Price War in Workers' Dormitories

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Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF NOVEMBER 21, 2016 | ISSUE 755

Your Neighbourhood Eye on Property Done Deals Gains and Losses DUO a catalyst for Are there still opportunities Unit at The Peak @ Cairnhill I Owner of Kensington Park revitalisation of Bugis in the strata retail market? sold for $2,617 psf unit makes $1.2 mil proﬁ t EP4 & EP6 EP10 EP12 & EP13 EP15

Price war in EDGE SINGAPORE CHUA/THE SAMUEL ISAAC workers’ dormitories A slowing economy, increased layoffs and competition from new purpose-built dormitories are some of the challenges faced by Tuas View, one of Singapore’s biggest foreign workers’ dormitories. Co-owner and operator TS Management Services remains undaunted. See our Cover Story on Pages EP8 and EP9.

EP2 • THEEDGE SINGAPORE | NOVEMBER 21, 2016

PROPERTY BRIEFS JLL

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR | Samuel Isaac Chua PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | Rahayu Mohamad DESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zaﬁ an Mohd Za’abah

ADVERTISING + MARKETING ADVERTISING SALES Residential site on Serangoon Shophouses in Tanjong Pagar DIRECTOR, ADVERTISING Road on the market for $50.8 mil selling for $28 mil & SALES | Cowie Tan ASSOCIATE ACCOUNT A freehold residential site located at A pair of three-storey conservation shop- DIRECTOR | Diana Lim 1177 Serangoon Road (above) has been houses in the Tanjong Pagar area (right) ACCOUNT MANAGERS | launched for sale by tender. According to have been put up for sale by expression Priscilla Wong, James Chua Savills, the appointed marketing agent of interest (EOI). The indicative price for THE EDGE SINGAPORE for the sale, the indicative price for the both units is about $28 million, which ADVERTISING + MARKETING site is $50.8 million. translates to $2,308 psf on GFA. JLL is ADVERTISING SALES The land belongs to a single owner the exclusive marketing agent. CHIEF MARKETING OFFICER | Cecilia Kay and is located within 600m of the Po- The property is located about 450m SENIOR MANAGER | tong Pasir MRT station. A two-storey from the Outram Park MRT station. It Windy Tan industrial block is currently occupying sits on a combined land area of 4,439 MANAGER | Elaine Tan the 31,705 sq ft site. According to the sq ft and has a total area of 12,128 sq sold at a median price of $797 psf. Sol a corporate exhibition centre and gallery. EVENTS 2014 Master Plan, the parcel is zoned ft, inclusive of the private courtyard in Acres saw 49 units sold at a median price It will serve as the new headquar- SENIOR MANAGER | for residential use with a plot ratio of front. Under the 2014 Master Plan, the of $778 psf. This was followed by The ters of Infinitus China Co Ltd, a unit of Sivam Kumar 2.8 and a maximum gross floor area site is zoned for commercial use. The Visionaire (24 units at a median price LKKHPG. The plaza is expected to meet MARKETING EXECUTIVES | Tim Jacobs, (GFA) of 88,774 sq ft. property is currently occupied by the of $819 psf) and Westwood Residences Infinitus’ projected business and office Sam Ridzam The tender closes on Nov 29. owner and office tenants. (24 units at a median price of $796 psf). needs for the next 10 to 15 years. The EOI exercise closes on Dec 15. Ong Teck Hui, national director of re- Total investment in the project will COORDINATOR | Nor Aisah Bte Asmain search & consultancy at JLL, expects the reach RMB4.5 billion. The project is Developer sales doubled full-year take-up to exceed the 7,440 units scheduled to be completed in 2Q2020. CIRCULATION in October sold in 2015, as more than 6,900 new BUSINESS DEVELOPMENT DIRECTOR | Victor The WE-WORLDWIDE.COM Sales of new private homes jumped 146% private homes were sold in the first 10 New York’s Upper Fifth Avenue ASSISTANT MANAGER | to 1,540 units in October compared with months of the year. This trend suggests is world’s most expensive Sandrine Gerber September’s 769 units. On a y-o-y basis, that the volume of sale in the primary retail street, says C&W EXECUTIVES | sales surged 87% from 824 units in Oc- market could have bottomed, adds Ong. New York’s Upper Fifth Avenue remains Malliga Muthusamy, Ashikin Kader tober last year. The strong performance the world’s most expensive retail street, CORPORATE came on the back of the launches of two Ground-breaking ceremony with an annual rental rate of US$3,000 CHIEF EXECUTIVE OFFICER | Ben Paul condominiums: Forest Woods and The for Guangzhou Infinitus Plaza psf, according to the latest Main Streets DIRECTOR | Anne Tong Across the World CORPORATE AFFAIRS Alps Residences. Both projects account- A ground-breaking ceremony was held report by Cushman & DIRECTOR | Ng Say Guan ed for 55% of the sales. for Guangzhou Infinitus Plaza (below) Wakefield. Trailing closely behind is Forest Woods was the top seller, with in Baiyun New Town, Guangzhou, Chi- Hong Kong’s Causeway Bay with an an- PUBLISHER The Edge Publishing Pte Ltd 364 units sold at a median price of $1,412 na, on Nov 15. nual rental rate of US$2,878 psf. How- 150 Cecil Street #08-01 psf, followed by The Alps Residences, The property is sited on the plot of ever, rental values have decreased in Singapore 069543 with 334 units sold at a median price land acquired by LKK Health Products both places as brands balance the de- Tel: (65) 6232 8622 of $1,078 psf. Group (LKKHPG) for RMB2.01 billion mands of physical and online presence, Fax: (65) 6232 8620 Christine Li, director of research at ($414.6 million) in May. Guangzhou In- according to C&W. PRINTER Cushman & Wakefield, reckons the take- finitus Plaza was designed by renowned The report tracks 462 of the top re- KHL Printing Co Pte Ltd up of new private homes remained buoy- architect Zaha Hadid, who was known tail streets around the globe by ranking 57 Loyang Drive Singapore 508968 ant in October owing to the affordable as the “Queen of the Curve”. It is the them based on their prime rental value. Tel: (65) 6543 2222 quantum and positive locations. first project among Hadid’s final archi- Hong Kong, Tokyo, Sydney and Seoul Fax: (65) 6545 3333 In the executive condominium seg- tectural works to break ground. are the four cities in Asia-Pacific ranked ment, a total of 288 units were sold in Guangzhou Infinitus Plaza comprises among the top 10 most expensive retail We welcome your comments October, 11% higher than the 260 units several facilities, including a global R&D locations in the world. The Causeway Bay and criticism: propertyeditor.sg@ sold in September. The Terrace was the centre, a Chinese herbal medicine re- area in downtown Hong Kong retains the bizedge.com best performer in October, with 57 units search and safety assessment centre, and top spot in the region. The downward Pseudonyms are allowed but pressure on rents is creating opportuni- please state your full name, ‘The Glass House’ up for sale ty for some retailers looking to snap up address and contact number for at $7.2 mil units in prime locations on good rental us to verify. An 8,000 sq ft, semi-detached house terms. — Compiled by Tan Chee Yuen E at 10B Green Lane, off Tanjong Katong Road (above), has been put up for sale. LKK HEALTH PRODUCTS GROUP LKK HEALTH The asking price is $7.2 million. Corrections Sited on a 3,356 sq ft freehold plot, In our cover story “Collective sales the three-storey house comes with an sputtering back to life” (Issue 754, attic and a swimming pool. The façade Nov 14), the deputy head of real of the house is almost entirely made of estate at RHTLaw Taylor Wessing glass, with a few concrete beams sup- should be Sandra Han and not as porting the structure of the house. The published. The error is regretted. construction of the property — called In our story “Lian Beng-Oxley “The Glass House” by the owner — took launch strata-titled industrial building about three years at a cost of close to in Tampines” (Issue 754, Nov 14), $3 million. The house has seven bed- the psf per plot ratio for the T-Space rooms and six bathrooms, with most of site should be $87.34 and not as the bedrooms larger than a three-bed- published. The error is regretted. room HDB flat. THEEDGE SINGAPORE | NOVEMBER 21, 2016 • EP3 EP4 • THEEDGE SINGAPORE | NOVEMBER 21, 2016 YOUR NEIGHBOURHOOD

View of Bugis area from Shaw Centre PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

Bugis revived with upcoming completion of DUO

| BY MICHAEL LIM | by City Developments Ltd and Ma- Queen Lan Street. It is a six-storey laysia’s IOI Properties, was complet- building with a built-up area of 16,975 ocated on the fringe of the ed last year. According to CDL in its sq ft that sits on a 999-year leasehold CBD, the Bugis neighbourhood 3QFY2016 results announcement on site of 2,776 sq ft. is a well-established hub with Nov 10, the 510,000 sq ft, Grade-A Bugis Point is currently leased to malls, shophouses, office build- office space in the 34-storey South the Club J’wels karaoke lounge on ings and hotels, particularly the Beach Tower and the 32,000 sq ft re- the upper floors, with the ground Larea bounded by Ophir Road, Beach tail space on the basement level con- floor tenanted by two F&B outlets, Road, Middle Road and Queen Street. necting to the Esplanade and City Hall Ah Seng Bak Kut Teh and Blanco The Bugis neighbourhood has good MRT stations have been fully taken Court Beef Noodles. connectivity: The MRT interchange up. About 70% of the retail outlets Located across the road from Bugis station for the East-West and Down- have already commenced business, Point is the Bugis Junction mall, one town Lines is just two stops from Raf- with the remainder scheduled to open of the most successful shopping malls fles Place on the East-West Line and soon. CDL also announced that the in the portfolio of CapitaLand Mall three stops from Marina Bay on the 634-room South Beach hotel would Trust. The mall is linked directly to Downtown Line. “The area is ideal be rebranded the JW Marriott Hotel the Bugis MRT interchange station in for companies that want to be close Singapore South Beach and open for the basement, and via an overhead to, but need not be located in, the business in January 2017. Bugis Point, located next to Wisma Alsagoff, has been put up for sale at an indicative bridge to Bugis+. Together, the two heart of the CBD,” says Alan Cheong, Developed by M+S, a joint-ven- price of $59.5 million malls have a combined NLA of more head of research at Savills Singapore. ture company set up by Singapore’s than 600,000 sq ft. Bugis Junction is Temasek Holdings and Malaysia’s en up, at rents ranging from $7.50 to on the market. An example is trad- also part of a mixed-use development Greater vibrancy from new Khazanah Nasional, DUO is expect- $9 psf a month, according to market ing firm Geetex Group, the owner of and is linked to InterContinental Hotel landmark developments ed to be completed by 2017. The pro- sources. Meanwhile, the 340-room ho- Bugis Point, which put up the proper- and the Bugis Junction Tower of- The completion of South Beach and ject contains a 49-storey residential tel in the second tower will be brand- ty for sale by tender at end-Septem- fice block. the upcoming completion of DUO — tower, the 660-unit DUO Residenc- ed Andaz Singapore and managed ber. The property’s indicative price “The Bugis area has one of the both landmark mixed-use develop- es. As at end-October, the project by Hyatt Hotels. is $59.5 million ($3,505 psf), accord- highest footfalls outside of Orchard ments — will bring greater vibrancy was 95% sold. ing to CBRE’s Lim, who is marketing Road, which is why it is a magnet to the neighbourhood, particular- The second tower of 39 storeys at Properties on the market the property. The tender closed on for investors looking for commercial ly around Tan Quee Lan and Liang DUO contains 20 levels of Grade-A With DUO’s greater visibility as it Nov 9, and the owner is said to be properties to invest in,” says Savills’ Seah Streets, says Sammi Lim, CBRE office space with a net lettable area nears completion, some owners of reviewing the offers received. Cheong. director of investment properties. (NLA) of 570,000 sq ft. So far, about neighbouring buildings are taking the Bugis Point is located at the junc- However, not all buildings bene- South Beach, jointly developed 40% of the office space has been tak- opportunity to put their properties tion of North Bridge Road and Tan CONTINUES ON PAGE EP6 THEEDGE SINGAPORE | NOVEMBER 21, 2016 • EP5 EP6 • THEEDGE SINGAPORE | NOVEMBER 21, 2016 YOUR NEIGHBOURHOOD

Strong investor interest despite low yields

FROM PAGE EP4 fit from the high footfalls. Just one street away from Bugis Junction and a few doors from Bugis Point is the strata-titled commercial development Bugis Cube. Formerly known as North Bridge Commercial Com- plex, it was converted into a strata-titled mixed-use development with 122 units of retail and office EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: space for sale. The six-storey building’s extensive refurbishment was completed in 2013. However, most of the investors who bought units at Bugis Cube struggled to find tenants for the better part of the first 18 months after it was completed. This was because Bugis Cube is a 122-unit, 999-year leasehold development that Gryphon Estate Liang Seah Street has a wide array of eateries such as Beavers Pub & Grill, Arirang many of them, whose units were on Management completed in 2013 Korean Restaurant, Thai Mookata and Chinese hotpot the upper floors, had asking rents of more than $10 psf per month, says Jason Low, a senior division director with ERA Realty. The units are now filling up because some of the owners have lowered their rents, he adds. However, MICHAEL LIM/THE EDGE SINGAPORE their yields have been affected as a result. For example, a 334 sq ft unit on the third level was sold for $1.6 million during the launch. It is currently being rented out for $2,500 a month ($7.50 psf per month), giv- ing the owner a yield of around 2% a year, which is not even enough to break even after deducting the mort- gage payment, says ERA’s Low. The highest rent achieved at Bugis Cube was for a 1,356 sq ft unit on The last time a unit at the 999-year leasehold Heritage Place changed hands was A 1,206 sq ft, two-bedroom unit on the third floor of the 999-year leasehold the ground floor, which has been in August 2012 Liang Seah Court was sold in August 2012 for $1.7 million ($1,425 psf) leased to an F&B outlet for $24,000 a month ($17.70 psf a month). The owner paid $9.35 million ($6,899 psf) for the unit when it was launched in 2012. The latest transaction at Bugis Cube was for a 301 sq ft unit on the second level that changed hands for $1.03 million ($3,417 psf) in August 2015.

Units for lease The Prospex is another building that had undergone extensive refurbishment works, which were completed in 2015. The nine-storey commercial building is located at the corner of Victoria Street and Middle Road, and adjacent to Bugis+. The owner of The Prospex — Hong Kong- and About 40% of DUO’s office space has been leased and 95% Singapore-focused real-estate pri- of its 660 residential units have been sold The Prospex is no longer for sale, but it is available for lease; 80% of its space has already been taken up vate-equity firm Pamfleet Group — had originally offered office units for stock of conservation shophouses, $3,300 to $4,350 a month. was previously sold in February on the yields of some of these prop- sale on a strata basis. It subsequent- are highly prized.” Meanwhile, at Liang Seah Court, 2006 for $1.1 million ($589 psf). On erties, particularly the shophous- ly offered the entire building for en The most coveted conservation a row of four adjoining conservation the market is a 980 sq ft, two-bed- es on Liang Seah and Tan Queen bloc purchase with a price tag of $80 shophouses are those on Tan Quee shophouses of 999-year lease, the der with a price tag of $1.7 million Lan Streets. million last year. Lan and Liang Seah Streets. How- upper floors have been converted ($1,735 psf). Rents for office space and apart- The commercial units in The ever, very few of these are available into 10 strata-titled apartments. The Tan Quee Lan Suites is also a row ments on the upper floors of these Prospex are now available for lease, for sale as they are held by family last transaction of an apartment at of 999-year leasehold conservation shophouses range from $4.20 to $4.70 though. Asking rents for the office trusts. These shophouse owners are Liang Seah Court was for a 1,206 sq shophouses converted into 30 apart- psf per month. Meanwhile, commer- units range from $8 psf per month also hoping that with the completion ft, two-bedder on the third floor that ments for lease a decade ago. Ac- cial units leased out to F&B outlets for a 581 sq ft unit to $7.20 psf per of DUO, the whole Bugis area will be fetched $1.7 million ($1,425 psf) in cording to recent listings, 820 sq ft, on the ground floor command rents month for a 3,800 sq ft unit, accord- rejuvenated, says ERA’s Low. August 2012, according to a caveat two-bedders are available for lease of $19 psf per month. Therefore, Lee ing to listings by agents. More than Most of the shophouses on Tan lodged with URA Realis. Prior to that, at $3,720 a month, while 1,216 sq ft estimates rental yields for conserva- 80% of the building has been leased Quee Lan and Liang Seah Streets are the unit had changed hands for $1.2 two-bedders are available at $5,472 tion shophouses at 2% to 3%. so far. The retail space was put up zoned for commercial use. However, million ($995 psf) in August 2007. a month. Despite the relatively low yields, for lease earlier this year, with ask- some of the owners have converted Heritage Place is made up of a investor interest in such assets re- ing rents of $17.50 psf per month. the upper floors from office space row of 11 adjoining conservation shop- Impact on rents, yields mains strong, notes CBRE’s Lim. into apartments for lease. houses whose upper floors have been Although South Beach and DUO are “Property funds, family offices and Coveted shophouses on Tan At Liang Seah Place, for instance, converted into 21 strata-titled apart- likely to inject new life into Bugis and high-net-worth individuals are on Quee Lan, Liang Seah Streets the upper floors of shophouses, which ments. The last time a unit changed attract new businesses to the area, the lookout for the opportunity to There is keen interest from inves- were originally offices, have been hands there was also in August 2012, Edmund Tie & Co’s head of research acquire these income-producing as- tors eyeing the wide array of assets converted into one- and two-bed- when a 1,851 sq ft, three-bedroom for Southast Asia, Lee Nai Jia, says sets, priced at a palatable quantum, at Bugis, says CBRE’s Lim. “Some room apartments of 800 to 1,400 unit on the fifth level was sold for the global downturn is having a neg- in the hope of future capital apprecia- of these assets, including the limited sq ft. They are offered for lease at $2.4 million ($1,286 psf). The unit ative impact on rents and therefore tion,” she says. E THEEDGE SINGAPORE | NOVEMBER 21, 2016 • EP7 EP8 • THEEDGE SINGAPORE | NOVEMBER 21, 2016 COVER STORY

Shamkumar: While we’re doing well operationally, the return on investment is not as lucrative as we had initially projected PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

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Chi pav org Price war in workers’ dormitories ers at l rec A slowing economy, increased layoffs and competition from new purpose-built dormitories are some of No dre the challenges faced by Tuas View, one of Singapore’s biggest foreign workers’ dormitories. Co-owner bit I th and operator TS Management Services remains undaunted. stab cup | BY CECILIA CHOW | bles and chairs, as well as linoleum omy has also affected companies in ufacturing sectors account for about the Tuas South Dormitory, with 9,200 of a flooring instead of bare cement floors. the manufacturing and construction 30% each. beds, and the Tuas South Street 15 pan anesh, a Singaporean en- These are available at a higher rate. industries. According to the Minis- Since 2010, the Ministry of Man- Dormitory, with 12,800 beds, bring- ide trepreneur and owner of “The market is very different now,” try of Manpower, the manufactur- power has also introduced measures ing the total new supply to 22,000. Onshore Food Pte Ltd, op- says Shamkumar Subramani, CEO of ing sector lost 3,700 jobs in 3Q2016, to curb the growth of foreign workers TS Management Services’ Sham- Or erates two food courts in TS Management Services, the operator marking its eighth consecutive quar- in Singapore. These include hikes in kumar recognises how “cut-throat” Sha the west — in Tuas and Ju- and co-owner of Tuas View. “It used ter of decline. Owing to a slump in the foreign worker levy; more strin- the business has become. “We are all wo Grong. Fifteen of his foreign workers to be in the $300 range per worker private-sector construction activity, gent criteria for employment pass and fighting for the same pool of foreign wh — five from mainland China and 10 just 12 months ago. Now, it is down the construction sector as a whole mid-level skilled (S-Pass) qualifying workers,” he points out. “If there are pilo from India — are currently housed to the $200-to-$250 range.” saw 5,200 jobs cut in 3Q2016. This salary; cuts in man-year entitlement only 20,000 foreign workers in Tuas Air in the Tuas View Dormitory at Tuas Generally, companies sign a one- contraction in construction and man- for the construction sector; and a re- and close to 39,000 dormitory beds to wa South Avenue 1. year tenancy agreement, but the op- ufacturing is said to have affected duction in the dependency ratio ceil- fill, this is the result — a price war.” form “The availability of a workers’ dor- erator also offers the flexibility of mainly work permit holders. ings for S-Pass in the manufacturing Onshore Food’s Ganesh has al- a m mitory near our place of business is three- to six-month leases for those “We are the first to know when a and services sectors. ready been approached by other dor- a great convenience,” says Ganesh. with foreign workers on a project company lays off workers because it mitories in Tuas and Jurong offering him “Providing transport for them is also basis, he says. will send us a lease termination no- Competing to fill beds lower rates to win him over. How- wo much easier with all of them at one tice,” says Shamkumar. “The chal- Compounding the problem of a slow- ever, he intends to stick with Tuas mu location.” Falling rates, shrinking lenge is to fill the vacancy. There is er growth rate in foreign workers and View. “My workers are used to the a p Each worker has his own bunk bed workforce a penalty for early termination of a increased layoffs is the new supply place and are comfortable there,” 30 and locker in a room that can only One of the reasons for the signifi- tenancy agreement, but we are flex- of purpose-built workers’ dormito- he says. “So, I’m going to continue be entered via a keycard. As one of cant drop in rates over the past year ible on that point.” ries that has sprung up. with the lease.” the first employers to sign up for ac- is the downturn in the oil and gas With companies being more Located on an 8.4ha site front- commodation at Tuas View when it (O&G) sector, which has seen more budget-conscious, TS Management ing the sea, Tuas View was Singa- Differentiation through service first opened over two years ago, Ga- than 350,000 workers laid off globally. Services has had to adjust its rates pore’s biggest purpose-built foreign Shamkumar intends to differentiate nesh was able to secure an attractive In Singapore, firms in the offshore to stay competitive. By being sensi- workers’ dormitory when it opened Tuas View from the rest of the pack package of $3,000 a month for his and marine (O&M) sector were hit tive to the needs of his clients dur- at end-August 2014. It has a total of through its services and amenities. workers’ accommodation. when crude oil prices started to fall ing the market downturn, Shamku- 16,800 beds in 20 four-storey blocks He will focus on retaining existing The prevailing market rate at Tuas in 2014. Keppel Corp, for example, mar hopes that they will reciprocate in brightly painted hues. clients. “We take pride in ensuring View two years ago was $300 to $350 announced last month that its O&M when the market recovers. But this year, that title of biggest that the workers’ welfare is taken care per worker. A basic room accommo- business shed 8,000 jobs, or 26% of Despite the slowdown, process dormitory in Singapore has been ced- of — we make sure that the place is dates 12 workers. Each room contains its workforce, in the first nine months workers — mainly in the O&G engi- ed to Sungei Tengah Lodge, a dormi- clean, that there are enough ameni- six bunk beds, lockers and fans. The of the year to September. Sembcorp neering and support services — still tory with a capacity of 25,000 that ties to meet their needs and we are premium rooms come with optional Marine likewise said it had laid off make up 40% of the resident pop- even boasts a cricket field among its also open to suggestions on improve- add-ons such as a refrigerator, addi- 8,000 workers this year. ulation at Tuas View, says Shamku- amenities. In Tuas, two new workers’ ments,” he says. tional fans or air-conditioning, ta- The slowdown in the overall econ- mar. Workers in the O&M and man- dormitories opened earlier this year — Amenities in Tuas View include The THEEDGE SINGAPORE | NOVEMBER 21, 2016 • EP9 COVER STORY TUAS VIEW TUAS DORMITORY PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

The Tuas View Dormitory is one of Singapore’s biggest, with 20 four-storey blocks on a sprawling 8.4ha site on Tuas South Avenue 1 that overlooks the sea

Indian stars were flown in to Tuas View for the Deepavali celebration on Nov 6

laundry service, two supermarkets, Shamkumar. “Initially, employers wholly-owned subsidiary Wee Hur three remittance service providers, housed their workers in makeshift Dormitory. Another 10% in the JV ATM machines, a barber shop and housing or in containers at work sites.” company is held by WM Pte Ltd, a medical and dental clinic. There Subramani was involved in the whose shareholders include Goh is also a canteen, beer garden and development and management of Yeow Lian, executive chairman and communal cooking facility for those the first few purpose-built workers’ controlling shareholder of Wee Hur who prefer to cook their own meals. dormitories in Singapore while he Holdings, along with his immediate Recreational facilities include a 250- was working at Mini Environment family members. The remaining 10% seat cinema, street soccer court, well- Services, a company established stake is owned by Lucrum Capital, a equipped gym, multi-purpose hall in 1976 as a foreign labour suppli- private-equity group. and billiard and pool room. er that ventured into the workers’ For Wee Hur Holdings and Lucrum “We have everything,” says Sham- dormitory business in 1984. MES is Capital, this is the first time they are kumar. “The guidance from JTC Corp still an established workers’ dormi- investing in a foreign workers’ dor- The canteen at Tuas View when we were awarded the site was tory operator, with a total of 23,900 mitory. “We are happy that we are to provide an all-in-one housing and beds today. operating one of the biggest work- integrated solution so that workers re- However, the biggest purpose-built ers’ dormitories with good standards turning from work would not need to dormitory owner and operator today and that our workers are happy stay-

go out again to get their necessities.” is Vobis Enterprise, a subsidiary of ing here,” Anthony Cheng, senior VIEW TUAS DORMITORY During festive occasions, such as Aik Chuan Construction. It owns and execu tive with Wee Hur Dormitory, Chinese New Year, Hari Raya or Dee- operates eight workers’ dormitories says in an email response. “In terms pavali, the dormitory management across Singapore, with a total capac- of return on investment, however, it organises activities for the work- ity of 39,500 beds. Another leading may not be so desirable.” s ers. These events generally attract player is Westlite Dormitory, a sub- When the JV partners first ten- at least 5,000 attendees. The most sidiary of Singapore Exchange-list- dered for the site four years ago, recent was a Deepavali concert on ed Centurion Corp, which owns and there were no dormitories of such Nov 6, featuring stars from India. It manages a portfolio of five workers’ a scale then, recounts Shamkumar. drew 7,000 attendees. “It’s quite a dormitories in Singapore with a total “And it is the only one on a short- bit of cost,” says Shamkumar. “But capacity of 35,500 beds. term lease of 3+3 years,” he adds. The street soccer court I think we owe it to the workers.” Instead of joining his father’s busi- “Most of the other dormitory sites It took two years for Tuas View to ness, Shamkumar decided to start his up for tender were on smaller sites a viable one,” says Wee Hur’s Cheng. partners are financially strong, so we stabilise and achieve the current oc- own firm, TS Management Servic- with leases of 3+3+3 years or 20 The JV partners spent more than will be able to weather the storm.” cupancy rate of 83% — 14,000 out es. In 2011, one of his first projects to 23 years.” $60 million to build the facility at 200 of a total 16,800 beds filled. “Occu- was to manage a dormitory for 4,500 According to an announcement Tuas View. To finance the construc- Ramping up occupancy 15 pancy is good, but the rates are not workers on Jurong Island for SK En- by Wee Hur Holdings in October tion of the property, a bank loan of Shamkumar is targeting to drive oc- ng- ideal,” laments Shamkumar. gineering & Construction. 2012 upon being awarded the site, $34.7 million was secured. Based on cupancy rate to at least 95% over the 00. Active System Engineering has to a straight-line amortisation of the next three years. One consolation is am- Origins Stakeholders pay a monthly rent of $1.16 million property over a six-year period, the that the government will not be re- at” Shamkumar reckons the peak of the Tuas View is the first project Shamku- to JTC for the duration of the lease. monthly cost translates to $833,333. leasing any more sites for new pur- all workers’ housing market was in 2011, mar has undertaken as both co-owner The first three years of the lease According to Shamkumar, the pose-built workers’ dormitories for ign when he first entered the business. A and operator. TS Management Servic- has expired, and the second term of monthly operating cost per work- now, he says. are pilot with the Republic of Singapore es has a 20% stake in joint venture three years commenced earlier this er is about $50. Based on the cur- The number of purpose-built work- uas Air Force for 15 years, he decided it (JV) company Active System Engi- month. For now, there is no option rent resident population of 14,000, ers’ dormitories listed on the Min- s to was time to hang up his combat uni- neering, which won the site for the for another three-year extension on that translates to a monthly operat- istry of Manpower’s website is 54, ar.” form and swap aerial manoeuvres for development of Singapore’s largest the site. This means that, at the end ing cost of $700,000. This, however, with an aggregate of close to 250,000 al- a more ground-based career. purpose-built workers’ dormitory in of the lease, the facility will be torn does not include the cost of wear and beds. They are all licensed dormito- dor- His father, Subramani, introduced October 2012. down, and the site returned to JTC. tear, which is “very high”, given the ries with more than 1,000 beds each. ing him to the business of operating The biggest stakeholder in Ac- “In view of its size and short lease turnover of some 8,000 workers over There are another 1,000 operators ow- workers’ dormitories when he was tive System Engineering, however, tenure, we believed the government the past two years, he points out. of factory-converted dormitories in uas mulling over career options. “He was is SGX-listed builder and property had projected an acute shortage in After taking into consideration the Singapore that house about 80,000 the a pioneer in the business more than developer Wee Hur Holdings. The [purpose-built workers’ dormitories] land rent ($1.16 million), amortisa- workers. Dormitories with fewer than e,” 30 years ago,” recounts 39-year-old company holds a 60% stake via its and that this investment [would] be tion of the property ($833,000), in- 1,000 beds need not be licensed yet. nue terest repayment of $500,000 on the Consequently, there are many unli- loan and operating cost of $700,000, censed as well as “illegal” workers’ the monthly break-even point is esti- dormitories, says Shamkumar. “Exam- ice mated to be close to $3.2 million. As- ples include those that house work- ate suming an average monthly rent of ers even when they are not author- ack $250 a worker, total rental revenue is ised to do so, or they house more ies. $3.5 million a month, based on the workers than they are allowed to.” ing current resident population of 14,000. Despite the stiff competition and ing While operationally profitable the ongoing price war, he intends are now, the return on investment “is to retain his clients by maintaining e is not as lucrative as we had initially the level of services and amenities eni- projected”, concedes Shamkumar. provided at Tuas View. “It does not are “The economic slowdown is against matter what the other dormitories ve- us, not to mention the new supply are providing,” he says. “We have of purpose-built workers’ dormito- a service standard that we want to ude There are two supermarkets at Tuas View ries in the area. Fortunately, our JV uphold.” E EP10 • THEEDGE SINGAPORE | NOVEMBER 21, 2016 EYE ON PROPERTY Are there still opportunities in the strata retail market?

he retail sector is still facing challenging times. However, there are some bright spots in the market. The partial completion of the Downtown Line, Tfor example, has boosted footfall at Beauty World Centre, a strata mall lo-

cated next to the Beauty World MRT EDGE SINGAPORE CHUA/THE ALBERT PICTURES: station. There could also be opportunities along the upcoming Thom- son-East Coast Line (TEL) given that retail properties are extremely location-sensitive. | BY FEILY SOFIAN | Helena Kim, proprietor of Pink Candy Korean Snack Restaurant at World MRT station. Two of them say Beauty World Centre, says business there was no significant difference in has improved by around 20% since footfall after the station’s opening. the Beauty World MRT station opened Damian Lim, who runs Nonya Del- last December. She reckons the in- icatessen at Bukit Timah Plaza, says crease could have been more pro- his pool of customers remains rela- nounced if not for the ailing econo- tively unchanged. Lim owns part of my. Her rent, meanwhile, was up by the premises, but leases a common 10% in the latest revision this year. area from the MCST for seating. A Another retailer, who only wants sports shop employee who declined to be known as Ms Phang, echoes to be identified also says the num- The Downtown Line has boosted footfall at Beauty World Centre strata mall the sentiment. According to her, ber of visitors remains pretty much level four of the mall benefits the the same after the station opened. most from the station’s opening as Muneer Reshi, proprietor of Kash- it houses several F&B outlets and mir Concepts, which sells Kashmi- an open-air food centre known for ri handicrafts, did witness a high- its hawker fare. er footfall. However, he attributes it “On weekends, the food centre is mainly to the relocation of his shop also frequented by hikers returning from another part of the mall to the from the nearby Bukit Timah Nature current location near FairPrice Finest Reserve,” Phang notes. Her family supermarket. has run Sin Wah Jewellers & Gold- smith from the same premises on the Tenant mix ground floor for more than 30 years. Retailers also attribute the healthy Beauty World Centre opened in traffic at Beauty World Centre to its 1984. Pidemco Land acquired the flourishing ecosystem of tenants. mall in 1989 from URA. In 1998, it Pink Candy’s Kim notes that her sold the mall for nearly $80 million dinner patrons comprise mainly fam- to 194 individual buyers, including ilies who accompany their children Active management helps a strata mall such as Bukit Timah Thomson Plaza will be located less than 200m from the upcoming Sin Wah. to the various enrichment centres Plaza stay competitive in a challenging retail market Upper Thomson MRT station of the Thomson-East Coast Line “We had to beg, borrow, steal to within the development. There are raise the money and retain the busi- close to 20 enrichment centres in maid agencies in Beauty World Cen- els,” notes Alan Cheong, head of re- that are located further away. In the ness premises,” recounts Phang. It Beauty World Centre such as Cristo- tre, including Zecruitx, spread across search at Savills Singapore. chart, Beauty World Centre, Peo- has turned out to be a lucrative deal, fori Music School and Kumon Meth- different levels. At Beauty World Centre, a 200 sq ft ple’s Park Centre and People’s Park albeit on paper. Based on URA cave- od of Learning. Besides F&B outlets, enrichment unit on the ground floor has an asking Complex are located next to an MRT at records, ground-floor units went Maid agency Zecruitx was drawn centres and maid agencies, Beauty monthly rent of $9 psf, while a 462 station. However, prices at Sim Lim for an average price of $1,003 psf in to Beauty World Centre because of its World Centre also hosts 12 clinics and sq ft unit on level two is available for Square, which is located next to the 1998. This year, a 301 sq ft unit on tenant mix, which helps to generate pharmacies, nine jewellery shops and rent at $10.39 psf. Based on the latest Rochor MRT station, do not exhibit the ground floor fetched $2,986 psf. walk-in visitors for the firm, accord- eight renovation firms. The mall en- transacted price of $2,986 psf for a a clear trend. The property has a remaining lease ing to its recruitment manager Irene joys high occupancy and Sin Wah’s 301 sq ft unit on the ground floor, the Lee says the completion of the TEL of around 62 years. Oo. The agency relocated to the mall Phang notes that vacant space gets net yield would work out to around will definitely improve the prospects For retail properties, it makes a last year from an HDB shophouse in taken up relatively quick. 3.5%, assuming a monthly mainte- of strata malls that are located in the difference to be located right next Bukit Merah. Active management helps a stra- nance fee of $1 psf. immediate vicinity of the stations. to an MRT station versus some “The variety of tenants also means ta mall stay competitive in a chal- Lee Nai Jia, head of research for “However, other factors such as the walking distance away. We spoke less competition for Zecruitx, unlike lenging retail market. Bukit Timah Southeast Asia at Edmund Tie & Co, tenant mix and positioning will also with three retailers at Bukit Timah in some malls, which are packed with Plaza, for example, also enjoys high reckons that owners might be re- play a part,” he adds. Plaza, a strata mall that is located maid agencies,” notes Oo. Based on occupancy, underpinned by a bal- luctant to lower their prices. “If the Cheong says the nuisance brought more than 300m from the Beauty the mall’s directory, there are five anced tenant mix, asset enhance- strata mall is old, most of the own- on during the construction of a sta- ment initiatives and an immediate ers would have paid up their loans. tion may suppress prices. The oppor- Prices of strata shops that are next to an MRT catchment of residents from the ad- With the TEL completing, they have tunity therefore arises for potential joining Sherwood Tower. more reason to stay firm on their ask- buyers to acquire such properties and station might appreciate faster in a market upcycle* ing prices,” he explains. patiently wait out the completion of Opportunities along the Should a good deal arise, howev- the station. One must also anticipate

$ psf THE EDGE PROPERTY URA, 4500 upcoming TEL? er, it might be worthwhile to consid- whether the opening of the station 4000 The TEL will be completed in stag- er a strata shop near an MRT station. may divert pedestrian traffic from the 3500 es from 2019. Major strata malls that An F&B outlet proprietor at Beau- shops as the orientation of the en- 3000 2500 will be located less than 300m from ty World Centre revealed he was pay- trance to the station may cause peo- 2000 an upcoming TEL station include ing a monthly rent of $6,000. Track- ple to change their walking paths. 1500 Concorde Shopping Centre, Katong ing the caveat and purchase price of In addition to the property’s ten- 1000 Plaza, Roxy Square and Thomson the unit, the landlord who bought the ant mix and catchment population, 500 All Beauty World Centre, People’s Park Centre, People’s Park Complex Plaza. As with any investment, en- property in 2009 would be netting a aspiring buyers should also note that 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 try price is crucial. gross rental yield of 8%. the presence of a bigger non-strata “Strata shops have lower yields Prices of strata shops near an mall nearby would pose a competi- *Based on average resale prices for 99-year leasehold strata shops located on the city fringe than malls. The current net yield MRT station might also appreciate tion and draw shopper traffic away would be in the low- to mid-3% lev- faster in a market upcycle than those from a strata mall. E THEEDGE SINGAPORE | NOVEMBER 21, 2016 • EP11 EP12 • THEEDGE SINGAPORE | NOVEMBER 21, 2016 DONE DEALS

Unit at The Peak @ vol roo 1,0 Cairnhill I sold for up trac now pop $2,617 psf at d con | BY TAN CHEE YUEN | is also developed by TG Development and TEE De- “en velopment. Completed last year, the 60-unit freehold lea here were several transactions in the Cairn- block is scheduled for launch in 1Q2017. hill area over the week of Nov 1 to 8, accord- In the neighbourhood of Cairnhill Road and Bide- me ing to the latest caveats downloaded from ford Road is the soon-to-be-completed Cairnhill The URA Realis. At The Peak @ Cairnhill I, two Nine, which consists of a 30-storey residential tow- the two-bedroom units of 678 sq ft each were er containing 268 apartments and a 20-storey tower wil Tsold. The one on the fifth floor was sold for $1.72 with 220 serviced apartments branded The Ascott pay million ($2,538 psf), while the one on the ninth Singapore. The project is developed by CapitaLand. floor went for $1.78 million ($2,617 psf). Both deals Scheduled to be completed at year-end, the pro- Sep were done on Nov 3. ject was launched in March. As at end-October, 217 wa The Peak @ Cairnhill I is a 52-unit freehold con- units, or 81% of the project, were sold. Despite its eig dominium jointly developed by TG Development and 99-year lease, Cairnhill Nine is sought after because sch TEE Development. The project was completed in of the overhead bridge linking the project to Para- oth 2014 and was about 65% sold as at Nov 8, accord- gon shopping centre across the busy Bideford Road, at p ing to caveats lodged with URA Realis. and also its location just off the prime Orchard Road an The adjacent project, called The Peak @ Cairnhill II, shopping strip. 1,2

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 1 to 8

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 THE CLIFT Apartment 99 years Nov 4, 2016 506 1,076,000 - 2,127 2011 Resale V ON SHENTON Apartment 99 years Nov 4, 2016 474 1,306,340 - 2,758 Uncompleted New Sale V ON SHENTON Apartment 99 years Nov 4, 2016 474 1,276,240 - 2,695 Uncompleted New Sale District 2 ALTEZ Apartment 99 years Nov 8, 2016 829 1,658,000 - 2,000 2014 Resale SKYSUITES@ANSON Apartment 99 years Nov 4, 2016 958 2,450,000 - 2,557 2014 Resale District 3 ALEX RESIDENCES Apartment 99 years Nov 5, 2016 926 1,793,449 - 1,937 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years Nov 5, 2016 883 1,547,519 - 1,753 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years Nov 6, 2016 474 975,443 - 2,060 Uncompleted New Sale CENTRAL GREEN CONDOMINIUM Condominium 99 years Nov 1, 2016 1,292 1,500,000 - 1,161 1995 Resale COMMONWEALTH TOWERS Condominium 99 years Nov 2, 2016 441 800,200 - 1,813 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Nov 2, 2016 1,076 1,594,800 - 1,482 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Nov 3, 2016 441 803,200 - 1,820 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Nov 4, 2016 484 863,900 - 1,784 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Nov 4, 2016 797 1,270,000 - 1,594 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years Nov 5, 2016 700 1,266,300 - 1,810 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Nov 5, 2016 1,076 1,750,000 - 1,626 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years Nov 6, 2016 1,076 1,760,400 - 1,635 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Nov 6, 2016 807 1,375,000 1,370,000 1,697 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 861 1,522,000 - 1,767 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 866,000 - 1,749 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 858,000 - 1,733 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 431 744,000 - 1,728 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 854,000 - 1,725 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 861 1,480,000 - 1,719 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 431 740,000 - 1,719 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 850,000 - 1,717 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 842,000 - 1,701 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 431 732,000 - 1,700 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 838,000 - 1,692 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 431 728,000 - 1,691 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 834,000 - 1,684 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 431 724,000 - 1,682 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 830,000 - 1,676 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 431 720,000 - 1,672 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 826,000 - 1,668 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 792,000 - 1,600 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 431 686,000 - 1,593 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 788,000 - 1,591 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 431 682,000 - 1,584 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 784,000 - 1,583 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 495 780,000 - 1,575 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 431 678,000 - 1,575 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 5, 2016 431 674,000 - 1,565 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 6, 2016 431 712,000 - 1,654 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 6, 2016 624 1,000,000 - 1,602 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 6, 2016 495 780,000 - 1,575 Uncompleted New Sale QUEENS PEAK Condominium 99 years Nov 6, 2016 484 762,000 - 1,573 Uncompleted New Sale QUEENS PEAK* Condominium 99 years Nov 6, 2016 624 1,088,000 - 1,743 Uncompleted New Sale THEEDGE SINGAPORE | NOVEMBER 21, 2016 • EP13 DONE DEALS

The two latest transactions at Cairnhill Nine involved units on the 19th floor. A 1,044 sq ft, two-bedroom unit fetched $2.89 million ($2,764 psf) while a 1,033 sq ft unit was sold for $2.82 million ($2,731 psf). This year, developers of luxury condos have come up with creative deferred payment schemes to attract buyers. OUE Twin Peaks started the trend, and now there are variations to the stay-then-pay scheme EDGE SINGAPORE CHUA/THE SAMUEL ISAAC popularised by CapitaLand for the remaining units at d’Leedon and Interlace projects. At Cairnhill Circle, Hilltops, a 241-unit luxury condo completed in 2011 by SC Global, launched an De- “enhanced payment scheme” for 30 units owned and old leased out by the developer at end-July. Under this scheme, buyers make an upfront pay- de- ment equivalent to 20% of the unit’s purchase price. hill They are then given a two-year option to purchase ow- the unit at a fixed price. In the meantime, the buyers wer will receive an annual return of 10% on the down cott payment, backed by tenancies managed by SC Global. nd. The most recent transaction at Hilltops was in pro- September, when a 1,711 sq ft, three-bedroom unit 217 was sold for $5.27 million ($3,078 psf). It was the its eighth and biggest unit sold in the condo since the use scheme was launched four months ago. Most of the ara- other transactions involved two-bedroom units sold ad, at prices ranging from $2.56 million ($3,084 psf) for oad an 829 sq ft unit to $3.86 million ($3,091 psf) for a Two apartments at the The Peak @ Cairnhill I were 1,249 sq ft unit. E recently sold by TG Development and TEE Development

Residential transactions with contracts dated Nov 1 to 8

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 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Nov 4, 2016 1,270 1,750,000 - 1,378 2004 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years Nov 3, 2016 1,119 2,039,999 - 1,822 2011 Resale THE INTERLACE Condominium 99 years Nov 2, 2016 2,056 2,176,000 - 1,058 2013 Resale THE INTERLACE Condominium 99 years Nov 3, 2016 2,056 2,287,000 - 1,112 2013 Resale District 5 CHWEE CHIAN VIEW Terrace Freehold Nov 8, 2016 1,808 2,310,000 - 1,281 1991 Resale HERITAGE VIEW Condominium 99 years Nov 7, 2016 1,324 1,450,000 - 1,095 2000 Resale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 586,000 - 1,266 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 584,000 - 1,262 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 603 725,000 - 1,203 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 710 845,000 - 1,189 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 1,012 1,100,000 - 1,087 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 1,012 1,100,000 - 1,087 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 5, 2016 1,184 1,275,000 - 1,077 Uncompleted New Sale F PARC RIVIERA Condominium 99 years Nov 5, 2016 1,184 1,275,000 - 1,077 Uncompleted New Sale E PARC RIVIERA Condominium 99 years Nov 5, 2016 1,184 1,275,000 - 1,077 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 6, 2016 603 725,000 - 1,203 Uncompleted New Sale e PARC RIVIERA Condominium 99 years Nov 6, 2016 646 775,000 - 1,200 Uncompleted New Sale e PARC RIVIERA Condominium 99 years Nov 6, 2016 646 775,000 - 1,200 Uncompleted New Sale e PARC RIVIERA Condominium 99 years Nov 6, 2016 710 845,000 - 1,189 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 6, 2016 710 845,000 - 1,189 Uncompleted New Sale e PARC RIVIERA Condominium 99 years Nov 6, 2016 463 550,000 - 1,188 Uncompleted New Sale e PARC RIVIERA Condominium 99 years Nov 6, 2016 463 550,000 - 1,188 Uncompleted New Sale PARC RIVIERA Condominium 99 years Nov 6, 2016 484 550,000 - 1,135 Uncompleted New Sale e PARC RIVIERA Condominium 99 years Nov 6, 2016 484 550,000 - 1,135 Uncompleted New Sale e PARC RIVIERA* Condominium 99 years Nov 6, 2016 646 775,000 - 1,200 Uncompleted New Sale e THE TRILINQ Condominium 99 years Nov 1, 2016 538 788,000 - 1,464 Uncompleted New Sale e THE TRILINQ Condominium 99 years Nov 1, 2016 915 1,291,000 - 1,411 Uncompleted New Sale e THE TRILINQ Condominium 99 years Nov 3, 2016 538 810,000 - 1,505 Uncompleted New Sale e THE TRILINQ Condominium 99 years Nov 3, 2016 1,518 1,612,000 - 1,062 Uncompleted New Sale e THE TRILINQ Condominium 99 years Nov 4, 2016 915 1,306,000 - 1,427 Uncompleted New Sale e District 8 e CITIGATE RESIDENCE Apartment Freehold Nov 3, 2016 926 1,050,000 - 1,134 2010 Resale e LOFT @ RANGOON Apartment Freehold Nov 2, 2016 452 640,000 - 1,416 2013 Resale e District 9 e CAIRNHILL NINE Apartment 99 years Nov 4, 2016 1,044 2,886,000 - 2,764 2016 New Sale e CAIRNHILL NINE Apartment 99 years Nov 4, 2016 1,033 2,822,000 - 2,731 2016 New Sale e CITYVISTA RESIDENCES Condominium Freehold Nov 3, 2016 2,626 5,252,000 - 2,000 2010 Resale e LEONIE GARDENS Condominium 99 years Nov 1, 2016 2,680 2,950,000 - 1,101 1993 Resale e OUE TWIN PEAKS Condominium 99 years Nov 2, 2016 549 1,383,480 - 2,520 2015 Resale e OUE TWIN PEAKS Condominium 99 years Nov 3, 2016 549 1,533,000 - 2,793 2015 Resale e OUE TWIN PEAKS Condominium 103 years Nov 7, 2016 570 1,678,740 - 2,943 2015 Resale e RIVERGATE Apartment Freehold Nov 3, 2016 1,496 3,080,000 - 2,059 2009 Resale e SCOTTS SQUARE Apartment Freehold Nov 7, 2016 1,227 3,705,540 - 3,020 2011 Resale e SOPHIA HILLS Condominium 99 years Nov 1, 2016 581 1,194,150 - 2,054 Uncompleted New Sale e SOPHIA HILLS Condominium 99 years Nov 3, 2016 721 1,456,000 - 2,019 Uncompleted New Sale e SOPHIA RESIDENCE Condominium Freehold Nov 7, 2016 2,659 3,375,000 - 1,269 2014 Resale e THE ORCHARD RESIDENCES Apartment 99 years Nov 2, 2016 2,852 9,050,000 - 3,173 2010 Resale e THE PEAK @ CAIRNHILL I Apartment Freehold Nov 3, 2016 678 1,775,000 - 2,617 2014 Resale e THE PEAK @ CAIRNHILL I Apartment Freehold Nov 3, 2016 678 1,721,000 - 2,538 2014 Resale e TRIBECA Condominium Freehold Nov 1, 2016 570 1,176,000 - 2,061 2010 Resale e District 10 e ARDMORE THREE Condominium Freehold Nov 1, 2016 1,787 6,219,025 - 3,480 2014 Resale e BOTANIC @ CLUNY PARK Detached Freehold Nov 2, 2016 6,308 6,800,000 - 1,078 Uncompleted New Sale e D’LEEDON Condominium 99 years Nov 3, 2016 721 1,008,000 - 1,398 2014 Resale e D’LEEDON Condominium 99 years Nov 4, 2016 2,250 3,241,000 - 1,441 2014 Resale e D’LEEDON Condominium 99 years Nov 7, 2016 1,539 2,292,000 - 1,489 2014 Resale e D’LEEDON Condominium 99 years Nov 7, 2016 2,153 2,996,000 - 1,392 2014 Resale FAIRLODGE Apartment Freehold Nov 3, 2016 1,862 1,765,000 - 948 1999 Resale e STEVENS DRIVE Semi-Detached Freehold Nov 1, 2016 2,982 5,400,000 - 1,811 Unknown Resale e ONE JERVOIS Condominium Freehold Nov 3, 2016 1,701 2,560,000 - 1,505 2009 Resale e ONE JERVOIS Condominium Freehold Nov 7, 2016 1,701 2,550,000 - 1,499 2009 Resale e REGENCY PARK Condominium Freehold Nov 4, 2016 3,649 6,400,000 - 1,754 1990 Resale e ROBIN SUITES Apartment Freehold Nov 3, 2016 463 1,065,000 - 2,301 2016 New Sale e RV RESIDENCES Condominium 999 years Nov 7, 2016 420 917,150 - 2,185 2015 Resale e e e CONTINUES NEXT PAGE EP14 • THEEDGE SINGAPORE | NOVEMBER 21, 2016 DONE DEALS

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Residential transactions with contracts dated Nov 1 to 8

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 THE TRESOR Condominium 999 years Nov 3, 2016 1,927 3,350,000 - 1,739 2007 Resale THE VALES EC 99 years Nov 1, 2016 915 768,000 - 839 Uncompleted New Sale THE TRESOR Condominium 999 years Nov 7, 2016 2,562 3,738,000 - 1,459 2007 Resale THE VALES EC 99 years Nov 1, 2016 904 733,000 - 811 Uncompleted New Sale District 11 THE VALES EC 99 years Nov 1, 2016 775 620,888 - 801 Uncompleted New Sale 6 DERBYSHIRE Condominium Freehold Nov 2, 2016 517 1,153,519 - 2,233 Uncompleted New Sale THE VALES EC 99 years Nov 2, 2016 915 713,800 - 780 Uncompleted New Sale 6 DERBYSHIRE Condominium Freehold Nov 2, 2016 732 1,532,755 - 2,094 Uncompleted New Sale THE VALES EC 99 years Nov 3, 2016 1,668 1,450,000 - 869 Uncompleted New Sale 6 DERBYSHIRE Condominium Freehold Nov 2, 2016 1,012 2,027,000 - 2,003 Uncompleted New Sale TRILIVE Condominium Freehold Nov 1, 2016 1,163 1,788,694 - 1,539 Uncompleted New Sale ADRIA Apartment Freehold Nov 4, 2016 807 1,370,000 - 1,697 2013 Resale TRILIVE Condominium Freehold Nov 5, 2016 549 895,000 - 1,630 Uncompleted New Sale DUNEARN ESTATE Detached Freehold Nov 4, 2016 5,576 8,580,000 - 1,540 2005 Resale TRILIVE Condominium Freehold Nov 6, 2016 549 975,000 - 1,776 Uncompleted New Sale HILLCREST VILLA Terrace 99 years Nov 2, 2016 3,089 2,800,000 - 906 2009 Resale WATERTOWN Apartment 99 years Nov 7, 2016 1,109 1,220,000 - 1,100 Uncompleted Sub Sale THE SHELFORD Condominium Freehold Nov 7, 2016 1,453 2,439,999 - 1,679 2005 Resale District 20 THE TREVOSE Condominium 99 years Nov 2, 2016 1,776 2,000,000 - 1,126 2001 Resale CENTRO RESIDENCES Condominium 99 years Nov 1, 2016 1,281 1,650,000 - 1,288 2014 Resale THOMSON 800 Condominium Freehold Nov 4, 2016 1,625 1,700,000 - 1,046 1999 Resale FLORAVIEW Apartment Freehold Nov 2, 2016 753 902,400 - 1,198 Uncompleted New Sale District 12 FLORAVIEW Apartment Freehold Nov 2, 2016 829 912,200 - 1,101 Uncompleted New Sale OLEANDER TOWERS Apartment 99 years Nov 1, 2016 861 1,000,000 - 1,161 1998 Resale FLORAVIEW Apartment Freehold Nov 3, 2016 775 898,000 - 1,159 Uncompleted New Sale OLEANDER TOWERS Apartment 99 years Nov 4, 2016 1,141 1,250,000 - 1,096 1998 Resale FLORAVIEW Apartment Freehold Nov 6, 2016 1,023 1,119,400 - 1,095 Uncompleted New Sale PAPILLON Apartment Freehold Nov 4, 2016 1,238 1,300,000 - 1,050 2003 Resale THE PANORAMA Condominium 99 years Nov 2, 2016 1,001 1,249,486 - 1,248 Uncompleted New Sale District 13 THE PANORAMA Condominium 99 years Nov 2, 2016 1,066 1,296,389 - 1,217 Uncompleted New Sale LORONG BIAWAK Terrace Freehold Nov 4, 2016 2,831 2,440,000 - 863 1969 Resale THE PANORAMA Condominium 99 years Nov 3, 2016 797 961,650 - 1,207 Uncompleted New Sale SANT RITZ Condominium 99 years Nov 3, 2016 1,787 1,960,000 - 1,097 2016 New Sale THOMSON GRAND Condominium 99 years Nov 7, 2016 1,399 1,880,000 - 1,344 2015 Sub Sale THE POIZ RESIDENCES Apartment 99 years Nov 1, 2016 420 637,000 - 1,517 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Nov 1, 2016 463 722,000 - 1,560 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Nov 1, 2016 538 804,000 - 1,494 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Nov 1, 2016 1,195 1,600,000 - 1,339 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Nov 1, 2016 1,152 1,551,000 - 1,347 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Nov 4, 2016 463 731,200 - 1,580 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Nov 2, 2016 420 631,000 - 1,503 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Nov 5, 2016 463 722,000 - 1,560 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Nov 3, 2016 1,227 1,680,000 - 1,369 Uncompleted New Sale THOMSON THREE Apartment 99 years Nov 7, 2016 1,044 1,420,000 - 1,360 2016 Sub Sale THE VENUE RESIDENCES Apartment 99 years Nov 4, 2016 840 1,184,000 - 1,410 Uncompleted New Sale WELLINGTON PARK Terrace Freehold Nov 2, 2016 1,991 2,420,000 - 1,219 1985 Resale District 14 District 21 # 1 SUITES Apartment Freehold Nov 4, 2016 624 624,000 - 1,000 2016 New Sale ENG KONG PARK Semi-Detached Freehold Nov 7, 2016 3,305 3,458,800 - 1,047 Unknown Resale ASTORIA PARK Condominium 99 years Nov 2, 2016 958 900,000 - 939 1995 Resale GARDENVISTA Condominium 99 years Nov 2, 2016 936 1,240,000 - 1,324 2006 Resale EUNOS MANSION Condominium Freehold Nov 8, 2016 1,453 1,080,000 - 743 1982 Resale JALAN SELANTING Semi-Detached Freehold Nov 4, 2016 4,090 4,090,000 - 999 Unknown Resale GOODVIEW APARTMENTS Apartment Freehold Nov 1, 2016 1,292 750,000 - 581 1994 Resale THE CREEK @ BUKIT Condominium Freehold Nov 5, 2016 969 1,570,000 - 1,621 Uncompleted New Sale KIMNAN PARK Terrace Freehold Nov 1, 2016 2,637 2,650,000 - 1,005 1983 Resale THE RAINTREE Condominium 99 years Nov 4, 2016 1,270 1,230,000 - 968 2008 Resale PRIME RESIDENCE Apartment Freehold Nov 2, 2016 581 750,000 - 1,290 2014 Resale District 22 SIMS URBAN OASIS Condominium 99 years Nov 2, 2016 484 725,841 - 1,498 Uncompleted New Sale LAKE GRANDE Condominium 99 years Nov 1, 2016 947 1,270,000 - 1,341 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Nov 3, 2016 667 934,100 - 1,400 Uncompleted New Sale LAKE GRANDE Condominium 99 years Nov 3, 2016 775 1,059,000 - 1,366 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Nov 4, 2016 667 956,000 - 1,432 Uncompleted New Sale LAKEVILLE Condominium 99 years Nov 1, 2016 1,270 1,589,297 - 1,251 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Nov 5, 2016 667 938,000 - 1,406 Uncompleted New Sale LAKEVILLE Condominium 99 years Nov 2, 2016 1,464 1,707,413 1,704,413 1,164 Uncompleted New Sale SUITES@CHANGI Apartment Freehold Nov 7, 2016 441 592,000 - 1,341 2012 Resale LAKEVILLE Condominium 99 years Nov 4, 2016 1,281 1,534,559 - 1,198 Uncompleted New Sale WATERBANK AT DAKOTA Condominium 99 years Nov 1, 2016 1,259 1,680,000 - 1,334 2013 Resale PARC OASIS Condominium 99 years Nov 1, 2016 1,227 1,038,000 - 846 1994 Resale WATERBANK AT DAKOTA Condominium 99 years Nov 4, 2016 1,421 1,455,000 - 1,024 2013 Resale THE LAKEFRONT District 15 RESIDENCES Condominium 99 years Nov 1, 2016 775 1,000,000 - 1,290 2014 Resale AALTO Condominium Freehold Nov 2, 2016 1,528 2,350,000 - 1,537 2010 Resale WESTWOOD RESIDENCES EC 99 years Nov 1, 2016 1,152 983,700 - 854 Uncompleted New Sale COSTA RHU Condominium 99 years Nov 4, 2016 2,164 2,315,000 - 1,070 1997 Resale WESTWOOD RESIDENCES EC 99 years Nov 1, 2016 1,033 762,700 - 738 Uncompleted New Sale EAST TREASURE Apartment Freehold Nov 3, 2016 721 730,000 - 1,012 2004 Resale WESTWOOD RESIDENCES EC 99 years Nov 2, 2016 1,152 955,053 - 829 Uncompleted New Sale FERNWOOD TOWERS Condominium Freehold Nov 2, 2016 1,195 1,230,000 - 1,029 1994 Resale WESTWOOD RESIDENCES EC 99 years Nov 3, 2016 1,152 958,500 - 832 Uncompleted New Sale HAIG APARTMENTS Apartment Freehold Nov 7, 2016 2,034 1,400,000 - 688 1991 Resale WESTWOOD RESIDENCES EC 99 years Nov 3, 2016 1,033 768,600 - 744 Uncompleted New Sale LE CONNEY PARK Apartment Freehold Nov 4, 2016 732 855,000 - 1,168 1995 Resale WESTWOOD RESIDENCES EC 99 years Nov 4, 2016 1,033 760,900 - 736 Uncompleted New Sale BOSCOMBE ROAD Semi-Detached Freehold Nov 3, 2016 2,390 3,600,000 - 1,509 1998 Resale WESTWOOD RESIDENCES EC 99 years Nov 5, 2016 1,033 857,900 - 830 Uncompleted New Sale THE AMARELLE Apartment Freehold Nov 8, 2016 915 1,190,000 - 1,301 2009 Resale WESTWOOD RESIDENCES EC 99 years Nov 5, 2016 947 728,000 - 769 Uncompleted New Sale THE MEYERISE Condominium Freehold Nov 8, 2016 1,313 2,609,000 - 1,987 2014 Resale WESTWOOD RESIDENCES EC 99 years Nov 6, 2016 1,033 842,964 - 816 Uncompleted New Sale TIERRA VUE Condominium Freehold Nov 7, 2016 1,528 1,930,000 - 1,263 2009 Resale WESTWOOD RESIDENCES EC 99 years Nov 6, 2016 1,033 828,800 - 802 Uncompleted New Sale VILLA MARINA Condominium 99 years Nov 1, 2016 1,249 1,150,000 - 921 1999 Resale WESTWOOD RESIDENCES EC 99 years Nov 6, 2016 1,152 913,100 - 793 Uncompleted New Sale District 16 District 23 ARCHIPELAGO Condominium 99 years Nov 1, 2016 1,184 1,218,000 - 1,029 2015 Sub Sale CASHEW PARK BAYSHORE PARK Condominium 99 years Nov 3, 2016 2,196 1,830,000 - 833 1986 Resale CONDOMINIUM Condominium 999 years Nov 4, 2016 1,367 1,230,000 - 900 1983 Resale CHANGI COURT Condominium Freehold Nov 1, 2016 840 840,000 - 1,000 1997 Resale GUILIN VIEW Condominium 99 years Nov 7, 2016 1,259 920,000 - 731 2000 Resale EASTWOOD REGENCY Apartment Freehold Nov 3, 2016 495 600,000 - 1,212 2010 Resale HAZEL PARK OPTIMA @ TANAH MERAH Condominium 99 years Nov 4, 2016 840 950,000 - 1,132 2012 Resale CONDOMINIUM Condominium 999 years Nov 2, 2016 1,335 1,280,000 - 959 2000 Resale STRATFORD COURT Condominium 99 years Nov 1, 2016 1,313 940,000 - 716 1998 Resale HILLION RESIDENCES Apartment 99 years Nov 2, 2016 474 677,120 - 1,430 Uncompleted New Sale THE GLADES Condominium 99 years Nov 1, 2016 506 766,000 - 1,514 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years Nov 3, 2016 463 638,480 - 1,379 Uncompleted New Sale THE GLADES Condominium 99 years Nov 4, 2016 624 963,000 - 1,542 Uncompleted New Sale HILLVIEW REGENCY Condominium 99 years Nov 4, 2016 1,119 890,000 - 795 2005 Resale THE GLADES Condominium 99 years Nov 4, 2016 624 879,000 - 1,408 Uncompleted New Sale KINGSFORD.HILLVIEW PEAK Condominium 99 years Nov 3, 2016 2,099 1,738,000 - 828 Uncompleted New Sale THE GLADES Condominium 99 years Nov 4, 2016 1,012 1,313,000 - 1,298 Uncompleted New Sale KINGSFORD.HILLVIEW PEAK Condominium 99 years Nov 4, 2016 549 758,000 - 1,381 Uncompleted New Sale THE TANAMERA Condominium 99 years Nov 4, 2016 947 840,000 - 887 1994 Resale KINGSFORD.HILLVIEW PEAK Condominium 99 years Nov 4, 2016 635 830,000 - 1,307 Uncompleted New Sale District 18 KINGSFORD.HILLVIEW PEAK Condominium 99 years Nov 6, 2016 1,216 1,490,000 - 1,225 Uncompleted New Sale COCO PALMS Condominium 99 years Nov 1, 2016 1,259 1,390,400 - 1,104 Uncompleted New Sale MAYSPRINGS Apartment 99 years Nov 4, 2016 1,561 1,050,000 - 673 1998 Resale LIVIA Condominium 99 years Nov 8, 2016 1,346 1,025,000 - 762 2011 Resale PARKVIEW APARTMENTS Apartment 99 years Nov 3, 2016 936 680,000 - 726 1998 Resale MELVILLE PARK Condominium 99 years Nov 1, 2016 1,475 1,050,000 - 712 1996 Resale PAVILION PARK Terrace Freehold Nov 4, 2016 1,615 2,420,000 - 1,499 2010 Resale NV RESIDENCES Condominium 99 years Nov 4, 2016 764 730,000 - 955 2013 Resale SOL ACRES EC 99 years Nov 1, 2016 614 457,000 - 745 Uncompleted New Sale RIS GRANDEUR Condominium Freehold Nov 4, 2016 1,292 1,130,000 - 875 2005 Resale SOL ACRES EC 99 years Nov 1, 2016 947 694,000 - 733 Uncompleted New Sale SAVANNAH CONDOPARK Condominium 99 years Nov 4, 2016 1,227 930,000 - 758 2005 Resale SOL ACRES EC 99 years Nov 4, 2016 732 592,000 - 809 Uncompleted New Sale SEASTRAND Condominium 99 years Nov 3, 2016 592 575,000 - 971 2014 Resale SOL ACRES EC 99 years Nov 5, 2016 1,044 850,000 - 814 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 2, 2016 441 498,000 - 1,128 Uncompleted New Sale SOL ACRES EC 99 years Nov 5, 2016 926 699,000 - 755 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 2, 2016 700 741,000 - 1,059 Uncompleted New Sale SOL ACRES EC 99 years Nov 6, 2016 872 675,000 - 774 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 4, 2016 936 1,013,000 - 1,082 Uncompleted New Sale SOL ACRES EC 99 years Nov 6, 2016 1,098 845,000 - 770 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 4, 2016 1,066 1,055,000 - 990 Uncompleted New Sale SOL ACRES EC 99 years Nov 6, 2016 1,098 837,000 - 762 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 506 557,000 - 1,101 Uncompleted New Sale SOL ACRES EC 99 years Nov 6, 2016 1,066 806,000 - 756 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 936 996,000 - 1,064 Uncompleted New Sale WANDERVALE EC 99 years Nov 2, 2016 1,098 826,000 - 752 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 700 736,000 - 1,052 Uncompleted New Sale WANDERVALE EC 99 years Nov 6, 2016 1,098 834,000 - 760 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 700 734,000 - 1,049 Uncompleted New Sale WANDERVALE EC 99 years Nov 6, 2016 1,130 838,000 - 741 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 1,066 1,074,000 - 1,008 Uncompleted New Sale District 25 THE ALPS RESIDENCES Condominium 99 years Nov 5, 2016 1,087 1,082,000 - 995 Uncompleted New Sale BELLEWOODS EC 99 years Nov 2, 2016 1,249 990,990 - 794 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Nov 6, 2016 1,410 1,416,000 - 1,004 Uncompleted New Sale BELLEWOODS EC 99 years Nov 3, 2016 1,346 1,005,000 - 747 Uncompleted New Sale THE PALETTE Condominium 99 years Nov 8, 2016 893 850,000 - 951 2015 Sub Sale BELLEWOODS EC 99 years Nov 4, 2016 1,281 971,940 - 759 Uncompleted New Sale THE SANTORINI Condominium 99 years Nov 2, 2016 1,109 1,110,000 - 1,001 Uncompleted New Sale BELLEWOODS EC 99 years Nov 6, 2016 1,227 970,000 - 790 Uncompleted New Sale THE SANTORINI Condominium 99 years Nov 6, 2016 1,130 1,160,000 - 1,026 Uncompleted New Sale NORTHWAVE EC 99 years Nov 2, 2016 753 574,500 - 762 Uncompleted New Sale THE TROPICA Condominium 99 years Nov 4, 2016 1,238 940,000 - 759 2000 Resale NORTHWAVE EC 99 years Nov 5, 2016 753 582,100 - 773 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Nov 1, 2016 1,033 1,000,000 - 968 Uncompleted New Sale NORTHWAVE EC 99 years Nov 5, 2016 1,109 835,600 - 754 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Nov 1, 2016 893 806,400 - 903 Uncompleted New Sale NORTHWAVE EC 99 years Nov 5, 2016 678 496,600 - 732 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Nov 3, 2016 1,873 1,680,000 - 897 Uncompleted New Sale NORTHWAVE EC 99 years Nov 6, 2016 990 728,250 - 735 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Nov 4, 2016 1,033 1,028,000 - 995 Uncompleted New Sale District 27 VUE 8 RESIDENCE Condominium 99 years Nov 5, 2016 904 802,900 - 888 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Nov 4, 2016 969 1,281,600 - 1,323 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Nov 6, 2016 1,346 1,136,800 - 845 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Nov 5, 2016 700 980,100 - 1,401 Uncompleted New Sale District 19 NORTH PARK RESIDENCES Apartment 99 years Nov 5, 2016 700 937,200 - 1,340 Uncompleted New Sale A TREASURE TROVE Condominium 99 years Nov 7, 2016 4,219 2,800,000 - 664 2015 Resale PARC LIFE EC 99 years Nov 6, 2016 1,066 866,400 864,100 811 Uncompleted New Sale CARDIFF RESIDENCE Condominium 99 years Nov 7, 2016 517 725,000 - 1,403 2014 Resale PARC LIFE EC 99 years Nov 6, 2016 1,001 721,050 718,750 718 Uncompleted New Sale CASA ROSA Condominium 99 years Nov 7, 2016 1,410 1,180,000 - 837 2001 Resale SIGNATURE AT YISHUN EC 99 years Nov 1, 2016 775 569,500 - 735 Uncompleted New Sale CENTRAL VIEW Condominium 99 years Nov 8, 2016 980 855,000 - 873 2002 Resale SIGNATURE AT YISHUN EC 99 years Nov 4, 2016 1,184 880,040 - 743 Uncompleted New Sale CHARLTON 27 Terrace Freehold Nov 6, 2016 4,758 3,080,000 - 647 2016 New Sale SYMPHONY SUITES Condominium 99 years Nov 2, 2016 786 793,000 - 1,009 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 1, 2016 1,023 1,374,000 - 1,344 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 3, 2016 786 870,000 - 1,107 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 2, 2016 969 1,361,000 - 1,405 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 4, 2016 915 939,000 - 1,026 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 4, 2016 936 1,257,000 - 1,342 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 5, 2016 689 748,000 - 1,086 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 5, 2016 1,249 1,680,000 - 1,345 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 5, 2016 689 743,000 - 1,079 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 5, 2016 2,045 2,750,000 - 1,345 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 5, 2016 915 934,000 - 1,021 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 6, 2016 1,173 1,492,000 - 1,272 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Nov 6, 2016 689 759,000 - 1,102 Uncompleted New Sale FOREST WOODS Condominium 99 years Nov 6, 2016 786 973,000 - 1,238 Uncompleted New Sale THE BROWNSTONE EC 99 years Nov 1, 2016 732 660,000 - 902 Uncompleted New Sale KENSINGTON PARK THE CRITERION EC 99 years Nov 3, 2016 786 638,400 - 812 Uncompleted New Sale CONDOMINIUM Condominium 999 years Nov 2, 2016 2,067 2,100,000 - 1,016 1990 Resale THE CRITERION EC 99 years Nov 3, 2016 915 741,600 - 811 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 3, 2016 484 595,980 - 1,230 Uncompleted New Sale THE CRITERION EC 99 years Nov 6, 2016 915 718,400 - 785 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 3, 2016 678 833,000 - 1,228 Uncompleted New Sale THE ESTUARY Condominium 99 years Nov 1, 2016 1,302 1,208,000 - 927 2013 Resale KINGSFORD WATERBAY Apartment 99 years Nov 3, 2016 678 658,000 - 970 Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 2, 2016 1,141 953,500 - 836 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 4, 2016 721 881,000 - 1,222 Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 3, 2016 1,346 1,072,000 - 797 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 5, 2016 484 602,000 - 1,243 Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 5, 2016 1,281 989,500 - 772 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 5, 2016 678 822,000 - 1,212 Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 6, 2016 872 705,870 - 810 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 5, 2016 678 803,000 - 1,184 Uncompleted New Sale THE VISIONAIRE EC 99 years Nov 6, 2016 1,313 948,500 - 722 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 5, 2016 689 811,000 - 1,177 Uncompleted New Sale THE WISTERIA Apartment 99 years Nov 3, 2016 1,173 1,145,700 - 976 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 5, 2016 1,356 1,570,940 - 1,158 Uncompleted New Sale THE WISTERIA Apartment 99 years Nov 4, 2016 1,173 1,218,500 - 1,039 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 6, 2016 484 602,000 - 1,243 Uncompleted New Sale THE WISTERIA Apartment 99 years Nov 5, 2016 1,173 1,201,800 - 1,024 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 6, 2016 678 796,000 - 1,174 Uncompleted New Sale THE WISTERIA Apartment 99 years Nov 5, 2016 1,173 1,117,100 - 952 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Nov 6, 2016 883 1,030,000 - 1,167 Uncompleted New Sale District 28 JALAN PELIKAT Terrace Freehold Nov 2, 2016 3,046 2,710,000 - 891 Unknown Resale BELGRAVIA VILLAS Terrace Freehold Nov 2, 2016 3,584 2,550,000 - 711 Uncompleted New Sale BRIGHTON CRESCENT Detached Freehold Nov 8, 2016 4,316 5,500,000 - 1,273 2013 Resale BELGRAVIA VILLAS Terrace Freehold Nov 4, 2016 3,584 2,650,000 - 739 Uncompleted New Sale RIVERSOUND RESIDENCE Condominium 99 years Nov 1, 2016 1,066 1,055,000 - 990 2015 Sub Sale FLORAVILLE Apartment Freehold Nov 6, 2016 797 926,200 - 1,163 Uncompleted New Sale THE CHUAN Condominium 999 years Nov 8, 2016 1,281 1,720,000 - 1,343 2007 Resale GRANDE VISTA Condominium 999 years Nov 2, 2016 1,238 900,000 - 727 1993 Resale THE LUXURIE Condominium 99 years Nov 4, 2016 1,055 1,200,000 - 1,138 2015 Resale GRANDE VISTA Condominium 999 years Nov 4, 2016 1,647 1,350,000 - 820 1992 Resale THE MINTON Condominium 99 years Nov 4, 2016 980 940,000 - 960 2013 Resale HIGH PARK RESIDENCES Apartment 99 years Nov 3, 2016 1,249 1,122,112 - 899 Uncompleted New Sale THE QUARTZ Condominium 99 years Nov 7, 2016 1,130 1,028,000 - 910 2009 Resale NIM ROAD Detached Freehold Nov 7, 2016 9,957 10,300,000 - 1,035 Unknown Resale THE TERRACE EC 99 years Nov 1, 2016 1,076 836,300 - 777 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Nov 1, 2016 1,195 997,000 - 834 Uncompleted New Sale THE TERRACE EC 99 years Nov 2, 2016 1,076 851,200 - 791 Uncompleted New Sale DISCLAIMER: THE TERRACE EC 99 years Nov 2, 2016 1,076 814,500 - 757 Uncompleted New Sale THE TERRACE EC 99 years Nov 3, 2016 1,076 846,300 - 786 Uncompleted New Sale Source: URA Realis. Updated Nov 15, 2016. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, THE TERRACE EC 99 years Nov 4, 2016 1,076 899,700 - 836 Uncompleted New Sale or reliance on, the information provided therein. THE TERRACE EC 99 years Nov 4, 2016 1,076 838,500 - 779 Uncompleted New Sale EC stands for executive condominium THE TERRACE EC 99 years Nov 6, 2016 1,076 856,300 - 796 Uncompleted New Sale * Not all the caveats are reflected in the table for Queens Peak and Parc Riviera owing to the sheer number of units sold on the first day of launch on Nov 5 THE TERRACE EC 99 years Nov 6, 2016 1,076 851,300 - 791 Uncompleted New Sale THEEDGE SINGAPORE | NOVEMBER 21, 2016 • EP15 GAINS AND LOSSES Windfall in Serangoon

| BY ESTHER HOON | units in 2010, when the average price fell to $1,785 psf, made profits in the resale market. wo homes in the Serangoon area CityVista Residences on Peck Hay Road was fetched the highest profits in the non- completed in 2010. landed housing segment in the week In the landed housing segment, two sellers of Nov 1 to 8. At Kensington Park reaped more than $1 million in profit from the Condominium, a 310-unit project off sale of their semi-detached houses. The bigger TSerangoon North Avenue 1, a seller gained profit of $2.1 million accrued to a property EDGE SINGAPORE CHUA/THE SAMUEL ISAAC $1.2 million from the disposal of his 2,067 sq ft on Boscombe Road off Tanjong Katong Road, unit. The 18th-floor unit fetched $2.1 million, which sold at $3.6 million, or $1,509 psf, on or $1,016 psf, on Nov 2, more than double its land area on Nov 3. The property sits on a 2,390 purchase price of $454 psf in February 2006. sq ft site and was previously purchased at $636 This translates to an 8% annualised gain for psf in October 2004. This reflects an annual- the seller, who had held the unit for close to ised gain of 7% over 12 years. The comput- 11 years. ed price gain for landed properties, how ever, Over at The Chuan, a 106-unit condo project excludes any renovation or refurbishment costs near Lorong Chuan MRT station in Serangoon, a incurred by the seller. 1,281 sq ft unit was sold at a profit of $717,000 The smaller profit of $1.6 million was from in the same week. The seller, who purchased a semi-detached house on Eng Kong Crescent. the unit from the developer at $783 psf in May It has a land area of 3,305 sq ft and changed 2007, made an annualised gain of 6% from the hands at $3.5 million, or $1,047 psf, on land sale, which fetched $1.7 million, or $1,343 psf. area on Nov 7, almost double its purchase price Kensington Park was completed in 1990; The of $554 psf in February 2008. The annualised Chuan was completed in 2007. Both projects gain works out to 8%. hold a 999-year leasehold tenure. At Dunearn Estate in prime District 11, a The biggest loss incurred in the week detached house on Berrima Road was sold at accrued to a 2,626 sq ft unit at CityVista Resi- a loss of $920,000 in the week. The proper- dences, a 70-unit freehold condo in prime ty, which was purchased in October 2012 at District 9. The seller, who paid the developer $1,705 psf over a land area of 5,576 sq ft, was $2,488 psf for the unit in August 2007 and disposed of four years later on Nov 4 at $1,540 resold it at $5.2 million, or $2,000 psf, on psf. This marks the second unprofitable deal Nov 3, suffered a loss of $1.3 million. in the estate this year, based on URA caveat There have been four resale transactions records where the previous transaction could at the project to date. All four sellers had pur- be traced. In July, a detached house with a chased their units from the developer, but at land area of 4,941 sq ft was sold at a loss of different periods. The two who purchased in $538,000. The property was purchased in June 2007, when prices averaged $2,584 psf, suffered 2011 at $1,910 psf on land area and resold at losses while the other two who bought their $1,801 psf. E An 18th-floor unit in Kensington Park Condominium was resold at a $1.2 million profit on Nov 2

Residential transactions with contracts dated Nov 1 to 8

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 Kensington Park Condominium 19 2,067 Nov 2 1,016 Feb 6, 2006 454 1,162,000 124 8 10.7 THE EDGE PROPERTY URA, 2 The Chuan 19 1,281 Nov 8 1,343 May 11, 2007 783 717,000 71 6 9.5 3 Heritage View 5 1,324 Nov 7 1,095 Dec 4, 2006 574 690,000 91 7 9.9 4 One Jervois 10 1,701 Nov 7 1,499 May 16, 2009 1,100 678,900 36 4 7.5 5 Caribbean At Keppel Bay 4 1,270 Nov 4 1,378 Oct 1, 2000 848 672,700 62 3 16.1 6 Cashew Park Condominium 23 1,367 Nov 4 900 Feb 11, 2003 410 670,000 120 6 13.7 7 The Raintree 21 1,270 Nov 4 968 Feb 16, 2007 463 641,400 109 8 9.7 8 Hazel Park Condominium 23 1,335 Nov 2 959 May 30, 2003 479 640,000 100 5 13.4 9 Parc Oasis 22 1,227 Nov 1 846 June 11, 2003 346 613,000 144 7 13.4 10 Fernwood Towers 15 1,195 Nov 2 1,029 Feb 7, 2002 571 547,500 80 4 14.7 LANDED 1 Semi-detached/Boscombe Road 15 2,390 Nov 3 1,509 Oct 6, 2004 636 2,080,000 137 7 12.1 2 Semi-detached/Eng Kong Crescent 21 3,305 Nov 7 1,047 Feb 22, 2008 554 1,628,800 89 8 8.7 3 Terraced/Pavilion View 23 1,615 Nov 4 1,499 Jan 22, 2008 1,071 691,320 40 4 8.8 4 Terraced/Hillcrest Road 11 3,089* Nov 2 906 Oct 10, 2007 839 208,100 8 1 9.1

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 CityVista Residences 9 2,626 Nov 3 2,000 Aug 6, 2007 2,488 1,282,857 20 2 9.3 2 Detached/Berrima Road 11 5,576 Nov 4 1,540 Oct 25, 2012 1,705 920,000 10 2 4.0 3 Scotts Square 9 1,227 Nov 7 3,020 Nov 5, 2007 3,710 846,630 19 2 9.0 4 The Orchard Residences 9 2,852 Nov 2 3,173 July 19, 2007 3,388 613,000 6 1 9.3 5 Reflections At Keppel Bay 4 1,119 Nov 3 1,822 April 14, 2010 2,189 410,701 17 3 6.6 6 The Trevose 11 1,776 Nov 2 1,126 June 9, 2011 1,239 200,000 9 2 5.4 7 Bayshore Park 16 2,196 Nov 3 833 July 17, 2007 888 120,048 6 1 9.3 8 The Tresor 10 1,927 Nov 3 1,739 Jan 14, 2008 1,800 118,600 3 0.4 8.8 9 Grande Vista 28 1,238 Nov 2 727 June 24, 2011 798 88,000 9 2 5.4 10 D’Leedon 10 721 Nov 3 1,398 Sept 8, 2011 1,518 87,000 8 2 5.2

Note: The profit and loss computation excludes transaction costs such as stamp duties URA caveat record downloaded on Nov 11 and 15 EP16 • THEEDGE SINGAPORE | NOVEMBER 21, 2016 DEAL WATCH Penthouse at Parc Elegance put up for mortgagee’s sale at below $1 mil

| BY TAN CHEE YUEN | Recent transactions at Parc Elegance 1,054 sq ft, one-bedroom CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) duplex penthouse at Parc Feb 10, 2016 431 600,000 1,394 Elegance was put up for Dec 14, 2015 409 600,000 1,467 auction twice in the past THE EDGE PROPERTY URA, TABLES: two months by Colliers Oct 30, 2015 398 600,000 1,507 AInternational. The first time was EDGE SINGAPORE CHUA/THE SAMUEL ISAAC Sept 16, 2015 441 580,000 1,314 on Sept 21, when the unit had an July 30, 2015 721 905,000 1,255 opening price of $1 million. Howev- er, as there were no bids, the property was withdrawn. The second $1,245 psf, according to caveats lodged time it was put up for auction was from April to June 2010. At the peak Recent rental on Oct 27, again by Colliers. This A one-bedroom duplex penthouse at Parc Elegance is on the market with a price tag of the market, a 441 sq ft studio unit contracts for 900 to time, the opening price was lowered of $950,000, or $901 psf on the fourth floor hit a high of $1,677 1,000 sq ft units at to $950,000. As there were still no psf in May 2012, according to a cave- Parc Elegance bids, the property was subsequent- was completed in 2013. The major- and roof terrace on the upper level and at lodged with URA Realis. ly withdrawn. ity of the units at Parc Elegance are a living room with an open-concept The $950,000 price tag for the LEASE DATE MONTHLY RENT The penthouse is now available studio units of 377 to 506 sq ft and kitchen, a bomb shelter-cum-store- one-bedroom penthouse is attrac- $ $ PSF for sale and is open to all agents. It compact two-bedroom units of 495 room and a bathroom as well as a tive as it is below even the original May 2016 2,650 2.80 is listed on TheEdgeProperty.com to 721 sq ft; the rest is a mix of one- balcony overlooking the swimming price that the former owner paid for May 2016 3,000 3.20 for sale at $950,000 ($901 psf) by to four-bedroom penthouses ranging pool on the lower level. five years ago. Cassia Leong, a property agent with from 786 to 1,539 sq ft. “The upper level of the penthouse The most recent transaction of a Dennis Wee Realty who is market- Parc Elegance is a freehold con- commands an amazing view despite unit at Parc Elegance was in Febru- ing the property. The asking price is do on Telok Kurau Road in prime the project being a low-rise develop- ary, when a 431 sq ft studio unit on at Parc Elegance were done at $2,650 pegged to the opening price at the District 15. It is in a relatively qui- ment,” says Leong. The unit is unoc- the second level changed hands for to $3,000 a month, according to URA last auction. et neighbourhood and conveniently cupied and in a move-in condition. $600,000 ($1,394 psf). The unit was data. Based on the asking price of The penthouse is on the top level located near famous eateries in the The property agent reckons the unit last purchased for $546,000 ($1,268 $950,000, the gross rental yield is es- of one of the three five-storey blocks Joo Chiat and Geylang areas, accord- will appeal to singles or young cou- psf) in May 2011, according to a ca- timated to be in the range of 3.3% at the 157-unit condominium. De- ing to Dennis Wee Realty’s Leong. ples with no children. veat lodged with URA Realis. to 3.8%. veloped by listed property devel- The 1,054 sq ft unit up for sale is When Parc Elegance was first The two most recent rental con- For more information, visit oper Fragrance Group, the project a duplex with a bedroom, bathroom launched for sale, unit prices averaged tracts for units of 900 to 1,000 sq ft tinyurl.com/DealWatch-S755. E

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