Collective sale fever bubbles over

PROPERTY PERSONALISED MCI (P) 136/08/2017 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of October 16, 2017 ISSUE 801-23 Offshore KSK Land s branded residences in KLCC makes its Singapore debut EP6 Done Deals Pickup in transactions at Hilltops, 8 Napier EP10 Gains and Losses Unit at The Grange sold at $2 mil profit EP12 Deal Watch Four-bedroom unit at Marina Bay Suites going for $4.8 mil EP13 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Collective sale fever bubbles over With more private condos attempting a collective sale, resale units in some developments have been withdrawn from the market. What s next for the residential market? Will we see a run-up in prices? See our Cover Story on Pages 8 and 9. View of Balestier and Whampoa area

EP2 EDGEPROP OCTOBER 16, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY EDITOR Lin Zhiqin WRITERS Angela Teo, Timothy Tay DIGITAL WRITER Fiona Ho COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Yen Tan DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim SENIOR ACCOUNT MANAGER Priscilla Wong ACCOUNT MANAGER James Chua CIRCULATION DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim CORPORATE CHIEF EXECUTIVE OFFICER Bernard Tong PUBLISHER The Edge Property Pte Ltd 150 Cecil Street #13-00 Singapore 069543 Tel: (65) 6232 8622 Fax: (65) 6232 8620 PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333 PERMISSION AND REPRINTS Material in The Edge Property may not be reproduced in any form without the written permission of the publisher We welcome your comments and criticism: propertyeditor.sg@ bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. HOME Freehold industrial space at One Sims Lane for sale The top-most floor of industrial development One Sims Lane (top, left) has been put up for sale by expression of interest (EOI) at a guide price of between $18.5 million and $19 million. According to exclusive marketing agent Savills, the eighth-level property a rare full floor has a strata floor area of 26,242 sq ft and includes five accessory lots. Located on Lorong 23 Geylang, off Sims Avenue, One Sims Lane is a freehold Business-1 zoned industrial building completed in 2000. The property is within walking distance of the Aljunied MRT station. The EOI exercise closes on Nov 9. Tai Wah Building launched for collective sale at $81 mil Tai Wah Building at Somerset has been launched for collective sale by public tender. The asking price for the freehold property is $81 million, or $2,035 psf per plot ratio, according to marketing agent Edmund Tie & Co. All the unit owners at Tai Wah Building have agreed to the collective sale, says ET&Co. Under the 2014 Master Plan, the 13,148 sq ft site is zoned Residential with Commercial at first storey. Subject to authorities approval, the site can be redeveloped up to its existing gross floor area (GFA) of 39,809 sq ft, exceeding the permissible plot ratio of 2.8 laid out in the Master Plan. Completed in the mid-1980s, the existing development has four storeys comprising six apartments and two shops. Located on Killiney Road, it is within walking distance of the Somerset MRT station and 1km of River Valley Primary School. The tender exercise closes on Nov 15. Jalan Besar Plaza up for collective sale at $390 mil Jalan Besar Plaza on Kitchener Road was launched for collective sale its third such attempt on Oct 10. The guide price is $390 million, or $2,170 psf ppr. No development charge is payable, says marketing agent Huttons Asia. Under the 2014 Master Plan, the 53,043 sq ft site is zoned Commercial and Residential, with a gross plot ratio of 3.0. The existing 155-unit development has 16 storeys, with three storeys of commercial space. Huttons says the site can be redeveloped into a serviced residence or a mixed-use development comprising retail, hotel and residential components, subject to authorities approval. The tender exercise closes on Nov 10. SAVILLS SINGAPORE Cairnhill Mansions to be launched for collective sale at $362 million Cairnhill Mansions will be launched for collective sale via public tender in a few weeks. The guide price for the strategically located property on Cairnhill Road next to The Ritz-Carlton Residences Singapore is $362 million, or $2,101 psf ppr, says marketing agent CBRE. The existing development is a 61-unit, 18-storey condominium block, which sits on a land area of 43,103 sq ft, and has a maximum GFA of 172,239 sq ft, including a 10% bonus GFA for balconies. The new development could therefore yield 140 units, assuming their average size is 1,200 sq ft, according to CBRE. Galven Tan, director of capital markets at CBRE, expects strong interest from local and overseas developers, given the site s prime location and palatable deal size. Banyan Tree to operate eco-friendly resort at Mandai Mandai Park Holdings (MPH) announced on Oct 11 that Banyan Tree Holdings has been appointed the operator of an eco-friendly resort in the new, integrated nature and wildlife destination at Mandai. This marks the first resort to be operated by the Singapore-based Banyan Tree on home ground. Situated on a 4.6ha plot, the resort will be owned by MPH and jointly created and named by both MPH and Banyan Tree. Existing back-of-house facilities for current wildlife parks on the site will be cleared to make way for the resort. Scheduled for completion in 2023, the resort will feature standard and family rooms in low-rise structures as well as elevated cabins or treehouses immersed in greenery. According to MPH, the resort s design and development will be undertaken based on parameters outlined in the Environmental Impact Assessment conducted for the Mandai rejuvenation project. SingPost Centre reopens after $150 mil revamp On Oct 9, SingPost Centre (top, right), which houses the city state s largest post office, reopened after a $150 million, two-year revamp. Additions include the flagship of a new smart post office network and tenants offering digital shopping experiences. Strategically located within walking distance of the Paya Lebar MRT interchange, SingPost Centre is owned by Singapore Post and managed by Capita- Land. The five-storey mall has a GFA of 269,000 sq ft, double that of the original. SingPost Centre houses 130 shops over a net lettable area of 178,000 sq ft, including Singapore s first all-laser cineplex by Golden Village, Platform M by Ministry of Food a thematic food hall reminiscent of the old Tanjong Pagar Railway Station and Gong Cha. Smart features at the mall include a scan-andgo system at NTUC FairPrice, where pre-registered shoppers collect scanners at the entrance and scan items as they shop, before making payment at dedicated counters. According to Mervyn Lim, SingPost deputy group CEO of corporate services, committed occupancy as at Sept 30 is 80.4%. BERKELEY HOMES Data centre rental market is tenant-favourable Singapore s data centre rental market is tenant-favourable, according to the 1H2017 Asia Pacific Data Centres Marketview report by CBRE Research. However, there has been less pressure on occupancy as supply eases, with only 18MW of new deliveries in 1H2017. Retail rental rates for data centres in 1H2017 were between US$282 ($383) and US$326 per KW, exclusive of utility consumption. The report found that Singapore s data centre market is driven by international demand, which makes up 65% to 75% of total demand, based on the number of active end users in the market. CBRE Research expects interest in Singapore s data centre market to continue, with increased demand from cloud computing and online banking services to clients and online shopping. In addition, new supply is set to enter the market at a much reduced pace over the next 24 months. OFFSHORE SINGPOST Surbana Jurong wins design services contract for Yunnan project Surbana Jurong announced on Oct 11 that it had won a contract to provide full-suite design services for a housing project in Baoshan City, Yunnan, China. With a site area of 4.5 million sq ft, the project, which was awarded by the local Baoshan government, comprises 26 blocks housing over 2,000 residential units. Amenities include a neighbourhood centre, kindergarten and multistorey carpark. Surbana Jurong will provide architectural, civil and structural engineering, landscape design and site coordination services, among others. The township is scheduled to be completed in three years. Seychelles Eden Island launches rental guarantee return offer for selected units On Oct 9, Eden Island in Seychelles launched a rental-guaranteed return package for selected apartments, which promises a 5% net rental-guaranteed annual return for three years. The offer is available for a limited period on one- and two-bedroom apartments in Basin 6. Prices for a one-bedroom unit at Basin 6 start from US$489,000 ($660,000), with furniture included. All homes come with freehold title, water frontage and a private mooring. In addition, Seychelles residency for the first five years for the purchaser and his or her spouse and children is included in the purchase price. A one-week stay in a similar apartment each year is part of the package. Eden Island comprises more than 550 villas, mansion s and apartments. Facilities include a superyacht marina, four beaches and a shopping mall. Located next to the main island of Mahé, Eden Island is a 10-minute drive from Mahé International Airport. Berkeley Homes releases final phase of London s Chiswick Gate Berkeley Homes announced on Oct 10 that it is releasing for sale the final collection of townhouses and apartments at London s 999-year leasehold Chiswick Gate (left). A private launch, which is strictly by appointment only, will be held on Oct 11 and 12, says marketing agent Knight Frank Singapore. Located in West London s Chiswick neighbourhood, Chiswick Gate comprises 78 luxury one- to three-bedroom apartments, 43 Georgian-inspired, three- to five-bedroom townhouses, as well as a coach house. Prices of the one-, two- and three-bedroom apartments start from 618,000 ($1.1 million), 814,000 and 1,072,500 respectively. For the three-, four- and five-bedroom townhouses, they start from 1,957,000, 2,266,000 and 2,595,000 respectively. Knight Frank says Chiswick Gate is 75% sold as at Oct 10. The development is scheduled for completion by year end. Compiled by Angela Teo E

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EP4 EDGEPROP OCTOBER 16, 2017 PERSONALITY Knight Frank s Tan Tiong Cheng recounts Singapore s transformation BY CECILIA CHOW Tan Tiong Cheng, president of Knight Frank Asia Pacific and adviser to Knight Frank Singapore since April, has spent more than 35 years with the firm. Since his youth, the veteran property consultant has been fascinated with the transformation of cities, especially Singapore s. Most city states have a skyline linked to the CBD, he says. In Singapore, the heart of the city is Raffles Place. Located right at the mouth of the Singapore River, it has been vital to Singapore s fortunes as a trading port since the 1850s. It was where commodities such as rice, rubber and pepper were delivered. The transformation of Singapore s CBD was slow to take off, as the government had introduced the Rent Control Act in 1947. This was done to protect tenants from rising rents and eviction post-world War II, he recounts. At that time, economic growth was slow, the unemployment rate was high and wages were low. Inflation was also a problem, he adds. It was only after the Rent Control Act was lifted in 1969 that the first wave of transformation took place in the CBD. The first three government sales of sites took place in Shenton Way in 1967 to 1969, which led to the development of the former Robina House (now One Shenton by City Developments Ltd); Shenton House which is a strata-titled commercial development; and the former UIC Building, which has since been redeveloped into the new UIC Building and V on Shenton. Many new developments from Raffles Place to Robinson Road and Cecil Street also sprung up in the CBD in the late 1960s to early 1970s. The second wave of transformation took place in the Golden Shoe area in the latter half of the 1970s. Blossoming of Raffles Place, CBD In Raffles Place, the first high-rise tower by an internationally acclaimed architect was OCBC Centre on Chulia Street. It overlooks the shophouses on Circular Road and Boat Quay. The 52-storey tower was designed by I M Tan: As demographics and lifestyles continue to morph, the design of housing units will require a rethink Pei, who has just turned 100, and, when it was completed in 1976, it was considered the tallest building in Singapore and Southeast Asia. Other skyscrapers that joined OCBC Centre in the Raffles Place district in the 1980s were Six Battery Road (completed in 1984) and One Raffles Place (the former OUB Centre, which was completed in 1988). At 60 storeys, the former OUB Centre designed by Japanese architect Kenzo Tange was considered the world s tallest building outside the US. In the 1990s, it was joined by two other towers as Singapore s tallest: UOB Plaza (completed in 1992), also designed by Tange; and Republic Plaza (1998) designed by established Singapore architectural firm, RSP Archi tects Planners & Engineers. The beauty, of course, is that you can see the old low-rise conservation shophouses in Boat Quay sitting alongside the new high-rise office towers such as UOB Plaza and Six Battery Road from across the Singapore River, says Tan. Focus shifted to the reclaimed land in Marina Bay in the late 1990s Focus shifted to the reclaimed land of Marina Bay in the early 2000s to early 2000s. It started with Esplanade Theatres on the Bay, which opened in 2002 and was designed by Singapore-based DP Architects and UK-based Michael Wilford & Partners. The first white site in Marina Bay was awarded in 2003 to a consortium comprising Cheung Kong Property Holdings, Hongkong Land and Keppel Land. It has since been developed into the $4 billion Marina Bay Financial Centre (MBFC), with three office towers and two residential towers connected underground by the Marina Bay Link Mall. MBFC was designed by New York-based Kohn Pedersen Fox Associates. The other development that has made the Singapore skyline famous is Marina Bay Sands Integrated Resort by Las Vegas Sands, designed by world-renowned architect Moshe Safdie. Adding to the allure of Marina Bay is the billion-dollar Gardens by the Bay and the Singapore Flyer. When it came to the expanded CBD at Marina Bay and Marina South, the challenge has always been how to integrate the old and the new, says Tan. Marina Bay and Marina South bring to life the work-liveplay concept. Big change in public housing The other real estate sector that has undergone a dramatic transformation is public housing. The first wave of public housing was in the early 1960s. In the CBD, the most iconic HDB development is Pinnacle@Duxton, Singapore s first 50-storey public housing project. On the city fringe of Queenstown, there is a new generation of HDB high-rise flats in Dawson Estate, featuring SkyVille and SkyTerrace units, as part of the government s renewal of old housing estates. Today, even the pig farms in rural Punggol have been replaced by HDB flats, which boast park and water views as the area is transformed into a waterfront town of the 21st century called Punggol 21 Plus. With the infrastructure in place, it has become a desirable place to live in, says Tan. The transformation of the private housing sector has been less dramatic. Private residential projects are certainly of better quality and finishing today, with a wider range of facilities, says Tan, who is on the panel of judges of the inaugural EdgeProp Singapore Excellence Awards 2017. Developers are trying to match their offerings to changing lifestyles and homebuyer expectations. It has also raised standards of landscaping and sustainability. Restricted by high land cost One of the constraints for developers is the high land cost and the requirements of the development guidelines. For a typical high-end condo, the land cost component makes up 70% to 75% of total development cost. For the mid-tier and upgraders segment, land cost still accounts for 60% to 65% of total development cost, says Tan. However, Singapore s status as a global city has attracted foreign buyers in the mid- to high-end condominium segments. This has spurred developers to raise the quality and standards of their offerings. The projects submitted for the EdgeProp Awards are a testament to that, adds Tan. Many world-renowned architects have also changed Singapore s housing standards and won international accolades, for instance OMA/Ole Scheeren s design of The Interlace, Zaha Hadid s design for d Leedon, Sky Habitat by Moshe Safdie, Reflections and Corals at Keppel Bay by Daniel Libeskind as well as Belle Vue and The Crest by Toyo Ito. As demographics and lifestyles continue to morph, the design of housing units will require a rethink, reckons Tan. At the end of the day, it s about meeting buyers demand and expectations. And we have to think about how these will shape private housing in the future. E PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

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EP6 EDGEPROP OCTOBER 16, 2017 OFFSHORE Panoramic photo taken from a height of 226m from the site of 8 Conlay s Tower A PICTURES: KSK LAND KSK Land s branded luxury residences in KLCC make Singapore debut BY LIN ZHIQIN Developer KSK Land, a wholly-owned subsidiary of Malaysian investment holding company KSK Group, will launch its maiden project in Singapore on the weekend of Oct 14 and 15. The RM5.4 billion ($1.7 billion), freehold mixeduse scheme is located at 8 Jalan Conlay in the heart of Kuala Lumpur City Centre (KLCC). The development, called 8 Conlay, comprises three high-rise towers: The 62-storey Tower A has 564 serviced apartment units and the 57-storey Tower B has 498 units. Both towers will feature residences branded YOO8 and serviced by Kempinski. The third tower will be the 68-storey Kempinski Hotel, featuring 260 rooms and 300 strata-titled hotel suites, and marking the maiden entry of Kempinski Hotels in Kuala Lumpur. Founded in Berlin in 1897, the 120-year-old Kempinski Hotels is one of the oldest luxury hotel groups in Europe. 8 Conlay is targeted for completion by end- 2020, says Joanne Kua, CEO of KSK Group and managing director of KSK Land. The branded residences in Tower A were launched in Kuala Lumpur in November 2015, and 80% of the units have been snapped up. About 60% of the buyers are foreigners and the rest are Malaysians. Following its launch in KL, the project was also showcased in other cities in Asia such as Bangkok, Jakarta, Beijing and Shanghai. This weekend will mark the project s debut in Singapore, says Kua. It will be launched at The St Regis Singapore, with SRI as the exclusive marketing agent. KSK Land purchased the four-acre freehold site at 8 Jalan Conlay in 2013 for RM568 million. It is situated in Kuala Lumpur s Golden Triangle and well served by amenities, including KL s biggest malls Pavilion Kuala Lumpur and Suria KLCC at Petronas Twin Towers are within a few minutes walk. 8 Conlay is also within walking distance of the upcoming Conlay station on the second MRT line, which is under construction. For the convenience of its guests and residents, 8 Conlay will also have four storeys of retail space. All the serviced apartments branded YOO8 will be sold fully furnished. 8 Conlay was designed by renowned Malaysian architect Hud Bakar of RSP Architects in KL. Hud is the designer behind many of the landmarks in KL such as Felda Tower, Paradigm Mall and Matrade Exhibition and Convention Centre. Kua: We want to deliver a lifestyle that people aspire to have Bangkok-based landscape architecture firm TROP: Terrains + Open Spaces, headed by Pok Kobkongsanti, was engaged as the landscape architect for 8 Conlay. Landscape designs by TROP include Hilton Pattaya, Sentosa s Seascape condominium as well as Iconic Hotel and Residence at Bintan Island. The interiors of the branded serviced residences in Tower A are designed by Hong Kong designer Steve Leung in collaboration with YOO, a partnership between property entrepreneur John Hitchcox and world-renowned French architect Phillipe Starck. The branded residences at Tower A of 8 Conlay were launched at an average price of RM2,700 psf two years ago, but today they are priced at RM3,200 psf. Residences range from one-bedroom units that start from 700 sq ft to three-bedroom units of 1,308 sq ft. The units launched in Singapore this weekend will range from RM2.1 million for a one-bedroom unit to RM2.77 million for a 1,073 sq ft, two-bedroom unit with a study. Some units will be offered for sale with a twoyear rental guarantee of 6%. The units were deliberately kept at a compact size so that the absolute prices would be palatable, says Kua. There are people who like to buy branded residences around the world, and we want to deliver a lifestyle that people aspire to have, she adds. Half of the buyers are buying for their own use, and the rest buy for investment. E Showflat showing the living and dining space of a two-bedroom unit 8 Conlay comprises two towers of branded residences, a hotel tower and a retail podium Showflat showing the bathroom and bedroom of a one-bedroom unit

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EP8 EDGEPROP OCTOBER 16, 2017 COVER STORY Collective sales are brewing in the Balestier area PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE COLLECTIVE SALE fever bubbles over With more private condos attempting a collective sale, resale units in some developments have been withdrawn from the market. What s next for the residential market? Will we see a run-up in prices? BY CECILIA CHOW Chef-restaurateur-turned-tai chi instructor P K Tan has always liked the Balestier area. Besides its proximity to the CBD, the main attraction is that properties there are predominantly freehold. Apart from East Coast, Farrer Park and Geylang, Balestier is the only city fringe area that offers mainly freehold property, says Tan, 67. He likes projects with sizeable units and that sit on large and regular-shaped freehold plots. Besides his primary residence a 2,508 sq ft, four-bedroom unit at Mandalay Towers he also has an investment in Balestier: a three-bedroom unit in the 72-unit Balestier Regency on Jalan Ampas that he bought more than a decade ago. He likes the project, as all units are three-bedroom and measure 1,453 to 1,475 sq ft each. Tan was recently informed by a neighbour, however, that Balestier Regency was attempting a collective sale. Balestier has become a hotspot for collective sales this year. Besides Balestier Regency, collective sales are brewing in several other ageing apartment blocks in the area. On Kim Keat Road, the 34-unit Victory Heights is said to be attempting an en bloc sale. The 78-unit Boon Teck Tower on Boon Teck Road is also attempting an en bloc sale and in the process of collecting signatures to obtain the 80% consensus to proceed. The collective sale process has also started at the 89-unit Kemaman Point on Jalan Kemaman. Tan was looking to buy a second investment property in Balestier, and he was eyeing AVA Towers, a 124-unit freehold condominium built in 1993, because all the units are three-bedroom apartments ranging from 1,173 to 1,281 sq ft. He was surprised when his recent online search for AVA Tower yielded only one unit for sale. I was wondering what happened to all the listings of units for sale, he says. They seem to have disappeared. That was when he realised that owners at AVA Towers were also exploring a collective sale. Resale units withdrawn Tan s experience is not an isolated one. Lee Liat Yeang, senior partner in Dentons Rodyk s Real Estate Practice Group, says: I spoke to several agents, and was told that quite a few units had been withdrawn from the resale market, especially those with actual or perceived en bloc potential. Some are eyeing an en bloc sale to achieve higher prices while others are hoping for a general uplift in prices. This creates a shortage in the resale market that s more apparent than real. Nicholas Mak, executive director of ZACD Group, concurs. If you re the owner of a unit in a condo and you hear your neighbours talking about going en bloc, would you be happy if you sold your unit and, a few months later, the project is launched for collective sale? If the en bloc sale goes through, you will regret it. The irony is that people such as Tan in Balestier who are looking to buy freehold property will now have fewer choices in the resale market, as owners in these older condos are holding out for a collective Mandalay Towers, a low-rise 56-unit apartment block completed in 1974, comprises four-bedroom units of 2,500 sq ft sale, observes Lee. On the other hand, most of the new project launches are 99-year leasehold. Competition has also intensified in the East Coast, following the successful collective sale of Amber Park on Oct 4 for $906.7 million ($1,515 psf ppr), making it the largest collective sale of a freehold site. Prior to that, Nanak Mansions was sold for $201.1 million, and Albracca for $69.1 million in July. Other developments in the East Coast with freehold sites that are also attempting a collective sale are the 32-unit Parkway Mansion, completed in 1982; the 72-unit Casa Meyfort on Meyer Road, completed in 1992; and the 135-unit Hawaii Towers, completed in 1984. A search for resale units in these condominiums in the prime District 15 have likewise yielded mainly units for rent, with very few listed for sale. Number of collective sale hopefuls doubles According to Tan Hong Boon, regional director of capital markets at JLL Singapore, the number of successful collective sales so far this year is 16, with transactions totalling $5.84 billion. This is the highest level since the last collective sale fever in 2006 ($7.82 billion worth of deals) and 2007 ($11.51 billion). If the next three to four collective sale tenders that are closing are successful, you could see the number of deals hit 20 and total sales coming close to the 2006 figure, he adds. Emboldened by the recent string of successful deals, the number of collective sale hopefuls has more than doubled to 60 to 70 projects today from 30 four months earlier, says JLL s Tan. ZACD s Mak notes: This means that owners in these 60 to 70 older estates will now be reluctant to sell their units on the resale market. It s a natural reaction because a lot of owners want that windfall. So, they will put their individual unit sale on hold.

EDGEPROP OCTOBER 16, 2017 EP9 COVER STORY Parkway Mansion is one of the apartment blocks in Marina Parade exploring a collective sale Owners of Hawaii Tower, a condo on Meyer Road, are hoping to be lucky in their next collective sale attempt The recent collective sale fever and withdrawal of units from the resale market will inevitably push up prices, concedes Mak. This will be exacerbated by the fact that the beneficiaries of collective sales will need to find a replacement property. Even with a slight reduction in supply in the resale market, we have already seen an upward tick in the URA price index, he notes. The en bloc fever will put upward pressure on private residential prices, and could also lead to upward pressure on HDB resale prices. Prices at inflection point The flash estimate for the URA private residential price index for 3Q2017 already showed a 0.5% q-o-q increase, marking a critical inflection point in prices, notes Credit Suisse in its report on Oct 2. This was after 15 consecutive quarters of decline from 3Q2013 to 2Q2017, during which the property price index fell 11.6%. Within the non-landed residential market, price increases were led by mass market condos in the Outside Central Region (OCR), which rose 0.7% q-o-q, and prime condos in the Core Central Region (CCR), which rose 0.2% q-o-q, while the mid-tier segment in the Rest of Central Region (RCR) was flat. HDB resale prices were still down 0.6% q-o-q, according to the flash estimate for 3Q2017, according to Credit Suisse. The collective sale fever is likely to have less of an impact on the rental market, as beneficiaries of collective sales prefer to buy a replacement property instead of renting. These are people who are used to owning their homes, especially those from the privatised HUDC estates, observes ZACD s Mak. Their fear is that if they were to rent for the time being, prices could be even higher when they want to buy a unit later on. This in turn becomes a self-fulfilling prophecy. Bubble tea fever This blend of fear and euphoria which Desmond Sim, CBRE head of research for Singapore and Southeast Asia, has labelled the bubble tea fever was also evident a decade ago, when there was a partial dip in the supply of resale units in the wake of the collective sale fever. But this is true only for the older apartments and condos, where prices have failed to catch up with market prices, he says. These are the projects that have a greater chance of going en bloc. CBRE s Sim does not see it having a major impact on the URA private property price index. His projection is for the index to rise 3% to 8% next year. The index measures price per sq ft, he says. At the end of the day, sales are determined by absolute prices. For absolute prices to be palatable to homebuyers, and for developers to achieve their desired price psf in their new developments, unit sizes have to be sacrificed, adds Sim. There is a limit as to how small the units can be, however, as URA has stipulated a minimum average size of 70 sq m for new condos outside the Central area. Buyers still price-sensitive In 1H2017, about 90% of residential units that were sold were below the $2 million threshold. It takes more than gut feel and sentiment to drive up prices, says Sim. The economic indicators may have improved, but the real indicator is the ATM, when you see how much money you have in your bank account. At the end of the day, the underlying demand is for properties priced at $2 million and below. Anything priced above $3 million is beyond the reach of the average Singaporean. Dentons Rodyk s Lee agrees. Pricier properties still face challenges, as the additional buyer s stamp duty is still a major deterrent. Even for the beneficiaries of the collective sales of the large privatised HUDC estates, from Shunfu Ville to Normanton Park, most owners are looking at a payout in the range of $1.7 million to $1.9 million. The amount is just enough to buy a replacement unit, but perhaps not of a similar size, says ZACD s Mak. It seems that the only way for the owners to monetise their HUDC units is through a collective sale. HUDC estate monetisation This year, five privatised HUDC estates were successfully sold en bloc. They were Rio Casa in Hougang, which was sold to a consortium led by Oxley Holdings ($575 million); Eunosville, across from the Eunos MRT station, went to MCL Land ($765.78 million); Serangoon Ville in Serangoon North was sold to an Oxley-led consortium ($499 million); and Tampines Court on Tampines Street 11 found a buyer in Sim Lian Group ($970 million). The latest was Normanton Park, which was sold to Kingsford Development for $830.1 million. Last year, only two privatised HUDC estates found buyers. They were Shunfu Ville in Bishan, sold to Qingjian Realty for $638 million; and Raintree Gardens in Potong Pasir, which was sold for $334.2 million to a joint venture between UOL Group and United Industrial Corp. Ivory Heights next The latest to hitch a ride on the collective sale bandwagon is Ivory Heights, the largest privatised HUDC estate on the market this year. Built in 1986, the 654-unit Ivory Heights has three high-rise blocks of 10- to 25-storeys and five four-storey blocks sitting on a sprawling land area of 825,502 sq ft with a 99-year lease dating from 1986. Under the URA Master Plan, the site has a plot ratio of 1.6 and can be redeveloped into a condo project with 1,400 to 1,500 units, assuming a minimum average size of 70 sq m each. Ivory Heights has a reserve price of $1.34 billion, which includes the differential premium of $160 million for topping up the lease. The price translates to $979 psf ppr. SLP International, which is part of ZACD Group, is the appointed marketing agent for Ivory Heights. The 654-unit Ivory Heights in Jurong East, which sits on a 99-year leasehold site of 825,502 sq ft, is the latest privatised HUDC estate to be put up for collective sale This is the first time the owners of Ivory Heights are attempting a collective sale. The site has seen a lot of interest, notes ZACD s Mak. It s the only private residential site of this scale located in Jurong East. And the government hasn t offered any new land parcels for sale in Jurong East for the last five years. The only government land tender for a condo site in Jurong East was the one that has since been developed into the 738-unit J Gateway by MCL Land, which was completed last year. The average selling price of J Gateway when it was launched at end-june 2013 was $1,480 psf. Many of the units were sold at prices above $1,700 psf, hitting a high of $1,774 psf for a 484 sq ft, one-bedroom unit on the 34th floor of one of the three high-rise towers. There were three sub-sales in August this year; they ranged from $1,539 psf for a unit on the 14th floor to $1,742 psf for a unit on the 13th floor, according to caveats lodged. Jurong Gateway, which is part of Jurong Lake District, is poised to be Singapore s second CBD, with a total land area of 360ha, equivalent to Marina Bay. The future Singapore-Kuala Lumpur high-speed rail terminus will also be located in Jurong East, on the site of the former Jurong Country Club. Unusual upturn This is an unusual start of a market upturn, notes ZACD s Mak. It s driven by land prices. Developers appear to be making a bet that the market will recover, and they are buying land in preparation to ride the next property bull run. In the past three to four property booms, transaction volume picked up first before prices recovered two to three quarters later, he notes. It was either the HDB resale prices that moved up first, and then pulled up the prices of private housing, or, as in the case of the last property boom in 2006/07, it started at the top end of the market before filtering down to the other market segments. But it had always been transaction-led. The more aggressive bids at government land sales and collective sale sites could also be because mainstream developers are facing greater competition from non-traditional property players such as jeweller-turned-property developer Aspial Corp, whose property arm is World Class Land; construction group Evan Lim & Co s EL Development; Chip Eng Seng s CEL Development; and mainland Chinese construction companies-turned-property developers such as MCC Land, Qingjian Realty and China State Construction Engineering Corp s newly formed CSC Land. We ve come to a stage where the number of property developers have trebled over the past decade, says CBRE s Sim. You have finite land parcels, but it s being shared by a lot more people. That s why bid prices have become more aggressive. Tan Tiong Cheng, president of Knight Frank Asia, believes the collective sale fever could run out of steam by the middle of next year, if not by end-2018. Given the collective sale momentum, most developers would have purchased one or two big sites either in government land sales or collective sales by next year, he says. Developers are taking into consideration the steep development charges and differential premiums, especially for topping up the leases of the older leasehold projects. If it s going to eat too much into their profit margins, they may not be willing to pay the premium that collective sale owners are seeking, says Tan. For the collective sale owners, the premium may not be as attractive, especially if they are looking to buy a replacement property, and prices are on an uptrend. Dentons Rodyk s Lee reckons the supply from the collective sale sites purchased in the last two years will come onstream towards end-2018 and 2019. It takes a good 12 to 15 months for these projects to come up for sale, he says. The increase in supply will be evident in 2019. E THE EDGE SINGAPORE

EP10 EDGEPROP OCTOBER 16, 2017 DONE DEALS Pickup in transactions at Hilltops, 8 Napier BY ANGELA TEO With sentiment improving and transactions picking up at high-end condominiums, interest has also returned to the luxury condo segment. This is evident from the burst of activity at Hilltops by SC Global Developments in the quarter ended September, with five units sold. Three of the five transactions were done in September alone. Two of the units sold were 2,390 sq ft, four-bedroom units on the 17th and 19th floors. They fetched $8 million ($3,348 psf) and $8.8 million ($3,691 psf) respectively. The other unit sold in September was a 1,593 sq ft, three-bedder located on the 18th floor. It went for $5.12 million ($3,214 psf). The spate of transactions is not surprising, says Leong Boon Hoe, chief operating officer of luxury residential brokerage firm List Sotheby s International Realty. Many foreigners are revisiting Singapore s luxury condo segment. Indonesians, mainland Chinese and Malaysians continue to be among the most active foreign buyers in Singapore, adds Leong. Completed in 2011, Hilltops is the biggest condo project by SC Global in terms of the number of units (241) in Singapore. The project, located on Cairnhill Circle in prime District 9, comprises two- to five-bedroom units ranging from 807 to 2,874 sq ft. There is also a sole six-bedroom penthouse of 11,000 sq ft, and it comes with private lift access from the ground floor. On Napier Road is the 46-unit 8 Napier. It is adjacent to Gleneagles Hospital and Medical Centre as well as the Singapore Botanic Gardens. Completed in 2010, it has seen very few units come on the market. Last year, just one unit changed hands: A 2,013 sq ft, three-bedroom unit on the seventh floor fetched $6.44 million ($3,200 psf), according to a caveat lodged in January 2016. The unit was last purchased for $7.3 million ($3,630 psf) in December 2007, when the freehold project in prime District 10 was launched. The latest transaction in September was also that of a 2,013 sq ft, three-bedroom unit, but located on the eighth floor. It was sold for $6.48 million ($3,221 psf). An earlier caveat lodged shows that the seller purchased the unit for $7.33 million ($3,642 psf) 10 years ago when the project was launched. Bulk purchases have also picked up, according to Sotheby s Leong. Prior to the launch of the Deferred Payment Scheme last month, Sotheby s had brokered the sale of 14 units in the two blocks at Reflections at Keppel Bay held by Keppel Land as corporate residences. The units are located on the first level of one of the villa blocks, and on the sixth level of the neighbouring villa block. The buyer is said to be an overseas property fund, and the purchase price for the 14 units amounted to $33 million. As the property market heats up, some developers have also withdrawn their unsold stock from the market in anticipation of higher prices. This was seen recently at Sky Habitat in Bishan, Le Quest in Bukit Batok and, earlier in March, when Park Place Residences at Paya Lebar Quarter sold half of its units and held the rest to be launched at a later date. E Three units at Hilltops were sold at prices ranging from $3,214 psf to $3,691 psf in September SAMUEL ISAAC CHUA/THE EDGE SINGAPORE LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated Sept 26 to Oct 3 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 2 76 SHENTON Apartment 99 years Sept 29, 2017 624 1,150,000-1,842 2014 Resale ICON Apartment 99 years Sept 27, 2017 581 1,030,000-1,772 2007 Resale SKYSUITES@ANSON Apartment 99 years Oct 03, 2017 667 1,453,770-2,178 2014 Resale SKYSUITES@ANSON Apartment 99 years Oct 02, 2017 700 1,393,740-1,992 2014 Resale District 3 ALEX RESIDENCES Apartment 99 years Sept 30, 2017 926 1,768,000-1,910 2017 New Sale ALEX RESIDENCES Apartment 99 years Sept 27, 2017 657 1,335,800-2,034 2017 New Sale HIGHLINE RESIDENCES Condominium 99 years Oct 01, 2017 1,152 2,070,000-1,797 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Sept 30, 2017 764 1,312,000 1,307,000 1,710 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Sept 30, 2017 484 894,000-1,846 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Sept 29, 2017 484 894,000 889,000 1,835 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Sept 29, 2017 484 897,000 892,000 1,842 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Sept 28, 2017 764 1,307,000-1,710 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Sept 28, 2017 484 865,000 860,000 1,775 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Sept 26, 2017 484 885,000-1,827 Uncompleted New Sale QUEENS PEAK Condominium 99 years Sept 30, 2017 936 1,595,800-1,704 Uncompleted New Sale QUEENS PEAK Condominium 99 years Sept 30, 2017 936 1,584,670-1,692 Uncompleted New Sale QUEENS PEAK Condominium 99 years Sept 30, 2017 775 1,219,920-1,574 Uncompleted New Sale QUEENS PEAK Condominium 99 years Sept 30, 2017 807 1,377,000-1,706 Uncompleted New Sale QUEENS PEAK Condominium 99 years Sept 30, 2017 947 1,560,600-1,648 Uncompleted New Sale QUEENS PEAK Condominium 99 years Sept 30, 2017 775 1,249,000-1,612 Uncompleted New Sale QUEENS PEAK Condominium 99 years Sept 29, 2017 936 1,609,940-1,719 Uncompleted New Sale QUEENS PEAK Condominium 99 years Sept 29, 2017 807 1,248,000-1,546 Uncompleted New Sale QUEENS PEAK Condominium 99 years Sept 26, 2017 441 814,730-1,846 Uncompleted New Sale QUEENS PEAK Condominium 99 years Sept 26, 2017 624 1,089,360-1,745 Uncompleted New Sale TANGLIN VIEW Condominium 99 years Oct 02, 2017 1,378 1,445,000-1,049 2001 Resale THE REGENCY AT TIONG BAHRU Condominium Freehold Oct 02, 2017 1,270 2,088,000-1,644 2010 Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Sept 28, 2017 893 1,399,000-1,566 2004 Resale CORALS AT KEPPEL BAY Condominium 99 years Sept 29, 2017 1,389 2,850,000-2,052 2016 Resale HARBOURLIGHTS Apartment Freehold Sept 28, 2017 1,249 1,660,000-1,329 1997 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years Oct 03, 2017 1,119 1,700,000-1,519 2011 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years Sept 29, 2017 1,066 1,743,280-1,636 2011 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years Sept 28, 2017 1,615 2,664,200-1,650 2011 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years Sept 28, 2017 1,076 1,620,000-1,505 2011 Resale THE INTERLACE Condominium 99 years Oct 03, 2017 807 1,080,000-1,338 2013 Resale THE INTERLACE Condominium 99 years Sept 28, 2017 3,983 3,000,000-753 2013 Resale THE INTERLACE Condominium 99 years Sept 28, 2017 3,993 2,870,000-719 2013 Resale THE INTERLACE Condominium 99 years Sept 28, 2017 3,972 4,230,000-1,065 2013 Resale THE OCEANFRONT @ SENTOSA COVE Condominium 99 years Sept 26, 2017 1,851 2,300,000-1,242 2010 Resale District 5 24 ONE RESIDENCES Apartment Freehold Sept 27, 2017 807 1,425,000-1,765 Uncompleted New Sale FABER HILLS Apartment Freehold Oct 03, 2017 1,668 1,399,988-839 1977 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 HERITAGE VIEW Condominium 99 years Sept 29, 2017 1,163 1,370,000-1,178 2000 Resale PARC RIVIERA Condominium 99 years Oct 01, 2017 710 928,000-1,306 Uncompleted New Sale PARC RIVIERA Condominium 99 years Oct 01, 2017 710 885,000-1,246 Uncompleted New Sale PARC RIVIERA Condominium 99 years Oct 01, 2017 710 925,000-1,302 Uncompleted New Sale PARC RIVIERA Condominium 99 years Sept 28, 2017 1,152 1,343,000-1,166 Uncompleted New Sale PARC RIVIERA Condominium 99 years Sept 28, 2017 603 725,000-1,203 Uncompleted New Sale PARC RIVIERA Condominium 99 years Sept 28, 2017 603 802,350-1,331 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years Sept 30, 2017 1,141 1,694,000-1,485 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years Sept 28, 2017 990 1,403,000-1,417 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years Sept 27, 2017 990 1,364,000-1,377 Uncompleted New Sale District 8 CITYLIGHTS Condominium 99 years Sept 29, 2017 926 1,320,000-1,426 2007 Resale CITYLIGHTS Condominium 99 years Sept 27, 2017 926 1,380,000-1,491 2007 Resale CLYDES RESIDENCE Apartment Freehold Sept 28, 2017 1,119 1,200,000-1,072 2005 Resale MERGUI MANSIONS Apartment Freehold Sept 29, 2017 1,389 1,330,000-958 1995 Resale STURDEE RESIDENCES Condominium 99 years Oct 01, 2017 947 1,492,800-1,576 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Sept 30, 2017 947 1,459,800-1,541 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Sept 30, 2017 1,302 1,911,700-1,468 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Sept 30, 2017 947 1,442,000-1,522 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Sept 29, 2017 1,302 1,771,700-1,360 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Sept 29, 2017 947 1,479,800-1,562 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Sept 28, 2017 947 1,429,800-1,509 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Sept 28, 2017 947 1,395,800-1,474 Uncompleted New Sale District 9 CAIRNHILL PLAZA Apartment Freehold Sept 27, 2017 2,293 3,220,000-1,404 1978 Resale ESPADA Apartment Freehold Oct 02, 2017 377 923,800-2,452 2013 Resale HILLTOPS Condominium Freehold Sept 29, 2017 2,390 8,000,000-3,348 2011 Resale HILLTOPS Condominium Freehold Sept 29, 2017 2,390 8,819,000-3,691 2011 Resale HILLTOPS Condominium Freehold Sept 27, 2017 1,593 5,120,000-3,214 2011 Resale LEONIE PARC VIEW Apartment Freehold Oct 02, 2017 2,013 4,210,000-2,092 2009 Resale MARTIN MODERN Condominium 99 years Sept 28, 2017 1,399 3,507,763-2,507 Uncompleted New Sale OLEANAS RESIDENCE Condominium Freehold Sept 28, 2017 1,227 1,713,888-1,397 1999 Resale PARC EMILY Condominium Freehold Sept 26, 2017 1,733 2,780,000-1,604 2008 Resale RV POINT Apartment 999 years Sept 28, 2017 463 865,000-1,869 2015 Sub Sale SAM KIANG MANSIONS Apartment Freehold Oct 03, 2017 1,281 2,050,000-1,600 1999 Resale SOPHIA HILLS Condominium 99 years Oct 01, 2017 592 1,171,000-1,978 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Sept 30, 2017 700 1,395,000-1,994 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Sept 30, 2017 570 1,224,000-2,146 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Sept 29, 2017 570 1,178,000-2,065 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Sept 29, 2017 667 1,313,000-1,967 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Sept 29, 2017 700 1,384,000-1,978 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Sept 27, 2017 700 1,445,000-2,065 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Sept 27, 2017 710 1,435,000-2,020 Uncompleted New Sale THE IMPERIAL Condominium Freehold Sept 28, 2017 3,412 5,500,000-1,612 2006 Resale UP@ROBERTSON QUAY Apartment 99 years Sept 28, 2017 743 1,560,460-2,101 2015 Resale VIDA Apartment Freehold Sept 28, 2017 840 1,608,888-1,916 2009 Resale District 10 8 NAPIER Condominium Freehold Sept 27, 2017 2,013 6,483,873-3,221 2010 Resale BELMOND GREEN Condominium Freehold Oct 02, 2017 1,055 1,880,000-1,782 2004 Resale BOTANIC @ CLUNY PARK Detached Freehold Sept 28, 2017 6,232 7,450,000-1,195 Uncompleted New Sale CUSCADEN ROYALE Apartment Freehold Sept 26, 2017 1,604 2,900,000-1,808 2010 Resale D LEEDON Condominium 99 years Oct 02, 2017 635 1,140,000-1,795 2014 Resale D LEEDON Condominium 99 years Sept 29, 2017 990 1,520,000-1,535 2014 Resale DUCHESS CREST Condominium 99 years Sept 29, 2017 2,088 2,500,000-1,197 1998 Resale GALLOP GREEN Condominium Freehold Sept 26, 2017 3,574 6,300,000-1,763 2002 Resale GRAMERCY PARK Condominium Freehold Oct 02, 2017 1,981 5,864,800-2,961 2016 Resale GRAMERCY PARK Condominium Freehold Sept 28, 2017 1,270 3,961,600-3,119 2016 Resale JERVOIS JADE APARTMENTS Apartment 99 years Sept 28, 2017 2,174 2,300,000-1,058 2000 Resale LEEDON 2 Condominium Freehold Sept 27, 2017 764 1,150,000-1,505 1996 Resale NASSIM ROAD Detached Freehold Sept 26, 2017 13,294 23,688,000-1,782 1983 Resale ONE BALMORAL Condominium Freehold Oct 02, 2017 969 2,239,000-2,311 2016 Resale ONE BALMORAL Condominium Freehold Sept 29, 2017 1,410 3,070,000-2,177 2016 Resale QUINTERRA Apartment 99 years Oct 02, 2017 1,679 1,900,000-1,132 2009 Resale REGENCY PARK Condominium Freehold Sept 27, 2017 3,649 6,350,000-1,740 1990 Resale RV RESIDENCES Condominium 999 years Sept 29, 2017 1,292 2,300,000-1,781 2015 Resale RV RESIDENCES Condominium 999 years Sept 26, 2017 1,216 2,228,000-1,832 2015 Resale THE GRANGE Condominium Freehold Sept 28, 2017 2,282 5,450,000-2,388 2008 Resale VALLEY PARK Condominium 999 years Oct 03, 2017 1,808 2,980,000-1,648 1997 Resale District 11 CITY EDGE Apartment Freehold Sept 29, 2017 829 1,390,000-1,677 2007 Resale CUBE 8 Condominium Freehold Sept 28, 2017 560 870,000-1,554 2013 Resale CUBE 8 Condominium Freehold Sept 27, 2017 1,335 1,880,000-1,409 2013 Resale GENTLE VILLAS Semi-Detached 99 years Sept 26, 2017 2,260 2,738,000-1,210 1995 Resale M21 Apartment Freehold Sept 28, 2017 1,755 2,300,000-1,311 2010 Resale MOUNT ROSIE GARDEN Condominium Freehold Sept 27, 2017 2,250 2,880,000-1,280 1983 Resale JALAN NOVENA UTARA Semi-Detached Freehold Sept 28, 2017 3,154 4,800,000-1,525 Unknown Resale STRATA Apartment Freehold Sept 26, 2017 506 925,000-1,828 2006 Resale TREVOSE PARK Condominium Freehold Sept 28, 2017 1,647 2,500,000-1,518 1991 Resale District 12 CITY SUITES Apartment Freehold Sept 26, 2017 463 803,000-1,735 2017 New Sale EIGHT RIVERSUITES Terrace 99 years Sept 28, 2017 3,003 2,150,000-716 2016 Resale GEM RESIDENCES Condominium 99 years Oct 01, 2017 775 1,263,000-1,630 Uncompleted New Sale GEM RESIDENCES Condominium 99 years Oct 01, 2017 947 1,322,000-1,396 Uncompleted New Sale GEM RESIDENCES Condominium 99 years Sept 30, 2017 1,055 1,622,000-1,538 Uncompleted New Sale

EDGEPROP OCTOBER 16, 2017 EP11 DONE DEALS Residential transactions with contracts dated Sept 26 to Oct 3 LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE GEM RESIDENCES Condominium 99 years Sept 30, 2017 980 1,356,000-1,384 Uncompleted New Sale GEM RESIDENCES Condominium 99 years Sept 30, 2017 1,313 1,950,300-1,485 Uncompleted New Sale GEM RESIDENCES Condominium 99 years Sept 29, 2017 1,012 1,497,870-1,480 Uncompleted New Sale GEM RESIDENCES Condominium 99 years Sept 27, 2017 936 1,366,000-1,459 Uncompleted New Sale RIVERSIDE MELODIES Apartment Freehold Sept 26, 2017 1,421 1,730,000-1,218 2014 Resale THE MEZZO Apartment Freehold Oct 02, 2017 840 1,135,000-1,352 2012 Resale TRELLIS TOWERS Condominium Freehold Sept 27, 2017 1,485 1,808,000-1,217 2000 Resale VETRO Apartment 999 years Oct 02, 2017 614 685,000-1,116 2010 Resale District 13 JALAN CHENGKEK Terrace Freehold Oct 03, 2017 2,702 2,250,000-833 1958 Resale WOLSKEL ROAD Semi-Detached Freehold Sept 28, 2017 3,595 4,200,000-1,168 2003 Resale NIN RESIDENCE Apartment 99 years Sept 26, 2017 893 1,175,000-1,315 2014 Resale SOMMERVILLE REGENCY Terrace Freehold Sept 27, 2017 2,540 2,075,000-817 2007 Resale THE POIZ RESIDENCES Apartment 99 years Sept 26, 2017 1,206 1,668,600-1,384 Uncompleted New Sale District 14 CASA EMERALD Apartment Freehold Sept 27, 2017 2,056 1,250,000-608 2001 Resale D OASIA Apartment Freehold Sept 27, 2017 861 958,000-1,113 2010 Resale GUILLEMARD EDGE Apartment Freehold Oct 03, 2017 549 690,000-1,257 2014 Resale IDYLLIC SUITES Apartment Freehold Sept 28, 2017 431 540,000-1,254 2014 Resale MERA EAST Apartment Freehold Sept 29, 2017 1,033 1,160,000-1,123 2007 Resale GUILLEMARD LANE Detached Freehold Oct 02, 2017 9,386 25,200,000-2,684 1960 Resale GUILLEMARD LANE Detached Freehold Oct 02, 2017 4,919 8,300,000-1,688 Unknown Resale JALAN KRIAN Terrace Freehold Sept 29, 2017 3,154 3,500,000-1,109 1992 Resale LORONG MARICAN Detached Freehold Sept 28, 2017 7,642 6,200,000-811 Unknown Resale SIMS GREEN Apartment 99 years Oct 03, 2017 1,238 950,000-767 2003 Resale SIMS URBAN OASIS Condominium 99 years Sept 29, 2017 1,023 1,407,700-1,377 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Sept 28, 2017 958 1,378,800-1,439 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Sept 28, 2017 958 1,293,500-1,350 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Sept 28, 2017 829 1,108,700-1,338 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Sept 27, 2017 958 1,394,400-1,456 Uncompleted New Sale THE ARIZON Apartment Freehold Sept 29, 2017 947 883,000-932 2010 Resale TRE RESIDENCES Condominium 99 years Sept 30, 2017 850 1,212,260-1,426 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Sept 30, 2017 861 1,246,000-1,447 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Sept 29, 2017 861 1,257,000-1,460 Uncompleted New Sale TRE RESIDENCES Condominium 99 years Sept 26, 2017 764 1,190,000-1,557 Uncompleted New Sale VACANZA @ EAST Condominium Freehold Sept 29, 2017 807 880,000-1,090 2014 Resale VACANZA @ EAST Condominium Freehold Sept 26, 2017 484 647,500-1,337 2014 Resale District 15 AMBER SKYE Apartment Freehold Sept 30, 2017 1,335 2,788,000-2,089 2017 New Sale AMBER SKYE Apartment Freehold Sept 30, 2017 1,528 2,500,000-1,636 2017 New Sale AMBER SKYE Apartment Freehold Sept 27, 2017 1,119 2,047,860-1,829 2017 New Sale AMBER SKYE Apartment Freehold Sept 26, 2017 1,119 2,190,700-1,957 2017 New Sale CASUARINA COVE Condominium 99 years Sept 28, 2017 1,593 1,850,000-1,161 1996 Resale EAST GROVE Apartment Freehold Oct 02, 2017 990 900,000-909 1975 Resale EAST PALM Apartment Freehold Sept 29, 2017 1,055 1,200,000-1,138 2004 Resale EMERALD EAST Apartment Freehold Sept 27, 2017 926 1,330,000-1,437 1999 Resale FRANKEL ESTATE Semi-Detached Freehold Sept 28, 2017 3,961 5,388,000-1,361 Unknown Resale GRAND DUCHESS AT ST PATRICK S Condominium Freehold Oct 03, 2017 1,044 1,515,000-1,451 2010 Resale MANDARIN GARDENS Condominium 99 years Sept 28, 2017 829 880,000-1,062 1986 Resale MANDARIN GARDENS Condominium 99 years Sept 27, 2017 732 675,000-922 1986 Resale MELROSE VILLE Apartment Freehold Oct 03, 2017 592 720,000-1,216 2011 Resale MERIDIAN 38 Apartment Freehold Oct 03, 2017 1,238 1,628,000-1,315 2015 Resale JOO CHIAT PLACE Terrace Freehold Sept 29, 2017 1,776 2,180,000-1,227 1968 Resale WOO MON CHEW ROAD Terrace Freehold Sept 28, 2017 1,981 3,400,000-1,720 1994 Resale ONAN ROAD Terrace Freehold Sept 27, 2017 2,228 3,700,000-1,665 1991 Resale LORONG G TELOK KURAU Terrace Freehold Sept 27, 2017 5,231 4,400,000-842 1987 Resale NANAK MANSIONS * Condominium Freehold Sept 28, 2017 101,074 201,080,000-1,989 1985 Resale OLA RESIDENCES Condominium Freehold Oct 03, 2017 2,110 2,330,000-1,104 2011 Resale ONE AMBER Condominium Freehold Sept 28, 2017 1,389 2,060,000-1,484 2010 Resale OPERA ESTATE Terrace Freehold Sept 28, 2017 1,604 1,965,000-1,228 Unknown Resale PARKSHORE Condominium Freehold Sept 26, 2017 1,324 1,650,000-1,246 1995 Resale PEBBLE BAY Condominium 99 years Sept 27, 2017 2,336 2,920,000-1,250 1997 Resale SANCTUARY GREEN Condominium 99 years Oct 03, 2017 1,356 1,451,000-1,070 2004 Resale SANCTUARY GREEN Condominium 99 years Sept 28, 2017 1,216 1,260,000-1,036 2004 Resale SEA VIEW PARK Semi-Detached Freehold Sept 28, 2017 2,928 5,300,000-1,812 1997 Resale SEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 764 1,543,000-2,019 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 786 1,434,000-1,825 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 1,206 1,894,000-1,571 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 786 1,600,000-2,036 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 786 1,582,000-2,013 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Oct 01, 2017 1,087 1,664,000-1,531 Uncompleted New Sale SILAHIS APARTMENTS Apartment Freehold Oct 02, 2017 1,302 1,265,000-971 1993 Resale SUNNY PALMS Condominium Freehold Sept 27, 2017 1,033 1,108,000-1,072 2004 Resale THE ESPIRA Apartment Freehold Sept 26, 2017 1,087 1,188,000-1,093 2009 Resale THE LINE @ TANJONG RHU Condominium Freehold Sept 30, 2017 420 961,400-2,290 2016 New Sale THE LINE @ TANJONG RHU Condominium Freehold Sept 26, 2017 592 1,324,050-2,236 2016 New Sale THE SHORE RESIDENCES Condominium 103 years Sept 28, 2017 592 908,000-1,534 2014 Resale THE WATERSIDE Condominium Freehold Sept 29, 2017 2,411 3,600,000-1,493 1992 Resale THE WATERSIDE Condominium Freehold Sept 26, 2017 2,433 3,780,000-1,554 1992 Resale VILLA MARINA Condominium 99 years Sept 28, 2017 1,249 1,100,000-881 1999 Resale VILLA MARINA Condominium 99 years Sept 27, 2017 1,615 1,400,000-867 1999 Resale WATER PLACE Condominium 99 years Oct 02, 2017 1,216 1,410,000-1,159 2004 Resale District 16 BAYSHORE PARK Condominium 99 years Sept 29, 2017 936 850,000-908 1986 Resale GRANDEUR PARK RESIDENCES Condominium 99 years Sept 27, 2017 883 1,188,000-1,346 Uncompleted New Sale SUNBIRD PARK Terrace Freehold Sept 27, 2017 1,615 2,080,000-1,288 1992 Resale WATERFRONT ISLE Condominium 99 years Sept 27, 2017 592 660,000-1,115 2015 Sub Sale District 17 CARISSA PARK CONDOMINIUM Condominium Freehold Sept 29, 2017 1,647 1,225,000-744 2001 Resale ESTELLA GARDENS Condominium Freehold Oct 02, 2017 936 760,000-812 1999 Resale HEDGES PARK CONDOMINIUM Condominium 99 years Oct 02, 2017 764 725,000-949 2015 Resale HEDGES PARK CONDOMINIUM Condominium 99 years Sept 27, 2017 1,346 1,190,000-884 2015 Resale LIGHTHOUSE Condominium 99 years Sept 29, 2017 1,141 890,000-780 2004 Resale District 18 CHANGI RISE CONDOMINIUM Condominium 99 years Sept 27, 2017 1,259 920,000-731 2004 Resale COCO PALMS Condominium 99 years Oct 01, 2017 1,259 1,506,960-1,197 Uncompleted New Sale COCO PALMS Condominium 99 years Sept 30, 2017 1,098 1,203,720-1,096 Uncompleted New Sale COCO PALMS Condominium 99 years Sept 29, 2017 1,259 1,378,719-1,095 Uncompleted New Sale DOUBLE BAY RESIDENCES Condominium 99 years Oct 02, 2017 936 980,000-1,046 2012 Resale LIVIA Condominium 99 years Sept 28, 2017 2,680 1,950,000-728 2011 Resale MELVILLE PARK Condominium 99 years Sept 26, 2017 958 730,000-762 1996 Resale RIPPLE BAY Condominium 99 years Sept 28, 2017 786 802,000-1,021 2015 Resale RIPPLE BAY Condominium 99 years Sept 26, 2017 797 765,000-960 2015 Resale THE ALPS RESIDENCES Condominium 99 years Oct 01, 2017 1,410 1,492,000-1,058 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 01, 2017 1,410 1,486,000-1,054 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Sept 30, 2017 1,410 1,449,000-1,028 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Sept 30, 2017 936 1,017,000-1,086 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Sept 29, 2017 1,066 1,145,000-1,074 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Sept 29, 2017 1,087 1,192,000-1,096 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Sept 27, 2017 936 981,000-1,048 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Sept 26, 2017 1,066 1,192,000-1,119 Uncompleted New Sale THE PALETTE Condominium 99 years Sept 29, 2017 495 605,000-1,222 2015 Resale THE SANTORINI Condominium 99 years Sept 30, 2017 1,259 1,285,730-1,021 2017 New Sale THE SANTORINI Condominium 99 years Sept 29, 2017 1,152 1,166,000-1,012 2017 New Sale THE SANTORINI Condominium 99 years Sept 29, 2017 1,119 1,183,720-1,057 2017 New Sale THE SANTORINI Condominium 99 years Sept 28, 2017 915 954,000-1,043 2017 New Sale THE SANTORINI Condominium 99 years Sept 27, 2017 1,130 1,191,500-1,054 2017 New Sale THE SANTORINI Condominium 99 years Sept 26, 2017 1,787 1,376,000-770 2017 New Sale THE SANTORINI Condominium 99 years Sept 26, 2017 1,130 1,131,300-1,001 2017 New Sale THE TROPICA Condominium 99 years Oct 03, 2017 1,227 1,015,000-827 2000 Resale WATERVIEW Condominium 99 years Sept 28, 2017 926 888,000-959 2014 Resale District 19 CHILTERN PARK Condominium 99 years Sept 29, 2017 915 980,000-1,071 1995 Resale KINGSFORD WATERBAY Apartment 99 years Sept 28, 2017 893 1,203,384-1,347 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Sept 26, 2017 893 1,151,458-1,289 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Sept 26, 2017 883 1,150,122-1,303 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Sept 26, 2017 883 1,165,573-1,321 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Sept 26, 2017 850 1,111,798-1,307 Uncompleted New Sale KOVAN MELODY Condominium 99 years Oct 02, 2017 1,292 1,438,000-1,113 2006 Resale KOVAN MELODY Condominium 99 years Sept 28, 2017 1,367 1,501,000-1,098 2006 Resale KOVAN RESIDENCES Condominium 99 years Sept 29, 2017 1,765 1,920,000-1,088 2011 Resale JALAN SONGKET Semi-Detached Freehold Sept 27, 2017 3,498 3,600,000-1,029 Unknown Resale HOW SUN ROAD Terrace Freehold Sept 27, 2017 1,281 1,600,000-1,252 Unknown 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 PARC CENTROS Condominium 99 years Sept 28, 2017 1,679 1,708,000-1,017 2016 Sub Sale PEOPLE S GARDEN Terrace 999 years Oct 03, 2017 2,648 2,650,000-1,001 Unknown Resale PONGGOL PARK Detached 999 years Sept 28, 2017 5,102 3,888,888-763 1975 Resale REGENTVILLE Apartment 99 years Sept 29, 2017 1,076 780,000-725 1999 Resale REGENTVILLE Apartment 99 years Sept 29, 2017 1,076 750,000-697 1999 Resale RIVERSAILS Condominium 99 years Oct 02, 2017 506 640,000-1,265 2016 Resale RIVERSAILS Condominium 99 years Sept 29, 2017 1,378 1,290,000-936 2016 Resale RIVERSAILS Condominium 99 years Sept 27, 2017 1,109 1,170,000-1,055 2016 Resale SERANGOON GARDEN ESTATE Semi-Detached 999 years Sept 29, 2017 2,659 3,100,000-1,167 1995 Resale SERANGOON GARDEN ESTATE Terrace 999 years Sept 28, 2017 2,799 2,700,000-964 Unknown Resale STARS OF KOVAN Apartment 99 years Sept 30, 2017 743 1,151,540-1,550 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Sept 30, 2017 969 1,527,000-1,576 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Sept 30, 2017 969 1,394,000-1,439 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Sept 29, 2017 958 1,527,000-1,594 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Sept 29, 2017 732 1,120,580-1,531 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Sept 29, 2017 786 1,117,140-1,422 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Sept 28, 2017 969 1,457,000-1,504 Uncompleted New Sale TAI HWAN GARDEN Detached Freehold Sept 27, 2017 4,639 5,630,000-1,214 2002 Resale THE MORRIS RESIDENCES Terrace Freehold Oct 02, 2017 4,230 2,750,000-650 2016 Resale THE QUARTZ Condominium 99 years Sept 28, 2017 1,141 1,090,000-955 2009 Resale THE QUARTZ Condominium 99 years Sept 26, 2017 1,141 1,070,000-938 2009 Resale THE SCALA Apartment 99 years Sept 28, 2017 1,033 1,450,000-1,403 2013 Resale TRILIVE Condominium Freehold Oct 01, 2017 1,163 1,758,000-1,512 Uncompleted New Sale District 20 CENTRO RESIDENCES Condominium 99 years Sept 28, 2017 926 1,230,000-1,329 2014 Resale CLOVER BY THE PARK Condominium 99 years Sept 29, 2017 1,249 1,608,888-1,289 2011 Resale FAR HORIZON GARDENS Condominium 99 years Oct 03, 2017 1,948 1,580,000-811 1986 Resale SKY HABITAT Condominium 99 years Sept 28, 2017 1,755 2,597,900-1,481 2015 Resale SKY HABITAT Condominium 99 years Sept 26, 2017 1,163 1,707,500-1,469 2015 Resale THOMSON IMPRESSIONS Apartment 99 years Sept 29, 2017 1,055 1,613,600-1,530 Uncompleted New Sale District 21 CASA ESPERANZA Condominium Freehold Sept 26, 2017 1,894 2,830,000-1,494 1992 Resale CHENG SOON GARDEN Terrace Freehold Sept 28, 2017 2,013 2,665,000-1,322 1982 Resale CLEMENTI PARK Condominium Freehold Sept 27, 2017 1,959 2,080,000-1,062 1986 Resale JARDIN Condominium Freehold Sept 29, 2017 1,722 2,770,000-1,608 2012 Resale KILAT 19 Apartment Freehold Sept 27, 2017 1,841 1,520,000-826 1986 Resale JALAN SELANTING Semi-Detached Freehold Sept 27, 2017 2,788 3,600,000-1,289 1998 Resale LORONG KILAT Apartment Freehold Sept 26, 2017 3,154 2,100,000-666 1984 Resale SOUTHAVEN II Condominium 999 years Sept 27, 2017 1,442 1,381,700-958 1999 Resale TERRENE AT BUKIT TIMAH Condominium 999 years Sept 27, 2017 1,324 1,750,000-1,322 2013 Resale THE CASCADIA Condominium Freehold Sept 29, 2017 1,496 2,380,000-1,591 2010 Resale THE CREEK @ BUKIT Condominium Freehold Sept 27, 2017 850 1,448,000-1,703 Uncompleted New Sale District 22 LAKE GRANDE Condominium 99 years Sept 30, 2017 969 1,187,000-1,225 Uncompleted New Sale LAKE GRANDE Condominium 99 years Sept 26, 2017 818 1,077,000-1,317 Uncompleted New Sale LAKEVILLE Condominium 99 years Sept 28, 2017 721 1,025,000-1,421 2017 Sub Sale THE MAYFAIR Condominium 99 years Sept 27, 2017 1,163 1,050,000-903 2000 Resale THE MAYFAIR Condominium 99 years Sept 26, 2017 893 840,000-940 2000 Resale District 23 BURGUNDY HILL Semi-Detached 99 years Sept 29, 2017 2,260 1,800,000-796 1999 Resale HAZEL PARK CONDOMINIUM Condominium 999 years Sept 26, 2017 980 1,068,000-1,090 2000 Resale HILLION RESIDENCES Apartment 99 years Sept 27, 2017 463 756,000-1,633 2017 New Sale HILLION RESIDENCES Apartment 99 years Sept 27, 2017 463 756,000-1,633 2017 New Sale INZ RESIDENCE EC 99 years Oct 01, 2017 1,044 838,000-803 Uncompleted New Sale INZ RESIDENCE EC 99 years Oct 01, 2017 1,012 858,000-848 Uncompleted New Sale INZ RESIDENCE EC 99 years Sept 30, 2017 1,130 873,000-772 Uncompleted New Sale INZ RESIDENCE EC 99 years Sept 30, 2017 1,044 880,000-843 Uncompleted New Sale INZ RESIDENCE EC 99 years Sept 30, 2017 1,066 876,000-822 Uncompleted New Sale INZ RESIDENCE EC 99 years Sept 29, 2017 990 837,000-845 Uncompleted New Sale INZ RESIDENCE EC 99 years Sept 26, 2017 1,012 772,000-763 Uncompleted New Sale INZ RESIDENCE EC 99 years Sept 26, 2017 1,044 808,800-775 Uncompleted New Sale MONTROSA Condominium 999 years Sept 28, 2017 1,152 980,000-851 1999 Resale PARKVIEW APARTMENTS Apartment 99 years Oct 02, 2017 936 660,000-705 1998 Resale PAVILION PARK Terrace Freehold Sept 27, 2017 1,615 3,000,000-1,858 2014 Resale SOL ACRES EC 99 years Sept 29, 2017 1,044 847,000-811 Uncompleted New Sale THE LINEAR Apartment 999 years Sept 26, 2017 1,249 1,220,000-977 2006 Resale THE MADEIRA Condominium 99 years Oct 03, 2017 1,249 960,000-769 2003 Resale THE WARREN Condominium 99 years Sept 28, 2017 1,227 970,000-790 2004 Resale WINDERMERE EC 99 years Sept 28, 2017 1,453 950,000-654 1999 Resale District 25 NORTHOAKS EC 99 years Sept 26, 2017 1,249 830,000-665 2000 Resale NORTHWAVE EC 99 years Oct 01, 2017 980 771,100-787 Uncompleted New Sale NORTHWAVE EC 99 years Oct 01, 2017 980 766,300-782 Uncompleted New Sale NORTHWAVE EC 99 years Sept 30, 2017 990 746,200-754 Uncompleted New Sale NORTHWAVE EC 99 years Sept 28, 2017 1,109 808,450-729 Uncompleted New Sale NORTHWAVE EC 99 years Sept 28, 2017 990 768,200-776 Uncompleted New Sale NORTHWAVE EC 99 years Sept 26, 2017 1,098 874,800-797 Uncompleted New Sale THE WOODGROVE Apartment 99 years Sept 29, 2017 1,033 700,000-677 1998 Resale District 26 THE SPRINGSIDE Terrace Freehold Sept 29, 2017 1,765 2,880,000-1,627 2016 Resale District 27 ANDREWS TERRACE Terrace 99 years Sept 27, 2017 1,668 1,860,000-1,116 2011 Resale NORTH PARK RESIDENCES Apartment 99 years Sept 29, 2017 732 1,042,530-1,424 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Sept 29, 2017 1,432 1,839,600-1,285 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Sept 27, 2017 732 1,048,110-1,432 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Sept 27, 2017 732 1,022,070-1,396 Uncompleted New Sale PARC LIFE EC 99 years Oct 01, 2017 753 609,560-809 Uncompleted New Sale PARC LIFE EC 99 years Oct 01, 2017 936 723,240-772 Uncompleted New Sale PARC LIFE EC 99 years Sept 30, 2017 1,281 1,044,680-816 Uncompleted New Sale PARC LIFE EC 99 years Sept 29, 2017 1,281 1,010,380-789 Uncompleted New Sale PARC LIFE EC 99 years Sept 29, 2017 1,270 997,640-785 Uncompleted New Sale PARC LIFE EC 99 years Sept 28, 2017 753 637,980-847 Uncompleted New Sale PARC LIFE EC 99 years Sept 27, 2017 1,109 880,040-794 Uncompleted New Sale SEMBAWANG SQUARE ESTATE Semi-Detached Freehold Oct 02, 2017 3,358 2,638,888-785 Unknown Resale SIGNATURE AT YISHUN EC 99 years Sept 30, 2017 1,098 968,000-882 2017 New Sale SIGNATURE AT YISHUN EC 99 years Sept 30, 2017 1,098 844,000-769 2017 New Sale SIGNATURE AT YISHUN EC 99 years Sept 28, 2017 1,184 965,000-815 2017 New Sale SIGNATURE AT YISHUN EC 99 years Sept 26, 2017 1,098 857,500-781 2017 New Sale SYMPHONY SUITES Condominium 99 years Oct 01, 2017 1,023 1,071,140-1,047 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Oct 01, 2017 915 1,017,000-1,112 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Oct 01, 2017 893 1,040,000-1,164 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Oct 01, 2017 893 1,027,000-1,150 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Oct 01, 2017 893 1,010,000-1,130 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Oct 01, 2017 893 1,035,000-1,158 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Oct 01, 2017 915 1,012,000-1,106 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Oct 01, 2017 915 1,030,000-1,126 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Sept 29, 2017 915 1,019,000-1,114 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Sept 28, 2017 1,023 1,120,000-1,095 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Sept 27, 2017 893 1,011,000-1,132 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Sept 27, 2017 915 1,003,520-1,097 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Sept 26, 2017 915 1,019,000-1,114 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Sept 26, 2017 915 1,008,500-1,102 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Sept 26, 2017 893 969,000-1,085 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Sept 26, 2017 915 1,014,000-1,108 Uncompleted New Sale THE CRITERION EC 99 years Sept 30, 2017 1,173 862,400-735 Uncompleted New Sale THE CRITERION EC 99 years Sept 28, 2017 1,023 788,800-771 Uncompleted New Sale THE CRITERION EC 99 years Sept 26, 2017 915 720,000-787 Uncompleted New Sale THE VISIONAIRE EC 99 years Oct 01, 2017 850 697,000-820 Uncompleted New Sale THE VISIONAIRE EC 99 years Sept 27, 2017 980 802,000-819 Uncompleted New Sale YISHUN EMERALD Condominium 99 years Sept 28, 2017 1,023 750,000-733 2002 Resale District 28 BELGRAVIA VILLAS Terrace Freehold Sept 29, 2017 3,584 2,992,300-835 Uncompleted New Sale MIMOSA PARK Condominium Freehold Sept 29, 2017 1,894 1,583,000-836 1979 Resale DISCLAIMER: * Collective sale of 36 units Source: URA Realis. Updated Oct 10, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium

EP12 EDGEPROP OCTOBER 16, 2017 GAINS AND LOSSES Four-bedroom unit at The Grange sold at $2 mil profit PICTURES: THE EDGE SINGAPORE A four-bedroom unit at The Grange fetched a $2 million profit on Sept 28. Find the most affordable listings in the project at edgepr.link/thegrange. BY TIMOTHY TAY A four-bedroom unit at The Grange, in prime District 10, was sold for a $2 million profit on Sept 28. The 2,282 sq ft unit on the 13th floor was bought from the developer in 2005 for $3.4 million ($1,484 psf). After a holding period of 12 years, the unit was sold for $5.4 million ($2,388 psf), or a 61% profit. This transaction is the most profitable at The Grange over the past three years. In May, a three-bedroom unit on the eighth floor was sold at a $174,800 profit. It was bought for $3.57 million ($2,050 psf) and sold for $3.74 million ($2,151 psf). There have been four transactions at The Grange so far this year, and only two have been profitable. In June, a 2,282 sq ft unit and a 2,293 sq ft unit were sold at losses of $260,000 and $688,000 respectively. The 95-unit The Grange is a 23-storey freehold condo situated on a 98,000 sq ft site. Developed by MCL Land and completed in 2008, it has a mix of three- and four-bedroom units as well as penthouses. Three-bedroom units range from 1,743 to 2,076 sq ft; four-bedroom units, from 2,281 to 2,301 sq ft; and penthouses, from 4,379 to 4,433 sq ft. At Cairnhill Plaza in District 9, a two-bedroom unit fetched a $1.5 million profit on Sept 27. The 2,293 sq ft unit on the 21st floor was bought for $1.7 million ($741 psf) in 1995. After a holding period of more than 22 years, it was sold for $3.2 million ($1,404 psf). The owner pocketed 89% in profit, which translates into an annualised profit of 3%. A two-bedroom unit at Cairnhill Plaza sold for a $1.5 million profit on Sept 27. Find the most affordable listings in the project at edgepr.link/ Cairnhill-Plaza. Based on the matching of URA caveat data, this is the third profitable transaction at Cairnhill Plaza this year. The most profitable sale was in August when a 2,852 sq ft unit on the ninth floor was sold at a $2.4 million profit ($1,402 psf) after a holding period of 12 years. Situated on Cairnhill Road, the 204-unit Cairnhill Plaza is a freehold development by UOL and was completed in 1978. The 30-storey condo comprises two- (2,292 sq ft), three- (2,819 sq ft) and four-bedroom (3,303 sq ft) units. Cairnhill Plaza is located about 400m from the Orchard Road shopping belt. District 9 also saw a 3,412 sq ft penthouse at the freehold condo The Imperial change hands at a $1.1 million profit on Sept 28. The unit on the 13th floor was bought in 2007 for $4.3 million ($1,269 psf) and sold for $5.5 million ($1,612 psf). This sale saw the highest profit at The Imperial so far this year. Of the five transactions this year, only one has been unprofitable. The second-largest profit was registered in May, when a 990 sq ft unit on the eighth floor was sold at a $954,000 profit. The two-bedroom unit was bought from the developer for $895,500 ($904 psf) in 2003, and sold for $1.9 million ($1,868 psf), which translates into a profit of 5% a year. Developed by CapitaLand and completed in 2006, the 187-unit The Imperial is located near Fort Canning. It comprises a mix of two- (990 sq ft), three- (1,410 to 1,808 sq ft) and four-bedroom units (1,900 to 2,000 sq ft) as well as penthouses (3,400 to 3,900 sq ft). The condo is near the upcoming Fort Canning MRT station and about 600m from the Dhoby Ghaut MRT station. E Top 10 gains and losses from Sept 26 to Oct 3 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 The Grange 10 2,282 Sept 28 2,388 Oct 03, 2005 1,484 2,063,930 61 4 12.0 2 Cairnhill Plaza 9 2,293 Sept 27 1,404 April 01, 1995 741 1,520,000 89 3 22.5 3 The Imperial 9 3,412 Sept 28 1,612 April 02, 2007 1,269 1,170,000 27 2 10.5 4 Sam Kiang Mansions 9 1,281 Oct 03 1,600 Dec 28, 1998 765 1,070,000 109 4 18.8 5 Oleanas Residence 9 1,227 Sept 28 1,397 March 21, 1999 777 761,044 80 3 18.5 6 Heritage View 5 1,163 Sept 29 1,178 Dec 24, 1998 540 741,980 118 4 18.8 7 Duchess Crest 10 2,088 Sept 29 1,197 July 22, 2009 850 725,031 41 4 8.2 8 Kovan Residences 19 1,765 Sept 29 1,088 April 28, 2009 688 706,000 58 6 8.4 9 City Edge 11 829 Sept 29 1,677 July 28, 2006 835 698,112 101 6 11.2 10 Water Place 15 1,216 Oct 02 1,159 July 24, 2003 587 696,000 97 5 14.2 URA, EDGEPROP Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Leonie Parc View 9 2,013 Oct 02 2,092 May 03, 2007 2,550 923,150 18 2 10.4 2 8 Napier 10 2,013 Sept 27 3,221 Dec 03, 2007 3,642 846,127 12 1 9.8 3 Jardin 21 1,722 Sept 29 1,608 Nov 19, 2012 2,072 797,830 22 5 4.9 4 Regency Park 10 3,649 Sept 27 1,740 July 13, 2012 1,885 530,000 8 2 5.2 5 Reflections At Keppel Bay 4 1,119 Oct 03 1,519 June 30, 2011 1,795 309,666 15 3 6.3 6 Tanglin View 3 1,378 Oct 02 1,049 Aug 01, 2007 1,234 255,000 15 2 10.2 7 D oasia 14 861 Sept 27 1,113 April 30, 2013 1,306 167,000 15 4 4.4 8 Livia 18 2,680 Sept 28 728 Feb 15, 2013 787 160,000 8 2 4.6 9 Vida 9 840 Sept 28 1,916 July 24, 2009 2,049 111,112 6 1 8.2 10 Mandarin Gardens 15 829 Sept 28 1,062 March 15, 2012 1,168 88,000 9 2 5.5 Note: Computed based on URA caveat data as at Oct 10 for private non-landed houses transacted between Sept 26 and Oct 3. The profit-and-loss computation excludes transaction costs such as stamp duties.

EDGEPROP OCTOBER 16, 2017 EP13 DEAL WATCH Four-bedroom unit at Marina Bay Suites going for $4.8 mil BY TIMOTHY TAY A four-bedroom unit at Marina Bay Suites is on sale for about $4.8 million ($2,334 psf). The 2,056 sq ft unit, listed on the Edge- Prop.sg website, is located on the 42nd floor. The living room and master bedroom have uninterrupted views of the Marina Bay area, and the unit comes with a private lift. The unit was bought five years ago from the developer and the owner paid $5.7 million ($2,808 psf) at the time. The owner of the property, who is a foreigner, put it on the market at end-september, as he is looking to buy a new house in Bishan, where his children study. According to PropNex Realty team director Tan Kim Suah, who is marketing the property, the unit is currently tenanted to an American family at $8,500 a month. The lease will expire in August next year. The unit is well maintained and the furnishings are of high quality, says Tan. The design and layout of the unit take advantage of the high floor and the other bedrooms also boast sea views, he says. The most recent transaction at Marina Bay Suites was in June, when a 1,615 sq ft, three-bedroom unit on the 40th floor was sold for $3 million ($1,889 psf), according to caveats lodged. For four-bedroom units, the most recent transaction was that of a 2,680 sq ft unit on the 45th floor. It was sold for $6 million ($2,239 psf) in July 2016. The 221-unit Marina Bay Suites is situated on Central Boulevard in prime District 1. It is part of the Marina Bay Financial Centre mixed-use development by a consortium comprising Keppel Land, Hongkong Land Holdings and Cheung Kong Property Holdings. Along with Marina Bay Suites, the development comprises Marina Bay Residences, three office towers and the Marina Bay Link mall, which is connected to the Downtown MRT station. E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Recent transactions at Marina Bay Suites CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) June 6, 2017 1,615 3,050,000 1,889 July 26, 2016 2,680 6,000,000 2,239 Jan 1, 2016 2,680 5,300,000 1,977 Oct 2, 2015 2,691 6,500,000 2,415 Sept 10, 2015 2,691 7,000,000 2,601 Aug 26, 2015 2,691 6,900,000 2,564 June 23, 2015 2,691 6,900,000 2,564 June 22, 2015 2,691 7,700,000 2,861 June 18, 2015 2,691 6,700,000 2,490 June 9, 2015 2,067 4,800,000 2,323 Recent rental contracts of four-bedroom units at Marina Bay Suites LEASE DATE MONTHLY RENT (2017) $ $ PSF July 8,000 3.81 July 8,000 3.81 July 10,000 3.70 June 10,500 3.89 June 11,000 4.07 TABLES: URA, EDGEPROP Located in prime District 1, Marina Bay Suites is part of the Marina Bay Financial Centre YES! Start my annual subscription now. $238.00 (Inclusive of GST) for The Edge Collection 3-year plan and save 70% off newsstand price $118.00 (Inclusive of GST) for The Edge Collection 1-year plan TYPE OF SUBSCRIPTION Corporate Personal Gift Last name (Mr/Ms/Dr ) First name Company Job Title Delivery Address Home Office Postal Code Tel Mobile Date Of Birth Fax Email PAYMENT OPTIONS 1. Credit Card. Please charge to my credit card American Express MasterCard Visa Cardholder s name Contact No Card no Expiry date Signature Email 2. Cheque. My cheque payable to The Edge Publishing Pte Ltd is enclosed Cheque no 3. Online. Visit subscribe.theedgesingapore.com 4. Phone. Please call 6232 8622 (Monday to Friday 9am to 5.30pm) Mail the duly completed subscription form and cheque to: The Edge Publishing Pte Ltd 150 Cecil Street #13-01 Singapore 069543 Tel: 6232 8622 Fax: 6232 8630 Email: hotlinespore@bizedge.com *This special promotion ends on October 31, 2017. Subscription to The Edge Collection is non-cancellable and non-refundable. The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for non-singapore addresses. Svenson redemption is limited to first 100 subscribers for the $238 plan. Terms and conditions apply ** You hereby authorize The Edge Publishing Pte Ltd to charge to your credit card for automatic subscription renewal as per the selected plan until you cancel your subscription. If you wish to opt out of the auto-renewal, please check this box: TES801/SVENSON

EP14 EDGEPROP OCTOBER 16, 2017

EDGEPROP OCTOBER 16, 2017 EP15

EP16 EDGEPROP OCTOBER 16, 2017