 882,000 796 Uncompleted New Sale INZ RESIDENCE EC 99 years October 20 1,011 781,000 772 Uncompleted New Sale INZ RESIDENCE EC 99 years October 21 990 801,000 809 Uncompleted New Sale INZ RESIDENCE EC 99 years October 21 1,065 880,000 826 Uncompleted New Sale INZ RESIDENCE EC 99 years October 22 990 835,000 843 Uncompleted New Sale MERALODGE Condominium Freehold October 23 1,915 1,860,000 971 1997 Resale MONTROSA Condominium 999 years October 20 947 850,000 897 1999 Resale MONTROSA Condominium 999 years October 24 1,184 1,030,000 870 1999 Resale NORTHVALE Apartment 99 years October 24 1,033 810,000 784 1998 Resale PALM GARDENS Condominium 99 years October 19 1,216 870,000 715 2000 Resale PARKVIEW APARTMENTS Apartment 99 years October 20 990 708,000 715 1998 Resale PARKVIEW APARTMENTS Apartment 99 years October 20 1,119 768,000 686 1998 Resale PAVILION PARK Terrace Freehold October 20 2,378 3,204,300 1,345 2014 Resale PAVILION PARK Terrace Freehold October 20 2,163 2,982,450 1,380 2014 Resale SOL ACRES EC 99 years October 18 495 401,000 810 Uncompleted New Sale SOL ACRES EC 99 years October 22 570 443,000 777 Uncompleted New Sale THE HILLIER Apartment 99 years October 20 624 790,000 1,265 2016 Resale THE HILLIER Apartment 99 years October 24 516 710,000 1,374 2016 Resale THE JADE Condominium 99 years October 20 1,011 1,030,000 1,018 2004 Resale District 25 NORTHWAVE EC 99 years October 19 1,119 895,200 800 Uncompleted New Sale PARC ROSEWOOD Condominium 99 years October 23 603 648,000 1,075 2014 Resale District 26 SPRINGLEAF GARDEN Semi-Detached Freehold October 19 3,669 3,560,000 970 1989 Resale District 27 NORTH PARK RESIDENCES Apartment 99 years October 18 1,431 1,870,050 1,306 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years October 21 732 1,052,800 1,438 Uncompleted New Sale NORTHWOOD Condominium Freehold October 20 1,334 1,200,000 899 2009 Resale ORCHID PARK CONDOMINIUM Condominium 99 years October 20 958 720,000 752 1994 Resale PARC LIFE EC 99 years October 18 753 612,500 813 Uncompleted New Sale PARC LIFE EC 99 years October 18 753 632,100 839 Uncompleted New Sale PARC LIFE EC 99 years October 18 1,001 790,860 790 Uncompleted New Sale PARC LIFE EC 99 years October 20 1,001 823,200 822 Uncompleted New Sale PARC LIFE EC 99 years October 21 1,280 1,064,280 831 Uncompleted New Sale PARC LIFE EC 99 years October 21 1,108 882,980 796 Uncompleted New Sale PARC LIFE EC 99 years October 21 1,001 739,900 739 Uncompleted New Sale PARC LIFE EC 99 years October 21 1,065 867,300 814 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years October 18 775 583,000 752 2017 New Sale SIGNATURE AT YISHUN EC 99 years October 20 1,184 987,000 834 2017 New Sale SIGNATURE AT YISHUN EC 99 years October 21 764 576,500 754 2017 New Sale SIGNATURE AT YISHUN EC 99 years October 22 1,184 975,000 823 2017 New Sale SIGNATURE AT YISHUN EC 99 years October 22 1,098 816,500 744 2017 New Sale SYMPHONY SUITES Condominium 99 years October 18 785 847,700 1,079 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years October 18 915 942,000 1,030 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years October 19 915 1,003,000 1,096 Uncompleted New Sale THE CRITERION EC 99 years October 18 1,076 823,200 765 Uncompleted New Sale THE CRITERION EC 99 years October 18 1,076 812,800 755 Uncompleted New Sale THE CRITERION EC 99 years October 18 1,076 815,200 757 Uncompleted New Sale THE CRITERION EC 99 years October 19 1,119 879,200 785 Uncompleted New Sale THE CRITERION EC 99 years October 21 893 704,800 789 Uncompleted New Sale THE CRITERION EC 99 years October 21 1,022 764,800 748 Uncompleted New Sale THE CRITERION EC 99 years October 21 915 705,600 771 Uncompleted New Sale THE CRITERION EC 99 years October 22 1,119 848,800 758 Uncompleted New Sale THE CRITERION EC 99 years October 22 1,280 976,000 762 Uncompleted New Sale THE ESTUARY Condominium 99 years October 19 1,194 930,000 778 2013 Resale THE SHAUGHNESSY Terrace 99 years October 24 3,744 1,630,000 435 2006 Resale THE VISIONAIRE EC 99 years October 18 990 800,000 808 Uncompleted New Sale THE VISIONAIRE EC 99 years October 20 979 799,000 816 Uncompleted New Sale THE VISIONAIRE EC 99 years October 22 979 802,000 819 Uncompleted New Sale WATERCOVE Terrace Freehold October 19 3,465 2,450,000 707 Uncompleted New Sale District 28 BELGRAVIA VILLAS Terrace Freehold October 19 3,583 2,963,000 827 Uncompleted New Sale BELGRAVIA VILLAS Terrace Freehold October 21 3,960 3,660,730 924 Uncompleted New Sale SELETAR SPRINGS Condominium 99 years October 24 979 818,000 835 2000 Resale CONDOMINIUM THE GREENWICH Condominium 99 years October 20 603 620,000 1,029 2014 Resale DISCLAIMER: Source: URA Realis. Updated Oct 31, 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
EP12 EDGEPROP NOVEMBER 6, 2017 GAINS AND LOSSES Seller of Draycott Eight loft incurs $1.12 mil loss BY ANGELA TEO On Oct 23, the seller of a two-bedroom, 1,432 sq ft loft unit at Draycott Eight incurred a $1.12 million (31%) loss. Based on caveats lodged with URA Realis, this marked the highest loss among non-landed transactions between Oct 17 and 24. It translates into an annualised loss of 4% across a holding period of more than 10 years. The buyer of the Draycott 8 unit is a foreigner, according to URA caveat data. Bought in May 2007 at $3.6 million ($2,515 psf), the 15thfloor unit changed hands on Oct 23 at $2.48 million ($1,732 psf). In September, a fund managed by Alpha Investment Partners reportedly sold 22 units en bloc to a foreign investor for over $100 million, or an average of $1,700 psf. Located in the prime Ardmore Park-Draycott Drive neighbourhood, the 136-unit Draycott Eight comprises three 24-storey blocks completed in 2005. The development has one block of two-bedroom apartments and lofts with sizes ranging from 1,173 to 1,798 sq ft. The other two blocks are four-bedroom units sized between 2,863 and 3,218 sq ft, with penthouses measuring 4,015 or 4,187 sq ft. The luxury condo has 79 years left on its 99-year lease. At Ocean Drive in Sentosa Cove, a 2,357 sq ft, four-bedroom unit on the second floor of The Coast was sold at a loss of $1.05 million (26%). The apartment was purchased in June 2011 for $4 million ($1,700 psf) and sold on Oct 23 to a Singapore permanent resident at $2.95 million ($1,251 psf). Developed by Ho Bee Land, the 249- A three-bedroom, 1,496 sq ft unit at Mirage Tower was sold at a $1.15 million profit on Oct 19. Find the most affordable listing in the project at edgepr.link/miragetower. unit The Coast was completed in 2009. Over at Robertson Quay, a three-bedroom, 1,496 sq ft unit at Mirage Tower was sold for $2.45 million ($1,638 psf), according to a caveat lodged on Oct 19. The seller purchased the unit in April 2002 for $1.3 million ($869 psf). This works out to a profit of $1.15 million (88%), or 4% a year over 15.6 years. Developed by City Developments (CDL), the freehold, 248-unit Mirage Tower was completed in 1996. Located along the Singapore River, the development sits between the 97- unit Centennia Suites and the 175- unit Tribeca, which is also developed by CDL. E Draycott 8, which comprises three 24-storey blocks, was completed in 2005. Find the most affordable listing in the project at edgepr.link/draycott8. PICTURES: THE EDGE SINGAPORE Top 10 gains and losses from Oct 17 to 24 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Mirage Tower 9 1,496 Oct 19 1,638 April 1, 2002 869 1,150,100 88 4 15.6 2 Sommerville Park 10 1,302 Oct 19 1,551 May 18, 1998 668 1,150,000 132 4 19.4 3 Emerald Garden 1 1,346 Oct 19 1,472 June 10, 2003 669 1,080,000 120 6 14.4 4 The Paterson 9 1,313 Oct 19 2,086 Dec 5, 2002 1,291 1,044,595 62 3 14.9 5 The Springbloom 19 1,647 Oct 19 1,025 June 9, 2004 398 1,033,000 158 7 13.4 6 Hillcrest Arcadia 11 1,970 Oct 23 853 March 24, 1999 353 986,000 142 5 18.6 7 Goldenhill Park Condominium 20 1,335 Oct 20 1,448 Feb 1, 2002 736 950,201 97 4 15.7 8 Amaranda Gardens 19 1,163 Oct 20 1,428 Aug 18, 2004 626 932,000 128 6 13.2 9 Quinterra 10 1,787 Oct 20 1,259 Dec 5, 2006 738 932,000 71 5 10.9 10 Euro-Asia Apartments 12 1,615 Oct 19 1,000 Sept 11, 2001 452 885,000 121 5 16.1 URA, EDGEPROP Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Draycott Eight 10 1,432 Oct 23 1,732 May 28, 2007 2,515 1,120,000 31 4 10.4 2 The Coast At Sentosa Cove 4 2,357 Oct 23 1,251 June 22, 2011 1,700 1,056,900 26 5 6.3 3 Goodwood Residence 10 2,928 Oct 19 2,340 April 21, 2010 2,555 630,000 8 1 7.5 4 Skyline Residences 4 1,722 Oct 24 1,597 Aug 25, 2011 1,812 371,000 12 2 6.2 5 Ardmore II 10 2,024 Oct 23 2,678 Dec 28, 2012 2,841 330,000 6 1 4.8 6 The Laurels 9 883 Oct 19 2,662 April 28, 2010 3,023 318,426 12 2 7.5 7 The Estuary 27 1,195 Oct 19 778 Oct 17, 2013 1,013 280,000 23 6 4.0 8 Bartley Residences 19 2,024 Oct 20 1,001 March 27, 2012 1,118 237,000 10 2 5.6 9 The Greenwich 28 603 Oct 20 1,029 Sept 21, 2010 1,345 190,550 24 3.7 7.1 10 The Solitaire 10 2,250 Oct 17 1,667 Jan 26, 2010 1,750 187,500 5 1 7.7 Note: Computed based on URA caveat data as at Oct 31 for private non-landed houses transacted between Oct 17 and 24. The profit-and-loss computation excludes transaction costs such as stamp duties.
EDGEPROP NOVEMBER 6, 2017 EP13 DEAL WATCH Seafront unit at Reflections at Keppel Bay up for sale at $7.8 mil SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Recent transactions at Reflections at Keppel Bay CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) Oct 19, 2017 1,151 1,948,800 1,692 Oct 19, 2017 1,528 2,474,010 1,619 Oct 16, 2017 1,151 1,963,200 1,705 Oct 16, 2017 1,765 3,349,500 1,897 Oct 13, 2017 1,151 1,852,620 1,609 Oct 13, 2017 1,829 2,934,470 1,604 Oct 13, 2017 1,011 1,530,000 1,512 Oct 13, 2017 1,098 1,824,130 1,661 Oct 13, 2017 1,765 3,414,950 1,934 Oct 11, 2017 1,689 3,126,970 1,850 Recent rental contracts of four-bedroom units at Reflections at Keppel Bay LEASE DATE (2017) MONTHLY RENT $ $ PSF September 10,600 4.42 September 8,000 2.96 September 9,800 3.63 September 17,300 5.77 September 18,800 6.27 TABLES: URA, EDGEPROP BY TIMOTHY TAY At Reflections at Keppel Bay, a 3,858 sq ft, four-bedroom unit on the fifth floor of one of the lowrise villa blocks fronting the marina has been put up for sale. The seller, believed to be a foreigner, had purchased the unit for $10 million ($2,769 psf) when the luxury condominium was launched a decade ago. The 1,129-unit, 99-year leasehold project was designed by renowned architect Daniel Libeskind and completed in 2011. The project comprises six 24- and 41-storey towers and 11 six- to eight-storey villa blocks. As the owner of the four-bedroom unit lives overseas, the unit has been leased out for the last six years to the same tenant, who is paying a monthly rental rate of $17,000, says Valerie Yong, senior group director at Vestor Realty, the marketing agent for the unit. Yong says the tenant loves the unit as it commands views of the marina and the sea from the living room, master bedroom and junior master bedroom. The owner of the unit has decided, however, to put it on the market at $7.8 million ($2,022 psf). There s interest in the unit for sale and even a serious offer, says Yong. This year, two other four-bedroom units of comparable sizes in villa blocks have been sold. A 3,722 sq ft unit on the seventh floor was sold for $7 million ($1,880 psf) in April; and a 4,357 sq ft unit also on the seventh floor was sold for $10 million ($2,294 psf) in March. E Units in the villa blocks at Reflections at Keppel Bay front the marina and have unobstructed views of the sea 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 COLLECTION 3-Year plan at $238 only The Edge Singapore (print + 3 digital access) + The Edge Malaysia (1 digital access) Postal Code Tel Fax Mobile Email Date Of Birth PAYMENT OPTIONS 1. Credit Card. Please charge to my credit card American Express MasterCard Visa Cardholder s name Contact No Email Card no Expiry date Signature 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 #13-01 Singapore 069543 Tel: 6232 8622 Fax: 6232 8630 Email: hotlinespore@bizedge.com *This special promotion ends on November October 31, 30, 2017. Subscription to to The Edge Collection is non-cancellable and non-refundable. The Edge Singapore (print version): Please allow 2-3 weeks for for delivery to to commence. Delivery charges apply for for non-singapore addresses. Men Svenson Skin redemption Centre s voucher is limited limited to first to the 100 first subscribers 200 subscribers for the to $238 the $238 plan. package each month. Terms and conditions apply ** You hereby authorize The Edge Publishing Pte Ltd to to charge to 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: TES803/SVENSON TES804/MSC
EP14 EDGEPROP NOVEMBER 6, 2017
EDGEPROP NOVEMBER 6, 2017 EP15
EP16 EDGEPROP NOVEMBER 6, 2017