Rush to launch Melbourne projects

MAKE BETTER DECISIONS MCI (P) 079/05/2017 PPS 1519/09/2012 (022805) Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF MAY 29, 2017 ISSUE 781-3 Market Trends Sentosa Cove property market stirs EP4&5 Done Deals Penthouse at One Balmoral sold for $4.48 mil EP8-10 Gains and Losses Profit widens for large units in prime districts EP11 Deal Watch Astrid Meadows unit going for $1,510 psf EP12 BLOOMBERG Rush to launch Melbourne projects Developers from Singapore, Hong Kong and Malaysia are rolling out the global launches of their projects, ahead of punitive property cooling measures effective July 1. See our Cover Story on Pages 6 and 7.

EP2 THEEDGE SINGAPORE MAY 29, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY SECTION EDITOR Michael Lim SENIOR ANALYST Lin Zhiqin ANALYST Tan Chee Yuen COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Shanthi Murugiah PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Fey Toh DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGERS Priscilla Wong, James Chua, Ben Ng CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim CORPORATE MANAGING DIRECTOR Bernard Tong PUBLISHER The Edge Property Pte Ltd 150 Cecil Street #13-00 Singapore 069543 Tel: (65) 6232 8622 Fax: (65) 6232 8620 PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333 PERMISSION AND REPRINTS Material in The Edge Property may not be reproduced in any form without the written permission of the publisher We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. ULI Asia Pacific seminar Urban Land Institute (ULI) Asia Pacific will hold its sixth seminar from June 6 to 8 at The Fullerton Hotel. The theme for this year is, The Future is Now. Are you Ready? The ministerial keynote address will be delivered by Minister for National Development Lawrence Wong, who will focus on Creating Competitive and Innovative Cities. The international keynote speaker is futurist, author and emerging technologies expert Vivek Wadhwa, whose talk is titled, Amazing or Scary? Technology s Impact on Our Lives, Jobs and Business. ULI has also invited CEOs from real estate sectors and other disciplines to talk about the issues dominating the industry, such as technology, building better cities, housing and capital flows, and real estate investments. Speakers include Cheong Koon Hean, CEO of HDB, who will look at The Impact of Smart Cities ; Delphine Yip- Horsfield, chairman and chief design officer of Shanghai-based naked Group, which operates co-working and hospitality businesses, who will speak on The Future of Workspace and the Sharing Economy What s Around the Corner ; and Tony Lombardo, Lendlease CEO for Asia, who will talk about improving the resilience of existing assets and cities, repurposing assets and responding to changing user patterns of urban space. The Edge Property Singapore is the official media partner for this year s ULI Asia Pacific seminar. Huawei launches Cognitive Data Centre reference site Huawei and Keppel Data Centres Holdings have launched Huawei s Cognitive Data Centre reference site at the 1.7ha Keppel DC Singapore 4 in Tampines. According to Huawei and Keppel Data Centres, the launch of Huawei s Cognitive Data Centre coincides with companies increasing leverage on deep learning and AI-driven computing to generate automated insights that indicate directions for growth and expansion. The data centre reference site will offer a virtualised and energy-efficient data centre management system. Virtualisation will allow companies to customise data-processing capabilities and storage resources across different data centres, lowering operating and maintenance costs and increasing efficiency. Prior to the launch, Huawei and KDCH signed a memorandum of understanding to tap opportunities for greater data centre efficiency and sustainability. The companies collaboration is set to bring fully cognitive data centres a step closer to reality. Keppel says Keppel DC Singapore 4 was conceptualised as the secondlargest data centre in Singapore, fitted out with security systems and Tier 3 carrier- neutral specifications. Wing Tai offers $93 mil to take Malaysian unit private Wing Tai Holdings and its subsidiary, Wing Tai Investment & Development, have made a joint RM290.7 million ($93 million) takeover bid to acquire and privatise Wing Tai Malaysia at RM1.80 a share. The bid translates to a 53% premium over WTM s last traded price of RM1.18 on May 22. Wing Tai Holdings and WTID together have a combined 66.13% interest in their Malaysian- listed counterpart. Wing Tai Holdings sees the acquisition as a move to cut costs and improve efficiency as it involves consolidation of financial and operational resources. Should delisting and full ownership of WTM go as planned, Wing Tai Holdings will have full autonomy to review and execute any restructuring plans for WTM and its subsidiaries where necessary. WTM s portfolio spans property development and investment, investment holding, as well as interests in other sectors such as apparel retail. Completed Malaysian developments include Le Nouvel KLCC, two luxury apartment towers next to the Petronas Twin Towers, and Plaza DNP, a mall in Johor Bahru that is accessible via the Tebrau Expressway. Meanwhile, WTM projects that are in the pipeline include phase three of the development of Jesselton Hills in Penang and Mahkota Promenade, a 24-shop-unit retail project near AEON Mall in Johor Bahru. Maybank Investment Bank is the financial adviser of Wing Tai Holdings and WTID. SingHaiyi Group rakes in $31.1 mil profit in FY2017 Property group SingHaiyi reported a 6.1% rise in FY2017 earnings to $31.1 million from a year ago. However, its fullyear revenue fell 83.6% to $44.2 million from $269 million in 2016. Sing- Haiyi says the strong revenue recorded in 2016 was the result of income realised from the completion of the Design, Build and Sell Scheme, Pasir Ris One. The primary contributor to Sing- Haiyi s income in FY2017 was the sale of completed units at Vietnam Town, the group s commercial condominium project in San Jose, California. Sales results at Vietnam Town are in line with higher revenue garnered across the US property development segment in the year. Owing to geographical revenue mix, SingHaiyi Group s y-o-y gross profit margin in FY2017 rose 33.6 percentage points. Its performance in the US was a significant contributor in the year. Completed residential units at Vietnam Town served to offset lower rental income from Tri-Country Mall in Cincinnati, Ohio, and ensured a greater revenue of $34.6 million in 2017 versus $18.1 million the year before. Additionally, just before the end of the financial year, SingHaiyi Group disposed of its 20% equity interest in Perennial Somerset Investors for $100 million. This led to a significant $30.5 million gain of other income in FY2017 y-o-y, more than six times that of FY2016. PSI s subsidiary owns Triple One Somerset (above). Moving forward, the group is looking to acquire suitable landbanks and seek out opportunities in property development and investments that will serve to strengthen its earnings base and promote shareholder value. Rental rates come under pressure in parts of London: LCP The asking rents for homes in the Battersea-Nine Elms (below) area (SE11, SW11 and SW8) have come under increasing pressure as new homes at the various developments there are completed and handed over to their owners, says a report by London Central Portfolio (LCP). According to LCP, large numbers of the planned 22,000 new homes in the Battersea-Nine Elms stretch have come to market. These units are typical ly purchased by foreign buyers as rental investments. LCP says these new completions have pushed up the annual number of homes available for rent to 28.1% compared with the same period a year ago. This has been accompanied by a 6% discount on asking SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BLOOMBERG rents over the last quarter. Alongside the increased supply of properties with reduced asking rents, the number of properties leased has dropped 14.8% over the same period and there has been a fall in achieved rents of 2.8%. The drop is due to tenants increased bargaining power, exacerbated by high asking rents for flats in new developments, at a time when corporate housing budgets are also being tightened. On the flip side, LCP reports a more robust rental market in Prime Central London, which has limited potential for new developments. Stock levels in PCL have increased only 5% in the last three months. With the comparatively lower increase in supply, actual properties rented in PCL rose 2.5% from February to April, while actual rent prices climbed 1.5% over the same period. E&O y-o-y profits more than double to $29 mil Eastern & Oriental s net profit for FY2017 jumped 137% to RM91.93 million ($29 million) from RM38.83 million a year ago. E&O s revenue rose 67% to RM704.76 million from a year ago. The central business driver of E&O s business continues to be the property development segment, which garnered revenue of RM593.66 million ($191 million), or 84% of the firm s overall earnings. Operating profit raked in by the sector closed at RM182.2 million. The segment s strong performance was attributed to higher revenue from ongoing projects such as The Tamarind, Amaris Terraces and Andorra Skyloft in Seri Tanjung Pinang, Penang and the Princes House project in London, which was completed and handed over this year. Another contributing factor was higher sales of the completed Andaman Condominiums in Penang. Moving forward, E&O seeks to fuel a greater level of growth, primarily through STP2, a catalyst reclamation project implemented by its subsidiary, Tanjung Pinang Development. Com pletion of reclamation works for phase 2A of the project is set for 2H2018. STP2A is estimated to result in a gross development value of RM20 billion. RENTALS.SG portal aims to change face of leasing market Phillips Group has launched RENTALS. SG, an online portal looking to reshape the local rental market by bypassing the real estate agent and connecting home owners directly to tenants, thereby leading to savings for lessors. RENTALS.SG positions itself as the first dedicated residential and commercial rental marketplace portal in Singapore, making it easier for a more targeted search by those looking to rent, and not buy, properties in Singapore. Direct transactions between lessors and tenants could potentially save the former thousands of dollars on agent commission. Oxley Holdings buys East Coast property for $10.5 mil Oxley Holdings has exercised an option to purchase the property at 494 Upper East Coast Road from its owner for $10.5 million. The freehold property sits on a land area of 1,292 sq m zoned part residential/part road. The group says it intends to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities. The purchase will be funded by internal resources and bank borrowings. Compiled by Angela Teo & Michael Lim E

THEEDGE SINGAPORE MAY 29, 2017 EP3

EP4 THEEDGE SINGAPORE MAY 29, 2017 MARKET TRENDS Sentosa Cove property market stirs BY CECILIA CHOW A 1,227 sq ft, two-bedroom unit at The Residences at W Singapore Sentosa Cove was put up for auction by Colliers International at $2.53 million. It was a mortgagee sale. After a three-year slump, signs of life are returning to the property market in Sentosa Cove. In property auctions this month, three condominium units in the waterfront enclave have been listed for sale. Two are owners sales, and only one is a mortgagee (or bank s) sale. The sole mortgagee sale this month is a 1,227 sq ft, two-bedroom unit at The Residences at W Singapore Sentosa Cove. The unit is situated on the fifth floor of the six-storey, 228-unit luxury condo completed in 2012. The Residences at W is part of the Quayside Collection developed by City Developments Ltd, and includes the Quayside Isle F&B and retail podium as well as the W Singapore Hotel. I n December 2014, CDL teamed up with US investment giant Blackstone Group and Malaysia s CIMB Bank to monetise the assets in the Quayside Collection through a $1.5 billion profit participation securitisation exercise. In its cash flow projections, CDL and its partners had assumed that the residential units at The Residences at W would be sold at no less than $2,400 psf at the end of the five-year term of the PPS. The 1,227 sq ft, fifth-floor unit at The Residences at W was put up for auction on May 25 by Colliers International. The unit is said to have a view of One 15 Marina. It had an indicative price of $2.53 million ($2,062 psf), which already reflects a markdown of about $1 million from the original purchase price seven years ago. The previous owner had purchased the unit in 2010 for $3.55 million ($2,891 psf). The unit was one of 25 sold by the developer from April 2010 to October 2014 at an average price of $2,736 psf, according to caveats lodged with URA Realis. Oceanfront tops transactions at Sentosa Cove CDL is also the developer of The Oceanfront, the landmark high-rise condo development one of just two in Sentosa Cove. The 264- unit project was completed in 2010, and offers views of the sea and the marina. A 1,894 sq ft, three-bedroom unit on the eighth floor of one of the 15-storey towers at The Oceanfront debuted at Edmund Tie & Co s property auction on May 24. The opening price was $2.65 million ($1,399 psf). As there were no bids, the property was withdrawn. The openng price is below even the owner s purchase price of $3.3 million ($1,742 psf) in January 2010, according to a caveat lodged then. PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Sentosa Cove transactions from January to May 2016 PROJECT NAME ADDRESS AREA (SQ FT) TRANSACTED PRICE ($) UNIT PRICE ($ PSF) SALE DATE PROPERTY TYPE TENURE COMPLETION DATE Turquoise Cove Drive 2,433 3,700,000 1,521 May 20, 2016 Condominium 99 years 2010 The Berthside Ocean Drive 3,401 6,800,000 1,997 May 16, 2016 Terraced house 99 years 2006 The Azure Ocean Drive 3,165 4,550,000 1,438 May 13, 2016 Condominium 99 years 2008 The Coast at Sentosa Cove Ocean Drive 2,024 3,700,000 1,828 May 6, 2016 Condominium 99 years 2009 NA Ocean Drive 2,680 5,000,000 1,868 April 27, 2016 Terraced house 99 years 2006 The Berth by the Cove Ocean Drive 1,636 2,100,000 1,284 April 19, 2016 Condominium 99 years 2006 The Coast at Sentosa Cove Ocean Drive 2,896 4,923,200 1,700 April 12, 2016 Condominium 99 years 2009 The Oceanfront @ Sentosa Cove Ocean Drive 1,711 2,900,000 1,694 April 12, 2016 Condominium 99 years 2010 Seven Palms Sentosa Cove Cove Drive 4,241 15,782,000 3,721 March 23, 2016 Condominium 99 years 2013 The Coast at Sentosa Cove Ocean Drive 2,024 3,150,000 1,557 March 7, 2016 Condominium 99 years 2009 The Oceanfront @ Sentosa Cove Ocean Drive 1,647 1,894,050 1,150 March 2, 2016 Condominium 99 years 2010 Turquoise Cove Drive 2,153 3,014,200 1,400 Jan 7, 2016 Condominium 99 years 2010 Sentosa Cove transactions from January 2017 to May 23, 2017 PROJECT NAME ADDRESS AREA (SQ FT) TRANSACTED PRICE ($) UNIT PRICE ($ PSF) SALE DATE PROPERTY TYPE TENURE COMPLETION DATE NA Cove Grove 11,517 14,500,000 1,259 May 5, 2017 Detached house 99 years 2011 The Oceanfront @ Sentosa Cove Ocean Drive 1,711 2,850,000 1,665 May 2, 2017 Condominium 99 years 2010 The Oceanfront @ Sentosa Cove Ocean Drive 1,711 2,600,000 1,519 April 21, 2017 Condominium 99 years 2010 Marina Collection Cove Drive 3,789 6,385,000 1,685 April 19, 2017 Condominium 99 years 2011 NA Cove Grove 9,354 16,800,000 1,797 April 17, 2017 Detached house 99 years 2011 The Azure Ocean Drive 4,532 5,500,000 1,214 April 13, 2017 Condominium 99 years 2008 The Oceanfront @ Sentosa Cove Ocean Drive 2,067 3,600,000 1,742 April 6, 2017 Condominium 99 years 2010 NA Ocean Drive 7,384 12,500,000 1,694 April 4, 2017 Detached house 99 years 2008 NA Cove Drive 7,416 10,000,000 1,348 April 3, 2017 Detached house 99 years 2009 The Oceanfront @ Sentosa Cove Ocean Drive 1,873 2,900,000 1,548 March 27, 2017 Condominium 99 years 2010 Coral Island Coral Island 9,322 11,000,000 1,180 March 21, 2017 Detached house 99 years 2007 The Coast at Sentosa Cove Ocean Drive 2,024 3,100,000 1,532 March 16, 2017 Condominium 99 years 2009 The Berth by the Cove Ocean Drive 1,658 2,200,000 1,327 March 13, 2017 Condominium 99 years 2006 Marina Collection Cove Drive 1,873 3,000,000 1,602 March 9, 2017 Condominium 99 years 2011 The Oceanfront @ Sentosa Cove Ocean Drive 4,865 6,400,000 1,315 March 3, 2017 Condominium 99 years 2010 NA Lakeshore View 11,270 21,250,000 1,886 March 1, 2017 Detached house 99 years 2007 The Berth by the Cove Ocean Drive 1,905 2,438,888 1,280 Feb 16, 2017 Condominium 99 years 2006 The Coast at Sentosa Cove Ocean Drive 2,357 3,720,000 1,578 Feb 10, 2017 Condominium 99 years 2009 The Coast at Sentosa Cove Ocean Drive 2,820 4,880,000 1,730 Feb 9, 2017 Condominium 99 years 2009 Seascape Cove Way 4,069 6,200,000 1,524 Feb 7, 2017 Condominium 99 years 2011 The Berth by the Cove Ocean Drive 1,658 2,072,500 1,250 Feb 6, 2017 Condominium 99 years 2006 * Source: URA REALIS, based on caveats downloaded as at May 23, 2017

THEEDGE SINGAPORE MAY 29, 2017 EP5 OFFSHORE The three-bedroom unit is currently tenanted at $5,600 per month, with a two-year lease that will end in June 2018. The gross rental yield works out to 2.53%. Given the indicative price of the unit at $1,399 psf, it attracted a lot of interest, says Joy Tan, head of auction at Edmund Tie & Co, who is marketing the property. The latest transaction at The Oceanfront, done earlier this month, was also for a three-bedroom unit, but slightly smaller at 1,711 sq ft and located in a different tower. The unit fetched $2.85 million ($1,665 psf). The previous owner paid $2.77 million ($1,618 psf) for the unit a decade ago in May 2007. The first owner paid $2.1 million ($1,228 psf) for the unit when the project was launched in July 2006. This year has seen at least half a dozen transactions at The OceanFront so far. Many of those who sold are either the second or third owners. For instance, in April, another 1,711 sq ft, three-bedroom unit in the adjacent tower was sold for $2.6 million ($1,519 psf). The previous owner paid close to $2.4 million ($1,400 psf) for the unit in a sub-sale in December 2006. He was the second buyer; the first had purchased the unit just four months earlier in August 2006 for $2.26 million ($1,321 psf) before flipping it. The same scenario was played out at a 2,067 sq ft, four-bedroom unit in another block at The Oceanfront. The unit fetched $3.6 million ($1,742 psf) in April this year. It was purchased for $3.93 million ($1,900 psf) a decade ago. Prior to that, the unit was purchased from the developer for $3.13 million ($1,516 psf) in August 2006. The Berth by the Cove turns 10 The first condo development in Sentosa Cove to be launched was The Berth by the Cove by Ho Bee Land, a first mover in the waterfront enclave. The 200-unit project was launched in late 2004, and completed in 2007. As such, it is already 10 years old. A unit at The Berth by the Cove will be put up for auction by ERA on May 31. The 2,131 sq ft, three-bedroom unit faces the sea. The unit is currently tenanted, and the owner has indicated a price tag of $2.55 million ($1,197 psf). The owner purchased the unit 12 years ago when it was launched at $1.6 million ($758 psf). Back then, the average transacted price for The Berth by the Cove was $830 psf. The latest transaction at The Berth by the Cove was for a 1,658 sq ft, three-bedroom unit on the fourth floor of another block. It was sold for $2.2 million ($1,327 psf) in March 2017, according to a caveat lodged with URA Realis. The unit was purchased for $1.44 million ($871 psf) in December 2004. Transaction volume almost doubles Transactions in Sentosa Cove are picking up. In the first five months of 2017, there were 21 sales, of which six were bungalow deals (see table). The most recent was the $14.5 million sale of the house at Cove Grove that belonged to the founder and chairman of Ezra Holdings, Lee Kian Soo. The remaining 15 transactions were for condo units. This reflects a 75% y-o-y increase in transactions compared with the first five months of 2016, when there were only 12 deals. Of the 12 transactions recorded by URA Realis, only two were for landed properties both were terraced houses, one at The Berthside and the other at Ocean Drive. No bungalows were sold in the first five months of last year. E A 1,894 sq ft unit at The Oceanfront was put up for auction by Edmund Tie & Co for $2.65 million Prices in Aussie mining town bottom BY JAMES THORNHILL Homebuyers seeking a bargain amid the wreckage of Australia s mining boom might want to get in quick. Port Hedland, a shipping hub for the Pilbara iron ore region in Western Australia, saw house prices collapse nearly 70% in the past four years as workers lost their jobs and left amid the end of a resources investment boom. But prices there have reached a bottom and are now even rising. We re starting to get multiple offers on properties, says Peter Dunning, a real estate agent at Ray White Group in Port Hedland, who says local values have risen about A$50,000 ($51,889) in the past six months. People realised that prices had got so cheap, they probably weren t going to get any cheaper. So, they started buying. Brighter spots in housing is one of three chunks of evidence adding to a growing sense that Australia s resource-based economy is improving. The Reserve Bank of Australia s (RBA) liaison with businesses and its data analysis show emerging signs that the Queensland and Western Australian slowdowns are coming to an end, it said earlier this month. The regions jobs markets, meanwhile, showed a healthy pickup in April. The recent commodities rally has laid a foundation for recovery. While the price of iron ore Australia s biggest export has slipped after unexpectedly rebounding towards the end of last year, it remains well above the lows beneath US$40 seen in late 2015. Still, there is potential for the steel-making metal to fall further as No 1 trading partner China stockpiles its holdings. Port Hedland last month approved BHP Billiton s request to boost the amount of iron ore it ships through the port by five million tonnes to 275 million tonnes a year, after the miner initially sought an increase to 290 million tonnes. The coal-mining state of Queensland, meanwhile, is starting to reap benefits from large-scale liquefied natural gas projects coming on stream. A CoreLogic report earlier this month found that many mining towns across Australia were seeing sales volumes of houses lift and the rate of price declines starting to slow. But it is still a far cry from the good times, when median prices in the fly-ridden, cyclone-prone outpost of Karratha, the Pilbara s biggest town, topped Sydney s by 49%. Nobody is expecting a return to the boom years, when mining workers with no degrees were commanding salaries akin to that of Wall Street bankers. The bonanza lasted for much of the decade through 2012. But recent green shoots bolster the RBA s case that the unwinding of the mining investment boom is almost done, as the central bank seeks to diversify the economy towards the service industry. Drivers of growth in mining states appear to be broader-based than just commodities. Western Australia is getting a A$2.3 billion overhaul of its roads and rails, with a new 60,000-seat stadium also under construction, while works are well underway on Queensland s Gold Coast in preparation for the city s hosting next year s Commonwealth Games. Queensland has got a pretty good spread of industries, for example, tourism and education, so once the worst of this mining pullback is done, the prospects are pretty good, says Steven Milch, chief economist at Suncorp Corporate Services. Deloitte Access Economics is also optimistic about Queensland. It forecasts the northeast state to grow 4.5% in fiscal 2018, outstripping New South Wales s 3% and Victoria s 3.4%. Growth in Western Australia, the state hardest hit by the mining downturn, is tipped to accelerate from 0.2% in fiscal year 2018 to 2.2% the next year. Australia & New Zealand Banking Group gave a tempered assessment in a May survey: While activity in Western Australia continues to expand well below trend pace, the weight of the downturn is lifting. The bank s Queensland index also improved, but it said labour-market slack was still a drag on economic activity. April data showed improvement in the resource states job markets. Queensland added a net 62,100 roles in the six months through April, the most of any state during the period. Western Australia s jobless rate dropped 0.6 percentage points to 5.9%, the biggest decline in almost two years. It is busy over here, says Guy Fulcher, a recruitment consultant at Zenith Search agency in Perth. It s been slowly picking up in the past 12 months. It s still nowhere near where it was in the boom time, but compared with how quiet it was, it s a lot better. With soaring property prices in Sydney and Melbourne far out of reach for many workers, some economists expect to see northward migration to Queensland increase. That might go some way to easing an apartment supply glut in Brisbane, which the RBA has identified as a significant restraint on prices in the state s biggest city. It is still a stretch to suggest that resurgent mining states can pick up Australia s growth baton should east-coast property markets stutter. Back in Port Hedland s real estate market, Dunning has also seen a sharp drop in rental vacancies, usually a sign that employers are in hiring mode, while buyer demand is almost entirely from owner-occupiers. He says the real gains will not come until a different type of bargain hunter reappears. Nothing will happen dramatically until the investors start to come back, says Dunning. For investors, Port Hedland has a skull and crossbones on it. Bloomberg LP E A 2,131 sq ft, three-bedroom unit at The Berth by the Cove will be put up for auction by ERA at $2.55 million

EP6 THEEDGE SINGAPORE MAY 29, 2017 COVER STORY ECO WORLD RUSH TO LAUNCH MELBOURNE PROJECTS Developers from Singapore, Hong Kong and Malaysia are rolling out global launches of their projects, ahead of punitive property cooling measures effective July 1 Yarra One previewed on the weekend of May 13 and 14, and will hold its global launch on June 3 and 4 Launched in late April, Beulah International s Paragon is 95% sold so far BEULAH INTERNATIONAL BY CECILIA CHOW & MICHAEL LIM Property developers with residential projects in Melbourne, Victoria are actively launching them ahead of July 1, when new punitive property cooling measures kick in. For instance, buyers of units in off-the-plan projects will no longer enjoy stamp duty savings from that date. The [impending] removal of the stamp duty savings has certainly fast-tracked new launches in Melbourne, says Darien Bradshaw, CBRE executive director of international project marketing for Asia. There s a massive rush as there s a lot of stock in the marketplace. Singapore-listed property firm Fragrance Group received planning approval for the development of a 625-unit apartment tower at 555 Collins Street in Melbourne last September. A 62-storey tower with 431 apartments by China-backed developer Aurumstone Group at 299 King Street is also set to be rolled out on the market. Malaysian-listed property group S P Setia, which acquired the high-profile site at 308 Exhibition Street from Telstra for A$101 million ($105 million) in May last year, is set to launch the development next month. 308 Exhibition Street, S P Setia s fourth project in Melbourne, will be a mixed-use high-rise designed by Australian design firms, Cox Architecture and Fender Katsalidis Architects. The project preview will be on June 10 and 11, with a global launch scheduled for later next month. Meanwhile, Yarra One previewed in Singapore on the weekend of May 13 and 14, with its global launch set for the weekend of June 3 and 4. The 268-unit freehold development is by Eco World-Salcon Y1, and designed by Fender Katsalidis. Eco World International acquired an 80% stake in Salcon Development ( Australia) for A$120,000 last month. With that, Eco World embarked on the develop ment of Yarra One, which has a gross development value of A$218 million. Salcon Australia continues to own the 2,128 sq m prime land parcel in South Yarra, 5.3km southwest of Melbourne s CBD. CBRE is handling the global launch of Yarra One. A matter of timing Australian-based developer Beulah International was more fortunate in terms of the timing of its launch. It unveiled its third and largest project, Paragon, in late April. The 227-unit, 48-storey mixed-use development was showcased in a series of weekend road shows in Kuala Lumpur, followed by Singapore, China, Hong Kong and Taiwan, as well as Australia. The project is 95% sold. The freehold tower has a gross development value of about A$190 million and is located in Melbourne s CBD. Beulah was founded by a Malaysian couple, Chan Jiaheng and Adelene Teh, in 2012, when Beulah International founders Chan and Teh they were fresh graduates of the University of Melbourne. Teh s father is Teh Kean Ming, who was CEO and managing director of Malaysian listed property developer IJM Corp before he retired in 2015. Paragon is Beulah International s first highrise mixed-use development. Its first two projects are low-rise, residential developments. One is an 11-storey, 136-unit freehold project called Gardenhill Doncaster. It was fully sold and completed last year. The second, Hallmark Ivanhoe, is a 35-unit, five-storey development. Launched in March this year, the project has only five unsold units. Beulah has two more developments in the pipeline: a site in South Yarra that will be redeveloped into 10 high-end apartments, and a site in South Melbourne that will be built into 27 townhouses. As these projects are small and primarily targeted at local homebuyers, Beulah s Chan does not see the new government measures having any impact on them. Acting swiftly is Singapore-listed conglomerate Aspial Corp, which is seeking to sell the remaining units in its landmark 101- storey, 319m tall Australia 108. Billed as the tallest skyscraper in the Southern Hemisphere, Australia 108 is designed by Fender Katsalidis. Aspial Corp engaged SQFT to showcase Australia 108 at a weekend exhibition in Hong Kong on May 20 and 21. Its second project in Melbourne is the 456-unit Avant, which is 96% sold. Its third project is the 187-unit Nova City Tower 1 located in Cairns, Queensland. According to Aspial, the group has locked in A$1.1 billion in sales revenue for Australia 108 and Avant. The profit and revenue will be recognised when the various phases of the two projects are completed from 2018 to 2020. Aspial also announced on May 16 that it would spin off its international property arm, World Class Global, into a separate Catalist entity to hold its development projects in Australia and Malaysia. PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

THEEDGE SINGAPORE MAY 29, 2017 EP7 COVER STORY CROWN GROUP LIAN BENG REALTY Waterfall will be unveiled at a preview on May 26, with a global launch set for the weekend of June 17 and 18 Lian Beng Realty s St Kilda site is on the market for A$40 million Bradshaw: Foreign developers will reconsider buying and developing high-density developments in the Melbourne CBD because more than 50% of the sales are generated offshore Recycling capital Lian Beng Realty, the property investment arm and wholly-owned subsidiary of Singapore-listed construction and property development company Lian Beng Group, had also been actively acquiring sites in Melbourne over the past two years. In 2015, Lian Beng Realty purchased a historic seven-storey office building at 247 and 249 Collins Street in the Melbourne CBD for A$23 million and fully leased it. When it received several unsolicited offers for the building, the group decided to put it up for sale by expression of interest. In April this year, the building was sold for A$35 million. In October 2015, Lian Beng also acquired a site on St Kilda Road from 19 vendors for A$24.35 million. Initially, Lian Beng planned to launch its first residential project at St Kilda by 3Q2017, a 170-unit upscale apartment block designed by Bates Smart, one of Australia s most established architectural firms. However, executive director Matthew Ong says the site was recently launched for sale by expression of interest after he received unsolicited offers from several parties. The indicative price tag for the residential site is A$40 million. Ong is emphatic that Lian Beng is not exiting the Australian property market. We are just recycling capital, he says. Lian Beng still owns a freehold 18-storey office building at 50 Franklin Street in the Melbourne CBD. The group purchased the property for A$51.5 million ($54.8 million) last November. Meanwhile, Hong Kong-listed Far East Consortium International will be rolling out West Side Place in a global preview. West Side Place is a redevelopment of the former headquarters of the The Age newspaper at 250 Spencer Street and designed by Cottee Parker Architects. The new mixed-use development will be the largest residential development in Melbourne s CBD, with over 2,600 apartments and the first Ritz- Carlton in Melbourne. The 250-room luxury Sedgwick: The 8% stamp duty in Sydney is still lower than the 15% ABSD in Singapore, 30% stamp duty in Hong Kong as well as 15% tax in Vancouver and Toronto hotel will occupy one of the four towers in the development, which will span 62 to 81 floors. West Side Place is said to have one- to three-bedroom apartments, with prices starting from A$5,800 psm (about $559 psf). Removal of stamp duty savings; cap on foreign buyers There is a massive rush to launch new projects in Melbourne before the removal of the stamp duty savings for off-the-plan projects as these have traditionally been favoured by overseas investors and second-home buyers. And it is something that is unique to the state of Victoria, says Joo Ann Tay, associate sales director of SRI, who specialises in marketing international properties. The stamp duty savings can [go] up to 5% for homebuyers of units in off-the-plan projects, she adds. On top of the removal of the stamp duty savings, foreign homebuyers will now have to pay stamp duty of 7%, up from 3% last year. A new vacant residential property tax, which also kicks in on July 1, will be levied on residential units left vacant for at least six months. It will be very difficult for the government to police vacant units effectively, especially in highrise developments, observes CBRE s Bradshaw. Effective May 9, the Australian government introduced a 50% cap on foreign ownership in new developments. Bradshaw sees it having an impact on foreign developers, which will reconsider buying and developing high-density developments in the Melbourne CBD because more than 50% of the sales is generated offshore, he says. And, project sizes have been reduced by new planning measures. However, he says the 50% cap on foreign homebuyers will have a minimal impact in Sydney as local demand for apartments in the city has remained strong, with demand outpacing supply. Less than 15% of sales are recorded as offshore purchases for Sydney apartment projects, says Bradshaw. ALBERT CHUA/THE EDGE SINGAPORE The 1,105-unit Australia 108 by World Class Global is 98% sold so far Interest could shift to Sydney Some reckon that foreign developer and investor interest will switch from Melbourne to Sydney. The New South Wales government had increased the stamp duty surcharge for foreign home buyers to 4% from June last year. Thus, foreign homebuyers have to pay an 8% stamp duty. The 8% stamp duty in Sydney hasn t really put people off, says Julian Sedgwick, Sydneybased global head of sales and marketing at Crown Group, one of Australia s leading privately held property developers. It s still lower than the 15% additional buyer s stamp duty [ABSD] for foreign homebuyers in Singapore, the 30% stamp duty for foreign buyers in Hong Kong, and 15% tax in Vancouver and Toronto. The hike in taxes and stamp duty for foreign homebuyers has become a global phenomenon. Crown Group s 2017 launch is Waterfall, its 331-unit, 20-storey sculptural development at Waterloo, which is part of the Green Square regeneration precinct. The project is a nine-minute walk to the Green Square station and a 10-minute train ride to the CBD. There are plans for a new light rail station nearby. The project is also close to the new Gunyama Park Aquatic and Recreation Centre and the public library. Waterfall will be unveiled at a preview on May 26, with a global launch set for the weekend of June 17 and 18. The project will be launched in Sydney, Jakarta, Hong Kong and Singapore, with CBRE as the marketing agent. The 50% cap on foreign homebuyers, which came into effect on May 9, is not a concern for Crown Group, says Sedgwick. We sell 70% [of all our projects] to the local market and WORLD CLASS GLOBAL 30% to the international market. We do that because we want the buildings to come to life ; we want to build a community. So we use this 70:30 ratio in each of our developments. Crown Group is said to have a pipeline of projects worth A$5 billion. While most of its upcoming developments are in Sydney, the developer has secured a small project in Melbourne that it intends to launch in Singapore early next year. Crown has also secured a development site in Brisbane, and another site with a joint-venture (JV) partner in downtown Los Angeles, marking its maiden foray into the US market. It also intends to roll out its maiden project in Jakarta. Prices at Waterfall will start from A$650,000 for a one-bedroom suite and from A$1.2 million for a two-bedroom unit. Buyers need to pay a down payment of only 10% upon exchange of contracts, and 8% stamp duty within three months. The balance will be settled only upon completion of the project in 2020. It s a form of leverage, says Sedgwick. Supply-and-demand factors With fewer projects in the pipeline and slower future supply, prices of apartments in Melbourne will continue to grow in terms of value and yield, notes CBRE s Bradshaw. According to a recent news report, Melbourne residential property price growth outpaced that of Sydney in 1Q2017. In the first three months of this year, house prices in Melbourne rose 4% q-o-q, while apartment units gained 4.6%. In Sydney, house prices increased 2.8%, while apartment units were up just 1.3% over the same time frame. Some are of the view that more foreign dev elopers will switch their focus from Melbourne to Sydney. We re open to talking to Singapore developers and other foreign JV partners because we understand the Sydney market and we have the expertise, says Crown Group s Sedgwick. Doris Tan, regional director at Strawberry Star and a veteran of more than 30 years in marketing overseas properties, feels that Melbourne is likely to see a softening in demand from July, at least in the short term. But Hong Kong, Chinese and Malaysian homebuyers will continue to look at opportunities in Melbourne, as they still want to send their children there to further their studies. And they can still afford to buy, she adds. Singapore buyers, on the other hand, are likely to face higher financing costs, owing to the total debt servicing ratio loan framework introduced in June 2013. It has curtailed Singaporeans demand for overseas property since. What s more, Australian banks have also curbed lending to foreign property buyers. The stamp duty surcharge in Sydney, Brisbane and Melbourne over the past year has not really put a dent on demand, but tightening of mortgage lending to foreign buyers will have a bigger impact, notes Bradshaw. E

EP8 THEEDGE SINGAPORE MAY 29, 2017 DONE DEALS Penthouse at One Balmoral sold for $4.48 mil BY TAN CHEE YUEN At the junction of Balmoral Road and Stevens Road is Hong Leong Holdings One Balmoral in prime District 10. On May 16, a 2,228 sq ft, three-bedroom penthouse changed hands for $4.48 million ($2,012 psf), the largest transaction in the develop ment so far in terms of absolute price. The sale was brokered by Aaron Wan, assoc iate division director of ERA Realty Network, who has been marketing units at One Balmoral since 2014. The buyer of the penthouse is believed to be a Singaporean investor, who opted for the deferred payment scheme. Hong Leong Holdings has offered buyers the option of a DPS since last November. Those who opt for it will enjoy an 11% discount instead of the 13% offered to those who take up the normal payment scheme. Under DPS, the buyer only needs to pay a 20% down payment, with the remaining 80% payable 24 months later. ERA s Wan reckons the penthouse can fetch a monthly rent of $10,000, which translates into a gross rental yield of 2.7% for the buyer. Since launching the DPS at One Balmoral, the developer has sold 33 A 270-degree view from a bedroom at the penthouse at One Balmoral units, excluding a resale unit. Prices ranged from $1.34 million ($2,258 psf) for a 592 sq ft, one-bedroom unit to $4.48 million ($2,012 psf) for the penthouse sold on May 16. So far, the developer has sold over 70% of the units at the freehold, 91-unit project which previewed in July 2013 and was completed in September 2016. The resale transaction at One Balmoral was for a 969 sq ft, two-bedroom unit that fetched $2.06 million ($2,124 psf) in April. The unit was purchased from the developer for $2.11 million ($2,175 psf) last November. Also in prime District 10 is Cluny Park Residence, located across the road from the Singapore Botanic Gardens and the Botanic Gardens MRT station on the Circle Line. A 1,507 sq ft, three-bedroom unit at the project was sold for $3.45 million ($2,289 psf), according to a caveat lodged on May 11. Two other units have been sold this year: Another 1,507 sq ft, three-bedroom unit also fetched $3.45 million in February, while an 840 sq ft, two-bedder was sold for $2.1 million ($2,501 psf) in March. Based on caveats lodged, about half of the 52 units in Cluny Park Residence have been sold to date. The freehold, boutique luxury condominium was designed by Chan Soo Khian of SCDA Architects, who is also responsible for The Marq on Paterson Hill, Leedon Residence and TwentyOne Angullia Park. Developed by listed developer Tuan Sing Holdings, Cluny Park Residence was completed in July last year. Transactions in high-end condos have picked up as both Singaporeans and foreign investors are lured by developers discounts and DPS. These have helped drive sales, says ERA s Wan. Buyers are also seeing opportunities in the resale market. A 2,713 sq ft, four-bedroom unit at Sky@ Eleven in prime District 11 was sold for $3.85 million ($1,419 psf), according to a ERA REALTY Sales have been brisk at One Balmoral since the developer started offering discounts and a deferred payment scheme last November caveat lodged on May 15. The unit was purchased a decade ago for $3.74 million ($1,380 psf), according to a caveat lodged with URA Realis in August 2007. The 273-unit Sky@ Eleven was completed in 2010, and has four interlinked towers of 43 storeys each. In the city-fringe location of Alexandra, a 3,089 sq ft, five- bedroom duplex at Ascentia Sky fetched $4.2 million ($1,360 psf), according to a caveat lodged with URA Realis on May 15. The unit was purchased for $4.3 million ($1,400 psf) in October 2012. The 373-unit, 99-year leasehold condo was dev eloped by Wing Tai Holdings and completed in 2013. E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Singapore by postal district Residential transactions with contracts dated May 9 to 16 LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 THE CLIFT Apartment 99 years May 12, 2017 495 970,000-1,959 2011 Resale THE SAIL @ MARINA BAY Apartment 99 years May 09, 2017 657 1,225,000-1,866 2008 Resale THE SAIL @ MARINA BAY Apartment 99 years May 11, 2017 657 1,080,000-1,645 2008 Resale District 2 76 SHENTON Apartment 99 years May 09, 2017 624 1,133,000-1,815 2014 Resale ICON Apartment 99 years May 15, 2017 560 1,020,000-1,822 2007 Resale District 3 ALEX RESIDENCES Apartment 99 years May 10, 2017 657 1,320,133-2,011 Uncompleted New Sale ARTRA Apartment 99 years May 09, 2017 829 1,364,999-1,647 Uncompleted New Sale ARTRA Apartment 99 years May 10, 2017 1,227 1,799,999-1,467 Uncompleted New Sale ARTRA Apartment 99 years May 13, 2017 829 1,597,999-1,928 Uncompleted New Sale ASCENTIA SKY Condominium 99 years May 15, 2017 3,089 4,200,000-1,360 2013 Resale COMMONWEALTH TOWERS Condominium 99 years May 09, 2017 441 828,000-1,876 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 10, 2017 441 818,000-1,854 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 11, 2017 463 858,000-1,854 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 12, 2017 474 915,000-1,932 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 12, 2017 474 905,000-1,911 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 12, 2017 474 895,000-1,890 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 12, 2017 441 818,000-1,854 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 12, 2017 441 818,000-1,854 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 13, 2017 1,076 1,723,000-1,601 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 13, 2017 904 1,584,300-1,752 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years May 14, 2017 463 868,000-1,875 Uncompleted New Sale LANDMARK TOWER Apartment 99 years May 12, 2017 1,399 1,120,000-800 1985 Resale PRINCIPAL GARDEN Condominium 99 years May 09, 2017 1,076 1,841,000-1,710 Uncompleted New Sale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PRINCIPAL GARDEN Condominium 99 years May 11, 2017 807 1,381,000-1,711 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years May 11, 2017 786 1,260,000-1,604 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years May 11, 2017 495 824,000-1,664 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years May 14, 2017 861 1,403,000-1,629 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years May 14, 2017 484 787,000-1,625 Uncompleted New Sale TANGLIN VIEW Condominium 99 years May 15, 2017 1,152 1,255,000-1,090 2001 Resale THE CREST Condominium 99 years May 10, 2017 1,518 2,500,000-1,647 2017 New Sale THE METROPOLITAN CONDOMINIUM Condominium 99 years May 09, 2017 1,066 1,400,000-1,314 2009 Resale District 4 CORALS AT KEPPEL BAY Condominium 99 years May 14, 2017 893 1,648,000-1,845 2016 New Sale THE INTERLACE Condominium 99 years May 12, 2017 1,001 1,200,000-1,199 2013 Resale District 5 BLUE HORIZON Condominium 99 years May 09, 2017 1,163 1,150,000-989 2005 Resale BLUE HORIZON Condominium 99 years May 11, 2017 936 913,000-975 2005 Resale CLEMENTIWOODS CONDOMINIUM Condominium 99 years May 09, 2017 1,389 1,500,000-1,080 2010 Resale DOVER PARKVIEW Condominium 99 years May 11, 2017 1,249 1,130,000-905 1997 Resale PALM GREEN Apartment Freehold May 11, 2017 1,292 1,120,000-867 1999 Resale PARC RIVIERA Condominium 99 years May 09, 2017 463 607,000-1,311 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 10, 2017 710 959,000-1,350 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 10, 2017 710 953,000-1,341 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 12, 2017 710 950,000-1,337 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 12, 2017 926 920,000-994 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 13, 2017 990 1,202,460-1,214 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 13, 2017 904 1,156,000-1,279 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 13, 2017 969 952,380-983 Uncompleted New Sale PARC RIVIERA Condominium 99 years May 13, 2017 710 900,000-1,267 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 09, 2017 1,109 1,510,000-1,362 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 10, 2017 1,346 1,744,000-1,296 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 10, 2017 1,313 1,587,000-1,208 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 10, 2017 1,109 1,513,000-1,365 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 10, 2017 1,109 1,507,000-1,359 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 14, 2017 1,346 1,731,000-1,287 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 14, 2017 635 983,000-1,548 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years May 14, 2017 635 972,000-1,531 Uncompleted New Sale THE INFINITI Condominium Freehold May 12, 2017 904 1,018,000-1,126 2008 Resale THE MAYLEA Condominium Freehold May 12, 2017 1,195 1,450,000-1,214 2008 Resale THE TRILINQ Condominium 99 years May 11, 2017 1,356 1,540,000-1,135 Uncompleted New Sale THE TRILINQ Condominium 99 years May 11, 2017 538 812,000-1,509 Uncompleted New Sale THE TRILINQ Condominium 99 years May 12, 2017 1,356 1,628,000-1,200 Uncompleted New Sale THE TRILINQ Condominium 99 years May 12, 2017 1,356 1,627,000-1,200 Uncompleted New Sale THE TRILINQ Condominium 99 years May 12, 2017 538 816,000-1,516 Uncompleted New Sale District 8 CITY SQUARE RESIDENCES Condominium Freehold May 11, 2017 840 1,270,000-1,513 2008 Resale STURDEE RESIDENCES Condominium 99 years May 09, 2017 947 1,325,800-1,400 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years May 11, 2017 829 1,315,900-1,588 Uncompleted New Sale District 9 LEONIE GARDENS Condominium 99 years May 11, 2017 2,540 3,200,000-1,260 1993 Resale PEACE CENTRE/MANSIONS Apartment 99 years May 11, 2017 2,605 1,528,888-587 1977 Resale RIVERGATE Apartment Freehold May 16, 2017 1,894 3,800,000-2,006 2009 Resale SOPHIA HILLS Condominium 99 years May 10, 2017 506 1,061,000-2,097 Uncompleted New Sale SOPHIA HILLS Condominium 99 years May 11, 2017 700 1,369,000-1,957 Uncompleted New Sale SOPHIA HILLS Condominium 99 years May 13, 2017 700 1,364,000-1,950 Uncompleted New Sale SOPHIA HILLS Condominium 99 years May 13, 2017 700 1,332,000-1,904 Uncompleted New Sale SOPHIA HILLS Condominium 99 years May 13, 2017 700 1,307,000-1,868 Uncompleted New Sale

THEEDGE SINGAPORE MAY 29, 2017 EP9 DONE DEALS Residential transactions with contracts dated May 9 to 16 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE TRIBECA Condominium Freehold May 11, 2017 517 1,020,000-1,974 2010 Resale District 10 ARDMORE THREE Condominium Freehold May 09, 2017 1,744 6,090,250-3,493 2014 Resale ARDMORE THREE Condominium Freehold May 11, 2017 1,744 7,040,125-4,037 2014 Resale ARDMORE THREE Condominium Freehold May 12, 2017 1,744 5,860,155-3,361 2014 Resale CLUNY PARK RESIDENCE Condominium Freehold May 11, 2017 1,507 3,450,000-2,289 2016 Resale D GROVE VILLAS Condominium Freehold May 11, 2017 2,702 4,500,000-1,666 1992 Resale D LEEDON Condominium 99 years May 12, 2017 1,518 2,200,000-1,450 2014 Resale DUCHESS CREST Condominium 99 years May 12, 2017 1,744 2,080,000-1,193 1998 Resale GRAMERCY PARK Condominium Freehold May 09, 2017 1,184 3,364,800-2,842 2016 Resale HOLLANDSWOOD COURT Apartment 99 years May 11, 2017 2,131 1,500,000-704 1980 Resale HOLLANDSWOOD COURT Apartment 99 years May 12, 2017 2,131 1,440,000-676 1980 Resale LEEDON RESIDENCE Condominium Freehold May 15, 2017 2,110 4,900,000-2,323 2015 Resale MILL POINT Apartment 999 years May 09, 2017 926 1,535,000-1,658 2004 Resale CHATSWORTH ROAD Detached Freehold May 12, 2017 13,304 20,000,000-1,503 Unknown Resale ROBIN CLOSE Semi-Detached Freehold May 16, 2017 2,605 5,480,000-2,105 2008 Resale ONE BALMORAL Condominium Freehold May 09, 2017 1,421 3,109,000-2,188 2016 Resale ONE BALMORAL Condominium Freehold May 12, 2017 1,410 3,022,000-2,143 2016 Resale ONE BALMORAL Condominium Freehold May 12, 2017 1,421 3,016,000-2,123 2016 Resale ONE BALMORAL Condominium Freehold May 12, 2017 592 1,382,000-2,334 2016 Resale ONE BALMORAL Condominium Freehold May 16, 2017 2,228 4,484,000-2,012 2016 Resale POLLEN & BLEU Condominium 99 years May 09, 2017 1,432 3,108,450-2,171 2016 Resale POLLEN & BLEU Condominium 99 years May 09, 2017 1,270 2,191,300-1,725 2016 Resale POLLEN & BLEU Condominium 99 years May 11, 2017 1,432 3,214,700-2,246 2016 Resale POLLEN & BLEU Condominium 99 years May 15, 2017 1,184 2,344,750-1,980 2016 Resale POLLEN & BLEU Condominium 99 years May 16, 2017 1,184 2,272,900-1,920 2016 Resale SOMMERVILLE PARK Condominium Freehold May 11, 2017 624 950,000-1,522 1985 Resale SPANISH VILLAGE Condominium Freehold May 12, 2017 1,593 2,080,000-1,306 1987 Resale THE ARC AT DRAYCOTT Apartment Freehold May 09, 2017 1,270 2,850,000-2,244 2008 Resale THE ARC AT DRAYCOTT Apartment Freehold May 12, 2017 1,270 2,900,000-2,283 2008 Resale THE ASANA Apartment Freehold May 12, 2017 635 1,678,998-2,644 Uncompleted New Sale THE MERCURY Apartment Freehold May 11, 2017 635 1,088,000-1,713 2012 Resale District 11 AMARYLLIS VILLE Condominium 99 years May 11, 2017 980 1,440,000-1,470 2004 Resale HILLCREST ARCADIA Condominium 99 years May 15, 2017 1,798 1,410,000-784 1980 Resale IRIDIUM Apartment Freehold May 16, 2017 1,184 1,508,000-1,274 2009 Resale PARK INFINIA AT WEE NAM Condominium Freehold May 14, 2017 1,464 2,500,000-1,708 2008 Resale PARK INFINIA AT WEE NAM Condominium Freehold May 15, 2017 969 1,850,000-1,910 2008 Resale SKY@ELEVEN Condominium Freehold May 15, 2017 2,713 3,850,000-1,419 2010 Resale STRATA Apartment Freehold May 11, 2017 506 906,000-1,791 2006 Resale THE AXIS Apartment Freehold May 12, 2017 398 590,000-1,481 2009 Resale THE GLYNDEBOURNE Condominium Freehold May 11, 2017 1,475 2,800,000-1,899 2013 Resale THE GREENWOOD Terrace 103 years May 12, 2017 3,014 2,780,000-922 2011 Resale District 12 DE ROYALE Condominium Freehold May 09, 2017 3,046 2,700,000-886 2006 Resale DE ROYALE Condominium Freehold May 11, 2017 1,281 1,450,000-1,132 2006 Resale GEM RESIDENCES Condominium 99 years May 09, 2017 936 1,414,000-1,510 Uncompleted New Sale GEM RESIDENCES Condominium 99 years May 09, 2017 775 1,178,100-1,520 Uncompleted New Sale GEM RESIDENCES Condominium 99 years May 09, 2017 775 1,168,000-1,507 Uncompleted New Sale NOVA 88 Apartment Freehold May 15, 2017 603 870,000-1,443 2012 Resale PINNACLE 16 Apartment Freehold May 09, 2017 915 1,338,000-1,462 2006 Resale RAJAH TOWERS Apartment Freehold May 12, 2017 2,099 1,825,000-869 1983 Resale THE ARTE Condominium Freehold May 15, 2017 1,625 1,980,000-1,218 2010 Resale THE ARTE Condominium Freehold May 16, 2017 1,399 1,690,000-1,208 2010 Resale TRELLIS TOWERS Condominium Freehold May 09, 2017 549 830,000-1,512 2000 Resale VIIO @ BALESTIER Condominium Freehold May 11, 2017 474 778,000-1,643 Uncompleted New Sale VISTA RESIDENCES Condominium Freehold May 16, 2017 1,173 1,618,000-1,379 2013 Resale District 13 8@WOODLEIGH Condominium 99 years May 11, 2017 840 1,000,000-1,191 2012 Resale MACPHERSON GARDEN ESTATE Terrace Freehold May 09, 2017 958 1,550,000-1,618 Unknown Resale THE POIZ RESIDENCES Apartment 99 years May 10, 2017 1,227 1,695,000-1,381 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years May 10, 2017 1,152 1,571,000-1,364 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years May 12, 2017 1,485 1,950,000-1,313 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years May 12, 2017 592 692,000-1,169 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years May 13, 2017 1,184 1,601,000-1,352 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years May 14, 2017 1,184 1,616,000-1,365 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years May 10, 2017 1,238 1,772,750-1,432 2017 New Sale THE VENUE RESIDENCES Apartment 99 years May 10, 2017 1,238 1,760,325-1,422 2017 New Sale THE VENUE RESIDENCES Apartment 99 years May 10, 2017 1,130 1,495,358-1,323 2017 New Sale THE VENUE RESIDENCES Apartment 99 years May 13, 2017 1,378 1,703,710-1,237 2017 New Sale THE VENUE RESIDENCES Apartment 99 years May 14, 2017 1,238 1,720,000-1,389 2017 New Sale District 14 BLISS RESIDENCES Apartment Freehold May 11, 2017 840 910,000-1,084 2008 Resale CENTRAL IMPERIAL Apartment Freehold May 11, 2017 549 580,000-1,057 2014 Resale COSMO Apartment Freehold May 15, 2017 710 935,000-1,316 2010 Resale D CASITA Apartment Freehold May 09, 2017 990 1,020,000-1,030 2010 Resale EUNOS MANSION Condominium Freehold May 12, 2017 1,292 1,080,000-836 1982 Resale EVERGREEN VIEW Apartment Freehold May 15, 2017 2,013 1,800,000-894 2010 Resale KEMBANGAN SUITES Apartment Freehold May 16, 2017 581 780,000-1,342 2011 Resale JALAN SAYANG Detached Freehold May 11, 2017 4,004 4,650,000-1,163 1988 Resale PALMERA EAST Apartment Freehold May 09, 2017 431 610,000-1,417 2012 Resale PARK PLACE RESIDENCES AT PLQ Apartment 99 years May 13, 2017 667 1,273,999-1,909 Uncompleted New Sale PARK PLACE RESIDENCES AT PLQ Apartment 99 years May 13, 2017 484 918,999-1,897 Uncompleted New Sale PAYA LEBAR RESIDENCES Apartment Freehold May 11, 2017 1,281 1,415,000-1,105 2002 Resale SIMS URBAN OASIS Condominium 99 years May 09, 2017 667 948,400-1,421 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 10, 2017 1,023 1,447,600-1,416 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 10, 2017 1,033 1,379,200-1,335 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 10, 2017 958 1,348,400-1,408 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 13, 2017 1,066 1,424,300-1,337 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 13, 2017 958 1,310,700-1,368 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 13, 2017 797 959,000-1,204 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 13, 2017 667 952,500-1,427 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years May 14, 2017 667 956,500-1,433 Uncompleted New Sale TRE RESIDENCES Condominium 99 years May 09, 2017 947 1,285,000-1,357 Uncompleted New Sale TREASURES@G6 Apartment Freehold May 11, 2017 409 542,000-1,325 2017 New Sale District 15 8M RESIDENCES Apartment Freehold May 09, 2017 775 1,450,000-1,871 2016 Resale AALTO Condominium Freehold May 11, 2017 1,442 2,500,000-1,733 2010 Resale CELESTIA Apartment Freehold May 12, 2017 1,367 1,470,000-1,075 2009 Resale FULCRUM Condominium Freehold May 11, 2017 678 1,513,000-2,231 2016 Resale FULCRUM Condominium Freehold May 11, 2017 495 1,010,000-2,040 2016 Resale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE FULCRUM Condominium Freehold May 11, 2017 474 982,000-2,073 2016 Resale FULCRUM Condominium Freehold May 12, 2017 4,865 6,500,000-1,336 2016 Resale FULCRUM Condominium Freehold May 12, 2017 678 1,583,000-2,334 2016 Resale MANDARIN GARDENS Condominium 99 years May 12, 2017 1,787 1,430,000-800 1986 Resale MANDARIN GARDENS Condominium 99 years May 16, 2017 1,528 1,400,000-916 1986 Resale MARINE BLUE Condominium Freehold May 13, 2017 689 1,448,300-2,102 2016 New Sale MEIER SUITES Condominium Freehold May 09, 2017 2,228 3,400,000-1,526 2012 Resale GREEN LANE Semi-Detached Freehold May 09, 2017 4,090 6,800,000-1,664 1974 Resale EAST COAST TERRACE Semi-Detached Freehold May 09, 2017 2,153 4,400,000-2,044 2015 Resale TEMBELING ROAD Terrace Freehold May 09, 2017 2,207 2,560,000-1,158 1986 Resale DUNMAN LANE Terrace Freehold May 11, 2017 2,443 2,951,000-1,206 1985 Resale GOODMAN ROAD Semi-Detached Freehold May 12, 2017 4,338 5,650,000-1,303 1993 Resale ELITE TERRACE Terrace Freehold May 12, 2017 1,711 2,300,000-1,348 Unknown Resale LORONG J TELOK KURAU Semi-Detached Freehold May 15, 2017 3,767 4,000,000-1,063 1981 Resale SEASIDE RESIDENCES Apartment 99 years May 09, 2017 1,087 1,635,000-1,504 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 09, 2017 560 1,053,000-1,881 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 13, 2017 1,087 1,608,000-1,479 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 14, 2017 1,130 1,885,000-1,668 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years May 14, 2017 560 1,037,000-1,853 Uncompleted New Sale STILLZ RESIDENCE Apartment Freehold May 16, 2017 980 1,095,000-1,118 2011 Resale SUITES@ KATONG Apartment Freehold May 09, 2017 474 638,000-1,347 2012 Resale THE MAKENA Condominium Freehold May 09, 2017 1,636 2,100,000-1,284 1998 Resale THE MAKENA Condominium Freehold May 12, 2017 1,636 2,000,000-1,222 1998 Resale THE MEYERISE Condominium Freehold May 09, 2017 1,302 2,797,000-2,148 2014 Resale THE MEYERISE Condominium Freehold May 11, 2017 1,281 2,525,000-1,971 2014 Resale THE SEAFRONT ON MEYER Condominium Freehold May 09, 2017 2,110 3,250,000-1,540 2010 Resale District 16 BAYWATER Condominium 99 years May 15, 2017 2,131 1,228,000-576 2006 Resale BEDOKVILLE Semi-Detached 999 years May 11, 2017 3,886 4,550,000-1,173 Unknown Resale CASA MERAH Apartment 99 years May 16, 2017 1,970 1,600,000-812 2009 Resale RESIDENCES Condominium 99 years May 09, 2017 893 1,164,000-1,303 Uncompleted New Sale RESIDENCES Condominium 99 years May 09, 2017 581 891,000-1,533 Uncompleted New Sale RESIDENCES Condominium 99 years May 10, 2017 1,453 1,917,000-1,319 Uncompleted New Sale RESIDENCES Condominium 99 years May 10, 2017 980 1,342,000-1,370 Uncompleted New Sale RESIDENCES Condominium 99 years May 10, 2017 904 1,037,000-1,147 Uncompleted New Sale RESIDENCES Condominium 99 years May 10, 2017 667 966,000-1,447 Uncompleted New Sale RESIDENCES Condominium 99 years May 11, 2017 980 1,370,000-1,399 Uncompleted New Sale RESIDENCES Condominium 99 years May 14, 2017 969 1,292,000-1,334 Uncompleted New Sale RESIDENCES Condominium 99 years May 14, 2017 883 1,116,000-1,264 Uncompleted New Sale KEW TERRACE Semi-Detached 99 years May 12, 2017 2,411 2,020,000-839 1997 Resale THE BAYSHORE Condominium 99 years May 15, 2017 980 825,000-842 1996 Resale THE GLADES Condominium 99 years May 10, 2017 463 786,000-1,698 2016 New Sale THE GLADES Condominium 99 years May 11, 2017 1,959 2,448,000-1,250 2016 New Sale THE GLADES Condominium 99 years May 12, 2017 463 788,000-1,702 2016 New Sale District 17 BLUWATERS 2 Condominium 946 years May 11, 2017 1,173 1,040,000-886 2010 Resale FERRARIA PARK CONDOMINIUM Condominium Freehold May 09, 2017 1,023 850,000-831 2009 Resale FERRARIA PARK CONDOMINIUM Condominium Freehold May 12, 2017 1,023 865,000-846 2009 Resale LOYANG VILLAS Terrace 99 years May 11, 2017 2,379 1,550,000-652 1995 Resale PALM ISLES Condominium 99 years May 12, 2017 517 572,000-1,107 2015 Resale District 18 COCO PALMS Condominium 99 years May 10, 2017 2,067 1,826,480-884 Uncompleted New Sale COCO PALMS Condominium 99 years May 12, 2017 1,259 1,418,000-1,126 Uncompleted New Sale COCO PALMS Condominium 99 years May 12, 2017 1,378 1,387,200-1,007 Uncompleted New Sale COCO PALMS Condominium 99 years May 12, 2017 1,098 1,176,600-1,072 Uncompleted New Sale COCO PALMS Condominium 99 years May 14, 2017 1,259 1,430,400-1,136 Uncompleted New Sale ELIAS GREEN Condominium 99 years May 15, 2017 1,528 852,000-557 1994 Resale MELVILLE PARK Condominium 99 years May 15, 2017 1,335 890,000-667 1996 Resale RIPPLE BAY Condominium 99 years May 09, 2017 538 625,000-1,161 2015 Resale SEASTRAND Condominium 99 years May 12, 2017 1,216 1,120,000-921 2014 Resale TAMPINES COURT Condominium 101 years May 11, 2017 1,690 930,000-550 Unknown Resale THE ALPS RESIDENCES Condominium 99 years May 09, 2017 1,066 1,127,000-1,058 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 09, 2017 689 711,000-1,032 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 10, 2017 936 943,000-1,007 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 10, 2017 689 719,000-1,044 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 10, 2017 689 711,000-1,032 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 12, 2017 1,066 1,114,000-1,045 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 14, 2017 689 719,000-1,044 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 14, 2017 689 719,000-1,044 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years May 14, 2017 689 715,000-1,038 Uncompleted New Sale THE EDEN AT TAMPINES EC 99 years May 11, 2017 1,356 1,030,000-759 2003 Resale THE ESPARIS EC 99 years May 09, 2017 1,184 840,088-710 2005 Resale THE SANTORINI Condominium 99 years May 09, 2017 1,184 1,202,850-1,016 Uncompleted New Sale THE SANTORINI Condominium 99 years May 10, 2017 1,259 1,272,000-1,010 Uncompleted New Sale THE SANTORINI Condominium 99 years May 10, 2017 1,152 1,156,000-1,004 Uncompleted New Sale THE SANTORINI Condominium 99 years May 10, 2017 1,109 1,110,000-1,001 Uncompleted New Sale THE SANTORINI Condominium 99 years May 11, 2017 1,249 1,245,400-997 Uncompleted New Sale THE SANTORINI Condominium 99 years May 11, 2017 753 757,000-1,005 Uncompleted New Sale THE SANTORINI Condominium 99 years May 12, 2017 1,367 1,408,888-1,031 Uncompleted New Sale THE SANTORINI Condominium 99 years May 12, 2017 915 983,070-1,074 Uncompleted New Sale THE SANTORINI Condominium 99 years May 13, 2017 1,130 1,109,000-981 Uncompleted New Sale THE SANTORINI Condominium 99 years May 14, 2017 1,787 1,410,000-789 Uncompleted New Sale THE SANTORINI Condominium 99 years May 14, 2017 1,184 1,252,000-1,057 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years May 12, 2017 1,313 1,160,000-883 2017 New Sale VUE 8 RESIDENCE Condominium 99 years May 12, 2017 1,346 1,153,000-857 2017 New Sale VUE 8 RESIDENCE Condominium 99 years May 13, 2017 1,615 1,361,000-843 2017 New Sale VUE 8 RESIDENCE Condominium 99 years May 13, 2017 1,346 1,225,000-910 2017 New Sale WATERVIEW Condominium 99 years May 09, 2017 1,119 1,050,000-938 2014 Resale District 19 BLISS@KOVAN Condominium Freehold May 16, 2017 1,679 1,460,000-869 2015 Resale CHILTERN PARK Condominium 99 years May 16, 2017 915 831,888-909 1995 Resale FOREST WOODS Condominium 99 years May 09, 2017 732 1,065,000-1,455 Uncompleted New Sale FOREST WOODS Condominium 99 years May 12, 2017 980 1,371,000-1,400 Uncompleted New Sale CONTINUES NEXT PAGE

EP10 THEEDGE SINGAPORE MAY 29, 2017 DONE DEALS FROM PREVIOUS PAGE Residential transactions with contracts dated May 9 to 16 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE HILBRE28 Apartment 999 years May 10, 2017 861 1,180,000-1,370 Uncompleted New Sale KOVAN MELODY Condominium 99 years May 09, 2017 1,453 1,210,000-833 2006 Resale KOVAN MELODY Condominium 99 years May 12, 2017 1,216 1,220,000-1,003 2006 Resale KOVAN RESIDENCES Condominium 99 years May 09, 2017 1,281 1,360,000-1,062 2011 Resale PALM GROVE CONDOMINIUM Condominium 999 years May 16, 2017 1,841 1,620,000-880 2002 Resale PARC CENTROS Condominium 99 years May 12, 2017 1,346 1,300,000-966 2016 Sub Sale RIVERSAILS Condominium 99 years May 09, 2017 915 917,000-1,002 2016 Resale SERANGOON GARDEN ESTATE Detached 999 years May 09, 2017 4,510 4,830,000-1,072 Unknown Resale SILVER HILL Terrace 945 years May 16, 2017 2,809 2,680,000-954 1983 Resale STARS OF KOVAN Apartment 99 years May 09, 2017 506 794,640-1,571 Uncompleted New Sale STARS OF KOVAN Apartment 99 years May 14, 2017 743 1,089,940-1,468 Uncompleted New Sale STARS OF KOVAN Apartment 99 years May 14, 2017 743 1,052,100-1,417 Uncompleted New Sale TAI KENG GARDENS Terrace Freehold May 16, 2017 1,873 2,000,000-1,069 Unknown Resale THE FLORIDA EC 99 years May 12, 2017 1,313 930,000-708 2000 Resale THE LUXURIE Condominium 99 years May 11, 2017 775 838,000-1,081 2015 Resale THE MINTON Condominium 99 years May 11, 2017 980 960,000-980 2013 Resale THE SUNNYDALE Condominium 99 years May 16, 2017 1,259 1,150,000-913 2001 Resale THE SUNSHINE Apartment Freehold May 11, 2017 1,238 1,100,000-889 2003 Resale THE TEMBUSU Condominium Freehold May 09, 2017 1,464 2,080,000-1,421 2016 Resale THE TEMBUSU Condominium Freehold May 11, 2017 1,701 2,403,800-1,413 2016 Resale THE VALES EC 99 years May 10, 2017 764 675,000-883 Uncompleted New Sale THE VALES EC 99 years May 10, 2017 764 672,888-880 Uncompleted New Sale THE VALES EC 99 years May 10, 2017 764 652,888-854 Uncompleted New Sale THE VALES EC 99 years May 12, 2017 764 650,880-852 Uncompleted New Sale THE VUE Apartment Freehold May 09, 2017 431 550,000-1,277 2013 Resale District 20 ADANA @ THOMSON Apartment Freehold May 10, 2017 560 933,200-1,667 Uncompleted New Sale FLAME TREE PARK Condominium Freehold May 11, 2017 1,830 1,950,888-1,066 1989 Resale SIN MING PLAZA Apartment Freehold May 15, 2017 1,076 1,150,000-1,068 1992 Resale THOMSON HILLS ESTATE Terrace Freehold May 15, 2017 3,079 3,128,000-1,015 Unknown Resale THOMSON IMPRESSIONS Apartment 99 years May 10, 2017 1,055 1,539,900-1,460 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years May 12, 2017 1,195 1,601,523-1,340 Uncompleted New Sale THOMSON VIEW CONDOMINIUM Condominium 99 years May 09, 2017 2,024 1,670,000-825 1987 Resale District 21 CHENG SOON GARDEN Semi-Detached Freehold May 09, 2017 4,144 4,300,000-1,037 1986 Resale CLEMENTI GREEN Terrace Freehold May 16, 2017 2,777 2,938,000-1,057 1978 Resale CLEMENTI PARK Condominium Freehold May 12, 2017 1,873 1,980,000-1,057 1985 Resale ENG KONG GREEN Condominium Freehold May 09, 2017 840 750,000-893 1999 Resale HONG KONG PARK Detached 999 years May 11, 2017 4,715 6,990,000-1,484 1998 Resale ENG KONG PLACE Semi-Detached Freehold May 15, 2017 3,272 3,400,000-1,038 Unknown Resale PANDAN VALLEY Condominium Freehold May 15, 2017 1,335 1,420,000-1,064 1978 Resale PINE GROVE Condominium 99 years May 16, 2017 1,755 1,360,000-775 Unknown Resale SIGNATURE PARK Condominium Freehold May 15, 2017 1,701 1,800,000-1,058 1998 Resale SPRINGDALE CONDOMINIUM Condominium 999 years May 11, 2017 1,119 1,245,000-1,112 1998 Resale SPRINGDALE CONDOMINIUM Condominium 999 years May 12, 2017 1,216 1,268,000-1,042 1998 Resale THE BEVERLY Apartment Freehold May 11, 2017 1,765 2,000,000-1,133 2012 Resale THE HILLSIDE Condominium Freehold May 11, 2017 1,313 1,300,000-990 2001 Resale District 22 CASPIAN Condominium 99 years May 11, 2017 1,216 1,260,000-1,036 2012 Resale LAKE GRANDE Condominium 99 years May 13, 2017 818 1,056,000-1,291 Uncompleted New Sale LAKEVILLE Condominium 99 years May 13, 2017 1,302 1,697,330-1,303 2017 New Sale WESTWOOD RESIDENCES EC 99 years May 09, 2017 1,152 931,500-809 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 10, 2017 1,152 955,000-829 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 10, 2017 1,033 860,000-832 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 11, 2017 1,475 1,163,700-789 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 11, 2017 1,033 868,500-840 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 11, 2017 990 765,900-773 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 12, 2017 1,195 928,800-777 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 13, 2017 1,238 994,500-803 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 13, 2017 1,152 948,000-823 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 14, 2017 1,475 1,180,000-800 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 14, 2017 1,475 1,170,000-793 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 14, 2017 1,475 1,167,300-792 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 14, 2017 1,033 867,000-839 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 14, 2017 1,033 844,200-817 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years May 14, 2017 1,033 781,200-756 Uncompleted New Sale District 23 CASHEW PARK Condominium 999 years May 09, 2017 893 838,000-938 1983 Resale GLENDALE PARK Condominium Freehold May 11, 2017 1,216 1,275,000-1,048 2000 Resale HILLION RESIDENCES Apartment 99 years May 11, 2017 463 699,200-1,511 Uncompleted New Sale HILLVIEW HEIGHTS Condominium Freehold May 15, 2017 990 1,020,000-1,030 1996 Resale HILLVIEW REGENCY Condominium 99 years May 09, 2017 1,195 800,000-670 2005 Resale INZ RESIDENCE EC 99 years May 10, 2017 1,109 930,000-839 Uncompleted New Sale INZ RESIDENCE EC 99 years May 11, 2017 1,066 821,000-770 Uncompleted New Sale INZ RESIDENCE EC 99 years May 13, 2017 689 505,500-734 Uncompleted New Sale INZ RESIDENCE EC 99 years May 14, 2017 1,184 929,000-785 Uncompleted New Sale INZ RESIDENCE EC 99 years May 14, 2017 1,109 900,000-812 Uncompleted New Sale PALM GARDENS Condominium 99 years May 15, 2017 1,206 850,000-705 2000 Resale PARK NATURA Condominium Freehold May 09, 2017 1,442 1,630,000-1,130 2011 Resale PARK NATURA Condominium Freehold May 11, 2017 2,067 1,990,000-963 2011 Resale PARKVIEW APARTMENTS Apartment 99 years May 11, 2017 926 665,000-718 1998 Resale SOL ACRES EC 99 years May 09, 2017 1,098 826,000-752 Uncompleted New Sale SOL ACRES EC 99 years May 09, 2017 872 673,000-772 Uncompleted New Sale SOL ACRES EC 99 years May 10, 2017 1,044 822,000-787 Uncompleted New Sale SOL ACRES EC 99 years May 10, 2017 850 715,000-841 Uncompleted New Sale SOL ACRES EC 99 years May 10, 2017 926 705,000-762 Uncompleted New Sale SOL ACRES EC 99 years May 10, 2017 872 703,000-806 Uncompleted New Sale SOL ACRES EC 99 years May 10, 2017 850 652,000-767 Uncompleted New Sale SOL ACRES EC 99 years May 11, 2017 850 725,000-853 Uncompleted New Sale SOL ACRES EC 99 years May 11, 2017 872 721,000-827 Uncompleted New Sale SOL ACRES EC 99 years May 11, 2017 926 720,000-778 Uncompleted New Sale SOL ACRES EC 99 years May 11, 2017 926 714,000-771 Uncompleted New Sale SOL ACRES EC 99 years May 11, 2017 850 703,000-827 Uncompleted New Sale SOL ACRES EC 99 years May 11, 2017 732 586,000-801 Uncompleted New Sale SOL ACRES EC 99 years May 11, 2017 570 435,000-762 Uncompleted New Sale SOL ACRES EC 99 years May 12, 2017 1,044 781,000-748 Uncompleted New Sale SOL ACRES EC 99 years May 12, 2017 926 705,000-762 Uncompleted New Sale SOL ACRES EC 99 years May 12, 2017 926 684,000-739 Uncompleted New Sale SOL ACRES EC 99 years May 12, 2017 926 681,000-736 Uncompleted New Sale SOL ACRES EC 99 years May 12, 2017 614 496,000-808 Uncompleted New Sale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE SOL ACRES EC 99 years May 13, 2017 1,044 770,000-737 Uncompleted New Sale SOL ACRES EC 99 years May 13, 2017 1,044 769,000-737 Uncompleted New Sale SOL ACRES EC 99 years May 13, 2017 1,044 765,000-733 Uncompleted New Sale SOL ACRES EC 99 years May 13, 2017 872 709,000-813 Uncompleted New Sale SOL ACRES EC 99 years May 13, 2017 926 681,000-736 Uncompleted New Sale SOL ACRES EC 99 years May 13, 2017 926 675,000-729 Uncompleted New Sale SOL ACRES EC 99 years May 13, 2017 926 672,000-726 Uncompleted New Sale SOL ACRES EC 99 years May 13, 2017 570 459,000-805 Uncompleted New Sale SOL ACRES EC 99 years May 13, 2017 495 371,000-749 Uncompleted New Sale SOL ACRES EC 99 years May 14, 2017 850 715,000-841 Uncompleted New Sale SOL ACRES EC 99 years May 14, 2017 872 670,000-768 Uncompleted New Sale SOL ACRES EC 99 years May 14, 2017 926 669,000-723 Uncompleted New Sale SOL ACRES EC 99 years May 14, 2017 570 459,000-805 Uncompleted New Sale THE HILLIER Apartment 99 years May 12, 2017 624 810,000-1,297 2016 Sub Sale WANDERVALE EC 99 years May 11, 2017 1,098 858,000-781 Uncompleted New Sale WANDERVALE EC 99 years May 11, 2017 1,098 827,000-753 Uncompleted New Sale WINDERMERE EC 99 years May 11, 2017 1,281 838,900-655 1999 Resale YEW MEI GREEN EC 99 years May 11, 2017 1,292 900,000-697 2000 Resale District 25 BELLEWOODS EC 99 years May 10, 2017 1,528 1,135,530-743 2017 New Sale BELLEWOODS EC 99 years May 10, 2017 1,561 1,075,140-689 2017 New Sale BELLEWOODS EC 99 years May 13, 2017 1,679 1,156,400-689 2017 New Sale BELLEWOODS EC 99 years May 14, 2017 1,582 1,099,000-695 2017 New Sale CASABLANCA Condominium 99 years May 09, 2017 936 725,000-774 2005 Resale NORTHWAVE EC 99 years May 10, 2017 1,270 948,100-746 Uncompleted New Sale NORTHWAVE EC 99 years May 10, 2017 753 562,400-746 Uncompleted New Sale NORTHWAVE EC 99 years May 11, 2017 1,270 996,550-785 Uncompleted New Sale NORTHWAVE EC 99 years May 12, 2017 1,098 817,950-745 Uncompleted New Sale WOODGROVE Condominium 99 years May 11, 2017 2,153 1,365,000-634 1999 Resale WOODGROVE Condominium 99 years May 16, 2017 1,658 1,050,000-633 1999 Resale District 26 MEADOWS @ PEIRCE Condominium Freehold May 09, 2017 2,239 1,800,000-804 2012 Resale THE BROOKS I & II Apartment Freehold May 14, 2017 603 824,542-1,368 2016 New Sale THE SPRINGSIDE Terrace Freehold May 09, 2017 1,679 2,380,000-1,416 2006 Resale District 27 NORTH PARK RESIDENCES Apartment 99 years May 09, 2017 969 1,254,600-1,295 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 09, 2017 969 1,249,200-1,289 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 10, 2017 1,270 1,459,600-1,149 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 10, 2017 1,001 1,308,600-1,307 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 10, 2017 872 996,300-1,143 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 11, 2017 829 1,077,300-1,300 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 13, 2017 829 1,082,700-1,306 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 14, 2017 1,109 1,386,620-1,251 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 14, 2017 969 1,273,500-1,315 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years May 14, 2017 969 1,249,200-1,289 Uncompleted New Sale PARC LIFE EC 99 years May 10, 2017 1,044 805,600 803,300 769 Uncompleted New Sale PARC LIFE EC 99 years May 10, 2017 764 609,900 607,600 795 Uncompleted New Sale PARC LIFE EC 99 years May 12, 2017 1,550 1,201,920 1,199,620 774 Uncompleted New Sale PARC LIFE EC 99 years May 12, 2017 1,066 825,550 823,250 773 Uncompleted New Sale PARC LIFE EC 99 years May 12, 2017 936 745,750 743,450 794 Uncompleted New Sale PARC LIFE EC 99 years May 12, 2017 936 709,650 707,350 755 Uncompleted New Sale PARC LIFE EC 99 years May 14, 2017 936 721,050-770 Uncompleted New Sale PARC LIFE EC 99 years May 14, 2017 764 612,750 610,450 799 Uncompleted New Sale SEMBAWANG SPRINGS ESTATE Terrace 999 years May 12, 2017 2,486 2,400,000-966 1971 Resale SIGNATURE AT YISHUN EC 99 years May 10, 2017 764 569,745-746 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years May 12, 2017 947 724,185-765 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 09, 2017 893 949,000-1,062 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 10, 2017 915 902,000-986 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 10, 2017 786 870,000-1,107 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 11, 2017 797 837,900-1,052 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 12, 2017 1,023 1,039,000-1,016 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 13, 2017 1,023 1,087,000-1,063 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years May 13, 2017 1,023 1,013,000-991 Uncompleted New Sale THE BROWNSTONE EC 99 years May 09, 2017 883 784,800-889 Uncompleted New Sale THE BROWNSTONE EC 99 years May 10, 2017 883 790,400-895 Uncompleted New Sale THE BROWNSTONE EC 99 years May 10, 2017 883 778,400-882 Uncompleted New Sale THE BROWNSTONE EC 99 years May 12, 2017 883 731,200-828 Uncompleted New Sale THE BROWNSTONE EC 99 years May 13, 2017 915 734,400-803 Uncompleted New Sale THE BROWNSTONE EC 99 years May 14, 2017 990 818,400-826 Uncompleted New Sale THE CRITERION EC 99 years May 10, 2017 1,173 944,000-805 Uncompleted New Sale THE CRITERION EC 99 years May 10, 2017 1,098 819,200-746 Uncompleted New Sale THE CRITERION EC 99 years May 10, 2017 1,023 783,200-766 Uncompleted New Sale THE CRITERION EC 99 years May 10, 2017 1,012 744,000-735 Uncompleted New Sale THE CRITERION EC 99 years May 10, 2017 700 565,600-808 Uncompleted New Sale THE CRITERION EC 99 years May 11, 2017 915 736,000-804 Uncompleted New Sale THE VISIONAIRE EC 99 years May 10, 2017 1,335 1,000,500-750 Uncompleted New Sale THE VISIONAIRE EC 99 years May 10, 2017 1,141 934,000-819 Uncompleted New Sale THE VISIONAIRE EC 99 years May 10, 2017 1,206 878,000-728 Uncompleted New Sale THE VISIONAIRE EC 99 years May 10, 2017 980 788,000-804 Uncompleted New Sale THE VISIONAIRE EC 99 years May 10, 2017 980 784,000-800 Uncompleted New Sale THE VISIONAIRE EC 99 years May 10, 2017 980 778,500-795 Uncompleted New Sale THE VISIONAIRE EC 99 years May 13, 2017 1,206 888,000-737 Uncompleted New Sale THE VISIONAIRE EC 99 years May 13, 2017 980 793,000-810 Uncompleted New Sale THE VISIONAIRE EC 99 years May 14, 2017 1,313 1,054,500-803 Uncompleted New Sale THE VISIONAIRE EC 99 years May 14, 2017 1,281 996,500-778 Uncompleted New Sale THE WISTERIA Apartment 99 years May 10, 2017 969 1,082,412-1,117 Uncompleted New Sale THE WISTERIA Apartment 99 years May 13, 2017 969 1,089,712-1,125 Uncompleted New Sale THE WISTERIA Apartment 99 years May 13, 2017 969 1,014,912-1,048 Uncompleted New Sale THE WISTERIA Apartment 99 years May 13, 2017 969 986,912-1,019 Uncompleted New Sale District 28 BELGRAVIA VILLAS Terrace Freehold May 13, 2017 3,767 2,916,030-774 Uncompleted New Sale BELGRAVIA VILLAS Terrace Freehold May 13, 2017 3,584 2,910,050-812 Uncompleted New Sale BELGRAVIA VILLAS Terrace Freehold May 13, 2017 3,681 2,868,650-779 Uncompleted New Sale BELGRAVIA VILLAS Terrace Freehold May 13, 2017 3,520 2,580,000-733 Uncompleted New Sale BELGRAVIA VILLAS Terrace Freehold May 13, 2017 3,649 2,580,000-707 Uncompleted New Sale BELGRAVIA VILLAS Terrace Freehold May 13, 2017 3,584 2,430,000-678 Uncompleted New Sale BELGRAVIA VILLAS Terrace Freehold May 14, 2017 3,520 2,580,000-733 Uncompleted New Sale DEDAP GARDENS Terrace 999 years May 15, 2017 2,379 2,350,000-987 1991 Resale GRANDE VISTA Condominium 999 years May 11, 2017 1,647 1,353,000-822 1992 Resale DISCLAIMER: Source: URA Realis. Updated May 23, 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

THEEDGE SINGAPORE MAY 29, 2017 EP11 GAINS AND LOSSES Large units in prime districts fetch bigger profits on resale SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY TAN CHEE YUEN The top three most profitable deals in the week of May 9 to 16 were in prime Districts 9 and 10, and they were for big, four-bedroom units in older developments. The most profitable deal was the sale of a 2,540 sq ft, four-bedroom unit at Leonie Gardens in prime District 9. The sixthfloor unit was sold for $3.2 million ($1,260 psf), according to a caveat lodged on May 11. The previous owner purchased the unit for $1.9 million ($748 psf) in September 2006, which translates to a gain of 68% over a holding period of almost 11 years, or an annualised gain of 5% a year. The 138-unit Leonie Gardens is a 99-year leasehold condominium completed in 1993. The Leonie Hill neighbourhood has a mix of new and old developments. New projects include the 462-unit OUE Twin Peaks, a 99-year leasehold development completed in February 2015, and a redevelopment of the former Grangeford. Targeted for launch in 2H2017 is the 124-unit New Futura by City Developments. The freehold condo tower is a redevelopment of the former Futura project. Older developments in the Leonie Hill neighbourhood include the 210-unit Horizon Towers next door, which is also a 99-year leasehold development completed in 1984. Across the road is the freehold Leonie Towers, a 24- storey apartment block with 92 units completed in 1975. Leonie Gardens is within walking distance of the upcoming Great World MRT station on the Thomson-East Coast Line. The second most profitable deal in the week was for a 1,894 sq ft, four-bedroom unit at River- Gate that fetched $3.8 million ($2,006 psf), based on a caveat lodged on May 16. The previous owner paid $2.5 million ($1,330 psf) for the unit in a sub-sale in April 2009. He recognised a gain A 1,475 sq ft, three-bedroom unit at The Glyndebourne was sold at a $365,200 loss. Find the most affordable listing in the project at bit.ly/theglyndebourneedge. of 51% or 5% a year over the past eight years. However, the seventh-floor unit at River- Gate had been transacted twice prior to this. In a sub-sale in September 2006, it fetched $2.35 million ($1,240 psf). And in September 2005, the unit was bought from the developer for $1.94 million ($1,024 psf). Rivergate is a prime, freehold landmark development with 545 units in three 43- storey towers fronting the Singapore River. Completed in 2009, the project is within walking distance of two upcoming MRT stations on the Thomson-East Coast Line, Havelock and Great World. It is also near the Robertson Quay area, which has become a lifestyle hub with a mix of restaurants, bars, retail, hotels and serviced apartments. The third most profitable deal for the week was the sale of a 2,702 sq ft, four-bedroom unit at D Grove Villas, a boutique 45-unit condo completed in 1992. The freehold development is located at a cul-de-sac off Orange Grove Road. The unit on the sixth floor of the 20- storey tower fetched $4.5 million ($1,666 psf), according to a caveat lodged on May 11. This was $1 million higher than the $3.5 million ($1,295 psf) that the previous owner paid for the unit in April 1997. The gain of 29% over the past two decades translates to an annualised gain of just 1% a year. A further sign that the property market is recovering is that the losses registered in the resale market have been pared. For instance, the biggest loss in the week of May 9 to 16 was for the sale of a 1,475 sq ft, three- bedroom unit on the second level of The Glyndebourne in prime District 11. The unit changed hands for $2.8 million ($1,899 psf) on May 11 $365,200 below the original purchase price of $3.17 million ($2,146 psf) in December 2010. A 2,540 sq ft, four-bedroom unit at Leonie Gardens fetched the week s biggest profit of $1.3 million. Find the most affordable listing in the project at bit.ly/leoniegardensedge. Completed in 2013, the 150-unit freehold condo on Trevose Crescent is next to Raffles Town Club and within walking distance of the Stevens MRT station on the Downtown Line. At Chiltern Park on Serangoon Avenue 3, near the Lorong Chuan MRT station, a twobedroom unit on the third floor changed hands for $831,888 ($909 psf), according to a caveat lodged on May 16. The unit last changed hands for $1.05 million ($1,148 psf) in April 2013. This translates to a loss of $218,112, excluding the 8% seller s stamp duty of $66,551. The third loss-making deal of the week was for a 1,270 sq ft, three-bedroom unit on the 31st floor of the 36-storey Arc at Draycott. The boutique, freehold condo tower contains just 58 units. The transacted unit changed hands for $2.9 million ($2,283 psf), about $200,000 below the original purchase price of $3.1 million ($2,441 psf) six years ago. E Top 10 gains and losses from May 9 to 16 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Leonie Gardens 9 2,540 May 11 1,260 Sept 6, 2006 748 1,300,000 68 5 10.7 2 RiverGate 9 1,894 May 16 2,006 April 17, 2009 1,330 1,280,980 51 5 8.1 3 D Grove Villas 10 2,702 May 11 1,666 April 3,1997 1,295 1,000,000 29 1 20.1 4 Hollandswood Court 10 2,131 May 11 704 April 7, 2006 246 975,000 186 10 11.1 5 Park Infinia at Wee Nam 11 1,464 May 14 1,708 Oct 3, 2006 1,047 967,885 63 5 10.6 6 Hollandswood Court 10 2,131 May 12 676 Jan 21, 1999 235 940,000 188 6 18.3 7 Peace Centre/mansions 9 2,605 May 11 587 Dec 16, 2005 230 928,888 155 9 11.4 8 Hillcrest Arcadia 11 1,798 May 15 784 Aug 14, 2002 278 910,000 182 7 14.8 9 Pandan Valley 21 1,335 May 15 1,064 March 18, 2005 449 820,500 137 7 12.2 10 Spanish Village 10 1,593 May 12 1,306 Dec 28, 1995 813 785,000 61 2 21.4 URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 The Glyndebourne 11 1,475 May 11 1,899 Dec 3, 2010 2,146 365,200 12 2 6.4 2 Chiltern Park 19 915 May 16 909 April 17, 2013 1,148 218,112 21 6 4.1 3 The Arc at Draycott 10 1,270 May 12 2,283 March 25, 2011 2,441 200,000 6 1 6.1 4 Hillview Regency 23 1,195 May 9 670 May 14, 2010 829 190,000 19 3 7.0 5 The Sail @ Marina Bay 1 657 May 9 1,866 Aug 14, 2007 2,151 187,550 13 1 9.7 6 Ascentia Sky 3 3,089 May 15 1,360 Oct 1, 2012 1,400 124,600 3 1 4.6 7 8@Woodleigh 13 840 May 11 1,191 July 24, 2012 1,286 80,000 7 2 4.8 8 Central Imperial 14 549 May 11 1,057 Dec 22, 2011 1,196 76,604 12 2 5.4 9 Park Natura 23 1,442 May 9 1,130 July 13, 2012 1,179 70,000 4 1 4.8 10 Seastrand 18 1,216 May 12 921 July 18, 2011 964 52,888 5 1 5.8 Note: Computed based on URA caveat data as at May 16 for private non-landed houses transacted between May 9 and 16. The profit-and-loss computation excludes transactions costs such as stamp duties.

EP12 THEEDGE SINGAPORE MAY 29, 2017 DEAL WATCH Astrid Meadows unit selling at $1,510 psf BY DELICIA LIM Located on Coronation Road West amid the Good Class Bungalow estate of Astrid Hill, Bin Tong Park and Leedon Park is the low-rise private condominium development Astrid Meadows. The freehold, 208-unit project was completed 27 years ago by Parkway Land and has a mix of unit types. There are studios of 872 sq ft; two-bedders of 1,292 to 1,787 sq ft; three-bedroom units of 1,938 to 2,583 sq ft; and four-bedroom units of 2,659 to 3,810 sq ft. Astrid Meadows penthouses measure 6,695 sq ft. A 1,755 sq ft, two-bedroom unit on the ground floor was recently listed for sale on TheEdgeProperty.com at $2.65 million ($1,510 psf). The owner is believed to be a foreigner who is looking to purchase a new property, according to Tammy Sim, a property agent with ALBERT CHUA/THE EDGE SINGAPORE PropNex Realty. The unit is currently tenanted but the lease will end in a few months, hence the unit will be sold with vacant possession, she says. Astrid Meadows is popular with families owing to its large unit sizes and proximity to top primary schools in the Bukit Timah area, including Henry Park Primary School, Nanyang Primary School and Raffles Girls Primary School. It is also located within a five-minute drive to Holland Recent rental contracts for 1,300 to 1,400 sq ft units at Astrid Meadows LEASE DATE MONTHLY RENT $ $ PSF April 2017 3,880 2.90 April 2017 3,500 2.60 March 2017 4,100 3.00 TABLES: URA, THE EDGE PROPERTY Village and a 10-minute drive to the CBD and Orchard Road. There have been two transactions at Astrid Meadows this year and both were for three-bedroom units. Early this month, a 2,045 sq ft unit on the second level fetched $3.45 million ($1,687 psf), according to a caveat lodged with URA Realis. The unit last changed hands in September 2010 for $3.15 million ($1,540 psf). The other three-bedroom unit, on the fourth level, was 2,583 sq ft. It fetched $4.28 million ($1,657 psf) in March, according to a caveat lodged with URA Realis. The last time the unit changed hands was in October 1998, and it went for $1.825 million ($706 psf). Based on URA data for the first four months of 2017, three units of 1,300 to 1,400 sq ft at Astrid Meadows were leased at monthly rental rates of $3,500 to $4,100. Visit tinyurl.com/dealwatch-s781 for more information. E Recent transactions at Astrid Meadows Astrid Meadows is popular with families owing to its large unit sizes and proximity to top primary schools in the Bukit Timah area CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) May 5, 2017 2,045 3.45 1,687 March 9, 2017 2,583 4.28 1,657 YES! Start my annual subscription now. COLLECTION 3-Year plan at $238 only The Edge Singapore (print + 3 digital access) + The Edge Malaysia (1 digital access) SAVE 70% PLUS FREE! 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