Office deals pick up MAKE BETTER DECISIONS

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 15, 2017 ISSUE 779 Property Picks How big a premium do integrated developments command? EP3 Offshore UEM Sunrise to strike balance between mid-tier and luxury projects EP6 Gains and Losses Unit at The Balmoral sold for profit of $5.4 mil EP10&11 Done Deals Spike in Gramercy Park sales in April EP12,13&14 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Office deals pick up After recording the highest sales in nine years in 1Q2017, the office market is expected to remain healthy for the rest of the year, in anticipation of rental growth in 2018 and a lull in supply for the next couple of years. See our Cover Story on Pages 8 and 9.

EP2 THEEDGE SINGAPORE MAY 15, 2017 PROPERTY BRIEFS EDITORIAL CHIEF 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 KNIGHT FRANK URBAN & CIVIC 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. One Tree Hill Gardens sold for $65 mil One Tree Hill Gardens (top left), sold for $65 million to Lum Chang Group, is the first collective sale deal for 2017. The price works out to a land rate of $1,664 psf. According to Knight Frank, owners will get $4.3 million to $9.1 million each, depending on the size of their properties. One Tree Hill Gardens comprises six maisonettes and seven apartments ranging from 1,916 to 4,682 sq ft. The freehold site with a land area of 39,063 sq ft is zoned for two-storey semi-detached residential use under the 2014 master plan. Knight Frank says the site could be redeveloped into eight semi-detached homes plus five bungalows, or 10 semi-detached homes plus three bungalows. In its filing to the Singapore Exchange, Lum Chang says the proposed acquisition represents a rare opportunity to acquire such a sizeable piece of real estate in the prime Orchard Road area. Singapore 1Q property investment deals jump 67.4% from a year ago: JLL About $4.99 billion worth of real estate investment deals were sealed in the first three months of this year. That is a 67.4% jump over the same period a year ago, with the private sector accounting for 90% of the total sales value in the first quarter. The engine of growth for Singapore s private investment sales market in 1Q2017 was the office sector, which took the lion s share of sales, at 47.5%, says Tay Huey Ying, head of research and consultancy at JLL Singapore. JLL notes that $2.12 billion was pumped into the office sector in 1Q2017, a 60.6% jump from the preceding quarter and the highest first-quarter privatesector office sales value amassed since 2008. On a y-o-y basis, it jumped 294.6%, up from $540 million in 1Q2016. The residential segment saw $1.69 billion in private investment sales for properties valued at $5 million and above in the first quarter. This was a 35.3% drop from that of 4Q2016, but double that of 1Q2016, which was $840 million. Two other segments, retail and industrial, saw y-o-y private investment sales more than double from 1Q2016 to $280 million for retail and $390 million for industrial in 1Q2017. Going forward, JLL is upbeat about 2017 s prospects for the retail and residential sectors. The successful sale of Jurong Point to Mercatus Co-operative for $2.2 billion could propel the full-year sales value of retail properties, challenging the $3.35 billion concluded in 2013. LASALLE INVESTMENT MANAGEMENT Sale of Shunfu Ville gets nod from Court of Appeal Qingjian Realty has reportedly obtained the Court of Appeal s approval to proceed with the acquisition of Shunfu Ville estate (above). According to market sources, two of the owners had objected to the sale, asking if the deal was made in good faith, taking into account the sale price of $638 million, which is $50 million below the reserve price. The sale committee had launched two public tenders since 2015 and both were at a reserve price of $688 million. In both tender exercises, no formal bids were received. Though no written judgment was issued, the two objecting owners have 30 days to file an appeal. In May 2016, 82% of Shunfu Ville owners had agreed to sell the 358-unit privatised Housing and Urban Development Company estate to Qingjian Realty for $638 million. Each flat owner stood to pocket an average of $1.78 million. Qingjian says it plans to build about 1,000 homes on the site. These will be a mix of high-rise apartments of up to 25 storeys and landed units. Brisbane City Council approves Fortitude Valley transformation The Brisbane City Council has approved plans for a new 23-storey commercial office tower to be located next to the Fortitude Valley railway station (bottom left) in Brisbane, Australia. The tower will sit on a 7,000 sq m regeneration site. The commercial office tower will be the first stage of LaSalle Investment Management s transformation plans for the Valley area. The plans, unveiled last November by LaSalle, show the Fortitude Valley railway station sitting at the centre of an A$500 million ($520 million) master-planned residential, retail and business hub. According to LaSalle Investment Management, the approval will reinforce the Valley s renaissance as a business centre and rejuvenate this formerly neglect ed part of the Valley. LaSalle Investment Management is also planning the development of a 32-storey apartment tower with 207 units and refurbishment of the Valley Metro retail centre. The current lease of the retail space above the Valley station expires in 2071 and LaSalle Investment Management is in discussions to convert the leasehold interest to freehold. Construction of the commercial tower is subject to tenant pre-commitments, but is expected to start in the next 12 months. Urban & Civic launches Manchester New Square UK developer Urban & Civic will be launching its latest residential scheme, Manchester New Square JLL (top right), for sale in Singapore on May 13 and 14. The scheme will have a total of 351 apartments spread across The Carding Building, The Linter Building and The Calico Building, and is expected to be completed by 2019. The developer had launched the 117-unit The Carding Building for sale in the UK in April. According to JLL, the appointed marketing agent, Urban & Civic will be releasing The Linter Building for sale in Singapore, its first international stop. This building has 139 units, comprising 59 one-bedders, 64 two-bedders, and 16 three-bedroom units. The one-bedders are from 553 to 623 sq ft, with prices starting from around $400,000. The two- bedders of 755 to 945 sq ft are priced from $620,000. The three-bedroom units are from 987 to 1,151 sq ft and are priced from $790,000. The developer has appointed Lendlease as its preferred contractor and initial works will start on site this month. Manchester New Square, designed by Simpson Haugh & Partners, is located at the corner of Whitworth Street and Princess Street and comprises three residential buildings surrounding a landscaped and tranquil square. On the ground floor level, there will be a mixture of artisan restaurants and retailers, as well as a private residents gym, lounge and 24- hour concierge service. Italy introduces 100,000 flat tax to draw rich foreigners Well-heeled individuals thinking of migrating can now add another country, Italy, to their list. On March 9, the Italian government introduced a flat tax for wealthy foreigners who would like to live in Italy. The tax is its attempt to compete with similar incentives offered in Britain and Spain. The income revenue authority has made it possible for foreigners to move to Italy and pay a flat tax of only 100,000 ($153,364) on all income accrued abroad, and a further 25,000 for every family member who wants to register his or her fiscal address in Italy. According to local reports, those who wish to participate in this scheme will need to have a net worth of at least 15 million. The flat tax will only be paid on income made abroad, while any money made in Italy will be taxed at a normal rate. A person is considered an Italian resident for tax purposes if he or she has been in the country for more than 183 days, or six months. According to Italian tax authorities, the flat tax will be renewable every year for a maximum of 15 years. The impact of this law, implemented on March 8, has been significant. Based on research carried out by Lionard Luxury Real Estate SpA, there has been a 17% increase in the demand for luxury properties in Italy. Compiled by Michael Lim E Correction Our story IE Singapore helps SMEs tap booming Vietnam market (Issue 778, May 8), should have said United Overseas Bank will be issued in-principle approval for a foreign-owned subsidiary bank licence by the State Bank of Vietnam by June 2017, and not as published. In addition, Mapletree s development in Ho Chi Minh City is Mapletree Business Centre, and not as published. The errors are regretted.

THEEDGE SINGAPORE MAY 15, 2017 EP3 PROPERTY PICKS How big a price premium do integrated developments command? BY MICHAEL LIM Over the past decade, condominium projects linked to an MRT station have generated strong sales. This is especially so for projects that are not only linked to an MRT station, but also part of an integrated development with a sizeable commercial component such as a shopping mall. According to Alice Tan, head of research and consultancy at Knight Frank, an integrated development is defined as a mixed-use development with a residential and large commercial element that is seamlessly connected to a transport node and public spaces. Alan Cheong, head of research for Savills Singapore, agrees. It s basically convenience at your doorstep, he says. You save on time that you would otherwise spend travelling to shop for your daily necessities, or taking a bus or walking 10 to 20 minutes to the MRT station. Paya Lebar Lendlease s recently launched Park Place Residences at Paya Lebar Quarter is an example of a private condo project that is part of an integrated development. More than 250 units Lendlease s 429-unit Park Place Residences at PLQ is expected to be completed by 2019 about half of the 429 units at the project were snapped up at an average price of $1,801 psf over the first weekend of sales. The show suites were closed after the sale of the first phase; the second phase will be launched at a later stage. Park Place Residences is linked to three office blocks with about a million sq ft of office space and a 340,000 sq ft shopping mall as well as the Paya Lebar MRT Interchange station. The average launch price of Park Place Residences is 12.5% higher than the average price of $1,600 psf that Katong Regency was launched at. Katong Regency is a 244-unit freehold development sitting on top of One KM shopping mall, which is located within PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE walking distance of the Paya Lebar MRT Interchange station. The project was launched in 2012 and completed in 2015; all units were snapped up in less than a month. Apart from Katong Regency, two other private condo developments in the same district as Park Place Residences are GuocoLand s 1,024-unit Sims Urban Oasis, which is expected to be completed later this year. The 99- year leasehold project was launched in 2015; more than 70% of the units have been sold. About 60 units were sold in April at an average of $1,380 psf. The other development is the 99-year leasehold TRE Residences adjacent to the Aljunied MRT station. The 250-unit private condo was jointly developed by Sustained Land, MCC Land and Greatview Development and launched in November 2014 at an average of $1,416 psf. In March and April, 54 units were sold at an average price of $1,456 psf, based on caveats lodged with URA Realis. Compass Heights Singapore s first integrated development The first truly integrated development in Singapore was Compass Heights in Sengkang. The 536-unit, 99-year leasehold private condo com- CONTINUES NEXT PAGE

EP4 THEEDGE SINGAPORE MAY 15, 2017 PROPERTY PICKS ALBERT CHUA/THE EDGE SINGAPORE Compass Heights, which sits atop Compass One mall, was the only private condo in Sengkang when it was launched for sale in 2001 Compass Heights and The Centris the trendsetters FROM PREVIOUS PAGE prises two 14-storey blocks, which are linked seamlessly to the new Compass One mall (revamped Compass Point shopping centre), the Sengkang MRT station, LRT Station and bus interchange. When Compass Heights was launched in February 2001, units were sold at an average of $480 psf. It was the first private condo launched in Sengkang and completed in 2002. Across the road from Compass Heights is The Luxurie at Sengkang Square, a 622-unit, 99-year leasehold development by Keppel Land. Launched in September 2011, its units were sold at an average of $980 psf. From July to September 2011, units at Compass Heights changed hands at an average of $841 psf, according to caveats lodged with URA Realis. The Luxurie and Compass Heights were completed in 2015 and 2002 respectively. If one does not mind living in an older condominium project that comes with the convenience of being part of an integrated development, Compass Heights offers value for money, as the units are relatively larger than [those at] The Luxurie, says Savills Cheong. Most recently, a 1,292 sq ft, three-bedroom unit on the ninth floor of one of the twin towers at Compass Heights was sold at $990,000 ($766 psf) in April. Prior to that, a 1,324 sq ft, three-bedroom unit on the same floor fetched $1.13 million ($853 psf). The Centris price gap widened postcompletion Generally, when integrated developments are launched, developers will build in a 20% to 25% premium over other private condos in the same area, notes Knight Frank s Tan. Take, for example, The Centris, which was launched for sale in October 2006. The 610- unit, 99-year leasehold condo is located at Jurong West Central 3, is integrated with the Boon Lay bus interchange and has a link to Jurong Point shopping centre and the Boon Lay MRT station. There are no other private condos in its vicinity, which comprises mainly HDB flats. The nearest private condos are located one The 610-unit The Centris by Guthrie GTS and Lee Kim Tah Holdings was completed in 2009 Jurong Point, one of the largest integrated suburban malls, is connected to Boon Lay bus interchange and MRT station MRT stop away at Lakeside MRT station. MCL Land launched Lake Grande, adjacent to the MRT station, last July. Within the first week of sales, about 500 units were sold at an average price of $1,364 psf. So far, about 85% of the 710 units have been sold. Next door to Lake Grande is the 696-unit Lakeville, also developed by MCL Land. The 99-year leasehold condo was launched in April 2014 at an average price of $1,325 psf and is fully sold. When The Centris was launched in 2006, the existing 99-year leasehold private condos in the vicinity of Lakeside MRT station were the 304-unit Lakepoint Condo, a privatised apartment project for the middle class and developed by JTC Corp in 1983; the 638-unit Parc Vista by Far East Organization, completed in 1997; and the 369-unit Lakeholmz by Frasers Centrepoint, which was completed in 2005. The initial average price of units sold at The Centris in October and November 2006 was $497 psf, according to caveats lodged with URA Realis. The closest comparable project then was Lakeholmz, which was completed in 2005. Prices of resale units sold at Lakeholmz averaged $478 psf between September and November 2006, according to caveats lodged. The premium that The Centris was commanding then was just 4% above Lakeholmz. From January to April this year, however, units at Lakeholmz have changed hands at an average of $816 psf. Meanwhile, at The Centris, which was completed in 2009, units were sold at an average of $972 psf in the same four-month period in 2017, based on caveats lodged with URA Realis. This means the price gap has widened to 19.1%. Premium eroded with new competition When the Frasers Centrepoint s 712-unit Caspian, a 99-year leasehold condo within walking distance of Lakeside MRT station, was launched in February 2009, units were sold at an average of $598 psf. At the time, The Centris was close to completion, and its units sold in January to February 2009 averaged $552 psf, according to caveats lodged with URA Realis. The Caspian was completed in 2012 and units sold from January to April 2017 averaged $1,054 psf, based on caveats lodged. While the premium of integrated developments may not hold up against newer private condos in the vicinity, they can still maintain their prices better over the long term, says Knight Frank s Tan. THE EDGE SINGAPORE

THEEDGE SINGAPORE MAY 15, 2017 EP5 PROPERTY PICKS ALBERT CHUA/THE EDGE SINGAPORE PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The 992-unit Watertown by Far East Organization, Frasers Centrepoint and Sekisui House was completed this year and sits atop Waterway Point mall, which is connected to the Punggol MRT station CapitaLand s 583-unit Bedok Residences was completed in 2015 and sits atop Bedok Mall, which is also a bus interchange and is connected to the Bedok MRT station In an ageing HDB town such as Bedok Town Centre, however, a new condo that is part of an integrated development sitting on top of a shopping mall linked to an air-conditioned bus interchange and MRT station generates not only interest but also queues ahead of the launch. This was exactly what happened on the eve of the launch of the 583-unit Bedok Residences in November 2011, with 400 people queuing overnight. On the first day of launch, CapitaLand sold more than 350 units in the project at an average of $1,350 psf. Completed in 2015, Bedok Residences is linked to Bedok Mall, the Bedok MRT station and the bus interchange. In the first four months of 2017, units changed hands in the resale market at an average of $1,445 psf. A 657 sq ft, one-bedroom unit that was sold in a sub-sale for $1,599 psf in April 2015 achieved the highest price in the development. Bedok Residences has been able to command a price premium because it is the only 99-year leasehold private condo located in an ageing HDB town. The nearest private condos are located one MRT stop away in the vicinity of Tanah Merah and include the newly launched Grandeur Park Residences by Chip Eng Seng Corp s property development arm, CEL Development. Since its launch in late February, the 99-year leasehold Grandeur Park Residences, which will be linked to the Tanah Merah MRT station, has sold more than 530 units, or close to 74% of the total, at an average of $1,350 psf. Grandeur Park Residences is a mixed-use development and will offer a childcare centre, shops and F&B units when completed. MCC Land s 731-unit The Poiz Residences is expected to be completed by 2019 Frasers Centrepoint Homes 536-unit, 99-year leasehold Compass Heights was completed in 2002 Integrated development with lifestyle elements Punggol Central awaits the completion of 992- unit Watertown by a consortium comprising Far East Organization, Frasers Centrepoint and Sekisui House. The Watertown private condo sits on top of Waterway Point mall, which is connected to the Punggol MRT and LRT stations as well as the bus interchange. Moreover, it is located on the man-made Punggol Waterway, where the entertainment and recreational facilities are located. Watertown was launched for sale in January 2012 at an average of $1,200 psf, or 22% more than A Treasure Trove, where units were being sold in the subsale market at an average of $940 psf. The 99-year leasehold, 882-unit A Treasure Trove by Sim Lian was launched in September 2011 at an average of $870 psf and completed in 2015. Meanwhile, Parc Centros, a 618-unit private condo located across the road from Watertown, was launched in August 2012 at an average of $970 psf, or 23% below Watertown s initial launch price. The 618-unit Parc Centros by Wee Hur Holdings was completed in 2016. Both A Treasure Trove and Parc Centros are located just across Punggol Central Road from Watertown. According to caveats lodged with URA Realis, the average selling price of units sold in sub-sales at Watertown between January and April this year was $1,220 psf. This is still 5% higher than the average price at A Treasure Trove ($1,160 psf) and about 10% higher than that of Parc Centros ($1,100 psf). The Watertown is the second integrated deve lopment after Compass Heights to be located on the Northeast MRT line. The third integrated development located seven MRT stops away is The Poiz Residences and The Poiz Centre. The Poiz Residences comprises 731 units in six 18-storey blocks sitting on top of a 50,000 sq ft retail-cum-lifestyle complex named The Poiz Centre. The project will be seamlessly linked to the adjacent Potong Pasir MRT station. The retail complex will have 84 strata-titled shops, which MCC Land says it will manage to ensure it has the right tenant mix to cater for the needs of residents in the area. About 90% of units at The Poiz Residences have been sold since it was launched in Novem ber 2015. In April, units were sold at an average of $1,510 psf, based on caveats lodged. Meanwhile, the 335-unit Sennett Residence located on Upper Serangoon Road, across from The Poiz Centre was completed last year. The latest transaction at Sennet Residences was done last November, when a unit was sold for $1,301 psf. The average price for units sold is $1,419 psf, based on transactions so far. Adjacent to Sennett Residence is the 214- unit Sant Ritz, also completed last year. The most recent transaction was that of a 1,109 sq ft, two-bedroom unit that fetched $1,092 psf in February. The average price of units sold is $1,369 psf. While Sennett Residence and Sant Ritz may be adjacent to the Potong Pasir MRT station, Poiz Residences is the only integrated development in the area, hence its price premium, notes Knight Frank s Tan. Northward bound There are two integrated developments in the northern region of Singapore. One is the 546-unit Hillion Residences, a 99-year leasehold condo development directly linked to the adja cent Bukit Panjang MRT and LRT stations and bus interchange. Developed by Sim Lian Group, the mall was completed at end-2016 and is fully leased. More than 420 units have been sold, at an average of $1,362 psf, based on caveats lodged. At least 34 units were sold in March and 22 in April at an average of $1,430 psf. With the Downtown Line in operation and the mall open since February, interest in Hillion Residences has picked up, notes a property agent. Located about 300m away and on the other end of the Bukit Panjang MRT station is Far East Organization s 338-unit The Tennery, completed in 2013. The project previewed in December 2010, and about 80% of the units were sold within a month at an average of $1,200 psf. The latest transaction was in February this year, when a unit was sold at $1,139 psf. The Tennery is considered an integrated development, as it sits on top of the Junction 10 shopping mall, which in turn is directly linked to the Ten Mile Junction LRT station and the Bukit Panjang MRT station. In Yishun, the most significant integrated development is North Park Residences. The 920-unit private condo comprises 12 blocks sitting atop Northpoint City. It was launched in April 2015 and 313 of the 400 units released in the first weekend of sales were snapped up at an average of $1,300 psf. North Park Residences is 83% sold. Northpoint City is the expanded Northpoint shopping centre, which will have 500 shops. It will be integrated with the Yishun bus interchange, Yishun public library and a community club, and will also be linked to the Yishun MRT station. The government s aim is that, by 2030, 80% of households will live within a 10-minute walk of an MRT station. Perhaps the premium that an integrated development has over other private condos in the area will depend on how close the others are to the MRT station and amenities of the integrated development, says Savills Cheong. Knight Frank s Tan believes, however, that integrated developments in the suburbs and on the city fringe will be much better able to hold their value and appeal over the long term than those in the central area. Those living farther away from town will place greater value on an integrated development because it will save them travelling time, she says. E

EP6 THEEDGE SINGAPORE MAY 15, 2017 OFFSHORE UEM Sunrise to strike balance between mid-market and luxury projects BY E JACQUI CHAN Although Malaysian develop er UEM Sunrise may be more conservative than its competitors in its approach, it has proven to be resilient in a challenging market. It ended FY2016 with sales of RM1.36 billion ($441.5 million) 37% higher than the targeted and revised RM1 billion. It is worth noting that the results were bolstered by the southern region, which contributed 50% to total sales versus 12% in 2015. For now, UEM Sunrise has three priorities: to build the brand into a reputable, value-driven developer of signature properties; to expand its geo graphical base and adjacent businesses; and to nurture a serviceorient ed culture. Engagement appears to be the key word for the developer as it seeks to keep its customers happy and create products suited for the current market. Anwar Syahrin Abdul Ajib, the developer s managing director and CEO, says: We want to engage our customers more. We want to keep them happy and keep them in the loop on what is happening at the organisation. We do surveys, go to property fairs to talk to buyers. We have about 15,000 Tresorians. All this gives us an insight into the various markets that we have and the kind of things that we should look at. Tresorians are holders of UEM Sunrise s privilege card, Tresor, which is designed to reward customers who have purchased its properties. We recognise that customer experience is critical to building our brand value and we are placing more emphasis on creating a customer-centric mindset within the organisation, says Anwar, who is very happy that the developer s post-sales customer service and engagement have improved significantly. The developer is also working to enhance its completed projects. Anwar says, For example, we are doing a few things to beautify East Ledang in Johor. We are doing up Signature Lake there because it was not done properly. We are putting in a jogging track and other facilities so that the residents can enjoy what they bought a lot more. Diversifying products and location UEM Sunrise is looking to diversify its product offerings by venturing into both the mid- and exclusive landed property markets. Anwar points out that the former is enjoying high demand now whereas the latter offers the potential for an altogether different kind of luxurious lifestyle ensconced in serenity and privacy. UEM Sunrise has two mid-market projects ready to be launched: Dahlia in Serene Heights, Bangi and Serimbun in Bukit Indah, Johor. The Anwar: We recognise that customer experience is critical to building our brand value former comprises 170 two-storey terraced houses with an estimated gross development value (GDV) of RM144.1 million; the latter consists of 214 two-storey houses with an estimated GDV of RM106.7 million. Dahlia will be launched in 2Q2017 and Serimbun in 3Q2017. These amounts of GDV are a bit more contained and the take-up will be good. Launches like these will allow us to manage our costs better than a big launch with a big GDV. We have to be very clear about our target market. I always challenge the team to know the target market and whether they will buy, says Anwar. UEM Sunrise plans to launch RM1.7 billion worth of projects this year, with a sales target of RM1.2 billion. Also scheduled to be launched in the second half of the year are the integrated Solaris Parq in Solaris Dutamas and the high-rise residential Mayfair, St Kilda Road, in Melbourne, Australia. The former comprises 576 serviced apartments with an estimated GDV of RM735 million and the latter will have 158 units with an estimated GDV of RM713 million. Anwar says, We are still working on the unit price psf for both projects, so the GDV is just an estimation. We had more than 900 units in Aurora Melbourne Central and more than 400 in Conservatory, Melbourne. Mayfair will be smaller but it will be very exclusive. With Mayfair, we are trying to cater more for the local market. For Aurora and Conservatory, we had 20% to 30% local buyers. This time, we are aiming for 40% to 50%, says Anwar. Mayfair is designed by world-renowned Zaha Hadid Architects and is targeted at the ultra high-end market. We are going to do 10 units per floor and, honestly, coming up with the layout has been tricky for us. We are putting in two- and three-bedroom units and five that measure 3,000 sq ft. Normally, to be safe, we do smaller units in Melbourne but, here, we are catering for the local market. With only 158 units, we reckon there shouldn t be a problem, says Anwar. UEM Sunrise s Mayfair project in Melbourne is designed by Zaha Hadid Architects and targeted at the ultra high-end market Geographical diversification In a bid to strike a balance in its portfolio, the developer is looking to be more diverse when it comes to its geographical locations. Geographical diversity will help reduce our market risk and strengthen our revenue profile. Within Malaysia, we believe there is scope for much greater expansion beyond Iskandar Puteri. We are actively looking to increase our landbank in the central region with a focus on hot spots that carry high potential for growth, says Anwar. As for the international market, UEM Sunrise is wrapping up its operations in Canada. The developer recently sold three plots totalling 4.9 acres in the country for RM372.6 million to local developer South Street Development Group. This move will allow the developer to focus on the Malaysian market and Australia. We are pleased with our performance in Melbourne and will be open to acquiring more landbank in this city as well as others in Australia and elsewhere in the international space that fits our brand profile, says Anwar. Iskandar Malaysia still a key market To support these strategies, the developer will continue to emphasise operational efficiencies and keep its costs low, as it expects profit margins to keep narrowing as the cost of labour and materials rises. At home, the southern region remains a key area for the developer as most of its landbank is located there. It has about 8,900 acres, including through joint ventures, in Iskandar Puteri, Desaru, Kulai and Mersing comprising land for projects in the pipeline and ongoing ones such as Puteri Harbour, SILC and Afiat Healthpark. The total estimated GDV of the to-be-launched projects is RM93 billion. Anwar says, I know people s view of Johor is not favourable and our share price is tied to that. But we are doing something about it. In general, about 50% of our sales come from Johor, and the central region and international market contribute about 25% each. Moving forward, we hope to increase the contribution from the central region, so we are looking at more launches outside Johor. We are not just another developer building houses in Iskandar. As a part of Khazanah Nasional, we are a part of a bigger agenda because Iskandar Malaysia is Khazanah s brainchild. To create a metropolis there, we had to build catalytic developments such as Puteri Harbour. Iskandar Puteri (formerly Nusajaya) is essential to UEM Sunrise as a long-term growth driver in the southern region. With the Malaysia-Singapore highspeed rail coming into play, UEM Sunrise has more plans for its developments in Iskandar Malaysia. It will be developing Gerbang Nusajaya, which is expected to generate a GDV of RM42 billion, over the next 25 years. Location is one of several decisive factors in the company s land acquisitions, says Anwar. The location must already have developed value or have the potential to be developed into a PICTURE: UEM SUNRISE premier address. In developing a premier destination, we seek strategic partnerships to [build] the necessary infrastructure, facilities and amenities for sustainable communities. We will also build on our placemaking aspiration by capitalising on our current assets such as Puteri Harbour, Publika, Mall of Medini and Anjung to undertake activities that create dynamic and vibrant communities in all our built environments. Sluggish market sentiment Anwar expects the property market to continue to be sluggish this year. Although demand remains flat, he believes there will be bright spots, especially in the mid-market landed and affordable segments. UEM Sunrise has close to 500 acres in the Klang Valley, which will generate enough GDV for the next five to 10 years. The products we have in Mont Kiara are high-end and the ones in Bangi are mid-market. We need to have the mid-market products somewhere between Bangi and the centre of KL. That is the strategy, so we are looking for sizeable land now. We are talking to a few parties and, hopefully, we can secure something, says Anwar. Ultimately, it is about the product, and what drives it is our vision of building communities. It has never been about building a fancy building; it is about the kind of community we try to create. So, it is important for us to really understand the market we want and the communities we want to create. We are buying in Melbourne partly because we already have a team there. I m not convinced by the markets in other parts of Australia yet, although it has been said that Brisbane is the next place of growth. We may look at London if the market and prices are right. UEM Sunrise has about RM4.1 billion in unrecognised revenue, which, Anwar says, will provide near-term earnings visibility from progress billings. We will also continue to adopt strategic approaches and space out our launches in line with consumer sentiments and market demand. This has proved to be a success, as shown by our launch of Melia Residences in Johor. Melia Residences is the developer s first landed residential development in Gerbang Nusajaya and it contributed RM126.6 million to total sales of RM1.36 billion last year. We aim to maintain our position as a leader in the property development industry by bringing in concepts that are original and unique. We will also continue to benchmark ourselves against the industry in terms of being the best-in-class developments to our customers, concludes Anwar. E E Jacqui Chan is a deputy editor of City & Country at The Edge Malaysia

THEEDGE SINGAPORE MAY 15, 2017 EP7

EP8 THEEDGE SINGAPORE MAY 15, 2017 COVER STORY In the first four months of 2017, $3.39 billion worth of office deals took place PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Office market deals pick up After recording the highest sales in nine years in 1Q2017, the office market is expected to remain healthy for the rest of the year, in anticipation of rental growth in 2018 and a lull in supply for the next couple of years BY CECILIA CHOW The office market is now abuzz, as sentiment has swung from pessimism to optimism in just one year. Fears of an oversupply in the office market 18 months ago have evaporated, with investors now forecasting a period of relatively modest supply in 2018 to 2020. Jeremy Lake, CBRE executive director of capital markets, observes: Singapore goes through periods of too much office space, and then periods of relative shortage. In the first four months of 2017, $3.39 billion worth of office deals were transacted. They include deals valued above $100 million, ranging from the sale of substantial strata space to stakes in a building or an entire building. The latest office deal done early this month was the sale of a 50% stake in Grade-A office building One George Street for $590 million ($2,650 psf). The buyer was FWD Group, the insurance arm of investment vehicle Pacific Century Group, controlled by Richard Li, the younger son of Hong Kong s richest tycoon Li Ka-shing. CBRE brokered four of the six office deals done so far this year, amounting to $1.91 billion, or 56% of the total $3.39 billion transacted. This includes the sale of the 50% stake in One George Street and DBS Bank s entire interest in the holding company of PWC Building to an indirect subsidiary of Manulife Financial Corp for $746.8 million, considered one of the Tuan Sing Holdings recently purchased Sime Darby Centre, which has redevelopment potential biggest office deals in 1Q2017. The two other office deals brokered by CBRE this year were the sale of Sime Darby Centre to Tuan Sing Holdings for $365 million; and the sale of 79,500 sq ft of strata space in Prudential Tower to private-equity firm, One Tree Partners, for $206.6 million (see table). The remaining two office deals that CBRE was not involved in were direct deals between the vendors and buyers. One was the sale of the entire interest in Plaza Ventures Pte Ltd the registered owner and developer of GSH Plaza to Fullshare Holdings for $725.2 million. The other direct deal was the sale of the 61% stake in Triple One Somerset to Hong Kong-listed Shun Tak Holdings for $758.2 million. Investor confidence up Today, investor confidence in Singapore s office market is on the rise, says Greg Hyland, JLL Singapore s head of capital markets. They are acutely aware that the window of opportunity to acquire available assets at an attractive point in the cycle is fast closing. The office leasing market is already showing signs of stability at the prime CBD end. Things could not have been more different 18 months ago. At the start of 2016, there were fears of an impending oversupply arising from the completion of Guoco Tower at Tanjong Pagar Centre, Marina One office towers at the New Downtown and UIC Building at V on Shenton. Investors were unsure what the impact would be on rents. Towards mid-2016, however, sentiment started to shift. The catalyst was the sale of Asia Square Tower 1 to Qatar Investment Authority for $3.38 billion in June, coupled with two deals in May: Straits Trading Building, which was sold to Indonesian tycoon Tahir s MYP for $560 million; and the sale of a 60% stake in CapitaGreen to CapitaLand Commercial Trust for $960 million. Leasing at the new office towers also picked up towards 2H2016. Today, Guoco Tower is 91% leased. UIC Building is about 50% taken up and DUO is about 45% leased. Meanwhile, more than one million sq ft has already been pre-leased at the Marina One office towers, which have about 1.8 million sq ft of premium office space. CBRE Investors were emboldened by the leasing progress at these new office schemes as well as the pace of office transactions in 2H2016, says CBRE s Lake. In fact, 2016 ended on a high note with two office deals in November: the sale of a 50% stake in Capital Square to ARA Asset Management for $475.5 million and the sale of 77 Robinson Road for $530.8 million to CLSA Capital Partners. Both deals were said to be brokered by CBRE. By January 2017, five out of 10 investors would consider buying an office space, and today, it s more likely to be six in 10, notes Lake. Just a year ago in January 2016, only one in 10 would consider buying. In 1Q2017, the office sector was already the top performer in terms of investment deals, with $2.12 billion or 47.5% of a total of $4.99 billion in sales across all sectors of the real estate market, says JLL in a release on May 8. The 1Q2017 figure was also the highest 1Q performance in nine years for the office sector since the peak in 1Q2008, when $3.41 billion worth of office deals took place. Office rents bottoming out Therefore, some investors believe that rents today may have bottomed. According to Corporate Locations Singapore Market Review in March 2017, average top rental rates are now in the range of $8.50 to $9.50 psf per month. The rate of decline in the prime segment of the office market has slowed significantly and, in some cases, such as that of Guoco

THEEDGE SINGAPORE MAY 15, 2017 EP9 COVER STORY CBRE Office sales in 2016 and 2017 to date CBRE RESEARCH PROPERTY DATE PRICE NET LETTABLE PRICE PSF TENURE ESTIMATED BUYER VENDOR ($ MIL) AREA (SQ FT) ($ PSF) (YEARS) YIELD (%) A total of 79,500 sq ft in strata space at Prudential Tower was sold for $206.6 million in January, to be followed by another big strata sale of $150 million 2017 Prudential Tower (strata sale) January 206.6 79,461 2,600 78 4.0 One Tree Partners Epic Land Triple One Somerset (61%) January 758.2 565,000 2,200 57 3.0 Shun Tak Holdings Perennial-led consortium PWC Building February 746.8 355,650 2,100 78 3.3 Manulife DBS Bank GSH Plaza (strata sale) March 725.2 250,069 2,900 72 Fullshare Holdings GSH Corp-led consortium Sime Darby Centre* April 365.0 202,712 1,800 999 2.5 Tuan Sing Holdings Blackstone Group One George Street (50%) May 590.0 446,473 2,650 86 3.2 FWD Group CapitaLand Commercial Trust 2016 78 Shenton Way (50%) January 301.4 362,199 1,665 66 4.0 Alpha Investment Partners CommerzReal CapitaGreen (60%) May 960.0 703,000 2,276 57 3.1 CapitaLand Commercial Trust CapitaLand JV Straits Trading Building May 560.0 158,902 3,524 999 2.3 MYP Ltd Sun Venture Group Asia Square Tower 1 June 3,380.0 1,250,000 2,700 90 3.2 Qatar Investment Authority BlackRock Real Estate Mapletree Business City (Phase 1) July 571.9 420,544 1,360 80 4.0 Mapletree Commercial Trust Mapletree Investments 139 Cecil Street* (60%) September 75.0 55,047 2,270 64 Zhou family of Hengda Group Vibrant Group and DB2 Group 77 Robinson Road November 530.8 293,269 1,810 77 3.5 CLSA Capital Partners Savills Investment Management Capital Square (50%) November 475.5 388,215 2,450 79 3.5 ARA Asset Management Alpha Investment Partners *Redevelopment potential Tower, rates are even higher than they were six months ago. Generally, we expect top prime rates to soften only marginally, by around 5% during the course of 2017, but they are beginning to bottom out, says the office specialist. It will be the mid-tier office market that will experience the greatest pressure over the next 12 months, with further falls in rents of around 10%, notes Corporate Locations. There will be some huge voids appearing in some of the older established buildings, as a result of major relocation this year, and these buildings will be under the most pressure. Property consultants are projecting that office rents will recover next year. According to Corporate Locations, 2018 will be an important year for office relocations. There will be a lull in new supply for a couple of years after that, with the next wave of supply not coming onstream until 2020/21. (See table on office supply for 2017 to 2021.) Wave of Hong Kong money Another interesting trend is the wave of capital from Hong Kong into the office market. For instance, Macau casino king Stanley Ho s Shun Tak Holdings raised its stake in Triple One Somerset; Pacific Century Group s FWD acquired a stake in One George Street; and Hong Kong-listed Fullshare Holdings, which acquired the entity behind GSH Plaza, is the investment holding company controlled by mainland Chinese billionaire Ji Changqun. In all the time I ve been working here, I ve never seen as much interest from Hong Kong groups, says Lake, who has been with CBRE since 1991. Lake reckons the wave of Hong Kong money into Singapore s office market is due to the perception that it is coming out of a dip. With prices and rents having softened, these Hong Kong groups feel it s timely to relook at Singapore, as it presents good value, he says. Likewise, the wave of Chinese money into Singapore will also increase. In many cases, the Hong Kong and Chinese groups have already invested in London, Australia or New York. So, the missing piece in the jigsaw puzzle is perhaps Singapore, notes Lake. The spectrum of buyers is also diverse. In addition to Chinese and Hong Kong money, there are also sovereign wealth funds. Abu Dhabi Investment Authority, for instance, is in a joint venture with Lendlease at Paya Lebar Quarter; Qatar Investment Authority now owns Asia Square Tower 1; and Norway s US$935 billion ($1.3 trillion) sovereign wealth fund, the world s largest, is also reportedly seeking suitable real estate projects in Singapore and Tokyo. Redevelopment potential Some companies are buying properties with the intention of redeveloping them. For example, the site that Sime Darby Centre occupies is zoned for commercial use. It is therefore likely to be redeveloped by Tuan Sing into a new commercial building with a mix of office and retail space. A commercial development has higher value than residential, says Lake. A 100% interest in the 11-storey office building at 139 Cecil Street is on the market for sale. Built in the 1980s, the property occupies a 7,936 sq ft site and has a 99-year lease dating from August 1981. The building is vacant, as the vendor intends to redevelop it into a 16-storey boutique commercial building with office space on the upper floors, F&B outlets on the ground floor and carpark facilities. The new building will have a total lettable area of 85,000 sq ft, which includes a communal roof terrace and recreational facilities. It will be sold on a completed basis, with redevelopment scheduled for completion by 2Q2018. Lake: With prices and rents having softened, Hong Kong groups feel it s timely to relook at Singapore, as it presents good value The building is on the market by expression of interest, with a price tag of $210 million, and Cushman & Wakefield is the marketing agent. The price is equivalent to the amount paid by Shanghai Hengda Group, a Chinese real estate group headed by the Zhou family from Shanghai, for neighbouring building 137 Cecil Street in December 2015. Hengda Group had purchased the 60% stake in 139 Cecil Street for $75 million last September. The remaining 40% stake in the building is held by a joint venture between Vibrant Group and DB2 Group. Shaun Poh, Cushman & Wakefield executive director of capital markets, says: The reason for the sale [of 139 Cecil Street] is that the vendor was approached by several parties that made offers for the building. That prompted the expression of interest exercise. The building on Cecil Street is also attracting Chinese and Hong Kong companies looking for an office building in the CBD where they can have naming and signage rights. Strata sales to return The original intention of the vendors of 139 Cecil Street was to carve up the office building into strata units for sale. They have already obtained approval to strata-subdivide the new development at 139 Cecil Street into 99 office units and three retail units. Eighteen months ago, interest in the strata office market became muted when there were fears of a looming oversupply. The subsequent owner has the option to sell the strata-titled PWC Building was acquired by Manulife for $746.8 million Office supply (2017 to 2021) DEVELOPMENT LOCATION ESTIMATED SIZE COMPLETION (SQ FT) DATE Vision Exhange Jurong East 475,000 January 2017 Oxley Tower Robinson Road 130,000 January 2017 UIC Building Shenton Way 276,000 April 2017 Marina One New Downtown 1,800,000 April 2017 Frasers Tower Cecil Street 690,000 April 2018 Robinson Tower Robinson Road 195,000 April 2018 Paya Lebar Quarter Paya Lebar 883,500 December 2018 Park Mall Orchard Road 352,000 1Q2019 Franklin, Science Park 1 Buona Vista 260,000 1Q2019 Aquarius, Science Park 2 Pasir Panjang Road 376,750 2Q2019 CPF Building redevelopment Robinson Road 500,000 1Q2020 Central Boulevard New Downtown 1,000,000 2Q2020 Golden Shoe Car Park Raffles Place 1,000,000 1Q2021 Afro-Asia Building Robinson Road 180,000 2Q2021 Woods Square Woodlands Central 630,000 2Q2021 units when the market returns in the future, says Cushman & Wakefield s Poh. The strata sale market seems to be coming back, but the trend appears to be for bulk purchase. He reckons it is partly due to the diversion of some funds from the residential market when the opportunity for bulk purchase closed on March 11. That was when the government imposed a new rule in the form of additional conveyance duties for residential property transactions that involve acquiring a significant equity interest in entities that hold primarily residential properties. This effectively plugged a loophole that allowed Singaporean investors to participate in the bulk CBRE purchase of unsold units in a residential development by buying the holding company and enjoy substantial savings in stamp duties, unlike those who purchased the residential units directly. But it s not the sole reason for the shift in interest from residential to office deals, says Poh. There s a lot more interest in office buildings, especially when there are very few office buildings in the CBD that are in the $100 million-to-$200 million price range. With the more positive outlook for the office market, interest and activity in the strata office space will also pick up, says CBRE s Lake. In addition to the strata sale of the 79,500 sq ft of office space in January for $206.6 million, another strata sale of about $150 million is underway at Prudential Tower. In February, an entire strata floor of more than 13,000 sq ft at Samsung Hub (adjacent to Prudential Tower) was sold for $43 million ($3,280 psf). The price of $3,280 psf is equivalent to the price achieved in the sale of the entire strata floor sale on the floor above, the 21st level, which was slightly smaller at 12,841 sq ft and sold in October 2014 for $42.1 million, according to a caveat lodged. According to Lake, average office prices today are still 10% below the last peak in late 2007 and 1Q2008. We expect more deals during the rest of the year and activity to continue. E CORPORATE LOCATIONS, MARKET

EP10 THEEDGE SINGAPORE MAY 15, 2017 GAINS AND LOSSES ALBERT CHUA/THE EDGE SINGAPORE Profit of $5.4 mil at The Balmoral A 7,653 sq ft unit at The Balmoral in prime District 10 was sold at a $5.4 million profit on April 21 BY LIN ZHIQIN Seven private non-landed houses were sold for a profit of more than $1 million each in the week of April 18 to 25. On April 21, a 7,653 sq ft unit at The Balmoral in prime District 10 was sold at a $5.4 million profit. The seller had bought the first-floor unit for $5.2 million ($679 psf) in August 1997 and sold it at $10.6 million ($1,385 psf). The profit works out to 104%, or 4% a year over 20 years. Based on the matching of URA caveat data for The Balmoral, there have been 18 profitable transactions, with an average profit of $1.76 million (79%), and seven unprofitable transactions, with an average loss of $536,714 (16%). A 7,642 sq ft unit that was bought for $4.7 million ($615 psf) in September 1995 and sold at $12 million ($1,570 psf) in September 2013 earned a profit of $7.3 million, the highest at The Balmoral. The profit works out to 155%, or 5% a year over 18 years. The 81-unit The Balmoral is a freehold condominium completed in 1986 and is located within 600m of the Stevens MRT station. A 2,885 sq ft unit at Ardmore Park in prime District 10 fetched the second-biggest profit of Top 10 gains and losses from April 18 to 25 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 The Balmoral 10 7,653 April 21 1,385 Aug 2, 1997 679 5,400,000 104 4 19.7 2 Ardmore Park 10 2,885 April 18 3,363 June 15, 2009 2,513 2,450,000 34 4 7.8 3 The Waterside 15 2,411 April 19 1,493 July 1, 2000 805 1,660,000 86 4 16.8 4 Watermark Robertson Quay 9 1,636 April 19 1,711 April 1, 2005 815 1,466,830 110 6 12.1 5 Sky@Eleven 11 2,713 April 20 1,475 July 17, 2007 961 1,394,000 53 4 9.8 6 Haig Court 15 1,550 April 22 1,310 April 7, 2004 636 1,043,950 106 6 13.0 7 Maple Woods 21 1,378 April 20 1,292 March 8, 2005 544 1,030,000 137 7 12.1 8 The Regalia 9 1,216 April 24 1,439 May 30, 2005 686 915,000 110 6 11.9 9 Southbank 7 958 April 24 1,514 July 19, 2006 611 865,000 148 9 10.8 10 Casa Sarina 14 1,324 April 19 906 Oct 18, 2006 397 675,000 129 8 10.5 URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Duchess Residences 10 2,756 April 21 1,306 June 28, 2007 1,826 1,411,000 28 3 9.8 2 Scotts Square 9 1,249 April 24 3,043 Oct 18, 2007 4,026 1,227,225 24 3 9.5 3 Paterson Suites 9 1,679 April 19 2,233 Jan 24, 2013 2,769 900,000 19 5 4.2 4 One Shenton 1 1,206 April 19 1,576 Sept 13, 2011 2,181 729,080 28 6 5.6 5 Horizon Residences 5 1,356 April 18 1,364 Nov 23, 2010 1,765 544,340 23 4 6.4 6 Volari 10 2,282 April 19 1,862 Aug 7, 2009 2,067 467,720 10 1 7.7 7 Duet 10 1,744 April 20 1,290 Sept 20, 2007 1,548 450,000 17 2 9.6 8 The Laurels 9 1,001 April 19 2,577 May 25, 2010 2,990 412,980 14 2 6.9 9 The Metz 9 1,066 April 18 2,205 Nov 4, 2010 2,468 280,000 11 2 6.5 10 Belle Vue Residences 9 2,002 April 21 1,728 July 30, 2009 1,847 238,100 6 1 7.7 Note: Computed based on URA caveat data as at May 9 for private non-landed houses transacted between April 18 to 25. The profit and loss computation excludes transaction costs such as stamp duties. Top 10 gains and losses from April 25 to May 2 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Sun Rosier 19 2,336 April 25 824 June 4, 2003 491 1,270,000 194 8 13.9 2 Park Infinia at Wee Nam 11 1,464 April 28 1,728 Sept 6, 2005 865 1,264,000 100 6 11.6 3 Gallop Gables 10 2,648 April 25 1,594 April 24, 2009 1,178 1,099,600 35 4 8.0 4 Euro-Asia Park 13 1,550 April 26 1,084 April 8, 1999 477 940,000 127 5 18.1 5 Caribbean at Keppel Bay 4 1,227 April 26 1,479 May 19, 2006 752 892,455 97 6 10.9 6 Amber Point 15 1,690 April 28 1,320 July 1, 1999 793 890,000 66 3 17.8 7 Valley Park 10 1,109 April 28 1,470 May 1, 1995 753 795,000 95 3 22.0 8 The Raintree 21 1,270 April 25 1,008 Dec 20, 2006 474 678,320 113 8 10.4 9 Park West 5 1,894 April 27 705 May 1, 2001 351 670,000 101 4 16.0 10 The Waterina 14 1,227 April 26 1,178 June 11, 2002 641 659,000 84 4 14.9 Non-profitable deals* PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 The Botanic on Lloyd 9 1,819 May 2 1,748 June 21, 2010 1,935 340,000 10 1 6.9 2 Beacon Heights 12 1,109 April 27 902 July 31, 2012 1,150 275,000 22 5 4.7 3 76 Shenton 2 592 April 26 1,824 April 9, 2010 1,980 92,100 8 1 7.1 4 Le Regal 14 420 April 28 1,139 Jan 25, 2013 1,287 62,487 12 3 4.3 5 Visioncrest 9 947 April 28 1,774 Aug 23, 2007 1,831 54,000 3 0.3 9.7 6 D Leedon 10 786 May 2 1,766 March 14, 2013 1,832 51,820 4 1 4.1 7 Thomson Grand 20 1,356 April 28 1,208 April 9, 2012 1,242 46,640 3 1 5.1 Note: Computed based on URA caveat data as at May 9 for private non-landed houses transacted between April 25 to May 2. The profit and loss computation excludes transaction costs such as stamp duties. *There were only seven non-profitable deals in the week

THEEDGE SINGAPORE MAY 15, 2017 EP11 GAINS AND LOSSES $2.45 million for the week of April 18 to 25. The unit was bought for $7.25 million ($2,513 psf) in June 2009 and sold at $9.7 million ($3,363 psf) on April 18. The profit works out to 34%, or 4% a year over eight years. Based on the matching of URA caveat data, the unit has changed hands thrice. The first seller had bought it from the developer for $5.76 million ($1,991 psf) in 1996 and sold it at $5 million ($1,733 psf) in 2003, a 13% loss, or 2% a year. In 2009, the next seller made a profit of $2.25 million when he sold the unit at $7.25 million. The profit works out to 45%, or 7% a year over 5½ years. Based on the matching of URA caveat data, there have been four profitable transactions and one unprofitable transaction at Ardmore Park so far this year. The profits range from $2.45 million (34%) to $4.6 million (94%). The unit that was sold at a $70,000 (1%) loss was bought for $8.25 million ($2,860 psf) in June 2011 and sold at $8.18 million ($2,836 psf) on April 5. The freehold Ardmore Park was completed in 2001 and has 330 units. Two sellers suffered losses of more than $1 million each in the week of April 18 to 25. On April 21, a 2,756 sq ft unit at Duchess Residences in prime District 10 was sold at the biggest loss of $1.41 million for the week. The seller had bought it for $5.01 million ($1,826 psf) from the developer in June 2007 and sold it at $3.6 million ($1,306 psf). The loss works out to 28%, or 3% a year over 10 years. There were six rental contracts for units ranging from 2,700 to 2,800 sq ft at Duchess Residences in 2H2016, with the monthly rent averaging $8,350. This implies a 3% gross rental yield for the recently transacted unit. The 120-unit Duchess Residences is a 999-leasehold condo completed in 2011 and adjacent to Hwa Chong Institution. A 1,249 sq ft unit at Scotts Square in prime District 9 was sold at the second-biggest loss of $1.23 million for the week. The seller had bought it for $5.03 million ($4,026 psf) from the developer in October 2007 and sold it at $3.8 million ($3,043 psf) on April 24. The loss works out to 24%, or 3% a year over 9½ years. There were seven rental contracts for Scotts Square units ranging from 1,200 to 1,300 sq ft in 1Q2017, with the monthly rent averaging $7,271. This implies a 2% gross rental yield for the recently transacted unit. The freehold Scotts Square is a mixed-use development located on Scotts Road, within walking distance of the Orchard MRT station. It was completed in 2011 and has 338 units. Separately, a 6,232 sq ft unit at The Marq on Paterson Hill in prime District 9 was sold There have been four profitable and one unprofitable transaction at Ardmore Park so far this year. Find the most affordable listing in the project at bit.ly/ardmoreparkedge. at a $4.64 million loss on April 12. The seller had bought it for $26.44 million ($4,294 psf) from the developer in July 2007 and sold it at $21.8 million ($3,498 psf). The loss works out to 18%, or 2% a year over 10 years. The 66- unit The Marq on Paterson Hill is a freehold condo completed in 2011. From April 25 to May 2 Three private non-landed houses were sold for a profit of more than $1 million each in the week of April 25 to May 2; there were only seven unprofitable transactions. On April 25, a 2,336 sq ft unit at Sun Rosier in District 19 fetched the week s biggest profit of $1.27 million. The seller had bought it for $655,000 ($491 psf) in June 2003 and sold it at $1.93 million ($824 psf). The profit works out to 194%, or 8% a year over 14 years. The 78-unit Sun Rosier is a freehold condo completed in 1985. It is located within walking distance of the Bartley MRT station. A 1,464 sq ft unit at Park Infinia at Wee Nam in prime District 11 fetched the week s second-biggest profit of $1.26 million. The seller had bought it for $1.27 million ($865 psf) from the developer in September 2005 and sold it at $2.53 million ($1,728 psf) on April 28. The profit works out to 100%, or 6% a year over 11.6 years. This transaction also marks the most profitable deal at Park Infinia so far this year. Based on the matching of URA caveat data, all eight transactions at Park Infinia so far this year have resulted in profits for the sellers. The average profit is $774,677, or 62%. The freehold, 486-unit Park Infinia at Wee Nam was completed in 2008 and is located about 600m from the Newton MRT station. A 2,648 sq ft unit at Gallop Gables in prime So far this year, all eight transactions at Park Infinia at Wee Nam have been profitable. Find the most affordable listing in the project at bit.ly/parkinfiniaedge. District 10 fetched the week s third-biggest profit of $1.1 million. The seller had bought it for $3.12 million ($1,178 psf) in April 2009 and sold it at $4.22 million ($1,594 psf) on April 25. The profit works out to 35%, or 4% a year over eight years. Based on the matching of URA caveat data, there have been 45 profitable transactions and one unprofitable transaction at Gallop Gables. The profits average $876,488, or 50%. In November 2016, a 2,852 sq ft unit was sold at a $348,760 loss. The seller had bought it for $4.65 million ($1,630 psf) in April 2010 and sold it at $4.3 million ($1,507 psf). The previous seller of this unit bought it for $3.33 million ($1,169 psf) in April 2009 and made a $1.32 million (39%) profit when he sold it a year later. The freehold, 140-unit Gallop Gables was completed in 1997 and is located near the Farrer Road MRT station. E PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE THE EDGE SINGAPORE The 120-unit Duchess Residences is a 999-year leasehold condo completed in 2011. Find the most affordable listing in the project at bit.ly/duchessresidencesedge.

EP12 THEEDGE SINGAPORE MAY 15, 2017 DONE DEALS Spike in sales at Gramercy Park in April BY TAN CHEE YUEN Sales of luxury condominiums in the prime districts have been picking up steadily. This was evident in April. Gramercy Park was one of the projects that attracted keen interest among buyers in the past month. The freehold 174-unit twin-tower condo on Grange Road was developed by City Developments (CDL) and completed in 2016. The 15-storey towers contain 87 units each and are named North and South Towers. The sizes of units at Gramercy Park range from 1,184 sq ft for a two-bedder to 7,287 sq ft for a five-bedroom penthouse. It was designed by NBBJ of New York, the architect behind CDL s other landmark development, the 1,111-unit The Sail @ Marina Bay. For all of April and early May, there were 15 caveats lodged for units sold in the North Tower (Phase 1) of Gramercy Park. Transaction prices ranged from $3.4 million ($2,872 psf) for a 1,184 sq ft, two-bedroom unit on the fourth floor of the tower to $7.95 million ($2,978 psf) for a 2,669 sq ft, four-bedroom unit on the first level, according to caveats lodged. According to CDL, 74 units (85%) of the North Tower had been sold as at May 8. All two-bedroom-plus-study units in the North Tower have been sold, while the take-up rate for three- and four-bedroom units has been good, says the developer. Riding on the positive sales momentum for Gramercy Park s North Tower (Phase 1), the South Tower (Phase 2) was soft launched at the end of March. Of the 20 units released at the South Tower, 16 units had been sold as at May 8. Average sale prices have risen from more than $2,600 psf in Phase 1 to more than $2,800 psf in Phase 2. Early bird prices for the South Tower (Phase 2) start from $3.4 million for a two-bedroom-plusstudy unit; $5.1 million for a three-bedroom unit; and $6.8 million for a four-bedroom unit. About 24% of the buyers at Gramercy Park are said to be Singaporeans, with the remainder being a mix of permanent residents and foreigners, according to CDL. Gramercy Park is attractive to buyers, owing to its prime location on Grange Road, says Samuel Eyo, managing director of Singapore Christie s International Real Estate. There has not been a new launch of a luxury condo project along Grange Road in more than five years. Tomlinson Heights is another luxury condo development that saw a pickup in transactions last month. The boutique condo is a single 36-storey tower with just 70 units. Completed in 2014, the freehold condo comprises 2,745 sq ft, three-bedroom units and 4,047 sq ft, five-bedroom units. Tomlinson Heights is adjacent to a bigger luxury condo: the 202-unit Four Seasons Park Residences, which was completed in 1994. Both projects were developed by Hotel Properties. Of the five units at Tomlinson Heights that were sold last month, two were five-bedroom units: One was on the 14th floor and sold for $10.75 million ($2,656 psf); the other was on the 34th floor and sold for $11.15 million ($2,755 psf). The remaining three were three-bedroom units, located on the 27th, 29th and 31st floors. Each was sold for $7.5 million ($2,752 psf). This brings total sales in the development so far this year to about 75%. Prior to the recent spate of transactions, the latest ones at Tomlinson Heights took place in December. Both were 4,047 sq ft, five-bedroom units: The one on the eighth floor fetched $11.1 million ($2,743 psf); the one on the 30th floor was sold for $12.2 million ($3,014 psf). E As at May 8, about 85% or 74 units of the North Tower of Gramercy Park had been sold SAMUEL ISAAC CHUA/THE EDGE SINGAPORE LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated April 25 to May 2 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 THE SAIL @ MARINA BAY Apartment 99 years April 26 1,076 1,700,000-1,579 2008 Resale V ON SHENTON Apartment 99 years April 27 441 1,020,000-2,311 Uncompleted Sub Sale V ON SHENTON Apartment 99 years April 27 1,206 2,538,495-2,106 Uncompleted New Sale District 2 76 SHENTON Apartment 99 years April 26 592 1,080,000-1,824 2014 Resale District 3 ALEX RESIDENCES Apartment 99 years April 25 904 1,585,333-1,753 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years April 26 474 1,045,500-2,207 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years April 28 883 1,573,000-1,782 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years April 30 678 1,425,500-2,102 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years April 30 1,023 1,905,000-1,863 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years April 30 926 1,710,000-1,847 Uncompleted New Sale ARTRA Apartment 99 years April 28 1,044 1,979,999 1,970,099 1,887 Uncompleted New Sale ARTRA Apartment 99 years April 28 829 1,437,999-1,735 Uncompleted New Sale ARTRA Apartment 99 years April 28 829 1,377,999-1,663 Uncompleted New Sale ARTRA Apartment 99 years April 28 829 1,352,999-1,632 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,479,999-1,786 Uncompleted New Sale ARTRA Apartment 99 years April 29 786 1,366,999-1,740 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,437,999-1,735 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,423,999-1,718 Uncompleted New Sale ARTRA Apartment 99 years April 29 786 1,348,999-1,717 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,419,999-1,713 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,412,999-1,705 Uncompleted New Sale ARTRA Apartment 99 years April 29 786 1,326,999-1,689 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,397,999-1,687 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,393,999-1,682 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,383,999-1,670 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,376,999-1,661 Uncompleted New Sale ARTRA Apartment 99 years April 29 786 1,289,999-1,642 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,360,999-1,642 Uncompleted New Sale ARTRA Apartment 99 years April 29 786 1,273,999-1,621 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,336,999-1,613 Uncompleted New Sale ARTRA Apartment 99 years April 29 786 1,265,999-1,611 Uncompleted New Sale ARTRA Apartment 99 years April 29 786 1,265,999-1,611 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,332,999-1,608 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,320,999-1,594 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,312,999-1,584 Uncompleted New Sale ARTRA Apartment 99 years April 29 829 1,304,999-1,575 Uncompleted New Sale ARTRA Apartment 99 years April 30 829 1,415,999-1,708 Uncompleted New Sale ARTRA Apartment 99 years April 30 786 1,324,999-1,686 Uncompleted New Sale ARTRA Apartment 99 years April 30 786 1,319,999-1,680 Uncompleted New Sale ARTRA Apartment 99 years April 30 786 1,305,999-1,662 Uncompleted New Sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE ARTRA Apartment 99 years April 30 786 1,297,999-1,652 Uncompleted New Sale ARTRA Apartment 99 years April 30 786 1,295,999-1,649 Uncompleted New Sale ARTRA Apartment 99 years April 30 829 1,356,999-1,637 Uncompleted New Sale ARTRA* Apartment 99 years April 29 786 1,352,999-1,722 Uncompleted New Sale ASCENTIA SKY Condominium 99 years April 25 947 1,350,000-1,425 2013 Resale COMMONWEALTH TOWERS Condominium 99 years April 25 474 875,000-1,847 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 25 474 867,000-1,831 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 25 904 1,584,300-1,752 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 25 797 1,318,000-1,655 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 26 689 1,298,200-1,884 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 26 1,076 1,778,100-1,652 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 26 904 1,492,900-1,651 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 27 904 1,539,100-1,702 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 29 441 828,000-1,876 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 29 463 858,000-1,854 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 29 753 1,368,000-1,816 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 29 463 838,000-1,811 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 29 753 1,348,000-1,789 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 29 753 1,348,000-1,789 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 29 753 1,348,000-1,789 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 29 753 1,348,000-1,789 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 29 904 1,583,300-1,751 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 29 904 1,538,100-1,701 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 30 463 858,000-1,854 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 30 463 858,000-1,854 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 30 463 838,000-1,811 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 30 1,033 1,707,100-1,652 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years April 30 1,033 1,705,100-1,650 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 25 915 1,653,500-1,807 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 26 506 1,106,500-2,187 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 26 635 1,348,000-2,123 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 26 1,152 2,106,900-1,829 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 26 1,109 1,997,700-1,802 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 27 915 1,735,600-1,897 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 27 1,152 1,991,300-1,729 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 29 915 1,663,900-1,819 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 29 1,109 2,004,000-1,808 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 29 915 1,646,800-1,800 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years April 30 635 1,334,500-2,101 Uncompleted New Sale LANDMARK TOWER Apartment 99 years April 25 1,399 1,108,000-792 1985 Resale PRINCIPAL GARDEN Condominium 99 years April 25 764 1,224,000-1,602 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years April 26 861 1,362,000-1,582 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years April 27 495 799,000-1,614 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years April 28 807 1,453,000-1,800 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years April 28 807 1,363,000-1,688 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years April 28 786 1,306,000 1,301,000 1,656 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years April 29 495 836,000-1,688 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years April 30 807 1,463,000 1,458,000 1,806 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years April 30 786 1,311,000-1,668 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years April 30 786 1,283,000-1,633 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years April 30 495 802,000-1,620 Uncompleted New Sale QUEENS PEAK Condominium 99 years April 26 431 778,000-1,807 Uncompleted New Sale QUEENS PEAK Condominium 99 years April 26 484 832,000-1,718 Uncompleted New Sale QUEENS PEAK Condominium 99 years April 26 495 838,000-1,692 Uncompleted New Sale QUEENS PEAK Condominium 99 years April 26 484 776,000-1,602 Uncompleted New Sale QUEENS PEAK Condominium 99 years April 27 775 1,178,000-1,520 Uncompleted New Sale QUEENS PEAK Condominium 99 years April 27 807 1,223,000-1,515 Uncompleted New Sale QUEENS PEAK Condominium 99 years April 27 947 1,354,000-1,429 Uncompleted New Sale QUEENS PEAK Condominium 99 years April 30 1,507 2,373,112-1,575 Uncompleted New Sale THE ANCHORAGE Condominium Freehold April 27 1,830 2,300,000-1,257 1997 Resale THE CREST Condominium 99 years April 25 1,216 1,968,000-1,618 2017 New Sale THE CREST Condominium 99 years April 25 1,033 1,672,000-1,618 2017 New Sale THE CREST Condominium 99 years April 26 1,216 1,968,000-1,618 2017 New Sale THE CREST Condominium 99 years April 28 1,227 1,986,000-1,618 2017 New Sale THE CREST Condominium 99 years April 30 1,216 1,920,600-1,579 2017 New Sale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years April 25 1,206 1,750,000-1,452 2004 Resale CARIBBEAN AT KEPPEL BAY Condominium 99 years April 26 1,227 1,815,000-1,479 2004 Resale THE OCEANFRONT @ SENTOSA COVE Condominium 99 years May 2 1,711 2,850,000-1,665 2010 Resale District 5 DOVER PARKVIEW Condominium 99 years April 28 1,249 1,330,000-1,065 1997 Resale PASIR PANJANG ROAD Apartment Freehold April 27 1,389 1,080,000-778 1977 Resale ONE-NORTH RESIDENCES Apartment 99 years April 26 592 845,000-1,427 2009 Resale PARC RIVIERA Condominium 99 years April 25 990 1,217,000-1,229 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 25 1,152 1,373,000-1,192 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 25 990 1,132,560-1,144 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 25 1,227 1,394,000-1,136 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 27 603 804,000-1,334 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 27 990 1,240,266-1,252 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 28 710 962,000-1,354 Uncompleted New Sale

THEEDGE SINGAPORE MAY 15, 2017 EP13 DONE DEALS Residential transactions with contracts dated April 25 to May 2 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PARC RIVIERA Condominium 99 years April 28 710 956,000-1,346 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 28 904 1,148,000-1,270 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 28 1,184 1,300,000-1,098 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 29 990 1,269,000-1,281 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 29 1,184 1,362,240-1,151 Uncompleted New Sale PARC RIVIERA Condominium 99 years April 30 710 930,000-1,309 Uncompleted New Sale PARK WEST Condominium 99 years April 27 1,894 1,335,000-705 1986 Resale THE CLEMENT CANOPY Apartment 99 years April 25 732 1,047,000-1,430 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years April 25 1,141 1,535,000-1,345 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years April 28 1,346 1,709,000-1,270 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years April 30 710 1,065,000-1,499 Uncompleted New Sale THE INFINITI Condominium Freehold April 26 1,249 1,210,000-969 2008 Resale THE TRILINQ Condominium 99 years April 25 1,518 1,838,000-1,211 Uncompleted New Sale THE TRILINQ Condominium 99 years April 25 1,109 1,338,000-1,207 Uncompleted New Sale THE TRILINQ Condominium 99 years April 25 1,109 1,302,000-1,174 Uncompleted New Sale WEST COAST GARDENS Semi-Detached 956 years April 28 4,607 3,999,888-868 1976 Resale District 7 CONCOURSE SKYLINE Apartment 99 years April 25 1,098 1,615,000-1,471 2014 Resale District 8 CITY LOFT Apartment Freehold April 28 334 500,000-1,498 2012 Resale RESIDENCES @ SOMME Apartment Freehold May 2 506 580,000-1,146 2008 Resale STURDEE RESIDENCES Condominium 99 years April 30 721 1,190,700-1,651 Uncompleted New Sale District 9 CAIRNHILL NINE Apartment 99 years April 25 1,066 2,900,000-2,721 2016 New Sale CAIRNHILL NINE Apartment 99 years April 27 1,044 2,829,000-2,709 2016 New Sale CAIRNHILL NINE Apartment 99 years April 29 1,033 2,807,000-2,716 2016 New Sale CAIRNHILL NINE Apartment 99 years April 30 1,033 2,618,000-2,534 2016 New Sale LEONIE SUITES Apartment 99 years May 2 926 1,500,000-1,620 2006 Resale LIV ON WILKIE Apartment Freehold April 29 452 988,000-2,185 Uncompleted New Sale LUMA Apartment Freehold April 27 904 1,620,000-1,792 2011 Resale OUE TWIN PEAKS Condominium 99 years April 25 549 1,616,500-2,945 2015 Resale OUE TWIN PEAKS Condominium 99 years April 25 549 1,561,600-2,845 2015 Resale OUE TWIN PEAKS Condominium 99 years April 26 1,604 4,800,000-2,993 2015 Resale OUE TWIN PEAKS Condominium 99 years April 28 1,055 2,991,500-2,836 2015 Resale RICHMOND PARK Condominium Freehold April 28 1,259 2,850,000-2,263 1996 Resale SOPHIA HILLS Condominium 99 years April 25 570 1,148,000-2,012 Uncompleted New Sale SOPHIA HILLS Condominium 99 years April 28 700 1,477,000-2,111 Uncompleted New Sale ST THOMAS SUITES Condominium Freehold April 27 2,013 3,750,000-1,863 2010 Resale THE BOTANIC ON LLOYD Condominium Freehold May 2 1,819 3,180,000-1,748 2006 Resale THE PIER AT ROBERTSON Apartment Freehold April 26 678 1,222,000-1,802 2006 Resale VISIONCREST Apartment Freehold April 28 947 1,680,000-1,774 2007 Resale District 10 D DALVEY Apartment Freehold April 26 958 1,570,000-1,639 2005 Resale D LEEDON Condominium 99 years April 25 4,941 3,951,520-800 2014 Resale D LEEDON Condominium 99 years April 27 1,055 1,817,000-1,722 2014 Resale D LEEDON Condominium 99 years April 28 2,250 3,215,000-1,429 2014 Resale D LEEDON Condominium 99 years April 28 3,810 3,063,720-804 2014 Resale D LEEDON Condominium 99 years May 2 786 1,388,000-1,766 2014 Resale D LEEDON Condominium 99 years May 2 1,055 1,851,000-1,755 2014 Resale D LEEDON Condominium 99 years May 2 5,264 6,477,960-1,231 2014 Resale GALLOP GABLES Condominium Freehold April 25 2,648 4,220,000-1,594 1997 Resale GRAMERCY PARK Condominium Freehold April 28 1,948 5,828,000-2,991 2016 Resale GRAMERCY PARK Condominium Freehold April 28 2,669 7,950,600-2,978 2016 Resale GRAMERCY PARK Condominium Freehold May 2 1,981 5,676,040-2,866 2016 Resale GRAMERCY PARK Condominium Freehold May 2 1,249 3,574,400-2,863 2016 Resale GRAMERCY PARK Condominium Freehold May 2 1,884 5,088,800-2,701 2016 Resale ILLOURA Semi-Detached Freehold May 2 4,176 3,650,000-874 2009 Resale LEEDON RESIDENCE Condominium Freehold April 27 3,767 6,150,000-1,632 2015 Resale LEEDON RESIDENCE Condominium Freehold April 28 2,508 5,700,000-2,273 2015 Resale MADISON RESIDENCES Condominium Freehold April 27 1,776 3,210,000-1,807 2012 Resale ONE BALMORAL Condominium Freehold April 28 969 2,258,000-2,331 2016 Resale ROBIN RESIDENCES Condominium Freehold April 27 1,593 3,728,000-2,340 2015 Resale ROBIN RESIDENCES Condominium Freehold April 28 1,830 4,347,000-2,376 2015 Resale THE ASANA Apartment Freehold April 28 1,033 2,280,000-2,206 Uncompleted New Sale TOMLINSON HEIGHTS Condominium Freehold April 26 2,745 7,500,000-2,732 2014 Resale TOMLINSON HEIGHTS Condominium Freehold April 26 2,745 7,500,000-2,732 2014 Resale TOMLINSON HEIGHTS Condominium Freehold April 26 2,745 7,500,000-2,732 2014 Resale VALLEY PARK Condominium 999 years April 28 1,109 1,630,000-1,470 1997 Resale District 11 DUNEARN SUITES Apartment Freehold April 25 1,324 1,900,000-1,435 2011 Resale HILLCREST VILLA Terrace 99 years May 2 3,154 2,900,000-920 2009 Resale MIRO Apartment Freehold April 25 1,249 1,820,000-1,458 2012 Resale ORIOLE CRESCENT Detached Freehold April 28 10,000 13,200,000-1,320 1992 Resale PARK INFINIA AT WEE NAM Condominium Freehold April 28 560 1,010,000-1,804 2008 Resale PARK INFINIA AT WEE NAM Condominium Freehold April 28 1,464 2,530,000-1,728 2008 Resale District 12 BEACON HEIGHTS Condominium 999 years April 27 1,109 1,000,000-902 2012 Resale GEM RESIDENCES Condominium 99 years April 26 484 789,000-1,629 Uncompleted New Sale GEM RESIDENCES Condominium 99 years April 30 678 1,122,660-1,656 Uncompleted New Sale GEM RESIDENCES Condominium 99 years April 30 775 1,169,000-1,508 Uncompleted New Sale GEM RESIDENCES Condominium 99 years April 30 775 1,142,000-1,474 Uncompleted New Sale GEM RESIDENCES Condominium 99 years April 30 936 1,369,000-1,462 Uncompleted New Sale District 13 BARTLEY RIDGE Condominium 99 years April 27 1,130 1,244,888-1,101 2016 Sub Sale E MAISON Apartment Freehold April 25 1,313 1,796,000-1,368 2016 New Sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE EURO-ASIA PARK Condominium Freehold April 26 1,550 1,680,000-1,084 1996 Resale MACPHERSON GARDEN ESTATE Terrace Freehold April 27 883 1,330,000-1,503 Unknown Resale MACPHERSON GARDEN ESTATE Terrace Freehold April 28 883 1,405,000-1,588 Unknown Resale MACPHERSON GARDEN ESTATE Terrace Freehold April 28 883 1,380,000-1,560 Unknown Resale KEE CHOE AVENUE Semi-Detached Freehold April 26 2,659 3,000,000-1,128 1955 Resale JALAN RIANG Terrace Freehold May 2 1,658 1,910,000-1,156 Unknown Resale OASIS @ MULBERRY Terrace Freehold April 28 2,422 3,028,888-1,249 2006 Resale THE POIZ RESIDENCES Apartment 99 years April 25 538 813,000-1,511 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years April 27 420 625,000-1,489 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years April 29 538 810,000-1,505 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years April 29 1,184 1,636,000-1,382 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years April 26 1,130 1,476,615-1,306 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years April 26 1,152 1,489,193-1,293 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years April 29 1,238 1,730,000-1,398 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years April 29 1,076 1,295,000-1,203 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years April 30 850 1,250,000-1,470 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years April 30 1,238 1,760,000-1,422 Uncompleted New Sale District 14 ASTORIA PARK Condominium 99 years April 28 743 720,000-969 1995 Resale D WEAVE Apartment Freehold April 26 420 607,000-1,446 2014 Resale LE REGAL Apartment Freehold April 28 420 478,000-1,139 2015 Resale PARK PLACE RESIDENCES AT PLQ Apartment 99 years April 25 667 1,219,999-1,828 Uncompleted New Sale SARINA TERRACE Terrace Freehold April 28 1,808 2,238,000-1,236 1990 Resale SIMS URBAN OASIS Condominium 99 years April 27 818 1,228,500-1,502 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years April 27 560 754,000-1,347 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years April 28 667 930,100-1,394 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years April 29 700 991,300-1,417 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years April 29 667 926,700-1,389 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years April 30 667 940,300-1,409 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years April 30 667 933,600-1,399 Uncompleted New Sale SIMSVILLE Condominium 99 years April 26 980 940,000-960 1998 Resale THE CENTREN Apartment Freehold April 26 1,012 1,125,000-1,112 2016 Resale THE WATERINA Apartment Freehold April 26 1,227 1,445,000-1,178 2005 Resale TRE RESIDENCES Condominium 99 years April 25 764 1,087,000-1,422 Uncompleted New Sale TRE RESIDENCES Condominium 99 years April 27 764 1,092,000-1,429 Uncompleted New Sale TRE RESIDENCES Condominium 99 years April 30 947 1,308,000-1,381 Uncompleted New Sale WATERBANK AT DAKOTA Condominium 99 years April 26 484 720,000-1,486 2013 Resale WATERBANK AT DAKOTA Condominium 99 years April 27 883 1,255,000-1,422 2013 Resale District 15 AMBER POINT Condominium Freehold April 28 1,690 2,230,000-1,320 1991 Resale AMBER SKYE Apartment Freehold April 25 527 1,053,000-1,996 Uncompleted New Sale AMBER SKYE Apartment Freehold April 28 1,119 1,870,000-1,670 2017 New Sale FORTUNE JADE Apartment Freehold April 25 1,216 1,250,000-1,028 2003 Resale FORTUNE SPRING Apartment Freehold April 26 1,033 1,200,000-1,161 2003 Resale FULCRUM Condominium Freehold April 25 474 971,000-2,050 2016 Resale FULCRUM Condominium Freehold April 27 474 943,000-1,991 2016 Resale FULCRUM Condominium Freehold April 28 678 1,479,000-2,181 2016 Resale HAWAII TOWER Condominium Freehold April 28 2,239 2,430,000-1,085 1984 Resale MANDARIN GARDENS Condominium 99 years April 25 1,528 1,270,000-831 1986 Resale MANDARIN GARDENS Condominium 99 years May 2 1,528 1,200,000-785 1986 Resale MODA Apartment Freehold April 28 1,819 2,291,940-1,260 2014 Resale CEYLON ROAD Terrace Freehold April 28 1,668 2,450,000-1,469 Unknown Resale NEPTUNE COURT Apartment 99 years April 28 1,636 1,140,000-697 1975 Resale NEPTUNE COURT Apartment 99 years April 28 1,270 860,000-677 1975 Resale ONE EIGHTIES RESIDENCES Apartment Freehold April 26 614 898,888-1,465 2015 Resale OPERA ESTATE Terrace Freehold April 28 1,389 1,650,000-1,185 Unknown Resale SANCTUARY GREEN Condominium 99 years April 28 1,119 1,198,000-1,070 2003 Resale SEASIDE RESIDENCES Apartment 99 years April 26 1,130 1,970,000-1,743 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 26 506 845,000-1,670 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 26 1,259 1,970,000-1,564 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 27 1,733 3,270,000-1,887 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 27 1,206 2,013,000-1,670 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 27 786 1,281,000-1,630 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 28 786 1,246,000-1,586 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 29 1,130 1,994,000-1,764 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 29 1,087 1,807,000-1,662 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 29 829 1,341,000-1,618 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 29 678 1,066,230-1,572 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years April 30 1,130 1,759,000-1,556 Uncompleted New Sale THE MEYERISE Condominium Freehold April 26 883 1,798,000-2,037 2014 Resale THE MEYERISE Condominium Freehold April 27 883 1,750,000-1,983 2014 Resale TIERRA VUE Condominium Freehold April 28 947 1,370,000-1,446 2009 Resale VERSILIA ON HAIG Condominium Freehold April 28 1,335 1,650,000-1,236 2010 Resale VILLA MARTIA Condominium Freehold April 28 1,281 1,500,000-1,171 2000 Resale District 16 CASA MERAH Apartment 99 years May 2 1,249 1,280,000-1,025 2009 Resale CASAFINA Condominium 99 years May 2 1,604 1,250,000-779 1999 Resale COSTA DEL SOL Condominium 99 years May 2 1,227 1,590,000-1,296 2003 Resale EAST MEADOWS Condominium 99 years April 28 1,216 1,080,000-888 2002 Resale GRANDEUR PARK RESIDENCES Condominium 99 years April 25 1,453 1,890,000-1,301 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years April 26 1,141 1,246,000-1,092 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years April 27 893 1,237,000-1,385 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years April 28 624 902,000-1,445 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years April 29 969 1,274,000-1,315 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years April 29 1,141 1,245,000-1,091 Uncompleted New Sale CONTINUES NEXT PAGE

EP14 THEEDGE SINGAPORE MAY 15, 2017 DONE DEALS FROM PREVIOUS PAGE Residential transactions with contracts dated April 25 to May 2 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE GRANDEUR PARK RESIDENCES Condominium 99 years April 30 883 1,163,000-1,318 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years April 30 893 1,126,000-1,260 Uncompleted New Sale OPTIMA @ TANAH MERAH Condominium 99 years April 27 1,195 1,300,000-1,088 2012 Resale PICARDY GARDENS Terrace Freehold April 25 6,803 4,380,000-644 1975 Resale STRATFORD COURT Condominium 99 years April 25 1,152 915,000-794 1998 Resale STRATFORD COURT Condominium 99 years April 26 1,410 1,110,000-787 1998 Resale THE BAYSHORE Condominium 99 years April 25 1,184 1,060,000-895 1996 Resale THE GLADES Condominium 99 years April 26 1,281 1,728,000-1,349 2016 New Sale THE GLADES Condominium 99 years April 27 1,023 1,430,000-1,398 2016 New Sale VENEZIO Apartment Freehold April 27 1,216 1,220,000-1,003 2006 Resale VILLAS AT KEW Semi-Detached 99 years April 27 2,411 1,860,000-772 1997 Resale District 17 AZALEA PARK CONDOMINIUM Condominium 999 years April 26 1,507 1,060,000-703 1996 Resale FERRARIA PARK CONDOMINIUM Condominium Freehold April 26 646 622,000-963 2009 Resale District 18 COCO PALMS Condominium 99 years April 27 1,389 1,371,200-988 Uncompleted New Sale COCO PALMS Condominium 99 years April 27 1,378 1,356,400-984 Uncompleted New Sale COCO PALMS Condominium 99 years April 29 1,259 1,360,800-1,081 Uncompleted New Sale D NEST Condominium 99 years April 29 1,270 1,333,888-1,050 Uncompleted New Sale D NEST Condominium 99 years April 29 1,410 1,322,880-938 Uncompleted New Sale PINEVALE EC 99 years April 26 1,292 870,000-674 1999 Resale SIMEI GREEN CONDOMINIUM EC 99 years May 2 1,378 990,000-719 1999 Resale THE ALPS RESIDENCES Condominium 99 years April 25 689 735,000-1,067 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 25 689 723,000-1,050 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 26 700 784,000-1,121 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 26 700 752,000-1,075 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 26 689 739,000-1,073 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 26 689 731,000-1,061 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 26 689 727,000-1,055 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 26 700 705,000-1,008 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 26 1,087 1,056,112-971 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 28 936 1,006,000-1,074 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 28 1,066 1,104,000-1,036 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 29 689 707,000-1,026 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 29 1,087 1,113,800-1,025 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years April 30 700 701,000-1,002 Uncompleted New Sale THE PALETTE Condominium 99 years April 27 1,163 1,080,000-929 2015 Resale THE SANTORINI Condominium 99 years April 25 1,119 1,218,000-1,088 Uncompleted New Sale THE SANTORINI Condominium 99 years April 25 1,130 1,186,000-1,049 Uncompleted New Sale THE SANTORINI Condominium 99 years April 25 1,367 1,413,000-1,034 Uncompleted New Sale THE SANTORINI Condominium 99 years April 25 1,259 1,290,000-1,024 Uncompleted New Sale THE SANTORINI Condominium 99 years April 25 1,259 1,275,120-1,012 Uncompleted New Sale THE SANTORINI Condominium 99 years April 25 1,130 1,133,550-1,003 Uncompleted New Sale THE SANTORINI Condominium 99 years April 25 1,119 1,114,000-995 Uncompleted New Sale THE SANTORINI Condominium 99 years April 26 1,184 1,176,000-993 Uncompleted New Sale THE SANTORINI Condominium 99 years April 26 1,152 1,142,000-992 Uncompleted New Sale THE SANTORINI Condominium 99 years April 27 915 948,675-1,037 Uncompleted New Sale THE SANTORINI Condominium 99 years April 27 1,130 1,125,000-995 Uncompleted New Sale THE SANTORINI Condominium 99 years April 29 1,378 1,362,240-989 Uncompleted New Sale THE SANTORINI Condominium 99 years April 30 1,152 1,179,000-1,024 Uncompleted New Sale THE SANTORINI Condominium 99 years April 30 1,152 1,153,000-1,001 Uncompleted New Sale TROPICAL SPRING Condominium 99 years April 26 1,076 940,888-874 2002 Resale VUE 8 RESIDENCE Condominium 99 years April 26 797 822,000-1,032 2017 New Sale District 19 BARTLEY RESIDENCES Apartment 99 years April 25 797 1,020,000-1,281 2015 Resale BOATHOUSE RESIDENCES Condominium 99 years May 2 624 730,000-1,169 2015 Resale BOTANIQUE AT BARTLEY Condominium 99 years April 25 1,130 1,453,320-1,286 Uncompleted New Sale BOTANIQUE AT BARTLEY Condominium 99 years April 27 1,130 1,462,230-1,294 Uncompleted New Sale BOTANIQUE AT BARTLEY Condominium 99 years April 27 1,130 1,434,720-1,269 Uncompleted New Sale FLORENCE REGENCY Apartment 103 years April 27 1,625 905,000-557 Unknown Resale FONTAINE PARRY Condominium 999 years April 26 1,163 1,038,000-893 2010 Resale FOREST WOODS Condominium 99 years April 25 1,475 1,889,000-1,281 Uncompleted New Sale FOREST WOODS Condominium 99 years April 29 1,076 1,387,000-1,289 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 25 883 1,037,000-1,175 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 26 1,109 1,242,000-1,120 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 27 883 1,018,000-1,153 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 27 980 1,116,000-1,139 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 27 1,356 1,543,000-1,138 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 27 1,098 1,152,000-1,049 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 27 1,098 1,129,000-1,028 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 28 850 955,350-1,123 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 29 678 870,000-1,283 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 29 883 1,048,000-1,187 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 29 1,356 1,554,300-1,146 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 29 1,356 1,549,350-1,142 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 30 689 878,000-1,275 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 30 1,216 1,431,000-1,176 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 30 1,195 1,395,520-1,168 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 30 1,044 1,204,655-1,154 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 30 850 965,000-1,135 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 30 1,023 1,142,600-1,117 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 30 1,109 1,230,930-1,110 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years April 30 850 942,000-1,108 Uncompleted New Sale JALAN RINDU Terrace Freehold April 28 1,851 2,520,000-1,361 2001 Resale RIVERSAILS Condominium 99 years April 28 506 605,000-1,196 2016 Resale SERANGOON GARDEN ESTATE Detached 999 years April 25 4,187 4,700,000-1,123 1997 Resale SERANGOON GARDEN ESTATE Semi-Detached 999 years April 26 2,164 2,720,000-1,255 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years April 28 2,680 2,550,000-950 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years May 2 2,949 3,700,000-1,255 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years May 2 2,164 2,380,000-1,102 Unknown Resale STARS OF KOVAN Apartment 99 years April 25 743 1,109,720-1,494 Uncompleted New Sale STARS OF KOVAN Apartment 99 years April 27 732 1,100,260-1,503 Uncompleted New Sale STARS OF KOVAN Apartment 99 years April 28 732 1,055,540-1,442 Uncompleted New Sale STARS OF KOVAN Apartment 99 years April 29 743 1,073,000-1,445 Uncompleted New Sale SUN ROSIER Condominium Freehold April 25 2,336 1,925,000-824 1985 Resale THE FLORENTINE Apartment 947 years April 26 947 935,000-987 2011 Resale THE RIVERVALE EC 99 years April 25 1,259 870,000-691 2000 Resale THE TERRACE EC 99 years April 29 1,001 848,000-847 Uncompleted New Sale THE TERRACE EC 99 years April 29 1,076 859,000-798 Uncompleted New Sale THE VALES EC 99 years April 25 764 648,888-849 Uncompleted New Sale THE VALES EC 99 years April 25 753 633,000-840 Uncompleted New Sale THE VALES EC 99 years April 27 904 739,000-817 Uncompleted New Sale THE VALES EC 99 years April 27 1,711 1,290,000-754 Uncompleted New Sale TRILIVE Condominium Freehold April 28 1,163 1,800,000-1,548 Uncompleted New Sale TRILIVE Condominium Freehold April 30 904 1,487,000-1,645 Uncompleted New Sale District 20 FABER GARDEN CONDOMINIUM Condominium Freehold April 28 1,572 1,850,000-1,177 1984 Resale GRANDEUR 8 Condominium 99 years May 2 1,195 1,138,000-952 2005 Resale HORIZON GARDENS Terrace 99 years April 25 2,992 1,733,300-579 2002 Resale JALAN SEMBILANG Terrace Freehold April 28 1,851 2,180,000-1,179 Unknown Resale SHANGRI-LA PARK Semi-Detached Freehold April 26 3,703 3,200,000-865 1988 Resale THE PANORAMA Condominium 99 years April 29 1,561 2,030,000-1,301 Uncompleted New Sale THE PANORAMA Condominium 99 years April 29 1,141 1,407,827-1,234 Uncompleted New Sale THOMSON GRAND Condominium 99 years April 28 1,356 1,638,000-1,208 2015 Resale District 21 CAVENDISH PARK Condominium 99 years April 27 1,227 1,250,000-1,019 1996 Resale CLEMENTI PARK Detached Freehold April 26 7,944 9,500,000-1,195 Unknown Resale GOODLUCK GARDEN Condominium Freehold April 27 1,023 1,150,000-1,125 1984 Resale PARC PALAIS Condominium Freehold May 2 1,335 1,280,000-959 1999 Resale PINE GROVE Condominium 99 years April 26 1,755 1,288,888-735 Unknown Resale PINE GROVE Condominium 99 years May 2 1,755 1,310,000-747 Unknown Resale THE CASCADIA Condominium Freehold April 26 2,207 1,750,000-793 2010 Resale THE CREEK @ BUKIT Condominium Freehold April 25 657 1,119,000-1,704 Uncompleted New Sale THE HILLSIDE Condominium Freehold April 27 1,313 1,420,000-1,081 2001 Resale THE RAINTREE Condominium 99 years April 25 1,270 1,280,000-1,008 2008 Resale District 22 LAKE GRANDE Condominium 99 years April 29 861 1,145,000-1,330 Uncompleted New Sale LAKE GRANDE Condominium 99 years April 29 818 1,069,000-1,307 Uncompleted New Sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE LAKE GRANDE Condominium 99 years April 30 775 1,033,000-1,333 Uncompleted New Sale LAKEVILLE Condominium 99 years April 30 1,281 1,522,988-1,189 2017 New Sale THE LAKEFRONT RESIDENCES Condominium 99 years April 26 2,099 2,100,000-1,000 2014 Resale WESTWOOD RESIDENCES EC 99 years April 27 1,033 785,700-760 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years April 28 1,152 934,500-811 Uncompleted New Sale District 23 ECO SANCTUARY Condominium 99 years April 25 1,292 1,249,480-967 2016 New Sale HAZEL PARK CONDOMINIUM Condominium 999 years April 25 1,335 1,230,000-922 2000 Resale HILLBROOKS Condominium Freehold April 25 700 750,000-1,072 1999 Resale HILLION RESIDENCES Apartment 99 years April 25 463 709,650-1,533 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years April 29 474 714,400-1,508 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years April 29 474 674,250-1,424 Uncompleted New Sale HILLVIEW REGENCY Condominium 99 years April 28 1,130 970,000-858 2005 Resale INZ RESIDENCE EC 99 years April 29 1,109 909,000-820 Uncompleted New Sale KINGSFORD. HILLVIEW PEAK Condominium 99 years April 26 1,378 1,650,000-1,198 2017 Sub Sale MERA WOODS Condominium 999 years April 25 1,001 945,000-944 1999 Resale JALAN GUMILANG Terrace Freehold April 26 2,971 2,360,000-795 Unknown Resale PHOENIX HEIGHTS Apartment 99 years April 26 980 600,000-613 1980 Resale SOL ACRES EC 99 years April 25 926 708,000-765 Uncompleted New Sale SOL ACRES EC 99 years April 25 1,044 785,000-752 Uncompleted New Sale SOL ACRES EC 99 years April 25 926 678,000-732 Uncompleted New Sale SOL ACRES EC 99 years April 26 872 717,000-822 Uncompleted New Sale SOL ACRES EC 99 years April 26 872 714,000-819 Uncompleted New Sale SOL ACRES EC 99 years April 26 926 699,000-755 Uncompleted New Sale SOL ACRES EC 99 years April 27 1,044 818,000-783 Uncompleted New Sale SOL ACRES EC 99 years April 28 570 463,000-812 Uncompleted New Sale SOL ACRES EC 99 years April 28 926 714,000-771 Uncompleted New Sale SOL ACRES EC 99 years April 28 1,044 786,000-753 Uncompleted New Sale SOL ACRES EC 99 years April 28 1,044 773,000-740 Uncompleted New Sale SOL ACRES EC 99 years April 29 872 733,000-841 Uncompleted New Sale SOL ACRES EC 99 years April 29 850 695,000-817 Uncompleted New Sale SOL ACRES EC 99 years April 29 926 723,000-781 Uncompleted New Sale SOL ACRES EC 99 years April 29 732 562,000-768 Uncompleted New Sale SOL ACRES EC 99 years April 29 926 711,000-768 Uncompleted New Sale SOL ACRES EC 99 years April 29 1,044 778,000-745 Uncompleted New Sale SOL ACRES EC 99 years April 29 495 360,000-727 Uncompleted New Sale SOL ACRES EC 99 years April 30 872 715,000-820 Uncompleted New Sale SOL ACRES EC 99 years April 30 926 726,000-784 Uncompleted New Sale SOL ACRES EC 99 years April 30 732 571,000-780 Uncompleted New Sale SOL ACRES EC 99 years April 30 570 445,000-780 Uncompleted New Sale SOL ACRES EC 99 years April 30 926 711,000-768 Uncompleted New Sale SOL ACRES EC 99 years April 30 926 693,000-749 Uncompleted New Sale SOL ACRES EC 99 years April 30 926 690,000-745 Uncompleted New Sale THE DEW EC 99 years April 27 1,206 955,000-792 2003 Resale WANDERVALE EC 99 years April 26 1,098 845,000-770 Uncompleted New Sale WANDERVALE EC 99 years April 29 1,098 845,000-770 Uncompleted New Sale District 25 BELLEWOODS EC 99 years April 25 1,227 1,050,390-856 2017 New Sale BELLEWOODS EC 99 years April 26 1,249 988,020-791 2017 New Sale BELLEWOODS EC 99 years April 27 1,227 949,100-773 2017 New Sale BELLEWOODS EC 99 years April 27 1,249 946,680-758 2017 New Sale BELLEWOODS EC 99 years April 29 1,227 945,460-770 2017 New Sale FORESTVILLE EC 99 years April 29 2,153 1,555,000-722 2016 New Sale LA CASA EC 99 years April 26 980 765,000-781 2008 Resale BEECHWOOD GROVE Detached 99 years April 26 6,135 4,026,000-656 1999 Resale NORTHWAVE EC 99 years April 28 753 587,100-779 Uncompleted New Sale NORTHWAVE EC 99 years April 28 980 713,450-728 Uncompleted New Sale NORTHWAVE EC 99 years April 29 1,098 828,400-755 Uncompleted New Sale NORTHWAVE EC 99 years April 29 1,464 1,075,400-735 Uncompleted New Sale NORTHWAVE EC 99 years April 29 990 713,050-720 Uncompleted New Sale NORTHWAVE EC 99 years April 30 990 738,700-746 Uncompleted New Sale NORTHWAVE EC 99 years April 30 753 558,600-741 Uncompleted New Sale NORTHWAVE EC 99 years April 30 990 713,050-720 Uncompleted New Sale District 26 THE BROOKS I & II Apartment Freehold April 26 603 794,453-1,318 2016 New Sale THE BROOKS I & II Apartment Freehold April 26 818 1,029,044-1,258 2016 New Sale THE BROOKS I & II Apartment Freehold April 28 1,066 1,310,967-1,230 2016 New Sale THE BROOKS I & II Apartment Freehold April 29 818 1,055,220-1,290 2016 New Sale THE CALROSE Condominium Freehold April 27 1,249 1,430,000-1,145 2007 Resale District 27 NORTH PARK RESIDENCES Apartment 99 years April 25 861 1,109,700-1,289 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years April 30 829 1,087,200-1,312 Uncompleted New Sale PARC LIFE EC 99 years April 25 1,001 725,800 723,500 723 Uncompleted New Sale PARC LIFE EC 99 years April 26 1,109 822,700 820,400 740 Uncompleted New Sale PARC LIFE EC 99 years April 27 1,001 749,550 747,250 746 Uncompleted New Sale PARC LIFE EC 99 years April 29 764 596,600 594,300 778 Uncompleted New Sale PARC LIFE EC 99 years April 30 1,066 898,660 896,360 841 Uncompleted New Sale PARC LIFE EC 99 years April 30 764 590,900-773 Uncompleted New Sale PARC LIFE EC 99 years April 30 1,109 842,880 840,580 758 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years April 26 1,098 876,645-798 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years April 27 1,184 892,980-754 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years April 28 775 579,645-748 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years April 29 775 613,305-791 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years April 30 775 593,010-765 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years April 25 893 947,000-1,060 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years April 25 1,023 1,053,000-1,030 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years April 27 689 738,000-1,071 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years April 27 1,023 1,020,000-997 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years April 28 915 932,000-1,019 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years April 29 915 943,000-1,031 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years April 30 797 843,000-1,058 Uncompleted New Sale THE BROWNSTONE EC 99 years April 28 947 769,600-812 Uncompleted New Sale THE BROWNSTONE EC 99 years April 29 958 751,200-784 Uncompleted New Sale THE CRITERION EC 99 years April 26 1,119 894,400-799 Uncompleted New Sale THE CRITERION EC 99 years April 28 786 664,000-845 Uncompleted New Sale THE CRITERION EC 99 years April 29 915 712,800-779 Uncompleted New Sale THE CRITERION EC 99 years April 29 1,195 866,400-725 Uncompleted New Sale THE CRITERION EC 99 years April 30 1,249 1,039,200-832 Uncompleted New Sale THE CRITERION EC 99 years April 30 1,001 795,200-794 Uncompleted New Sale THE CRITERION EC 99 years April 30 1,023 780,800-764 Uncompleted New Sale THE CRITERION EC 99 years April 30 1,195 847,200-709 Uncompleted New Sale THE MILTONIA RESIDENCES Condominium 99 years April 27 517 588,000-1,138 2014 Resale THE SHAUGHNESSY Terrace 99 years April 27 3,305 1,600,000-484 2006 Resale THE VISIONAIRE EC 99 years April 25 980 796,000-813 Uncompleted New Sale THE VISIONAIRE EC 99 years April 25 1,141 894,000-784 Uncompleted New Sale THE VISIONAIRE EC 99 years April 25 1,292 984,555-762 Uncompleted New Sale THE VISIONAIRE EC 99 years April 26 1,206 863,000-716 Uncompleted New Sale THE VISIONAIRE EC 99 years April 27 1,141 937,000-821 Uncompleted New Sale THE VISIONAIRE EC 99 years April 28 1,141 954,000-836 Uncompleted New Sale THE VISIONAIRE EC 99 years April 28 1,313 1,056,330-804 Uncompleted New Sale THE VISIONAIRE EC 99 years April 28 1,281 1,004,000-784 Uncompleted New Sale THE VISIONAIRE EC 99 years April 29 1,152 964,000-837 Uncompleted New Sale THE VISIONAIRE EC 99 years April 30 980 809,000-826 Uncompleted New Sale THE VISIONAIRE EC 99 years April 30 1,453 1,134,000-780 Uncompleted New Sale THE VISIONAIRE EC 99 years April 30 1,012 767,000-758 Uncompleted New Sale THE WISTERIA Apartment 99 years April 25 969 1,058,712-1,093 Uncompleted New Sale THE WISTERIA Apartment 99 years April 25 969 1,026,345-1,059 Uncompleted New Sale THE WISTERIA Apartment 99 years April 29 969 1,059,900-1,094 Uncompleted New Sale District 28 MIMOSA PARK Condominium Freehold April 28 1,894 1,560,000-823 1979 Resale RIVERBANK @ FERNVALE Condominium 99 years April 26 1,012 1,018,000-1,006 2017 New Sale SELETAR HILLS ESTATE Semi-Detached 999 years April 26 3,154 3,600,000-1,143 Unknown Resale DISCLAIMER: Source: URA Realis. Updated May 9, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium * Not all the 125 caveats lodged for ARTRA are reflected in the table

THEEDGE SINGAPORE MAY 15, 2017 EP15 LEARNING WITH WINE Valuable tips on real estate investing On April 26, The Edge Property collaborated with Country Garden to hold the Learning with Wine event at the latter s Singapore sales office. Functioning as a knowledge-transfer platform, the event facilitated the sharing of valuable tips by real estate professionals. Lydia Liew, a business development director from Accountancy Hub, gave a presentation on Tax Filing for Sole Proprietor ; Terence Tan, an advocate and solicitor from Alpha Law LLC, elaborated on Legal Issues in Buying Foreign Property. A tasting of rosé wines with Catherine Chevalier from The French Cellar rounded off the evening. E Country Garden hosted the event at its Singapore sales gallery Alpha Law LLC s Tan giving a presentation on Tax Issues in Buying Foreign Properties Jia Ling, marketing consultant for Forest City, educating guests on the project Exploring rosé wines with The French Cellar s Chevalier Accountancy Hub s Liew talking about Tax Filing for Sole Proprietor The crowd at the Country Garden Singapore sales gallery Chevalier sharing pointers with guests at the wine-tasting session

EP16 THEEDGE SINGAPORE MAY 15, 2017 DEAL WATCH Unit at Pavilion 11 up for sale at $1,390 psf A 1,475 sq ft unit at Pavilion 11 is on the market for $2.05 million ($1,390 psf) SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY TAN CHEE YUEN When the freehold Pavilion 11 was launched a decade ago, all 180 units in the condominium were fully sold in less than two months. Developed by UOL Group, the project is located in a quiet enclave at the corner of Akyab and Mimbu Roads, off Balestier Road. In the vicinity are a mix of old and new private apartments and condos. There have been few transactions in the area, as it comprises a mix of owner-occupiers and longterm investors. For instance, just across the road from Pavilion 11 is the 22-unit apartment block, D Ixoras, completed in 2011. The last transaction at D Ixoras was in 2013, when a 980 sq ft, three-bedroom unit changed hands Recent rental contracts for 1,400 to 1,500 sq ft units at Pavilion 11 LEASE DATE MONTHLY RENT $ $ PSF March 2017 5,000 3.40 March 2017 6,200 4.30 March 2017 4,650 3.20 March 2017 4,700 3.20 March 2017 4,300 3.00 March 2017 4,200 2.90 TABLES: URA, THE EDGE PROPERTY Recent transactions at Pavilion 11 for $1.48 million ($1,511 psf), according to a caveat lodged with URA Realis. Meanwhile, at Kheng Leong Group s 100- unit The Ansley, the last transaction was in July 2016, when a 1,098 sq ft, two-bedroom unit was sold for $1.35 million ($1,230 psf). Located opposite Pavilion 11 are two older condos: Mandalay Towers and Mandalay Mansion. The last time a unit changed hands at Mandalay Mansion was in June 2016, when a 2,088 sq ft, four-bedroom unit fetched $2.08 million ($996 psf). Meanwhile, the 56-unit Mandalay Towers was completed in 1974. Most recently, a 2,508 sq ft, four-bedroom unit was sold in March for $2.3 million ($917 psf). This is the third time the fifth-floor unit has changed hands. The last transaction was in June 2007, when it fetched $1.67 million ($666 psf). Prior to that, the unit was sold for $1.22 million ($486 psf) in February 1996. At Pavilion 11, the last transaction was in November 2016, when a 958 sq ft, two-bedroom unit on the 20th floor of the 33-storey tower was sold for $1.55 million ($1,618 psf). Now, a 1,475 sq ft, three-bedroom unit at Pavilion 11 is on the market for $2.05 million ($1,390 psf). The three-bedroom unit is currently vacant, says PropNex Realty s Richard Wong, who is marketing the property on the TheEdgeProperty.com. The main attraction of Pavilion 11 is that it is developed by a reputable developer, UOL Group. In addition, it is near Ren Ci Nursing Home and Health City Novena, and is a five-minute drive to the shopping malls in the Novena area such as Velocity, Square Two and United Square, says Wong. Three-bedroom units at Pavilion 11 that were leased out in March fetched rental rates of $4,200 to $6,200 a month. Based on the $2.05 million asking price of the three-bedroom unit that is currently on the market, the gross rental yield translates into 3.6%. Visit tinyurl.com/dealwatch-s779 for more information. E CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) Nov 17, 2016 958 1.55 1,618 July 26, 2016 4,219 4.50 1,066 Nov 20, 2015 958 1.60 1,673 Oct 23, 2015 1,485 2.03 1,367 Sept 1, 2015 1,485 2.20 1,481