PROPERTY PERSONALISED MCI (P) 045/08/2019 PPS 1519/09/2012 (022805)

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of July 20, 2020 | ISSUE 942-164

Shops Offshore HDB Watch Gains and Losses BreadTalk boss offers Johor Baru market static Five-room HDB flat in Unit at Reflections at prime shophouses in 1Q2020 amid Clementi sold for Keppel Bay incurs for sale ep6 Covid-19 crisis ep7 $1.04 mil ep13 $2.15 mil loss ep14

Covid-19 sparks designer sanctuary home Turn to our Cover Story on Pages 8,9 & 10.

Exterior of the corner detached house at Coronation Road West with a 17m frontage SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE ISAAC SAMUEL PICTURES: ASCOTT

EP2 • EDGEPROP | JULY 20, 2020 PROPERTY BRIEFS

ADVERTISING + Essential goods manufacturing resilient during MARKETING ADVERTISING SALES vice-president, sales & operations | Diana Lim Covid-19: Knight Frank account director | Ivy Hong deputy account director | Janice Zhu BY CHARLENE CHIN markedly by 43.5% y-o-y, with the as well as the weak economic outlook, and prices to be under pressure and senior account manager | [email protected] number of tenancies from April to Knight Frank expects industrial rents moderate by about 5% this year. E Pang Kai Xin May falling to 1,253, recording a rent- account manager | Ryan Wang espite the overall contraction in al volume of $2.5 million. CHarts: Knight Frank PUBLISHER Singapore’s economy due to the The lack of leasing activities was Leasing Volume and Median Rent of Multiple-User The Edge Property Pte Ltd pandemic, some manufacturing attributed to the “circuit breaker” in 150 Cecil Street #13-00 D Factory Space Singapore 069543 sectors such as the production of es- 2Q2020, a cut in manpower, as well Tel: (65) 6232 8688 sential goods have remained resilient, as manufacturers putting off any ex- Fax: (65) 6232 8620 says Knight Frank in its research on pansion or relocation plans due to the industrial market for 2Q2020. headwinds. PRINTER KHL Printing Co Pte Ltd Specifically, segments involved In 2Q2020, the median prices of 57 Loyang Drive in the production of essential goods multiple-user factory spaces also re- Singapore 508968 such as medical and hygiene-related corded slight declines or remained Tel: (65) 6543 2222 Fax: (65) 6545 3333 products and the delivery of goods, as flat. Transaction volume in the sec- well as warehouse and logistic spaces, tor fell from $168.6 million to $62.0 PERMISSION AND have mitigated the impact of the cri- million between 1Q2020 and 2Q2020. REPRINTS sis on the industrial market, it says. Knight Frank expects the manufac- Material in The Edge Property may not be reproduced in any Singapore’s Purchasing Managers’ turing sector to ramp up production form without the written Index (PMI) hit a trough in April, cautiously as the industry prepares permission of the publisher but witnessed a slower contraction for higher demand with the restart at 46.8 in May, as global demand for of economic activity worldwide. It We welcome your comments biomedical goods and pharmaceuti- is bullish on the biomedical manu- and criticism: propertyeditor.sg@ cal ingredients increased due to ex- facturing clusters, due to increased bizedge.com igencies caused by Covid-19, adds global demand for medical-related Average Prices of Multiple-User Factory Space by Pseudonyms are allowed but Knight Frank. equipment and products. Balance Tenure please state your full name, In 1Q2020, Singapore’s manufac- Pent-up demand for consumer address and contact number for turing sector was also boosted by the goods after lockdown periods in many us to verify. biomedical manufacturing, precision countries may also contribute to some engineering and transport engineer- increased activity in other manufac- ing clusters, outweighing the declines turing clusters, it highlights. in the electronics, general manufac- From 2Q2020 to 2024, some 54.1 turing and chemical clusters, it says. million sq ft of industrial space is slat- Meanwhile, the median rent of ed to come on stream. About 41.7% multiple-user factory spaces was at of the upcoming developments are $1.78 psf per month in 2Q2020, un- projected to be completed in 2020, changed from the previous quarter with the majority comprising facto- and from a year ago. ry space. Leasing volume, however, declined Given the upcoming supply in 2020,

KNIGHT FRANK er 1 has a floor area of 3,897 sq ft, with views of the to the purchase of the property. CBD and the sea. The shophouses are a five-minute walk to Bendemeer It is on a high floor, and is column-free, allowing MRT Station on the Downtown Line. possible partitioning into two smaller office units, The expression of interest exercise for the shophouses will says Knight Frank. close on Aug 17 at 3pm.

Pair of conservation shophouses in Kallang Industrial building at MacPherson Road for sale for sale at $13.2 mil at $21 mil A pair of freehold corner shophouses in the Laven- A seven-storey industrial building at 463 MacPherson Road der-Kallang precinct is on the market for $13.2 mil- is up on the market at a guide price of $21 million, accord- lion, according to Savills Singapore, which is market- ing to Savills Singapore, which is marketing the property. ing the property. The building has a total gross floor area of 38,287 sq ft The two-storey conservation shophouses at 52 Foch and land area of 14,400 sq ft, and is zoned under “Business Road have an attic and a four-storey rear extension. The 1 Industrial”. Completed in 2016, it has a basement car park pair occupies a site of 2,848 sq ft, and has a built-up and sky terrace. area of 8,417 sq ft. The property enjoys an 18m-wide The 99-year leasehold property has a remaining lease of main road frontage along Foch Road. 44 years, and is located within walking distance to Mattar The property is approved for F&B use on the ground MRT Station, MacPherson MRT Station, and Tai Seng MRT floor, and is rented out to a coffeeshop operator. Of- Station. The site is also easily accessible from major express- fice tenants are located on the upper floors. Altogeth- ways such as the Pan-Island Expressway and Kallang-Paya er, the property is subdivided into seven units, and Lebar Expressway. all units come with individual air-conditioning sys- Genova Building in Kallang is up for sale from $12 million to tems and toilets. Heitman acquires two warehouse facilities in $13 million Some selected units on the upper floors enjoy dou- Yeoju city, Korea Commercial properties in Kallang and Suntec ble-volume ceiling height. US-based real estate investment management firm Heit- City on the market Under URA’s 2019 Master Plan, the property is CONTINUES ON PAGE EP16 An industrial building in Kallang and an office unit at zoned for commercial use under the Jalan Besar Sec- 6cm x 2 col (72mm) EDITABLE ARTWORK Suntec City are on sale at guide prices of $12 million ondary Settlement Conservation Area, which allows to $13 million, and $2,900 psf respectively, says Knight for rear extension of up to six storeys. No additional FOR SALE: PRIME GROUND FLOOR Frank, which is marketing both properties. buyer’s stamp duty or seller’s stamp duty will apply Genova Building is a corner, six-storey light indus- HDB SHOP IN TOA PAYOH CENTRAL trial building at the junction of Bendemeer Road and SAVILLS SINGAPORE • Floor area: approx. 5,780 sq ft • High foot traffic within bustling estate Jalan Lembah Kallang, within Kallang Industrial Es- • 1-minute walk to Toa Payoh MRT Station tate. It occupies a land area of 6,060 sq ft and has a • Strong and stable tenants with attractive gross floor area of approximately 17,854 sq ft. rental income Under URA’s Master Plan 2019, it is zoned under • Full commercial “Business 1” with a plot ratio of 2.5. It has generous Expression of Interest closing date: ceiling heights across floors, at 8m on the ground floor 12 August 2020, Wednesday at 3pm and 6m on other floors. The loading bay can accom- Contact: Capital Markets CLAIRIE TAY JOSHUA GIAM modate 40-foot vehicles, says Knight Frank. Salesperson Reg No.: R060622J Salesperson Reg No.: R059079J Genova Building has a balance lease of 44 years. 9171 0269 8298 2731 The expression of interest exercise for the property will close on Aug 20 at 3pm. The shophouse pair at 52 Foch Road occupies a site of 2,848 Agency License No.: L3002163I Meanwhile, the strata office unit at Suntec Tow- sq ft and has a built-up area of 8,417 sq ft PICTURES: ASCOTT

EDGEPROP | JULY 20, 2020 • EP3

BROUGHT TO YOU BY FAR EAST ORCHARD LTD, FAR EAST ORGANIZATION & SEKISUI HOUSE LTD Woods Square: A draw for firms heading and prices to be under pressure and north to tap bigger population base moderate by about 5% this year. E

FAR EAST ORGANIZATION any companies aiming to capture a bigger pool of clients and customers are setting up shop at Woods Square, located in the vibrant Woodlands centre and close to Johor in Malaysia. MAn integrated commercial development with retail, F&B and a childcare centre, Woods Square sits squarely in the heart of Woodlands Regional Centre. Under the Northern Gateway blueprint in URA’s Master Plan 2019, the region promises to be a new transformative hive of commercial ac- tivities including a new agri-tech hub.

Key tenants Anchor tenants at Woods Square include AIA Sin- gapore, Anytime Fitness, Far East Organization, Superland Pre-School and The Write Connection. AIA Singapore will be taking up approximate- ly 36,000 sq ft of space spread over 1½ floors at Woods Square will transform the business skyline in the northern part of Singapore Woods Square for its latest satellite office, which it has named Woods Valley. The insurance giant as a value-add to our Woods Square owners and Catering to the needs of residents and the office 9,849 sq ft which can be amalgamated to up to views Woods Square as an attractive location giv- tenants, we have also carved out a range of meet- population, Woods Square has a wide range of retail 20,000 sq ft. In the wake of Covid-19 safe man- en its centrality within Woodlands Regional Cen- ing facilities for them to access for a nominal fee,” and F&B outlets such as Eu Yang San TCM Clinic, agement measures, they are ideal for satellite of- tre, and proximity to Yishun and Sembawang in says Cheryl Huan, Far East Organization’s Chief Fun Toast, Glance Optical, Ji De Chi Dessert, Saize- fices and for business continuity plans. the North, as well as Punggol and Sengkang in Operating Officer for the Sales and Leasing Group. riya, Sanook Kitchen and Swee Heng 1989 Classic. To address the growing demand for smaller the Northeast region. This enables representa- Superland Pre-School will be setting up an and compact office spaces, Woods Square also tives of AIA Singapore to reach out and serve a infant and childcare centre that can accommo- Connectivity offers Small Office Loft Office (SOLO) units for sale. larger pool of customers. date up to 100 children between the ages of two Connecting key locations in both Singapore and There are 101 such strata-titled SOLO units with With Woodlands Regional Centre poised to be months and six years at Woods Square. “Wood- Johor Bahru, the Woodlands Regional Centre is sizes ranging from 495 to 1,800 sq ft, and 5m floor- the largest economic hub in the North, coupled lands is a new target market for our pre-school,” expected to serve as the strategic domestic cen- to-floor height with furniture platform provided. with the fact that the population is bigger than says a company spokesperson. “We chose Woods tre for the Northern Agri-Tech and Food Corridor. Many have witnessed the respective success in other estates, being located at Woods Square Square for its excellent location and its positioning The centre will bring together various elements of Tampines and Jurong regional centres in the East brings greater convenience, says Qiren Organisa- as a major hub in the North.” to form a larger ecosystem that comprises the and West, where the once-residential towns were tion (SP - Qiren, an authorised representative of Woods Square’s connectivity to Woodlands future Agri-Food Innovation Park replete with transformed into thriving centres of commerce. AIA Singapore, Reg. No. 201106386R). MRT Station and Bus Interchange allows Super- modern high-tech farms, and the Senoko Food As the next regional centre developed by URA, “Having office, retail and other amenities, in- land to tap a new and growing catchment area. Zone that will cater to the food-related industry Woodlands, with the added advantage of prox- cluding a childcare centre within an integrated de- “Being right in the centre of such an important hub and businesses. imity to Malaysia, looks set to follow in the foot- velopment, enables us to engage in direct outreach will definitely increase the demand for our servic- Woods Square has sheltered access to the steps of its successful predecessors. marketing activities with our key customer seg- es,” adds the company spokesperson. “Overall, Woodlands MRT Station, which is positioned as Prices start from $1.04 million for a 560 sq ft of- ments, and to achieve our objective of being the it would help us to provide an even better level of the intersection of the North-South Line (NSL) fice unit and $1.43 million for a 721 sq ft SOLO unit. insurance provider for families,” adds Qiren Or- service to our customers.” and Thomson-East Coast Line (TEL). Scheduled Buyers and sellers of commercial property en- ganisation. “Our commitment has always been Anytime Fitness will be another occupier at to be fully operational by 2024, the TEL will pro- joy exemption for additional buyer’s stamp duty to ensure that people and their families are ade- Woods Square. “We are very excited to be part of vide a faster commute from the North to the CBD or seller’s stamp duty, which is a good bonus for quately protected.” this bustling neighbourhood and to have the op- and Orchard Road. companies looking to purchase their own office Far East Organization is another major occu- portunity to influence a healthy lifestyle through For those who drive, Woods Square is accessi- space and investors. There is currently a 4% per pier at Woods Square, taking up about 73,200 sq fitness and wellness in the Woodlands commu- ble to major expressways such as the Seletar Ex- annum rental guarantee for three years for selected ft of space spread over three floors within Tower nity,” says a company spokesperson. As a lead- pressway, Bukit Timah Expressway and the new units, a good consideration for investors who want 2. The space will feature modern workplace facili- ing brand in the industry, Anytime Fitness provides North-South Corridor, which eases traffic flows to enjoy guaranteed rental for a locked-in period. ties such as open collaborative areas that encour- members with a safe, clean and fun environment and cuts travel time to the city by half an hour. The office spaces are also available for lease. age creativity and teamwork, and an on-site café. for them to work out 24/7. Woods Square will see Far East Organization’s “Our gyms are designed to be convenient, af- Only Grade A-like offices in the North satellite operations housed under one roof for the fordable and accessible so that members continue In all, there are four towers in Woods Square – Tower To make an appointment to view the office units first time. “This is the first time that our satellite to be motivated in their lifelong fitness journey,” 1 & 2 and SOLO 1 & 2. The 365 office units in Tower or for a personalised virtual tour from the com- offices are located within one location. Coupled adds the company spokesperson. 1, with floor-to-floor heights of 4.2m, are for sale. fort of your home: call 65348000 or WhatsApp with our digital transformational undertaking, it will These established companies see the poten- Tower 2 is set aside for lease with Far East Organ- 97122344. drive better collaboration and improve our efficien- tial of Woodlands as the next growth hub, espe- ization as an anchor tenant. Currently, 62% of the cy, which in turn, will enhance our ability to sup- cially with HDB planning to launch another 2,110 208 office units launched for sale have been sold. Please refer to www.fareast.com.sg/woodssquare port and serve our customers better. In addition, Build-To-Order (BTO) flats in August. Flexible office spaces range from 549 to for more information.

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE FAR EAST ORGANIZATION SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

To address the growing demand for smaller and compact office Woods Square has sheltered access to the Woodlands MRT Station, spaces, Woods Square also offers Small Office Loft Office (SOLO) which is positioned as the intersection of the North-South Line and units for sale Verdant spaces and linkways that foster communal interaction Thomson-East Coast Line

The joint developers of Woods Square are among the leading organisations in real estate development and management in the Asia-Pacific region. Sekisui House is the leading housing company in Japan, headquartered in Osaka; Far East Orchard has a diversified property investment portfolio, as well as owns and manages an extensive range of hospitality assets; and Far East Organization is Singapore’s biggest private property developer. EP4 • EDGEPROP | JULY 20, 2020 EVENT SPONSORED BY GUOCOLAND

(Clockwise from top left): Ong Choon Fah, CEO of Edmund Tie was the moderator for the forum; panellists Alan Cheong, Savills Singapore’s head of research & consultancy; Dora Chng, general manager (residential) at Guocoland Singapore; Christine Li, head of research at Cushman & Wakefield; and CLSA’s head of research Wong Yew Kiang

EDGEPROP SINGAPORE A snapshot of Singapore’s property market in 2H2020

SAVILLS RESEARCH & CONSULTANCY, URA

BY VALERIE KOR [email protected]

ingapore is a month into Phase Two reopening after the “circuit breaker” period. With general elections over on July 10 where Singapore’s ruling party still gained the majority share Sof votes, real estate consultants and listed property developer GuocoLand weighed in on what the property market could look like in 2H2020 at EdgeProp’s Virtual Forum on Real Estate Investment on July 11. Alan Cheong, head of research and con- sultancy at Savills Singapore, says the res- idential market has been resilient despite travel restrictions and external challenges. In 1Q2020, residential transactions still in- creased 16.9% y-o-y. From April to June, new home sales in- creased from just below 280 units to over 980 units, notes Cheong. For Phase Two reopen- ing, transaction volume is expected to con- tinue rising. “Buying numbers are likely to settle at pre-Covid levels,” says Cheong. And with buying momentum in new and resale markets picking up, he expects to see prices increase only after Phase Three of reopening. Cheong reckons it does not matter wheth- er one buys a property in the Core Central sure, he adds. will increase in value over time. “Since 1975 He therefore believes that the residential Region (CCR), Rest of Central Region (RCR) Cheong attributes the health of the resi- until now, we have seen extraordinary gains sector will remain more resilient compared or Outside Central Region (OCR), as the dif- dential market to past macroprudential poli- in the residential market,” observes Cheong. to other sectors such as office, commercial ferent market segments are highly correlated. cies too, such as the Total Debt Servicing Ra- “There may have been short-term bounces or industrial. “People still need a roof over “Beyond the URA Master Plan, you have to tio (TDSR) loan framework introduced at the in between, but from generation to genera- their heads,” he says. He foresees people look at the macroeconomic trends,” he says. end of June 2013. “Prior to TDSR, one could tion, values have increased over time. That’s switching part of their investment portfo- take out a loan on the increased equity val- why people were still entering the residen- lio from equities, bonds, REITs and other fi- Low interest rates, expected gains ue of your home to speculate in stocks,” he tial market despite the circuit breaker. The nancial instruments and putting it into res- prompt switch to residential says. “When the stock market went down, equity market does not have the same ex- idential property. The residential market’s resilience could you ended up having to sell your home. But pectation.” be attributed to the low interest rates, says TDSR has minimised the likelihood of that Singapore’s property market recovery could Commercial: Lower office demand but Cheong, which have prompted some of those happening, so when stock prices came down even mirror that of China, where residential bright spots in industrial market sitting on the sidelines to commit to a pur- significantly, real estate prices remained rel- sales across various cities have bounced back Covid-19 and the current recession has brought chase. The low interest rates will also help atively resilient.” to pre-Covid levels and home prices have three issues to the forefront in the office sec- lower interest costs for homeowners and There is also a socially-ingrained expecta- moved up steadily, especially in China’s Tier tor, says Christine Li, head of research for businesses, reducing the risks of foreclo- tion that residential properties in Singapore 2 cities, reckons Cheong. Singapore & Southeast Asia at Cushman & EDGEPROP | JULY 20 2020 • EP5 EVENT SPONSORED BY GUOCOLAND

How WFH has changed the concept of home

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE ROBERTO NICKSON

With working from home becoming the norm, people want flexibility in their home rather than having a larger Working from home could spur the need for ergonomic furniture, and architects to rethink the layout of homes one, according to GuocoLand’s Chng to increase space efficiency, observes Savills’ Cheong.

ne of the issues raised during the Frequent cleaning and sanitation of com- sharing economy remains uncertain. “It’s a and China. “Singapore will continue to be a forum was how working from home mon areas, especially in lifts and condomin- mixed bag at the moment as some business- key financial hub in Southeast Asia due to its (WFH) could change the way people ium facilities, will also become the norm. es in the sharing economy will not even sur- transparent and sound infrastructure,” says Li. view their homes. Ong Choon Fah Developers are therefore, also exploring the vive the current downturn, especially if they Another perennial question was wheth- was the moderator for the forum. possibility of introducing cleaning robots, are in the business of human interaction,” er the government would lift some of the O“Perhaps, working from home may spur installing UV lights in the lifts to kill bacte- says C&W’s Li. property cooling measures. “Housing is a so- the upgrader market — people who want ria and other features, as health and well- Another concern was whether the elec- cio-economic and political tool,” says Wong more comfort and space at home to work ness becomes more important to residents, tion results could have an impact on the Yew Kiang, CLSA head of research for Sin- and live in,” says Alan Cheong, head of re- notes Chng. residential market. “Foreigners will still see gapore. “It must be kept in line with income search at Savills Singapore. “It could also As WFH becomes more commonplace, our political system as very stable,” says growth, which is now 3% to 4% annually. spur the need for ergonomic furniture. Ar- businesses that promote the sharing econo- Savills’ Cheong. “They will look at Singa- My gauge is that when prices grow by more chitects will also have to rethink the layout my such as “cloud kitchens” as well as on- pore very favourably — given the quality than 1% to 1.5% per quarter, or an annual- of apartments, and how to increase the use line gaming and entertainment companies will of the civil service sector and transparency ised rate of 5% to 6%, the government gets of efficient space.” boom, says Christine Li, head of research for of business policies. Even the loss of one a bit worried, which was exactly what hap- More important than size is flexibility, Singapore and Southeast Asia at Cushman & more GRC [group representation constitu- pened before the latest cooling measures in says Dora Chng, general manager (residen- Wakefield (C&W). “As real estate agility in- ency] to the opposition party will not affect July 2018.” tial) of Guocoland. “A larger home does not creases, a lot of buildings will not be relevant that perception.” C&W’s Li agrees. She reckons the gov- mean that it is more flexible,” she adds. “To to today’s workforce,” she adds. C&W’s Li agrees: “Investors don’t look at ernment will only tweak some of the meas- be able to transform a living area where one Li believes that “cloud kitchens” will how many seats PAP [People’s Action Party] ures if residential property prices plunge by can entertain, to a place for relaxation, and be here to stay. Such kitchens offer shared have won because many come from demo- at least 5% within a short period of time. “In then to a place of work, will be something kitchen spaces for delivery-only restaurants. cratic societies where coalition governments fact, during Covid-19, the government de- that people want.” Savills’ Cheong agrees, adding that F&B out- are common.” ferred mortgage repayments for homebuyers With WFH, more people are shopping lets and restaurants are likely to “go under- In fact, Li says Covid-19 and the unrest and also gave a six-month extension on the online and having food and shopping de- ground” — either operating from home or a in Hong Kong have led to an increase in real ABSD [additional buyer’s stamp duty] remis- livered to their homes. More developments central kitchen. “These kitchens could dilute estate enquiries from both investors and sion for couples buying their second home, in the future will have to cater for contact- the demand for F&B shopfronts in malls or multinational companies. She also points to as well as for developers. Even commercial less delivery, such as parcel locker sys- commercial shops,” he adds. the “spillover effect” from the trade war last landlords had deferment on their mortgage tems, adds Chng. The long-term impact of Covid-19 on the year and the ongoing conflict between US repayments.” E

ALBERT CHUA/THE EDGE SINGAPORE Wakefield (C&W). for Grade-A office space in the CBD and 6% First, there will be an overall decline in outside the CBD. leasing demand as people adopt different Meanwhile, rents in the industrial sector collaborative settings such as co-working, are also expected to decline, except for the use technology and reconfigure office space logistics segment. This means that overall to accommodate more meeting rooms and rental declines are likely to be more muted, remote working. at about 1% to 4%, estimates Li. “The premium attached to Marina Bay In addition to Covid-19, the ongoing trade and the city centre is likely to diminish as war between US and China is also affecting people adopt flexible work arrangements,” global supply and demand. With weakened observes Li. Even prior to the Covid-19 out- global demand, industrial tenants are look- break, the economic slowdown towards the ing to reduce their space requirements and second half of the year had resulted in over- negotiate for lower rents. all rental growth of just 2.8% for the full At the same time, factories are not able year. The rental growth was concentrated to operate at maximum capacity due to mainly in 1Q2019. safe-distancing measures and a shortage of In 1Q2020, office rents weakened 0.8% workers, adds Li. q-o-q, based on URA data, and is expected In a post-Covid world, the use of artifi- to decline by another 2.5% in 2Q2020, Li es- cial intelligence and automation is likely to timates. With a negative take-up rate in of- become more prevalent as companies seek fice space, she expects CBD office rents to to increase demand for their products with- drop by 10% for the full year, and 5% in the out increasing human interaction, notes Li. city fringe and suburban areas. However, as This could lead to an increase in demand for Cushman and Wakefield’s Li says that there will be an overall decline in leasing demand as people adopt different new supply remains low until 2022, she ex- warehouses, cold storage facilities and data collaborative settings such as co-working, use technology and reconfigure office space to accommodate more pects vacancy to remain low — at about 2% centres, she reckons. E meeting rooms, and reorganise workspaces to accommodate remote working EP6 • EDGEPROP | JULY 20, 2020 SHOPS BreadTalk boss offers prime shophouses for sale; Macly Group’s Tedge commercial units open to single buyer from $18 mil

SAVILLS SAVILLS

The shophouse at 8 Sixth Avenue is on the market for $15.5 million The shophouse at 22 Lorong Mambong is for sale by private treaty at $20.8 million

BY CECILIA CHOW ground level is Harry’s Bar, while the upper lev- shophouse sits on a freehold site of 1,259 sq ft. There used to be a coffee shop at that same [email protected] el is occupied by F45 gym. The Holland Village MRT station and taxi junction, he adds. The coffee shop was situat- The corner shophouse at 22 Lorong Mam- stand as well as bus stops are nearby, making ed within one of nine single-storey shophouses hen two prominently-located corner bong was purchased by BreadTalk’s subsidiary the area very accessible, notes Yap. Not surpris- located at Telok Kurau before it was purchased shophouses were put up for sale by Imagine Properties, for $16.2 million ($4,830 psf), ingly, the freehold shops in the prime District en bloc by Macly Capital for $35.5 million in Savills Singapore a fortnight ago, according to a caveat lodged in October 2017. It 10 enclave of Holland Village, which includes January 2018. they generated a lot of enquiries. sits on a freehold site of 2,350 sq ft with a gross Holland Avenue and Lorong Liput, are popular “This is a very mature private residential One is located at 8 Sixth Avenue floor area of 3,354 sq ft. with investors. neighbourhood, and it’s a natural catchment Wwhile the other is located at Lorong Mambong The property is now available for sale by pri- The latest transaction in Holland Village was for residents in the area,” notes Tan. “The oth- in Holland Village. vate treaty, with Savills as the exclusive mar- for a shop unit on Holland Avenue that changed er F&B outlets on that same stretch — the food The corner shophouse at 8 Sixth Avenue sits keting agency. The asking price is $20.8 million hands for $15.2 million in March this year. The courts, coffee shops and restaurants — have on a freehold site of 2,451 sq ft, with an existing ($6,202 psf). “The prospective buyer is expect- property sits on a freehold site of 1,507 sq ft been there for many years, hence, it’s an estab- gross floor area of 2,519 sq ft. BreadTalk occupies ed to benefit from the ongoing transformation of with a built-up area of 2,042 sq ft. The sale price lished F&B enclave.” the first level while That Tuition Café, a co-work- Holland Village, which has an eclectic mix of old translates to $7,444 psf based on the existing Tan believes the commercial units at Tedge ing-style tuition centre, occupies the second floor. coffee shops and new, hip F&B outlets and bars, built-up area. are ideal for a single buyer as it will be better as well as lifestyle shops,” says Yap. for the owner to plan the F&B concept. “If you Sixth Avenue shophouse for The last recorded transaction was at the oth- ‘Relatively resilient’ sector sell to four individual strata owners, there will $15.5 million er end of the street. It was the sale of 48 Lorong The fact that the two freehold shop units are be competing requirements and it will be diffi- It is owned by George Quek, founder and chair- Mambong to property investment and devel- zoned for commercial under the URA Master cult to manage conflicting interests,” he adds. man of BreadTalk Group, who purchased it for opment group, 8M Real Estate. The transacted Plan also means that they are not subjected to $12.5 million ($4,962 psf) in April 2018, accord- price was $8.3 million back in January 2019. The additional buyer’s stamp duty restrictions and No future competition for The Tedge ing to a caveat lodged with URA Realis. therefore attractive to foreign buyers, says Gal- The Tedge commercial podium will have a prom- There are only around 20 shophouses in this SAMUEL ISAAC CHUA/THE EDGE SINGAPORE ven Tan, deputy managing director of investment inent frontage along Changi Road. The project is enclave and 8 Sixth Avenue stands out because sales and capital markets at Savills Singapore. raised above street level, and there will be sev- of its prominent corner location, notes Yap Hui “Given the level of enquiries generated by the en designated parking spaces for the commer- Yee, director of investment sales & capital mar- two shophouses at Lorong Mambong and Sixth cial units within the development. However, kets at Savills Singapore, the exclusive market- Avenue, we felt that this sector is relatively re- street parking is available nearby too, notes Tan. ing agency for the property. silient,” he adds. Based on URA’s plan, there are no other new “Such an offering is hardly available as many As such, Savills is now marketing the com- areas that have received F&B approval along that of these shophouses are tightly held by high net mercial units at Tedge, a mixed-use development stretch. “There will be no competition from fu- worth individuals,” says Yap. “This corner unit by Macly Group, on an exclusive basis. Located ture new developments,” he adds. combines an auspicious address in an affluent at the junction of Changi Road and Telok Kurau The commercial units at Tedge are available neighbourhood and approval for F&B use for Road, the five-storey-plus-attic development con- for sale by expressions of interest, which will part of the ground floor space.” tains 42 apartments on the upper floors and four close on August 18. The asking price starts from Over the years, Sixth Avenue has transformed strata commercial units on the podium floor. It $18 million ($3,228 psf based on floor area). into a notable lifestyle and recreational option sits on a freehold site of about 18,800 sq ft. Tan sees interest coming mainly from local for residents in the Bukit Timah area, accord- The four strata commercial units have four business owners who are familiar with the loca- ing to Yap. different titles, but will be sold as a whole to a tion and understand the market dynamics there. The shophouses in the area are much sought-af- Tan: Even though Covid-19 may have clouded the single buyer, says Tan. The total floor area of The residences at Tedge are a mix of two- ter given their location in an established prime short-term outlook for the F&B sector, at the end of the four units is 5,576 sq ft, of which 75% is ap- to four-bedroom apartments and penthouses. District 10 residential enclave of predominantly the day, we are social creatures; people want to go proved for restaurant/F&B use. When it previewed in March, eight units were landed property and condominiums and upcoming out and meet their friends for a meal or drinks sold at prices ranging from about $1.28 million high-end developments such as Allgreen Proper- MACLY GROUP ($1,652 psf) for a 775 sq ft, two-bedder to $1.87 ties’ Fourth Avenue Residences and Royalgreen. million ($1,508 psf) for a 1,238 sq ft, four-bed- They are also just a three-minute walk to der. Average price of units sold was $1,597 psf. the Sixth Avenue MRT station on the Down- The project is expected to appeal to young fam- town Line, close to multiple bus stops and easi- ilies as it’s near the Kembangan MRT station, ly accessible by car from Bukit Timah Road and with schools in the vicinity, such as Tao Nan Dunearn Road. School, St Patrick’s School and Tanjong Katong The shophouse at 8 Sixth Avenue is fully Girls’ School. leased and available for sale by private treaty. Tedge is scheduled for completion in 2022. The asking price is $15.5 million ($6,153 psf). “The commercial podium is ideal for restaurants, bistros, gourmet coffee joints or a food court,” Lorong Mambong shophouse for Tan observes. “Even though Covid-19 may have $20.8 million clouded the short-term outlook for the F&B sec- Located at 22 Lorong Mambong, the other prom- tor, at the end of the day, we are social creatures; inent shophouse sits right at the heart of Hol- Macly Group is offering four strata retail units with a total floor area of 5,576 sq ft for sale to a single buyer at people still want to go out and meet their friends land Village. It is fully leased: the tenant on the a price tag of $18 million for a meal or drinks.” E EDGEPROP | JULY 20, 2020 • EP7 OFFSHORE

Johor Baru market static in 1Q2020 amid Covid-19 crisis

BLOOMBERG BY HANNAH RAFEE [email protected]

he Johor Baru property market was stagnant in the first quarter of the year against a backdrop of uncertain- ty wrought by the Covid-19 crisis, low oil prices and domestic factors. T“The Covid-19 outbreak dominated 1Q2020. The abrupt change of government in Malay- sia and the drastic plunge in oil price paled in comparison with the adverse impact caused by Covid-19,” says KGVI International Prop- erty Consultants (Johor) executive director Samuel Tan, in presenting The Edge-KGV In- ternational Property Consultants Johor Baru Property Monitor 1Q2020. “More detrimental to the economy is per- haps the confidence level of investors and con- sumers. Whether corporations or individuals, most will adopt a wait-and-see stance before committing to a new investment. This fear fac- tor affects business decisions and intensifies the vicious cycle of procrastination,” he says. During 1Q2020, the Johor Baru property market was lacklustre, with a total transaction volume of 3,646 units and transaction value of about RM2.18 billion ($711 million), says Tan. “Compared with the immediate preceding quarter, 4Q2019, the transaction volume was on a downward trend across sectors. At 3,646 units, the total transaction volume dropped During 1Q2020, the Johor Baru property market saw a total transaction volume of 3,646 units and transaction value of about RM2.18 billion. Compared with the immediate about 20.5% q-o-q from 4Q2019 and regis- preceding quarter, the transaction volume was on a downward trend across sectors. tered a decrease of 13.2% y-o-y from 1Q2019. “Similarly, the transaction value was mostly “Our advice to those who have been sourc- risk premium. This is going to affect future private sector work hand in hand in crafting on a downward trend across sectors. At RM2.18 ing for a house for owner-occupation is to keep projects and investments. and implementing good policies and action billion, the total transaction value dropped abreast of the market trends and do some se- “The property sector will not be spared. plans. We just tend to take all these inherent about 13.0% q-o-q from 4Q2019 and regis- rious homework. This period could be the The best case is for the new government to strengths for granted,” he adds. tered a decrease of 17.0% y-o-y from 1Q2019.” best time to buy when one looks back in a cast aside political differences and quickly im- Tan says other factors that are impacting few years’ time,” Tan says. plement a policy to stimulate the economy. It the Johor market include the US-China trade Covid-19 and other factors He says another important factor is the po- is crucial to act quickly to boost the economy war, volatile stock market and oil price, and Tan says the Covid-19 crisis affected all sec- litical uncertainty in Malaysia currently. “All and reduce the damage done. In fact, a sta- low interest rates. tors. Tourism, transport, hospitality, retail and will be watching how the new government ble and effective government is more critical “Even with the trade war truce after the F&B were the first sectors to be directly hit, fol- alliance and cabinet line-up perform. As this compared with a transitory black swan event conclusion of the Phase One agreement be- lowed by manufacturing. He says the property is not a government with a dominant party, like Covid-19,” he states. tween the US and China, the supposedly tough- sector will not be spared as most people will everything will be closely scrutinised to see Tan stresses that attention should be given er Phase Two negotiations are still in the air. hold off their decision to purchase big-ticket if the government can effectively lead the na- to Iskandar Malaysia (IM). “IM has not been World trade will remain tense as long as the two items and undertake discretionary spending. tion by setting direction, formulating policy reaching its optimum potential all these years biggest economies in the world cannot reach “Nevertheless, even in the worst-case sce- and carrying out the implementation. despite the effort and promotion since its in- an amicable resolution. Oil price (Brent crude) nario, we must recognise that Covid-19 would “In particular, the public will assess how ception. Apart from the property sector that has also hit a low of about US$20 ($27.80) per most likely be transient in nature. It will pass. the government handles the Covid-19 crisis. experienced a boom in 2012 to 2014, other sec- barrel and should remain low for a prolonged Once the vaccine is found or natural immu- This crucial period offers the new government tors like manufacturing, tourism, education and period in view of low demand as a result of nity is built up over time, the infections will the best opportunity to win over the hearts medical have yet to reach their full potential. stalled production worldwide. be brought under control and the world will of the people. There will be huge challenges, “Given IM’s strategic location, excellent ac- “In anticipation of the tough economic gradually heal itself. Economic and social ac- both economically and socially. Everyone is cessibility, the [country’s] established English conditions, the US Federal Reserve revised tivities will go back to normal progressively. affected. It is therefore important for the gov- legal system, relatively lower operation cost, the interest rate downwards twice in a span “Similarly, the property sector will recover. ernment to address issues in a holistic manner. the country being relatively free from natural of about two weeks by 0.5 and one percent- It could, in fact, be a golden opportunity for The uncertainty adds on to Malaysia’s polit- disasters and many other inherent strengths, age point respectively to just 0% to 0.25%. one to get his dream home at a value-for-mon- ical risk. Corporations will price in a higher IM has so much to offer if the government and The world’s stock markets were mostly in free ey price during this period. However, most fall amid the slew of bad news and remained people will be too fearful to commit to any extremely volatile,” he elaborates. big and long-term spending right now, given Gross yield performance of residential properties in selected Gross yield performance of residential properties in selected schemes the uncertainty. schemes in Johor Baru (1Q2012-1Q2020) Outlook for coming quarter in Johor Baru (1Q2012-1Q2020) Tan says Malaysia’s GDP growth for 2019 was 4.3%, with the figure for the final quarter hit- Standard 2store terraced and seidetached hoses partentscondoinis nfrnished ting 3.6%, the lowest level since the Asian fi- Gross yield (%) Gross yield (%) nancial crisis a decade ago. 10 10.00 Taman “In view of this, Bank Negara Malaysia has Ponderosa Taman revised the Overnight Policy Rate by 0.25ppt Bukit Indah* Taman to 2.5% [it was reduced further to 2.0% in 8 Ponderosa* Horizon Hills 8.25 2Q2020]. In addition, the government dished Horizon Hills* out two stimulus packages totalling RM250 Taman Sky 6 Bukit Indah Bandar Executive billion to boost the economy. Seri Alam* Molek Pine Bandar 6.50 (Tower 2) “Global stock markets have plunged to multi- Seri Alam Straits View year lows and are likely to remain extremely 4 East Ledang Condo Senibong Danga volatile thereafter. Many indexes have been Cove* View Taman Tropez Danga revisiting decade-low levels since the global Molek* 4.75 2 Bay financial crisis in 2008. Austin Ujana Heights* Taman Molek “Both global and national economies are East Ledang* undergoing rough patches at the moment. Our 0 3.00 1Q 1Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 1Q 1Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q4Q 1Q government should use our limited resourc- ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 Tan: Whether corporations or individuals, most will es to stimulate the economy in a sustaina- Note:Note: Prices Prices shown shown are are based based on both on transactedboth transacted and listed prices.and listed Adjustments prices. are Adjustments made where necessary are made for variations where in necessary size, specific location,for variations design, in size, adopt a wait-and-see stance before committing to a condition and improvements, if any. ble manner. It should help companies, espe- specific*Semi-detached location, housesdesign,condition  and improvements, if any. new investment *Semi-detached houses CONTINUES ON PAGE EP15 EP8 • EDGEPROP | JULY 20, 2020 COVER STORY

Cherry wood louvres and timber fins for the ceiling cove lighting, and warm, earthy hues as well as Hermes products are used to symbolise quality, luxury and soulfulness of the home

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Covid-19 sparks designer sanctuary home

BY CECILIA CHOW There was certainly a newfound apprecia- Class Bungalows, were designed to maxim- Trees planted around the perimeter of the [email protected] tion for the outdoors. “Those living in condos ise gross floor area, hence they lack a garden, house were selected as they were the most ef- said their balconies were their favourite place. notes Teo. For the house at Coronation Road fective as a screen and for providing privacy. hen Roy Teo, founder of The They could enjoy the fresh air while remain- West, he focused on creating a landscaped Plants and trees have also been strategically Mill Group of design compa- ing in the safety of their own private space,” garden, with chengal decking around the pe- placed so that the views from the house are nies, started XXII Century (pro- says Teo. Seeing the number of people jogging rimeter of the house. The deck varies in depth of the greenery. Big glass sliding doors of the nounced “22nd Century”) in 2003, or cycling on weekdays and flocking to parks to accommodate different functions: an out- house open out to the garden, the outdoor din- his focus was on forward-think- reinforced his belief that people wanted out- door dining area, poolside seating, a cabana ing area, the swimming pool or the al fresco Wing designs. These included movable walls door activity but may not necessarily have the as well as pockets of “fun additions”, such as spa. Mirrors have been strategically placed in that allow a home to evolve with a person’s space in their own homes, he adds. a hammock over the pool and a swing next to the living and dining area to reflect the garden changing lifestyle needs over time. “Homeown- Many of the bungalows, including Good the pool. There is even an alfresco spa area. and swimming pool outside, further reinforc- ers wouldn’t have to hack away walls to make ing the connection between the interior and more space,” explains Teo. “I looked at it from exterior of the house, says Teo. a functional point of view, where everything “The idea is to create your own sanctuary, else was added on as layers and was not per- so that no matter how much time you spend manent. I felt that one shouldn’t be fixated on at home — two months or longer — you have a certain design style.” everything you need in your own little oasis,” At that time, the vision of XXII Century he adds. was considered “ahead of its time” and well received by only a select group. Teo founded Reassessment of what a home means other design companies before that, namely Speakers have been installed around the house, The I.D. Dept in 1998, followed by Kri:eit As- both indoors and outdoors, so that one can en- sociates and Splendor; and made a name for joy music in every part of the home. All the himself in the design of luxury homes, devel- lights within the house were changed to LED opers’ sales galleries and showflats. (light emitting diodes), low-energy-consump- “But Covid-19 and the lockdown made peo- tion lights. The lighting system was reorgan- ple reach in and look at things from a new per- ised so that it was more efficient and effec- spective,” he says. “People have adopted a life- tive, with minimal number of lights, adds Teo. style where spaces within their homes need to Intelligent home switches are also used with serve multiple purposes, and yet be the ulti- timers to regulate the lights outside in order mate safe haven.” That change in perspective to conserve energy. led to a quantum leap in the way people look Covid-19 has also led to a reassessment at adaptability of space and design. XXII Cen- of what really matters in a home. “While the tury suddenly became very relevant. luxuries in life are still important, it’s about Teo therefore spent the past two months creating a home that balances grandeur and making over a 2½-storey bungalow that he comfort,” Teo says. “It is about soulfulness. So owns at Coronation Road West into a home I used warm, earthy hues and Hermes prod- that embodies XXII Century’s ideals. ucts to symbolise quality and the luxury that one is accustomed to.” ‘Your own oasis’ In the living and dining areas, Teo designed At the start of the “circuit breaker”, he did a cove lighting with a sloped ceiling to create an survey of everyone he knew to find out what Teo (left), who spent the past two months making over the bungalow at Coronation Road West into a airy, “coastal style” interior. Teo says: “The they missed most, and what they enjoyed most, home that embodies XXII Century’s ideals; and Choo of ERA Realty Network, the exclusive marketing timber fins serve more than just an aesthet- about working from home. agent for the property ic feature. The rear fins have reflectors that EDGEPROP | JULY 20, 2020 • EP9 COVER STORY

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Exterior of the corner detached house at Coronation Road West with a 17m frontage

create a visual sense of depth.” bed. The room has an en suite bathroom, owners will not have to worry about drag- The multi-dimensional dining area was which is designed to be “spa-like”, and ging a heavy piece of furniture across the a concept that Teo has always wanted to also doubles as the common bathroom. floor, he adds. create. On the one end, next to the dry Adjacent to the bathroom is an al fres- The staircases, flooring and built-in kitchen, is a counter-height dining table co spa area with a view of the garden. wardrobes on the upper floors, on the and chairs, designed in cherry wood and “The idea is that you could have your other hand, are of real teak wood. There burnt orange leather upholstery. “It’s like own home spa,” he adds. are three bedrooms on the second level: a French culinary experience, where you The dry kitchen was recently refur- two en suite bedrooms and a junior mas- sit upright and enjoy the food, but in the bished and can be used as a bar in the ter suite. All the bedrooms come with an relaxed ambience of your home,” he adds. evenings, a breakfast juice bar or buf- en suite private balcony as well. The bal- At the dining alcove, it is a more casual, fet counter when entertaining. “It forms conies are large enough for morning ex- “Mediterranean style” experience, where the heart of the house,” says Teo. A hole ercise like tai chi or yoga. Teo’s Donghia chairs were turned into was hacked in the wall between the wet The junior master bedroom has a gen- low chairs, inspired by ottomans, and re- and dry kitchens to create a glass win- erous wardrobe area and a secret vault. upholstered in expensive leather of burnt dow with a sliding panel that acts as a The bedroom is big enough to comforta- orange, similar to the banquette around a servery; and floating glass shelves. “The bly fit in a four-poster bed and it has its low height dining table on caster wheels glass window creates a visual connec- own private balcony. The junior master designed by Philippe Starck. A counter- tion between the dry and wet kitchens,” bathroom comes with separate shower top nearby doubles as a buffet or drinks he explains. and water closet as well as a vanity top counter, with storage space below. The wet kitchen is newly equipped with double sinks. The junior master with a full suite of Gaggenau kitchen ap- bedroom is sizeable enough to be used Multifunctional luxury pliances, including a built-in coffee ma- as the master suite, says Teo. The furniture and spaces within the house chine and a steamer “for a semi-profes- were designed to be versatile and multi- sional culinary experience”, says Teo. The Versatile spaces functional. For instance, a room on the kitchen has a connecting door to the help- The master bedroom on the attic lev- first level of the house has been designed er’s room and en suite bathroom. Glass el comes with a pitched ceiling and as a yoga or meditation area, with slid- sliding doors near the kitchen open out wraparound balcony. It has a luxuri- ing glass doors opening out to the pool. to the garden and the spa. ous en suite master bathroom with a A swing has been installed so that even Besides experimenting with space and standalone bathtub, separate show- a grown man can swing right into the design, Teo has also been experiment- er enclosure and full-length vanity top pool, says Teo. ing with materials used. For instance, with double sinks. The master bath- The chengal wood pool decking around the swimming pool and the The room can be easily converted into the flooring on the first level is of engi- room is connected to another room, perimeter of the house with fun additions such as the cabana, hammock a guest bedroom by installing a Murphy neered timber. It is more durable, and CONTINUES NEXT PAGE and a swing

The yoga or meditation area, with sliding glass doors opening out to the pool, can easily be turned into a guest The “coastal style” interiors, with glass sliding doors leading to the garden and swimming pool bedroom as it has an en suite bathroom EP10 • EDGEPROP | JULY 20, 2020 COVER STORY

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

The ‘Mediterranean style’ dining alcove with banquette seating and low chairs around a Philippe Starck- designed low table on caster wheels, which allows the table to be pulled out The al fresco spa area overlooks the pool deck

The wet kitchen is newly equipped with a full suite of Gaggenau kitchen appliances, including a built-in coffee The dry kitchen that doubles as a bar and buffet counter, with counter-height dining area machine and a steamer

FROM PREVIOUS PAGE appointed the exclusive marketing agent. The which can be used as a walk-in wardrobe and house has a built-up area of about 6,000 sq ft. dressing room, says Teo. The property sits on a freehold site, and oc- Alternatively, the homeowner could turn the cupies a land area of about 6,290 sq ft, which entire attic level into a home office and hobby includes a strip of state land of about 1,000 sq room or home entertainment area. That is why ft in front of the property. For the use of the Teo deliberately left the third level unfurnished land, the annual rent is about $3,000, which to allow homeowners to reimagine the use of translates to about $250 a month, says Choo. the space according to their lifestyle needs. “It Located in prime District 10, the property is can even be turned into a studio apartment for situated right in the middle of Coronation Road a multi-generational family,” he adds. West and Coronation Road. It is accessible via When Teo was based in the UK three years both Holland Road and Bukit Timah Road. It ago, he had originally designed the property is near Orchard Road, Holland Village and the at Coronation Road West as a tropical resort Dempsey Hill F&B enclave, as well as top schools home for his family when they came back to such as Hwa Chong International School, Mid- Singapore for holidays. dleton International School, Nanyang Girls’ High Having made over the bungalow recently, School and Raffles Girls Primary School. This Teo says: “If there’s another lockdown, you makes it a sought-after neighbourhood for fam- wouldn’t mind staying here for another two ilies with children of school-going age. months. It’s like your own resort.” “The property is a beautifully designed, For Teo, it marks the maiden project un- ready-built home sitting on a site with triple The junior master suite on the second level comes with a built-in wardrobe area and a secret vault der XXII Century. frontage, which is rarely available,” says Choo. He intends to actively look for old proper- With a 17m frontage, the house has the po- ties in Singapore and around the world, which tential to be redeveloped into a pair of semi- can be restored or repurposed for alternative detached houses. This presents several possible uses. These include not just residential prop- future scenarios. “You can subdivide the land, erties, but also disused industrial warehous- move into one of the semi-detached houses, es and even office buildings. while your grown-up child can move into the “I’m really excited about this, and I’ve other,” says Choo. “You can create a separate spent the last two weeks looking for proper- entrance or a central entrance to both houses, ties around the world,” he says. “I’m looking much like a dual-key landed property.” at one in Lake Como [in Italy’s Lombardy re- Another scenario would be to develop a pair sort area] which could certainly benefit from of semi-detached houses, sell one of them, and a makeover to make it relevant again, either retain the other for one’s own use, adds Choo. for an end-user or to be resold. This is our A unique attribute of the existing property contribution in terms of property development is that it is 2½ storeys in height, but has the — impact design.” potential to be redeveloped into a 3½-storey detached house or a pair of 3½-storey semi- On the market for $12.8 million detached houses, excluding basement. “For The bungalow at Coronation Road West is now buyers, this property is ideal for wealth preser- on the market with a price tag of $12.8 million. vation, coupled with future exciting redevelop- Alvin Choo, division director for investment ment potential and hence future capital gain,” The master bathroom on the attic level is connected to both the master bedroom and another room, making it sales & affluent markets, ERA Realty, has been says Choo.E E ideal as a dressing room and wardrobe area EDGEPROP | JULY 20, 2020 • EP11 BROUGHT TO YOU BY BERKELEY GROUP

Southall Waterside West London’s Newest Vibrant Village

Berkeley Group’s GBP1 billion much-anticipated project and has generated Your doorway to the capital and the Southall Waterside will also feature a a lot of interest among investors from all over rest of the UK 1.2km frontage along the Grand Union Ca- redevelopment project will the world,” adds Tan. “We are proud to be in- Southall Waterside conveniently sits between nal, including a canal-side community fa- benefit from easy access to volved in this stunning project. If you buy now, Heathrow and the West End. It provides fantastic cility where people can meet and dine at I believe it will definitely be an opportunity to access to the whole of London in the East and their leisure. Heathrow, Canary Wharf, the City reap benefits in the near future.” to the rest of the UK in the West. Meanwhile, the interiors are provided with of London, and the soon-to-open “One of the key offerings of Southall is ac- top-notch fixtures and fittings that are inte- Elizabeth Line Crossrail. Property Berkeley Group’s regeneration projects: cessibility across London, and also out into grated within the development and built to 10 years of unprecedented success the West of the UK,” says Willis. “This will work from Day 1. In other words, investors prices have already risen by 66% Being one of the pioneers in the residential be further enhanced by the opening of Cross- can essentially rent out their units right away. within a mile of Crossrail stations and luxury rental sector, Berkeley Group has rail next year. This means you can be located Southall Waterside will comprise suites, achieved success over the past 10 years by turn- in Southall, but be in Paddington, Zone 1, in one-, two-, and three-bedroom apartments ing tracts of idle land into real estate hotspots. just 14 minutes.” that offer spacious living. For example, a he London property market is start- “We specialise in regenerating these areas,” says Furthermore, the project is at the epicentre Manhattan suite has a total living area of ing to pick up steam after months Rob Willis, business development manager for of London’s international business scene — 500 sq ft, which is ideal for a studio sized of uncertainty due to the current Berkeley Group Singapore. “And what we have making it attractive to professionals who wish apartment. health crisis. seen is that time and time again, regeneration to stay close to their place of work or business. A two-bedroom apartment has an equal- Research from Jones Lang La- has had a positive impact on capital values.” The headquarters of blue-chip companies such ly large living area and bedrooms, making TSalle (JLL) forecasts an upward trend in Lon- Willis points to Berkeley Group’s Royal Ar- as Microsoft, Visa and Vodafone are just 14 min- them appealing to prospective renters. Even don’s housing market in the next four years. senal Riverside as an example. Prices were at utes away by Crossrail. the one-bedroom units offer plenty of space While sales remain subdued currently, there GBP250 psf in 2010, and now 10 years later, it The headquarters of other multinational in terms of working and living area. are signs of growing sales activity since the is closer to GBP1,000 psf. firms such as Facebook, Google and Regus are Lastly, investors will receive a 10-year market reopened, according to Widya Les- The same can be said about Woodberry only 19 minutes from Southall via Tottenham warranty and a two-year policy with a cus- ta, head of international residential at JLL. Down: A one-bedroom apartment priced at Court Road. And of course, there is Canary tomer service on hand 24 hours a day to “With recovery in transaction volume, we GBP275,000 in 2012 was commanding up to Wharf, London’s business hub, which is only deal with inquiries. should expect prices to increase in London by GBP540,000 in 2018. This is “a 96% increase 31 minutes away. the middle of next year. It is already deemed in just six years”, says Willis. “By car, you can get to Stockley Park in just the best performing real estate market in the Kidbrooke Village in Greenwich is another 23 minutes, where you can find big-name tech Find out more at the Southall UK,” says Lesta. example. A studio or “Manhattan suite” that brands like Apple, Toshiba, Canon, and Sharp,” Waterside launch While most buyers rush to inner London cost GBP262,000 in 2010, fetched a price of adds Willis. Phase 1 of the project is well under- for bargain properties, savvy investors know GBP350,000 by 2018. He sees Southall Waterside “in high demand” way, and judging by its UK release, that lucrative investments lie in outer regions “These examples show how regenerating a from employees and students throughout Lon- it will be just a matter of time be- — where massive regeneration projects are place increases its value, regardless of market don and the UK. fore all the units are taken up. underway in conjunction with the opening conditions,” says Willis. Berkeley Singapore is inviting seri- of the Crossrail. One of the latest projects offshore property A promising long-term investment ous property buyers to make a grab One example is Southall in West London investors should focus on is Southall Waterside, When it comes to opportunities, Southall for this latest project while slots are which is enjoying a sustainable growth for Berkeley’s most ambitious regeneration pro- Waterside offers a promising capital growth — still available. the last five years. For instance, the aver- gramme that will turn an 88-acre gasworks into similar to the previous Berkeley regeneration For more details about Southall age price of a property sold at Southall was a luxury complex that houses 3,750 residences. projects. Waterside, you may book for their GBP298,715 back in 2015. Fast forward to “A regeneration project like this offers a fantas- live events or one-on-one meetings

March 2019, the average sold price soared to 600 Royal Arsenal tic chance to invest because you can then grow on the following dates and times: Riverside GBP397,354 ($697,500) — a 33% jump from 450 with the development as it becomes one of the Average prices 300 in four years. Over the corresponding period, in Greenwich key villages in West London,” Willis comments. July 17–19 2020 150 the average house price in London increased Average prices According to him, property owners who 14% from GBP402,898 to GBP459,800. 2010 2011 2012 2013 2014 2015 2016 2017 2018 in Woolwich wish to rent out their investment property may 10am–6pm In just the last 12 months, average prices Royal Arsenal Riverside expect rental returns of around 4.4% to 4.7%, of houses sold in Southall increased 4.07%. Where regeneration by Berkeley has driven capital value which is a competitive rate for such a location.  Berkeley Group Plc,10 Marina And with the arrival of the Crossrail later In addition, Southall Waterside will benefit Boulevard #16-04, MBFC Tower 2, this year, anticipation is running high as the 700 73.2% in 8 years from the massive GBP1.9 million investment in Singapore 018983 Berkeley Group spearheads one of the most 525 71.9% in 8 years infrastructural works from roads, public spac- 88.1% in 8 years 350 ambitious redevelopment schemes this side 108.6% in 8 years es and improvements to the Crossrail station at of London: Southall Waterside. 175 Southall that will provide easy access to Lon- Strictly by appointment only. 0 It is Berkeley’s most ambitious regeneration 2010 2011 2012 2013 2014 2015 2016 2017 2018 3 Bed 1 Bed don’s top business and employment destinations. To register, please contact: program to turn an 88-acre (35.6ha) former Kidbrooke Village 2 Bed Man gasworks into a luxury complex with 3,750 Where regeneration by Berkeley has driven capital value Exclusive residence with world-class Widya Lesta (JLL Singapore) residences. It will have generous green spac- amenities  +65 8282 3473 es and a vibrant community when complet- 96.4% in 6 years ( Hackney average 42.3% ) In terms of facilities, Southall Waterside will of- (CEA Reg No. R016997A) ed. “Southall is an area where house prices 52.7% in 2 years fer the same services found in Berkeley’s Zone are still affordable with plenty of growth po- 1 and Zone 2 developments. Doris Tan (Benham & Reeves) tential as this is the first phase in a 10-year There will be a residents-only lounge suita-  +65 9632 7334 scheme,” says Doris Tan, regional director of 2012 2014 2016 2018 ble for work-from-home renters, a luxury spa, (CEA Reg No. R016994G) Benham and Reeves. Woodberry Down gym, 24-hour concierge, an electric car charg- “Southall Waterside by Berkeley is a Historic price growth for a 1-bedroom apartment ing station and a cycle store. EP12 • EDGEPROP | JULY 20, 2020 DONE DEALS

Residential transactions with contracts dated June 30 to July 7 Singapore — by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION Orchard/Tanglin/Holland 9 and 10 PROJECT NAME PROPERTY TYPE TENURE (2020) FLOOR AREA (SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE Newton/Bukit Timah/Clementi 11 and 21 FOURTH AVENUE RESIDENCES Apartment 99 years Jul 5 646 1,378,000 - 2,134 Uncompleted New Sale Balestier/MacPherson/Geylang 12 to 14 LEEDON GREEN Condominium Freehold Jun 30 538 1,404,100 1,395,460 2,593 Uncompleted New Sale East Coast 15 and 16 LEEDON GREEN Condominium Freehold Jun 30 538 1,404,100 1,395,460 2,593 Uncompleted New Sale MON JERVOIS Condominium 99 years Jul 6 1,668 2,985,600 - 1,789 2016 Resale Changi/Pasir Ris 17 and 18 LORONG KISMIS #02-20 Semi-Detached Freehold Jul 3 3,154 6,850,000 - 2,170 Unknown Resale Serangoon/Thomson 19 and 20 MARINA WAY #22-33 Detached Freehold Jul 7 13,229 15,000,000 - 1,134 Unknown Resale ONE JERVOIS Condominium Freehold Jul 7 1,292 2,260,000 - 1,750 2009 Resale West 22 to 24 RV SUITES Apartment Freehold Jul 3 570 960,000 - 1,683 2012 Resale North 25 to 28 SHAMROCK PARK Semi-Detached Freehold Jul 3 3,864 5,880,000 - 1,524 Unknown Resale THE MERCURY Apartment Freehold Jul 1 1,044 1,830,000 - 1,753 2012 Resale THE TESSARINA Condominium Freehold Jul 1 1,012 1,740,000 - 1,720 2003 Resale WILSHIRE RESIDENCES Apartment Freehold Jul 4 840 2,015,000 - 2,400 Uncompleted New Sale District 11 EVELYN MANSIONS Apartment Freehold Jul 7 1,227 1,750,000 - 1,426 1997 Resale NOVENA COURT Apartment Freehold Jun 30 861 1,050,000 - 1,219 Unknown Resale PULLMAN RESIDENCES NEWTON Apartment Freehold Jun 30 1,378 4,085,000 - 2,965 Uncompleted New Sale WATTEN ESTATE CONDOMINIUM Condominium Freehold Jul 6 1,001 1,480,000 - 1,478 1983 Resale District 12 CHELSEA GROVE Apartment Freehold Jul 2 958 1,122,000 - 1,171 2007 Resale CRADELS Apartment Freehold Jul 2 463 726,000 - 1,569 2015 Resale DE ROYALE Condominium Freehold Jul 6 1,281 1,688,000 - 1,318 2006 Resale PRESTIGE HEIGHTS Apartment Freehold Jul 2 420 540,000 - 1,286 2011 Resale THE INTERWEAVE Apartment Freehold Jul 3 689 850,000 - 1,234 2014 Resale VERTICUS Apartment Freehold Jul 4 753 1,530,000 - 2,031 Uncompleted New Sale District 13 INTERO Apartment Freehold Jul 2 1,023 1,300,000 - 1,271 2008 Resale MACPHERSON GARDEN ESTATE Terrace Freehold Jul 3 2,045 3,650,000 - 1,787 Unknown Resale MARINA BOULEVARD #56-07 Semi-Detached Freehold Jul 3 4,822 4,580,000 - 950 1983 Resale BIDADARI PARK DRIVE #06-18 Terrace Freehold Jul 6 2,400 4,078,000 - 1,700 1961 Resale NIN RESIDENCE Apartment 99 years Jul 6 1,776 1,575,000 - 887 2014 Resale PARK COLONIAL Condominium 99 years Jul 1 678 1,343,000 - 1,980 Uncompleted New Sale THE TRE VER Condominium 99 years Jun 30 1,378 2,330,000 - 1,691 Uncompleted New Sale SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION THE WOODLEIGH RESIDENCES Apartment 99 years Jul 2 667 1,263,000 - 1,893 Uncompleted New Sale PROJECT NAME PROPERTY TYPE TENURE (2020) FLOOR AREA (SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE THE WOODLEIGH RESIDENCES Apartment 99 years Jul 3 958 1,796,000 - 1,875 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Jul 5 700 1,379,000 - 1,971 Uncompleted New Sale District 1 THE WOODLEIGH RESIDENCES Apartment 99 years Jul 5 1,076 2,169,000 - 2,015 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years Jul 3 1,582 3,861,366 - 2,440 2017 Resale THE WOODLEIGH RESIDENCES Apartment 99 years Jul 5 592 1,031,000 - 1,741 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years Jul 3 710 1,692,049 - 2,382 2017 Resale District 14 MARINA ONE RESIDENCES Apartment 99 years Jul 3 753 1,724,699 - 2,289 2017 Resale ARENA RESIDENCES Apartment Freehold Jun 30 893 1,631,000 - 1,826 Uncompleted New Sale THE SAIL @ MARINA BAY Apartment 99 years Jul 6 893 1,565,000 - 1,752 2008 Resale LEVENUE Apartment Freehold Jul 6 495 648,800 - 1,310 2014 Resale V ON SHENTON Apartment 99 years Jul 2 1,518 3,324,800 - 2,191 2017 Resale N.A. Apartment Freehold Jul 6 1,270 1,330,000 - 1,047 Unknown Resale District 2 PARC ESTA Apartment 99 years Jun 30 743 1,319,000 - 1,776 Uncompleted New Sale 76 SHENTON Apartment 99 years Jul 2 624 1,230,000 - 1,970 2014 Resale PARC ESTA Apartment 99 years Jun 30 743 1,310,000 - 1,764 Uncompleted New Sale SKY EVERTON Apartment Freehold Jul 1 915 2,344,000 - 2,562 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 30 1,119 1,896,000 - 1,694 Uncompleted New Sale SKY EVERTON Apartment Freehold Jul 3 506 1,268,000 - 2,506 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 30 721 1,332,000 - 1,847 Uncompleted New Sale SPOTTISWOODE 18 Apartment Freehold Jul 3 388 818,000 - 2,111 2014 Resale PARC ESTA Apartment 99 years Jun 30 743 1,310,000 - 1,764 Uncompleted New Sale District 3 PARC ESTA Apartment 99 years Jun 30 1,033 1,731,000 - 1,675 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years Jul 7 883 1,580,000 - 1,790 2017 Resale PARC ESTA Apartment 99 years Jun 30 420 822,000 - 1,958 Uncompleted New Sale ARTRA Apartment 99 years Jul 1 2,583 4,700,000 - 1,819 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 30 1,023 1,698,000 - 1,661 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Jul 1 527 1,088,000 - 2,063 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 1 1,119 1,836,000 - 1,640 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Jul 3 527 1,094,000 - 2,074 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 1 958 1,517,000 - 1,584 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Jul 4 947 1,710,000 - 1,805 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 2 1,023 1,693,000 - 1,656 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Jul 4 721 1,511,000 - 2,095 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 2 1,119 1,908,000 - 1,704 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Jul 4 732 1,620,000 - 2,213 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 3 743 1,314,000 - 1,769 Uncompleted New Sale ECHELON Condominium 99 years Jul 1 1,572 2,300,000 - 1,464 2016 Resale PARC ESTA Apartment 99 years Jul 3 743 1,235,000 - 1,663 Uncompleted New Sale ONE PEARL BANK Apartment 99 years Jul 2 700 1,798,000 - 2,570 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 4 1,023 1,658,000 - 1,621 Uncompleted New Sale ONE PEARL BANK Apartment 99 years Jul 4 700 1,652,000 - 2,361 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 4 1,227 2,101,000 - 1,712 Uncompleted New Sale ONE PEARL BANK Apartment 99 years Jul 4 570 1,449,000 - 2,540 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 4 732 1,310,000 - 1,790 Uncompleted New Sale RIVER PLACE Condominium 99 years Jul 7 786 1,035,000 - 1,317 2000 Resale PARC ESTA Apartment 99 years Jul 5 1,227 2,095,000 - 1,707 Uncompleted New Sale RIVIERE Apartment 99 years Jul 1 2,002 6,700,000 - 3,346 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 5 1,227 2,089,000 - 1,702 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 30 635 1,263,000 - 1,989 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 5 926 1,576,000 - 1,702 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 30 980 1,891,000 - 1,931 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 5 743 1,258,000 - 1,694 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 30 657 1,253,000 - 1,908 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 5 743 1,306,000 - 1,758 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jul 2 1,346 2,368,000 - 1,760 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 5 732 1,327,000 - 1,813 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jul 2 678 1,398,000 - 2,062 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 5 1,023 1,633,000 - 1,597 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jul 3 1,346 2,548,000 - 1,894 Uncompleted New Sale PARC ESTA Apartment 99 years Jul 5 614 1,026,000 - 1,672 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jul 3 678 1,445,000 - 2,131 Uncompleted New Sale REZI 24 Apartment Freehold Jun 30 1,001 1,493,100 - 1,492 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jul 4 624 1,251,000 - 2,004 Uncompleted New Sale SIMSVILLE Condominium 99 years Jul 1 1,238 1,325,000 - 1,070 1998 Resale STIRLING RESIDENCES Apartment 99 years Jul 4 441 937,000 - 2,123 Uncompleted New Sale SIN CHUAN GARDEN Apartment Freehold Jul 7 1,389 1,238,888 - 892 1983 Resale STIRLING RESIDENCES Apartment 99 years Jul 5 1,346 2,357,000 - 1,752 Uncompleted New Sale THE ANTARES Apartment 99 years Jul 1 667 1,202,200 - 1,801 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jul 5 1,055 2,046,000 - 1,940 Uncompleted New Sale THE ANTARES Apartment 99 years Jul 5 452 839,000 - 1,856 Uncompleted New Sale THE CREST Condominium 99 years Jul 1 1,884 3,706,350 - 1,968 2017 Resale THE SUNNY SPRING Apartment Freehold Jul 3 1,109 1,268,000 - 1,144 1998 Resale District 4 URBAN TREASURES Condominium Freehold Jul 1 517 960,200 - 1,858 Uncompleted Sub Sale REFLECTIONS AT KEPPEL BAY Condominium 99 years Jun 30 2,260 4,000,000 - 1,770 2011 Resale District 15 THE INTERLACE Condominium 99 years Jul 7 1,055 1,350,000 - 1,280 2013 Resale CORALIS Condominium Freehold Jul 7 904 1,530,000 - 1,692 2013 Resale District 5 COTE D’AZUR Condominium 99 years Jul 3 1,313 1,900,000 - 1,447 2004 Resale CARABELLE Condominium 956 years Jul 7 1,130 1,610,000 - 1,425 2009 Resale FULCRUM Condominium Freehold Jul 1 1,055 1,718,000 - 1,629 2016 Resale EALINE PARK Terrace Freehold Jul 1 2,260 3,200,000 - 1,413 1990 Resale MALVERN SPRINGS Condominium Freehold Jul 6 1,001 1,355,000 - 1,354 2004 Resale KENT RIDGE HILL RESIDENCES Apartment 99 years Jul 1 570 918,000 - 1,609 Uncompleted New Sale MEYER PARK Condominium Freehold Jul 3 1,808 2,565,000 - 1,418 1985 Resale KENT RIDGE HILL RESIDENCES Apartment 99 years Jul 4 775 1,440,000 - 1,858 Uncompleted New Sale HOUGANG AVENUE 7 #14-56 Terrace Freehold Jul 3 1,894 2,500,000 - 1,319 1970 Resale KENT RIDGE HILL RESIDENCES Apartment 99 years Jul 4 743 1,418,000 - 1,909 Uncompleted New Sale PARC ELEGANCE Apartment Freehold Jul 2 452 600,000 - 1,327 2013 Resale PARC CLEMATIS Apartment 99 years Jun 30 689 1,119,000 - 1,624 Uncompleted New Sale THE SEA VIEW Condominium Freehold Jul 1 1,518 2,738,000 - 1,804 2008 Resale PARC CLEMATIS Apartment 99 years Jun 30 1,044 1,773,000 - 1,698 Uncompleted New Sale District 16 PARC CLEMATIS Apartment 99 years Jul 1 721 1,167,000 - 1,618 Uncompleted New Sale BAYSHORE PARK Condominium 99 years Jul 6 1,076 915,000 - 850 1986 Resale PARC CLEMATIS Apartment 99 years Jul 2 721 1,156,000 - 1,603 Uncompleted New Sale CASAFINA Condominium 99 years Jul 1 1,313 1,230,000 - 937 1999 Resale PARC CLEMATIS Apartment 99 years Jul 3 1,636 2,593,000 - 1,585 Uncompleted New Sale SHUNFU ROAD #02-30 Terrace Freehold Jul 3 2,594 3,300,000 - 1,271 2006 Resale PARC CLEMATIS Apartment 99 years Jul 3 721 1,159,000 - 1,607 Uncompleted New Sale THE GLADES Condominium 99 years Jul 3 786 900,000 - 1,145 2016 Resale PARC CLEMATIS Apartment 99 years Jul 3 517 836,000 - 1,618 Uncompleted New Sale THE GLADES Condominium 99 years Jul 7 797 942,000 - 1,183 2016 Resale PARC CLEMATIS Apartment 99 years Jul 4 915 1,444,000 - 1,578 Uncompleted New Sale WATERFRONT GOLD Condominium 99 years Jul 2 1,055 1,280,000 - 1,213 2014 Resale PARC CLEMATIS Apartment 99 years Jul 4 915 1,465,000 - 1,601 Uncompleted New Sale District 17 PARC CLEMATIS Apartment 99 years Jul 5 1,636 2,583,000 - 1,579 Uncompleted New Sale PARC KOMO Apartment Freehold Jul 4 657 963,000 - 1,467 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jul 5 1,668 2,568,000 - 1,539 Uncompleted New Sale PARC KOMO Apartment Freehold Jul 4 614 895,000 - 1,459 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jul 5 721 1,164,000 - 1,614 Uncompleted New Sale PARC KOMO Apartment Freehold Jul 5 721 1,058,000 - 1,467 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jul 5 893 1,514,000 - 1,695 Uncompleted New Sale THE JOVELL Condominium 99 years Jun 30 527 703,000 - 1,333 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jul 5 689 1,130,000 - 1,640 Uncompleted New Sale TOH ESTATE Detached Freehold Jun 30 6,760 4,100,000 - 606 Unknown Resale SEAHILL Condominium 99 years Jul 3 1,130 1,450,000 - 1,283 2016 Resale District 18 THE FOLIAGE Condominium Freehold Jun 30 506 660,000 - 1,305 2008 Resale COCO PALMS Condominium 99 years Jul 3 904 1,080,000 - 1,194 2018 Resale THE PARC CONDOMINIUM Condominium Freehold Jun 30 1,216 1,680,000 - 1,381 2010 Resale LIVIA Condominium 99 years Jul 3 1,324 1,132,000 - 855 2011 Resale THE SORRENTO Condominium Freehold Jul 6 1,765 2,150,000 - 1,218 2015 Resale LIVIA Condominium 99 years Jul 7 915 770,000 - 842 2011 Resale THE VISION Condominium 99 years Jul 3 1,302 1,700,000 - 1,305 2014 Resale MELVILLE PARK Condominium 99 years Jul 3 1,346 900,000 - 669 1996 Resale TWIN VEW Apartment 99 years Jul 5 1,066 1,660,000 - 1,558 Uncompleted New Sale MODENA Condominium 99 years Jun 30 1,453 1,153,000 - 793 2001 Resale VARSITY PARK CONDOMINIUM Condominium 99 years Jul 6 2,024 2,070,000 - 1,023 2008 Resale OASIS @ ELIAS Condominium 99 years Jul 3 1,432 1,206,888 - 843 2011 Resale WHISTLER GRAND Apartment 99 years Jul 3 614 917,580 - 1,496 Uncompleted New Sale THE PALETTE Condominium 99 years Jul 1 1,066 1,090,000 - 1,023 2015 Resale WHISTLER GRAND Apartment 99 years Jul 4 958 1,456,320 - 1,520 Uncompleted New Sale THE TAPESTRY Condominium 99 years Jun 30 926 1,220,160 - 1,318 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jul 5 1,066 1,612,120 - 1,513 Uncompleted New Sale THE TAPESTRY Condominium 99 years Jun 30 441 686,340 - 1,555 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jul 5 764 1,189,000 - 1,556 Uncompleted New Sale THE TAPESTRY Condominium 99 years Jul 3 603 850,500 - 1,411 Uncompleted New Sale District 7 THE TAPESTRY Condominium 99 years Jul 4 926 1,208,680 - 1,306 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Jul 2 463 1,484,500 1,448,500 3,130 Uncompleted New Sale THE TAPESTRY Condominium 99 years Jul 5 990 1,241,480 - 1,254 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Jul 3 463 1,344,000 1,308,000 2,826 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 30 883 1,175,000 - 1,331 Uncompleted New Sale District 8 TREASURE AT TAMPINES Condominium 99 years Jun 30 678 944,000 - 1,392 Uncompleted New Sale RITZ @ FARRER Apartment Freehold Jul 6 990 1,287,000 - 1,300 2017 Resale TREASURE AT TAMPINES Condominium 99 years Jun 30 1,324 1,817,000 - 1,372 Uncompleted New Sale UPTOWN @ FARRER Apartment 99 years Jul 1 700 1,330,000 - 1,901 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 30 1,033 1,386,000 - 1,341 Uncompleted New Sale UPTOWN @ FARRER Apartment 99 years Jul 1 732 1,330,000 - 1,817 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 30 1,711 2,067,000 - 1,208 Uncompleted New Sale District 9 TREASURE AT TAMPINES Condominium 99 years Jun 30 1,012 1,389,000 - 1,373 Uncompleted New Sale 8 SAINT THOMAS Condominium Freehold Jul 1 1,302 3,485,000 - 2,676 2018 Resale TREASURE AT TAMPINES Condominium 99 years Jun 30 1,033 1,350,000 - 1,306 Uncompleted New Sale 8 SAINT THOMAS Condominium Freehold Jul 3 1,044 2,780,000 - 2,663 2018 Resale TREASURE AT TAMPINES Condominium 99 years Jun 30 678 983,000 - 1,450 Uncompleted New Sale 8 SAINT THOMAS Condominium Freehold Jul 3 1,023 2,750,000 - 2,689 2018 Resale TREASURE AT TAMPINES Condominium 99 years Jun 30 678 940,000 - 1,386 Uncompleted New Sale HORIZON TOWERS Condominium 99 years Jul 1 2,422 3,200,000 - 1,321 1984 Resale TREASURE AT TAMPINES Condominium 99 years Jun 30 678 896,000 - 1,321 Uncompleted New Sale KIM SIA COURT Apartment Freehold Jul 1 1,066 1,920,000 - 1,802 Unknown Resale TREASURE AT TAMPINES Condominium 99 years Jun 30 678 900,000 - 1,327 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jun 30 689 1,678,000 - 2,436 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 30 678 965,000 - 1,423 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jun 30 1,604 3,481,000 - 2,170 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 30 840 1,167,000 - 1,390 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jun 30 689 1,616,000 - 2,346 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 1 678 989,000 - 1,458 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jun 30 689 1,639,000 - 2,379 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 1 1,711 2,085,000 - 1,218 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jul 1 958 2,179,000 - 2,275 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 1 1,722 2,106,000 - 1,223 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jul 2 958 2,164,000 - 2,259 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 2 1,722 2,115,000 - 1,228 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jul 2 1,055 2,240,000 - 2,123 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 2 592 878,000 - 1,483 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jul 3 1,055 2,383,000 - 2,259 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 2 1,033 1,379,000 - 1,335 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jul 3 689 1,722,000 - 2,500 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 3 678 926,000 - 1,366 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jul 5 517 1,242,000 - 2,404 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 3 1,033 1,368,000 - 1,324 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jul 5 915 2,025,000 - 2,213 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 3 1,033 1,301,000 - 1,259 Uncompleted New Sale MACKENZIE 138 Apartment Freehold Jul 6 807 1,200,000 - 1,486 2006 Resale TREASURE AT TAMPINES Condominium 99 years Jul 4 1,033 1,426,000 - 1,380 Uncompleted New Sale MARTIN MODERN Condominium 99 years Jul 2 764 2,049,000 2,038,200 2,667 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 4 678 956,000 - 1,410 Uncompleted New Sale MARTIN MODERN Condominium 99 years Jul 5 764 1,982,000 1,971,200 2,579 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 4 1,033 1,370,000 - 1,326 Uncompleted New Sale ORCHARD SCOTTS Condominium 99 years Jul 1 2,088 3,460,000 - 1,657 2007 Resale TREASURE AT TAMPINES Condominium 99 years Jul 5 1,367 1,811,000 - 1,325 Uncompleted New Sale RESIDENCES AT 338A Apartment Freehold Jun 30 1,313 1,960,000 - 1,493 2004 Resale TREASURE AT TAMPINES Condominium 99 years Jul 5 581 877,000 - 1,509 Uncompleted New Sale RIVERIA GARDENS Apartment Freehold Jul 7 969 1,875,000 - 1,935 2010 Resale TREASURE AT TAMPINES Condominium 99 years Jul 5 678 971,000 - 1,432 Uncompleted New Sale THE AVENIR Condominium Freehold Jul 4 829 2,480,000 - 2,992 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 5 850 1,143,000 - 1,344 Uncompleted New Sale TOWNHOUSE APARTMENTS Apartment 99 years Jul 6 2,971 2,600,000 - 875 Unknown Resale TREASURE AT TAMPINES Condominium 99 years Jul 5 678 916,000 - 1,351 Uncompleted New Sale District 10 TREASURE AT TAMPINES Condominium 99 years Jul 5 678 950,000 - 1,401 Uncompleted New Sale BALMORAL GATE Condominium Freehold Jul 1 1,259 2,140,300 - 1,699 1994 Resale TREASURE AT TAMPINES Condominium 99 years Jul 5 915 1,250,000 - 1,366 Uncompleted New Sale CHELSEA GARDENS Condominium Freehold Jul 3 2,508 3,800,000 - 1,515 2000 Resale TREASURE AT TAMPINES Condominium 99 years Jul 5 1,722 1,880,000 - 1,092 Uncompleted New Sale DUCHESS RESIDENCES Condominium 999 years Jul 7 1,464 2,770,000 - 1,892 2011 Resale TREASURE AT TAMPINES Condominium 99 years Jul 5 1,335 1,789,000 - 1,340 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years Jul 2 484 1,048,000 - 2,164 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jul 5 1,033 1,376,000 - 1,332 Uncompleted New Sale EDGEPROP | JULY 20, 2020 • EP13 HDB WATCH Five-room HDB flat in Clementi sold for $1.04 mil

PICTURES: AARON WAN/PROPNEX REALTY HDB Recent HDB transactions at Block 441A, Clementi Ave 3

Flat type Floor area Resale price Resale registration (sq ft) ($) date 5-room 1,248 1,000,000 January 2020 5-room 1,280 1,038,000 July 2019 5-room 1,280 870,000 July 2019 4-room 1,033 950,000 February 2019 4-room 1,044 915,000 October 2018

ed for more than a million dollars. The first resale unit in the block to cross the threshold was a 1,248 sq ft, five-room flat The five-room flat is located at Block 441A, Clementi Avenue 3 The top-floor HDB flat overlooks parts of West Coast that changed hands for $1.005 million ($805 psf) in 2016. At the time, it was rare for HDB flats to fetch above $1 million, BY TIMOTHY TAY and garnered two separate viewings during that time. The buy- barring some prime units at Pinnacles @ Duxton and some ex- [email protected] ers are an elderly couple who are downsizing from their land- ecutive maisonettes. ed property in West Coast, says Wan. He adds that the seller Another 1,248 sq ft, five-room flat in Block 441A went for $1 five-room HDB flat at Block 441A, Clementi Avenue was in the process of moving into a temporary rental home and million ($801 psf) in January this year. 3 set a new price record for the block when the 1,248 could offer a more flexible timeline that appealed to the buyers. According to Wan, this particular block of flats benefits from sq ft unit changed hands for $1.04 million ($833 psf) The record-setting flat is located within Clementi Tow- its connectivity to the shopping mall and transport hub, and on July 5. This tops the previous record of $1.038 ers, a HDB development comprising blocks 441A, 441B, 442, central location in the estate. Nearby schools include Clemen- million ($810 psf) chalked up by a 1,280 sq ft, five- and 443. Only 441A has four- and five-room flats, while ti Primary School, Pei Tong Primary School, Nan Hua Primary Aroom flat in the block in July 2019. the other three blocks comprise three- and four-room flats. School and Clementi Town Secondary School. According to Aaron Wan, group district director at PropNex Re- According to HDB data, the flats have 91 years left on its In addition, the block features relatively spacious five-room alty and the agent representing the seller, the deal was closed with- lease. Clementi Towers is part of the Clementi integrated flats that are uncommon on the resale market. “Buyers who in a day and the buyer is paying for the entire transaction in cash. transport hub which includes Clementi Mall, Clementi MRT are looking for a sizeable home in the area find that five-room Wan says the seller recently purchased a new condominium unit. Station and Clementi Bus Interchange. HDB flats are more affordable compared to some private de- The five-room HDB flat was on the market for about 10 days This is not the first time a unit in Block 441A has transact- velopments in the area,” says Wan. E

DONE DEALS

Residential transactions with contracts dated June 30 to July 7

SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION PROJECT NAME PROPERTY TYPE TENURE (2020) FLOOR AREA (SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURE (2020) FLOOR AREA (SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE TREASURE AT TAMPINES Condominium 99 years Jul 5 678 930,000 - 1,371 Uncompleted New Sale KINGSGROVE Condominium Freehold Jun 30 1,528 1,438,000 - 941 1992 Resale District 19 RAFFLESIA CONDOMINIUM Condominium 99 years Jul 3 1,195 1,388,000 - 1,162 2003 Resale AFFINITY AT SERANGOON Apartment 99 years Jun 30 850 1,305,000 - 1,535 Uncompleted New Sale SEMBAWANG HILLS ESTATE Terrace Freehold Jul 1 1,787 1,950,000 - 1,089 Unknown Resale AFFINITY AT SERANGOON Apartment 99 years Jun 30 474 772,000 - 1,630 Uncompleted New Sale THE PANORAMA Condominium 99 years Jul 6 700 1,040,000 - 1,486 2017 Resale AFFINITY AT SERANGOON Apartment 99 years Jun 30 1,152 1,609,000 - 1,397 Uncompleted New Sale THOMSON GRAND Condominium 99 years Jul 7 1,356 1,730,000 - 1,276 2015 Resale AFFINITY AT SERANGOON Apartment 99 years Jun 30 732 1,180,000 - 1,612 Uncompleted New Sale TRESALVEO Condominium Freehold Jul 7 990 1,500,000 - 1,515 2012 Resale AFFINITY AT SERANGOON Apartment 99 years Jul 1 732 1,139,000 - 1,556 Uncompleted New Sale District 21 AFFINITY AT SERANGOON Apartment 99 years Jul 1 732 1,146,000 - 1,566 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Jul 1 710 1,107,650 - 1,559 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jul 1 474 749,000 - 1,581 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Jul 1 1,119 1,877,100 - 1,677 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jul 2 1,152 1,633,000 - 1,418 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Jul 1 1,055 1,675,960 - 1,589 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jul 4 1,152 1,728,540 - 1,501 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Jul 1 710 1,141,000 - 1,606 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jul 4 1,152 1,615,000 - 1,402 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Jul 1 743 1,198,000 - 1,613 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jul 5 484 722,000 - 1,491 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Jul 1 743 1,279,000 - 1,722 Uncompleted New Sale AUSTVILLE RESIDENCES EC 99 years Jul 3 786 730,000 - 929 2014 Resale DAINTREE RESIDENCE Condominium 99 years Jul 2 710 1,117,780 - 1,573 Uncompleted New Sale ESPARINA RESIDENCES EC 99 years Jul 3 1,367 1,600,000 - 1,170 2013 Resale DAINTREE RESIDENCE Condominium 99 years Jul 3 743 1,197,950 - 1,613 Uncompleted New Sale FOREST WOODS Condominium 99 years Jul 1 915 1,464,000 - 1,600 Uncompleted Sub Sale DAINTREE RESIDENCE Condominium 99 years Jul 3 667 1,094,750 - 1,640 Uncompleted New Sale HOUGANG GREEN Apartment 99 years Jul 3 1,141 780,000 - 684 1998 Resale DAINTREE RESIDENCE Condominium 99 years Jul 3 1,055 1,761,910 - 1,670 Uncompleted New Sale KOVAN REGENCY Condominium 99 years Jun 30 775 1,100,000 - 1,419 2015 Resale DAINTREE RESIDENCE Condominium 99 years Jul 4 1,119 1,804,300 - 1,612 Uncompleted New Sale MIDTOWN RESIDENCES Apartment 99 years Jul 1 646 848,000 - 1,313 2016 Resale DAINTREE RESIDENCE Condominium 99 years Jul 4 710 1,155,570 - 1,627 Uncompleted New Sale LORONG KISMIS #02-25 Terrace Freehold Jul 3 1,959 2,900,000 - 1,483 1987 Resale DAINTREE RESIDENCE Condominium 99 years Jul 4 775 1,253,240 - 1,617 Uncompleted New Sale OLA EC 99 years Jul 4 1,055 1,231,000 - 1,167 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Jul 5 710 1,165,700 - 1,641 Uncompleted New Sale PARKWOOD COLLECTION Semi-Detached 99 years Jul 2 4,510 3,125,000 - 693 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Jul 5 667 1,156,490 - 1,733 Uncompleted New Sale PIERMONT GRAND EC 99 years Jul 1 840 963,090 - 1,147 Uncompleted New Sale HILLVIEW GREEN Condominium 999 years Jun 30 1,302 1,200,000 - 921 1998 Resale PIERMONT GRAND EC 99 years Jul 1 990 1,044,090 - 1,054 Uncompleted New Sale MAYFAIR MODERN Condominium 99 years Jun 30 517 978,000 - 1,893 Uncompleted New Sale PIERMONT GRAND EC 99 years Jul 2 840 992,000 - 1,182 Uncompleted New Sale MAYFAIR MODERN Condominium 99 years Jul 1 517 978,000 - 1,893 Uncompleted New Sale PIERMONT GRAND EC 99 years Jul 3 840 903,150 - 1,076 Uncompleted New Sale MAYFAIR MODERN Condominium 99 years Jul 1 517 958,000 - 1,854 Uncompleted New Sale PIERMONT GRAND EC 99 years Jul 3 872 1,019,600 - 1,169 Uncompleted New Sale MAYFAIR MODERN Condominium 99 years Jul 1 689 1,378,000 - 2,000 Uncompleted New Sale PIERMONT GRAND EC 99 years Jul 4 1,507 1,699,380 - 1,128 Uncompleted New Sale SOUTHAVEN II Condominium 999 years Jul 1 1,539 1,800,000 - 1,169 1999 Resale PIERMONT GRAND EC 99 years Jul 4 840 960,660 - 1,144 Uncompleted New Sale THE HILLFORD Apartment 60 years Jun 30 398 472,000 - 1,185 2016 Resale PIERMONT GRAND EC 99 years Jul 5 840 982,530 - 1,170 Uncompleted New Sale THE RAINTREE Condominium 99 years Jul 3 1,292 1,300,000 - 1,006 2008 Resale PIERMONT GRAND EC 99 years Jul 5 840 986,200 - 1,175 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Jul 2 689 1,147,000 - 1,665 Uncompleted New Sale PIERMONT GRAND EC 99 years Jul 5 840 960,660 - 1,144 Uncompleted New Sale District 22 PRIVE EC 99 years Jun 30 1,130 1,130,000 - 1,000 2013 Resale CASPIAN Condominium 99 years Jul 1 1,399 1,600,000 - 1,143 2012 Resale RIVERFRONT RESIDENCES Apartment 99 years Jul 1 915 1,234,000 - 1,349 Uncompleted New Sale LAKEHOLMZ Condominium 99 years Jul 1 1,023 1,000,000 - 978 2005 Resale RIVERFRONT RESIDENCES Apartment 99 years Jul 1 1,679 2,066,100 - 1,230 Uncompleted New Sale THE CENTRIS Apartment 99 years Jul 3 1,302 1,360,000 - 1,044 2009 Resale RIVERFRONT RESIDENCES Apartment 99 years Jul 1 614 893,000 - 1,455 Uncompleted New Sale THE LAKESHORE Condominium 99 years Jul 6 1,270 1,180,000 - 929 2007 Resale RIVERFRONT RESIDENCES Apartment 99 years Jul 3 517 755,000 - 1,461 Uncompleted New Sale District 23 RIVERFRONT RESIDENCES Apartment 99 years Jul 5 517 746,000 - 1,444 Uncompleted New Sale BUKIT 828 Apartment Freehold Jul 5 678 1,128,000 - 1,663 Uncompleted New Sale RIVERPARC RESIDENCE EC 99 years Jul 1 1,238 1,080,000 - 872 2014 Resale LE QUEST Apartment 99 years Jul 1 1,313 1,825,000 - 1,390 2020 New Sale RIVERSAILS Condominium 99 years Jul 3 1,109 1,190,000 - 1,073 2016 Resale LE QUEST Apartment 99 years Jul 1 1,313 1,843,000 - 1,403 2020 New Sale SERANGOON GARDEN ESTATE Terrace 999 years Jul 3 3,649 4,000,000 - 1,096 Unknown Resale LE QUEST Apartment 99 years Jul 2 936 1,310,000 - 1,399 2020 New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 30 1,001 1,529,000 - 1,527 Uncompleted New Sale LE QUEST Apartment 99 years Jul 2 936 1,318,000 - 1,407 2020 New Sale THE FLORENCE RESIDENCES Apartment 99 years Jul 1 474 746,000 - 1,575 Uncompleted New Sale MERAWOODS Condominium 999 years Jul 3 1,346 1,370,000 - 1,018 1999 Resale THE FLORENCE RESIDENCES Apartment 99 years Jul 2 484 728,000 - 1,503 Uncompleted New Sale MONT BOTANIK RESIDENCE Condominium Freehold Jul 5 947 1,625,000 - 1,716 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jul 2 1,012 1,585,000 - 1,566 Uncompleted New Sale NATURA@HILLVIEW Apartment Freehold Jul 6 452 575,000 - 1,272 2015 Resale THE FLORENCE RESIDENCES Apartment 99 years Jul 2 700 1,159,000 - 1,657 Uncompleted New Sale REGENT GROVE Condominium 99 years Jul 2 1,259 850,000 - 675 2000 Resale THE FLORENCE RESIDENCES Apartment 99 years Jul 2 1,012 1,549,000 - 1,531 Uncompleted New Sale THE MADEIRA Condominium 99 years Jul 7 936 790,000 - 844 2003 Resale THE FLORENCE RESIDENCES Apartment 99 years Jul 4 635 958,000 - 1,508 Uncompleted New Sale THE WARREN Condominium 99 years Jul 2 1,195 938,000 - 785 2004 Resale THE FLORENCE RESIDENCES Apartment 99 years Jul 4 624 988,000 - 1,583 Uncompleted New Sale VILLA VERDE Terrace 99 years Jun 30 1,744 1,530,000 - 879 2000 Resale THE FLORENCE RESIDENCES Apartment 99 years Jul 5 624 996,000 - 1,595 Uncompleted New Sale District 25 THE GARDEN RESIDENCES Apartment 99 years Jul 1 689 1,112,100 - 1,614 Uncompleted New Sale TOH TUCK ROAD #05-64 Detached 99 years Jul 2 6,469 3,000,000 - 464 2001 Resale THE GARDEN RESIDENCES Apartment 99 years Jul 2 786 1,252,500 - 1,594 Uncompleted New Sale JIAK KIM STREET #10-01 Semi-Detached Freehold Jul 7 3,854 3,050,000 - 792 1969 Resale THE GARDEN RESIDENCES Apartment 99 years Jul 2 1,119 1,862,400 - 1,664 Uncompleted New Sale NORTHOAKS EC 99 years Jul 3 1,249 700,000 - 561 2000 Resale THE GARDEN RESIDENCES Apartment 99 years Jul 3 452 720,000 - 1,593 Uncompleted New Sale PARC ROSEWOOD Condominium 99 years Jul 7 581 618,000 - 1,063 2014 Resale THE GARDEN RESIDENCES Apartment 99 years Jul 3 786 1,260,300 - 1,604 Uncompleted New Sale District 26 THE GARDEN RESIDENCES Apartment 99 years Jul 5 667 1,033,000 - 1,548 Uncompleted New Sale THE LUXURIE Condominium 99 years Jul 6 1,012 1,205,000 - 1,191 2015 Resale THE ESSENCE Apartment 99 years Jul 2 700 1,006,000 - 1,438 Uncompleted New Sale THE PROMENADE@PELIKAT Apartment Freehold Jul 1 990 968,000 - 977 2015 Resale THE ESSENCE Apartment 99 years Jul 4 1,044 1,368,180 - 1,310 Uncompleted New Sale THE PROMENADE@PELIKAT Apartment Freehold Jul 6 452 555,000 - 1,228 2015 Resale THE SPRINGSIDE Semi-Detached Freehold Jul 3 2,616 3,768,000 - 1,441 1998 Resale THE QUINN Apartment Freehold Jul 1 786 1,160,000 - 1,476 2016 Resale District 27 THE RIVERVALE EC 99 years Jul 1 1,292 930,000 - 720 2000 Resale PARC CANBERRA EC 99 years Jul 2 926 987,000 - 1,066 Uncompleted New Sale TWIN WATERFALLS EC 99 years Jul 1 1,109 1,050,000 - 947 2015 Resale PARC CANBERRA EC 99 years Jul 2 1,152 1,332,000 - 1,157 Uncompleted New Sale TWIN WATERFALLS EC 99 years Jul 7 1,087 1,025,000 - 943 2015 Resale SEMBAWANG SPRINGS ESTATE Semi-Detached Freehold Jul 2 2,239 2,450,000 - 1,094 1997 Resale District 20 THE ESTUARY Condominium 99 years Jul 1 592 605,000 - 1,022 2013 Resale THE NAUTICAL Condominium 99 years Jul 2 1,722 1,500,000 - 871 2015 Resale JADESCAPE Condominium 99 years Jun 30 527 922,000 - 1,748 Uncompleted New Sale YISHUN SAPPHIRE Condominium 99 years Jun 30 1,313 880,000 - 670 2001 Resale JADESCAPE Condominium 99 years Jun 30 1,421 2,548,000 - 1,793 Uncompleted New Sale District 28 JADESCAPE Condominium 99 years Jun 30 1,647 2,748,100 - 1,669 Uncompleted New Sale JADESCAPE Condominium 99 years Jul 1 764 1,328,000 - 1,738 Uncompleted New Sale HIGH PARK RESIDENCES Apartment 99 years Jul 2 872 960,000 - 1,101 2019 Resale JADESCAPE Condominium 99 years Jul 1 1,259 2,074,300 - 1,647 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Jul 1 495 588,000 - 1,188 2017 Resale JADESCAPE Condominium 99 years Jul 2 764 1,349,500 - 1,766 Uncompleted New Sale SELETAR HILLS ESTATE Semi-Detached 999 years Jul 2 3,584 4,800,000 - 1,339 Unknown Resale JADESCAPE Condominium 99 years Jul 2 1,647 2,873,000 - 1,744 Uncompleted New Sale Source: URA Realis. Updated July 14, 2020. JADESCAPE Condominium 99 years Jul 3 1,421 2,369,400 - 1,668 Uncompleted New Sale JADESCAPE Condominium 99 years Jul 4 527 955,000 - 1,811 Uncompleted New Sale EC stands for executive condominium JADESCAPE Condominium 99 years Jul 5 764 1,385,000 - 1,812 Uncompleted New Sale DISCLAIMER: JADESCAPE Condominium 99 years Jul 5 764 1,325,000 - 1,734 Uncompleted New Sale The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly JADESCAPE Condominium 99 years Jul 5 1,141 1,867,100 - 1,636 Uncompleted New Sale or indirectly from the use of, or reliance on, the information provided therein. EP14 • EDGEPROP | JULY 20, 2020 GAINS AND LOSSES Unit at Reflections at Keppel Bay incurs $2.15 mil loss

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY VALERIE KOR [email protected]

he most unprofitable deal during the week of June 30 to July 7 occurred at Reflections at Keppel Bay, where a 2,260 sq ft four-bedroom unit was sold at a loss of $2.15 million. The seller purchased the 31st-floor unit in Au- gust 2010 for $6.15 million ($2,720 psf) and sold it on TJune 30 for $4 million ($1,770 psf), suffering a 35% loss or an annualised loss of 4% over almost 10 years. Reflections at Keppel Bay is a 99-year condominium by devel- oper Keppel Land, and designed by world-renowned architect, Daniel Libeskind. The District 4 property has a total of 1,129 units across six towers of between 24 and 41 storeys in height, as well as 11 six- to eight-storey villa apartment blocks. It is a five-minute The most profitable deal of the week was for a 1,518 sq ft, four-bedroom drive to VivoCity and 10-minute drive to Sentosa. Nearby green unit at The Sea View, which was sold for $1.5 million spaces include Mount Faber Park and Telok Blangah Hill Park. The second highest loss incurred during the same period was District 5. Purchased for $769,000 ($380 psf) in March 2006, the the sale of a 2,088 sq ft, three-bedroom unit at Orchard Scotts. 2,024 sq ft, three-bedroom unit on the fifth floor was sold for The fifth-floor apartment was purchased for $4.05 million ($1,939 $2.07 million ($1,023 psf) on July 6, netting a 170% profit of $1.3 psf) in October 2009 and sold for $3.46 million ($1,657 psf) on million or a 7% annualised profit over 14 years. The most unprofitable deal of the week occurred at Reflections at Keppel July 1, which translates to a loss of $590,000 (15%), or 1% a Varsity Park Condominium is a 99-year leasehold condomin- Bay, where a unit was sold for $4 million ($1,770 psf) on June 30 year in about 11 years. ium developed by CapitaLand. Comprising 530 units, the devel- Developed by Far East Organization, the 387-unit Orchard opment is a short drive to West Coast Plaza and The Clementi Scotts is located on Anthony Road, off Clemenceau Avenue North. well as to Kallang Wave Mall and Parkway Parade. Mall. It is near the National University of Singapore and adja- It is a nine-minute walk from Newton MRT Station, which is an On the other hand, the most profitable deal during the week cent to West Coast Park. interchange for the North-South Line and Downtown Line. The was the sale of a 1,518 sq ft, four-bedroom unit at The Sea View. The third top gain for the period was chalked up by a four-bed- District 9 property is close to Cairnhill Road and Orchard Road. The 18-floor unit reaped a 120% profit of $1.5 million, having room apartment measuring 2,422 sq ft on the 13th floor of Ho- The third most unprofitable sale during the period was for a been bought in October 2005 for $1.24 million ($820 psf) and rizon Towers in prime District 9. It was bought for $2 million 1,055 sq ft, two-bedroom loft unit on the 13th floor at Fulcrum sold on July 1 for $2.74 million ($1,804 psf). This translates to ($826 psf) in June 2009 and sold for $3.2 million ($1,321 psf) on Fort Road. It was purchased for $1.99 million ($1,889 psf) an annualised profit of 6% over almost 15 years. on July 1, earning the seller a 60% profit of $1.2 million, or an in April 2012 and sold for $1.72 million ($1,629 psf) on July 1. The Sea View on Amber Road is a freehold development by annualised profit of 4% over 11 years. The loss was $274,930 (14%), or 2% a year over eight years. Wheelock Properties comprising 23 storeys and 546 units. It is a Horizon Towers is a 210-unit, 99-year leasehold development Developed by CEL Development, Fulcrum is a 128-unit free- seven-minute drive to CBD using ECP or Nicoll Highway. located on Leonie Hill Road in prime District 9. It’s near the Or- hold condominium in District 15 with 23 storeys. It is within 10 The second most profitable deal in the same period was for chard Road premium shopping area, the Orchard MRT station minutes by car to the CBD via the East Coast Parkway (ECP), as a unit at Varsity Park Condominium on West Coast Road in and upcoming Great World City MRT station. E

Top 15 gains and losses from June 30 to July 7

Most profitable deals PROJECT DISTRICT AREA SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD ( SQ FT) (2020) ($ PSF) (YEARS) 1 THE SEA VIEW 15 1,518 Jul 1 1,804 Oct 28, 2005 820 1,492,845 120 6 14.7 2 VARSITY PARK CONDOMINIUM 5 2,024 Jul 6 1,023 Mar 27, 2006 380 1,301,999 170 7 14.3 3 HORIZON TOWERS 9 2,422 Jul 1 1,321 Jun 25, 2009 826 1,200,000 60 4 11.0 4 COTE D'AZUR 15 1,313 Jul 3 1,447 Jun 16, 2002 674 1,015,210 115 4 18.1 5 SOUTHAVEN II 21 1,539 Jul 1 1,169 Nov 19, 1998 542 965,000 116 4 21.6 6 DE ROYALE 12 1,281 Jul 6 1,318 Apr 05, 2004 593 929,000 122 5 16.3 7 THE TESSARINA 10 1,012 Jul 1 1,720 Sep 25, 2002 809 921,000 112 4 17.8 8 CARABELLE 5 1,130 Jul 7 1,425 May 07, 2007 705 813,000 102 5 13.2 9 RESIDENCES AT 338A 9 1,313 Jun 30 1,493 Mar 14, 2006 895 785,000 67 4 14.3 10 CASPIAN 22 1,399 Jul 1 1,143 Mar 06, 2009 616 737,800 86 6 11.3 11 ONE JERVOIS 10 1,292 Jul 7 1,750 Jul 20, 2009 1,180 736,000 48 4 11.0 12 THE CENTRIS 22 1,302 Jul 3 1,044 Feb 06, 2007 492 719,165 112 6 13.4 13 THE MERCURY 10 1,044 Jul 1 1,753 Mar 27, 2009 1,073 710,000 63 4 11.3 14 KINGSGROVE 20 1,528 Jun 30 941 May 18, 2009 496 680,000 90 6 11.1 15 RAFFLESIA CONDOMINIUM 20 1,195 Jul 3 1,162 Mar 04, 2004 610 659,160 90 4 16.3 Non-profitable deals PROJECT DISTRICT AREA SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (SQ FT) (2020) ($ PSF) (YEARS) 1 REFLECTIONS AT KEPPEL BAY 4 2,260 Jun 30 1,770 Aug 23, 2010 2,720 2,147,900 35 4 9.9 2 ORCHARD SCOTTS 9 2,088 Jul 1 1,657 Oct 27, 2009 1,939 590,000 15 1 10.7 3 FULCRUM 15 1,055 Jul 1 1,629 Apr 18, 2012 1,889 274,930 14 2 8.2 4 SEAHILL 5 1,130 Jul 3 1,283 Jun 01, 2012 1,489 232,722 14 2 8.1 5 TOWNHOUSE APARTMENTS 9 2,971 Jul 6 875 Mar 21, 2012 953 230,000 8 1 8.3 6 RIVERIA GARDENS 9 969 Jul 7 1,935 Sep 23, 2011 2,116 175,000 9 1 8.8 7 ECHELON 3 1,572 Jul 1 1,464 Jun 28, 2013 1,563 155,970 6 1 7.0 8 THE INTERWEAVE 12 689 Jul 3 1,234 Dec 06, 2012 1,447 147,000 15 2 7.6 9 THE GLADES 16 786 Jul 3 1,145 Oct 03, 2014 1,270 98,000 10 2 5.8 10 SPOTTISWOODE 18 2 388 Jul 3 2,111 Mar 16, 2011 2,308 76,200 9 1 9.3 11 MACKENZIE 138 9 807 Jul 6 1,486 May 02, 2013 1,572 68,888 5 1 7.2 12 PRESTIGE HEIGHTS 12 420 Jul 2 1,286 May 06, 2011 1,411 52,216 9 1 9.2 13 THE SAIL @ MARINA BAY 1 893 Jul 6 1,752 Aug 18, 2009 1,809 51,330 3 0.3 10.9 14 THE ESTUARY 27 592 Jul 1 1,022 Jun 26, 2012 1,106 50,000 8 1 8.0 15 URBAN TREASURES 14 517 Jul 1 1,858 May 31, 2020 1,858 46,800 5 43 0.1 Source: URA, EdgeProp Singapore Note: 1. Computed based on URA caveat data as at July 14 for private non-landed houses transacted from June 30 to July 7 2. The profit and loss computation excludes transaction costs such as stamp duties. EDGEPROP | JULY 20, 2020 • EP15 UNDER THE HAMMER Freehold three-storey cluster house on sale for $3.9 mil

ALBERT CHUA/THE EDGE SINGAPORE KNIGHT FRANK SINGAPORE

Teresa Villas is a freehold cluster house development with eight strata houses The three-storey home features a family area and a study area

BY TIMOTHY TAY Knight Frank Singapore, each bedroom can on the resale market these days, especially in the preferred choice of locals and new citi- [email protected] fit in a king–sized bed and comes with an this particular neighbourhood. Even within zens. This particular cluster house provides en suite bathroom. The house also features the development, half of the cluster houses the space they expect, and is reasonably 7,567 sq ft, three-storey cluster house a family area, a study area and a private out- are smaller, 2½–storey houses,” says Lock. priced compared to some landed houses in — one of the eight homes that make door jacuzzi. Teresa Villas is located within a quiet resi- the nearby area.” up Teresa Villas, a freehold develop- Lock says the owner bought the house when dential neighbourhood that comprises landed She expects this house to appeal to buyers ment on Bukit Teresa Road in District the developer launched it for sale. Based on houses, some shophouses and flats, she adds. looking for a sizeable family home. Families 4 — is on the market for $3.9 million URA caveats, the property was first purchased The house was first put up for sale in Sep- will also appreciate it because the property is A($515 psf). The property is marketed by the auc- for $3.3 million ($436 psf) in November 2008. tember last year but marketing efforts were centrally located and close to amenities like tion team at Knight Frank Singapore and is list- The house used to be fully occupied by the dampened by the year–end holidays and the VivoCity shopping mall in HarbourFront and ed for sale by private treaty. owner, his family and several relatives. “But “circuit breaker” measures put in place in April, the eateries and shops located in the near- The strata–detached house comes with a the relatives have moved out and the owner says Lock. However, the number of enquiries by Bukit Purmei and Telok Blangah estates. rooftop garden, a basement as well as two ded- feels that the house is too large for just his for this property has picked up recently fol- Also in the vicinity are Radin Mas Primary icated car park lots. family of four,” she says. lowing the Phase Two reopening, she says. School, CHIJ (Kellock) and CHIJ St There- According to Lock Sau Lai, manager at “It is rare to find a cluster house of this size Lock continues: “Landed homes are still sa’s Convent. E

OFFSHORE

FROM PAGE EP7 “New trends will emerge. The use of e-com- but for which construction has yet to com- In East Ledang, the prices of two-storey cially small and medium enterprises (SMEs), merce, tele-conferencing and contactless de- mence). Similarly, condominiums/apartments terraced and semi-detached units dropped tide them over during this crisis and survive. vices will be even more widely adopted and and serviced apartments formed the bulk of marginally from RM900,000 and RM1.6 As the SME sector employs the most workers become a new way of life for business and the planned supply. million, to RM850,000 and RM1.5 million and contributes a significant percentage to our social circles. “There are a total of 73,690 units of condo- respectively. The prices of other samples economy, it is important to ensure their sur- “After the months-long lockdown, many miniums/apartments and serviced apartments. in the basket remained unchanged. vival so as to protect jobs. One-off cash assis- companies realise working from home, or off- This is about 64% of the total planned supply. The Covid-19 outbreak and other un- tance for individuals may help in the interim site working, is feasible. Many companies will “From the statistics, it is noted that high- certainties impacted the property market but it is equally important to save the com- be more receptive to and start adopting ‘work rise residences such as condominiums and in 1Q2020 but there is normally a time lag panies,” asserts Tan. from home’ or ‘multi-locale’ modes,” he says. serviced apartments have overtaken the con- for the effect to be reflected in terms of He adds that the government should cap- Tan says future residential properties would ventional terraced houses in future supply. price drops. As such, Tan expects the pric- italise on this lull period to pump-prime the have to incorporate practical designs and fea- There are a total of about 106,000 high-rise es to be under further pressure in the quar- economy by fast-tracking some of the high-im- tures that allow their occupiers to work at residences in the pipeline over the next three ters ahead. pact, high-spin-off projects such as the Rail home. Corporations may scale down their of- years. Nevertheless, in view of the weak mar- Meanwhile, rents were stagnant during Transit System and the High-Speed Rail. fice space while the demand for huge shop- ket sentiment, some of the projects may not the quarter. “Yields for two-storey terraced “It is an opportune time for the authorities ping malls will drop as many businesses in- proceed if construction has not commenced and semi-detached units dropped marginal- to take a hard look at our economic structure, tensify their e-commerce and delivery services. yet,” he adds. ly correspondingly,” he says. our cost base and all the policies in a holistic Logistics will become increasingly important. In terms of the overhang situation, there According to the monitor, there were two manner. The only way to stay ahead of the were a total of 36,123 units of unsold residen- new landed property launches in 1Q2020. competitive curve is to be pro-business, pro-in- Supply and overhang in Johor Baru tial properties at various stages of construc- “The first project is Senadi Hills at Iskan- vestment, open and innovative in encouraging According to The Edge-KGV International Prop- tion that had been launched for more than dar Puteri. There were 112 units of two- new technologies, approaches and methods, erty Consultants Johor Baru Property Monitor nine months as at 1Q2020. storey terraced houses that were open and to adopt a fair and meritocratic system. 1Q2020, in terms of existing supply, there were “The bulk of the unsold units are high-rise for registration. We were told that the “If we still stick to our old way of doing a total of 467,293 residential properties in the properties. They constitute a total of 30,109 developer received a booking rate of about 50%. things and politicking, the vicious cycle will district of Johor Baru during the review period. units, or 83.4%. This is followed by terraced The typical unit size is about 1,400 sq ft, keep repeating itself, and we will lose out not Terraced houses made up 44.1% of the to- houses, for which there are 3,818 unsold and prices started from RM734,000,” Tan says. just in the property sector but also in the econ- tal stock. This was followed by high-rise resi- launched units, or 10.6%. The remainder of “The second project is Presint Wijaya at omy across the board,” Tan says. dential properties (inclusive of condominiums/ about 6% is other landed housing types,” says Taman Ungku Tun Aminah in the Skudai He stresses that there will be changes and apartments and serviced apartments), which Tan. “However, we must read the high unsold area. There were a total of 88 units of land- trends ahead. “This is a critical moment. constituted 25.7% of the total existing supply. units or overhang from a proper perspective. ed properties for sale — 56 units of two-sto- Never in our wildest imagination would we Other properties such as semi-detached, de- Johor has always been at the top of the list in rey terraced and 32 units of cluster houses. have been able to foresee what we are going tached, cluster and town houses formed about terms of overhang units.” Of these, 95% of the terraced houses were through now. Covid-19 practically freezes time 8% of the total stock, Tan says. Apart from the oversupply of high-rise de- sold while about 70% of the cluster hous- and halts the world. It will be a defining point There is an incoming supply of 55,463 velopments, another major contributor to this es were sold. The size of a typical terraced for the nation, corporation and individual in units that are plan approved and under con- overhang is the high bumiputera quota of 40% house is about 1,300 sq ft and that of a typi- this turbulent period. struction. Of this, 14,897 units or 26.9% are in Johor, according to Tan. “In addition, there cal cluster house is between 2,240 and 2,400 “In Malaysia, we are facing multi-pronged terraced houses. The incoming supply of con- has been feedback from developers that our sq ft,” he explains. challenges across all areas: health, economy, dominiums/apartments and serviced apart- bumi release mechanism has been very slow.” Both achieved commendable sale rates political continuity and social stability. It would ments is 32,149 units (58%) and has already even though they were launched during not be far-fetched to treat this episode as a surpassed that of terraced houses, he adds. New launches in 1Q2020 the Movement Control Order, probably test of resilience, discipline and innovation. According to the monitor, as at 1Q2020, There was little change in price trends and because demand for such landed houses re- Our life perspective and way of doing things there were a total of 115,122 units catego- rents in Johor Baru during the quarter in mains resilient, he concludes. — The Edge will change after the whole saga. rised under planned supply (plan approved review. Malaysia E

EP16 • EDGEPROP | JULY 20, 2020 PROPERTY BRIEFS

FROM PAGE EP2 Commercial property transaction egies of moving into core logistics and office leasing them back, as a way of shoring up man has acquired two newly-developed, ful- volumes in Asia Pacific fall 14% in assets,” observes Neil Brookes, head of capital their balance sheets in the face of the eco- ly-leased, Class-A warehouse facilities in Yeo- 2Q2020 markets, Asia Pacific, at Knight Frank. nomic volatility caused by the coronavirus,” ju city, Gyeonggi province, in South Korea. Commercial property transaction volumes in Meanwhile in Hong Kong, outbound cap- explains Brookes. The property is located about 60km from Asia Pacific have fallen 14% q-o-q in 2Q2020, ital investing in commercial assets fell 66% Some property sectors have also maintained Seoul’s Gangnam Business District, and has according to Knight Frank’s Asia Pacific re- y-o-y in 1H2020 to US$3.1 billion. However, deal momentum across Asia Pacific. The in- direct access to the GBD and Busan via the search team. in 2Q2020 alone, transaction volumes were up dustrial sector recorded a 11% drop in trans- Central Inland Expressway. On a y-o-y basis, commercial transaction 48% q-o-q, suggesting a strong appetite for action volumes y-o-y in the last quarter, com- The property comprises two state-of-the-art volume in Asia Pacific fell by 41% to US$55 overseas assets, says Knight Frank. pared to a drop of 44% across all other sectors. warehouse centres, with more than 65,000 sq billion ($76.7 billion) in 1H2020. “Hong Kong investors continue to show At the same time, Asian REITs have re- ft of combined gross floor area. Heitman ac- In Singapore, domestic commercial trans- a keen interest in diversifying their portfoli- mained globally competitive. REITs in Singa- quired the first warehouse in March and the action volume fell 87% y-o-y in 1H2020 to os overseas. Once travel restrictions lift, we pore witnessed a drop of about 7% year-to- second warehouse recently, the firm said. US$0.55 billion. However, cross-border trans- expect that Hong Kong outbound investment date, compared to their counterparts which “The Korean logistics sector, propelled by actions were less affected by the pandemic, will increase,” says Paul Hart, executive di- saw a sharper drop of around 34% in Europe, e-commerce, is in the process of maturing and with US$7 billion transacted to overseas in- rector, head of commercial for Greater China and 25% for UK-listed REITs. demonstrates a resilience amid Covid-19,” says vestors — just 12% lower y-o-y. at Knight Frank. Knight Frank also expects that investors Skip Schwartz, managing director of Heitman’s Knight Frank says that Australia remains a Knight Frank has also observed that corpo- are waiting for distressed opportunities to ar- Asia-Pacific Private Equity Group. key market for outbound Singapore-based cap- rates have been adopting a sale and leaseback rive in the later part of the year. As at Decem- “The acquisition of the Yeoju Distribution ital: transaction volume from Singapore to the strategy, seeing enquiries spike from compa- ber 2019, it estimates that Asia Pacific-focused Centers diversifies our Asia-Pacific portfolio with country was up 72% y-o-y in 1H2020, although nies that own corporate real estate across sec- private equity funds had about US$38 billion prime logistics assets that will benefit from the volume remained low at US$1.39 billion. tors such as automotive, electronics, media, of capital ready to deploy in Asia Pacific, well demographic trends underpinning the continu- “Singaporean government-linked compa- retail and technology. above the US$5 billion that was raised in 2007 ous expansion of e-commerce and subsequent nies have remained active investors in Aus- “Companies, institutions and governments and 2008 before the Global Financial Crisis. demand for modern logistics space,” he adds. tralia this year, executing their long-term strat- are increasingly selling real estate assets and — Compiled by Charlene Chin E

PROPHUNT CLASSIFIEDS Properties for Sale  Scan QR code for more details  For sales enquiries, please contact [email protected] or call 6232-8820

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