Lendlease Spreads Its Bets Across Key Global Cities

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 DECEMBER 5, 2016 | ISSUE 757

Eye on Property Your Neighbourhood Done Deals Gains & Losses Condos that escaped Sims Urban Oasis — Discounts at Coral Bay, Unit at Orchard Scotts ABSD charges catalyst for Aljunied One Balmoral drive sales sold at $1.8 mil loss EP4 transformation EP6&7 EP12–14 EP15 ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT Lendlease spreads its bets across key global cities Australian property giant banks on urban regeneration projects in Asia with TRX Lifestyle Quarter in KL and Paya Lebar Quarter in Singapore See our Cover Story on Pages 8 and 9.

Tony Lombardo, CEO of Lendlease Asia EP2 • THEEDGE SINGAPORE | DECEMBER 5, 2016

PROPERTY BRIEFS

EDITORIAL EDITOR | Ben Paul Ninety per cent of retail space at The first is the 56,548 sq ft site Tamp- THE EDGE PROPERTY Hillion Mall taken up ines Industrial Drive (Plot 1), on the

SECTION EDITOR | Sim Lian Group has announced that SIM LIAN GROUP Confirmed List. It is zoned for Busi- Cecilia Chow 90% of Hillion Mall’s (right) net letta- ness-2 development and has a 20-year HEAD OF RESEARCH | Feily Soﬁ an ble area of 174,730 sq ft has been tak- tenure with a maximum permissible DEPUTY SECTION EDITOR | en up. It also revealed that the mall gross plot ratio of 1.4. The tender clos- Michael Lim will have five anchor tenants: NTUC es on Jan 24, 2017. SENIOR ANALYSTS | Esther Hoon, Lin Zhiqin FairPrice, PCF Sparkletots Preschool, The second is the 50,456 sq ft site ANALYST | Tan Chee Yuen Amore Fitness & Boutique Spa, Kopi- at Tuas South Link 3 (Plot 24), on the tiam and Best Denki. Located along Reserve List, which is zoned for Busi- COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Petir Road in Bukit Panjang, it is slat- ness-2 development and has a 20-year Chew Ru Ju, Tan Gim Ean, ed to open by 1Q2017. tenure with a maximum permissible Geraldine Tan The mall is connected with Hill- gross plot ratio of 1.4. PHOTO EDITOR | ion Residences as well as a bus inter- Samuel Isaac Chua PHOTOGRAPHER | Albert Chua change, Bukit Panjang MRT station Lower property tax for HDB flat EDITORIAL COORDINATOR | on the Downtown Line, and LRT ser- owners next year Rahayu Mohamad vices, making Bukit Panjang the ninth HDB flat owners will pay lower prop- DESIGN DESK | Tan Siew Ching, Christine Ong, town in Singapore to have an integrat- erty tax in 2017, while almost all pri- Monica Lim, Mohd Yusry, ed transport hub. vate residential property owners will Tun Mohd Zaﬁ an Mohd Za’abah Hillion is Sim Lian Group’s first see lower or no change in their proper-

ADVERTISING + mixed-use development in Singapore. ty tax bills. This was announced by the MARKETING Located above the mall is the 546-unit Inland Revenue Authority of Singapore ADVERTISING SALES Hillion Residences, a 99-year leasehold (IRAS) on Nov 28. DIRECTOR, ADVERTISING & SALES | private condominium project. Hillion hold site, which is zoned residential could potentially yield 325 residen- The tax savings for HDB flat own- Cowie Tan ASSOCIATE ACCOUNT DIRECTOR | Residences is scheduled to receive its with commercial on the first storey, tial units. ers range from 13.1% to 51% in 2017, Diana Lim Temporary Occupation Permit in Sep- has a maximum gross floor area (GFA) According to Nicholas Mak, head compared with this year. ACCOUNT MANAGERS | tember 2018. of 173,955 sq ft and could potentially of research with SLP, due to the soft Owners of one- and two-room HDB Priscilla Wong, James Chua yield 200 homes. residential property market, this site flats will continue to be exempted from THE EDGE SINGAPORE URA releases two sites for sale The tender for the Perumal Road site is not the most attractive among the paying property tax. Three-room flat ADVERTISING + MARKETING URA has released two sites for sale in closes on Jan 10, 2017. other sites in the GLS Programme and owners will pay up to $18.40 next year, ADVERTISING SALES November under the 2H2016 Govern- The other residential site available is unlikely to be triggered for tender down from a maximum of $37.60 this CHIEF MARKETING OFFICER | Cecilia Kay ment Land Sales (GLS) Programme. for sale is located on Toh Tuck Road and in the next 12 months. year. Four-room flat owners will pay be- SENIOR MANAGERS | The first site, located along Perumal has been placed on the Reserve List. The tween $52 and $100, down from a range Windy Tan, Garry Lo Road and next to Farrer Park MRT sta- 99-year leasehold site is located near JTC launches two sites for sale of $71.20 to $119.20 this year, while MANAGER | Elaine Tan tion, has been launched for sale under the Beauty World MRT station. It has a JTC launched two sites for sale under five-room flat owners will pay between EVENTS the Confirmed List. The 99-year lease- maximum GFA of 282,122 sq ft and the 2H2016 Industrial GLS Programme. $83.20 and $131.20, down from between SENIOR MANAGER | Sivam Kumar MARKETING EXECUTIVES | Tim Jacobs, Sam Ridzam

COORDINATOR | Nor Aisah Bte Asmain

CORPORATE CHIEF EXECUTIVE OFFICER | Ben Paul DIRECTOR | Anne Tong CORPORATE AFFAIRS $104.80 and $152.80. Meanwhile, own- ago, according to a report by property psf and located in the Core Central Re- DIRECTOR | Ng Say Guan ers of executive flats will pay between consultancy JLL. Leading the charge gion (CCR). $95.20 and $143.20, down from $116.80 are buyers from China, followed by In- The Chinese and Malaysian buyers PUBLISHER to $164.80. donesians, Malaysians and Americans. are more budget conscious as a high- The Edge Publishing Pte Ltd 150 Cecil Street #08-01 All property owners will receive their According to JLL, there were 782 er proportion of the properties they Singapore 069543 property tax bills by end-December. transactions made by foreigners in the picked up were priced below $1.5 mil- Tel: (65) 6232 8622 These should be paid by Jan 31 next first nine months of this year, an 11.7% lion and within the $750 to $1,700 psf Fax: (65) 6232 8620 year. IRAS says that it reviews the an- rise from a year ago. The figure excludes range. However, in terms of geographic PRINTER nual value of properties every year to permanent residents. preference, the Chinese are more active KHL Printing Co Pte Ltd ensure that they reflect prevailing mar- Chinese buyers were the most ac- in the Outside Central Region market 57 Loyang Drive Singapore 508968 ket rentals. tive, accounting for 29.4% of all foreign while the Malaysians are more active Tel: (65) 6543 2222 purchases from January to September. in the CCR market. Fax: (65) 6545 3333 Demand for Singapore property The Indonesians were a distant second, JLL expects the recovery in foreign by foreigners on the rise accounting for 14.6%. Chinese buyers demand seen this year to continue into We welcome your comments Foreigners have started snapping up have overtaken Indonesians as the top next year, and homes in the CCR to re- and criticism: propertyeditor.sg@ private residential properties here in foreign buyers of private homes in Sin- main the preferred choice of foreigners. bizedge.com greater numbers compared with a year gapore since 2010. This can be attribut-

Pseudonyms are allowed but ed to the wealth growth of the Chinese Karamjit Singh to leave JLL’s please state your full name, and their increasing familiarity with the residential team address and contact number for Singapore residential market. JLL has announced that real estate vet- were both part of the management of us to verify. Malaysians accounted for 10.5% of eran Karamjit Singh (right) will be leav- Credo Real Estate and joined JLL with foreign transactions, and the Americans ing his position as head of residential Singh in 2012 when the consultancy firm were at 7.3%. JLL noted the growing to pursue his own entrepreneurial inter- acquired Singh’s company, Credo Real prominence of American buyers. This ests. Even though Singh will be leaving Estate. Deals concluded by Credo Real is a significant increase in proportion, JLL, he will continue to advise JLL and Estate include the $1.338 billion Farrer relative to the 1.1% in 2011. US na- its clients on major residential capital Court sale in 2007, the largest collective tionals are exempted from Additional markets transactions in his new capaci- sale in Singapore’s history. PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: Buyer’s Stamp Duties under the Free ty as senior consultant with effect from JLL has also advised several signifi- Trade Agreement, which may have January 2017. cant deals under Singh’s leadership, in- contributed to the rise in the number Following Singh’s move, Tan Hong cluding the collective sales of Shunfu of purchases. Boon and Yong Choon Fah will take on Ville ($638 million), Thong Sia Building JLL also reports that Indonesians the day-to-day running of the residen- ($380 million), Raintree Gardens ($334 have higher budgets among foreign tial arm of the firm’s Singapore capital million), NOL Building ($380 million), buyers, with most of their deals fall- markets business. a portfolio of three Orchard Road resi- ing within the $3 million range. It notes Tan and Yong each have close to 30 dential buildings ($190.5 million) and 9 that Indonesians have a strong prefer- years’ consultancy, investment sales Cuscaden Road ($145 million). — Com- ence for pricier properties above $1,400 and collective sales experience. They piled by Michael Lim E THEEDGE SINGAPORE | DECEMBER 5, 2016 • EP3 EP4 • THEEDGE SINGAPORE | DECEMBER 5, 2016 EYE ON PROPERTY Condo narrowly escapes $48.5 mil ABSD with discounts

artley Ridge has narrowly escaped a punitive additional buyer’s stamp duty payable for land acquisition. The developer would have had Bto fork out about $48.5 million of ABSD if it had not sold all the units in the project by mid-January 2017. The 868-unit Bartley Ridge still had two penthouses unsold as at end-Oc- EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: tober, but they found buyers in No- vember, based on caveats lodged. | BY FEILY SOFIAN | Developers have to pay ABSD for land acquisition if they fail to complete and sell all their units within We understand that Echelon five years of the land purchase date. condominium on Alexandra Road The full amount would apply even is not subject to ABSD, although the if the project was left with just one site was awarded to the developer on unsold unit. Dec 8, 2011. The site fetched $396 The two remaining penthous- million, or $754 psf per plot ratio, in es at Bartley Ridge were transact- a state tender that closed on Dec 6, ed at discounted prices. The bigger 2011. There are still two unsold units 18th-floor unit, spanning 1,345 sq in the project. The 508-unit develop- ft, changed hands at $1.34 million, ment by CDL, Hong Leong Holdings or $996 psf. It was the only unit and Hong Realty is a short walk from within the development that sold the Redhill MRT station. The last two penthouses at Bartley Ridge found buyers in November. One was sold at $996 psf. below $1,000 psf. Separately, CDL has moved the The smaller penthouse of 1,313 last two units at Jewel @ Buangkok sq ft and was on the 17th floor of in October. CDL would have had to Projects that may be impacted by ABSD in 1H2017 another block. It also fetched $1.34 shell out $37.6 million of ABSD if it million, or $1,019 psf. The price was had failed to sell all the units in the PROJECT NAME LOCATION TOTAL UNITS ESTIMATED UNSOLD ABSD ESTIMATED ABSD

IN THE PROJECT UNITS AS AT NOVEMBER* DEADLINE PAYABLE ($ MIL) THE EDGE PROPERTY URA, at a slight discount relative to com- project by June next year. The Trilinq Jalan Lempeng 755 280 Jan 50.9 parable penthouses in the project, The remaining units, both 1,421 which sold at an average price of sq ft in size, were located on the Mon Jervois Jervois Road 109 43 Feb 14.8 $1,059 psf between 2013 and June 10th and 12th floor. They fetched eCO Bedok South Avenue 3 748 8 Feb 43.2 this year. $1,218 and $1,220 psf respectively Kingsford Hillview Peak Hillview Rise 512 18 Mar 30.4 Bartley Ridge was developed by a in October. The prices reflected a Stratum Elias Road 380 14 Apr 20.7 consortium comprising City Develop- slight discount as lower floor units Vue 8 Residence Pasir Ris Heights 463 77 Jun 26.3 ments (CDL), Hong Leong Holdings of the same stack and comparable Pollen & Bleu Farrer Drive 106 93 Jun 14.1 and TID Residential. Completed this sizes were transacted at an aver- *Updated based on URA caveat record as at Nov 29 year, it is a stone’s throw from the age price of $1,233 psf. The 616- Bartley MRT station on the Circle Line, unit Jewel @ Buangkok is located and within 1km of popular primary next to the Buangkok MRT station Sekisui House, the project offers five Ris. Of these, Kingsford Hillview Peak ing back the units through an invest- schools, including Maris Stella High on the North-East Line. residential types — condos, lofts, So- and Stratum have the least number ment company as they would have School and Paya Lebar Methodist In Tanah Merah, the developer of Hos, suites and townhouses. eCO is of unsold units, totalling 18 and 14 to incur the conventional stamp duty Girls’ School (Primary). eCO is marketing the last eight of the also one of the last few developments respectively as at November. charges and 15% ABSD on the indi- The ABSD for land acquisition is 34 strata townhouses in the project. in which non-Singaporeans are eli- Projects with a small number of vidual units. computed based on 10% of the land The ABSD for the project will be due gible to purchase townhouses with- unsold units would likely have the These developers, as such, are like- price if the developer purchased the in February 2017 and is estimated to out having to get approval from the biggest incentive to offer attractive ly to opt to pay the ABSD charges. land between Dec 8, 2011 and Jan cost $43.2 million. Singapore Land Dealings Approval discounts. The discount will help Any discount offered will be sim- 11, 2013, and 15% if it purchased The remaining townhouses are Unit. The project is expected to be speed up sales. Also, there is suffi- ply to drive sales momentum rather the land on or after Jan 12, 2013. understood to be attractively priced completed by 1Q2017. cient time for the developer to sell than avoid the ABSD, and the dis- A 5% interest rate per annum will from $2.98 million, or $829 psf. In Six more projects might be im- off all its units. count rates are likely to be minimal also be levied. The Bartley Ridge 2014 and 2015, six townhouses in pacted by ABSD in 1H2017. These On the other hand, projects with a to moderate, depending on the de- site fetched $388.1 million in a state the project commanded an average are Kingsford Hillview Peak, Mon Jer- large inventory of unsold units might veloper’s holding power. E tender, or $495 psf per plot ratio. It price of $1,302 psf. vois, Pollen & Bleu on Farrer Drive, not complete selling them even if was awarded to the developer on Jointly developed by Far East Stratum in Pasir Ris, The Trilinq in prices were slashed. Developers of This story was first published on Jan 16, 2012. Organization, Frasers Centrepoint and Clementi and Vue 8 Residence in Pasir such projects might also avoid buy- TheEdgeProperty. com on Nov 28

CDL moved the last two units at Jewel @ Buangkok in October The last eight of the 34 townhouses at eCO is on the market from $2.98 million, or $829 psf THEEDGE SINGAPORE | DECEMBER 5, 2016 • EP5 EP6 • THEEDGE SINGAPORE | DECEMBER 5, 2016 YOUR NEIGHBOURHOOD PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

View of the Geylang East and Aljunied area with Central Grove on the left, TRE Residences on the right, Sims Urban Oasis in the background and Geylang Methodist Primary and Secondary schools in the centre Sims Urban Oasis — catalyst for transformation of Aljunied

| BY MICHAEL LIM |

onstruction is well underway at Sims Urban Oasis, a 1,024-unit condominium development by GuocoLand. Bordered by Sims Drive and Aljunied Road, the project will be the largest Cprivate condo in the Aljunied area when it is completed in 1Q2019. “When completed, Sims Urban Oasis could just be the catalyst needed to revitalise the area, which is largely made up of ageing HDB blocks,” says Alice Tan, head of research at Frank Singapore. GuocoLand had purchased the site in a government land tender for $530.9 million (about $688 psf per plot ratio) in April 2014. Launched in February 2015, Sims Urban Oasis is about 59% sold to date. When completed, it will have eight 18-storey blocks sitting on a sprawling site of 257,260 sq ft. Units range from one-bedders of 409 sq ft to five-bedroom units of 1,722 sq ft. On the grounds are also six retail units sized at 232 The eight towers at Sims Urban Oasis have reached their maximum 18 storeys. Construction is expected to be completed by 1Q2019. to 517 sq ft. There is also a 3,254 sq ft space designated for a childcare centre. However, Sales generally picks up when a project one-bedroom units have also been purchased vate residential development site, reckons the retail and childcare centre units have not approaches completion, hence, Sims Urban by singles and young couples for their own ERA’s Lin. This will further rejuvenate the been launched for sale yet. Oasis is likely to see an uplift in sales in late use, he adds. neighbourhood, especially when the new 2018 to early 2019, says Alan Cheong, head of private condos attract younger families with Steady sales research at Savills Singapore. Gentrification underway children to move in, he adds. New business- The most recent caveats lodged were for six After all, about 70% of the buyers are said The neighbourhood around Sims Urban Oasis es will also be drawn to the area. units in November, which were sold at prices to be owner-occupiers, with investors making is also slowly being gentrified. Just next to For instance, the new James Cook Univer- ranging from $726,000 ($1,498 psf) for a 484 up the balance. Singaporeans form the major- Sims Urban Oasis are three old HDB blocks sity campus on Sims Drive opened early last sq ft one-bedder to $1.37 million ($1,325 psf) ity of the buyers (75%), with foreigners ac- that have been earmarked for the selective en year and has an enrolment of 3,400 students. for a 1,033 sq ft three-bedder. Average sales counting for 25%. With its spacious grounds, bloc redevelopment scheme (SERS). The resi- This will certainly bring a younger set to the of four to five units each week are “encou- ample amenities and different zones for fami- dents in the old blocks have been relocated neighbourhood, as well as draw families with raging” in the current environment of uncer- lies with children and those who want more to Greentops @ Sims Place, a new HDB block teenaged children, notes Knight Frank’s Tan. tainty and economic slowdown, says Knight exclusivity, the project caters to owner-occu- that was completed last year. While Sims Urban Oasis may be the largest Frank’s Tan. She attributes that to “realistic piers of different profiles, says Richard Lin, The SERS site could resurface in the private condo project in the pipeline for com- pricing” by the developer. director of ERA Realty. As such, many of the govern ment land sales programme as a pri- pletion, it is not the only one in the Aljunied THEEDGE SINGAPORE | DECEMBER 5, 2016 • EP7 YOUR NEIGHBOURHOOD

The mature Sims Vista HDB town is a five-minute walk from Sims Urban Oasis

Geylang East Centre Market and Food Corner is located in Geylang East HDB Town centre on Aljunied

SL-GV-MCC LAND SL-GV-MCC Avenue 2 and a five-minute walk from TRE Residences

Both the Geylang Methodist Primary and Secondary schools are within 0.5km of Sims Urban Oasis Artist’s impression of TRE Residences, which is jointly developed by Sustained Land, Great View and MCC Land and TRE Residences area. Located adjacent to the Aljunied MRT changed hands for $1.24 million ($1,000 psf) station is the 250-unit TRE Residences devel- in April 2016. oped by a consortium made up of Sustained It is clear that with the new private condos Land, Great View Development and MCC Land. such as Sims Urban Oasis and TRE Residences The 99-year leasehold TRE Residences is also priced in the $1,500 psf range, Central Grove scheduled for completion in 2019. and other residential properties in the Alju- Since TRE Residences was launched in nied area have benefited from the price uplift November 2014, only 65 units (26%) have been in the neighbourhood, says Savills’ Cheong. sold as at end-October, according to URA data. A short drive away is also the upcoming Paya The latest median price achieved was $1,519psf. Lebar Quarter by Australian group Lendlease. The The transaction was for a 570 sq ft, one-bed- integrated project linked to the Paya Lebar MRT room unit that fetched $867,000 ($1,519 psf), interchange station will include 429 residential based on a caveat lodged with URA Realis. units. The development, called Park Place Resi- Sales in the project may also have slowed dences, is expected to be launched in 1H2017. as homebuyers are spoilt for choice and are, Park Place Residences is likely to be priced therefore, adopting a wait-and-see attitude, at a premium to projects in the Aljunied area reckons ERA’s Lin. “Most are waiting until given that it is part of a mixed-use develop- the completion of TRE Residences and Sims ment and linked to an MRT interchange, says Urban Oasis before committing to a purchase,” Savills’ Cheong. Australia’s James Cook University Sims Drive Campus is located at the end of Sims Drive he says. New amenities Price uplift However, residents in the HDB flats and up- Located adjacent to TRE Residences and along coming private condos in the Aljunied area Geylang East Avenue 1 is Central Grove, a 99- will also benefit from their proximity to Paya year leasehold condo by CapitaLand that was Lebar Central, just one MRT stop away, and

completed 15 years ago. The 262-unit project Raffles Place, which is just a 10-minute MRT MICHAEL LIM/THE EDGE PROPERTY is likely to be the first private condo in the ride or five stops from the Aljunied station. area, and it has a mix of two- and three-bed- Residents in the Aljunied area will also be room units. able to enjoy the amenities at the upcoming The latest transaction at Central Grove was Paya Lebar Quarter, which will have a new for a three-bedroom, 1,238 sq ft unit on the shopping mall with cineplex, food court, super- third floor of one of the towers. The unit was market and an array of F&B outlets and retail sold in November for $1.13 million ($912 psf). shops when it is completed in 2018. Shopping The seller had purchased it in December 2007 malls in Paya Lebar that opened in recent years for $775,000 ($626 psf). Prior to that, the unit include One KM and Paya Lebar Square. had fetched $605,000 ($489 psf) when the With the Geylang Methodist Primary and project was first launched in December 1998. Secondary schools as well as John Cook Uni- Another transaction at Central Grove was versity, the Aljunied area will also be a hive for a 1,238 sq ft unit on the 17th floor that for families and millennials. E The three blocks of vacated, old HDB flats next to Sims Urban Oasis, which have been taken back by HDB EP8 • THEEDGE SINGAPORE | DECEMBER 5, 2016 COVER STORY

| BY CECILIA CHOW |

fter assuming the role of Lendlease

PICTURES: LENDLEASE PICTURES: CEO for Asia in May, Tony Lombardo moved to Singapore. His home for now is in the prime District 9 neighbourhood of Cairnhill, a short distance Lendlease spreads Afrom 313 @ Somerset — incidentally, a shopping mall developed by Lendlease. Linked underground to the Somerset MRT station, the mall has seen strong footfall since it opened in December 2009, says Lombardo, adding, “I its bets across key visit 313 quite frequently”. He visits Kuala Lumpur just as frequently — at least every fortnight — as Lendlease prepares to get its development project in Malaysia’s global cities new financial district, Tun Razak Exchange (TRX), up and running. Lendlease’s TRX Lifestyle Quarter is an RM8 Australian property giant banks on urban regeneration projects in Asia billion (approximately A$2.8 billion) mixed- use scheme that will sit on a 17-acre site. It is with TRX Lifestyle Quarter in KL and Paya Lebar Quarter in Singapore anchored by a shopping mall with over 500 stores called The Exchange and also comprises a luxury hotel and TRX Residences with 1,800 units spread across six towers. While it may be surpassed by the $3.2 billion Paya Lebar Quarter in Singapore in terms of dollar value, The Lifestyle Quarter is certainly larger in terms of the scale of the project, says Lombardo. Lifestyle Quarter and Paya Lebar Square are the largest urban regeneration schemes undertaken by Lendlease in Asia to date.

‘The No 1 shopping centre’ The location of The Exchange is ideal as there will be a tunnel from the highway leading directly to the mall, bypassing Jalan Tun Razak, which tends to get congested. A new MRT station will be integrated with The Exchange and is expected to be operational within the next 12 months. Lendlease is targeting for The Exchange to be “the No 1 shopping centre”, rivalling two other shopping malls in the area, Suria KLCC Shopping Centre at the Kuala Lumpur City Centre and Pavilion KL in Bukit Bintang. As a testament to its location, The Exchange at the Lifestyle Quarter was 26% pre-leased in terms of floor area even before construction had begun, Lombardo says. The shopping mall is estimated to have a gross floor area of 2.2 million sq ft. Over the past week, Lombardo, together with about 130 leadership staff from across Lend- lease’s offices in Asia, met in KL for a confer- ence. “We try to meet face-to-face every quarter. This time, we’re meeting in KL,” he adds. Lendlease is readying the site for the construction of The Exchange next year. The Australian Stock Exchange-listed property giant with a market capitalisation of nearly A$8 billion ($8.5 billion) is by far the biggest investor-developer of a development site at TRX. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

View of Somerset Road (from left): Pan Pacific Lendlease’s RM8 billion TRX Lifestyle Quarter project, which will contain a 2.2 million sq ft shopping mall with more than 500 shops, six residential towers Serviced Suites, Lendlease’s 313 @ Somerset, at TRX Residences and a luxury hotel Orchard Gateway and Orchard Central THEEDGE SINGAPORE | DECEMBER 5, 2016 • EP9 COVER STORY

In Australia, urban regeneration schemes include Barangaroo South in Sydney (pictured), Brisbane The $3.2 billion Paya Lebar Quarter is the biggest urban regeneration project in Asia for Lendlease in terms Showgrounds in Brisbane and Victoria Harbour in Melbourne of dollar value

“I’ve watched the site for the last 18 months, Place Residences. The seventh building will In less than a decade, the group’s project and I’ve seen it progress quite significantly,” be a shopping mall with over 340,000 sq ft of pipeline grew from one to 12. To date, urban says Lombardo. The weakening ringgit is not retail space. Park Place Residences is sched- regeneration schemes account for A$37.3 bil- a concern as the group has not sunk in a lot uled to be launched in 1H2017. lion of Lendlease’s development pipeline of of capital just yet as construction works have Lendlease is more circumspect when it comes A$48.8 billion. Lifestyle Quarter and Paya yet to begin. In fact, the weaker ringgit could to the launch of TRX Residences. Lombardo Lebar Quarter make up A$5.9 billion or 12% ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT also translate to a lower construction cost for reckons it will be “12 to 18 months away”, de- of its global development portfolio. the group,” he adds. pending on the depth of the market and the Lendlease’s urban regeneration projects timing. Its priority is to start construction of are located mainly in major cities. In Lon- JV with Malaysia’s Ministry of Finance the mall, scheduled for completion in early don, for example, it redeveloped the former The Australian property group has remained 2020. “We could be in a boom cycle when it Heygate estate, which sits on a 170-acre confident about the project despite its 40% completes,” he says. site in Elephant & Castle. “When they first joint-venture partner being 1MDB Real Estate, Lombardo recalls how Lendlease had [opened] the project for bidding, there were the real estate arm of 1Malaysia Develop- won the tender for the 313 @ Somerset site 14 other contenders,” says Lombardo. “When ment Bhd (1MDB). Lendlease and 1MDB in Singa pore in 2006 with a bid of $617 mil- the global financial crisis hit, we were the Real Estate sealed their JV and signed the lion. Despite the subsequent global financial only ones left.” sale and purchase agreement in March last crisis, the group went ahead with construc- The Heygate Estate has since been redevel- year, witnessed by Malaysian Prime Minister tion of the mall, which was completed on oped into the new Elephant Park with 2,500 Najib Tun Razak. time and was fully leased when it opened in new homes, including the 37-storey landmark 1MDB Real Estate has since been renamed December 2009. apartment tower, One The Elephant. The TRX City, and in May this year, has become a Lendlease continues to own a 25% stake Lombardo: When we secured the [TRX Lifestyle project is a JV with the Southwark Council separate entity and wholly-owned subsidiary in 313 @ Somerset, with the remaining 75% Quarter] site two years back, there were nine other in London. of the Ministry of Finance. held by Lendlease Asian Retail Investment bidders. We think it’s one of the best regeneration “We have become a trusted partner for TRX Lifestyle Quarter is therefore a 60:40 Fund (ARIF), which it co-invests and manages. projects in our portfolio. governments as they can see we have the capa- JV between Lendlease and the Malaysian In its 2016 annual report, the group reported bility to execute projects from start to finish,” Ministry of Finance, with the former taking profit after tax of A$370.7 million, down 9% of the former Sungai Besi military airbase, was says Lombardo. Lendlease was also involved the lead in the project. Lendlease is definite- y-o-y. The lower earnings were in part owing divested by 1MDB. The site was sold to China in the construction of the Athlete’s Village ly going ahead with the project, says Lom- to a write-down in value of Lendlease’s stake Railway Group, one of China’s largest state- in Stratford for the London Olympics 2012, bardo. “When we secured the site two years in 313 @ Somerset because of the softer retail owned companies, according to an announce- which led to its residential development pro- back, there were nine other bidders. We think market on Orchard Road. ment in March this year. China Railway Group jects in the area. it’s one of the best regeneration projects in The retail sector is going to be tough in the will invest US$2 billion ($2.9 billion) to develop In Australia, urban regeneration schemes our portfolio.” short- to medium-term as Singapore enters a Bandar Malaysia, including the HSR terminus. include Barangaroo South in Sydney and Infrastructure works are underway at TRX, period of low economic growth. On Nov 30, Singapore’s Prime Minister Lee Brisbane Showgrounds in Brisbane, in addition with the new MRT station, said to be the big- Lombardo says Lendlease is thinking of Hsien Loong was reported to have said that to Victoria Harbour in Melbourne. gest in KL, expected to open in the next 12 strategies to drive people to the mall through the two countries have made “very good pro- Meanwhile, in the US, Lendlease has months. Construction works have begun at interesting experiences and investment in tech- gress” on a bilateral agreement on the Singa- two urban renewal projects in Boston and the 92-storey Signature Tower, slated to be the nology. He also intends to work with the other pore-KL HSR. Chicago. The 12-acre site in East Boston third tallest in Malaysia, after the 88-storey shopping mall owners in Somerset and engage That should provide a measure of confi- is located along the Boston Inner Harbour. Petronas Twin Towers and the 118-storey the government “to explore ways to activate dence amid the growing uncertainty, especial- Lendlease intends to develop four buildings Merdeka PNB118. Signature Tower is being the area as a whole”. ly with the plummeting ringgit, which is at a with 214 apartments and 278 condos and a developed by Indonesian commercial prop- In Jurong Gateway, poised as Singapore’s historical low. harbour walk with a floating dock for pe- erty developer Mulia Group, which claims second CBD, the group bid for and won a dev- destrians to launch their kayaks. Along the to have secured three international banks as elopment site in 2010. It has since been de- Urban regeneration as a strategy Chicago River, it will transform a former in- tenants in the tower. veloped into Jem, a mixed-use project with “Property markets go up and down, and cur- dustrial sprawl into a 3,600-unit residential “Foreign players like Mulia Group and Lend- an 818,064 sq ft shopping mall and an office rency fluctuations are just part of the property development with a mix of high-rise condos lease are getting their projects off the ground block. Both the mall and office block were cycle,” says Lombardo. “That’s why we have and townhouses. Called Riverline, the new and ensuring that TRX will materialise,” says fully leased ahead of completion in mid-2013. adopted a long-term investment horizon of project in Chicago will include a public park a KL-based property consultant who declined Lendlease held a 25% stake in Jem, which 15 to 25 years. At some point of the cycle, the and pedestrian river walk. to be named. it sold for $227 million in January 2013 to market may be softer, but it always picks up Lendlease Jem Partners Fund, an investment over the long term. Political uncertainty Riding the cycle vehicle backed by a group of global institu- That explains Lendlease’s strategy to ven- Uncertainty continues to linger over the future Payment for the Lifestyle Quarter development tional investors. Lendlease is the investment ture into urban renewal projects eight years of London post-Brexit. However, Lendlease has site is also staggered, unlike in Singapore, where manager of the fund and continues to man- ago, following the global financial crisis. seen a pickup in sales at some of its develop- the successful bidder in a government land age the property as well. The remaining 75% “We had only one urban renewal project at ments as foreign investors take advantage of tender has to pay the entire amount upfront, stake is owned by ARIF, where Lendlease is Victoria Harbour in Melbourne in 2008,” says the weaker pound sterling. says Lombardo. For instance, Lendlease paid both a co-investor and manager. Lombardo, who joined Lendlease Group in Rocking global markets and fuelling fur- $1.67 billion upfront for the 4ha land parcel at July 2007 as global head of strategy, mergers ther uncertainty is US president-elect Donald Paya Lebar Quarter when it won the site last Future of the high-speed rail and acquisitions. Trump. “Most of us are just trying to figure year. It has since formed a JV with Abu Dhabi Lendlease is confident about prospects in As part of the review of Lendlease’s busi- out what he’s going to do,” says Lombardo. Investment Authority, which has a 70% stake Jurong, especially with the terminus of the ness then, group CEO Steve McCann and his Unlike the global financial crisis of eight in the project. planned Singapore-Kuala Lumpur high-speed team identified the big trends around the years ago, investors and developers are now Construction at Paya Lebar Quarter is under- rail to be located on the site of the former world: urbanisation, investment in infra- worried about global political uncertainty. way. When completed in 2018, the project will Jurong Country Club, near Jem. Likewise, in structure works, ageing population, growth in “That’s why we have to look at these develop- have seven buildings: Three will be Grade-A KL, Lendlease’s TRX Lifestyle Quarter will the fund management business, and sustain- ment projects over a five- to 15-year period,” office towers with a total of 900,000 sq ft in benefit from its proximity to Bandar Malaysia, ability. “That led to our focus on urban re- says Lombardo. “We make sure that we will net lettable area, and another three will be where the HSR will have a terminus. newal projects in key gateway cities,” says be able to ride through each stage of the residential towers with 429 units called Park Bandar Malaysia, which will sit on the site Lombardo. development cycle.” E EP10 • THEEDGE SINGAPORE | DECEMBER 5, 2016 EVENT FEATURE Learn with wine

| BY YONG YUN LIN |

n Nov 24, The Edge Property held a social networking session at the EcoWorld international property sales gallery on Tanglin Road. It brought over 50 real estate professionals together in an event that included wine tasting by The French Cellar; advice on due diligence by star lawyer Sim Mong Teck of his eponymous law firm; and talks Oon the importance of good photography in marketing property by Perseus Ang, partner sales manager of KodakIT, as well as buying overseas property PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: by Alvin Chan, manager sales and marketing of EcoWorld Singapore. E

The French Cellar hosted the wine-tasting party at EcoWorld sales gallery The crowd at EcoWorld’s sales gallery at St Martin’s Drive off Tanglin Road

Guests with Etienne Croset (left), business development and marketing associate of The French Cellar Chan talks about EcoWorld’s properties around the world

Sim, managing partner of Sim Mong Teck & Partners, shared advice on due ‘Why good photography matters for your listing’ was the topic of Ang’s talk diligence when buying property

From left: Sim at the event, with Bernard Tong, managing director of The Edge Property Singapore, and Steve Tan, senior manager Michael Lim of ERA Realty, a happy winner of the lucky draw, walked away with a sales and marketing of EcoWorld Singapore TheEdgeProperty ProTools package worth $365 THEEDGE SINGAPORE | DECEMBER 5, 2016 • EP11 ARCHITECTURE & DESIGN Staycation at home

| BY QANVAST | hand, hotel-inspired homes are gaining popu- larity in the interior design world as they exude home that is done up like a hotel is an understated luxury and comfort in terms of the ultimate staycation — and you details and furnishing. do not have to worry about book- The best part about designing your home ings, check-in/check-out times or like an elegant hotel room is that it does not re- whether you can get a room during quire an extravagant budget. Here are five types Athe holiday season. of homes for those who need inspiration. E More designers are adopting the home- away-from-home concept for hotels to make Qanvast is an interior design and home them cosier and more welcoming. On the other remodelling portal

Stark sophistication A vanity section serves as a divider between the wardrobe and sleeping area. Strategi- cally placed mirrors help make a room appear larger, while black lines give it a well- defined look.

Interior designer: The Scientist

Modern minimalist A minimalist design and colour palette will help create a tranquil effect in your bedroom. Create a peaceful ambience with basic furnishings and a grey-meets-wood décor.

Interior designer: Posh Home

Chic and sleek Keeping it sleek and streamlined — just like what you would expect in many luxurious hotels — creates the perfect oasis of calm for a master bathroom. Scented candles and warm downlights complete the picture.

Interior designer: Hall Interiors

Simple and classy Home suite Like hotel bathrooms, this home version stands out with its use of industrial-like tiles, With just a few glamorous touches, this bedroom makes you feel like you’ve walked mirrors and glass — a modern approach to interior design. It is the perfect sanctuary in into a hotel suite. which to unwind at the end of the day.

Interior designer: Mr Shopper Studio Interior designer: Third Avenue Studio EP12 • THEEDGE SINGAPORE | DECEMBER 5, 2016 DONE DEALS Discounts at Corals at Keppel Bay, One Balmoral drive sales

| BY TAN CHEE YUEN | average price of about $2,200 psf achieved in 2013, when Corals was first launched. The developer says here has been a spike in transactions at the project is about 60% sold to date. About 60% of Corals at Keppel Bay since the 366-unit the buyers are said to be Singaporeans, with perma- luxury condominium project by developer nent residents accounting for 16% and foreigners, 24%. Keppel Land obtained its Temporary Occupa- The project was designed by renowned architect tion Permit in October. According to property Daniel Libeskind as “a coral reef”, with 11 blocks Tagents, the developer is offering a new post-TOP of five to 10 storeys. Libeskind also designed the scheme for selected units. It includes a standard neighbouring Reflections at Keppel Bay, also by 10% discount, a 10% additional buyer’s stamp duty Keppel Land and completed in 2011. Both Corals and absorption, plus a 3% early-bird discount. Reflections are 99-year leasehold projects. In October, units of 872 sq ft to 1,389 sq ft were Like the luxury condos in Sentosa Cove, the two sold at prices ranging from $1,755 psf to $1,919 psf. projects at Keppel Bay are not subject to the conditions The three units sold last month were two-bedders of the Qualifying Certificate (QC), which requires the from the second to the fourth levels of the same developer to sell off all its units within two years of stack. A 926 sq ft unit on the second floor was sold completion or pay an extension charge prorated to the for $1.692 million ($1,828 psf), according to a ca- proportion of unsold units within the project. veat lodged on Nov 15. Directly above it, a 915 sq ft Corals has a wide range of units, from one- to two-bedder fetched $1.693 million ($1,850 psf) on four-bedders of between 570 and 3,660 sq ft. There Nov 20. Another 915 sq ft unit on the fourth level are also eight penthouses of 4,725 to 7,868 sq ft. One was sold for $1.712 million ($1,871 psf). of the penthouses sold was a 4,930 sq ft unit that The dip in prices are evident compared with the fetched $12.2 million ($2,475 psf) in November 2013.

LOCALITIES DISTRICTS Singapore — by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28

Residential transactions with contracts dated Nov 15 to 22

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 MARINA ONE RESIDENCES Apartment 99 years Nov 15, 2016 1,528 3,860,000 - 2,525 Uncompleted New Sale PEOPLE’S PARK CENTRE Apartment 99 years Nov 15, 2016 2,336 1,460,000 - 625 1976 Resale District 3 COMMONWEALTH TOWERS Condominium 99 years Nov 15, 2016 1,076 1,604,200 - 1,490 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Nov 15, 2016 904 1,488,400 - 1,646 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Nov 16, 2016 904 1,579,000 - 1,746 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Nov 16, 2016 904 1,570,000 - 1,736 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Nov 18, 2016 1,109 1,902,300 - 1,716 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 15, 2016 495 830,000 825,000 1,666 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 15, 2016 1,076 1,756,000 1,751,000 1,627 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 15, 2016 807 1,356,000 1,351,000 1,673 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 17, 2016 786 1,266,000 1,261,000 1,605 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 17, 2016 861 1,393,000 1,388,000 1,612 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 16, 2016 624 1,102,000 - 1,765 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 18, 2016 441 737,000 - 1,670 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 19, 2016 495 849,000 - 1,715 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 19, 2016 495 822,000 - 1,660 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 19, 2016 624 1,015,000 - 1,626 Uncompleted New Sale RIVER PLACE Condominium 99 years Nov 18, 2016 1,055 1,385,000 - 1,313 2000 Resale TANGLIN VIEW Condominium 99 years Nov 18, 2016 1,141 1,370,000 - 1,201 2001 Resale THE CREST Condominium 99 years Nov 20, 2016 1,378 2,451,000 - 1,779 Uncompleted New Sale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Nov 15, 2016 1,281 1,680,000 - 1,312 2004 Resale CARIBBEAN AT KEPPEL BAY Condominium 99 years Nov 21, 2016 1,281 1,820,000 - 1,421 2004 Resale CORALS AT KEPPEL BAY Condominium 99 years Nov 15, 2016 926 1,692,000 - 1,828 2016 New Sale CORALS AT KEPPEL BAY Condominium 99 years Nov 19, 2016 915 1,712,000 - 1,871 2016 New Sale CORALS AT KEPPEL BAY Condominium 99 years Nov 20, 2016 915 1,693,000 - 1,850 2016 New Sale TELOK BLANGAH HOUSE Apartment Freehold Nov 18, 2016 1,432 2,000,000 - 1,397 Unknown Resale THE INTERLACE Condominium 99 years Nov 16, 2016 1,593 1,750,000 - 1,099 2013 Resale District 5 HERITAGE VIEW Condominium 99 years Nov 15, 2016 1,163 1,385,000 - 1,191 2000 Resale PARC RIVIERA Condominium 99 years Nov 16, 2016 1,227 1,394,000 - 1,136 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 19, 2016 463 565,000 - 1,221 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 19, 2016 603 725,000 - 1,203 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 19, 2016 463 550,000 - 1,188 Uncompleted New Sale THEEDGE SINGAPORE | DECEMBER 5, 2016 • EP13 DONE DEALS ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT

Units in Corals at Keppel Bay sold over the last two months ranged from $1,755 to $1,919 psf

It was also the highest absolute price achieved for for $3.87 million ($2,332 psf). Two three-bedroom a unit in the development. Meanwhile, the highest units of 1,421 sq ft on the sixth and seventh floors price psf was for a 3,520 sq ft, four-bedroom unit on were also sold, for $3.11 million ($2,190 psf) and the fourth floor. It fetched $10.48 million or $2,960 $3.13 million ($2,206 psf) respectively. psf in May 2015. Based on caveats lodged, prior to the recent Corals was not the only newly completed high- spate of sales, there had not been any recorded end condo in the Core Central Region that saw an transactions at One Balmoral since May last year, uptick in transactions recently. when a 592 sq ft one-bedder on the third level At the junction of Balmoral Road and Stevens Road fetched $1.45 million ($2,441 psf). is Hong Leong Holdings’ One Balmoral in prime The recent pickup in sales was attributed to the District 10. The freehold 91-unit condo obtained 13% discount offered by Hong Leong, with effect its TOP in September. One Balmoral contains twin from Nov 12, according to property agents. When 12-storey blocks with a mix of one- to four-bedroom the project was first launched in mid-2013, units units of 592 to 2,691 sq ft, including penthouses. were sold at prices ranging from $2,010 to $2,603 psf. Five units have been sold to date since Nov 12, Based on caveats lodged, 14 units have been sold based on caveats lodged with URA Realis. They ranged to date. However, as Hong Leong Holdings is pri- from a 592 sq ft one-bedder on the second level that vately held, it is not subject to QC conditions and fetched $1.34 million ($2,258 psf) to a four-bedroom is, therefore, not under pressure to sell all the units unit of 1,658 sq ft on the 11th floor that was sold within two years of completion. E

Residential transactions with contracts dated Nov 15 to 22

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PARC RIVIERA Condominium 99 years Nov 19, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 20, 2016 463 596,000 - 1,288 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 20, 2016 603 725,000 - 1,203 Uncompleted New Sale THE ORIENT Apartment Freehold Nov 19, 2016 721 1,317,400 - 1,827 Uncompleted New Sale THE TRILINQ Condominium 99 years Nov 15, 2016 1,044 1,497,000 - 1,434 Uncompleted New Sale THE TRILINQ Condominium 99 years Nov 15, 2016 710 1,057,000 - 1,488 Uncompleted New Sale THE TRILINQ Condominium 99 years Nov 17, 2016 1,044 1,424,000 - 1,364 Uncompleted New Sale THE TRILINQ Condominium 99 years Nov 18, 2016 1,044 1,491,000 - 1,428 Uncompleted New Sale VARSITY PARK CONDOMINIUM Condominium 99 years Nov 18, 2016 2,325 2,240,000 - 963 2008 Resale District 8 CITY SQUARE RESIDENCES Condominium Freehold Nov 17, 2016 1,216 1,610,000 - 1,324 2009 Resale CITYSCAPE @FARRER PARK Condominium Freehold Nov 15, 2016 1,076 1,500,000 - 1,394 2014 Resale FORTE SUITES Apartment Freehold Nov 19, 2016 678 1,314,200 - 1,938 2016 New Sale 37 CAVAN ROAD Apartment Freehold Nov 18, 2016 1,733 1,774,000 - 1,024 Unknown Resale PARC SOMME Apartment 99 years Nov 17, 2016 452 622,000 - 1,376 2012 Resale SUITES 123 Apartment Freehold Nov 18, 2016 840 1,100,000 - 1,310 2011 Resale District 9 ORCHARD SCOTTS Condominium 99 years Nov 15, 2016 1,647 2,350,000 - 1,427 2008 Resale OUE TWIN PEAKS Condominium 99 years Nov 15, 2016 570 1,640,000 - 2,875 2015 Resale PATERSON RESIDENCE Condominium Freehold Nov 18, 2016 1,496 3,135,000 - 2,095 2008 Resale SOPHIA HILLS Condominium 99 years Nov 15, 2016 732 1,450,000 - 1,981 Uncompleted New Sale UE SQUARE Apartment 929 years Nov 15, 2016 2,196 2,600,000 - 1,184 1997 Resale District 10 ARDMORE THREE Condominium Freehold Nov 18, 2016 1,744 6,776,880 - 3,886 2014 Resale BELMOND GREEN Condominium Freehold Nov 18, 2016 1,335 2,133,300 - 1,598 2004 Resale BEVERLY HILL Condominium Freehold Nov 16, 2016 3,778 5,700,000 - 1,509 1983 Resale BISHOPSGATE RESIDENCES Condominium Freehold Nov 18, 2016 5,974 20,680,000 - 3,462 2012 Resale CITY TOWERS Apartment Freehold Nov 22, 2016 1,701 1,950,000 - 1,147 Unknown Resale DUCHESS CREST Condominium 99 years Nov 15, 2016 936 1,250,000 - 1,335 1998 Resale GOODWOOD RESIDENCE Condominium Freehold Nov 18, 2016 3,918 6,500,000 - 1,659 2013 Resale HALLMARK RESIDENCES Condominium Freehold Nov 16, 2016 2,960 4,830,000 - 1,632 2015 Resale KIM LIN PARK Semi-Detached Freehold Nov 21, 2016 4,628 7,770,000 - 1,678 Unknown Resale MON JERVOIS Condominium 99 years Nov 18, 2016 614 1,169,000 - 1,905 2016 New Sale THIRD AVENUE Detached Freehold Nov 16, 2016 19,418 20,700,000 - 1,066 1995 Resale ONE BALMORAL Condominium Freehold Nov 16, 2016 592 1,337,000 - 2,258 2016 New Sale ONE BALMORAL Condominium Freehold Nov 20, 2016 969 2,181,000 - 2,251 2016 New Sale RV SUITES Apartment Freehold Nov 17, 2016 517 858,000 - 1,661 2012 Resale SPANISH VILLAGE Condominium Freehold Nov 22, 2016 1,163 1,590,000 - 1,368 1987 Resale THE ARC AT DRAYCOTT Apartment Freehold Nov 17, 2016 1,130 2,160,000 - 1,911 2008 Resale District 11 TREVOSE CRESCENT Semi-Detached Freehold Nov 17, 2016 7,621 11,600,000 - 1,521 Unknown Resale NEWTON 18 Apartment Freehold Nov 18, 2016 980 1,650,000 - 1,684 2002 Resale NEWTON ONE Condominium Freehold Nov 17, 2016 1,808 2,980,000 - 1,648 2009 Resale SOLEIL @ SINARAN Condominium 99 years Nov 21, 2016 506 950,000 - 1,878 2011 Resale STRATA Apartment Freehold Nov 22, 2016 506 850,000 - 1,680 2006 Resale SUITES @ SURREY Apartment Freehold Nov 15, 2016 893 1,395,000 - 1,561 2008 Resale THE LINC Apartment Freehold Nov 18, 2016 1,141 1,740,000 - 1,525 2006 Resale TUDOR VIEW Semi-Detached Freehold Nov 22, 2016 3,380 5,400,000 - 1,600 1987 Resale WATTEN ESTATE CONDOMINIUM Condominium Freehold Nov 15, 2016 1,001 1,170,000 - 1,169 1983 Resale District 12 EIGHT RIVERSUITES Terrace 99 years Nov 19, 2016 2,820 2,150,000 - 762 2016 New Sale TREVISTA Condominium 99 years Nov 17, 2016 1,098 1,395,000 - 1,271 2011 Resale District 13 BARTLEY RIDGE Condominium 99 years Nov 16, 2016 1,345 1,340,000 - 996 2016 New Sale BARTLEY RIDGE Condominium 99 years Nov 19, 2016 1,313 1,338,000 - 1,019 2016 New Sale SENNETT ESTATE Terrace Freehold Nov 17, 2016 2,637 3,300,000 - 1,249 1960 Resale SENNETT ESTATE Semi-Detached Freehold Nov 18, 2016 2,895 3,298,000 - 1,137 Unknown Resale THE POIZ RESIDENCES Apartment 99 years Nov 15, 2016 1,109 1,534,000 - 1,384 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Nov 19, 2016 1,152 1,511,000 - 1,312 Uncompleted New Sale District 14 # 1 SUITES Apartment Freehold Nov 15, 2016 667 615,000 - 922 2016 New Sale # 1 SUITES Apartment Freehold Nov 15, 2016 710 638,000 - 898 2016 New Sale # 1 SUITES Apartment Freehold Nov 15, 2016 624 629,000 - 1,008 2016 New Sale # 1 SUITES Apartment Freehold Nov 15, 2016 710 620,000 - 873 2016 New Sale # 1 SUITES Apartment Freehold Nov 16, 2016 614 630,000 - 1,027 2016 New Sale

CONTINUES NEXT PAGE EP14 • THEEDGE SINGAPORE | DECEMBER 5, 2016 DONE DEALS

FROM PREVIOUS PAGE

Residential transactions with contracts dated Nov 15 to 22

LAND AREA/ NETT UNIT LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE # 1 SUITES Apartment Freehold Nov 16, 2016 635 648,000 - 1,020 2016 New Sale GOLDENHILL PARK # 1 SUITES Apartment Freehold Nov 16, 2016 624 612,000 - 980 2016 New Sale CONDOMINIUM Condominium Freehold Nov 21, 2016 936 1,235,000 - 1,319 2004 Resale # 1 SUITES Apartment Freehold Nov 17, 2016 710 630,000 - 887 2016 New Sale GRANDEUR 8 Condominium 99 years Nov 22, 2016 1,227 1,285,000 - 1,047 2005 Resale # 1 SUITES Apartment Freehold Nov 17, 2016 710 619,000 - 871 2016 New Sale SEMBAWANG HILLS ESTATE Terrace Freehold Nov 18, 2016 1,970 1,750,000 - 886 Unknown Resale CENTRAL GROVE Condominium 99 years Nov 16, 2016 1,238 1,128,500 - 912 2001 Resale THE PANORAMA Condominium 99 years Nov 15, 2016 1,012 1,261,988 - 1,247 Uncompleted New Sale CENTRAL IMPERIAL Apartment Freehold Nov 17, 2016 420 470,000 - 1,120 2014 Resale THOMSON IMPRESSIONS Apartment 99 years Nov 16, 2016 1,055 1,493,514 - 1,416 Uncompleted New Sale EUHABITAT Condominium 99 years Nov 17, 2016 527 633,388 - 1,201 2015 Sub Sale THOMSON IMPRESSIONS Apartment 99 years Nov 19, 2016 1,055 1,481,000 - 1,404 Uncompleted New Sale LORONG 27 GEYLANG Apartment Freehold Nov 15, 2016 1,184 1,000,000 - 845 1993 Resale THOMSON IMPRESSIONS Apartment 99 years Nov 19, 2016 1,055 1,533,333 - 1,454 Uncompleted New Sale SIMSVILLE Condominium 99 years Nov 17, 2016 1,528 1,300,000 - 851 1998 Resale THOMSON IMPRESSIONS Apartment 99 years Nov 19, 2016 1,055 1,500,000 - 1,422 Uncompleted New Sale SUITES @ SIMS Apartment Freehold Nov 15, 2016 753 888,000 - 1,179 2013 Resale THOMSON IMPRESSIONS Apartment 99 years Nov 20, 2016 1,055 1,566,400 - 1,485 Uncompleted New Sale THE SUNNY SPRING Apartment Freehold Nov 15, 2016 1,023 1,060,000 - 1,037 1998 Resale District 21 District 15 GARDENVISTA Condominium 99 years Nov 21, 2016 1,173 1,400,000 - 1,193 2006 Resale DUNMAN VIEW Condominium 99 years Nov 17, 2016 1,302 1,000,000 - 768 2004 Resale PINE GROVE Condominium 99 years Nov 17, 2016 1,755 1,270,000 - 724 Unknown Resale EVERITT EDGE Apartment Freehold Nov 15, 2016 431 560,000 - 1,301 2015 Resale THE CREEK @ BUKIT Condominium Freehold Nov 15, 2016 463 811,287 - 1,753 Uncompleted New Sale FRANKEL ESTATE Detached Freehold Nov 18, 2016 6,028 5,900,000 - 979 1955 Resale THE CREEK @ BUKIT Condominium Freehold Nov 15, 2016 936 1,612,000 - 1,721 Uncompleted New Sale FULCRUM Condominium Freehold Nov 15, 2016 829 1,463,645 - 1,766 2016 New Sale THE HILLSIDE Condominium Freehold Nov 18, 2016 1,302 1,360,000 - 1,044 2001 Resale KATONG PARK TOWERS Condominium 99 years Nov 16, 2016 2,131 1,850,000 - 868 1987 Resale District 22 MALVERN SPRINGS Condominium Freehold Nov 17, 2016 2,153 1,750,000 - 813 2004 Resale CASPIAN Condominium 99 years Nov 15, 2016 872 900,000 - 1,032 2012 Resale MANDARIN GARDEN LAKE GRANDE Condominium 99 years Nov 17, 2016 980 1,248,000 - 1,274 Uncompleted New Sale CONDOMINIUM Condominium 99 years Nov 17, 2016 1,001 920,000 - 919 1986 Resale LAKE GRANDE Condominium 99 years Nov 18, 2016 904 1,142,000 - 1,263 Uncompleted New Sale MEYER RESIDENCE Apartment Freehold Nov 15, 2016 1,066 1,750,000 - 1,642 2009 Resale LAKEVILLE Condominium 99 years Nov 17, 2016 1,302 1,535,520 1,527,843 1,173 Uncompleted New Sale ST. PATRICK’S ROAD Terrace Freehold Nov 18, 2016 2,325 3,150,000 - 1,353 1994 Resale LAKEVILLE Condominium 99 years Nov 19, 2016 1,302 1,697,330 - 1,303 Uncompleted New Sale BRANKSOME ROAD Detached Freehold Nov 21, 2016 14,434 16,881,930 - 1,170 1991 Resale LAKEVILLE Condominium 99 years Nov 20, 2016 1,302 1,554,755 - 1,194 Uncompleted New Sale NEPTUNE COURT Apartment 99 years Nov 16, 2016 1,270 840,000 - 661 1975 Resale THE CENTRIS Apartment 99 years Nov 18, 2016 1,066 1,220,000 - 1,145 2009 Resale PEBBLE BAY Condominium 99 years Nov 18, 2016 2,088 2,750,000 - 1,317 1997 Resale WESTWOOD RESIDENCES EC 99 years Nov 18, 2016 1,475 1,177,400 - 798 Uncompleted New Sale TEMBELING GROVE Apartment Freehold Nov 18, 2016 1,356 1,365,000 - 1,006 1993 Resale WESTWOOD RESIDENCES EC 99 years Nov 18, 2016 1,152 969,300 - 842 Uncompleted New Sale THE BELVEDERE Condominium Freehold Nov 21, 2016 1,302 2,080,000 - 1,597 2007 Resale WESTWOOD RESIDENCES EC 99 years Nov 20, 2016 1,152 937,100 - 814 Uncompleted New Sale THE MEYERISE Condominium Freehold Nov 16, 2016 1,302 2,552,000 - 1,959 2014 Resale WESTWOOD RESIDENCES EC 99 years Nov 20, 2016 1,475 1,170,000 - 793 Uncompleted New Sale THE SEA VIEW Condominium Freehold Nov 18, 2016 1,647 2,640,000 - 1,603 2008 Resale WESTWOOD RESIDENCES EC 99 years Nov 20, 2016 1,033 823,200 - 797 Uncompleted New Sale THE SEAFRONT ON MEYER Condominium Freehold Nov 18, 2016 1,604 2,400,000 - 1,496 2010 Resale District 23 District 16 CHESTERVALE EC 99 years Nov 15, 2016 1,259 830,000 - 659 1999 Resale BAYSHORE PARK Condominium 99 years Nov 17, 2016 936 810,000 - 865 1986 Resale ECO SANCTUARY Condominium 99 years Nov 18, 2016 990 1,308,480 - 1,321 2016 New Sale BEDOK RIA Terrace Freehold Nov 18, 2016 1,636 2,350,000 - 1,440 1996 Resale HILLION RESIDENCES Apartment 99 years Nov 17, 2016 474 633,880 - 1,338 Uncompleted New Sale CHANGI GREEN Condominium Freehold Nov 15, 2016 872 844,000 - 968 1998 Resale HILLVIEW REGENCY Condominium 99 years Nov 17, 2016 1,195 900,000 - 753 2005 Resale COSTA DEL SOL Condominium 99 years Nov 15, 2016 1,475 1,870,000 - 1,268 2003 Resale MAYSPRINGS Apartment 99 years Nov 18, 2016 1,313 875,000 - 666 1998 Resale COSTA DEL SOL Condominium 99 years Nov 21, 2016 1,313 1,570,000 - 1,196 2004 Resale NORTHVALE Apartment 99 years Nov 18, 2016 1,270 900,000 - 709 1998 Resale ECO Terrace 99 years Nov 17, 2016 3,563 2,980,000 - 836 Uncompleted New Sale SOL ACRES EC 99 years Nov 16, 2016 1,066 837,000 - 785 Uncompleted New Sale SENNETT ROAD Terrace Freehold Nov 15, 2016 2,271 3,000,000 - 1,322 2010 Resale SOL ACRES EC 99 years Nov 16, 2016 1,098 902,000 - 822 Uncompleted New Sale PALM TREE NINES Terrace Freehold Nov 16, 2016 1,636 1,530,000 - 935 1994 Resale SOL ACRES EC 99 years Nov 18, 2016 614 463,000 - 755 Uncompleted New Sale THE GLADES Condominium 99 years Nov 15, 2016 624 995,000 - 1,594 Uncompleted New Sale SOL ACRES EC 99 years Nov 18, 2016 614 478,000 - 779 Uncompleted New Sale THE GLADES Condominium 99 years Nov 15, 2016 1,679 2,008,000 - 1,196 Uncompleted New Sale SOL ACRES EC 99 years Nov 19, 2016 850 680,000 - 800 Uncompleted New Sale THE GLADES Condominium 99 years Nov 17, 2016 1,012 1,281,000 - 1,266 Uncompleted New Sale SOL ACRES EC 99 years Nov 19, 2016 614 496,000 - 808 Uncompleted New Sale THE GLADES Condominium 99 years Nov 18, 2016 818 1,015,000 - 1,241 Uncompleted New Sale SOL ACRES EC 99 years Nov 19, 2016 732 577,000 - 788 Uncompleted New Sale THE GLADES Condominium 99 years Nov 20, 2016 474 690,000 - 1,457 Uncompleted New Sale SOL ACRES EC 99 years Nov 20, 2016 1,098 910,000 - 829 Uncompleted New Sale WATERFRONT WAVES Condominium 99 years Nov 18, 2016 1,324 1,360,000 - 1,027 2011 Resale SOL ACRES EC 99 years Nov 20, 2016 850 709,000 - 834 Uncompleted New Sale District 17 THE DAIRY FARM Condominium Freehold Nov 16, 2016 1,593 1,510,000 - 948 1985 Resale FERRARIA PARK THE WARREN Condominium 99 years Nov 15, 2016 1,227 1,010,000 - 823 2004 Resale CONDOMINIUM Condominium Freehold Nov 18, 2016 1,195 1,015,000 - 850 2009 Resale TREE HOUSE Condominium 99 years Nov 18, 2016 1,152 1,120,000 - 972 2013 Resale JALAN BATALONG Semi-Detached Freehold Nov 18, 2016 3,380 2,520,000 - 745 Unknown Resale WANDERVALE EC 99 years Nov 15, 2016 1,130 835,000 - 739 Uncompleted New Sale WATERCREST Condominium 999 years Nov 17, 2016 1,302 950,000 - 729 1993 Resale WANDERVALE EC 99 years Nov 20, 2016 1,130 798,000 - 706 Uncompleted New Sale District 18 District 25 COCO PALMS Condominium 99 years Nov 15, 2016 904 999,200 - 1,105 Uncompleted New Sale BELLEWOODS EC 99 years Nov 15, 2016 1,216 874,160 - 719 Uncompleted New Sale COCO PALMS Condominium 99 years Nov 15, 2016 1,259 1,330,000 - 1,056 Uncompleted New Sale BELLEWOODS EC 99 years Nov 16, 2016 1,249 973,880 - 780 Uncompleted New Sale D’NEST Condominium 99 years Nov 16, 2016 484 610,000 - 1,259 Uncompleted Sub Sale BELLEWOODS EC 99 years Nov 17, 2016 1,249 956,420 - 766 Uncompleted New Sale D’NEST Condominium 99 years Nov 18, 2016 1,270 1,299,480 - 1,023 Uncompleted New Sale BELLEWOODS EC 99 years Nov 17, 2016 1,227 942,840 - 768 Uncompleted New Sale D’NEST Condominium 99 years Nov 20, 2016 1,270 1,334,580 - 1,051 Uncompleted New Sale BELLEWOODS EC 99 years Nov 18, 2016 1,528 1,130,050 - 739 Uncompleted New Sale DOUBLE BAY RESIDENCES Condominium 99 years Nov 18, 2016 1,378 1,394,000 - 1,012 2012 Resale BELLEWOODS EC 99 years Nov 18, 2016 1,528 1,136,840 - 744 Uncompleted New Sale EASTVALE EC 99 years Nov 21, 2016 1,066 720,000 - 676 1999 Resale BELLEWOODS EC 99 years Nov 20, 2016 1,249 939,930 - 753 Uncompleted New Sale MELVILLE PARK Condominium 99 years Nov 18, 2016 936 710,000 - 758 1996 Resale CASABLANCA Condominium 99 years Nov 17, 2016 1,184 950,000 - 802 2005 Resale RIS GRANDEUR Condominium Freehold Nov 15, 2016 1,292 1,150,000 - 890 2005 Resale PINEWOOD GROVE Detached 99 years Nov 19, 2016 6,458 4,500,000 - 697 2002 Resale RIS GRANDEUR Condominium Freehold Nov 18, 2016 1,367 1,190,000 - 871 2005 Resale NORTHWAVE EC 99 years Nov 16, 2016 1,270 1,007,550 - 793 Uncompleted New Sale SEA ESTA Condominium 99 years Nov 17, 2016 646 686,000 - 1,062 2015 Resale NORTHWAVE EC 99 years Nov 17, 2016 1,109 771,000 - 695 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 15, 2016 700 710,000 - 1,015 Uncompleted New Sale NORTHWAVE EC 99 years Nov 19, 2016 980 714,950 - 730 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 18, 2016 700 738,800 - 1,056 Uncompleted New Sale WOODGROVE THE ALPS RESIDENCES Condominium 99 years Nov 18, 2016 936 963,000 - 1,028 Uncompleted New Sale CONDOMINIUM Condominium 99 years Nov 15, 2016 1,615 995,000 - 616 1999 Resale THE ALPS RESIDENCES Condominium 99 years Nov 18, 2016 1,066 1,086,000 - 1,019 Uncompleted New Sale WOODHAVEN Condominium 99 years Nov 15, 2016 1,023 1,038,000 - 1,015 2015 Resale THE ALPS RESIDENCES Condominium 99 years Nov 19, 2016 1,066 1,117,000 - 1,048 Uncompleted New Sale WOODSVALE EC 99 years Nov 16, 2016 1,313 788,000 - 600 2000 Resale THE ALPS RESIDENCES Condominium 99 years Nov 19, 2016 700 730,000 - 1,043 Uncompleted New Sale District 27 THE ALPS RESIDENCES Condominium 99 years Nov 19, 2016 700 726,000 - 1,038 Uncompleted New Sale CANBERRA RESIDENCES Condominium 99 years Nov 15, 2016 1,313 1,150,000 - 876 2013 Resale THE ALPS RESIDENCES Condominium 99 years Nov 19, 2016 936 953,000 - 1,018 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Nov 17, 2016 700 1,010,700 - 1,445 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 19, 2016 1,066 1,080,000 - 1,013 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Nov 20, 2016 700 950,400 - 1,358 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 20, 2016 700 702,000 - 1,003 Uncompleted New Sale PARC LIFE EC 99 years Nov 15, 2016 958 683,050 680,750 711 Uncompleted New Sale THE PALETTE Condominium 99 years Nov 22, 2016 872 880,000 - 1,009 2015 Sub Sale PARC LIFE EC 99 years Nov 17, 2016 1,109 853,100 850,800 767 Uncompleted New Sale THE SANTORINI Condominium 99 years Nov 16, 2016 753 803,000 - 1,066 Uncompleted New Sale PARC LIFE EC 99 years Nov 20, 2016 1,109 889,200 886,900 800 Uncompleted New Sale THE SANTORINI Condominium 99 years Nov 16, 2016 743 789,000 - 1,062 Uncompleted New Sale PARC LIFE EC 99 years Nov 20, 2016 1,109 865,450 863,150 779 Uncompleted New Sale THE SANTORINI Condominium 99 years Nov 20, 2016 753 813,780 - 1,080 Uncompleted New Sale PARC LIFE EC 99 years Nov 20, 2016 1,066 878,750 876,450 822 Uncompleted New Sale WHITEWATER EC 99 years Nov 17, 2016 1,206 828,000 - 687 2005 Resale SIGNATURE AT YISHUN EC 99 years Nov 16, 2016 947 716,870 - 757 Uncompleted New Sale District 19 SIGNATURE AT YISHUN EC 99 years Nov 19, 2016 1,098 785,070 - 715 Uncompleted New Sale A TREASURE TROVE Condominium 99 years Nov 16, 2016 1,270 1,225,000 - 964 2015 Resale SYMPHONY SUITES Condominium 99 years Nov 16, 2016 689 748,000 - 1,086 Uncompleted New Sale CENTRAL VIEW Condominium 99 years Nov 21, 2016 980 865,000 - 883 2002 Resale SYMPHONY SUITES Condominium 99 years Nov 16, 2016 786 817,000 - 1,040 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 16, 2016 1,249 1,754,000 - 1,405 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 17, 2016 689 755,250 - 1,096 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 17, 2016 969 1,401,000 - 1,446 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 18, 2016 1,023 1,046,000 - 1,023 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 17, 2016 721 1,068,000 - 1,481 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 20, 2016 689 738,000 - 1,071 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 17, 2016 732 1,064,000 - 1,454 Uncompleted New Sale THE BROWNSTONE EC 99 years Nov 16, 2016 936 758,400 - 810 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 18, 2016 1,152 1,416,000 - 1,229 Uncompleted New Sale THE BROWNSTONE EC 99 years Nov 16, 2016 753 604,800 - 803 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 18, 2016 915 1,283,000 - 1,402 Uncompleted New Sale THE BROWNSTONE EC 99 years Nov 20, 2016 969 841,400 - 869 Uncompleted New Sale ROSYTH ROAD Semi-Detached Freehold Nov 15, 2016 4,650 3,500,000 - 752 2002 Resale THE CRITERION EC 99 years Nov 18, 2016 1,001 782,400 - 782 Uncompleted New Sale DIX ROAD Terrace 999 years Nov 18, 2016 2,131 3,200,000 - 1,503 Unknown Resale THE CRITERION EC 99 years Nov 20, 2016 1,173 915,200 - 780 Uncompleted New Sale RIVERSAILS Condominium 99 years Nov 15, 2016 883 900,000 - 1,020 2016 Sub Sale THE VISIONAIRE EC 99 years Nov 15, 2016 980 766,000 - 782 Uncompleted New Sale RIVERSAILS Condominium 99 years Nov 16, 2016 947 920,000 - 971 2016 Sub Sale THE VISIONAIRE EC 99 years Nov 15, 2016 980 797,000 - 814 Uncompleted New Sale SERANGOON GARDEN THE VISIONAIRE EC 99 years Nov 15, 2016 958 783,585 - 818 Uncompleted New Sale ESTATE Terrace 999 years Nov 16, 2016 2,702 2,400,000 - 888 Unknown Resale THE VISIONAIRE EC 99 years Nov 15, 2016 1,141 893,500 - 783 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Nov 16, 2016 743 1,083,100 - 1,458 Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 16, 2016 1,023 860,310 - 841 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Nov 20, 2016 517 756,800 - 1,465 Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 20, 2016 1,313 1,066,500 - 812 Uncompleted New Sale THE FLORIDA EC 99 years Nov 22, 2016 1,302 870,000 - 668 2000 Resale THE VISIONAIRE EC 99 years Nov 20, 2016 1,119 855,500 - 764 Uncompleted New Sale THE QUINN Apartment Freehold Nov 18, 2016 1,055 1,582,500 - 1,500 2016 New Sale THE WISTERIA Apartment 99 years Nov 15, 2016 1,173 1,148,000 - 978 Uncompleted New Sale THE TERRACE EC 99 years Nov 15, 2016 1,076 817,500 - 759 Uncompleted New Sale THE WISTERIA Apartment 99 years Nov 19, 2016 1,173 1,168,700 - 996 Uncompleted New Sale THE TERRACE EC 99 years Nov 16, 2016 1,076 841,500 - 782 Uncompleted New Sale District 28 THE TERRACE EC 99 years Nov 17, 2016 1,001 776,200 - 775 Uncompleted New Sale FLORAVILLE Apartment Freehold Nov 16, 2016 657 834,400 - 1,271 Uncompleted New Sale THE TERRACE EC 99 years Nov 18, 2016 1,076 876,200 - 814 Uncompleted New Sale MIMOSA TERRACE Terrace Freehold Nov 16, 2016 1,615 2,330,000 - 1,442 2006 Resale THE TERRACE EC 99 years Nov 19, 2016 1,076 811,500 - 754 Uncompleted New Sale NIM GARDENS Condominium Freehold Nov 17, 2016 2,217 1,680,000 - 758 1986 Resale THE VALES EC 99 years Nov 16, 2016 915 753,000 - 823 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years Nov 19, 2016 947 981,880 - 1,037 Uncompleted New Sale THE VALES EC 99 years Nov 17, 2016 753 646,800 - 858 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years Nov 20, 2016 1,119 1,251,080 - 1,118 Uncompleted New Sale THE VALES EC 99 years Nov 18, 2016 904 739,000 - 817 Uncompleted New Sale SELETAR HILLS ESTATE Semi-Detached 999 years Nov 17, 2016 3,348 2,950,000 - 882 Unknown Resale THE VALES EC 99 years Nov 18, 2016 753 622,050 - 826 Uncompleted New Sale SELETAR SPRINGS THE VALES EC 99 years Nov 19, 2016 915 728,000 - 796 Uncompleted New Sale CONDOMINIUM Condominium 99 years Nov 17, 2016 2,067 1,300,000 - 629 2000 Resale THE VALES EC 99 years Nov 20, 2016 1,033 787,000 - 762 Uncompleted New Sale TREASURE CREST EC 99 years Nov 16, 2016 1,076 815,000 - 757 Uncompleted New Sale District 20 CLOVER BY THE PARK Condominium 99 years Nov 16, 2016 1,249 1,510,000 - 1,209 2011 Resale DISCLAIMER: CLOVER BY THE PARK Condominium 99 years Nov 17, 2016 1,604 1,980,000 - 1,235 2011 Resale Source: URA Realis. Updated Nov 29, 2016. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, FLORAVIEW Apartment Freehold Nov 17, 2016 1,270 1,314,300 - 1,035 Uncompleted New Sale or reliance on, the information provided therein. THEEDGE SINGAPORE | DECEMBER 5, 2016 • EP15 GAINS AND LOSSES $1.8 mil loss at Orchard Scotts

| BY LIN ZHIQIN | it of 7% over 17 years. Katong Park Towers is a 99-year leasehold con- n Nov 15, $1.8 million do located within walking distance went down the drain for of the Katong Park station and com- the Indonesian seller of a prises 116 units completed in 1987. 1,647 sq ft condominium at A 2,088 sq ft unit at Pebble Bay Orchard Scotts. He sold the and a 2,153 sq ft unit at Malvern Ounit at $1,427 psf to a Singaporean EDGE SINGAPORE CHUA/THE SAMUEL ISAAC Springs, both located in District 15, buyer after purchasing it at $2,540 also made it to the list of the 10 most- psf in January 2012. This translates profitable deals in the non-landed into a 44% loss for the seller, or 9% segment. The Pebble Bay unit made annualised loss over a holding pe- a $900,000 profit for the seller, who riod just shy of five years. However, bought it at $886 psf in May 2000 and as the Singapore dollar has appreciat- sold it at $1,317 psf on Nov 18. The ed against the Indonesian rupiah over seller at Malvern Springs enjoyed a the same period, the seller could have $700,000 profit from the sale of his sustained a smaller loss of 25% in IDR unit at $813 psf on Nov 17, after terms, or $782,692 in SGD terms, af- buying it for $488 psf in July 2009. ter accounting for the exchange rate. Pebble Bay is a 99-year leasehold Prices at Orchard Scotts, a 99-year condo comprising 510 units completed leasehold development completed in in 1997, while Malvern Springs has 2008, have trended down since 2013, 75 freehold units completed in 2004. when a 2,336 sq ft unit was sold at In the landed segment, a detached $8.5 million, or $3,620 psf. Orchard house on Branksome Road in District Scotts is located within walking dis- Prices at Orchard Scotts have trended down since 2013 15 fetched an $11.4 million profit on tance of the Newton MRT station in Nov 21. The seller had paid $381 psf prime District 9 and has 387 units. and a 1,001 sq ft unit in Mandarin bought at $390 psf in October 2004 at $817 psf in June 2005 and sold at on land in June 2007 and sold it at For residential properties sold in Garden Condominium accounted for and sold at $963 psf on Nov 18, re- $1,597 psf on Nov 21, resulting in an $1,170 psf, enjoying a 16% annualised the week of Nov 15 to 22, the second the third- and fourth-highest losses in sulting in a 147% profit, or 12% an- 8% annualised profit for the seller over profit over 12.9 years. The computed largest loss of $230,000 accrued to the week, with their respective sell- nually, for the seller. Varsity Park is 11 years. The Belvedere is a freehold price gain for landed properties, how- a 1,270 sq ft unit at Neptune Court, ers losing $89,000 and $80,000. The a 99-year leasehold development lo- condo located close to the upcoming ever, excludes any renovation or refur- opposite Victoria Junior College in Seafront on Meyer has 327 freehold cated across Clementi Road from the Katong Park MRT station. It comprises bishment costs incurred by the seller. District 15. The unit was bought at units completed in 2010, while the 99- National University of Singapore and 167 units completed in 2007. The largest profit in the landed $842 psf in June 2006 and sold at year leasehold Mandarin Garden com- has 530 units completed in 2008. The smaller profit of $985,000 segment for the week accrued to a $661 psf on Nov 16. Neptune Court prises 1,006 units completed in 1986. District 15 is also home to the second accrued to a 2,131 sq ft unit at Ka- detached house on Third Avenue. comprises 751 units and has a re- The largest profit of $1.3 million and third most profitable deals in the tong Park Towers. The seller had The seller pocketed $12.9 million in maining tenure of 57 years. for the week in the non-landed seg- non-landed segment. The bigger profit bought it at $406 psf in November profit from the Nov 16 sale at $1,066 Elsewhere in District 15, a 1,604 ment accrued to a 2,325 sq ft unit of $1.02 million accrued to a 1,302 sq 1999 and sold it at $868 psf on Nov psf, after buying the property at $402 sq ft unit in The Seafront on Meyer at Varsity Park Condominium. It was ft unit at The Belvedere. It was bought 16, resulting in an annualised prof- psf on land in December 2005. E

Residential transactions with contracts dated Nov 15 to 22

Most proﬁ table 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 Varsity Park Condominium 5 2,325 Nov 18 963 Oct 11, 2004 390 1,332,517 147 12 12.1 URA, THE EDGE PROPERTY URA, 2 The Belvedere 15 1,302 Nov 21 1,597 June 13, 2005 817 1,015,525 95 8 11.4 3 Katong Park Towers 15 2,131 Nov 16 868 Nov 1, 1999 406 985,000 114 7 17.1 4 The Dairy Farm 23 1,593 Nov 16 948 June 11, 2002 377 910,000 152 11 14.4 5 Pebble Bay 15 2,088 Nov 18 1,317 May 1, 2000 886 900,000 49 3 16.6 6 Newton One 11 1,808 Nov 17 1,648 June 30, 2006 1,229 756,760 34 3 10.4 7 Malvern Springs 15 2,153 Nov 17 813 July 6, 2009 488 700,000 67 9 7.4 8 The Hillside 21 1,302 Nov 18 1,044 Nov 11, 2005 526 675,000 99 9 11.0 9 Tanglin View 3 1,141 Nov 18 1,201 Dec 23, 2003 659 618,000 82 6 12.9 10 Newton 18 11 980 Nov 18 1,684 June 17, 2002 1,123 550,000 50 3 14.4 LANDED 1 Detached/Third Avenue 10 19,418 Nov 16 1,066 Dec 5, 2005 402 12,900,000 165 15 11.0 2 Detached/Branksome Road 15 14,434 Nov 21 1,170 Dec 15, 2003 381 11,381,930 207 16 12.9 3 Semi-Detached/Tudor View 11 3,380 Nov 22 1,600 1Nov 15, 2001 504 3,700,000 218 14 15.0 4 Terrace/Sennett Estate 13 2,637 Nov 17 1,249 Dec 1, 2006 341 2,400,000 267 27 10.0 5 Semi-Detached/Sennett Estate 13 2,896 Nov 18 1,137 March 27, 2003 333 2,331,000 241 18 13.7

Non-proﬁ table 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 Orchard Scotts 9 1,647 Nov 15 1,427 Jan 5, 2012 2,540 1,833,479 44 9.0 4.9 2 Neptune Court 15 1,270 Nov 16 661 June 26, 2007 842 230,000 21 2.3 9.4 3 The Seafront On Meyer 15 1,604 Nov 18 1,496 July 31, 2007 1,552 89,000 4 0.4 9.3 4 Mandarin Garden Condominium 15 1,001 Nov 17 919 Aug 22, 2011 999 80,000 8 1.5 5.2 5 Telok Blangah House 4 1,432 Nov 18 1,397 Aug 2, 2012 1,432 50,000 2 0.6 4.3 6 The Arc At Draycott 10 1,130 Nov 17 1,911 June 21, 2006 1,955 50,000 2 0.2 10.4 7 euHabitat 14 527 Nov 17 1,201 Sept 27, 2011 1,274 38,380 6 1.1 5.1 8 Changi Green 16 872 Nov 15 968 Sept 26, 2011 1,004 31,000 4 0.7 5.1 9 Bayshore Park 16 936 Nov 17 865 Jan 3, 2011 884 18,000 2 0.4 5.9 10 Woodsvale 25 1,313 Nov 16 600 Sept 30, 2011 609 12,000 2 0.3 5.1

Note: The profit and loss computation excludes transaction costs such as stamp duties and any renovation or refurbishment costs incurred by the seller URA caveat record downloaded on Nov 25 and 29 EP16 • THEEDGE SINGAPORE | DECEMBER 5, 2016 DEAL WATCH Penthouse at DLV selling at $1.95 mil

| BY TAN CHEE YUEN | of $4,100, which Chua says is on the low side. This is because recent rental contracts LV is a boutique freehold condo- show similar-sized units at DLV leased at minium located on the site of the a monthly rental rate of $7,600, according former Chinese Embassy. Upon to URA data. purchasing the site, listed property There have been very few transactions group Heeton Holdings gutted the at DLV, given that most of the units were Dbuilding and undertook extensive addition purchased by owner occupiers, according to EDGE SINGAPORE CHUA/THE SAMUEL ISAAC and alteration works, which were com- Chua. The most recent transaction at DLV pleted in 2005. was for a 1,410 sq ft three-bedder on the The low-rise condo block has four storeys first level that changed hands for $2.3 mil- and only 25 units. It is a 500m walk from lion ($1,631 psf) in January 2013. the Stevens MRT station on the Downtown Meanwhile, the last transaction of a line, which will also be the interchange sta- two-bedroom penthouse of 1,755 sq ft was tion for the upcoming Thomson-East Coast in December 2007, when a unit changed Line, scheduled to be completed in 2021. hands for $2.168 million ($1,236 psf). Just DLV has a mix of unit types ranging from a year earlier, the unit was purchased for studios of 667 to 1,087 sq ft, to two- and $1.38 million ($787 psf), according to a three-bedders of 871 to 1,432 sq ft. There caveat lodged in October 2006. Hence, the are also two- and three-bedroom duplex seller gained $788,000 by flipping the unit penthouses of 1,755 sq ft to 3,714 sq ft, in- in just over a year. cluding the rooftop terraces. The price tag of $1,111 psf for the pent- A 1,755 sq ft, two-bedroom penthouse house that is on the market is therefore con- A 1,755 sq ft, two-bedroom penthouse at DLV has been listed for sale with a price tag of $1.95 million ($1,111 psf) at DLV has been listed on TheEdgeProperty. sidered attractive as it is even lower than com for sale with a price tag of $1.95 mil- prices achieved a decade ago. The highest lion ($1,111 psf). The duplex penthouse price psf achieved in the development was Recent rental Recent transactions at DLV also comes with a roof terrace. It has $1,787 psf — in September 2011, for a 1,119 contract for 1,600 been re no vated and is in good condition, sq ft, two-bedroom unit on the second level CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) according to Margaret Chua, a property that changed hands for $2 million, and an- to 1,700 sq ft Jan 3, 2013 1,410 2.300 1,631

agent with OrangeTee.com who is market- other two-bedroom unit of 1,130 sq ft, also units at DLV May 24, 2012 1,130 2.020 1,787 THE EDGE PROPERTY URA, TABLES: ing the unit. The penthouse is said to have on the second level, that was sold for $2.02 May 17, 2012 743 1.138 1,532 views of greenery. million in May 2012, according to caveats LEASE DATE MONTHLY RENT Sept 5, 2011 1,119 2.000 1,787 $ $ PSF The owner of the penthouse is said to be lodged then. July 15, 2011 904 1.300 1,438 a Singaporean investor. The unit was pre- For more information, visit tinyurl.com/ October 2015 7,600 4.60 March 9, 2011 3,714 4.700 1,266 viously leased out at a monthly rental rate DealWatch-757. E

YES! Start my annual subscription now. $238 (inclusive of GST) for The Edge Collection 3-year plan and

save 70% off newsstand price GET $118 (inclusive of GST) for The Edge Collection 1-year plan

TYPE OF SUBSCRIPTION Corporate Personal Gift $30 Last name (Mr/Ms/Dr ) SHOPPING VOUCHER First name WITH Company OUR 3-YR Job title COLLECTION Delivery address Home Ofﬁ ce 3-Year plan at SUBSCRIPTION

$238 only Postal code Tel Fax The Edge Singapore Mobile Email (print + 3 digital access) Date of birth + The Edge Malaysia PAYMENT OPTIONS (1 digital access) 1. Credit Card. Please charge to my credit card.

American Express MasterCard Visa The Grandstand — Singapore’s Premier Lifestyle Destination Hub Cardholder’s name Ensconced in the former grounds of the Contact no Email Turf Club, The Grandstand is located in Card no Singapore’s most established neighbourhoods (NOTE: CVV number is not required for processing payment) — Bukit Timah. Expiry date Signature A Food Lover’s Paradise: Popular favorites include Ah Yat’s Seafood Restaurant, Curry Gardenn, Dancing Crab, 2. Cheque. My cheque payable to ‘The Edge Publishing Pte Ltd’ is enclosed. TungLok Xihe Peking Duck, Omakase Burger, PasarBella, Yoyogi and Ristorante Da Valentino. Cheque no

Preschool Activities and Playground Fun: 3. Online. Visit subscribe.theedgesingapore.com. Kiddiwinkie Schoolhouse, MindChamps 4. Phone. Please call 6232 8622 (Monday to Friday, 9am to 5.30pm). Preschool, Maple Bear Experiential, Pegasus International Preschool, LPN Art School, Mail the duly completed subscription form and cheque to: The Edge Publishing Pte Ltd The Music Room and Fidgets World 150 Cecil Street #08-01 Singapore 069543 Tel: 6232 8622 Fax: 6232 8630 Email: [email protected] Adult Recreation: Lifestyle Wellness: *This special promotion ends on December 31, 2016. Subscription to The Edge Collection is non-cancellable and non-re- Sweatbox Yoga, Bodytec, Flair Nails and Beauty The Grandstand fundable. 200200 Turf Club Road Singapore 287994 The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for * Terms and conditions apply non-Singapore addresses. Shopping voucher limited to ﬁ rst 500 3-year plan in December. Terms and conditions apply. Please check http://thegrandstand.com.sg/shops/ for outlets http://thegrandstand.com.sg (with green logo) that accept the shopping vouchers ** You hereby authorise The Edge Publishing Pte Ltd to charge to your credit card * Vouchers to be collected at The Edge Publishing Pte Ltd ofﬁ ce for automatic subscription renewal as per the selected plan until you cancel your subscription. Opening hours: Monday to Sunday, 10am – 10pm | FREE parking, FREE shuttle bus service daily If you wish to opt out of the auto-renewal, please check this box: at 150 Cecil St #13-01 TES757/GRANDSTAND