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EPJ2 THEEDGE SINGAPORE NOVEMBER 14, 2016

A PULLOUT WITH MCI (P) 043/03/2016 PPS 1519/09/2012 (022805) MAKE BETTER DECISIONS Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF NOVEMBER 14, 2016 ISSUE 754 Market News IOI Properties bids $2.6 bil for Central Boulevard site EP4 Property Picks Landed homes for under $2 mil EP8&9 Gains & Losses Unit at Orange Grove Residences incurs $1.8 mil loss EP11 Done Deals Commonwealth Towers, Principal Garden benefit from Queens Peak launch EP12&13 Collective sales sputtering back to life The collective sales of Shunfu Ville and Raintree Gardens have prompted owners of some privatised HUDC estates and freehold prime condos to attempt the same. See our Cover Story on Pages 6 and 7. One Tree Hill Gardens is also exploring a collective sale

EP2 THEEDGE SINGAPORE NOVEMBER 14, 2016 PROPERTY BRIEFS EDITORIAL EDITOR Ben Paul THE EDGE PROPERTY SECTION EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY SECTION EDITOR Michael Lim SENIOR ANALYST Esther Hoon, Lin Zhiqin ANALYST Tan Chee Yuen SANSIRI BLOOMBERG COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Rahayu Mohamad DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGERS Priscilla Wong, James Chua THE EDGE SINGAPORE ADVERTISING + MARKETING ADVERTISING SALES CHIEF MARKETING OFFICER Cecilia Kay SENIOR MANAGER Windy Tan MANAGER Elaine Tan EVENTS SENIOR MANAGER Sivam Kumar MARKETING EXECUTIVES Tim Jacobs, Sam Ridzam COORDINATOR Nor Aisah Bte Asmain CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The ASSISTANT MANAGER Sandrine Gerber EXECUTIVES Malliga Muthusamy, Ashikin Kader Sansiri announces global launch of The Line Sukhumvit 101 Thai-listed developer Sansiri has announced the global launch of The Line Sukhumvit 101 (above, left) in six Asian cities: Singapore, Kuala Lumpur, Hong Kong, Shanghai, Taipei and Bangkok. Overseas presale events will be available in Singapore and Taipei on Nov 19; and in Hong Kong and Shanghai on Nov 19 and 20. FCAMCL Located on Sukhumvit Road, The Line Sukhumvit 101 is a five-minute walk to BTS Punnawithi station. The 37-storey residential building comprises 778 units ranging from one-bedroom units sized from 288 sq ft to two-bedroom duplexes sized from 681 sq ft. The price starts from $147,156 (THB3.7 million). The $166 million project is scheduled for completion in January 2020. The Line Sukhumvit 101 is jointly developed by Sansiri and BTS Group. The Singapore leg of the exhibition will be held at the Mandarin Oriental. Frasers Centrepoint Asset Management Commercial announces succession plan Frasers Centrepoint Asset Management Commercial Ltd (FCAMCL), manager of Frasers Commercial Trust, has announced that Low Chee Wah will step down as CEO of FCAMCL with effect from Dec 31. Jack Lam (left) has been appointed CEO-designate with immediate effect. Lam will assume the CEO role on Jan 1, 2017. Low will relinquish his current role to assume wider responsibilities at Frasers Centrepoint Ltd (FCL), parent company of FCAMCL, and will remain on the board of FCAMCL as a non-executive and non-independent director. Lam has more than 20 years experience in the real estate industry including investment, asset management, advisory and research. He also has experience in real estate investment trust management since 2002. He joined FCL Group in 2006 and has held several senior management and leadership roles prior to this appointment. Since July 2011, he was general manager (investment and business development) in the commercial and Greater China division of FCL. Investment activity in 3Q2016 driven largely by portfolio transactions, says RCA Investment activity in 3Q2016 was driven largely by several portfolio transactions in China and Japan, according to Real Capital Analytics latest report. Completed sales of properties in Asia-Pacific, excluding development sites, amounted to US$30.4 billion ($42.3 billion) in 3Q2016, down 1.1% y-o-y. Portfolio deals collectively accounted for 43% of overall volume in the region. The largest portfolio deal was Citic Group s US$4.7 billion residential assets sale to China Overseas. China outperformed the rest of the region with US$10 billion in direct real estate transactions in 3Q2016, up 28% y-o-y. Thus, China has overtaken Australia to become the second most active Asia-Pacific market, with one-fifth of the overall year-to-date volume in the region. In Singapore, overall sales volume grew 54% y-o-y, driven mainly by investments in the office sector notably, the sale of a stake in Capital Square by Keppel Land to ARA Asset Management. Property yields in Asia-Pacific remained largely stable over the quarter. However, Australia saw a 20-basis-point decline in 12-month average yield in 3Q2016 to reach its historic 2007 low. Compiled by Tan Chee Yuen E CORPORATE CHIEF EXECUTIVE OFFICER Ben Paul DIRECTOR Anne Tong CORPORATE AFFAIRS DIRECTOR Ng Say Guan PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 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 We welcome your comments and criticism: propertyeditor.sg@ bizedge.com W. ATELIER Level One, 75 Bukit Timah Road T +65 6270 8828 watelier.com/lightyears-sale Receivers offer London luxury-home project for sale Pseudonyms are allowed but please state your full name, address and contact number for us to verify. BY JACK SIDDERS & NEIL CALLANAN Ireland s National Asset Management Agency (NAMA) has appointed receivers to a company that owns a luxury-home project in London s St John s Wood district after the development stalled under its current management. Over the last two to three years, attempts have been made to move forward with developing the site and have reached various stages, only to fall at the final hurdle, David Oprey, one of the two administrators, said by email on Nov 8. Our appointments have come as a result of the asset managers decision to take a new approach. The site, which has approval for about 80 luxury homes with a rooftop swimming pool and views over Lord s cricket ground, is held by companies linked to developer Marcus Cooper. Oprey and Richard Toone of CVR Global were appointed as fixed-charge receivers to the companies that own the site. Under that arrangement, lenders can quickly secure control of an asset, according to the industry s lobby group. A spokesman for NAMA, the lender for the land, declined to comment. Cooper, who owns properties on some of the UK s most expensive streets, did not reply to emails and calls to his office seeking comment. Land values in London s best districts fell 6.9% in the third quarter, the biggest decline in at least five years, according to broker Knight Frank. Higher taxes and concerns about the UK s vote to leave the European Union have dampened demand for luxury homes in the UK capital. The project was previously offered for sale through Jones Lang LaSalle, according to a brochure on the broker s website. The completed development would include affordable homes as well as the luxury properties. The site is very well known and situated in a prestigious location and, as such, has great potential, Oprey said in the email. We re in discussions with existing agents about our sales strategy, moving forward, and we are expecting strong interest in the development. Cooper, 50, is a low-profile London luxury-home developer. He bought seven houses overlooking Regent s Park in 2007 from the Crown Estate for 23.7 million ($41 million), according to the Daily Mail. He later sold the homes to competitor Christian Candy. Cooper sold Marco Polo House, a site in southwest London, to Berkeley Group Holdings in 2013 for more than 100 million, having bought it for 63 million in 2006, according to Property Week. NAMA was set up in 2009 to take on 74 billion ($114.1 billion) in commercial real estate loans held by Ireland s banks and sell them over as many as 10 years. The agency held loans valued at 7.8 billion at the end of last year, according to its annual report. Bloomberg LP E

THEEDGE SINGAPORE NOVEMBER 14, 2016 EP3 Help Home Finders Make Better Decisions Hume Park I The Quartz The Floravale Rating: Rating: Rating: Quiet surrounding especially those unit not close to road. In the Bukit Batok and Bukit Timah. The neighbors here are generally helpful and warm. The present MC morning and at night can be very members are also very proactive cooling. It is nestled in between in organizing events to bring neighbors together. Most recent is the Halloween event for children. Submit a review & get access to: Though the project is 15 years old it's quite well maintained. Reasonable and livable size, logical layout seldom found in new projects. * Actual resident reviews Reviews by other residents Indicative Valuation Report Floor Plan Start Review bit.ly/condoreview

EP4 THEEDGE SINGAPORE NOVEMBER 14, 2016 MARKET NEWS IOI Properties bids $2.6 bil for Central Boulevard site BY FEILY SOFIAN Malaysia s IOI Properties Group has emerged as the top bidder for a white site at Central Boulevard in Marina Bay. The group put in a bid of $2.57 billion, or $1,689 per sq ft per plot ratio, a whopping 16% higher than the next highest bid by Mapletree Investments, at $2.21 billion, or $1,451 psf ppr. A total of seven developers contested for the site. Nanshan Group, which was tipped to have triggered the site, came in third with an offer of $2.19 billion, or $1,438 psf ppr. The median bid for the Central Boulevard site stood at $2.13 billion, or $1,398 psf ppr, and came from Hongkong Land and Cheung Kong Property Holdings partnership. All consultants attribute the strong bids to a long-term confidence in Singapore s office market, underpinned by the country s solid fundamentals. The site has a maximum gross floor area of 1.52 million sq ft, of which at least 1.08 million sq ft must be set aside for office. Retail use, which includes shops and restaurants, is capped at 53,820 sq ft. The remaining GFA can be used for more office space, hotel, serviced apartments and/or residential. Still, IOI s bullish bid means it is pricing the commercial component at Seven developers contested for the site with a median bid of $1,398 psf ppr a significant premium to Asia Square Tower 1, located next door. In June, sovereign wealth fund Qatar Investment Authority acquired Asia Square Tower 1 from BlackRock for $3.4 billion, or $2,668 psf on net lettable area. The site itself had fetched $1,409 psf ppr in a state tender in 2007. Alan Cheong, head of research at Savills Singapore, says, For this kind of mixed development, it is better to use the discounted cash flow method to analyse the site. At $1,689 psf ppr, the weighted cost of capital used to derive the net present value of the office component is about 4%, assuming the long-term rental growth for prime offices is imputed at just under 2% per annum from the current $10 psf per month. Cheong says a 4% discount rate is still decent because the consensus view is that interest rates, which may be tweaked up slightly, are expected to stay benign for the foreseeable future. Tay Huey Ying, head of research at JLL Singapore, offers another perspective. The bid price reflects the highest bidder s confidence that prime office rents in the Marina Bay area will recover to the 1Q2015 peak of $12.90 psf per month or higher by 2021, she says. Tay also points out that the desire to develop a trophy commercial building in Singapore s new downtown, amid the expectation of intense competition, means the tenderers have to outbid competitors by submitting an aggressive price. Christine Li, director of research at Cushman & Wakefield, notes that developers could be encouraged by the recent pre-commitment rates for SAMUEL ISAAC CHUA/THE EDGE SINGAPORE new projects such as Guoco Tower and Marina One. Separately, a developer might not be worse off if it decides to include a residential component in the development. Desmond Sim, CBRE s head of research for Singapore and Southeast Asia, says it is also possible that the top bidder has explored other uses, including selling residential units that might help improve their cash flows. In addition, the saleable area for residential is usually higher than the leasable area for offices. Nearby, Marina One Residences fetched $2,308 psf on average this year. Meanwhile, Marina Bay Residences commanded an average price of $2,996 psf at the peak of the market in 2013. However, Additional Buyer s Stamp Duty on land will be applicable if the developer fails to sell all the residential units by the stipulated deadline. Other tenderers for the site include the CapitaLand and Great Eagle Group tie-up, and Yanlord Commercial Property Investments. A consortium comprising OUE, Guangzhou R&F Properties Co and Tang City Properties put in the lowest bid of $1.91 billion, or $1,256 psf ppr. E This article first appeared on TheEdge- Property.com. Singapore 77 Bencoolen St Kuala Lumpur Level 3 The Intermark Jalan Tun Razak Sydney, Melbourne, Brisbane spacefurniture.asia Instagram @spacefurnitureasia OFFSHORE Hong Kong flats sell for record price, defying latest home curbs BY JILL MAO Wheelock Properties sold adjoining luxury flats in Hong Kong s exclusive Peak neighbourhood for a record price, days after the government rolled out curbs to cool the property market. The 8,702-sq-ft adjoining flats in the Mount Nicholson project were sold for HK$912 million ($117.6 million), with the price psf exceeding the previous record at the project by 23%, according to the company. The buyers also purchased another unit at the Mount Nicholson project for HK$312 million, says the developer. The deal came just three days after Hong Kong s leaders moved to damp Hong Kong s resurgent property market, where prices have climbed after a six-month dip. The government on Nov 4 announced plans to raise the stamp duty to 15% for all residential purchases except for first-time buyers who are permanent residents. Investors who are permanent residents now have to pay a 15% stamp duty on home purchases, while non-residents need to pay 30%. The Mount Nicholson project is a joint venture between Wharf Holdings and Nan Fung Group, and developed by Wheelock Properties. The developers recently sold another pair of adjoining flats in the project for HK$749 million, or an average price of HK$85,000 psf. Bloomberg LP E The 8,702-sq-ft adjoining flats in the Mount Nicholson project were sold for HK$912 million ($117.6 million), with the price psf exceeding the previous record at the project by 23%, according to Wheelock BLOOMBERG

THEEDGE SINGAPORE NOVEMBER 14, 2016 EP5 PROPERTY TAKE How developers can continue to whet homebuyers appetite Developers have to contend with many challenges in the local residential market as a number of factors have combined to create a most unprofit able situation of modest demand and oversupply. The antispeculative measures put in place by the authorities to prevent runaway asset inflation caused by cheap and abundant liquidity is continuing to dampen purchasing interest. As a consequence, property prices are starting to slide and unsold inventory to build up. Developers will need to behave and think like modern-age technological entrepreneurs and develop solutions to drive property buyers imagination and aspirations. Bringing social-club amenities to the residential domain is no longer a value-add feature but a minimum requirement for any private condominium buyer. Given the competitive landscape, developers will have to differentiate themselves by creating communities with unique identities. In the early days, having a country club or social club was an aspiration for many. Bringing the clubhouse to the doorstep was a great thing in the past and developers have started to churn out very similar products, albeit in different locations and under different names. With increasing land prices, BY BENEDICT LIM developers are minting private condos with smaller living spaces to ensure an equilibrium price for healthy takeup. Have developers given consumers less for more, or really more for less? It is time to rethink. The millennials of today are idealists. Providing bricks-and- mortar units alone is no longer enough to capture their imagination and push up housing demand. What they are looking for is a community and activi ties not available online. Developers must think hard about the existing property management approach and adopt a more club manage ment approach. They need to remain engaged in the development and not walk away from the project after the 12-month defect liability period has expired. For example, bringing in international or recognised commercial brand operators to handle professional maintenance of equipment or ser- An alternative to a live-in foreign domestic helper would be serviced-residence support, such as house-cleaning and laundry services, provided by the private condo vices, especially for gymnasiums and other facilities, is a way of providing a certain level of service. If the operator takes charge of an entire chain of gymnasiums in the developer s residential portfolio, it will be very attractive if home owners in these projects can access the facili ties that it manages and operates in town and locations near their workplace. Besides millennials, developers should also consider the needs of Gen-X clients. Many of them have growing or grown-up children. The priority of many in this group are their careers and families. As most are dual-income families, the majority have live-in domestic help. An alternative to a live-in foreign domestic helper would be serviced-residence support, such as house-cleaning and laundry services, provided by the private condo. The other is the phenomenon of online shopping. However, the inconvenience of that is having someone at home to receive the delivery. Condo developments can provide a service to receive goods on behalf of residents and either deliver them to their doorstep or have the residents pick them up from a service SAMUEL ISAAC CHUA/THE EDGE SINGAPORE desk. This is a convenience many would want. Value-add activities such as enrichment classes for the young, practice examinations for students, mahjong sessions for the old, outings to unique destinations, yoga or Zumba classes and other activities to engage residents participation will do much towards creating a sense of community. Sense of place and pride of ownership will continue to drive homebuyers imagination. Developers should stay connected and not just leave the project in the hands of the Management Corporation Strata Title to sustain the initial aspiration of quality environment and care. While the underlying business is still bricks and mortar, it has to evolve to include software by providing the services and amenities to meet the lifestyle needs of Gen X and millennials in the same development. This will provide developers with a point of difference in their products, enhance their brand and perhaps create a new revenue opportunity. But what is clear is that buying land to develop and sell will no longer be enough to ensure success. E Benedict Lim is a partner and principal with EY, as well as the Asean Real Estate leader and managing director for EY Corporate Finance OFFSHORE Leonardo DiCaprio s private island resort takes new direction BY CHADNER NAVARRO Leonardo DiCaprio s much-ballyhooed Blackadore Caye Resort off the Atlantic coast of Belize is finally taking shape. Renderings were unveiled on Nov 4 for what the living structures will look like once the property is fully completed (projected for late 2018). Lead design architect Jean-Michel Gathy, known for his work with Aman and One&Only, drew inspiration from Belize s ancient Mayan ruins, with minimalist designs that subtly nod to Central American pyramids while remaining resolutely modern thatched roofs over plenty of natural materials such as wood and marble. There will be 36 residential estate homes and 36 bookable bungalows spread over the island s 104 acres. Paul Scialla, a partner at Blackadore Develop ment Group, says the goal is to create a development true to the history of the area. Sustainability and environmental integrity will continue to remain top priorities during construction, which will start early next year, he says. From a materials standpoint, our plan is to source as much local materials as possible that support the local economy and minimise emissions. To that end, the trendy overwater bungalows have been scrapped a major selling point in the initial furore when news broke last year of the Oscar winner s intent to turn his private paradise into a hotel. The development team spent six months gathering feedback from local stakeholders and citizens about the project ahead of the building timeline, says Scialla, leading to that significant change, among others. Sustainability is still the word of the day on Blackadore Caye. Inside the homes and bungalows, eco-tech and design features are being deployed with an eye towards improving the quality of the air, water and light to promote, if you buy into the resort s PR spin, better nutrition, mental acuity. For instance, rooms will have circadian lighting, which modulates the colour/ wavelengths of light throughout the day to help with your natural sleep and wake cycles (blue in the morning and warmer tones in the Lead design architect Gathy drew inspiration from Belize s ancient Mayan ruins, with minimalist designs while remaining resolutely modern evening, like Apple s Night Shift function for your living room). Plus, a no-fossil-fuel and no-chemical policy is planned for the resort; everything used to furnish these spaces will also be vetted so that any lingering toxins can be removed. Outside, solar panels will be installed to generate as much renewable energy as possible, DENNISTON INTERNATIONAL ARCHITECTS & PLANNERS and there will also be an on-site treatment facility for waste and rainwater. All this helps lower the environmental impact of building a multi-use resort on an island already suffering from deforestation, overfishing and an eroding coastline. In line with DiCaprio s well-known environmental advocacy and this is his own private island, after all Blackadore Development Group plans to enlist ecologists, marine biologists and zoologists to address those problems and oversee the Caye s rehabilitation such as planting native flora, and creating additional armature for reef and fish breeding. Once operational, the resort is expecting to create 400 permanent jobs, from hotel staff to workers for surrounding organic farms. Scialla says the group is projecting that the resort will create revenue of roughly 400 million Belize dollars ($277 million) over the next 20 years. No word yet on parcel prices or per-night room rates. Bloomberg LP E

EP6 THEEDGE SINGAPORE NOVEMBER 14, 2016 COVER STORY Collective sales sputtering back to life With the recent sale of Shunfu Ville and Raintree Gardens, more owners of ageing privatised HUDC estates are hopeful about doing the same. Even owners of older freehold prime condos are reviving their attempts. BY CECILIA CHOW After a two-year drought with zero sales in 2014 and the lone en bloc deal of Thong Sia Building last year, the recent three deals topping $1 billion foreshadow an awakening of the collective sale market. Based on a three-year snapshot, naturally $1 billion sounds like a lot, says Karamjit Singh, JLL s international director and head of residential. But when compared with the preceding four years from 2010 to 2013 during which collective sales averaged $1.9 billion a year, it s still low. (See chart.) Singh attributes the recent collective sale deals to a confluence of factors: developers outlook having turned more positive as projects launched recently have sold reasonably well; inventory of unsold units has been reduced, spurring developers need to replenish their land bank; and reduced supply of development land available under the government land sales (GLS) programme since 2H2015, prompting developers to turn to collective sale sites as an alternative. JLL brokered the sale of Thong Sia Building for $380 million in July last year; it marked the largest collective sale of a mixed-use development to date. The project is located just off prime Orchard Road, opposite Paragon shopping centre. This year, JLL brokered two of the three collective sale deals: The 358-unit Shunfu Ville sold to mainland Chinese developer Qingjian Realty for $638 million in May, and the 175-unit Raintree Gardens at Potong Pasir sold to a joint venture (JV) between Singapore-listed developers UOL Group and sister company United Industrial Corp for $334.2 million in October. The third sale this year was Harbour View Gardens in Pasir Panjang, a freehold 14-unit apartment block purchased by Singapore-listed property group Roxy-Pacific Holdings for $33.25 million at end-august. These successful deals have spurred owners of other ageing private condominiums to revisit the collective sale route. Many owners are asking if this is a good time to embark on a collective sale process, says Singh. Owners sitting on a goldmine? Other property consultants have also been receiving similar calls. These are mainly from hopeful owners wondering if the boom times have returned, and whether they are sitting on a goldmine, says Jeremy Lake, CBRE executive director of investment properties. The enquires straddle all segments privatised HUDC estates, older leasehold private condos, and some of the old private freehold projects that may have been unsuccessful in the past and are now looking to revive the collective sale process, Lake adds. Even lawyers have been besieged by phone calls. After representing the buyers in the collective sale of Shunfu Ville and Raintree Gardens, Lee Liat Yeang, senior partner of real estate practice group at Dentons Rodyk & Davidson, says he has received many enquiries from de- Eunosville, a 330-unit privatised HUDC, is making another collective sale attempt velopers. Most of their concerns revolve around the issue of lease top-up and the likelihood of obtaining approval at the High Court or Strata Titles Board (STB) stage, Lee observes. Shunfu Ville, a privatised HUDC estate, has 69 years left on its lease. Therefore, part of the purchase price of $638 million includes a differential premium payable to the state to top up the lease for another 99 years and intensify the land use. Based on the site s land area of 408,927 sq ft and gross plot ratio of 2.8, the new development can potentially yield over 1,100 units of an average size of 1,000 sq ft. JLL has estimated a breakeven price of $1,250 psf, with selling prices in the range of $1,400 to $1,500 psf. Qingjian had hoped to build towers of 30 to 36 storeys, but was told by URA to stick to the height limit of 21 to 23 storeys for the new project, according to news reports last month. This means the residential blocks will be lower and stouter. That could affect the premium it could otherwise command for high floor units with unblocked views, property observers say. The 286-unit Rio Casa at Hougang Avenue 7 is attempting its first collective sale Obstacles part of collective sale process Although 82% of the owners at Shunfu Ville had agreed to the collective sale, there were five who raised objections. After two mediation sessions failed, the STB issued a stop order to the collective sales committee, which has since applied to the High Court to seek approval for the sale. Shunfu Ville marks Qingjian Realty s first en bloc purchase after eight years as a developer in Singapore. We will await the final outcome of the [en bloc] purchase, says Li Jun, managing director of Qingjian Realty (South Pacific) Group in response to email queries from The Edge Singapore. We will definitely want to maximise the plot ratio, within the scope of the URA guidelines, when it is time to embark on the design. Whatever the outcome, Qingjian Realty remains committed to building homes that are relevant to, and complement, the lifestyles of PICTURES: ALBERT CHUA/THE EDGE SINGAPORE

THEEDGE SINGAPORE NOVEMBER 14, 2016 EP7 COVER STORY SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Dunearn Court, a 12-unit freehold condominium block, is looking at a collective sale The 13-unit low-rise One Tree Hill Gardens is another collective-sale-hopeful our homeowners, says Li. At $638 million, each of the 358 owners at Shunfu Ville will walk away with an average of $1.782 million which is almost 50% higher than the price an individual unit could command in the resale market, says JLL. And this is despite the fact that the sale price is below the reserve price of $688 million. For Raintree Gardens, the sale price of $334.2 million reflects a land cost of $797 psf per plot ratio on the potential gross floor area, inclusive of a differential premium payable to the state to top up the lease and for a redevelopment of the site to a gross plot ratio of 2.8. Raintree Gardens is also a privatised HUDC estate, with 70 years left on its existing lease. If the sale is successful, each apartment owner at Raintree Gardens will get an average of $1.9 million. The sale is subject to several conditions, including an order of sale by the STB or High Court. Minority owner objections throw spanner in the works For bigger developments, [there is] the probability of some owners filing objections. That s the nature of collective sales, says JLL s Singh. However, there is also a clear legal path that both the majority and minority owners can take to resolve issues. The objections which can be raised by minority owners are also clearly defined. One is if they can prove that the entire collective sale process was not entered into in good faith, and that could include the sale price, method of apportionment, how decisions were made, the conduct of the sales committee, disclosures and conflicts of interest, explains Singh. A second valid objection is if an owner suffers a financial loss. However, in most collective sales, even an owner who purchased a unit recently and is subject to the Seller s Stamp Duty will still register a gain, says JLL s Singh. A third objection could be if minority owners are forced into some kind of joint development arrangement with a developer, which rarely happens in a collective sale, he adds. What has also changed in recent years is the role of the STB, which has been reduced to that of a mediator. When mediation is unsuccessful, the collective sales committee will seek approval from the High Court. At this stage, both parties will have to engage legal counsel to represent them. They need to be very clear and certain that this is the course they want to pursue because of the legal costs, which the owners will have to pay, says Singh. Risk factors The usual time frame for the completion of a collective sale is nine to 12 months. However, a protracted completion period increases the risk for developers as they fear the market could turn against them, says Suzie Mok, Savills Singapore s senior director of investment sales. Therefore, most developers prefer the straightforward route of buying a 99- year leasehold government land site, she adds. Developers are also mindful of the 15% Additional Buyer s Stamp Duty (ABSD) that they will incur if they are unable to develop and sell all the units in a project by the end of the five-year remission period. The ABSD was raised to 15% in 2013 from 10% in 2011 and applies to sites purchased from then onwards. The ABSD is punitive as it is based on the land cost and will eat into developers profit margins, says Mok. In the current market uncertainty, developers also prefer a faster turnaround time, and not be saddled with unsold units. Smaller plots therefore appeal to them, especially those below $300 million, she notes. Sandra Ho, deputy head of real estate at RHTLaw Taylor Wessing, agrees. These smaller sites will be more popular, especially those that are in good locations. Costs will also be more manageable and the projects more saleable, she says. Privatised HUDC estates collective sale hopefuls Savills Mok reckons Shunfu Ville and Raintree Gardens are attractive to developers given their location relative to available residential sites on the GLS programme. For instance, Shunfu Ville is located in the popular Bishan/Thomson area and just a short walk from the Marymount MRT station on the Circle Line. Raintree Gardens fronts the Kallang River. Shunfu Ville is the biggest collective sale of a privatised HUDC estate since the sale of the 618-unit Farrer Court nine years ago, for a record-breaking $1.34 billion. The latter has since been redeveloped into the 1,715-unit d Leedon by a CapitaLand-led consortium. Since 2006, only five of the 18 privatised HUDC estates have been successfully sold en bloc, according to JLL. Apart from Farrer Court, Successful collective sales (2010 to 2016 YTD) Value the other four were Gillman Heights (for $548 million), Waterfront View ($385 million), Minton Rise ($342 million) and Amberville ($183 million). All five were sold during the last collective sale boom in 2006 to 2007. However, there is no shortage of collective sale hopefuls among privatised HUDC estates. Owners at the 330-unit Eunosville near the Eunos MRT station are said to be considering reviving the collective sale process. The collective sale committee at the 560-unit Tampines Court located on Tampines Street 11 is also said to be drafting a sale agreement. Both had attempted collective sales twice. Attempting a collective sale for the first time is Rio Casa, the privatised HUDC estate with 286 units located on Hougang Avenue 7. The sales committee of the 30-year-old project has appointed Knight Frank as the marketing agent. Freehold sites in prime districts In prime District 9, Cairnhill Mansions is considering another collective sale attempt. The 61-unit freehold condo block located on Cairnhill Road was built 53 years ago. It had made four collective sale attempts, the latest in 2014. Another is the 12-unit Villa D Este on Dalvey Road, located within the Good Class Bungalow estate of White House Park in prime District 10. The freehold site has an area of 55,480 sq ft and a gross floor area of 49,071 sq ft. The last time Villa D Este attempted a collective sale was in 2010. CBRE is once again the appointed marketing agent for both Villa D Este and Cairnhill Mansions. On its first attempt at a collective sale is the 12-unit Dunearn Court, a freehold apartment block on Dunearn Road in prime District 11. Developed by Lian Hup, the property was completed in 1993. One Tree Hill Gardens, a low-rise project with just 13 units, will also be attempting its maiden collective sale. The three-storey low-rise freehold development was completed in 1988 and is located on One Tree Hill, just off Grange ($ mil) Volume ($ mil) No of deals 3,500 3,214.58 60 3,000 50 2,500 51 36 40 2,000 1,766.25 30 1,500 1,425.70 1,216.01 25 1,005.25 20 1,000 16 500 0.00 380.00 10 0 1 3 0 0 2010 2011 2012 2013 2014 2015 2016 No of deals JLL RESEARCH Road in prime District 10. Knight Frank is the appointed marketing agent for both Dunearn Court and One Tree Hill Gardens. While some developers may have sufficient inventory in the prime districts, others may not have any, especially new developers from mainland China and Hong Kong, says CBRE s Lake. We anticipate there will still be developers willing to pay good prices for prime land, he reckons. Interest level from Hong Kong and mainland Chinese developers are at an all-time high. The heightened interest in Singapore property could be owing to a number of factors, including more punitive property cooling measures introduced in Hong Kong effective from Nov 5, and in major cities in China such as Guangzhou and Shenzhen last month. Lake points to the recent close of the tender for the Central Boulevard white site. Participants include Hong Kong property giants, Cheung Kong Property Holdings and Hongkong Land in a JV and Great Eagle Group in a JV with Singapore s CapitaLand. Tang City Properties which originated from Hong Kong, and mainland Chinese developer Guangzhou R&F Properties participated in partnership with OUE. Besides Guangzhou R&F Properties, other mainland Chinese developers who participated in the tender include Nanshan Group, which triggered the launch of the site in August and Yanlord Land. In December 2012, Hong Kong s Swire Properties bought all 12 units in the four-storey Hampton Court at Draycott Park in Singapore. The purchase price of $155 million translated to $2,526 psf ppr, inclusive of an estimated development charge of $22.3 million. In terms of land price, it is just $1 psf ppr higher than the $2,525 psf that Malaysian group YTL paid for Westwood Apartments (now the upcoming 77-unit 3-Orchard-by-the-Park) in November 2007. Lake, who brokered the sale of Hampton Court, sees returning interest in such freehold sites in the prime districts. No collective sale boom just yet Quite a number of sites are concurrently kick-starting the collective sale process, says Ian Loh, head of investment and capital markets at Knight Frank. But realistically, the challenge for developers will still be the absolute price, he adds. While sentiments among owners has certainly received a boost, Loh does not foresee another collective sale boom in the making as the global economy remains relatively weak. He projects collective sale deals in the next year or two to be around $1 billion to $1.5 billion. Ho of RHTLaw Taylor Wessing agrees. No upturn is expected in the near future, she says. The next upturn would depend on developers appetite as well as the next surge in renewal of older buildings. E

EP8 THEEDGE SINGAPORE NOVEMBER 14, 2016 PROPERTY PICKS Landed homes below $2 mil BY THE EDGE PROPERTY Landed homes are favoured for their spaciousness and exclusivity. In Singapore, owning a house is an entitlement enjoyed by the privileged few. As at 2015, only 5.6% of Singapore resident households live in a house. There is a total of 72,501 landed homes (including terraces, semi-detached and detached houses) in Singapore as at 3Q2016, compared with 293,548 non-landed homes, excluding HDB units. Only Singapore citizens can buy a property with no restrictions. Permanent residents and foreigners who wish to purchase a house need to obtain approval from the Land Dealings Approval Unit. Owing to its limited supply, the price appreciation of landed homes has outpaced that of non-landed property over the past decade, at 71% and 50% respectively, according to the URA property price indices. In 2016, prices of terraced houses, the lowest landed housing tier, averaged $2.6 million while those for private condominiums of at least 1,000 sq ft averaged $1.9 million. It is, however, not impossible for homebuyers with smaller budgets to own a landed home. The Edge Property has identified several landed homes, excluding townhouses and cluster housing, which are currently listed below $2 million. Central Region Below $1 million Looking for a landed home in the Central Region that costs below $1 million is challenging. If tenure is not a concern, aspiring homebuyers may opt for HDB-terraced houses. There are landed homes built by HDB s predecessor, the Singapore Improvement Trust. It is understood that there are only 285 such units and they are centrally located on Stirling Road in Queenstown, as well as on Jalan Bahagia, Jalan Ma Mor and Jalan Tenteram in Kallang/Whampoa. Last year, one such terraced house on Jalan Ma Mor broke the record when it fetched $1.06 million. It had a built-up area of 3,013 sq ft and a balance lease of less than 60 years. A HDB terraced house on Jalan Ma Mor is listed on TheEdgeProperty.com for $898,000. The two-storey house has three bedrooms one on the ground floor and two on the second level and is said to be in move-in condition. For more information, contact Alan Koh from PropNex Realty at 9144 5722. MacPherson Garden Estate (left) and Thomson Garden Estate are known for landed homes with smaller price tags SAMUEL ISAAC CHUA/THE EDGE SINGAPORE ALBERT CHUA/THE EDGE SINGAPORE HDB terraced houses on Jalan Bahagia in Kallang/Whampoa ALBERT CHUA/THE EDGE SINGAPORE Below $2 million In the Central Region, a budget of up to $2 million could get you a freehold terraced house, or an older leasehold detached or semi-detached house. This year, 28 caveats have been lodged for landed homes within this price range. Eleven of them are for freehold terraced houses in MacPherson Garden Estate and Thomson Garden Estate. The remaining addresses are in Bukit Timah, Kallang and Geylang, such as Toh Tuck Crescent, Joo Chiat Terrace and Ceylon Road. Prices started at $1.31 million this year for a freehold terraced house in MacPherson Garden Estate, which changed hands in September. This worked out to $1,484 psf over a land area of 883 sq ft. Three caveats accrued to old leasehold detached and semi-detached houses. In the Bendemeer area, a detached house on Beng Wan Road was transacted at $1.03 million in May, or $258 psf, over a land area of 4,004 sq ft. The property has a remaining lease of 32 years. The most affordable listing on TheEdgeProperty.com is a freehold terraced house on Cambridge Road with a price tag of $1.2 million. The property, which sits on 1,450 sq ft of land, may have to be refurbished because of its age. For more information, contact Daniel Chiang from ERA Realty Network at 9889 3964. At MacPherson Garden Estate, the most affordable listing of $1.7 million is for a freehold terraced house with a land area of about 1,300 sq ft. According to the marketing agent, the house was recently renovated and is in move-in condition. Contact Melissa Ong from PropNex Realty at 9168 9304 for details. Small families may consider this freehold terraced house in Thomson Garden Estate. It has one bedroom and a large hall, and is on the market for $1.58 million. The property, which sits on 885 sq ft of land, was last renovated in 2009, says its marketing agent. Interested parties may contact Jason Choo from PropNex Realty at 9060 1022. East Region Prominent landed housing estates in the East Region include Loyang Villas in Pasir Ris and Opera Estate (pictured) in Bedok SAMUEL ISAAC CHUA/THE EDGE SINGAPORE A majority of landed homes in the East Region are located in Bedok and Pasir Ris. Prominent landed housing estates include Loyang Villas in Pasir Ris and Opera Estate in Bedok. This year, there have been 46 caveats involving landed homes priced at $2 million or less in the East Region. Freehold prices started at $1.62 million for a terraced house on Jalan Tua Kong in district 15, which was transacted in August. This worked out to $1,047 psf, based on a land area of 1,539 sq ft. The caveats lodged include those for four semidetached houses that changed hands for $2 million or less. They sit on 99-year leasehold sites with a balance tenure of 79 years or less. Separately, a freehold terraced house in Opera Estate has been put up for sale on TheEdgeProperty. com at $1.9 million. The single-storey property has a land area of 1,294 sq ft and comprises two bedrooms. For more information, contact Raymond Lim from CCN Realty at 9138 8805. Those with a budget below $1.5 million may consider leasehold properties. At Loyang Villas, a terraced house with a land area of 1,615 sq ft is listed on TheEdgeProperty.com at $1.48 million. It has five bedrooms and is said to be in move-in condition. Interested parties may contact Zac Huang from ERA Realty Network at 9276 8000.

THEEDGE SINGAPORE NOVEMBER 14, 2016 EP9 PROPERTY PICKS North Region North-East Region ALBERT CHUA/THE EDGE SINGAPORE One in three freehold landed houses transacted year to date were in the North-East Region. Freehold terraced properties in this region averaged $2.6 million or about $1,200 psf on land area. Those priced at $2 million or below are mainly located in Sembawang Hills Estate and Serangoon Garden Estate. The lowest price was for a terraced house in Sembawang Hills Estate which fetched $1.5 million in June, or $990 psf on land area. Sembawang Hills Estate is situated off Upper Thomson Road, near the Lower Pierce Reservoir Park. Several popular eateries serving local and international cuisines are located in the vicinity. ALBERT CHUA/THE EDGE SINGAPORE A terraced house in Sembawang Hills Estate fetched $1.5 million in June Currently the most affordable listings for freehold landed houses in the North Region are in Sembawang Springs Estate Currently on the market is a single-storey terraced house in Sembawang Hills Estate with a land area of about 1,500 sq ft, with a price tag of $1.8 million. The property, which was renovated four years ago, comes with two spacious bedrooms, a wet and dry kitchen, an attic and a garden. Interested parties may contact Jonivien Yeong from ERA Realty Network at 9101 7266 for more information. Off Paya Lebar Road on Jalan Gotong Royong, a two-storey freehold terraced house is listed for sale, also at $1.8 million. The property, which has a land area of 1,297 sq ft, comprises two bedrooms on the second level, a large kitchen and a yard. For more information, contact Andy Wong from ERA Realty Network at 9363 3775. Up north, 39 freehold landed houses have been sold this year, at prices averaging $2.8 million or $1,068 psf on land area. The lowest price was for a semi-detached house on Jalan Janggus near Sembawang Park, which fetched $1.6 million. The price worked out to $760 psf over a land area of 2,110 sq ft. Meanwhile, the cheapest terraced house was sold for $1.95 million, or $1,094 psf on land area of 1,787 sq ft. The property is located on Jalan Mata Ayer near Yishun Junior College. The most affordable listings for freehold landed houses in the North Region are in Sembawang Springs Estate, near the upcoming Canberra MRT station on the North-South Line. Two landed properties in the estate are currently listed for sale below $2 million. The first, a two-storey terraced house with a land area of 1,705 sq ft, is listed at $1.9 million. According to the marketing agent, buyers may have to carry out minor alteration works. The property is marketed by Marcus Loo from Knight Frank Property Network, who can be contacted at 9457 8480. The second is a single-storey terraced unit listed at $1.99 million. The property features a Balinese theme and comprises three spacious rooms, a wet and dry kitchen and an alfresco dining area. Interested buyers can contact Priscilla Ding from ERA Realty Network at 8318 2796. A freehold terraced house on Jalan Gotong Royong is up for sale at $1.8 million SAMUEL ISAAC CHUA/THE EDGE SINGAPORE West Region Major landed housing estates in the West Region include Villa Verde in Choa Chu Kang, as well as Westville and Westwood Park (pictured) in Jurong West SAMUEL ISAAC CHUA/THE EDGE SINGAPORE There have been 33 caveats this year for landed homes priced at $2 million or less in the West Region. Nearly all were for leasehold properties. The single freehold caveat was for a terraced house on Pavilion Circle in Bukit Batok, which fetched $1.9 million in July, or $1,157 psf over a land area of 1,647 sq ft. Most of the caveats were for properties located in Villa Verde in Choa Chu Kang, followed by Westville and Westwood Park in Jurong West. Prices started at $1.38 million for a terraced house at Villa Verde, which changed hands in August. This worked out to $824 psf over a land area of 1,679 sq ft. The site has a remaining tenure of less than 80 years. The most affordable listings on TheEdgeProperty.com are for terraced houses in Westwood Park and Villa Verde. Both were listed at a guide price of $1.45 million. The terraced house at Westwood Park sits on 1,658 sq ft of leasehold land and comprises five bedrooms. It has granite and parquet flooring, according to its marketing agent. For more information, contact Paul Wong from PropNex Realty at 8668 0900. The Villa Verde terraced house has a land area of 1,680 sq ft and also comprises five bedrooms on levels two and three. The property is being marketed by Billy Ng from PropNex Realty (8333 4440). E

EP10 THEEDGE SINGAPORE NOVEMBER 14, 2016 INDUSTRY SPOTLIGHT Lian Beng-Oxley launch strata-titled industrial building in Tampines BY MICHAEL LIM A new ramp-up industrial development, T-Space, is coming up on Tampines North Drive 2, in the vi cinity of IKEA Tampines, Giant hypermarket and Courts Megastore. Developed by Singapore-listed builders Lian Beng Group and Oxley Holdings in a 51:49 joint venture (JV), T-Space is a 30-year leasehold complex with 260 strata-titled units spanning nine floors. The JV partners purchased the 394,881 sq ft site from JTC Corp in a govern ment land sale for $64.39 million in March 2015.The purchase price translates to $218 psf per plot ratio. The developers are spending close to $120 million on construction, which brings the total estimated development cost to about $184.8 million. The project is scheduled to be completed by 2019. JTC had requested that the developers of T-Space create a business park environment so that a community of businesses can grow and flourish, says Oxley s deputy CEO, Eric Low. T-Space comprises three interconnected blocks with four different unit types. The largest is The Terrace Collection, where each unit spans four levels and comes with private internal lifts. There are only 15 such units in the entire development and they are 19,063 to 38,072 sq ft. Prices start from $3.5 million ($182 psf). The Studio Collection makes up the largest number of units (95) and these are between 2,196 and 3,283 sq ft, and include a mezzanine floor. The Studio units are priced from $699,000 ($318 psf). There are also 68 double-storey Courtyard units of 2,422 to 3,122 sq ft. They occupy the uppermost levels of the complex The main façade of T-Space fronting Tampines North Drive 2 and have direct access to the rooftop space, swimming pool, gym and other amenities. The Courtyard units are priced from $709,000 ($293 psf). There are 71 Typical units single-storey, with areas ranging from 1,636 to 2,573 sq ft, and priced from $599,000 ($366 psf). Oxley and Lian Beng launched the first phase of T-Space for sale in March this year. So far, 84 out of the 90 units released have been snapped up. The developers will release another 90 units in the second phase, for sale over the weekend of Nov 19 and 20. According to Lian Beng Realty director Matthew Ong, 95% of the first-phase buyers were end-users. Therefore, bigger units, such as those in the Courtyard and Terrace Collections, were popular. Seven of the 15 Terrace units in that phase were sold. Sixteen Studio units and 17 Low (left) and Ong hope to attract e-commerce retailers to T-Space ALBERT CHUA/THE EDGE SINGAPORE A cross section showing the layout of a four-storey terraced unit that is 19,063 to 38,072 sq ft The interior of a Studio unit, measuring 2,196 to 3,283 sq ft, including a mezzanine floor Typical units were taken up. So far, the Courtyard is the bestseller, with 43 units sold. Christine Li, head of research with Cushman & Wakefield was not surprised by the strong end-user takeup rate at T-Space. Thirty-year leasehold strata-industrial developments in good locations are hard to come by and they are ideal for end users especially SMEs that want stability in their business, and not worry about rents, she adds. The short lease should not be a concern for banks as they will treat the property as part of a business loan, which is different from a mortgage on a home, says Li. Kenneth Tay, co-founder and director of home-grown firm Ciseern Interior Design, bought a unit in the Terrace Collection. The company s headquarters is currently in Bartley Biz Centre on Kaki Bukit Road 4 and it has five retail outlets across Singapore, including one in Courts Megastore in Tampines. Tay, 43, will move Ciseern s HQ to T-Space when it is ready. He says it makes sense because the unit is large enough to cater for future business expansion and their business partner Courts is just next door. Another business owner, Leslie Foo, founder and CEO of Legate, a specialist in invisible grilles as well as carpet grass and roller blinds, purchased three adjoining Courtyard units for $2.4 million. Foo, 47, plans to amalgamate the two largest units into one 6,000 sq ft unit to house the company s office and showroom while reserving the third unit for a function room as well as client meeting rooms. When T-Space is completed, he intends to relocate his operations and 38 staff from Legate s current 1,600 sq ft premises at Northstar on Serangoon North Avenue 4. Foo likes the location as it is not a typical industrial estate, which turns into a ghost town on weekends, given that T-Space has retail warehouses in the vicinity, as well as a future residential development adjacent to it. He also believes in providing better work-life balance for his staff, who will be able to make use of the swimming pool and gym above their office. Besides interior design and home furnishing and renovation firms, Oxley and Lian Beng hope to attract other trades to T-Space, especially those in e-commerce. The space is ideal for e-commerce retailers who will be able to store and ship their goods, display merchandise as well as operate their office within the same unit, says Oxley s Low. E PICTURES: OXLEY & LIAN BENG

THEEDGE SINGAPORE NOVEMBER 14, 2016 EP11 GAINS AND LOSSES Hefty losses in District 10 BY ESTHER HOON Two condo units in prime District 10 were offloaded at losses of more than a million dollars each in the week of Oct 25 to Nov 1. The bigger loss of $1.8 million came from a 3,671 sq ft penthouse at Orange Grove Residences off Stevens Road. The fifth-floor unit fetched $6.1 million, or $1,662 psf, on Oct 27, 22% below the purchase price of $2,143 psf paid to the developer in February 2007. The seller incurred an annualised loss of 3% after having held the property for close to 10 years. This is the second-biggest loss at Orange Grove Residences historically, after the sale of another penthouse at a $1.8 million loss in 2013. All resale transactions in the project over the past six years, where the previous transaction could be traced, had been unprofitable, including the four sold this year. The smallest loss incurred this year was $846,500, from the sale of a 2,250 sq ft unit in March. The smaller loss in District 10 in the week amounted to $1.3 million. It accrued to a 2,756 sq ft unit at St Regis Residences Singapore. The seller had purchased the 15th-floor unit from the developer at $2,703 psf. After a 10-year holding period, the unit changed hands at $6.1 million, or $2,214 psf, on Oct 31, reflecting an annualised loss of 2%. The 999-year leasehold condominium on Tanglin Road has witnessed a streak of unprofitable deals since 2012. Of the six units sold this year, only two were profitable. One was sold at a $200,000 profit, while the other, a 5,543 sq ft unit sold in February 2016 at $2,706 psf, yielded a $3.3 million profit, the biggest gain achieved at the project in the past five years. The unit was previously purchased in February 2012 at $2,111 psf. Meanwhile at Newton 21 in prime District 11, a 1,539 sq ft unit fetched a profit of $1.2 million, or an annualised gain of 6% over 12 years, on Oct 27. The seller had purchased the 13th-floor unit from the developer in 2004 at $812 psf and resold it at $1,611 psf, last month. This is the second deal at the 69-unit, freehold condo that resulted in a million-dollar profit this year. A 1,539 sq ft unit located one level below changed hands at a $1.1 million profit in August this year. Newton 21, on Newton Road, was completed in 2004. In the landed housing segment, the biggest gain of $2.1 million in the week accrued to a semi-detached house at Thomson Ridge Estate. The seller, who held the property for more than 20 years, sold it at $3.7 million, or $1,245 psf on land area, on Oct 31, making an annualised profit of 4% from the deal. He had purchased the house, which sits on a 2,960 sq ft plot, in January 1996, at $524 A 3,671 sq ft penthouse at Orange Grove Residences was sold at a $1.8 million loss in the week of Oct 25 to Nov 1 psf on land area. The computed price gain for landed properties, however, excludes any renovation or refurbishment costs incurred by the seller. Separately, a terraced house on Blandford Drive at Serangoon Garden Estate, fetched a profit of $1.5 million, or an annualised gain of 7% over 10 years, on Oct 28. The property, which sits on a 2,799 sq ft, 999-year leasehold plot, was sold at $3.2 million, or $1,142 psf on land area, almost double its purchase price of $595 psf in January 2007. E SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Residential transactions with contracts dated Oct 25 to Nov 1 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Newton 21 11 1,539 Oct 27 1,611 Nov 18, 2004 812 1,230,000 98 6 11.9 2 The Metz 9 1,496 Oct 27 2,072 Aug 1, 2005 1,270 1,200,000 63 4 11.2 3 The Suites at Central 9 1,475 Oct 27 2,102 July 17, 2006 1,443 972,589 46 4 10.3 4 Bayshore Park 16 2,196 Oct 26 743 Jan 9, 2004 342 881,000 117 6 12.8 5 King s Mansion 15 1,808 Oct 28 1,150 March 26, 2009 708 800,000 63 7 7.6 6 Thomson View Condominium 20 1,313 Oct 26 845 Dec 24, 2003 251 780,000 236 10 12.8 7 The Gardens At Bishan 20 1,572 Oct 25 942 Dec 27, 2001 477 731,020 98 5 14.8 8 Lagoon View 15 1,647 Oct 25 759 Sept 1, 2006 328 710,000 131 9 10.2 9 Casa Novacrest 9 1,582 Oct 31 1,296 Feb 15, 2007 853 700,000 52 4 9.7 10 Aspen Heights 9 1,582 Oct 28 1,422 June 9, 2009 1,011 650,000 41 5 7.4 LANDED 1 Semi-detached/Thomson Ridge 20 2,960 Oct 31 1,245 Jan 22, 1996 524 2,130,000 137 4 20.8 2 Detached/Goodman Road 15 7,018 Oct 28 1,496 June 11, 2010 1,237 1,820,000 21 3 6.4 3 Terraced/Blandford Drive 19 2,799 Oct 28 1,142 Jan 25, 2007 595 1,532,000 92 7 9.8 4 Semi-detached/Richards Place 19 3,983 Oct 26 929 April 11, 2011 753 700,000 23 4 5.5 URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Orange Grove Residences 10 3,671 Oct 27 1,662 Feb 13, 2007 2,143 1,766,000 22 3 9.7 2 St Regis Residences Singapore 10 2,756 Oct 31 2,214 Oct 9, 2006 2,703 1,348,520 18 2 10.1 3 Terraced/Greenridge Crescent 21 4,585 Oct 31 803 May 3, 2011 872 318,000 8 1 5.5 4 Terraced/Jalan Pintau 20 990 Oct 31 805 Aug 11, 2009 956 150,000 16 2 7.2 5 Kovan Melody 19 1,227 Oct 27 959 Oct 25, 2012 1,035 93,000 7 2 4.0 6 Scotts 28 9 1,647 Oct 26 2,016 June 20, 2008 2,071 90,000 3 0.3 8.4 7 Ava Towers 12 1,227 Oct 31 896 June 8, 2012 953 70,000 6 1 4.4 8 The Viridian 12 527 Oct 26 1,346 April 30, 2012 1,460 60,000 8 2 4.5 9 Residences @ Somme 8 538 Oct 28 1,259 May 16, 2011 1,338 42,500 6 1 5.5 10 Archipelago 16 1,184 Nov 1 1,029 April 2, 2012 1,063 41,000 3 0.7 4.6 Note: The profit and loss computation excludes transaction costs such as stamp duties URA caveat record downloaded on Nov 4 and 8

EP12 THEEDGE SINGAPORE NOVEMBER 14, 2016 DONE DEALS Commonwealth Towers, Principal Garden benefit from launch of Queens Peak BY TAN CHEE YUEN Queens Peak has been drawing crowds to its sales gallery and show flats since the project previewed on Oct 22 and 23. When the project was launched for sale on Nov 5, it moved 242 units by 5pm. Over the weekend of Nov 5 and 6, the developer sold 250 out of a total of 736 units, achieving 34% sales. The average price of units sold was $1,632 psf. One-bedroom units of 431 sq ft are priced from $680,000. Hao Yuan Investment, the developer of Queens Peak, purchased the 99-year leasehold site on Dundee Road in June last year for $483.2 million ($871 psf per plot ratio). The site sits adjacent to the Queenstown MRT station, and the developer will have a direct link from the overhead bridge of the station to Queens Peak, says MCC Land, the project manager. According to property agents, the launch of Queens Peak has stirred interest in neighbouring projects with unsold units, especially the Commonwealth-Alexandra neighbour hood between the Queenstown and Redhill MRT stations. The crowd at Queens Peak on balloting day on Nov 5 Next door to Queens Peak is Commonwealth Towers, an 845-unit, 43- storey twin tower project by Hong Leong Holdings. Launched in May 2014, the 99-year leasehold private condo saw 175 units snapped up on the first day of sales, at prices ranging from $1,635 to $1,690 psf. As at end-september, the project had sold 428 units (50.7%). Having sold just two units in September, Commonwealth Towers saw at least 13 units sold in October, based on caveats lodged. Prices of units sold in October ranged from $1,530 to $1,806 psf. Units sold ranged from one-bedders of 441 sq ft priced at $788,200 ($1,786 psf) to three-bedders of 904 sq ft, for $1.47 million ($1,621 psf). Commonwealth Towers was not the only one to benefit from the launch of Queens Peak. Principal Garden, located on Prince Charles Crescent, off Alexandra Road, was another beneficiary. Having sold 14 units in September at a median price of $1,651 psf, it moved a similar number of units in October, based on caveats lodged. Units at Principal Garden sold in October ranged from $1,574 psf for a four-bedroom fourth-floor unit to $1,730 psf for a 797 sq ft, two-bedroom unit. Based on caveats lodged as at Nov 1, 326 units, or 49% out of a total of 663, had been sold. The project is jointly developed by UOL Group and Kheng Leong Co. Across the road from Principal Garden is Wing Tai Holdings 373-unit Ascentia Sky, completed in 2013. The MCC LAND 99-year leasehold condo comprises a single 45-storey tower. The latest transaction at Ascentia Sky was of a 1,475 sq ft, three-bedroom unit sold for $2.15 million ($1,458 psf), according to a caveat lodged on Oct 27. The unit was first purchased by the buyer for $2.14 million ($1,453 psf) in April 2011. Both the buyer and seller are HDB upgraders. Besides Principal Garden and Ascen tia Sky, the Alexandra neighbourhood also saw the recent completion of the 508-unit Echelon. Next door to Echelon is the 429-unit Alex Resi dences by United Industrial Corp, which is over 65% sold and expected to be completed next year. The most recent transaction at the 45-storey tower was for a 657 sq ft, two-bedroom unit on the 33rd floor for $1.37 million ($2,079 psf), according to a caveat lodged in October. Next to Principal Garden is also the 469-unit The Crest by Wing Tai Holdings. The 99-year leasehold private condo is expected to be completed sometime next year. The project has sold about 145 units to date, with the latest transaction prices ranging from $1,726 to $1,775 psf, based on caveats lodged as at end-october. E Singapore by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated Oct 25 to Nov 1 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 MARINA ONE RESIDENCES Apartment 99 years Oct 26 1,507 3,488,840-2,315 Uncompleted New sale District 2 ICON Apartment 99 years Oct 26 700 1,208,888-1,728 2007 Resale District 3 ASCENTIA SKY Condominium 99 years Oct 27 1,475 2,150,000-1,458 2013 Resale COMMONWEALTH TOWERS Condominium 99 years Oct 25 904 1,454,900-1,609 Uncompleted New sale COMMONWEALTH TOWERS Condominium 99 years Oct 27 441 797,200-1,806 Uncompleted New sale COMMONWEALTH TOWERS Condominium 99 years Oct 28 904 1,402,400-1,551 Uncompleted New sale COMMONWEALTH TOWERS Condominium 99 years Oct 29 904 1,388,300-1,535 Uncompleted New sale COMMONWEALTH TOWERS Condominium 99 years Oct 29 904 1,397,700-1,546 Uncompleted New sale HIGHLINE RESIDENCES Condominium 99 years Oct 30 904 1,591,700-1,760 Uncompleted New sale PRINCIPAL GARDEN Condominium 99 years Oct 25 1,572 2,472,000 2,467,000 1,570 Uncompleted New sale PRINCIPAL GARDEN Condominium 99 years Oct 26 807 1,385,000 1,380,000 1,709 Uncompleted New sale PRINCIPAL GARDEN Condominium 99 years Oct 29 484 778,000 773,000 1,596 Uncompleted New sale PRINCIPAL GARDEN Condominium 99 years Oct 29 764 1,211,000 1,206,000 1,578 Uncompleted New sale PRINCIPAL GARDEN Condominium 99 years Oct 30 797 1,383,000 1,378,000 1,730 Uncompleted New sale District 4 CORALS AT KEPPEL BAY Condominium 99 years Oct 29 1,302 2,500,000-1,919 2016 New sale THE AZURE Condominium 99 years Oct 26 1,765 2,338,000-1,324 2008 Resale District 5 PASIR PANJANG LODGE Apartment Freehold Oct 26 1,270 1,220,000-961 1995 Resale THE PARC CONDOMINIUM Condominium Freehold Oct 31 1,302 1,550,000-1,190 2010 Resale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE TRILINQ Condominium 99 years Oct 25 1,044 1,422,000-1,362 Uncompleted New sale THE TRILINQ Condominium 99 years Oct 25 915 1,276,000-1,395 Uncompleted New sale THE TRILINQ Condominium 99 years Oct 26 753 1,142,000-1,516 Uncompleted New sale THE TRILINQ Condominium 99 years Oct 28 936 1,226,000-1,309 Uncompleted New sale District 7 TEXTILE CENTRE Apartment 99 years Oct 27 904 702,000-776 1977 Resale District 8 CLYDES RESIDENCE Apartment Freehold Oct 31 1,023 1,130,000-1,105 2005 Resale FORTE SUITES Apartment Freehold Oct 28 624 1,240,700-1,987 2016 New sale RESIDENCES @ SOMME Apartment Freehold Oct 28 538 677,500-1,259 2008 Resale District 9 ASPEN HEIGHTS Condominium 999 years Oct 28 1,582 2,250,000-1,422 1998 Resale CAIRNHILL CREST Condominium Freehold Oct 25 1,733 2,960,000-1,708 2004 Resale CAIRNHILL NINE Apartment 99 years Oct 26 1,033 2,634,000-2,549 Uncompleted New sale CASA NOVACREST Apartment Freehold Oct 31 1,582 2,050,000-1,296 1998 Resale OUE TWIN PEAKS Condominium 99 years Oct 25 1,399 3,455,530-2,469 2015 Resale OUE TWIN PEAKS Condominium 99 years Oct 26 1,055 2,532,000-2,400 2015 Resale OUE TWIN PEAKS Condominium 99 years Oct 27 1,604 4,682,076-2,919 2015 Resale PEACE CENTRE/MANSIONS Apartment 99 years Oct 28 2,347 1,250,000-533 1977 Resale SCOTTS 28 Condominium Freehold Oct 26 1,647 3,320,000-2,016 1998 Resale SOPHIA HILLS Condominium 99 years Oct 28 710 1,378,000-1,940 Uncompleted New sale SOPHIA HILLS Condominium 99 years Oct 28 1,012 1,873,000-1,851 Uncompleted New sale SOPHIA HILLS Condominium 99 years Oct 30 570 1,187,500-2,082 Uncompleted New sale SOPHIA HILLS Condominium 99 years Oct 30 700 1,449,000-2,071 Uncompleted New sale SOPHIA LODGE Apartment Freehold Oct 31 1,001 1,480,000-1,478 2006 Resale THE LAURELS Condominium Freehold Oct 25 1,765 4,000,000-2,266 2013 Resale THE METZ Condominium Freehold Oct 27 1,496 3,100,000-2,072 2007 Resale THE MORNINGSIDE Apartment Freehold Oct 26 1,722 2,560,000-1,486 1992 Resale THE RISE @ OXLEY - RESIDENCES Apartment Freehold Oct 26 646 1,492,600-2,311 Uncompleted New sale THE SUITES AT CENTRAL Condominium Freehold Oct 27 1,475 3,100,000-2,102 2009 Resale TRIBECA Condominium Freehold Nov 1 570 1,176,000-2,061 2010 Resale District 10 CHATELET Condominium Freehold Oct 31 1,582 2,100,000-1,327 1993 Resale GRANGE RESIDENCES Condominium Freehold Oct 28 2,852 7,200,000-2,524 2004 Resale LEEDON RESIDENCE Condominium Freehold Oct 26 1,044 2,365,000-2,265 2015 Resale LEEDON RESIDENCE Condominium Freehold Oct 27 4,316 6,950,000-1,610 2015 Resale MON JERVOIS Condominium 99 years Oct 27 1,033 1,870,000-1,810 2016 New sale ORANGE GROVE RESIDENCES Condominium Freehold Oct 27 3,671 6,100,000-1,662 2009 Resale RV RESIDENCES Condominium 999 years Oct 25 1,292 2,480,000-1,920 2015 Resale ST REGIS RESIDENCES S PORE Apartment 999 years Oct 31 2,756 6,100,000-2,214 2008 Resale THE PRINCETON Apartment Freehold Oct 27 861 1,238,000-1,438 1999 Resale VALLEY PARK Condominium 999 years Oct 25 764 1,080,000-1,413 1997 Resale VILLAGE TOWER Condominium Freehold Oct 27 1,830 2,300,000-1,257 1983 Resale District 11 26 NEWTON Apartment Freehold Oct 27 474 991,721-2,094 2016 New sale NEWTON 21 Apartment Freehold Oct 27 1,539 2,480,000-1,611 2004 Resale RESIDENCES @ EVELYN Condominium Freehold Oct 28 2,250 3,550,000-1,578 2007 Resale SUFFOLK PREMIER Apartment Freehold Oct 31 1,076 1,410,000-1,310 2007 Resale District 12 AVA TOWERS Apartment Freehold Oct 31 1,227 1,100,000-896 1993 Resale EIGHT RIVERSUITES Condominium 99 years Oct 26 2,508 2,200,000-877 2016 New sale EURO-ASIA APARTMENTS Apartment Freehold Oct 25 1,238 1,120,000-905 1990 Resale OLEANDER TOWERS Apartment 99 years Nov 1 861 1,000,000-1,161 1998 Resale PINNACLE 16 Apartment Freehold Oct 25 1,324 1,570,000-1,186 2006 Resale THE VIRIDIAN Apartment Freehold Oct 26 527 710,000-1,346 2015 Sub sale VA RESIDENCES Apartment Freehold Oct 29 506 841,168-1,663 Uncompleted New sale

THEEDGE SINGAPORE NOVEMBER 14, 2016 EP13 DONE DEALS Residential transactions with contracts dated Oct 25 to Nov 1 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 13 SANT RITZ Condominium 99 years Oct 27 1,787 1,959,291-1,097 2016 New sale SENNETT RESIDENCE Condominium 99 years Oct 28 2,077 2,244,000-1,080 2016 New sale THE POIZ RESIDENCES Apartment 99 years Oct 25 420 643,000-1,532 Uncompleted New sale THE POIZ RESIDENCES Apartment 99 years Oct 26 538 810,000-1,505 Uncompleted New sale THE POIZ RESIDENCES Apartment 99 years Oct 28 538 792,000-1,472 Uncompleted New sale THE POIZ RESIDENCES Apartment 99 years Oct 28 1,152 1,541,000-1,338 Uncompleted New sale THE POIZ RESIDENCES Apartment 99 years Oct 30 1,227 1,675,000-1,365 Uncompleted New sale THE VENUE RESIDENCES Apartment 99 years Oct 29 850 1,265,960-1,489 Uncompleted New sale District 14 ESTA RUBY Apartment Freehold Oct 31 1,130 1,450,000-1,283 2012 Resale GOODVIEW APARTMENTS Apartment Freehold Nov 1 1,292 750,000-581 1994 Resale GUILLEMARD EDGE Apartment Freehold Oct 26 409 593,000-1,450 2014 Resale SIMS URBAN OASIS Condominium 99 years Oct 28 667 932,000-1,397 Uncompleted New sale SIMS URBAN OASIS Condominium 99 years Oct 29 958 1,366,000-1,426 Uncompleted New sale SIMS URBAN OASIS Condominium 99 years Oct 29 958 1,269,200-1,325 Uncompleted New sale SIMS URBAN OASIS Condominium 99 years Oct 30 463 738,000-1,594 Uncompleted New sale TREASURES@G6 Apartment Freehold Oct 25 452 622,000-1,376 Uncompleted New sale District 15 CASA MEYFORT Condominium Freehold Oct 26 1,765 2,300,000-1,303 1992 Resale COSTA RHU Condominium 99 years Oct 26 1,776 2,029,388-1,143 1997 Resale D FRESCO Apartment Freehold Oct 31 1,539 1,330,000-864 2010 Resale FRANKEL ESTATE Semi-Detached Freehold Oct 26 4,209 4,000,000-952 1956 Resale GOLD LEAF MANSIONS Apartment Freehold Oct 25 1,475 1,380,000-936 1993 Resale KING S MANSION Condominium Freehold Oct 28 1,808 2,080,000-1,150 1982 Resale LAGOON VIEW Apartment 99 years Oct 25 1,647 1,250,000-759 Unknown Resale PEBBLE LANE Terrace Freehold Oct 26 2,110 2,450,088-1,160 1971 Resale GOODMAN ROAD Detached Freehold Oct 28 7,018 10,500,000-1,496 2004 Resale BROADRICK ROAD Detached Freehold Oct 31 11,474 13,000,000-1,133 1989 Resale ONE EIGHTIES RESIDENCES Apartment Freehold Oct 25 635 870,000-1,370 2015 New sale ONE EIGHTIES RESIDENCES Apartment Freehold Oct 25 624 940,000-1,506 2015 New sale PEBBLE BAY Condominium 99 years Oct 25 1,378 1,350,000-980 1997 Resale SUITES TWENTY-TWO Apartment Freehold Oct 25 1,905 1,500,000-787 2005 Resale SUNNYVALE RESIDENCES Apartment Freehold Oct 28 1,130 1,692,309 1,633,421 1,445 Uncompleted New sale SYCAMORE TREE Apartment Freehold Oct 27 388 580,000-1,497 Uncompleted Sub sale VENTURA VIEW Apartment Freehold Oct 28 1,163 925,000-796 2012 Resale District 16 ARCHIPELAGO Condominium 99 years Oct 25 527 600,000-1,138 2015 Sub sale ARCHIPELAGO Condominium 99 years Nov 1 1,184 1,218,000-1,029 2015 Sub sale BAYSHORE PARK Condominium 99 years Oct 26 2,196 1,631,000-743 1986 Resale THE GLADES Condominium 99 years Oct 25 474 778,000-1,643 Uncompleted New sale THE GLADES Condominium 99 years Oct 28 474 706,000-1,491 Uncompleted New sale THE GLADES Condominium 99 years Oct 28 474 755,000-1,594 Uncompleted New sale THE GLADES Condominium 99 years Oct 29 990 1,298,000-1,311 Uncompleted New sale THE GLADES Condominium 99 years Oct 29 474 771,800-1,630 Uncompleted New sale THE GLADES Condominium 99 years Oct 30 624 991,000-1,587 Uncompleted New sale THE GLADES Condominium 99 years Oct 30 990 1,382,000-1,396 Uncompleted New sale District 17 ESTELLA GARDENS Condominium Freehold Oct 27 936 720,000-769 1999 Resale District 18 COCO PALMS Condominium 99 years Oct 28 1,744 1,745,000-1,001 Uncompleted New sale D NEST Condominium 99 years Oct 29 1,410 1,399,000-992 Uncompleted New sale MELVILLE PARK Condominium 99 years Nov 1 1,475 1,050,000-712 1996 Resale PINEVALE EC 99 years Oct 25 1,292 970,000-751 1999 Resale RIPPLE BAY Condominium 99 years Oct 25 484 570,000-1,177 2015 Resale SIMEI GREEN CONDOMINIUM EC 99 years Oct 27 969 838,000-865 1999 Resale TAMPINES COURT Condominium 101 years Oct 25 1,701 860,000-506 Unknown Resale THE ALPS RESIDENCES Condominium 99 years Oct 25 700 761,000-1,088 Uncompleted New sale THE ALPS RESIDENCES Condominium 99 years Oct 27 936 998,000-1,066 Uncompleted New sale THE ALPS RESIDENCES Condominium 99 years Oct 27 936 1,003,000-1,071 Uncompleted New sale THE ALPS RESIDENCES Condominium 99 years Oct 28 495 571,000-1,153 Uncompleted New sale THE ALPS RESIDENCES Condominium 99 years Oct 29 700 718,000-1,026 Uncompleted New sale THE SANTORINI Condominium 99 years Oct 25 1,119 1,090,000-974 Uncompleted New sale THE SANTORINI Condominium 99 years Oct 26 1,507 1,587,960-1,054 Uncompleted New sale THE SANTORINI Condominium 99 years Oct 27 753 803,000-1,066 Uncompleted New sale THE SANTORINI Condominium 99 years Oct 27 764 785,070-1,027 Uncompleted New sale THE SANTORINI Condominium 99 years Oct 28 1,378 1,458,888-1,059 Uncompleted New sale THE SANTORINI Condominium 99 years Oct 30 753 765,000-1,015 Uncompleted New sale TROPICAL SPRING Condominium 99 years Oct 31 1,335 1,100,000-824 2002 Resale VUE 8 RESIDENCE Condominium 99 years Oct 25 1,033 1,052,000-1,018 Uncompleted New sale VUE 8 RESIDENCE Condominium 99 years Oct 26 1,346 1,291,000-959 Uncompleted New sale VUE 8 RESIDENCE Condominium 99 years Oct 30 1,346 1,340,000-996 Uncompleted New sale District 19 FLO RESIDENCE Condominium 99 years Oct 31 1,012 958,000-947 2016 Sub sale FLORENCE REGENCY Apartment 103 years Oct 26 1,625 880,000-541 Unknown Resale KINGSFORD WATERBAY Apartment 99 years Oct 25 484 598,888-1,236 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 25 678 819,000-1,208 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 25 484 596,800-1,232 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 25 484 599,000-1,237 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 25 678 826,000-1,218 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 26 484 600,000-1,239 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 26 484 605,000-1,249 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 28 484 600,000-1,239 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 28 484 602,000-1,243 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 28 484 600,000-1,239 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 28 484 598,000-1,235 Uncompleted New sale KINGSFORD WATERBAY Apartment 99 years Oct 28 689 818,000-1,187 Uncompleted New sale KOVAN MELODY Condominium 99 years Oct 27 1,227 1,177,000-959 2006 Resale KOVAN MELODY Condominium 99 years Oct 31 1,216 1,215,000-999 2006 Resale KOVAN REGENCY Condominium 99 years Oct 25 980 1,280,000-1,307 2015 Resale KOVAN REGENCY Condominium 99 years Oct 26 1,055 1,450,000-1,375 2015 Resale RICHARDS PLACE Semi-Detached Freehold Oct 26 3,983 3,700,000-929 Unknown Resale JALAN TELITI Terrace Freehold Oct 28 3,143 3,200,000-1,018 Unknown Resale ONE SURIN Terrace Freehold Oct 28 3,789 2,670,000-705 Uncompleted New sale PARC CENTROS Condominium 99 years Oct 27 1,163 1,150,000-989 2016 Sub sale PRIMO RESIDENCES Apartment Freehold Oct 27 495 600,000-1,212 2012 Resale RIVERSAILS Condominium 99 years Oct 26 883 815,000-923 2016 Sub sale RIVERSAILS Condominium 99 years Oct 31 506 600,000-1,186 2016 Sub sale RIVERSOUND RESIDENCE Condominium 99 years Nov 1 1,066 1,055,000-990 2015 Sub sale SERANGOON GARDEN ESTATE Semi-Detached 999 years Oct 28 2,476 3,600,000-1,452 2016 Resale SERANGOON GARDEN ESTATE Terrace 999 years Oct 28 2,799 3,200,000-1,142 Unknown Resale STARS OF KOVAN Apartment 99 years Oct 25 506 776,460-1,535 Uncompleted New sale STARS OF KOVAN Apartment 99 years Oct 29 506 757,540-1,497 Uncompleted New sale THE SPRINGBLOOM Condominium 99 years Oct 28 1,119 1,200,000-1,072 1999 Resale THE TERRACE EC 99 years Oct 25 1,001 789,400-789 Uncompleted New sale THE TERRACE EC 99 years Oct 25 1,076 829,700-771 Uncompleted New sale THE TERRACE EC 99 years Oct 26 1,076 820,500-762 Uncompleted New sale THE TERRACE EC 99 years Oct 26 1,076 811,300-754 Uncompleted New sale THE TERRACE EC 99 years Oct 26 1,076 821,300-763 Uncompleted New sale THE TERRACE EC 99 years Oct 27 1,001 762,600-762 Uncompleted New sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE TERRACE EC 99 years Oct 27 1,076 886,300 876,300 814 Uncompleted New sale THE TERRACE EC 99 years Oct 27 1,076 811,500-754 Uncompleted New sale THE TERRACE EC 99 years Oct 28 1,076 881,300-819 Uncompleted New sale THE TERRACE EC 99 years Oct 30 1,076 860,100-799 Uncompleted New sale THE VALES EC 99 years Oct 25 1,679 1,313,000-782 Uncompleted New sale THE VALES EC 99 years Oct 25 904 746,000-825 Uncompleted New sale THE VALES EC 99 years Oct 29 915 777,000-849 Uncompleted New sale THE VALES EC 99 years Oct 30 753 630,000-836 Uncompleted New sale TREASURE CREST EC 99 years Oct 30 1,076 789,000-733 Uncompleted New sale TREASURE CREST EC 99 years Oct 30 1,076 771,000-716 Uncompleted New sale TREASURE CREST EC 99 years Oct 30 1,076 771,000-716 Uncompleted New sale TREASURE CREST EC 99 years Oct 30 1,076 771,000-716 Uncompleted New sale TRILIVE Condominium Freehold Oct 30 904 1,412,000-1,562 Uncompleted New sale WATERWOODS EC 99 years Oct 26 1,636 1,270,000-776 2015 Resale District 20 FLORAVIEW Apartment Freehold Oct 29 732 896,200-1,224 Uncompleted New sale FLORAVIEW Apartment Freehold Oct 30 807 947,300-1,173 Uncompleted New sale FLORAVIEW Apartment Freehold Oct 30 1,023 1,128,200-1,103 Uncompleted New sale FLORAVIEW Apartment Freehold Oct 30 1,184 1,265,700-1,069 Uncompleted New sale FLORAVIEW Apartment Freehold Oct 30 764 924,500-1,210 Uncompleted New sale GRANDEUR 8 Condominium 99 years Oct 28 2,207 1,810,000-820 2005 Resale LAKEVIEW ESTATE Apartment 99 years Oct 28 1,615 1,180,000-731 1977 Resale THE GARDENS AT BISHAN Condominium 99 years Oct 25 1,572 1,480,000-942 2004 Resale THOMSON GARDEN ESTATE Terrace Freehold Oct 31 990 800,000-805 Unknown Resale THOMSON IMPRESSIONS Apartment 99 years Oct 25 1,055 1,495,555-1,418 Uncompleted New sale THOMSON IMPRESSIONS Apartment 99 years Oct 28 463 718,000-1,551 Uncompleted New sale THOMSON IMPRESSIONS Apartment 99 years Oct 28 463 720,000-1,556 Uncompleted New sale THOMSON IMPRESSIONS Apartment 99 years Oct 28 463 758,300-1,638 Uncompleted New sale THOMSON IMPRESSIONS Apartment 99 years Oct 29 1,055 1,574,400-1,493 Uncompleted New sale THOMSON IMPRESSIONS Apartment 99 years Oct 29 1,055 1,492,600-1,415 Uncompleted New sale THOMSON RIDGE ESTATE Semi-Detached Freehold Oct 31 2,960 3,680,000-1,245 Unknown Resale THOMSON VIEW Condominium 99 years Oct 26 1,313 1,110,000-845 1987 Resale THOMSON VIEW Condominium 99 years Oct 26 2,024 1,668,000-824 1987 Resale District 21 GREENRIDGE Terrace Freehold Oct 31 4,585 3,680,000-803 1987 Resale THE CREEK @ BUKIT Condominium Freehold Oct 29 1,206 1,649,808-1,368 Uncompleted New sale TOH TUCK LODGE Apartment Freehold Oct 28 1,346 1,050,000-780 2003 Resale District 22 LAKE GRANDE Condominium 99 years Oct 25 775 1,087,000-1,403 Uncompleted New sale LAKE GRANDE Condominium 99 years Oct 27 947 1,189,000-1,255 Uncompleted New sale LAKE GRANDE Condominium 99 years Oct 30 775 1,077,000-1,390 Uncompleted New sale LAKEVILLE Condominium 99 years Oct 28 1,270 1,589,297-1,251 Uncompleted New sale THE LAKEFRONT RESIDENCES Condominium 99 years Nov 1 775 1,000,000-1,290 2014 Resale THE LAKESHORE Condominium 99 years Oct 31 1,044 992,000-950 2008 Resale WESTWOOD RESIDENCES EC 99 years Oct 25 1,033 849,900-822 Uncompleted New sale WESTWOOD RESIDENCES EC 99 years Oct 27 1,033 757,400-733 Uncompleted New sale WESTWOOD RESIDENCES EC 99 years Oct 27 1,238 984,300-795 Uncompleted New sale WESTWOOD RESIDENCES EC 99 years Oct 29 1,033 847,200-820 Uncompleted New sale WESTWOOD RESIDENCES EC 99 years Oct 30 1,152 961,200-835 Uncompleted New sale District 23 HILLION RESIDENCES Apartment 99 years Oct 25 463 630,200-1,362 Uncompleted New sale KINGSFORD. HILLVIEW PEAK Condominium 99 years Oct 27 1,012 960,000-949 Uncompleted New sale KINGSFORD. HILLVIEW PEAK Condominium 99 years Oct 27 646 880,000-1,363 Uncompleted New sale KINGSFORD. HILLVIEW PEAK Condominium 99 years Oct 27 1,851 1,650,000-891 Uncompleted New sale SOL ACRES EC 99 years Oct 26 614 473,000-771 Uncompleted New sale SOL ACRES EC 99 years Oct 26 614 490,000-799 Uncompleted New sale SOL ACRES EC 99 years Oct 26 926 700,000-756 Uncompleted New sale SOL ACRES EC 99 years Oct 28 850 706,000-830 Uncompleted New sale SOL ACRES EC 99 years Oct 29 926 692,000-748 Uncompleted New sale SOL ACRES EC 99 years Oct 30 850 671,000-789 Uncompleted New sale SOL ACRES EC 99 years Oct 30 614 472,000-769 Uncompleted New sale SOL ACRES EC 99 years Oct 30 926 718,000-776 Uncompleted New sale SOL ACRES EC 99 years Oct 30 1,001 828,000-827 Uncompleted New sale SOL ACRES EC 99 years Oct 30 1,098 850,000-774 Uncompleted New sale WANDERVALE EC 99 years Oct 28 958 726,000-758 Uncompleted New sale WANDERVALE EC 99 years Oct 30 958 741,000-773 Uncompleted New sale WANDERVALE EC 99 years Oct 30 958 720,000-752 Uncompleted New sale District 25 BELLEWOODS EC 99 years Oct 29 1,249 965,250-773 Uncompleted New sale District 26 MANDAI ROAD Semi-Detached Freehold Oct 27 2,357 2,520,000-1,070 1997 Resale District 27 NORTH PARK RESIDENCES Apartment 99 years Oct 26 732 1,009,800-1,380 Uncompleted New sale NORTH PARK RESIDENCES Apartment 99 years Oct 26 829 1,082,700-1,306 Uncompleted New sale PARC LIFE EC 99 years Oct 25 936 697,300 695,000 742 Uncompleted New sale PARC LIFE EC 99 years Oct 29 764 609,900 607,600 795 Uncompleted New sale PARC LIFE EC 99 years Oct 30 1,044 801,800 799,500 766 Uncompleted New sale PARC LIFE EC 99 years Oct 30 1,109 838,850 836,550 755 Uncompleted New sale SIGNATURE AT YISHUN EC 99 years Oct 30 1,184 920,000-777 Uncompleted New sale SYMPHONY SUITES Condominium 99 years Oct 25 689 733,000-1,064 Uncompleted New sale SYMPHONY SUITES Condominium 99 years Oct 28 786 863,000-1,098 Uncompleted New sale SYMPHONY SUITES Condominium 99 years Oct 29 689 764,000-1,109 Uncompleted New sale THE BROWNSTONE EC 99 years Oct 26 980 786,400-803 Uncompleted New sale THE BROWNSTONE EC 99 years Oct 27 915 824,900-902 Uncompleted New sale THE BROWNSTONE EC 99 years Oct 28 753 662,400-879 Uncompleted New sale THE BROWNSTONE EC 99 years Oct 29 1,130 776,800-687 Uncompleted New sale THE CRITERION EC 99 years Oct 25 1,023 779,200-762 Uncompleted New sale THE CRITERION EC 99 years Oct 27 1,023 776,000-759 Uncompleted New sale THE CRITERION EC 99 years Oct 27 1,249 956,800-766 Uncompleted New sale THE CRITERION EC 99 years Oct 29 1,001 792,000-791 Uncompleted New sale THE CRITERION EC 99 years Oct 30 1,001 802,400-802 Uncompleted New sale THE CRITERION EC 99 years Oct 30 1,173 944,000-805 Uncompleted New sale THE ESTUARY Condominium 99 years Nov 1 1,302 1,208,000-927 2013 Resale THE VISIONAIRE EC 99 years Oct 26 1,023 860,675-842 Uncompleted New sale THE VISIONAIRE EC 99 years Oct 28 872 718,000-824 Uncompleted New sale THE VISIONAIRE EC 99 years Oct 29 1,335 996,500-747 Uncompleted New sale THE VISIONAIRE EC 99 years Oct 30 1,346 1,078,000-801 Uncompleted New sale THE WISTERIA Apartment 99 years Oct 29 1,173 1,316,900-1,122 Uncompleted New sale THE WISTERIA Apartment 99 years Oct 30 1,173 1,128,700-962 Uncompleted New sale THE WISTERIA Apartment 99 years Oct 30 969 984,100-1,016 Uncompleted New sale District 28 RIVERBANK @ FERNVALE Condominium 99 years Oct 29 1,055 1,071,000 1,066,000 1,011 Uncompleted New sale RIVERBANK @ FERNVALE Condominium 99 years Oct 29 1,012 945,000 940,000 929 Uncompleted New sale RIVERBANK @ FERNVALE Condominium 99 years Oct 29 1,012 1,025,000-1,013 Uncompleted New sale SELETAR HILLS ESTATE Semi-Detached 999 years Oct 31 3,724 2,728,000-733 Unknown Resale DISCLAIMER: Source: URA Realis. Updated Nov 8, 2016. 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

EP14 THEEDGE SINGAPORE NOVEMBER 14, 2016 DEAL WATCH Unit at Viva selling below $2,000 psf BY TAN CHEE YUEN A four-bedroom unit at Viva has been listed for sale on TheEdgeProperty.com at $3.8 million ($1,940 psf). The 1,959 sq ft unit was previously leased, but is currently vacant. The unit is well-maintained and in good condition, according to Jack Tok, an agent with KF Property Network who is marketing the property. The unit is on the 10th floor of one of the three 30-storey towers at Viva, a 235-unit freehold condo developed by Allgreen Properties. The project previewed at the trough of the property market in September 2008, after the collapse of Lehman Brothers investment bank that signalled the start of the global financial crisis. At that time, units sold ranged from $1,472 to $1,572 psf, according to caveats lodged with URA Realis. Most of the units at Viva were sold between August and October 2009, at prices ranging from $1,385 psf for a three-bedroom property on the fifth level to $1,829 psf for a two-bedroom unit on the 29th floor, or an average of $1,546 psf, based on caveats lodged. For a freehold project in prime District 11, prices Most of the 235 units at Viva were sold between August and October 2009, at prices ranging from $1,385 to $1,829 psf, or an average of $1,546 psf were considered very attractive then. Completed in 2012, all the units in Viva are fully sold. The project is located on Suffolk Walk, within walking distance of the United Square shopping mall, which is connected underground to the Novena MRT station and two other shopping malls, Velocity and Square 2. According to The Edge Property THE EDGE SINGAPORE Past rental contracts for 1,900 to 2,000 sq ft units at Viva LEASE DATE MONTHLY RENT (2016) ($) ($ PSF) August 9,000 4.60 March 9,000 4.60 January 11,000 5.60 January 11,000 5.60 Research findings, of the 1,026 residential units that were purchased in 2009 and resold during the market peak of 2013, 99.6% registered gains of at least $500,000. Even though the private property price index has corrected about 10.8% since 3Q2013, those who purchased units at the bottom of the market seven years ago would still be in the money if they were to sell them today. Viva is popular with owner-occupiers as well as investors as its units are sizeable compared with newer developments in Newton and Novena, where most of the units are compact one- and two-bedders. Viva s two-bedders are sized at 958 sq ft, with the two-bedroom+study at 1,044 sq ft. The three- and four-bedroom units are from 1,323 to 1,528 sq ft and 1,840 to 1,991 sq ft, respectively. Past transactions at Viva CONTRACT DATE FLOOR AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) Oct 4, 2016 Mid 1,346 2.70 2,007 Oct 3, 2016 High 1,044 2.05 1,963 March 24, 2016 High 1,044 2.02 1,935 Dec 23, 2015 High 1,346 2.75 2,044 Aug 20, 2015 Mid 1,346 2.65 1,970 Aug 3, 2015 High 1,959 4.05 2,067 *Low floors: L1 to 7; Mid floors: L8 to 15; High floors: L16 & above The penthouses are between 4,908 and 6,339 sq ft. In 2013, a 958 sq ft two-bedder on the 27th floor fetched $2,500 psf in a sub-sale, while an identical unit one floor below changed hands for $2,349 psf. Even though prices at Viva have softened along with the rest of the market following the imposition of a series of property cooling measures, they have held firm above the $2,000 psf threshold in the last four years. The two most recent transactions at Viva were in October: A 1,346 sq ft three-bedder on the 18th floor was sold for $2.7 million ($2,007 psf), while a 1,044 sq ft two-bedder+study on the 28th floor fetched $2.05 million ($1,963 psf). In August last year, a 1,959 sq ft, four-bedroom unit on the 19th floor changed hands for $4.05 million ($2,067 psf). The mid-level unit currently up for sale is in the same block and has a view of the swimming pool, Tok says. Given the size of the four-bedroom units at Viva, they are ideal for families, he adds. URA data shows that the four most recent rental transactions for four-bedroom units at Viva averaged $10,000 a month. Based on the asking price for the unit, that would translate to a gross rental yield of 3.2%. For more information, call marketing agent Jack Tok at 9667 7239. E Scan the QR code for value deals at Viva TABLES: URA, THE EDGE PROPERTY COLLECTION 3-Year plan at SAVE 70% ON SUBSCRIPTION PLUS Spa and salon discount vouchers! YES! 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