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Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF MARCH 27, 2017 | ISSUE 772

Land Deal Eat, Play, Live Research Gains & Losses Rare redevelopment sites Keong Saik’s second wave Making sense of Unit at Astrid Meadows on Balmoral-Ewe Boon of gentrifi cation recent land bids sees $2.5 mil profi t Road for sale EP2 EP4&6 EP10 EP14

Mortgagee sales rising EDGE SINGAPORE CHUA/THE SAMUEL ISAAC As the slowing economy continues to take its toll, more property owners are facing diffi culty meeting mortgage payments. See our Cover Story on Pages 8 and 9. EP2 • THEEDGE SINGAPORE | MARCH 27, 2017

PROPERTY BRIEFS

EDITORIAL EDITOR | Ben Paul THE EDGE PROPERTY SECTION EDITOR | Rare redevelopment sites on Cecilia Chow HEAD OF RESEARCH | Feily Sofi an DEPUTY SECTION EDITOR | Michael Lim Balmoral-Ewe Boon Road for sale SENIOR ANALYST | Lin Zhiqin ANALYST | Tan Chee Yuen

COPY-EDITING DESK | | BY CECILIA CHOW |

ET&CO The former Balmoral Condo- Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, minium has since been redevel- Geraldine Tan wo adjoining, prime free- oped into the 72-unit Goodwood PHOTO EDITOR | hold residential redevel- Grand, which is scheduled for Samuel Isaac Chua opment sites owned by completion by 2Q2017. Spanning PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | two Singaporean fam- 12 storeys, it contains 65 condo Rahayu Mohamad ilies have been put on units and eight strata bungalows. DESIGN DESK | Tthe market. One is a rectan- Goodwood Grand is 44% sold. Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, gular plot fronting Balmoral Units were sold last year at prices Tun Mohd Zafi an Mohd Za’abah Road; the other is located on ranging from $1.89 million Ewe Boon Road. ($2,442 psf) for a 775 sq ft unit ADVERTISING + MARKETING The two sites have a com- on the ninth floor to $2.8 mil- ADVERTISING SALES bined land area of 57,349 sq ft lion ($2,282 psf) for a 1,227 sq ft DIRECTOR, ADVERTISING & SALES | and are zoned residential, with unit on the third floor. Cowie Tan a gross plot ratio of 1.6 and a Located adjacent to Good- ASSOCIATE ACCOUNT DIRECTOR | Diana Lim maximum building height of wood Grand is the 85-unit free- ACCOUNT MANAGERS | 12 storeys under the 2014 URA hold condo Volari, which was Priscilla Wong, James Chua Master Plan. An estimated to- completed in 2012. Volari is a

THE EDGE SINGAPORE tal development charge of $31.5 redevelopment of the former ADVERTISING + MARKETING million is payable to redevel- Garden Hotel. ADVERTISING SALES op the combined land parcel, According to Swee, the two MARKETING OFFICER CHIEF | which can yield 121 residential sites on Balmoral Road and Ewe Cecilia Kay ASSOCIATE ACCOUNT DIRECTOR | units, assuming an average size Boon Road are regular and rec- Windy Tan of 750 sq ft. tangular-shaped. “It’s rare to MANAGER ACCOUNT | The bigger plot is the one The freehold land parcel on Ewe Boon Road can be redeveloped into a 39-unit condominium find two such redevelopment Elaine Tan EVENTS on Balmoral Road, which can plots in the Balmoral-Ewe Boon SENIOR MANAGER | be developed into an 82-unit bid for both sites “because when Ewe Boon Road site is $41 mil- Balmoral Condominium in 2011. Road area,” she says. Interest- Sivam Kumar condominium; the Ewe Boon combined, they can be devel- lion. The total purchase price of It was purchased by a consorti- ed parties include locally list- MARKETING Road site can be developed oped into a bigger project with $160.5 million, including devel- um made up of Tiong Eng Group, ed companies and construction EXECUTIVE | Tim Jacobs into a 39-unit apartment block more facilities”. ET&Co is mar- opment charge, translates into Clarus Corpo (controlled by the groups as well as Chinese de- COORDINATOR | if sold separately. However, keting both sites. about $1,750 psf per plot ratio. Ng family of Pan United Corp) velopers that do not yet have Syazana Jumari Swee Shou Fern, Edmund Tie As the two sites are being The tender is expected to and Yuan Ching Development, a stake in the prime residen- CIRCULATION & Co (ET&Co) senior director sold in separate tenders, the ask- attract a lot of developer in- a wholly-owned subsidiary of tial neighbourhood, adds Swee. BUSINESS DEVELOPMENT DIRECTOR | of investment advisory services, ing price for the Balmoral site terest as the last site sold on Tiong Seng Holdings that paid The tender for the two sites will Victor The thinks developers are likely to is $88 million, and that of the Balmoral Road was the former $141 million for the site. close on April 20. E EXECUTIVES | Malliga Muthusamy, Ashikin Kader, Winnie Lim

CORPORATE CHIEF EXECUTIVE OFFICER | Ben Paul DIRECTOR | Anne Tong CBRE

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PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333 The Atlas to be showcased in Singapore Freehold ground-floor shop at Sim Lim Tower commodation assets. The trust holds about US$1.3 UK property developer Rocket Investments is releas- billion ($1.8 million) in student accommodation as- We welcome your comments going for $16.2 mil and criticism: propertyeditor.sg@ ing The Atlas Building (above, left) in Singapore over A freehold, ground-floor shop unit at Sim Lim Tow- sets in the UK and the US. bizedge.com the weekend of March 25 and 26. The project is a er (above, centre) has been put up for sale by public About £195 million ($339.7 million) of equity was mixed-use development in Tech City, Shoreditch, Lon- tender. The indicative price for the 4,908 sq ft unit is raised for the 5,910-bed UK portfolio and US$291 mil- Pseudonyms are allowed but please state your full name, don, and comprises a 40-storey residential tower and $16.19 million, or $3,300 psf. The ground-floor unit is lion for the 8,363-bed US portfolio. The UK portfo- address and contact number for a 10-storey office block. A major occupier in the of- currently tenanted and comes with approval for F&B lio includes Hawley Crescent (above, right), which is us to verify. fice block is co-working operator WeWork. There are use, which is very rare, especially in a prime freehold close to top universities such as Imperial College Lon- also retail and F&B outlets fronting a public piazza. development in the city-fringe area. Sim Lim Tower is don, University College London, King’s College and Designed by the award-winning MAKE Architects, near the Rochor MRT station and the upcoming Jalan Goldsmiths, University of London. the 152m-high residential building is located close to Besar MRT station on the Downtown Line. The property Major investors include The Great Eastern Life Assur- Old Street roundabout. It will be the tallest structure is marketed by CBRE, and the tender closes on April 18. ance Co Ltd, DBS Bank and UBS AG, which are invest- in Tech City when completed in 2019. It is also close ing in the trust on behalf of their high-net-worth clients. to London’s financial district, the Square Mile. The At- Mapletree raises US$535 mil las Building contains a total of 302 apartments, with a for student dorm private trust Eco World to provide accommodation mix of studio and one- to three-bedroom apartments. Mapletree Investments has closed the Mapletree Global for University of Reading Malaysia Prices start from £797,000 ($1.38 million). The prop- Student Accommodation Private Trust (MGSA P-Trust), Eco World Development Group Bhd has inked a mem- erty is marketed by Colliers International and will be the first trust in Singapore that focuses on student ac- orandum of understanding with the University of Read- showcased at Regent Hotel Singapore. ing Malaysia to provide student accommodation at Eco Nest Service apartments.

KSH clinches $145.7 mil contract from NUS ECO WORLD Located in the heart of Iskandar Puteri, Eco Nest is a KSH Holdings Ltd announced on March 20 that it had serviced apartment project in the 270-acre Eco Botanic clinched a $145.7 million contract from the National township. Eco Nest is also surrounded by shop offices in University of Singapore. KSH will construct a 16-sto- Eco Boulevard and Eco Galleria, an integrated commer- rey research building with a basement. Construction cial development. Units at Eco Nest start from 582 sq ft, is scheduled to start on April 1 and targeted for com- with a starting price of RM550,000 ($174,603). There pletion within 24 months. The project will lift KSH’s are also 1,238 sq ft duplex units that start from RM1.069 order book to more than $360 million. million. — Compiled by Tan Chee Yuen E THEEDGE SINGAPORE | MARCH 27, 2017 • EP3 EP4 • THEEDGE SINGAPORE | MARCH 27, 2017 EAT, PLAY, LIVE PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

The Keong Saik Road area was once a prominent red-light district peppered with brothels from the 1960s up to the 1980s Keong Saik Road’s second wave of gentrification

| BY MICHAEL LIM | highest and best use”, according to Poh. Alter- ing the property. The shophouse will be sold natively, the new owner can convert the upper with vacant possession. It has been in the n early March, Chinatown Hotel on Teck floors of the 3½-storey shophouses into offices possession of the Neo family for more than Lim Road was put up for sale. The 42-room and turn the ground floor units into F&B use. a decade now, and the two brothers who are boutique hotel is located off Keong Saik Just around the corner, on Keong Saik holding the asset have decided to sell it. They Road in the Chinatown-Bukit Pasoh area. Road, is the iconic, triangular pre-war shop- intend to redeploy the cash for other invest- The owners have been operating the hotel house headlined by Potato Head Folk, featuring ments or business ventures, says Cushman & Ifor the past 25 years. inter national cuisine in a three- storey conser- Wakefield’s Poh. “They felt it was time to let go of the prop- vation building with a rooftop garden. “There are few places in the CBD fringe that erty and focus on their other businesses,” says offer this unique charm of having offices, bou- Shaun Poh, Cushman & Wakefield executive Foodies’ haunt tique hotels, hip restaurants and cafes, local director of capital markets, who is handling Adjacent to it is a three-storey shophouse that coffee shops, as well as an Indian and a Chi- the sale by expression of interest. The indica- has been put on the market for sale. The first nese temple,” says Mary Sai, Knight Frank exe- tive price for Chinatown Hotel is $40 million, level of the shophouse is currently tenanted cutive director of investment and capital mar- or about $952,000 a room, and the expression to a Jin Fu Cheng Bak Kwa seller, who will kets. “As the revitalisation of Keong Saik Road of interest will close on March 28. be vacating the unit in July. The upper floors progresses, it could be the next Tiong Bahru or Interest in the property has been strong, have been leased to Potato Head Folk to be Holland Village with its eclectic mix of F&B, notes Poh, as it is rare for three adjoining free- used as its office. The freehold pre-war shop- work and hospitality offerings all in one place.” hold conservation shophouses with approval house has a built-up area of 2,800 sq ft and Keong Saik Road is now a popular foodies’ for use as a hotel to be put on the market for sits on a land area of 1,067 sq ft. The asking haunt. Besides Potato Head Folk, there are Tong Ah restaurant is popular among office workers sale. The new owner has the option to continue price is $9.8 million ($3,000 psf). Knight Frank other eateries such as Man Man Japanese and residents for their kaya toast and coffee running the property as a hotel, “which is the and Cushman & Wakefield are jointly market- Unagi Restaurant, Bread & Hearth artisan bakery and coffee shop, Esquina Spanish tapas bar, and Burnt Ends, featuring modern Australian barbecue. Traditional eateries include local coffee shop Tong Ah Eating House featuring kaya toast and coffee, Yanti Nasi Padang and Foong Kee Coffeeshop, which specialises in roast chicken, duck and served with rice and noodles. “In the morning, you can see office workers and residents queueing up at Tong Ah for their toast and coffee, as well as at Bread & Hearth for freshly baked breads and buns,” says Cushman’s Poh.

First wave of gentrification But things had not always been this way. For A queue outside Man Man Japanese Restaurant, which specialises in unagi Office workers flock to Foong Kee Coffee Shop, which serves roast chicken, much of the 1960s to the 1990s, Keong Saik (eel) dishes duck and pork with rice and noodles CONTINUES ON PAGE EP6 THEEDGE SINGAPORE | MARCH 27, 2017 • EP5 EP6 • THEEDGE SINGAPORE | MARCH 27, 2017 EAT, PLAY, LIVE

First wave sparked by opening of Hotel 1929 in 2003

FROM PAGE EP4 was known as the red-light district of China- town before undergoing a series of gentrifica- tion. Bounded by Neil Road, Kreta Ayer Road and Bukit Pasoh Road, “Keong Saik Road was once a forgotten part of Chinatown”, says Knight Frank’s Sai. What really sparked a rejuvenation 14 years ago was the opening of the 32-room Hotel 1929, reckons Poh, who happened to have a hand in how the boutique hotel came to be. In 2002, when he was the auctioneer at DTZ (now Edmund Tie & Co), he sold a row of five shophouses on Keong Saik Road in a mort- gagee sale. The property was snapped up for $3.4 million by former lawyer Loh Lik Peng. Hotel 1929 was the flagship property of Loh, now a successful hotelier-restaurateur operating under his own company, Unlisted Collection. Today, his portfolio of hotels in- cludes the New Majestic at Bukit Pasoh and Wanderlust in Little India, both here; Town Hall and 196 Bishopsgate in London; as well as The Waterhouse at South Bund, Shanghai. Loh opened Hotel 1929 in February 2003 after spending close to $2 million sprucing up Naumi Loria was acquired by Naumi Hotels for $42 million, or about $532,000 a room, from Grace International. It was formerly The SAFF and, before that, the shophouses. He also tied up with executive Royal Peacock Hotel. chef Sebastian Ng to start Restaurant Ember at the hotel. “That was when people [began to take] notice of the Keong Saik area,” notes Poh. “In a way, Loh kick-started the gentrifi- cation of Keong Saik Road.” CUSHMAN & WAKEFIELD CUSHMAN & The success of Hotel 1929 led to the reju- venation of The Royal Peacock Hotel. The 79- room hotel across the road opened in 1995, and was then owned by Grace International, headed by Geeson Lawadinata, the scion of an Indonesian family trading business. Grace International also owns The Scarlet, an 84- room boutique hotel on Erskine Road, off Ann Siang Hill. The Royal Peacock Hotel was rebranded The SAFF in 2010 and subsequently sold to Naumi Hotels for $42 million, or about $532,000 a room in September 2011. Naumi Hotels is owned by the Jhunjhnuwala family, who also own the Naumi Hotel on Seah Street. In 2011, a new boutique hotel, Park 22, A three-storey shophouse on Keong Saik Road with a opened right next door to Chinatown Hotel on built-up area of 2,800 sq ft on a land area of 1,067 Teck Lim Road. The 56-room Park 22 sits on sq ft is up for sale at $9.8 million ($3,000 psf) Chinatown Hotel has been put up for sale at an indicative price of $40 million, or about $952,000 a room three adjacent shophouses and is owned and operated by White Oak Investments, a Singa- ly brought in new executive chef Alex Phan, The $35 million price tag for Hotel 1929 trans- notes Poh. And with Chinatown Hotel on the pore-based hospitality management and in- a nominee for Rising Chef of the Year at the lated to $1.09 million per key and set a new market now, interest has returned to the area. vestment firm. World Gourmet Summit 2016, to helm Ember. benchmark for hotel transactions. It surpassed Besides Loh, another entrepreneur instru- The buyer of Hotel 1929 is reportedly Cheong the price of the former 49-room Berjaya Hotel mental in the remaking of Keong Saik is Ben Second wave of gentrification Keng Hooi, a member of the Cheong family (renamed The Duxton) on Duxton Road that Gattie of The Bamboo Group and The Work- In September 2013, Loh sold Hotel 1929 for who developed International Plaza and owns was sold for $50 million or $1.02 million per ing Capitol, which he co-founded with his $35 million. However, under a leaseback ar- Singapore-listed Hong Fok Corp. Cheong is also key in May 2013. sister, Saranta. Gattie bought the former AIA rangement, he continues to operate the hotel related to luxury property developer Simon The sale of Hotel 1929 sparked anoth- Building on 1 Keong Saik Road and converted and its in-house Restaurant Ember. He recent- Cheong of SC Global Developments. er wave of rejuvenation at Keong Saik Road, the row of five shophouses into co-working space The Working Capitol, with a café on the first level jointly owned and managed by Lo & Behold Group. The Working Capitol on Keong Saik opened in April 2015 and is running at full capacity with about 350 members working out of its premises. Owing to demand, Gattie had to expand to the second floor of the conservation shophouse across the road, above the coffee shop. One of his tenants at Keong Saik Road is Rutgers Business School Asia Pacific, which runs an executive MBA programme there. Gattie also introduced new F&B concepts to Keong Saik by bringing in tenants such as Man Man Japa nese Unagi Restaurant, Neon Pigeon Izakaya and Potato Head Folk. “In a lot of cases, it was about bringing in first-of- its-kind F&B operators,” Gattie says. “Keong Saik is not a traditional office lo- cation. But we thought it was ready for this [The Working Capitol], and we just loved the property. We already had some projects Hotel 1929 opened its doors in February 2003 and was subsequently sold by Loh Lik Peng in September 2013 The café on the first level of The Working Capitol on down the road and we’re part of the social for $35 million to a company owned by Cheong Keng Hooi Keong Saik Road, operated by Lo & Behold Group fabric here.” E THEEDGE SINGAPORE | MARCH 27, 2017 • EP7 EP8 • THEEDGE SINGAPORE | MARCH 27, 2017 COVER STORY

Mortgagee sales rising As the slowing economy continues to take its toll, more property PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: owners are facing difficulty meeting mortgage payments

View of One°15 Marina from The Marina Collection at Sentosa Cove

| BY CECILIA CHOW |

condominium unit at The Marina Collection in Sen- tosa Cove was to be put up for auction a third time by Edmund Tie & Co (ET&Co) Aon March 29. However, it was sold prior to the auction, at a price be- lieved to be around $3 million. The unit was a mortgagee sale, and the recent buyer, a foreign investor. The latest transaction translates to a 42.8% discount to the previous owner’s purchase price of $5.24 mil- lion ($2,800 psf), based on a caveat lodged for the unit in December 2011. A duplex penthouse at Volari is on the market for $6.45 million at ET&Co’s A double-storey penthouse at The Foresta @ Mount Faber is up for sale with an The 1,873 sq ft unit on the second upcoming auction indicative price of $2.3 million at the upcoming ET&Co auction level has a direct view of the marina and contains three bedrooms and a about 1,453 sq ft. It also has direct also saw the debut of a penthouse At ERA’s auction, a 99-year lease- sq ft, three-bedroom unit is on the study. The unit is currently tenant- views of the colonial Black & White at The Beverly on Toh Tuck Road in hold unit on the first level of Carib- 12th floor of one of the towers. The ed at a rental rate of about $6,000 bungalows at Goodwood Hill. The District 21. The three-bedroom pent- bean at Keppel Bay made its debut pre vious owner paid $4.65 million a month. indica tive price of the penthouse is house has a floor area of 2,734 sq ft, as a bank sale or mortgagee sale. ($2,769 psf) for the apartment in Jan- Last December, a similar-sized $6.45 million ($1,633 psf), which is which includes the private pool and The 1,485 sq ft, three-bedroom unit uary 2013. At Knight Frank’s auction unit on the third level (above the almost $1 million below the previous roof terrace. It was also a mortga- has generated a lot of interest from on March 22, the unit had an open- one that just sold) of The Marina owner’s purchase price of $7.33 mil- gee sale and had an opening price potential buyers, many of whom are ing price of $3.75 million and there Collection fetched $3 million ($1,602 lion ($1,856 psf) in November 2009. of $2.08 million. As no bids were looking for a property for their own was a counter offer of $3.6 million. psf) as well. “It’s a one-off deal, and the first received, the property was with- use, according to an ERA agent who However, the property was with- It shows that prices of condos at mortgagee sale in the development,” drawn. The 118-unit The Beverly is declined to be named. The indicative drawn without a sale. Sentosa Cove have finally bottomed. says Tan. “This is a freehold condo a freehold, five-storey condo com- price for the pool-facing unit is $1.9 “These transactions demonstrate that in a tranquil environment in prime pleted in 2012. million ($1,279 psf), which is 7.8% Caught in a bind at the current price levels, buyers are District 10, and near Orchard Road.” below the previous owner’s acqui- The pain of Singapore’s high unem- finding it attractive to come in,” says Another penthouse making its More motivated sellers sition price of $2.06 million ($1,387 ployment rate and economic slow- Joy Tan, head of auction at ET&Co. debut at the auction is a duplex at This month alone, half of the 72 psf) in June 2011. down is most visible at property auc- “And we’re getting a lot of calls for The Foresta @ Mount Faber. The properties put up for auction — by ET&Co’s Tan foresees the number tions, as mortgagee sales continue Sentosa Cove properties.” 141-unit private condo is on Wishart Colliers International, ET&Co, ERA, of mortgagee sales rising this year to climb. The jobless rate for 2016 Road, a quiet road at the foot of Mount JLL and Knight Frank combined — if the economy continues to slow. hit 2.1%, up from 1.9% in 2015 — More penthouses as Faber. Yet, it is within walking dis- are mortgagee sales, with another “Some people thought it would be the highest annual unemployment mortgagee sales tance of the Telok Blangah MRT sta- handful of properties by owners who the shoebox apartments that would rate since 2010. Some of those who At ET&Co’s upcoming auction on tion and a short drive from the CBD. are considered “motivated sellers”. see a spike in mortgagee sales, but lost their jobs have defaulted on March 29, eight out of 12 properties The freehold, five-storey condo was One such motivated seller is the it is the larger units that continue to their mortgages, while beleaguered to be featured are mortgagee sales. completed in 2014. owner of a unit at Altez. The 861 sq surface as mortgagee sales,” she says. business owners have struggled to Four of them are new listings. One The Foresta penthouse has a floor ft, one-bedroom loft has an indica tive At Knight Frank’s auction on hold on to their assets, says Sharon is a duplex penthouse at Volari, a area of 1,539 sq ft, including a 183 price of $1.67 million ($1,940 psf), March 22, eleven of the 27 listed for Lee, Knight Frank’s head of auction. high-end, freehold condo on Bal- sq ft roof terrace, and contains three which is 16% below the owner’s pur- sale were mortgagee sales. One was Other distressed sales could be moral Road. The 85-unit condo was bedrooms as well as a study. A mort- chase price of $1.99 million ($2,314 a three-bedroom apartment at the the result of a divorce, with couples completed in 2012. gagee sale, the unit has an indicative psf) in February 2013. The unit was put 102-unit Paterson Suites in prime having to sell their assets after the The penthouse at Volari has a price of $2.33 million ($1,514 psf), up for auction by ERA on March 24. District 9. The freehold condo, which split, she notes. “The rise in mort- total floor area of 3,950 sq ft and which is on a par with the previous The 280-unit, 99-year leasehold Altez, has two 21-storey towers, was com- gagee sales is due to a combination comes with a private lift, four bed- owner’s purchase price of $2.31 mil- located in the heart of Tanjong Pagar pleted in 2010. of factors.” rooms and a study, as well as private lion in 2011. in the CBD, obtained its Temporary It was also the first mortgagee An increasing number of investors pool and private enclosed space of Knight Frank’s auction on March 22 Occupation Permit in 2014. sale at Paterson Suites. The 1,679 are caught in a bind because either THEEDGE SINGAPORE | MARCH 27, 2017 • EP9 COVER STORY

their property has been vacant for a the 2013 purchase price. prolonged period or the monthly rents Thomson V has two mixed-use are insufficient to cover the mort- blocks, both containing residential gage payments, observes Lee. Many units on the upper levels, and strata of these buyers entered the market shops on the first and basement levels. when it was on an upturn between Thomson V One was completed in 2011 and 2013, before the total debt 2008, and Thomson V Two, a year later. servicing ratio (TDSR) loan frame- work was introduced. Spike in mortgagee sales It is perhaps in recognition of the of strata factory units increasing hardship wrought by eco- The slowing economy has taken a toll nomic uncertainty that the govern- on small businesses, and this is evi- ment tweaked some of the property dent in the rising tide of mortgagee cooling measures on March 10. For sales and receiver’s sales of strata in- instance, it cut the holding period for dustrial units. At Colliers’ upcoming seller’s stamp duty from four to three auction, eight of the 14 properties are years, and relaxed the TDSR for mort- mortgagee sales. Half of these are for gage equity withd rawal loans with ramp-up factory units in new strata loan-to-value ratios of 50% or less. industrial developments. Likewise, at Knight Frank’s auc- Mortgagee sales of strata tion, four of the nine industrial units shops, office units Two adjacent strata office units at EON for sale are mortgagee sales. At CT Mortgagee sales are also surfacing in Shenton will be put up for auction on Hub 2 on Lavender Street, a Busi- the strata commercial segment. At the March 29 with an indicative price of ness 1 (B1) factory unit on the third upcoming mixed-use scheme, EON A Business 1 factory unit at CT Hub 2 was put up for mortgagee sale by Knight Frank $2.68 million floor is a mortgagee sale. The 1,873 Shenton, two adjacent strata office sq ft unit has a 60-year lease, with units will be put up for auction by shops, and construction is currently were snapped up at prices averag- Meanwhile, at Colliers Internation- effect from 2010. CT Hub 1 and 2 is ET&Co on March 29. underway. It is scheduled for com- ing $5,177 psf. al’s auction on March 30, a 409 sq ft a giant mixed-use scheme with 310 The two 99-year leasehold office pletion in 2H2017. At that time, many small investors shop unit in the basement of Thomson B1 factory units, 41 retail shops and units, each with its own attached At JLL’s auction on March 23, an were diverted from the residential V Two will be put up for sale. The free- 77 office units. The project was com- toilet, have a combined strata area of F&B shop at East Village on Upper sector, owing to the imposition of hold unit has been transacted twice pleted in 2015. 1,109 sq ft. Both are now mortgagee Changi Road was put up for sale. the seller’s stamp duty (SSD) and before. The first time was in June “With the economy remaining sales and have an indicative price of The 366 sq ft unit, which is current- additional buyer’s stamp duty (ABSD), 2007, when the owner snapped it up sluggish, more mortgagee sales are $2.68 million ($2,417 psf), which is ly vacant, is now a mortgagee sale says a property consultant who de- for $654,000 ($1,599 psf). It changed likely to surface, as both individual in- 3% below the original purchase price with an indicative price of $1.55 mil- clined to be named. “Many of them hands in September 2013 for double vestors and business owners continue of $2.77 million ($2,501 psf), accord- lion ($4,235 psf). When the freehold snapped up such small shop units the price, or $1.3 million ($3,178 psf). to face tough times,” says Mok Sze ing to a caveat lodged in May 2013. strata retail complex was launched at the launch because they were However, the property is now a mort- Sze, head of auction at JLL. However, EON Shenton contains a mix of for sale in April 2012, many of the looking at a quantum play, with abso- gagee sale, with an indication price for bargain hunters, there are more residential units, strata offices and units, ranging from 108 to 420 sq ft, lute prices from $500,000,” she says. of $850,000, which is 34.6% below opportunities on the market. E EP10 • THEEDGE SINGAPORE | MARCH 27, 2017 RESEARCH SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

Making sense of recent land bids

| BY FEILY SOFIAN | price is likely to be modest as buyers remain Recent land tenders fetched price premiums over nearby sites price-sensitive, and the impact on the overall n March 14, the government launched market may be limited as it is just one of the a residential site on Tampines Ave- TENDER LOCATION PRICE TENDER LOCATION/ PRICE many variables in the equation. CLOSING ($ PSF PPR) CLOSING PROJECT NAME ($ PSF PPR) nue 10 (Parcel C) for sale by ten- The resale market, meanwhile, continues to der. Market watchers have different February 2017 West Coast Vale 592 August 2015 West Coast Vale/ 551 THE EDGE PROPERTY HDB, URA, be mired in a slew of challenges. Amid elevated opinion regarding developers’ inter- Parc Riviera supply and slower population growth, month- Oest for the site, given that it is flanked by The January 2017 Perumal Road 1,001* March 2015 Sturdee Road/ 787 ly rents for one-bedroom condo and apartment Santorini and The Alps Residences, which still Sturdee Residences units fell 7% y-o-y on estimate between 4Q2015 have 217 and 244 unsold units respectively, December 2016 Margaret Drive 998 June 2015 Dundee Road/ 871 and 4Q2016 across market segments. Rents for based on URA caveat records. Still, the site is Queens Peak two-bedroom units were down 3% y-o-y in the likely to be highly contested, given develop- September 2016 Fernvale Road 517 August 2014 Fernvale Road/ 443 high-end segment and 6% y-o-y in the city- ers’ robust appetite for land recently, as well High Park Residences fringe and suburban areas over the same pe- as stiffer competition from foreign developers. June 2016 Martin Place 1,239 – – – riod. The change was computed based on av- Developers have submitted bullish bids in erage rents at apartments and condos with at *Residential with commercial at first storey state tenders since mid-2016. Could this be an least five contracts in each quarter. Meanwhile, impetus for a turnaround in property prices? the US Federal Reserve is expected to increase Notably, GuocoLand’s top bid of $1,239 psf Separately, MCL Land paid $998 psf ppr er than the $562 psf ppr it paid for The San- rates three times this year, which would dent per plot ratio (ppr) for the Martin Place site in for a residential site on Margaret Drive in De- torini site in July 2013. mortgage affordability. June 2016 was the highest unit land price for cember 2016, 15% higher than the $871 psf The bullish bids by developers in recent A new launch may boost prices of resale a pure residential site sold in the government ppr fetched for the Queens Peak site and 13% times should not come as a surprise. Near- properties in the vicinity, but the effect may land sales programme. The break-even price more than the $883 psf ppr paid for the Com- ly 30 private housing sites were launched for be temporary. The average price at Waterview, for the site would be $1,800 to $1,900 psf. monwealth Towers site. Most recently, China sale in 2011, excluding executive condo sites. a 696-unit condo completed in 2014, fell 8% Just three months after the sale of the Mar- Construction paid $592 psf ppr for a private Many projects built on these sites have been from $1,027 psf in 2013 to $945 psf in 2016. tin Place site, a private housing site on Fernvale housing site on West Coast Vale, 7% higher completed and developers would be chasing This was despite the launch of Q Bay Resi- Road attracted a top bid of $517 psf ppr from than the $551 psf ppr that EL Development after new sites to reinvest their capital. Less dences in 2013 at $1,043 psf and The San- Sing Development and Wee Hur Development. paid for its Parc Riviera site next door. than 10 private housing sites, however, were torini in 2014 at $1,123 psf — both projects The price was 17% higher than the $443 psf In contrast, developers’ bids were less op- launched for sale in 2016. are located within 500m from Waterview. In ppr paid in August 2014 for a neighbouring site timistic in 2015 and 1H2016. The Grandeur Recent land sales paint a rosier picture for the Tanah Merah area, the average price at that is currently being developed into High Park Park Residences site, for example, fetched $761 the Singapore residential market after more Casa Merah and East Meadows fell 13% and Residences. With the break-even price project- psf ppr in February 2016, lower than the $791 than three years of declining prices. The bull- 9% respectively between 2013 and 2016 de- ed to be $950 to $1,050 psf, the launch price psf ppr paid in October 2012 for The Glades ish bids would mean that the average develop- spite the launch of The Glades in 2013. For for the new condominium on the site could be site, located a stone’s throw away. Mean- ment cost will be elevated and, under normal context, the URA price index for non-land- over $1,100 psf. Prices at High Park Residences, while, MCC Land paid $483 psf ppr for The circumstances, this would translate into higher ed homes in Outside Central Region fell 9% meanwhile, have averaged $989 psf. Alps Residences site in May 2015, 14% low- selling prices for new launches. Any upside in between 4Q2013 and 4Q2016. E THEEDGE SINGAPORE | MARCH 27, 2017 • EP11 EP12 • THEEDGE SINGAPORE | MARCH 27, 2017 DONE DEALS

Le Nouvel Ardmore unit fetches $4,005 psf

| BY TAN CHEE YUEN | permanent resident and general Singapore Christie’s International partner of Venturecraft Group and Real Estate. t Le Nouvel Ardmore, the Singapore Diamond Investment In recent weeks, there has been Wing Tai Holdings’ 43-unit Exchange, one of the few commodity a handful of transactions elsewhere ultra-luxury condominium exchanges in the world for physically in the Ardmore Park neighbour- project, a unit was recent- settled diamonds. Sun is a founding hood. Last month, a 2,885 sq ft, ly sold for $15.17 million member of Alibaba and Taobao, an four-bedroom unit at the neighbour- A($4,005 psf), according to a caveat e-commerce marketplace. ing Ardmore Park condo changed EDGE SINGAPORE CHUA/THE SAMUEL ISAAC lodged on March 14. The 3,789 sq The penthouse includes a 5,000 hands for $8.9 million (3,085 psf). ft, four-bedroom unit is on the 23rd sq ft roof terrace. Its $51 million The seller purchased the unit in floor of the 33-storey tower designed price tag translated to $3,676 psf, August 1996 for $5.4 million ($1,876 by renowned French architect and based on total floor area. In terms of psf) when the project was launched. Pritzker Prize winner Jean Nouvel. abso lute price, it is still considered Developed by Wheelock Properties The last transaction prior to this a record-breaking transaction for a and completed in 2001, the 330- was in June 2016, when a 5,242 sq ft, condo unit today. unit freehold Ardmore Park Condo four-bedroom unit on the seventh Completed in 2014, Le Nouvel is still regarded as the barometer floor was sold to a foreign buyer, Ardmore contains only three- and for the luxury residential market. believed to be an Indonesian ty- four-bedroom units from about Wheelock’s other project in coon, for $21 million ($4,006 psf). 3,800 sq ft. Ardmore Park, the 84-unit Ardmore The most eye-popping transac- “Le Nouvel appeals to buyers Three, saw five units sold at prices tion at Le Nouvel was the sale of with deep pockets who are look- ranging from $6.06 million ($3,389 the duplex penthouse of 13,875 sq ing for a luxurious and spacious psf) to $7.07 million ($3,981 psf) in ft for $51 million. The buyer was unit in the most prestigious loca- February. The project, completed in said to be Sun Tongyu, a mainland tion in the prime district,” says 2015, contains three-bedroom units The 43-unit Le Nouvel Ardmore (centre) and the neighbouring Nouvel 18 (left) were Chinese tycoon who is a Singapore Samuel Eyo, managing director of of about 1,800 sq ft. E designed by French architect Jean Nouvel

 LOCALITIES DISTRICTS LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF Singapore — by postal district City & Southwest 1 to 8 PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE Orchard/Tanglin/Holland 9 and 10 District 5 Newton/Bukit Timah/Clementi 11 and 21 BLUE HORIZON Condominium 99 years March 08 1,163 1,190,000 - 1,024 2005 Resale CLEMENTIWOODS Condominium 99 years March 08 1,421 1,400,000 - 985 2010 Resale Balestier/MacPherson/Geylang 12 to 14 HERITAGE VIEW Condominium 99 years March 07 969 1,100,000 - 1,135 2000 Resale East Coast 15 and 16 JULUCA Detached Freehold March 07 3,692 2,180,000 - 590 2010 Resale PARC RIVIERA Condominium 99 years March 11 710 865,000 - 1,218 Uncompleted New Sale Changi/Pasir Ris 17 and 18 PARC RIVIERA Condominium 99 years March 11 1,184 1,332,000 - 1,125 Uncompleted New Sale Serangoon/Thomson 19 and 20 PARC RIVIERA Condominium 99 years March 12 1,184 1,317,000 - 1,112 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 12 990 1,175,020 - 1,187 Uncompleted New Sale West 22 to 24 PARC RIVIERA Condominium 99 years March 12 710 865,000 - 1,218 Uncompleted New Sale North 25 to 28 PARC RIVIERA Condominium 99 years March 12 603 822,000 - 1,364 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 12 1,152 1,438,000 - 1,249 Uncompleted New Sale PARC RIVIERA* Condominium 99 years March 12 710 855,540 - 1,204 Uncompleted New Sale SPRINGWOOD Terrace Freehold March 13 2,250 2,700,000 - 1,201 1990 Resale THE CLEMENT CANOPY Apartment 99 years March 07 990 1,352,000 - 1,365 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 08 732 1,013,000 - 1,384 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 11 1,346 1,691,000 - 1,257 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 11 657 939,000 - 1,430 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 11 732 977,000 - 1,335 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 1,346 1,688,000 - 1,255 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 732 1,009,000 - 1,379 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 990 1,357,000 - 1,370 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 657 948,000 - 1,444 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 710 966,000 - 1,360 Uncompleted New Sale THE TRILINQ Condominium 99 years March 07 1,356 1,657,000 - 1,222 Uncompleted New Sale THE TRILINQ Condominium 99 years March 07 1,356 1,573,000 - 1,160 Uncompleted New Sale THE TRILINQ Condominium 99 years March 09 1,346 1,554,000 - 1,155 Uncompleted New Sale THE TRILINQ Condominium 99 years March 10 1,518 1,799,000 - 1,185 Uncompleted New Sale THE TRILINQ Condominium 99 years March 11 1,356 1,622,000 - 1,196 Uncompleted New Sale THE TRILINQ Condominium 99 years March 11 1,518 1,842,000 - 1,214 Uncompleted New Sale District 7 THE BENCOOLEN Apartment 99 years March 10 1,044 1,268,000 - 1,214 1999 Resale THE PLAZA Apartment 99 years March 10 732 739,800 - 1,011 1979 Resale District 8 CITY SQUARE RESIDENCES Condominium Freehold March 08 1,216 1,642,000 - 1,350 2009 Resale CITY SQUARE RESIDENCES Condominium Freehold March 13 1,216 1,610,000 - 1,324 2008 Resale Residential transactions with contracts dated March 7 to 14 KENTISH COURT Apartment 99 years March 07 1,055 970,000 - 920 1999 Resale SING AVENUE Apartment Freehold March 08 2,928 1,820,000 - 623 Unknown Resale STURDEE RESIDENCES Condominium 99 years March 11 947 1,381,800 - 1,459 Uncompleted New Sale LAND AREA/ NETT UNIT STURDEE RESIDENCES Condominium 99 years March 12 721 1,184,700 - 1,643 Uncompleted New Sale SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF STURDEE RESIDENCES Condominium 99 years March 12 1,044 1,623,168 - 1,555 Uncompleted New Sale PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE STURDEE VIEW Apartment Freehold March 07 1,475 1,450,000 - 983 1999 Resale District 1 District 9 EMERALD GARDEN Condominium 999 years March 08 1,259 1,938,860 - 1,540 1999 Resale 2 RVG Apartment Freehold March 09 893 1,500,000 - 1,679 2006 Resale MARINA BAY RESIDENCES Condominium 99 years March 10 732 1,450,000 - 1,981 2010 Resale BELLE VUE RESIDENCES Condominium Freehold March 07 2,303 4,300,000 - 1,867 2010 Resale ONE SHENTON Apartment 99 years March 08 581 950,000 - 1,634 2011 Resale CAIRNHILL NINE Apartment 99 years March 07 1,055 2,811,000 - 2,665 2016 New Sale District 2 CAIRNHILL NINE Apartment 99 years March 07 1,033 2,792,000 - 2,702 2016 New Sale SKYSUITES@ANSON Apartment 99 years March 10 1,012 2,680,000 - 2,649 2014 Resale CAIRNHILL NINE Apartment 99 years March 11 1,033 2,657,000 - 2,571 2016 New Sale District 3 CAIRNHILL RESIDENCES Apartment Freehold March 08 1,163 2,098,000 - 1,805 2009 Resale ALEX RESIDENCES Apartment 99 years March 07 926 1,652,000 - 1,785 Uncompleted New Sale LEONIE GARDENS Condominium 99 years March 07 2,540 2,770,000 - 1,090 1993 Resale ALEX RESIDENCES Apartment 99 years March 07 1,044 1,909,000 - 1,828 Uncompleted New Sale LIV ON WILKIE Apartment Freehold March 12 452 988,000 - 2,185 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years March 08 904 1,571,000 - 1,737 Uncompleted New Sale OUE TWIN PEAKS Condominium 99 years March 08 1,399 4,029,200 - 2,879 2015 Resale ALEX RESIDENCES Apartment 99 years March 10 926 1,689,500 - 1,825 Uncompleted New Sale OUE TWIN PEAKS Condominium 99 years March 13 1,399 3,800,000 - 2,716 2015 Resale COMMONWEALTH TOWERS Condominium 99 years March 10 904 1,493,900 - 1,652 Uncompleted New Sale ROBERTSON 100 Apartment Freehold March 07 883 1,480,000 - 1,677 2004 Resale COMMONWEALTH TOWERS Condominium 99 years March 10 904 1,537,100 - 1,700 Uncompleted New Sale SOPHIA HILLS Condominium 99 years March 07 710 1,376,000 - 1,937 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March 10 904 1,395,200 - 1,543 Uncompleted New Sale SOPHIA HILLS Condominium 99 years March 10 581 1,245,000 - 2,142 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March 12 463 848,000 - 1,832 Uncompleted New Sale SOPHIA HILLS Condominium 99 years March 12 700 1,305,000 - 1,865 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March 12 463 848,000 - 1,832 Uncompleted New Sale SOPHIA HILLS Condominium 99 years March 12 1,012 1,864,000 - 1,842 Uncompleted New Sale EMERALD PARK Condominium 99 years March 14 926 1,050,000 - 1,134 1993 Resale ST THOMAS SUITES Condominium Freehold March 10 1,819 3,350,000 - 1,842 2010 Resale HIGHLINE RESIDENCES Condominium 99 years March 08 2,174 4,042,100 - 1,859 Uncompleted New Sale THE PEAK @ CAIRNHILL II Apartment Freehold March 12 904 2,511,000 - 2,777 2015 Resale HIGHLINE RESIDENCES Condominium 99 years March 08 1,109 2,131,800 - 1,923 Uncompleted New Sale THE WHARF RESIDENCE Condominium 999 years March 13 1,044 1,958,000 - 1,875 2012 Resale HIGHLINE RESIDENCES Condominium 99 years March 09 1,292 2,288,300 - 1,772 Uncompleted New Sale TOWNHOUSE APARTMENTS Apartment 99 years March 10 2,228 1,900,000 - 853 Unknown Resale HIGHLINE RESIDENCES Condominium 99 years March 10 904 1,611,800 - 1,783 Uncompleted New Sale VISIONCREST Apartment Freehold March 13 915 1,690,000 - 1,847 2007 Resale HIGHLINE RESIDENCES Condominium 99 years March 10 915 1,596,000 - 1,744 Uncompleted New Sale WATERMARK ROBERTSON QUAY Apartment Freehold March 14 1,346 2,020,000 - 1,501 2008 Resale HIGHLINE RESIDENCES Condominium 99 years March 11 883 1,626,700 - 1,843 Uncompleted New Sale District 10 HIGHLINE RESIDENCES Condominium 99 years March 11 700 1,385,900 - 1,981 Uncompleted New Sale ASTRID MEADOWS Condominium Freehold March 09 2,583 4,280,000 - 1,657 1990 Resale HIGHLINE RESIDENCES Condominium 99 years March 12 904 1,543,800 - 1,707 Uncompleted New Sale BALMORAL GATE Condominium Freehold March 13 1,572 2,300,000 - 1,464 1994 Resale HIGHLINE RESIDENCES Condominium 99 years March 12 1,292 2,357,100 - 1,825 Uncompleted New Sale BELMOND GREEN Condominium Freehold March 13 1,270 2,023,000 - 1,593 2004 Resale HIGHLINE RESIDENCES Condominium 99 years March 12 1,292 2,198,100 - 1,702 Uncompleted New Sale D’LEEDON Condominium 99 years March 10 2,260 3,165,000 - 1,400 2014 Resale PRINCIPAL GARDEN Condominium 99 years March 07 484 819,000 - 1,691 Uncompleted New Sale GRAMERCY PARK Condominium Freehold March 08 2,562 6,570,704 - 2,565 2016 Resale PRINCIPAL GARDEN Condominium 99 years March 08 484 790,000 - 1,631 Uncompleted New Sale GRAMERCY PARK Condominium Freehold March 13 2,207 5,746,000 - 2,604 2016 Resale PRINCIPAL GARDEN Condominium 99 years March 08 786 1,290,000 1,285,000 1,635 Uncompleted New Sale LE NOUVEL ARDMORE Condominium Freehold March 14 3,789 15,174,945 - 4,005 2014 Resale PRINCIPAL GARDEN Condominium 99 years March 08 807 1,298,500 - 1,608 Uncompleted New Sale LOFT@HOLLAND Apartment Freehold March 13 323 720,000 - 2,230 2014 Resale PRINCIPAL GARDEN Condominium 99 years March 08 807 1,302,420 - 1,613 Uncompleted New Sale JALAN ISTIMEWA Semi-Detached 999 years March 07 3,746 5,650,000 - 1,510 1996 Resale PRINCIPAL GARDEN Condominium 99 years March 08 797 1,289,680 - 1,619 Uncompleted New Sale ONE BALMORAL Condominium Freehold March 09 969 2,219,000 - 2,291 2016 Resale PRINCIPAL GARDEN Condominium 99 years March 08 797 1,309,280 - 1,644 Uncompleted New Sale ONE BALMORAL Condominium Freehold March 13 969 2,097,000 - 2,165 2016 Resale PRINCIPAL GARDEN Condominium 99 years March 09 797 1,345,000 - 1,689 Uncompleted New Sale ONE TREE HILL MANSIONS Apartment 99 years March 07 1,615 1,440,000 - 892 Unknown Resale PRINCIPAL GARDEN Condominium 99 years March 10 484 794,000 - 1,639 Uncompleted New Sale POLLEN & BLEU Condominium 99 years March 14 872 1,737,400 - 1,993 2016 Resale PRINCIPAL GARDEN Condominium 99 years March 11 786 1,266,000 1,261,000 1,605 Uncompleted New Sale POLLEN & BLEU Condominium 99 years March 14 872 1,774,800 - 2,036 2016 Resale PRINCIPAL GARDEN Condominium 99 years March 12 764 1,230,000 - 1,609 Uncompleted New Sale THE FERNHILL Apartment Freehold March 13 1,604 2,580,000 - 1,609 2009 Resale QUEENS Condominium 99 years March 08 1,184 1,430,000 - 1,208 2002 Resale THE LEGEND Condominium Freehold March 07 1,496 1,780,000 - 1,190 1996 Resale QUEENS PEAK Condominium 99 years March 08 775 1,166,000 - 1,505 Uncompleted New Sale THE SIERRA Apartment 947 years March 09 667 820,000 - 1,229 1998 Resale QUEENS PEAK Condominium 99 years March 10 441 763,000 - 1,729 Uncompleted New Sale THE TESSARINA Condominium Freehold March 08 969 1,380,000 - 1,425 2003 Resale RIVER PLACE Condominium 99 years March 10 786 990,000 - 1,260 1999 Resale THE TRESOR Condominium 999 years March 09 1,485 2,260,000 - 1,521 2007 Resale THE ANCHORAGE Condominium Freehold March 08 1,647 1,938,888 - 1,177 1997 Resale THE TRIZON Condominium Freehold March 13 2,174 3,360,000 - 1,545 2012 Resale District 4 VICTORIA PARK VILLAS Semi-Detached 99 years March 09 2,217 4,463,000 - 2,016 Uncompleted New Sale CARIBBEAN AT KEPPEL BAY Condominium 99 years March 13 1,335 1,920,000 - 1,438 2004 Resale WOOLLERTON PARK Apartment Freehold March 13 2,357 3,600,000 - 1,527 Unknown Resale CORALS AT KEPPEL BAY Condominium 99 years March 07 883 1,470,000 - 1,665 2016 New Sale District 11 CORALS AT KEPPEL BAY Condominium 99 years March 09 2,659 6,520,000 - 2,452 2016 New Sale CHANCERY CORNER Apartment Freehold March 09 1,421 875,000 - 616 1986 Resale THE BERTH BY THE COVE Condominium 99 years March 13 1,658 2,200,000 - 1,327 2006 Resale TEN @ SUFFOLK Apartment Freehold March 10 1,184 1,600,000 - 1,351 2006 Resale THE INTERLACE Condominium 99 years March 14 1,744 1,870,000 - 1,072 2013 Resale District 12 THEEDGE SINGAPORE | MARCH 27, 2017 • EP13 DONE DEALS

Residential transactions with contracts dated March 7 to 14

LAND AREA/ NETT UNIT LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE BEACON HEIGHTS Condominium 999 years March 10 926 950,000 - 1,026 2012 Resale THE MINTON Condominium 99 years March 13 936 940,000 - 1,004 2013 Resale EIGHT RIVERSUITES Condominium 99 years March 07 850 1,050,000 - 1,235 2016 Sub Sale THE VALES EC 99 years March 07 764 661,000 - 865 Uncompleted New Sale EIGHT RIVERSUITES Terrace 99 years March 10 3,003 2,150,000 - 716 2016 New Sale THE VALES EC 99 years March 08 1,679 1,316,000 - 784 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 08 775 1,146,000 - 1,479 Uncompleted New Sale THE VALES EC 99 years March 08 753 623,888 - 828 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 10 678 1,081,000 - 1,594 Uncompleted New Sale THE VALES EC 99 years March 09 915 750,000 - 820 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 11 1,313 1,785,000 - 1,359 Uncompleted New Sale THE VALES EC 99 years March 10 753 643,888 - 855 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 11 484 756,000 - 1,561 Uncompleted New Sale THE VALES EC 99 years March 11 764 630,888 - 826 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 12 1,249 1,842,000 - 1,475 Uncompleted New Sale THE VALES EC 99 years March 11 764 662,310 - 867 Uncompleted New Sale KINGSLEY MANSIONS Apartment Freehold March 07 1,356 1,350,000 - 995 1987 Resale THE VALES EC 99 years March 12 1,668 1,388,000 - 832 Uncompleted New Sale REGENT RESIDENCES Apartment Freehold March 10 409 700,000 - 1,711 2015 Resale District 20 THE MEZZO Apartment Freehold March 09 840 990,000 - 1,179 2012 Resale GOLDENHILL PARK Condominium Freehold March 14 1,335 1,800,000 - 1,349 2004 Resale TRELLIS TOWERS Condominium Freehold March 09 710 1,010,000 - 1,422 2000 Resale KINGSGROVE Condominium Freehold March 09 1,528 1,280,000 - 837 1992 Resale District 13 JALAN REBANA Semi-Detached Freehold March 07 3,079 3,170,000 - 1,030 Unknown Resale 8@WOODLEIGH Condominium 99 years March 10 958 1,225,000 - 1,279 2012 Resale SEMBAWANG HILLS ESTATE Terrace Freehold March 07 2,034 1,900,000 - 932 Unknown Resale CLYDESWOOD Apartment Freehold March 08 1,152 1,005,000 - 873 1993 Resale SKY HABITAT Condominium 99 years March 13 1,518 2,296,000 - 1,513 2015 Resale THE POIZ RESIDENCES Apartment 99 years March 11 420 643,000 - 1,532 Uncompleted New Sale SKY HABITAT Condominium 99 years March 13 1,798 2,598,600 - 1,446 2015 Resale THE POIZ RESIDENCES Apartment 99 years March 12 420 649,000 - 1,546 Uncompleted New Sale SKY VUE Condominium 99 years March 07 678 1,148,300 - 1,693 2016 Resale THE POIZ RESIDENCES Apartment 99 years March 12 420 643,000 - 1,532 Uncompleted New Sale SKY VUE Condominium 99 years March 10 678 1,184,300 - 1,746 2016 Resale THE POIZ RESIDENCES Apartment 99 years March 12 420 652,000 - 1,553 Uncompleted New Sale THOMSON GRAND Condominium 99 years March 13 947 1,200,000 - 1,267 2015 Sub Sale THE POIZ RESIDENCES Apartment 99 years March 12 538 789,000 - 1,466 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years March 10 1,055 1,392,700 - 1,320 Uncompleted New Sale THE POIZ RESIDENCES* Apartment 99 years March 12 1,249 1,271,000 - 1,018 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years March 10 463 785,200 - 1,696 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 07 1,152 1,581,000 - 1,373 Uncompleted New Sale THOMSON VIEW Condominium 99 years March 07 2,024 1,530,000 - 756 1987 Resale THE VENUE RESIDENCES Apartment 99 years March 08 1,152 1,581,750 - 1,373 Uncompleted New Sale District 21 THE VENUE RESIDENCES Apartment 99 years March 09 1,238 1,777,965 - 1,436 Uncompleted New Sale CLEMENTI GARDENS Terrace Freehold March 13 3,369 4,760,000 - 1,411 1983 Resale THE VENUE RESIDENCES Apartment 99 years March 11 1,270 1,585,000 - 1,248 Uncompleted New Sale FLORIDIAN Condominium Freehold March 08 915 1,550,000 - 1,694 2012 Resale THE VENUE RESIDENCES Apartment 99 years March 12 1,130 1,588,207 - 1,405 Uncompleted New Sale SHERWOOD TOWER Apartment 99 years March 13 1,518 1,020,000 - 672 1980 Resale District 14 THE CREEK @ BUKIT Condominium Freehold March 07 936 1,540,000 - 1,644 Uncompleted New Sale LEVENUE Apartment Freehold March 08 463 650,000 - 1,404 2014 Resale THE CREEK @ BUKIT Condominium Freehold March 12 936 1,579,000 - 1,686 Uncompleted New Sale JALAN LANA Semi-Detached Freehold March 08 2,842 2,700,000 - 949 Unknown Resale District 22 PALMERA EAST Apartment Freehold March 08 431 615,000 - 1,428 2012 Resale CASPIAN Condominium 99 years March 09 1,604 1,625,000 - 1,013 2012 Resale RESIDENCES 88 Apartment Freehold March 07 431 565,000 - 1,312 2013 Resale LAKE GRANDE Condominium 99 years March 09 904 1,149,000 - 1,271 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March 11 958 1,239,700 - 1,294 Uncompleted New Sale LAKE GRANDE Condominium 99 years March 12 926 1,229,000 - 1,328 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March 12 1,033 1,366,700 - 1,323 Uncompleted New Sale LAKE GRANDE Condominium 99 years March 12 904 1,176,000 - 1,301 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March 12 1,033 1,370,000 - 1,326 Uncompleted New Sale LAKE GRANDE Condominium 99 years March 12 904 1,180,000 - 1,305 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March 12 667 951,750 - 1,426 Uncompleted New Sale SUMMERDALE EC 99 years March 07 1,399 935,000 - 668 2000 Resale SIMS URBAN OASIS Condominium 99 years March 12 990 1,365,000 - 1,378 Uncompleted New Sale THE FLORAVALE EC 99 years March 08 1,292 815,000 - 631 2000 Resale SIMS URBAN OASIS* Condominium 99 years March 12 667 930,000 - 1,394 Uncompleted New Sale THE LAKEFRONT RESIDENCES Condominium 99 years March 08 1,399 1,740,000 - 1,243 2014 Resale TRE RESIDENCES Condominium 99 years March 11 850 1,246,000 - 1,465 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 08 1,033 847,200 - 820 Uncompleted New Sale TRE RESIDENCES Condominium 99 years March 12 700 1,034,000 - 1,478 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 08 1,033 778,700 - 754 Uncompleted New Sale District 15 WESTWOOD RESIDENCES EC 99 years March 08 1,152 946,900 - 822 Uncompleted New Sale COSTA RHU Condominium 99 years March 14 1,776 2,120,000 - 1,194 1997 Resale WESTWOOD RESIDENCES EC 99 years March 10 947 709,300 - 749 Uncompleted New Sale COTE D’AZUR Condominium 99 years March 08 1,270 1,565,000 - 1,232 2004 Resale WESTWOOD RESIDENCES EC 99 years March 11 1,238 976,300 - 789 Uncompleted New Sale COTE D’AZUR Condominium 99 years March 10 1,539 1,738,800 - 1,130 2004 Resale WESTWOOD RESIDENCES EC 99 years March 11 1,152 964,000 - 837 Uncompleted New Sale EMERALD EAST Apartment Freehold March 13 980 1,180,000 - 1,205 1999 Resale WESTWOOD RESIDENCES EC 99 years March 12 1,033 764,500 - 740 Uncompleted New Sale FRANKEL ESTATE Semi-Detached Freehold March 13 3,864 4,650,000 - 1,205 1995 Resale District 23 FULCRUM Condominium Freehold March 07 829 1,410,750 - 1,702 2016 Resale ESPA Condominium 999 years March 13 1,206 1,250,000 - 1,037 2009 Resale FULCRUM Condominium Freehold March 08 474 964,000 - 2,035 2016 Resale HILLION RESIDENCES Apartment 99 years March 09 463 636,640 - 1,375 Uncompleted New Sale LAGUNA PARK Apartment 99 years March 09 1,615 1,428,800 - 885 1978 Resale HILLION RESIDENCES Apartment 99 years March 09 474 655,040 - 1,383 Uncompleted New Sale LAGUNA PARK Apartment 99 years March 10 1,615 1,300,000 - 805 1978 Resale HILLION RESIDENCES Apartment 99 years March 09 474 649,520 - 1,371 Uncompleted New Sale LAVERNE’S LOFT Apartment Freehold March 07 441 590,000 - 1,337 2013 Resale HILLION RESIDENCES Apartment 99 years March 09 474 648,850 - 1,370 Uncompleted New Sale EVERITT ROAD NORTH Terrace Freehold March 10 2,852 2,750,000 - 964 Unknown Resale HILLION RESIDENCES* Apartment 99 years March 11 463 664,240 - 1,435 Uncompleted New Sale OPERA ESTATE Detached Freehold March 13 5,996 6,400,000 - 1,067 Unknown Resale HILLVIEW GARDEN ESTATE Apartment 998 years March 07 1,076 894,000 - 831 Unknown Resale OPERA ESTATE Terrace Freehold March 14 1,604 3,150,000 - 1,969 Unknown Resale HILLVIEW REGENCY Condominium 99 years March 07 1,109 850,000 - 767 2005 Resale PEACH GARDEN Apartment Freehold March 07 2,766 3,110,000 - 1,124 1975 Resale INZ RESIDENCE EC 99 years March 12 1,109 849,500 - 766 Uncompleted New Sale TEMBELING COURT Apartment Freehold March 09 1,324 1,420,000 - 1,073 2010 Resale INZ RESIDENCE EC 99 years March 12 1,184 978,000 - 826 Uncompleted New Sale THE ESTA Condominium Freehold March 10 3,068 4,000,000 - 1,304 2008 Resale INZ RESIDENCE EC 99 years March 12 1,109 889,000 - 802 Uncompleted New Sale THE SERENNO Apartment Freehold March 09 484 668,000 - 1,379 2016 Resale INZ RESIDENCE EC 99 years March 12 1,066 810,000 - 760 Uncompleted New Sale THE SILVER FIR Apartment Freehold March 13 1,044 1,100,000 - 1,054 2013 Resale INZ RESIDENCE* EC 99 years March 12 1,690 1,229,000 - 727 Uncompleted New Sale VILLA MARINA Condominium 99 years March 14 1,755 1,430,000 - 815 1999 Resale MI CASA Condominium 99 years March 07 1,259 900,000 - 715 2012 Resale WATER PLACE Condominium 99 years March 13 1,216 1,550,000 - 1,274 2004 Resale MI CASA Condominium 99 years March 08 1,313 1,100,000 - 838 2012 Resale District 16 MONTROSA Condominium 999 years March 13 1,195 1,030,000 - 862 1999 Resale BAYSHORE PARK Condominium 99 years March 07 2,239 1,900,000 - 849 1986 Resale PALM GARDENS Condominium 99 years March 13 1,206 825,000 - 684 2000 Resale BAYSHORE PARK Condominium 99 years March 07 936 810,000 - 865 1986 Resale SOL ACRES EC 99 years March 12 1,098 818,000 - 745 Uncompleted New Sale BAYSHORE PARK Condominium 99 years March 10 1,173 938,888 - 800 1986 Resale SOL ACRES EC 99 years March 12 1,044 865,000 - 828 Uncompleted New Sale CASA MERAH Apartment 99 years March 10 1,259 1,300,000 - 1,032 2009 Resale SOL ACRES EC 99 years March 12 872 712,000 - 817 Uncompleted New Sale COSTA DEL SOL Condominium 99 years March 10 1,475 1,450,000 - 983 2003 Resale SOL ACRES EC 99 years March 12 1,066 849,000 - 797 Uncompleted New Sale EASTWOOD GREEN Condominium 99 years March 09 1,302 975,000 - 749 1998 Resale SOL ACRES EC 99 years March 12 850 682,000 - 802 Uncompleted New Sale ECO Condominium 99 years March 08 1,023 1,200,000 - 1,174 2017 Sub Sale SOL ACRES EC 99 years March 12 872 714,000 - 819 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 09 474 739,000 - 1,560 Uncompleted New Sale SOL ACRES* EC 99 years March 12 872 682,000 - 782 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 10 560 796,000 - 1,422 Uncompleted New Sale THE HILLIER Apartment 99 years March 13 592 775,000 - 1,309 2016 Sub Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 10 883 1,204,000 - 1,364 Uncompleted New Sale THE JADE Condominium 99 years March 10 1,615 1,560,000 - 966 2004 Resale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 624 882,000 - 1,413 Uncompleted New Sale WANDERVALE EC 99 years March 07 1,098 876,000 - 798 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 893 1,143,000 - 1,279 Uncompleted New Sale YEW MEI GREEN EC 99 years March 08 1,292 870,000 - 674 2000 Resale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 474 715,000 - 1,510 Uncompleted New Sale District 25 GRANDEUR PARK RESIDENCES Condominium 99 years March 12 850 857,000 - 1,008 Uncompleted New Sale BELLEWOODS EC 99 years March 12 1,227 956,340 - 779 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 667 950,000 - 1,424 Uncompleted New Sale BELLEWOODS EC 99 years March 12 1,227 946,440 - 771 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 893 1,222,000 - 1,368 Uncompleted New Sale NORTHWAVE EC 99 years March 07 990 749,150 - 756 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 1,453 1,902,000 - 1,309 Uncompleted New Sale NORTHWAVE EC 99 years March 09 1,098 835,600 - 761 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 667 924,000 - 1,385 Uncompleted New Sale NORTHWAVE EC 99 years March 11 753 578,300 - 768 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 893 1,173,000 - 1,313 Uncompleted New Sale NORTHWAVE EC 99 years March 12 753 586,850 - 779 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 904 1,106,000 - 1,223 Uncompleted New Sale PARC ROSEWOOD Condominium 99 years March 09 431 528,000 - 1,226 2014 Resale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 904 1,098,000 - 1,214 Uncompleted New Sale PARC ROSEWOOD Condominium 99 years March 10 517 555,000 - 1,074 2014 Resale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 883 979,000 - 1,109 Uncompleted New Sale District 26 GRANDEUR PARK RESIDENCES* Condominium 99 years March 12 883 978,000 - 1,108 Uncompleted New Sale FOREST HILLS Condominium 99 years March 08 1,195 946,000 - 792 2003 Resale KEW PLACE Semi-Detached Freehold March 14 3,993 3,500,000 - 877 1987 Resale MEADOWS @ PEIRCE Condominium Freehold March 10 1,518 1,800,000 - 1,186 2012 Resale KEW VALE Terrace 99 years March 13 1,711 1,700,000 - 996 1995 Resale THE CALROSE Condominium Freehold March 14 2,024 1,650,000 - 815 2007 Resale LUCKY HILL Terrace 999 years March 08 1,679 2,150,000 - 1,281 Unknown Resale District 27 THE GLADES Condominium 99 years March 10 506 810,000 - 1,601 2016 New Sale CANBERRA RESIDENCES Condominium 99 years March 08 904 860,000 - 951 2013 Resale District 17 EUPHONY GARDENS Condominium 99 years March 10 980 730,000 - 745 2001 Resale HEDGES PARK CONDOMINIUM Condominium 99 years March 08 484 526,000 - 1,086 2015 Resale NORTH PARK RESIDENCES Apartment 99 years March 07 872 995,280 - 1,142 Uncompleted New Sale JLB RESIDENCES Apartment 946 years March 14 958 828,000 - 864 2008 Resale NORTH PARK RESIDENCES Apartment 99 years March 07 1,098 1,343,900 - 1,224 Uncompleted New Sale THE GALE Condominium Freehold March 07 980 835,000 - 852 2013 Resale NORTH PARK RESIDENCES Apartment 99 years March 08 872 989,120 - 1,134 Uncompleted New Sale District 18 NORTH PARK RESIDENCES Apartment 99 years March 11 829 1,096,200 - 1,323 Uncompleted New Sale COCO PALMS Condominium 99 years March 10 2,067 2,041,600 - 988 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years March 12 700 933,680 - 1,334 Uncompleted New Sale DOUBLE BAY RESIDENCES Condominium 99 years March 09 936 1,010,000 - 1,079 2012 Resale ORCHID PARK Condominium 99 years March 09 980 692,500 - 707 1994 Resale ELIAS GREEN Condominium 99 years March 10 1,550 880,000 - 568 1994 Resale PARC LIFE EC 99 years March 10 1,066 863,550 861,250 808 Uncompleted New Sale ELIAS GREEN Condominium 99 years March 13 1,528 860,000 - 563 1994 Resale PARC LIFE EC 99 years March 10 947 675,450 673,150 711 Uncompleted New Sale MELVILLE PARK Condominium 99 years March 07 1,044 730,800 - 700 1996 Resale PARC LIFE EC 99 years March 11 1,066 793,250 790,950 742 Uncompleted New Sale NV RESIDENCES Condominium 99 years March 10 764 720,000 - 942 2013 Resale PARC LIFE EC 99 years March 11 1,066 859,750 857,450 805 Uncompleted New Sale Q BAY RESIDENCES Condominium 99 years March 10 1,119 1,208,000 - 1,079 2016 Resale PARC LIFE EC 99 years March 11 1,109 842,650 - 760 Uncompleted New Sale RIPPLE BAY Condominium 99 years March 09 1,055 888,000 - 842 2015 Resale PARC LIFE EC 99 years March 11 1,270 965,200 962,900 758 Uncompleted New Sale RIPPLE BAY Condominium 99 years March 10 775 760,000 - 981 2015 Resale PARC LIFE EC 99 years March 11 1,109 893,000 889,700 802 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years March 09 936 938,000 - 1,002 Uncompleted New Sale PARC LIFE EC 99 years March 12 753 587,100 584,800 776 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years March 11 700 742,000 - 1,061 Uncompleted New Sale PARC LIFE EC 99 years March 12 1,001 783,750 - 783 Uncompleted New Sale THE PALETTE Condominium 99 years March 13 743 770,000 - 1,037 2015 Resale PARC LIFE EC 99 years March 12 1,001 733,400 - 733 Uncompleted New Sale THE SANTORINI Condominium 99 years March 08 904 980,000 - 1,084 Uncompleted New Sale SEMBAWANG SPRINGS ESTATE Semi-Detached 999 years March 07 2,734 2,580,000 - 944 1996 Resale THE SANTORINI Condominium 99 years March 08 915 913,770 - 999 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 09 1,076 794,780 - 738 Uncompleted New Sale THE SANTORINI Condominium 99 years March 10 915 913,700 - 999 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 11 1,184 950,137 - 802 Uncompleted New Sale THE SANTORINI Condominium 99 years March 10 1,184 1,211,000 - 1,023 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 11 1,184 861,845 - 728 Uncompleted New Sale THE SANTORINI Condominium 99 years March 11 915 983,000 - 1,074 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 12 947 767,812 - 811 Uncompleted New Sale THE SANTORINI Condominium 99 years March 11 753 774,000 - 1,027 Uncompleted New Sale SKIES MILTONIA Condominium 99 years March 07 527 570,000 - 1,081 2016 Resale THE SANTORINI Condominium 99 years March 11 1,130 1,154,000 - 1,021 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years March 07 797 850,000 - 1,067 Uncompleted New Sale THE SANTORINI Condominium 99 years March 11 1,130 1,133,550 - 1,003 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years March 07 689 748,000 - 1,086 Uncompleted New Sale TROPICAL SPRING Condominium 99 years March 14 1,356 1,065,000 - 785 2002 Resale SYMPHONY SUITES Condominium 99 years March 09 1,023 1,096,000 - 1,072 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years March 07 1,313 1,271,200 - 968 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years March 12 893 955,000 - 1,069 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years March 08 2,153 1,830,000 - 850 Uncompleted New Sale THE BROWNSTONE EC 99 years March 07 947 764,000 - 807 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years March 10 1,346 1,270,000 - 944 Uncompleted New Sale THE BROWNSTONE EC 99 years March 07 947 761,600 - 804 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years March 11 1,701 1,450,000 - 853 Uncompleted New Sale THE CRITERION EC 99 years March 07 1,023 765,600 - 749 Uncompleted New Sale District 19 THE CRITERION EC 99 years March 08 1,173 889,100 - 758 Uncompleted New Sale A TREASURE TROVE Condominium 99 years March 07 1,044 1,070,000 - 1,025 2015 Resale THE CRITERION EC 99 years March 09 1,098 846,300 - 771 Uncompleted New Sale AMARANDA GARDENS Condominium Freehold March 14 1,163 1,620,888 - 1,394 2004 Resale THE CRITERION EC 99 years March 10 1,076 787,800 - 732 Uncompleted New Sale CASA CAMBIO Condominium Freehold March 07 667 1,030,000 - 1,543 2014 Resale THE CRITERION EC 99 years March 12 1,249 1,016,000 - 814 Uncompleted New Sale CHERRY GARDENS Apartment 99 years March 10 2,110 1,300,000 - 616 2004 Resale THE CRITERION EC 99 years March 12 1,378 1,142,400 - 829 Uncompleted New Sale COMPASS HEIGHTS Apartment 99 years March 09 667 695,000 - 1,041 2002 Resale THE CRITERION EC 99 years March 12 1,173 874,400 - 745 Uncompleted New Sale FOREST WOODS Condominium 99 years March 07 915 1,245,000 - 1,361 Uncompleted New Sale THE VISIONAIRE EC 99 years March 07 958 762,795 - 796 Uncompleted New Sale FOREST WOODS Condominium 99 years March 09 732 1,056,000 - 1,443 Uncompleted New Sale THE VISIONAIRE EC 99 years March 09 980 820,000 - 837 Uncompleted New Sale FOREST WOODS Condominium 99 years March 12 915 1,252,000 - 1,368 Uncompleted New Sale THE VISIONAIRE EC 99 years March 10 1,346 1,093,000 - 812 Uncompleted New Sale KENSINGTON PARK Condominium 999 years March 09 1,249 1,360,000 - 1,089 1990 Resale THE VISIONAIRE EC 99 years March 12 1,281 967,500 - 755 Uncompleted New Sale JALAN ARIF Terrace 999 years March 09 2,002 2,200,000 - 1,097 1994 Resale THE VISIONAIRE EC 99 years March 12 1,141 920,130 - 806 Uncompleted New Sale THRIFT DRIVE Detached Freehold March 10 4,650 3,500,000 - 753 Unknown Resale THE WISTERIA Apartment 99 years March 09 969 985,412 - 1,017 Uncompleted New Sale OASIS GARDEN Condominium Freehold March 07 1,238 1,300,000 - 1,050 2009 Resale THE WISTERIA Apartment 99 years March 10 893 959,000 - 1,073 Uncompleted New Sale ONE SURIN Terrace Freehold March 12 5,038 2,720,000 - 540 2017 New Sale THE WISTERIA Apartment 99 years March 11 969 936,112 - 966 Uncompleted New Sale ONE SURIN Terrace Freehold March 12 4,004 2,600,000 - 649 2017 New Sale THE WISTERIA Apartment 99 years March 11 969 958,712 - 990 Uncompleted New Sale PARC CENTROS Condominium 99 years March 07 1,313 1,450,000 - 1,104 2016 Sub Sale THE WISTERIA Apartment 99 years March 12 969 990,000 - 1,022 Uncompleted New Sale PARK GREEN EC 99 years March 08 1,389 880,000 - 634 2004 Resale District 28 PARK GREEN EC 99 years March 14 1,206 840,000 - 697 2004 Resale GRANDE VISTA Condominium 999 years March 07 2,702 2,080,000 - 770 1992 Resale PARRY GREEN Terrace 99 years March 08 1,615 1,580,000 - 979 1998 Resale HIGH PARK RESIDENCES Apartment 99 years March 11 990 1,008,112 - 1,018 Uncompleted New Sale REGENTVILLE Apartment 99 years March 09 1,152 770,000 - 669 1999 Resale RIVERTREES RESIDENCES Apartment 99 years March 07 947 991,140 - 1,046 Uncompleted New Sale RIVERVALE CREST Apartment 99 years March 13 1,163 780,000 - 671 2002 Resale SARACA GARDENS Semi-Detached Freehold March 07 4,004 3,370,000 - 842 1993 Resale STARS OF KOVAN Apartment 99 years March 12 743 1,022,860 - 1,377 Uncompleted New Sale SUNRISE VILLA Terrace Freehold March 07 2,121 2,000,000 - 942 1985 Resale STARS OF KOVAN Apartment 99 years March 12 743 1,065,000 - 1,434 Uncompleted New Sale STARS OF KOVAN Apartment 99 years March 12 732 1,137,240 - 1,554 Uncompleted New Sale DISCLAIMER: STARS OF KOVAN Apartment 99 years March 12 743 1,022,860 - 1,377 Uncompleted New Sale Source: URA Realis. Updated March 21, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use SUITES @ PAYA LEBAR Apartment Freehold March 09 614 835,000 - 1,361 2013 Resale of, or reliance on, the information provided therein. SUNGLADE Condominium 99 years March 08 1,518 1,350,000 - 889 2003 Resale EC stands for executive condominium THE FLORIDA EC 99 years March 13 1,389 910,000 - 655 2000 Resale * Not all the caveats are reflected in the table owing to the sheer number of transactions for the projects EP14 • THEEDGE SINGAPORE | MARCH 27, 2017 GAINS AND LOSSES Profit of $2.5 mil at Astrid Meadows

| BY LIN ZHIQIN | February 2011 and sold it at $3.2 million, or $1,587 psf, in Septem- n March 9, a 2,583 sq ft ber 2016. Astrid Meadows is a free- unit at Astrid Meadows in hold condominium with 208 units. prime District 10 was sold It was completed in 1990. at a $2.5 million profit. The A 2,766 sq ft unit at Peach Garden ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT seller bought the unit at in District 15 fetched the second- O$1.8 million, or $706 psf, in Octo- biggest profit of $1.7 million, for ber 1998 and sold it at $4.3 million, private non-landed houses sold in or $1,657 psf. The profit works out the week of March 7 to 14. The seller to 135%, or 5% a year, over a hold- bought the unit at $1.4 million, or ing period of 18 years. $506 psf, in 1995 and sold it at $3.1 There were four rental contracts million, or $1,124 psf, on March 7. for units ranging from 2,500 to 2,600 The profit works out to 122%, or sq ft at Astrid Meadows in 2H2016, 4% a year, over a holding period with monthly rents averaging $9,550. of 22 years. This implies a 3% gross rental yield There were three rental contracts for the recently transacted unit. for units ranging from 2,700 to 2,800 Based on the matching of URA sq ft at Peach Garden in 2H2016, with caveat data, four units at Astrid monthly rents averaging $5,433. This Meadows were sold at profits ranging implies a 2% gross rental yield for from $498,000 to $1.6 million last the recently transacted unit. year, while one unit was sold at a Based on the matching of URA ca- Four units at Astrid Meadows were sold at profits ranging from $498,000 to $1.6 million last year. Find the most affordable listing $135,000 loss. The seller who in- veat data, there have been 17 profita- in the project at bit.ly/AstridMeadowsEdge. curred the loss bought the unit ble transactions and no unprofitable at $3.4 million, or $1,653 psf, in transaction at Peach Garden since 2006. The freehold Peach Garden the recently transacted unit. 29%, or 3% a year, over a holding was completed in 1975. It is located Based on the matching of URA period of 10 years. within walking distance of the up- caveat data, there have been 119 prof- Based on the matching of URA coming Tanjong Katong MRT station itable transactions and two unprofit- caveat data, the same unit was flipped and comprises 72 apartment units. able transactions at Costa Rhu since for a $1.4 million profit in June 2007. At Costa Rhu, also located in Dis- 2012. The unprofitable transactions The previous seller bought the unit trict 15, a 1,776 sq ft unit fetched the were for two units that were bought from the developer at $2.3 million, third-biggest profit, of $1.3 million, at $1,166 and $1,274 psf in 2011 and or $1,410 psf, in January and sold for the week. The seller bought the sold at the same price in March 2016 it in a sub-sale for $3.6 million, or SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC unit at $838,000, or $472 psf, in Nov- and February this year. Costa Rhu is $2,265 psf, in June. ember 2005 and sold it at $2.1 mil- a 99-year leasehold condo with 737 There was one rental contract for lion, or $1,194 psf, on March 14. The units. It was completed in 1997. units ranging from 1,600 to 1,700 profit works out to 153%, or 9% a Separately, the seller of a 1,604 sq sq ft at The Fernhill in 2H2016, year, over a holding period of 11 years. ft unit at The Fernhill in prime Dis- with a monthly rent of $5,000. There were 12 rental contracts trict 10 incurred a $1.05 million loss Completed in 2009, The Fernhill for units ranging from 1,700 to 1,800 on March 13. The seller bought the is a freehold development with 25 sq ft at Costa Rhu in 2H20116, with unit at $3.6 million, or $2,265 psf, in apartment units. It is within walking There have been 119 profitable transactions at Costa Rhu since 2012. Find the most monthly rents averaging $5,175. This June 2007 and sold it at $2.6 million, distance of the upcoming Stevens affordable listing in the project at bit.ly/CostaRhuEdge. implies a 3% gross rental yield for or $1,609 psf. The loss works out to MRT station. E

Non-landed residential transactions with contracts dated March 7 to 14

Most profi table 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 Astrid Meadows 10 2,583 March 9 1,657 Oct 26, 1998 706 2,455,000 135 5 18.4 URA, THE EDGE PROPERTY URA, 2 Peach Garden 15 2,766 March 7 1,124 Jan 1, 1995 506 1,710,000 122 4 22.2 3 Costa Rhu 15 1,776 March 14 1,194 Nov 2, 2005 472 1,282,000 153 9 11.4 4 Townhouse Apartments 9 2,228 March 10 853 Jan 21, 1999 310 1,210,000 175 6 18.1 5 City Square Residences 8 1,216 March 13 1,324 May 5, 2005 538 955,280 146 8 11.9 6 Cote D’Azur 15 1,539 March 10 1,130 May 24, 2005 525 930,800 115 7 11.8 7 Goldenhill Park Condominium 20 1,335 March 14 1,349 Feb 14, 2003 676 898,000 100 5 14.1 8 Grande Vista 28 2,702 March 7 770 Dec 1, 1995 477 792,000 61 2 21.3 9 Belmond Green 10 1,270 March 13 1,593 Oct 18, 2004 981 777,000 62 4 12.4 10 Queens 3 1,184 March 8 1,208 Oct 3, 2005 557 770,000 117 7 11.4

Non-profi table 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 Fernhill 10 1,604 March 13 1,609 June 4, 2007 2,265 1,053,000 29 3 9.8 2 The Legend 10 1,496 March 7 1,190 Oct 17, 2012 1,537 520,000 23 6 4.4 3 Chancery Corner 11 1,421 March 9 616 June 22, 2007 950 475,000 35 4 9.7 4 Woollerton Park 10 2,357 March 13 1,527 Feb 24, 2010 1,697 400,000 10 1 7.1 5 City Square Residences 8 1,216 March 8 1,350 Jan 23, 2013 1,579 278,000 14 4 4.1 6 Cairnhill Residences 9 1,163 March 8 1,805 Oct 10, 2011 2,031 262,890 11 2 5.4 7 Laguna Park 15 1,615 March 10 805 Aug 8, 2007 960 250,000 16 2 9.6 8 Emerald Garden 1 1,259 March 8 1,540 Nov 30, 2007 1,731 241,140 11 1 9.3 9 Clementiwoods Condominium 5 1,421 March 8 985 Sept 19, 2011 1,126 200,000 13 2 5.5 10 Cherry Gardens 19 2,110 March 10 616 Sept 28, 2012 699 175,000 12 3 4.4

Note: The profit and loss computation excludes transaction costs such as stamp duties THEEDGE SINGAPORE | MARCH 27, 2017 • EP15 DEAL WATCH

Parc Emily unit selling THE EDGE SINGAPORE at $1,592 psf

| BY TAN CHEE YUEN | Recent transactions at Parc Emily arc Emily is a freehold con- dominium on Mount Emily CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) Road in prime District 9. Feb 27, 2017 1,001 1.500 1,498

Completed in 2008, the 295- Feb 24, 2017 549 0.940 1,712 THE EDGE PROPERTY URA, TABLES: unit development is adjacent July 5, 2016 603 1.070 1,775 to Mount Emily Park and within P April 12, 2016 549 0.985 1,794 walking distance of the Wilkie Edge mall. March 28, 2016 980 1.400 1,429 A 754 sq ft, one-bedroom ground floor unit was listed on TheEdge Property.com for $1.2 million ($1,592 were transacted at monthly rental psf). It is currently tenanted at a rates of $2,900 to $3,200. Recent rental monthly rate of $3,000. Based on Last month, two units changed contracts for the latest asking price, the gross hands at Parc Emily: a 549 sq ft, rental yield is 3%. one-bedroom unit on the second 600 to 700 sq ft The owner, believed to be a floor was sold for $940,000 ($1,712 units at Parc Emily Singa porean, is looking to up- psf); and a 1,001 sq ft, two-bedroom size to a bigger unit, according to unit on the sixth floor fetched $1.5 LEASE DATE MONTHLY RENT Derek Teng, a property agent with million ($1,498 psf). $ $ PSF OrangeTee.com who is marketing “The property is in the city yet January 2017 3,200 4.90 the property. nicely tucked away in the charming January 2017 2,900 4.50 Over the past three months, there arts and heritage area,” notes Teng. were three rental contracts for 600 to Visit tinyurl.com/DealWatch-S772 December 2016 3,050 4.70 A 754 sq ft, one-bedroom ground floor unit at Parc Emily was listed on 700 sq ft units at Parc Emily, which for more information. E TheEdgeProperty.com for $1.2 million ($1,592 psf)

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** You hereby authorize The Edge Publishing Pte Ltd to charge to your credit card for automatic subscription renewal as per the selected plan until you cancel your subscription. If you wish to opt out of the auto-renewal, please check this box: Dining voucher limited to ¿ rst 400 customers who sign up for the $238 3-year subscription plan 7(612;TES771/NOXTES770/NOX EP16 • THEEDGE SINGAPORE | MARCH 27, 2017 EVENTS Navigating through turbulent times

| BY THE EDGE PROPERTY | by 0.25 percentage point on March 15, and the market expects two more Alan Cheong, senior director, research and consultancy, Savills Singapore he residential property mar- Fed rate hikes this year. Meanwhile, The recalibration of the cooling measures is actually not a surprise. We will discuss the ket shows signs of bottom- the Ministry of Manpower highlighted reason for the measures being adjusted downwards and what to expect in the private ing out, with the transaction in its latest labour market report that residential property market. The recalibration exercise appears to have had an impact volume of private residential the resident unemployment rate rose on developers’ sales, albeit marginally. For example, in the weekend that the revised property rising 16% from to 3% in 2016, after holding steady seller’s stamp duty kicked in, of nine projects surveyed, six saw an increase in sales T14,117 units in 2015 to 16,378 units at about 2.8% for four years. and three, a decline. in 2016. The price decline has also In these turbulent times, join us Is the Singapore residential property market really that in need of such recalibration slowed to a modest pace of below at The Edge Property 360° on April stimulus to boost sales? Yes and no. No, because the market was already on its way to 1% q-o-q last year. Recently, a pos- 8 as our panel of experts give their recovery since mid-2016. Yes, because we believe the existing slew of measures are itive note came in the form of a re- views on the outlook for Singapore’s so harsh that they may retard the ambitious programmes that the government calibration in the property cooling economy and property market. Dr is planning for the future. These range from the Kampong Bugis development measures. Boaz Boon, former head of research plan to re-engineering the economy to a cerebrally driven one. For all these However, the market still faces at CapitaLand, founder and princi- to happen, a greater admission of overseas nationals with the requisite skill mounting headwinds. The US Federal pal of THRED and director of Vesta- sets is needed, and to house them, residential sales have to step up a notch. Reserve increased its benchmark rate sia, will lead the panel discussion. E

Tan Hong Boon, regional director, capital markets, JLL Singapore Suan Teck Kin, senior economist, global The evaluation of a potential collective sale project is more than just the loca- economics and markets research, UOB tion, tenure, age and density (or lack of) seen on site. It entails investigation Singapore’s economic growth rate has been trend- into the planning parameters such as zoning, plot ratio and height control, ing down after the global financial crisis in 2008, as well as the financial aspects such as the expected land price, development leading to concerns about whether such a low- charges, differential premiums, existing unit prices, likely prices apportioned to growth environment would be the “new normal”, the respective units in a project, to see if it indeed stands a good chance to go and how the Committee on the Future Economy en bloc. And that is only half the homework done. The other half is getting the would lift Singapore to the next level. In this ses- lengthy process right, convincing the majority of the owners, going to the market sion, we will take stock of how Singapore’s econ- with a reasonable expectation and finding a worthy buyer. Being procedural- omy has developed over the past five decades and ly and stringently regulated, the collective sale exercise may be plagued consider, with the CFE, what the outlook for the with many potential pitfalls along the way. What to look out for along country’s economy is, as well as the bright the route to success becomes critical. spots and risks that lie ahead.