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Visit EdgeProp.sg to ˎ nd properties, research market trends and read the latest news The week of April 9, 2018 | ISSUE 825-46

En Bloc Watch Property Take Done Deals Gains and Losses LKY’s house at Collective sales this year A third of units at Penthouse at Hazel Park 38 Oxley Road could to outshine 2017, says 38 Jervois sold in sold at $1.67 mil profi t be demolished EP4 Colliers EP11 three weeks EP12&13 EP14

M&L HOSPITALITY M&L Hospitality doubles portfolio in five years The Kum family-owned hotel group is extending its footprint across Australia, Europe and the UK, and exploring opportunities in South America. See our Cover Story on Pages 8 and 9.

The 182-room West Hotel Sydney is M&L Hospitality’s latest hotel opening EP2 • EDGEPROP | APRIL 9, 2018 PROPERTY BRIEFS

KNIGHT FRANK EDITORIAL EDITOR | Cairnhill Heights sold en bloc for $72.6 mil Cecilia Chow Cairnhill Heights condominium has been sold en bloc DEPUTY EDITOR | Lin Zhiqin for $72.6 million to TSky Development, the 60:40 WRITERS | Timothy Tay, Bong Xin Ying joint-venture company between Tiong Seng Hold- DIGITAL WRITER | Fiona Ho ings and Ocean Sky International. The condo was launched for collective sale with an asking price of COPY-EDITING DESK | $80 million in December 2017. Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah Located in prime District 9 with a site area of about PHOTO EDITOR | 15,408 sq ft, Cairnhill Heights is zoned “residential”, Samuel Isaac Chua with a gross plot ratio of 2.8. The site may be redevel- PHOTOGRAPHER | Albert Chua oped into a residential development of about 42 units, EDITORIAL COORDINATOR | Yen Tan based on an average size of 95 sq m. It is situated DESIGN DESK | in the prestigious Cairnhill enclave, within walking Tan Siew Ching, distance of the Newton MRT station and Anglo-Chi- Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah nese School (Junior). TSky Development will set up a project company ADVERTISING + to undertake the redevelopment of the site. MARKETING ADVERTISING SALES In 2017, TSky Development bought Sloane Court DIRECTOR, COMMERCIAL OPERATIONS | Hotel and a small, adjoining parcel in Balmoral Road Cowie Tan for $80.5 million. It is developing a 12-storey, 80-unit ASSOCIATE ACCOUNT DIRECTOR | Diana Lim condo on the site. SENIOR ACCOUNT MANAGER | $878,000. One-bedroom units with study, at 602 sq Tower and GSH Plaza on the same street were con- Janice Zhu Chancery Court in Newton up ft, are priced from $1.08 million. Two-bedroom units tracted at above $2,600 and $2,900 psf, respectively. MANAGERS ACCOUNT | for en bloc sale at $390 mil and two-bedroom premium units have sizes from 646 Both developments have a 99-year leasehold tenure. James Chua, Bernard Wong SALES STRATEGIST | Privatised HUDC estate Chancery Court (below, left) sq ft and 689 sq ft, respectively. Prices start from $1.2 Owing to the prime location, freehold tenure and Han YaoGuang has been launched for sale by tender with an asking million for the former and $1.28 million for the latter. limited strata office floors of this size for sale on the price of $390 million, announced OrangeTee Adviso- Three-bedroom and three-bedroom premium units market, strong interest is expected for the property, CIRCULATION DIRECTOR | Dominic Kevin Sim ry, the sole marketing agent. have sizes from 904 to 968 sq ft and 990 to 1,087 sq says Shaun Poh, executive director of capital markets MANAGER | Bryan Kek The asking price includes an estimated $180 mil- ft, respectively. Prices start from $1.62 million for the at Cushman & Wakefield. EXECUTIVE | lion premium to top up the lease on the 99-year lease- former and $1.78 million for the latter. There are also The EOI exercise will close on May 4. Malliga Muthusamy, Ashikin Kader hold site, which has a balance tenure of 62 years, as 20 four-bedroom units, with sizes from 1,248 to 1,291 CORPORATE well as the intensification of the site to its maximum sq ft, which are priced upward of $2.2 million. With- Freehold shophouses at 71 to CHIEF EXECUTIVE OFFICER | gross plot ratio of 1.4. This translates into a land rate in the development are three townhouses of 2,174 sq 73B Jalan Besar going for $20 mil Bernard Tong of $1,572 psf per plot ratio (ppr). ft each, with prices starting from $3.38 million. Sales A row of four adjoining two-storey conservation shop- PUBLISHER Chancery Court sits on a 259,134 sq ft site, which of The Verandah Residences will start on April 14. houses with attic, at 71 to 73B Jalan Besar (above), The Edge Property Pte Ltd is zoned for residential use under the 2014 Master Hoi Hup and Sunway Developments held a pre- has been launched for sale by EOI with an asking 150 Cecil Street #13-00 Plan. The 136-unit development includes a 16-sto- view of their latest executive condo (EC) project, price in excess of $20 million, according to sole mar- Singapore 069543 Tel: (65) 6232 8688 rey block with 52 apartment units and eight stra- namely the 628-unit Rivercove Residences at An- keting agent Knight Frank. Fax: (65) 6232 8620 ta commercial units, as well as 42 walk-up maison- chorvale Lane in Sengkang, over the same week- The freehold shophouses, 71, 73, 73A and 73B ette units housed in seven four-storey blocks. The end. The project has a mix of three- to five-bed- Jalan Besar, have a land area of about 3,495 sq ft and PRINTER redevelopment could potentially yield a maximum room units with sizes from 904 to 1,485 sq ft. The a floor area of about 6,407 sq ft. The site is zoned KHL Printing Co Pte Ltd 57 Loyang Drive of 480 units of 70 sq m each. indicative prices are said to be from $918 to $990 “commercial” within a conservation area under the Singapore 508968 The site is subject to the Pre-Application Feasi- psf. Three-bedroom units have starting prices from 2014 Master Plan. Tel: (65) 6543 2222 bility Study on traffic impact, and OrangeTee has $830,000, four-bedroom units from $1.1 million and The premises is suitable for use as a showroom, Fax: (65) 6545 3333 commissioned a traffic consultant to undertake the five-bedroom units from $1.34 million. retail, office and co-working space, subject to ap- PERMISSION AND study, which is expected to be completed before the Last year, Hoi Hup launched Hundred Palms, a proval of the relevant authorities, says Mary Sai, REPRINTS tender closes, says Marcus Oh, managing director 531-unit EC on Yio Chu Kang Road. All the units were executive director of investment and capital mar- Material in The Edge Property of OrangeTee Advisory. Therefore, developers will sold within seven hours on the first day of its launch kets at Knight Frank Singapore. may not be reproduced in any form without the written be able to conduct their redevelopment feasibility at an average price of $836 psf. Located at the junction of Jalan Besar and Up- permission of the publisher with peace of mind, he adds. per Weld Road, the site is next to the Jalan Besar Chancery Court is close to schools such as An- Two freehold strata office floors at MRT station. We welcome your comments glo-Chinese School (Primary), St Joseph’s Institution The Octagon up for sale The site presents a rare opportunity for inves- and criticism: propertyeditor.sg@ Junior, Singapore Chinese Girls’ School, CHIJ Primary On April 2, two freehold office floors at The Octagon tors to own four adjoining shophouses with dual bizedge.com (Toa Payoh) and St Margaret’s Primary School. Res- were put up for sale by expression of interest (EOI). frontage in a heritage-rich area and is suitable for idential developments nearby include Good Class According to exclusive marketing agent Cushman & end users who want to occupy the premises im- Pseudonyms are allowed but please state your full name, Bungalows, landed houses and private condos. It is Wakefield, the asking price is about $30.3 million mediately, since vacant possession can be granted address and contact number for served by the Newton MRT interchange on the North- ($2,450 psf). upon sale,” according to Ian Loh, executive direc- us to verify. South and Downtown Lines. The offices are on the ninth and 10th floors and tor and head of investment and capital markets at The tender closes on May 15. have a total strata area of about 12,378 sq ft. Each Knight Frank Singapore. floor has a plate size of about 6,189 sq ft. Buyers The EOI will close on May 8. Strong turnout at preview of The Verandah have the option to purchase both floors together or Residences, Rivercove Residences individually. Far East Consortium buys Despite the rain over the Good Friday-Easter week- The Octagon is a 25-storey office building on a The Estoril for $224 mil end, crowds thronged the sales gallery of Oxley Hold- prime freehold plot on 105 Cecil Street in the CBD. Freehold development The Estoril at 95 and 97 Hol- ings’ The Verandah Residences (below, right) at Pasir It has two levels of basement car parks for season- land Road has been sold to FEC Properties, a whol- Panjang. More than 2,500 people showed up over the al parking. The site is at the junction of Boon Tat ly-owned subsidiary of Hong Kong-listed Far East three days from March 30 to April 1. Street and Cecil Street, and within walking distance Consortium International. According to marketing At The Verandah Residences, one-bedroom units of the Raffles Place and Telok Ayer MRT stations. agent CBRE, the sale price of $224 million reflects a with sizes starting from 452 sq ft are priced from Recent transactions of strata offices at Prudential land rate of about $1,654 psf ppr. The Estoril has 40 apartments and four penthous- ORANGETEE OXLEY HOLDINGS es on a 84,600 sq ft site. Each apartment unit own- er will receive a gross payout of about $4.6 million. Owners of the penthouse units will receive between $9.85 million and $9.95 million. No development charge is payable, including the 10% bonus balcony GFA, according to the URA base- line record. Based on the 2014 Master Plan, the site has a plot ratio of 1.6 and is zoned “residential”. The recent keen interest in the URA Holland Village mixed-use development extension site signals that de- velopers remain confident about this location, espe- cially in view of further rejuvenation in the locality, says Sammi Lim, director of capital markets at CBRE. The sale of The Estoril is the fourth collective sale transacted by CBRE in 2018. Adjacent to The Estoril is Hollandia, which was sold to Far East Consortium for $183.4 million in March. — Compiled by Timothy Tay and Bong Xin Ying E EDGEPROP | APRIL 9, 2018 • EP3 EP4 • EDGEPROP | APRIL 9, 2018 EN BLOC WATCH

PICTURES: ALBERT CHUA/THE EDGE SINGAPORE

Oxley Neo Residences (left) and 38 Oxley Road

LKY’s house at 38 Oxley Road could be demolished

| BY LIN ZHIQIN | raced units, says the report. Under this option, the area surrounding n a report released on April 2, the minis- the property, which is currently zoned as terial committee on 38 Oxley Road — a two-storey mixed Landed Housing Area, the home of late founding Prime Minis- could be rezoned to Residential use at a ter Lee Kuan Yew — has laid out three gross plot ratio of 1.4, which can allow options for the property, ranging from for five-storey residential developments. Ipreservation to demolition and redevelop- “With this change, the site at 38 Oxley ment (see table). Road will be able to yield 16 flat units,” “We did not make any recommenda- says the report. tion because no decision is required at this The original bungalow at 40 Oxley Road point in time,” says Deputy Prime Minis- was redeveloped in 2006 into a two-sto- ter Teo Chee Hean, who chaired the com- rey detached house (No 40) on a 5,048 sq mittee. Lee’s daughter, Dr Lee Wei Ling, ft site and a pair of two-storey semi-de- lives in the house and has said that she tached houses (Nos 42 and 44) with 3,191 intends to continue to do so. Therefore, sq ft and 3,182 sq ft of land respectively. the fate of the house will have to be de- On the other side of 38 Oxley Road are cided by a future government, adds Teo. three strata-landed houses (36, 36A and The property has a rich history, as it 36B Oxley Road). The most recent trans- was Lee’s home from the mid-1940s un- action for a house on Oxley Road was in til his death in 2015. It was also where December 2009, when No 36, which has a the People’s Action Party was formed in strata area of 10,990 sq ft, changed hands 1954 and where meetings took place that for $6.88 million ($626 psf). led to the formation of the first independ- Across the road from 38 Oxley Road is ent government of Singapore. Oxley Neo Residences, developed in 2010 Based on archival plans dated 1898, the by Medway Investments, a family prop- house is one of a pair of identical bunga- erty investment company headed by a lows built at 38 and 40 Oxley Road, says 75-year-old stockbroker, who asked to be the report. The building design is of an known as “Neo”. The property sits on a “early style” bungalow built in the late freehold land area of about 38,000 sq ft 19th and early 20th centuries. and comprises six bungalows and a pair The options listed by the ministeri- of semi-detached houses. al committee include the demolition and The site was previously occupied by a redevelopment of the property. If this pair of colonial bungalows, which Med- happens, the site could be redeveloped way Investments purchased for $3.9 mil- into either a pair of bungalows, a pair of lion in 1989. The original bungalows were The original bungalow at 40 Oxley Road was redeveloped in 2006 into a detached house and a pair of semi-detached houses semi-detached houses or three to four ter- demolished and redeveloped because they EDGEPROP | APRIL 9, 2018 • EP5 EN BLOC WATCH

How a house provoked a feud in Singapore’s Lee family

| BY STEPHANIE PHANG & KRYSTAL CHIA | assertion. The committee, he said, needed to review the options in case, for example, Wei Ling Singapore’s reputation for order and control took chose to move out in the near future. There is a beating last year when its most famous family a misconception that the government is seeking to became embroiled in a very public feud — on make a decision now, he told parliament last year, Facebook. Prime Minister Lee Hsien Loong fell when no decision may be necessary for another out with his two younger siblings over the fate of 20 to 30 years. The prime minister’s views were the house that belonged to their late father, the sought by the committee in his personal capacity, country’s first prime minister, Lee Kuan Yew. The and he has not been involved in discussions, dispute marked a rare public display of acrimony according to the cabinet secretary. from a family that has been at the forefront of Singapore’s establishment since its independence What did the committee conclude? The house at 38 Oxley Road is of an ‘early style’ bungalow built in the late 19th and early 20th centuries in 1965 — and that largely kept private any Its April 2 report laid out three options: retaining discord before the elder Lee’s death in 2015. the property (as a national monument or for URA, REPORT OF THE MINISTERIAL COMMITTEE ON 38 OXLEY ROAD Nine months after the spat erupted, a ministerial conservation); keeping the basement dining committee has produced a report on options for room, where important meetings took place, in a the future of the house. It has left any decision to park or as part of a heritage centre; demolishing a later government, however, meaning the feud the house for residential use or for a park or may have longer to run yet. heritage centre. The committee left the matter of which option to take to a future government. It What was the spat about? also said that Kuan Yew was ‘prepared to accept It centred on 38 Oxley Road, a colonial- options other than demolition’ provided that era bungalow near the Orchard Road shopping the house was kept in a habitable state and the belt. Kuan Yew lived there for most of his 91 family’s privacy was protected. years and his will included a wish for the property to be demolished eventually. All three children How bad did the dispute get? have said they want to honour that request, but The family discord had simmered for two years the two younger siblings have accused PM Lee before bursting into full view in June with a of manoeuvring behind the scenes to undermine six-page statement posted via Facebook by their father’s instructions. They cited the existence the younger Lees. They said they had ‘lost of the ministerial committee. The prime minister confidence’ in their brother and accused him of denies those allegations. misusing his position to advance his personal agenda and of harbouring political ambitions for Who are the protagonists? one of his sons. Hsien Yang, the younger brother, As well as the prime minister, there is his said he planned to leave Singapore and cited his 60-year-old brother Lee Hsien Yang, the one-time brother as the reason. CEO of Singapore Telecommunications, who is now chairman of the Civil Aviation Authority What did PM Lee say? of Singapore, a board member of Rolls-Royce He apologised last year for the impact he said Holdings and a special adviser to private-equity the dispute has had on Singapore’s reputation. firm General Atlantic. And then there is Dr Lee In a two-day parliamentary debate in July, he Wei Ling, the middle sibling who is a senior said the dispute could dent public confidence in adviser at Singapore’s National Neuroscience the government if it continued and that suing The area surrounding 38 Oxley Road (marked in blue) could be rezoned to a gross plot ratio of 1.4. Institute. She currently lives in the house and Kuan his siblings would only further besmirch their Yew’s instruction in his will to demolish 38 Oxley parents’ names. REPORT OF THE MINISTERIAL COMMITTEE ON 38 OXLEY ROAD Road only kicks in after she moves out. Did the siblings resolve their differences? What is the significance of the house? Hardly. On July 6 — this time in a seven- Range of options for 38 Oxley Road As well as being on prime real estate, 38 Oxley page statement released via Facebook after their Option Retain the property Retain the dining room Allow the property Road is seen by many as a hallmark of the elder brother spoke in parliament — Wei Ling and and tear down the rest to be demolished Lee’s legacy and influence, the site of critical Hsien Yang said they will ‘cease presenting of the property fully, and allow decisions on Singapore’s future taken by the further evidence on social media, provided that redevelopment nation’s pioneer leaders. Founding members of we and our father’s wish are not attacked or Sub-options a) Gazette and preserve Th e dining room would be a) By the owner for the People’s Action Party (PAP), in power since misrepresented’. But Hsien Yang posted in October as a national monument; or gazetted as a national monument, residential use; or independence, held early meetings at the house. that PM Lee ‘has made no attempt to reach out b) Gazette for conservation and integrated with an alternative b) By the state for Kuan Yew wanted 38 Oxley Road demolished to us to resolve matters in private’. Wei Ling use for the site (for example, alternative use after his death to avoid the cost of preserving then reacted to the April report on the house’s park, heritage centre) (for example, park, it and the risk that it would fall into disrepair, future by posting ‘it would require unbelievable heritage centre), after he told Singapore’s Straits Times in an interview lack of intelligence or determined denial to not acquisition of the site published in 2011. understand what Pa and Ma so unambiguously Remarks Both sub-options could Even if there is public Sub-option (a) could wanted. It seems to me my big brother and his include further steps to access to the dining room result in the loss of a Who owns the house? committee have achieved that distinction with signifi cantly address for national education historically signifi cant PM Lee says he was bequeathed the property amazing ease’. Lee Kuan Yew’s concerns purposes, demolition of the property, and the by his father and sold it to his younger brother, about privacy (for example, rest of the property, including potential of that signifi cant interior the private spaces, would ensure history being donating the proceeds to charity. Cushman & What impact has the spat had on Singapore renovations of the that the privacy of Mr and Mrs leveraged for Wakefield last year estimated the value of the politics? private spaces, and/or Lee Kuan Yew would be respected commercial profi t bungalow, which stands on a plot of about Very little, on the surface. PM Lee, 66, retains with restricted access) 12,000 sq ft, or 0.3 acre, at about $25 million. PM broad popular support. He has signalled he does Lee said in 2015 he had recused himself from all not want to stay in office beyond the age of government decisions regarding the house. 70 and has been grooming a group of younger had a lot of cracks and were considered struc- façade facing 38 Oxley Road, owing to the need ministers for succession. The PAP has a strong turally unsound. for Lee’s security. Neo’s family occupies two Who is examining options for the house? grip on power. Months after the elder Lee died, The houses have a carpark on the lowest of the houses and the others are rented out at Deputy Prime Minister Teo Chee Hean set up the the PAP boosted its share of the popular vote by level, a living area and six bedrooms spread “around $20,000 a month”. ministerial committee and — at the height of about 10 percentage points to nearly 70% — the across the next two levels, and an attic. They The site of Oxley Neo Residences is one last year’s spat — said there was nothing secret highest since 2001 — and secured 83 of 89 seats are effectively four-storey houses, says Neo, of the biggest landed housing plots on Oxley about it, contrary to the two younger siblings’ up for grabs. — Bloomberg LP as the carpark is on ground level in lieu of a Road. Neo is therefore considering an en bloc basement. They do not have windows on the sale, “provided the price is good”. E EP6 • EDGEPROP | APRIL 9, 2018 MARKET TRENDS

CDL

The Tapestry in Tampines was launched on March 24 at an average price of $1,310 psf, and saw 315 units sold on the first day of sales Private-home prices up 3.1% in 1Q2018 — the highest quarterly increase in eight years

| STORIES BY BONG XIN YING | the past year, such as Gramercy Park, Martin OCR homes is attributed to their affordabili- Developers have also been pricing their Modern and New Futura. Prices of Gramercy ty and supported by the largest pool of buy- properties higher; for example, The Tapestry rice recovery gathered momentum in Park, for instance, registered a median price of ers, says Ong Teck Hui, JLL national director in Tampines was launched on March 24 at an 1Q2018, rising 3.1% over 4Q2017, ac- $3,177 psf in 1Q2018, up 9.5% from the $2,902 for research and consultancy. average price of $1,310 psf. Neighbouring MCC cording to URA flash estimates. This psf in 4Q2017. Martin Modern also saw its pric- According to JLL, OCR transactions account- Land’s The Alps Residences was launched in marks the third straight quarter of price es climb steadily, up 14.8% from $2.354 psf in ed for about 50% of total transaction volume in October 2016 at an average price of $1,089 psf. growth since the index bottomed in 4Q2017 to $2,703 psf in 1Q2018, says Colliers. 1Q2018, while CCR and Rest of Central Region This a 20% increase in price in less than two P2Q2017. It is also the strongest quarterly in- Resale prices in some districts have also ris- (RCR) accounted for 18% and 31% respectively. years, notes Eugene Lim, ERA Realty’s key ex- crease since the 5.2% q-o-q spike in 2Q2010, en because of the high land rates implied from Projects in OCR that registered price increases ecutive officer. says Tricia Song, Colliers International head the recent collective sales in the Bukit Timah, include Grandeur Park Residences at Tanah Mer- “Having witnessed three consecutive quar- of research for Singapore. River Valley and Holland Road neighbourhood. ah in the east, which saw a 7.8% q-o-q increase ters of price increases thus far, it is a clear sign With the latest price uptick, the URA pri- “We think the high-end homes segment has in average prices from $1,416 psf in 4Q2017 to of positive sentiments in the residential proper- vate property price index is up 4.6% y-o-y, adds turned a corner, following a price slump since $1,526 psf in 1Q2018. Likewise, Symphony Suites ty market, despite almost all the cooling meas- Song. As at end-1Q2018, private residential June 2013,” says Song. Her forecast is that pric- in Yishun registered a 3.9% increase in average ures still in place,” says Nicholas Mak, ZACD prices are just 7.5% below the peak in 3Q2013. es in CCR could rise 10% in 2018. prices from $1,046 psf in 4Q2017 to $1,087 psf Group executive director. “This would have The largest price uptick was seen in the The URA flash estimates also showed a in 1Q2018. Other projects in OCR with firm aver- a positive impact on property prices, and the Core Central Region (CCR), which registered 3.8% increase in prices in the Outside Cen- age pricing include Kingsford Waterbay ($1,379 private residential price index is expected to a 5% increase, boosted by new launches over tral Region (OCR) or suburbs. Demand for psf) and Parc Botannia ($1,283 psf). rise 8% to as much as 15% in 2018.” E

HDB resale price index in 1Q2018 down 0.8% as downward trend enters fifth year

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE DB’s flash estimate for 1Q2018 En bloc Redevelopment Scheme, but showed a 0.8% decline in re- will eventually have to be returned Hsale prices of public housing to the state at the end of the 99-year flats. This is a steeper decline than lease. “The increased awareness of the 0.2% dip in 4Q2017 and marks this stark reality has made older re- the latest quarterly decline since sale HDB flats less appealing to home 2Q2013. The bigger-than-expected buyers who have longer-term consid- fall could be due to the seasonal erations,” says Lim. lull during Chinese New Year, says Gafoor reckons, however, that de- Nicholas Mak, executive director of mand for HDB resale properties could ZACD Group. increase in 2H2018 as en bloc ben- In addition, such a price decline eficiaries of projects in the suburbs, can also be attributed to the steady including the large privatised HUDC supply of the new HDB Build-to- estates, are expected to receive their Order flats in 2017 and 2018. HDB As not all HDB flats will be eligible for the Selective En bloc Redevelopment Scheme, older resale HDB flats have become less collective sale proceeds. He therefore will offer about 3,900 BTO flats in appealing to home buyers who have longer-term considerations, says ERA’s Lim projects that HDB prices could rise Sengkang, Tampines, Toa Payoh and up to 1% by year-end. Yishun in the May 2018 BTO exer- Re-offer of Balance (ROF) flats could ond-timers who received their new Realty. This has inadvertently creat- ZACD’s Mak is less optimistic. cise. Although the HDB resale price have drawn some demand from the keys with the completion of their ed a supply of resale flats, he adds. “In the absence of any major change index is still falling, the government HDB resale market, notes Mak. BTO flats; new executive condomini- Eugene Lim, key executive officer in the public housing policies, the does not plan to reduce the supply Also contributing to the contin- um upgraders who received the new of ERA Realty, also points to a com- HDB resale price index is expect- of BTO flats for 2018. uous price decline into 2018 are a keys to their homes; as well as those ment made in the previous year by ed to slip 1% to 3% y-o-y for the The increase in supply of new BTO different group of sellers who are in selling their HDB resale flats to up- by Lawrence Wong, Minister for Na- whole of 2018,” he says. “Thus, the flats also comes with a shorter wait- urgent need to dispose of their prop- grade to private property in 2018, tional Development, that not all HDB much-awaited recovery in the index ing time, and the introduction of the erties within a stipulated time; sec- notes Ismail Gafoor, CEO of PropNex flats would be eligible for the Selective may not occur this year.” E EDGEPROP | APRIL 9, 2018 • EP7 EP8 • EDGEPROP | APRIL 9, 2018 COVER STORY

PICTURES: M&L HOSPITALITY

The 892-room Hyatt Regency Sydney, one of the biggest hotels in Sydney, is M&L Hospitality’s flagship property

M&L Hospitality doubles portfolio in five years The Kum family-owned hotel group is extending its footprint across Australia, Europe and the UK, and exploring opportunities in South America

| BY CECILIA CHOW | ing purchased the 672-room hotel from GPT Group for A$185 million, the group spent an- ast year, hotel magnate Michael Kum, 73, other A$250 million to redevelop the proper- was said to have a net worth of $905 mil- ty. It reopened in 2016 as the 892-room Hyatt lion and ranked Singapore’s 32nd rich- Regency, a mixed-development that includes est person by Forbes. The self-made ty- a new commercial tower containing office and coon grew up in an attap house on stilts retail space as well as a convention centre. It Lperched on the swampy banks of Kallang Riv- is one of the largest hotels in Sydney today. er. Kum’s family of five also reared chickens and pigs for their livelihood. Today, he lives Strong pipeline of projects in a landed property in Holland Road in prime From just one hotel, M&L Hospitality’s port- One of the suites at Hyatt Regency Sydney, which overlooks Darling Harbour District 10. folio grew to 12 hotels valued at $1.3 billion Kum made his fortune in offshore marine in 2013. Today, the portfolio has 18 hotels and ney. Launched in January, it marks the second Hyatt Regency Sydney and the upcoming de- services when the company he co-founded in the value has doubled to $2.7 billion over the new hotel to be built in Sydney’s CBD in the velopment in Southbank, Melbourne provid- 1976 was eventually listed on the Australian past five years. last 17 years. Most of the hotels in the city’s ing diversification in income streams. Stock Exchange as Maclyn Express in 2010. “In addition to the $2.7 billion portfolio, CBD are either refurbishments or redevelop- He had entertained thoughts of retiring and we have a strong pipeline of hotel develop- ments of existing hotel properties. New acquisitions and divestments focusing on investing in real estate when he ment projects worth $600 million to $800 mil- M&L Hospitality also owns the 369-room M&L Hospitality is currently refurbishing the formed Grandline International in 2009. It is lion,” says Jocelyn. “We will continue to see Swissotel on Market Street in Sydney, the 256- 303-room Hilton Prague Old Town, an up- now the parent company of M&L Hospitality, strong growth within the portfolio over the room Novotel in Perth and the 180-room Double per-scale hotel in the historic centre of Prague. a wholly-owned subsidiary set up to hold the next few years.” Tree by Hilton on Flinders Street in Melbourne, The hotel should reopen in June, says Maxwell. group’s portfolio of hotel assets. Incidentally, The hotels are in key cities such as Sydney, where the group has two development sites. When the company purchased the Hilton, it “M&L” are the initials of Kum’s first name and Melbourne and Perth in Australia; Auckland One of the sites is for a mixed residen- also purchased the adjacent site for the devel- that of his wife, Lynda Ong. and Christchurch, New Zealand; Manches- tial-and-hotel development and located on the opment of a second hotel. As executive chairman of M&L Hospitality, ter and London in the UK; as well as Amster- banks of the Yarra River in Southbank. The “We are focused on more upper-scale ho- Kum runs the business with eldest daughter, dam, The Netherlands; Brussels, Belgium; and development will have one- to three-bedroom tels, and we think that’s where demand is in Jocelyn, the firm’s executive director, and Neil Prague, Czech Republic. According to Kum, the upscale apartments on the lower floors, with the markets we’re in,” says Maxwell. Maxwell, the CEO. group will continue to hunt for assets in these the hotel rooms on the 57th to 71st levels of To further differentiate itself from its com- M&L Hospitality’s first purchase was the cities, as well as explore new opportunities in the 73-storey tower. petitors, M&L Hospitality has also undertaken former Four Points by Sheraton at Sydney’s South America. “We’re open-minded,” he says. Planning is still underway for the second more development projects instead of just buying Darling Harbour in 2009. The deal was said The latest hotel to open in M&L Hospitali- development site in Melbourne, says Maxwell. operating assets, says Jocelyn. Hotel develop- to have been concluded in three days. Hav- ty’s stable is the 182-room West Hotel in Syd- He sees mixed developments such as M&L’s ments also provide a higher return, she adds. EDGEPROP | APRIL 9, 2018 • EP9 COVER STORY

ALBERT CHUA/THE EDGE SINGAPORE The 182-room West Hotel Sydney opened in January

Kum (with Jocelyn and Maxwell): It’s important to know not only when to buy, but also when to sell

M&L Hospitality has also divested some Meanwhile, Grand Park City Hotel on Cole- of its assets over the years. In March 2013, man Street was reported to be on the market for instance, it sold the 241-room Ibis Novena for at least $1 billion, or $1.7 million a key. to Keppel Land’s fund management arm, Al- Savills is the marketing agent for Grand Park pha Investment Partners, for $150 million, or City Hotel. $622,000 a key. Last year, the group sold its portfolio of New supply in Singapore tapering off hotels in Japan, including the Hilton Nagoya. After 2017, new supply in the Singapore mar- “Cap rates are compressed in Japan, and an ket is expected to taper off, as most of the in- opportunity came up to sell the portfolio, so ventory has come onstream in recent years, we took it,” says Jocelyn. In 2017, M&L Hos- according to CBRE. Robert McIntosh, execu- pitality divested the Travelodge in Melbourne’s tive director of CBRE Hotels Asia Pacific, says: Docklands. “Although some downward pressure in occu- Kum estimates that the divestments reaped pancy might be felt in the short term, the slow- $600 million to $700 million in total proceeds. down in new supply will help rebalance exist- “It’s important to know not only when to buy, ing hotel performance in the next three to five but also when to sell,” he says. years.” He sees the hotel industry further con- The 212-room The Crowne Plaza Manchester and the adjoining 116-room Staybridge Suites are a new hotel Jocelyn adds: “The proceeds have been very solidating, with occupancy rates improving in complex built on the main campus of The University of Manchester, with a long-term lease from the university healthy, and allowed us to grow our portfolio.” view of strong visitor arrival figures. The expectation is that the market will re- strong with occupancy rates in the high 80s.” has also been doing well since the hotel was Ibis on Bencoolen for sale — ‘if there’s cover by 1Q2019, says Kum. “In Singapore, The group has two other hotels in Man- purchased in 2012 and recently refurbished. a good offer’ even in an improving market, it’s hard to pur- chester that will open at end-2Q2018: the 212- “We have seen occupancy rates in the 90% In Singapore, M&L Hospitality’s sole proper- chase a hotel. Sellers want to sell high, buyers room The Crowne Plaza Manchester and the range, which is higher than the market aver- ty today is the 538-room Ibis on Bencoolen, want to buy low. We’re certainly open to op- adjoining 116-room Staybridge Suites. These age of 85% to 86%,” says Kum. “We also com- which it purchased for $210 million ($393,334 portunities, and if the numbers make sense, hotels are part of a new hotel complex built mand higher average daily room rates and lead a key) in July 2010. The hotel opened in 2009 we will act on it.” on a site with a long-term lease from The Uni- our closest competitor by about $40 a night.” and was considered the first international-brand Kum’s forecast is that the market outlook versity of Manchester. It is located on the main Maxwell attributes the strong performance budget hotel in Singapore. Since then, compe- for Singapore over the next three years from university campus, adjacent to the Manches- of the group’s hotels in New Zealand to the tition in this segment of the market has inten- 2019 to 2021 “should be fine”, given that supply ter Business School and a new executive cen- dearth in new supply. “There haven’t been sified. Still, the Ibis on Bencoolen continues and demand are now aligned. This is provid- tre, says Maxwell. many new hotels built for a long time,” he to enjoy high occupancy rates of 89% to 91%. ed the tourism market and business sentiment says. “While there are some hotels now un- “The Ibis on Bencoolen accounts for 15% are not affected by “external factors”, he adds. Sydney, Melbourne still of interest der construction, they are mainly mid-scale of our portfolio and, therefore, has a relatively In Australia, Kum sees the Sydney and Mel- products.” large weightage,” says Jocelyn. “It’s our group’s Expanding in Manchester bourne hotel markets continuing to do well flagship property in Singapore, and our sole In the UK, M&L Hospitality’s hotels have not over the next three to four years. “Perth will Oversupply in Southeast Asia, China property here. We will take these factors into been hit by the “Brexit effect” and the group pick up if the mining and oil and gas sectors The group’s absence in Southeast Asia except consideration when it comes to diversification.” has been expanding its portfolio there. It has recover,” he says. The group is therefore not Singapore, and in North Asia, especially Chi- M&L Hospitality has been receiving unso- two hotels in London: the Holiday Inn Strat- expanding beyond the one hotel it already na, has been a deliberate strategy. “There’s licited offers for Ibis on Bencoolen. “We will ford City and Staybridge Suites Stratford City. owns. “There’s still a lot of supply entering oversupply in many of these markets,” says sell it if there’s a good offer on the table,” says The group purchased a third hotel in Heathrow, the market,” he adds. Jocelyn. “And in China, you’re faced with a Kum. “From my perspective, that’s more than which was refurbished and rebranded the Hyatt He also sees the hotel market in Auckland 50-year lease on commercial sites, which isn’t $900,000 a key.” Place London Heathrow Airport. It reopened and Queenstown in New Zealand performing appealing to us.” Last year, Hotel Chancellor@Orchard on Cave- 12 months ago. well in the coming years. “Location is very M&L Hospitality will be celebrating its 10th nagh Road was put on the market at $900,000 a “Our hotels in Stratford have been trading important,” he says. “We also have a hotel in anniversary in 2019. The group remains lean key via marketing agent JLL. The hotel, owned well since opening five years ago,” says Max- Christchurch, and it’s doing reasonably well.” with 28 people. Besides the head office in Sin- by Singapore-listed Hotel Grand Central, opened well. “Stratford used to be a small place, but It is the 192-room Chateau on the Park — a gapore, it now has a full-service office in Syd- four years ago. The property has less than 60 now it’s a big city, with a lot of new commercial Double Tree by Hilton, located on five acres ney and a small office in Amsterdam. “We are years left on the lease of its site. It will be sold developments around the Westfield Stratford of landscaped gardens. “It’s a quiet area and expanding because we now have nine hotels in with vacant possession, allowing the new own- City shopping centre, including a few other popular with corporate clients,” says Kum. Europe,” says Jocelyn. “And it’s quite a sizea- er to rebrand and reposition the asset. new hotels. Our business there is still going M&L Hospitality’s 166-room Hilton Auckland ble chunk of our portfolio today.” E EP10 • EDGEPROP | APRIL 9, 2018 SECTOR WATCH

PICTURES: RADISSON HOTEL GROUP

Park Inn by Radisson Libo in Guizhou is one of the group’s 15 hotels in China

Radisson to roll out aggressive expansion plans in Asia

| BY BONG XIN YING | The strong presence means that the chain, including the change of Carl- group is signing on at least one new son Hotels to Radisson Hospitality resh from a rebranding of Carlson hotel every four weeks and open- last November. HNA undertook an Redizor Hotel Group to Radis- ing one new hotel every six weeks, aggressive shopping spree in 2016. son Hotel Group on March 5, she adds. Besides Carlson Hotels, it also ac- Katerina Giannouka, Radis- In China, the group currently has quired a US$6.5 billion stake in son’s president for Asia-Pacific, 15 hotels operating in first-tier cities global hotel operator Hilton World- Fis ready to grow the group’s footprint such as Beijing and Shanghai. “Ac- wide, as well as inherited the lat- in the region. cording to our growth plan, we will ter’s 25% stake in Hilton Grand Radisson is the world’s 11th-big- triple that,” says Giannouka. In ad- Vacations when the business was gest hotel group, with eight hotel dition to first-tier cities, the group is spun off in 2017. brands and more than 1,400 ho- growing its footprint in second-tier In early March, HNA reportedly tels worldwide. In Asia-Pacific, the cities and even third-tier ones such sold its 25% stake in Hilton Grand group has a stable of 120 hotels un- as Chongqing, Guizhou and Wuxi. Vacations for about US$1.1 billion der management. The intention is After all, Radisson is owned by ($1.4 billion). HNA has been pres- to have a portfolio of 20,000 hotel China’s HNA Tourism Group. HNA sured to sell assets to ease its financial rooms in the region in the next five purchased the Minneapolis-based burden, even as Chinese authorities Radisson Blu Resort Fiji Denarau Island is one of Radisson’s hotels in Asia-Pacific, years, says Giannouka, who came Carlson Hotels in late 2016. The crack down on big overseas acquisi- where it intends to grow its footprint on board last November. brands under Carlson Hotels include tions by large companies. The group has an aggressive roll- Radisson Hotels, Radisson Blu, Ra- HNA is also said to be looking to out plan, with eight hotels to open disson RED, Park Plaza, Park Inn by sell part, if not all, of its 25% stake in the region this year. Radisson Blu Radisson, Country Inns & Suites by in Park Hotels & Resorts, another Bali Uluwatu opened in 1Q2018, to Carlson and the Quorvus Collection, Hilton spin-off, which owns more be followed by five others in 2Q2018: which has been rebranded Radisson than 50 properties across the US, Eu- Radisson Blu Resort Phu Quoc in Vi- Collection. Carlson Hotels also owns rope and South America. HNA has etnam; Radisson Medan in Indone- a majority stake in Rezidor Hotels yet to announce plans to sell its in- sia; and Radisson Gwalior, as well as Group, headquartered in Brussels. terest in Hilton Worldwide. Radisson Chandigarh Zirakpur and HNA also owns a 29.5% stake Radisson Bengaluru City Centre in Radisson — HNA’s main focus in Spain’s NH Hotel Group. The re- India. The fourth hotel in India, Ra- HNA has since restructured the hotel lationship between the two parties disson Red Chandigarh Mohali, is turned acrimonious when HNA’s rep- slated to open in 4Q2018, which will ALBERT CHUA/THE EDGE SINGAPORE resentatives were ejected from NH’s also see the opening of Radisson Su- board, following the former’s pur- zhou in China. chase of Carlson-Rezidor group in 2016, which had led to accusations New growth of conflict of interest. Radisson Blu Plaza New Delhi in India, where the group has major brand recognition Radisson has also signed on 10 new In January, HNA announced that properties in the region, including it had hired JP Morgan and Bened- China — growth market dia and Indonesia. Other countries Radisson Blu Resort Maldives; Radis- etto, Gartland & Co to look for pos- It is no surprise that China is going where the Chinese are in the top spot son Mumbai Andheri MIDC in India; sible buyers of its 29.5% stake in to be a key market for the group. in terms of tourist arrivals are North Park Inn by Radisson North EDSA, NH, reportedly valued at €632 mil- According to the 2017 China Out- Korea, Russia and South Africa. the Philippines; Radisson Zhengzhou lion ($1.02 billion). bound Tourism Travel Report, joint- Domestic travel within China itself in China; and three new properties With the divestments of the stakes ly released by Ctrip and China Tour- is equally strong, notes Giannouka. in Malaysia — Radisson RED Kuala in other hotel groups, HNA is therefore ism Academy, the number of Chinese “That’s why we are focusing on China.” Lumpur City Centre and Kuala Lum- banking on Radisson for its growth in outbound travellers reached 130 mil- Likewise, the group plans to grow pur Sentral, and Park Inn by Radisson the hospitality sector. “The rationale lion in 2017, up 7% from 122 million its footprint elsewhere in Asia, in De Centrum City in Kajang. for the restructuring within Radisson in 2016, with tourist spending at an markets such as Japan, Vietnam and Most of the existing 120 hotels Hotel Group itself was to build on the estimated US$115.29 billion. Singapore, where it does not have a in Asia-Pacific are located in India, strength of the Radisson brand and China has become the largest presence yet. “Our Asia-Pacific head- notes Giannouka. This is because to signal the alignment of the two source of inbound travellers for many quarters is here,” says Giannouka. India was the first market that the Giannouka: We will triple [the number of companies, Carlson and Rezidor,” Asian countries such as Thailand, Ja- “And we’re open to opportunities group entered in Asia 16 years ago. Radisson hotels in China] says Giannouka. pan, South Korea, Vietnam, Cambo- in Singapore.” E EDGEPROP | APRIL 9, 2018 • EP11 PROPERTY TAKE Collective sales this year to outshine 2017, says Colliers

CBRE | BY TIMOTHY TAY | lective sale cycle from 2005 to 2007.

he collective sale fever in the Shift from suburban residential market is likely to to prime sites continue at least for the rest Eight sites worth $2.32 billion in of the year, paving the way the Core Central Region, mainly in for total transaction values to prime Districts 9 and 10, were sold Tsurpass those of 2017, says Colliers via collective sale in 1Q2018, com- International in a report on April 3. pared with eight worth $1.05 billion In 1Q2018, 17 residential collec- sold in 2017. The proportion of prime tive sale sites worth a total of $5.83 sites in terms of collective sales val- billion were transacted — up 29.3% ue so far has jumped to 40% com- from $4.51 billion worth of deals in pared with just 13% in 2017. 4Q2017. With a large pipeline of de- Colliers expects sites in prime areas velopments — estimated at 140 to to continue to find favour among de- 150 sites — at various stages of the velopers in tandem with sales and collective sale process, Colliers be- price recovery in the high-end resi- lieves this year’s collective sale trans- dential segment. actions will trump 2017. The top three collective sale deals “The collective sale cycle, which by value in 1Q2018 were Pacific Man- started in 2016 and hit fever pitch sion in River Valley (sold for $980 mil- last year, does not appear to be los- lion), Park West in Clementi ($840.9 ing steam anytime soon,” says Tang million) and Pearl Bank Apartments in Wei Leng, managing director of Col- Outram ($728 million). Pacific Man- liers International. “Brisk collective sion is also the largest collective sale sale activity in 1Q2018 as well as deal since Farrer Court was sold for the premiums paid on land price by $1.34 billion in 2007. Pacific Mansion (foreground, centre) was sold for $980 million in the largest collective sale this year developers for some sites signalled Colliers’ Tang believes large sites that there was still a healthy appe- will continue to appeal to develop- Narrowing premium for $345 million, 19.8% above the launched in high-supply areas, cou- tite for well-located developments.” ers. “Bigger plots allow more func- Ten of the 17 successful deals in asking price. pled with higher selling prices, find She cautions, however, that with tional facilities and lavish landscap- 1Q2018 were sold at a premium of On the other hand, Riviera Point themselves out in the cold. For ex- the deluge of sites on the market, the ing, a luxury many smallish projects 0.7% to 26.7% to the owners’ ask- was sold for $72 million, slightly be- ample, Kovan Apartments and Kovan balance has tilted in favour of devel- in prime locations are unable to of- ing prices. The development with low the asking price of $75 million; Lodge could be less appealing to de- opers, which are likely to cherry-pick fer,” she says. the highest premium last quarter and Ampas Apartments was sold velopers in view of impending new the best sites or those that are real- According to her, young families, was Fairhaven on Sophia Road, nine weeks after the tender closed supply from a handful of sites in the istically priced. both local and expatriate, increasing- which was sold in March to a sub- in January, at $95 million, 9.5% be- vicinity: Serangoon North Avenue From January 2016 to 1Q2018, ly appreciate more sizeable and spa- sidiary of Singapore-listed Lafe Corp low the asking price of $105 million. 1 from the government land ten- there were 47 residential collective cious residential developments that for $57 million — 26.7% over the Meanwhile, Pearl Bank Apart- der; and three collective sale sites: sales valued at $14.97 billion, which offer recreational and social areas, asking price of $45 million. Ka- ments, Cairnhill Mansions, Brookvale Serangoon Ville, Rio Casa and Flor- represented 68.7% of the $21.8 bil- complementing modern housing tong Park Towers was sold to list- Park and Makeway View met the ence Regency. lion in deals done in the previous col- formats. ed group Bukit Sembawang Estates owners’ asking prices. The same could be said of Casa According to Tricia Song, head of Meyfort in Marina Parade, which was COLLIERS, BUSINESS TIMES, EDGEPROP research for Singapore at Colliers In- surrounded by a string of collective ternational, premiums have narrowed sale transactions last year — The from an average of 10.5% in 2017 to Albracca, Nanak Mansions, Amber Residential collective sale transactions in 1Q2018 4.9% in 1Q2018. Song attributes this Park and Parkway Mansion. EXISTING DEVT NAME ASKING PRICE TRANSACTED PRICE % BUYER to higher indicative prices and devel- ($ MIL) ($ MIL) DIFFERENCE opment charges as well as more se- Collective sale outlook for 2018 Park West 818.00 840.90 2.8 Sing-Haiyi Gold Pte Ltd (50% lective bidding by developers. With the current pace of transac- SingHaiyi + 50% HaiyiWealth) Nevertheless, Song says attractive tion and sizeable pipeline of rede- Kismis View 102.00 102.75 0.7 RP Ventures (Subsidiary of Roxy-Pacifi c) sites that are realistically priced will velopment sites, Colliers expects (60%) + TE2 Development (40%) continue to find developer interest. the collective sale market to outper- 1/3/5/7 Telok Kurau NA 35.50 NA Macly Group She points to Katong Park Towers, form from 2017, barring unforeseen Road, 326/328/330/ 332/334 Changi Road which saw 10 bids at a 20% premium. events. The positive outlook is fur- ther supported by broadening eco- Th e Wilshire 98.07 98.8 0.7 RP Ventures (Subsidiary of Roxy-Pacifi c) (40%) + TE2 Development (45%) Developers more selective nomic growth, pent-up demand for + Kim Seng Holdings (15%) Amid a slew of private redevelop- homes and developers’ push to re- City Towers 355.00 401.90 13.2 Japura Development (Cheung Kong) ment sites sold since 2016, 11 have plenish their landbanks and deplet- yet to find buyers since their tenders ing inventory. Pearl Bank Apartments 728.00 728.00 0 CapitaLand closed. Data tracked by Colliers Inter- According to Colliers, there is grow- Riviera Point 75.00 72.00 -4.0 Macly Group national Research shows that mixed ing interest in development sites in Cairnhill Mansions 362.00 362.00 0 Low Keng Huat commercial and residential sites ap- Singapore among many Hong Kong Brookvale Park 530.00 530.00 0 Hoi Hup Sunway, a joint venture between pear to be less popular, as are those in and Chinese developers that could Hoi Hup Realty and Sunway Developments areas with large impending housing be more active in the collective sale Hollandia 163.15 183.38 12.4 FEC Properties, an indirect wholly-owned supply from recent government land market this year. subsidiary of Hong Kong-listed Far East tenders as well as collective sales. “Singapore developers are also Consortium International In certain cases, developers may sharpening their pencils and bidding Eunos Mansion 218.00 220.00 0.9 Fragrance Group have needed more time to assess the smartly against the foreign competi- Goodluck Garden 550.00 610.00 10.9 Qingjian Realty redevelopment potential and pricing tors,” says Tang. Katong Park Towers 288.00 345.00 19.8 Bukit Sembawang Estates of sites beyond the close of the ten- Since September 2017, Colliers In- Pacifi c Mansion 938.00 980.00 4.5 GuocoLand (40%) + Hong Leong Investments der. In 1Q2018, six sites were sold ternational has successfully brokered (40%) + Hong Realty (20%) via private treaty after the tender four collective sales valued at more Makeway View 168.00 168.00 0.0 Bukit Sembawang Estates period lapsed. They were Cairnhill than $1.3 billion: Jervois Gardens, Fairhaven 45.00 57.00 26.7 Gioia Fund Pte Ltd, subsidiary of Lafe Corp Mansions, Riviera Point, Pearl Bank Parkway Mansion, City Towers and Ampas Apartments 105.00 95.00 -9.5 Oxley Holdings Apartments, Brookvale Park, Make- Pearl Bank Apartments. It is market- way View and Ampas Apartments. ing Tulip Garden in prime District 10 Note: Data as at March 31, 2018 Speed to market and a realis- in a collective sale tender that will tic asking price are crucial, as sites close on April 11. E EP12 • EDGEPROP | APRIL 9, 2018 DONE DEALS A third of units at 38 Jervois sold in three weeks

PROMINENT LAND | BY TIMOTHY TAY |

ome buyers are making their move, as property consultants are projecting prices to rise 8% to 15% this year. New projects already in the market have seen a surge in buying demand. HAt 38 Jervois, the maiden condominium project by Prominent Land, eight units were sold in the past three weeks. The 27-unit free- hold development is located on Jervois Road in prime District 10. The buying momentum be- gan on March 22, when three units were sold: a 646 sq ft, two-bedroom unit, for $1.53 million ($2,367 psf); and two 474 sq ft, one-bedroom units, for $1.17 million ($2,465 psf) each. Five more units have been sold in the two weeks since, and all of the one- and two-bedroom units are fully sold, says Bruce Lye, managing part- ner of SRI, who is marketing the development. Most of the buyers are Singaporeans who live in the surrounding area, says Lye. The freehold tenure is a strong draw. There is also strong interest from families with children, as well as HDB upgraders, for the three-bedroom and penthouse units, he adds. Buyers can expect to move into the new deve- lopment by mid-2019, says Joni Lim, managing director of Prominent Land. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Across the road from 38 Jervois is Singapore ($1,373 psf per plot ratio). Jervois Green was (Above) Lye expects Land’s Mon Jervois. The 109-unit private condo reportedly purchased by a group of investors the remaining 17 was completed in 2016 and is 84% sold. Trans- led by Mike Ho, the third-generation owner of units at 38 Jervois action prices have also inched up. When the 99- Spring Court restaurant. The price tag for Jer- to be snapped up by year leasehold project was launched in 2013, the vois Green was $52.9 million ($1,601 psf ppr). mid-2019 average price of units sold was $2,008 psf. Since Last month, Lotus @ Jervois was sold to Fra- last year, the average transacted price has in- grance Group for $46.3 million ($1,684 psf ppr). creased to $2,134 psf. The most recent transac- The new launches on these en bloc sites are tion at Mon Jervois was the sale of a 1,561 sq ft, likely to take place only next year, says SRI’s three-bedroom unit on the ground floor that Lye. Meanwhile, 38 Jervois is scheduled to be went for $3.25 million ($2,081 psf) on March 9. completed by mid-2019. Lye is thus confident The average transacted The Jervois area has also seen a burst of en that the remaining 17 units at 38 Jervois will price at Mon Jervois bloc deals. Last September, the former Jervois be sold before these new redevelopment pro- has increased to $2,134 Gardens was sold to SC Global for $72 million jects are launched. E psf since last year

Residential transactions with contracts dated March 20 to 27

LAND AREA/ NETT UNIT LOCALITIES DISTRICTS FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF Singapore — by postal district PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE City & Southwest 1 to 8 ARTRA Apartment 99 years March 25, 2018 1,119 1,873,800 - 1,674 Uncompleted New Sale Orchard/Tanglin/Holland 9 and 10 ASCENTIA SKY Condominium 99 years March 22, 2018 1,475 1,935,000 - 1,312 2013 Resale Newton/Bukit Timah/Clementi 11 and 21 CLYDESVIEW Condominium Freehold March 22, 2018 2,411 2,850,000 - 1,182 1991 Resale Balestier/MacPherson/Geylang 12 to 14 HIGHLINE RESIDENCES Condominium 99 years March 25, 2018 2,174 4,125,000 - 1,897 2018 New Sale East Coast 15 and 16 QUEENS Condominium 99 years March 27, 2018 1,184 1,430,000 - 1,208 2002 Resale Changi/Pasir Ris 17 and 18 QUEENS Condominium 99 years March 27, 2018 1,195 1,500,000 - 1,255 2002 Resale Serangoon/Thomson 19 and 20 QUEENS PEAK Condominium 99 years March 22, 2018 861 1,652,000 - 1,918 Uncompleted New Sale West 22 to 24 QUEENS PEAK Condominium 99 years March 22, 2018 861 1,636,000 - 1,900 Uncompleted New Sale North 25 to 28 District 4 REFLECTIONS AT KEPPEL BAY Condominium 99 years March 26, 2018 1,012 1,500,000 - 1,482 2011 Resale THE OCEANFRONT @ SENTOSA COVE Condominium 99 years March 21, 2018 1,216 1,900,888 - 1,563 2010 Resale District 5 GOLD COAST CONDOMINIUM Condominium Freehold March 23, 2018 1,873 2,070,000 - 1,105 1994 Resale WESTRIDGE WALK Terrace Freehold March 22, 2018 2,303 3,080,000 - 1,336 1990 Resale ONE-NORTH RESIDENCES Apartment 99 years March 21, 2018 1,593 2,000,000 - 1,255 2009 Resale ONE-NORTH RESIDENCES Apartment 99 years March 26, 2018 1,324 1,980,000 - 1,495 2009 Resale REGENT PARK Condominium 99 years March 26, 2018 958 900,000 - 939 1997 Resale THE CLEMENT CANOPY Apartment 99 years March 23, 2018 990 1,436,000 - 1,450 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 24, 2018 1,109 1,623,000 - 1,464 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 25, 2018 990 1,408,000 - 1,422 Uncompleted New Sale THE TRILINQ Condominium 99 years March 21, 2018 1,345 1,702,000 - 1,265 2017 New Sale VARSITY PARK CONDOMINIUM Condominium 99 years March 26, 2018 1,798 2,000,000 - 1,113 2008 Resale WESTCOVE CONDOMINIUM Condominium 99 years March 21, 2018 1,109 940,000 - 848 1998 Resale WESTCOVE CONDOMINIUM Condominium 99 years March 23, 2018 1,206 1,000,000 - 829 1998 Resale District 6 ONE NORTH BRIDGE Apartment 99 years March 22, 2018 807 1,170,000 - 1,449 2005 Resale LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF District 9 PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE ESPADA Apartment Freehold March 26, 2018 657 1,488,000 - 2,266 2013 Resale District 1 HILLTOPS Condominium Freehold March 21, 2018 2,379 7,934,000 - 3,335 2011 Resale THE SAIL @ MARINA BAY Apartment 99 years March 23, 2018 893 1,700,000 - 1,903 2008 Resale MARTIN NO 38 Apartment Freehold March 21, 2018 969 2,225,000 - 2,297 2011 Resale V ON SHENTON Apartment 99 years March 27, 2018 474 1,048,000 - 2,213 2017 Sub Sale MARTIN PLACE RESIDENCES Condominium Freehold March 23, 2018 1,722 3,800,000 - 2,206 2011 Resale District 2 PARC CENTENNIAL Apartment Freehold March 22, 2018 1,249 1,730,000 - 1,386 2011 Resale INTERNATIONAL PLAZA Apartment 99 years March 21, 2018 1,604 1,750,000 - 1,091 1976 Resale SCOTTS 28 Condominium Freehold March 26, 2018 1,636 3,380,000 - 2,066 1998 Resale District 3 STARLIGHT SUITES Apartment Freehold March 26, 2018 775 1,780,660 - 2,298 2014 Resale ARTRA Apartment 99 years March 21, 2018 829 1,657,000 - 1,999 Uncompleted New Sale THE CLAYMORE Condominium Freehold March 26, 2018 3,348 8,398,000 - 2,509 1985 Resale ARTRA Apartment 99 years March 23, 2018 1,227 1,897,800 - 1,547 Uncompleted New Sale THE REGALIA Apartment Freehold March 26, 2018 1,216 2,180,000 - 1,792 1993 Resale ARTRA Apartment 99 years March 25, 2018 1,119 1,857,200 - 1,659 Uncompleted New Sale UP@ROBERTSON QUAY Apartment 99 years March 23, 2018 570 1,510,000 - 2,647 2015 Resale EDGEPROP | APRIL 9, 2018 • EP13 DONE DEALS

Residential transactions with contracts dated March 20 to 27

LAND AREA/ NETT UNIT LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE VILLE ROYALE Condominium Freehold March 23, 2018 1,119 1,805,000 - 1,612 1993 Resale A TREASURE TROVE Condominium 99 years March 23, 2018 775 860,000 - 1,110 2015 Resale District 10 A TREASURE TROVE Condominium 99 years March 26, 2018 1,206 1,328,000 - 1,102 2015 Resale 38 JERVOIS Apartment Freehold March 22, 2018 474 1,169,421 - 2,469 Uncompleted New Sale BARTLEY RESIDENCES Apartment 99 years March 23, 2018 1,098 1,410,000 - 1,284 2015 Resale 38 JERVOIS Apartment Freehold March 22, 2018 474 1,165,021 - 2,460 Uncompleted New Sale BARTLEY RESIDENCES Apartment 99 years March 27, 2018 1,066 1,480,000 - 1,389 2015 Resale 38 JERVOIS Apartment Freehold March 22, 2018 646 1,528,461 - 2,367 Uncompleted New Sale BARTLEY VILLAS Terrace 99 years March 21, 2018 1,819 2,080,000 - 1,146 1996 Resale HENRY PARK Semi-Detached 999 years March 22, 2018 5,985 6,450,000 - 1,078 1977 Resale D’PAVILION Apartment Freehold March 21, 2018 969 1,080,000 - 1,115 2010 Resale HOLLAND HILL PARK Condominium Freehold March 26, 2018 1,432 2,100,000 - 1,467 1992 Resale FIORENZA Apartment Freehold March 22, 2018 840 1,028,000 - 1,224 2011 Resale JERVOIS LODGE Condominium Freehold March 22, 2018 1,518 2,420,000 - 1,594 1997 Resale FOREST WOODS Condominium 99 years March 21, 2018 915 1,398,000 - 1,528 Uncompleted New Sale LIBERTE Apartment Freehold March 26, 2018 743 1,788,000 - 2,407 2015 Resale HENLEY GARDENS Terrace 99 years March 26, 2018 2,153 1,820,000 - 845 2002 Resale CORONATION DRIVE Semi-Detached 999 years March 26, 2018 5,576 8,100,000 - 1,453 Unknown Resale KINGSFORD WATERBAY Apartment 99 years March 22, 2018 484 642,000 - 1,325 Uncompleted Sub Sale PARVIS Condominium Freehold March 22, 2018 2,605 4,100,000 - 1,574 2012 Resale KINGSFORD WATERBAY Apartment 99 years March 23, 2018 958 1,285,000 - 1,341 Uncompleted New Sale THE NASSIM Condominium Freehold March 23, 2018 1,927 7,090,000 - 3,680 2015 Resale KINGSFORD WATERBAY Apartment 99 years March 24, 2018 753 1,152,000 - 1,529 Uncompleted New Sale THE TESSARINA Condominium Freehold March 22, 2018 990 1,500,000 - 1,515 2003 Resale KINGSFORD WATERBAY Apartment 99 years March 24, 2018 1,356 1,917,000 - 1,413 Uncompleted New Sale District 11 KINGSFORD WATERBAY Apartment 99 years March 24, 2018 689 1,016,000 - 1,475 Uncompleted New Sale GOLDHILL TOWERS Apartment Freehold March 21, 2018 1,550 2,400,000 - 1,548 1989 Resale KJ MANSION Apartment 999 years March 26, 2018 1,539 1,450,000 - 942 2003 Resale KHEAM HOCK GARDENS Condominium Freehold March 27, 2018 1,938 2,450,000 - 1,265 1988 Resale KOVAN GRANDEUR Apartment 99 years March 22, 2018 1,389 1,100,000 - 792 2011 Resale THE LINCOLN MODERN Apartment Freehold March 22, 2018 1,378 2,100,000 - 1,524 2003 Resale KOVAN REGENCY Condominium 99 years March 21, 2018 980 1,330,000 - 1,358 2015 Resale THE LINCOLN RESIDENCES Condominium Freehold March 26, 2018 1,841 3,480,000 - 1,891 2011 Resale KOVAN RESIDENCES Condominium 99 years March 22, 2018 893 1,138,000 - 1,274 2011 Resale District 12 LA FIESTA Condominium 99 years March 22, 2018 732 942,000 - 1,287 2016 Resale AMPAS APARTMENTS Apartment Freehold March 27, 2018 60,612 95,000,000 - 1,567 Unknown Resale DA SILVA LANE Terrace Freehold March 22, 2018 1,755 2,300,000 - 1,314 Unknown Resale EIGHT RIVERSUITES Condominium 99 years March 21, 2018 700 1,030,000 - 1,472 2016 Resale KOVAN ROAD Terrace Freehold March 26, 2018 2,734 2,890,000 - 1,056 Unknown Resale GEM RESIDENCES Condominium 99 years March 24, 2018 1,313 1,965,000 - 1,496 Uncompleted New Sale OASIS GARDEN Condominium Freehold March 21, 2018 1,389 1,168,888 - 842 2009 Resale KALLANG RIVERSIDE Apartment Freehold March 22, 2018 1,033 2,231,945 - 2,160 Uncompleted New Sale PARK GREEN EC 99 years March 23, 2018 1,356 955,001 - 704 2004 Resale NOVA 48 Apartment Freehold March 21, 2018 1,238 1,630,000 - 1,317 2011 Resale PLACE-8 Terrace Freehold March 22, 2018 3,401 2,800,000 - 823 2018 New Sale PINNACLE 16 Apartment Freehold March 26, 2018 581 890,000 - 1,531 2006 Resale PLACE-8 Terrace Freehold March 25, 2018 3,283 2,670,000 - 813 2018 New Sale ST FRANCIS LODGE Apartment Freehold March 22, 2018 1,238 1,295,000 - 1,046 1998 Resale RIVER ISLES Condominium 99 years March 21, 2018 1,421 1,300,000 - 915 2015 Resale THE ARTE Condominium Freehold March 21, 2018 1,528 1,950,000 - 1,276 2010 Resale STARS OF KOVAN Terrace 99 years March 24, 2018 1,830 2,010,000 - 1,098 Uncompleted New Sale THE ARTE Condominium Freehold March 23, 2018 4,015 3,400,000 - 847 2010 Resale STARS OF KOVAN Terrace 99 years March 24, 2018 1,830 2,005,000 - 1,096 Uncompleted New Sale THE CITRINE Apartment Freehold March 22, 2018 1,281 1,430,000 - 1,116 2008 Resale STARS OF KOVAN Terrace 99 years March 24, 2018 1,830 2,020,000 - 1,104 Uncompleted New Sale THE VIRIDIAN Apartment Freehold March 27, 2018 506 720,000 - 1,423 2015 Resale STARS OF KOVAN Terrace 99 years March 25, 2018 1,830 2,022,000 - 1,105 Uncompleted New Sale VETRO Apartment 999 years March 23, 2018 474 578,000 - 1,220 2010 Resale THE LUXURIE Condominium 99 years March 22, 2018 936 913,000 - 975 2015 Resale District 13 THE RIVERVALE EC 99 years March 22, 2018 1,292 925,000 - 716 2000 Resale BARTLEY RIDGE Condominium 99 years March 22, 2018 829 1,185,000 - 1,430 2016 Resale THE RIVERVALE EC 99 years March 26, 2018 1,249 930,000 - 745 2000 Resale BLOSSOMS @ WOODLEIGH Condominium Freehold March 23, 2018 2,680 2,390,000 - 892 2007 Resale THE TEMBUSU Condominium Freehold March 21, 2018 753 1,350,000 - 1,792 2016 Resale WOLSKEL LODGE Terrace Freehold March 21, 2018 2,562 1,880,000 - 734 1997 Resale THE VALES EC 99 years March 21, 2018 1,711 1,388,000 - 811 2017 New Sale District 14 District 20 CENTRA HEIGHTS Apartment Freehold March 26, 2018 431 660,000 - 1,533 2014 Resale 3BHC Semi-Detached Freehold March 22, 2018 5,307 3,100,000 - 584 2007 Resale D’GALLERY Apartment Freehold March 21, 2018 969 1,130,000 - 1,166 2006 Resale BRADDELL VIEW Apartment 102 years March 26, 2018 1,701 1,600,000 - 941 1981 Resale EAST SHINE Apartment Freehold March 27, 2018 980 1,118,000 - 1,141 2004 Resale GOLDENHILL PARK CONDOMINIUM Condominium Freehold March 23, 2018 1,335 2,038,000 - 1,527 2004 Resale EUHABITAT Condominium 99 years March 23, 2018 517 665,000 - 1,287 2015 Resale MARYMOUNT VIEW Condominium Freehold March 27, 2018 893 1,200,000 - 1,343 1992 Resale EUHABITAT Condominium 99 years March 27, 2018 527 660,000 - 1,251 2015 Resale THE GARDENS AT BISHAN Condominium 99 years March 23, 2018 1,701 1,930,000 - 1,135 2004 Resale MELOSA Apartment Freehold March 22, 2018 484 650,000 - 1,342 2013 Resale District 21 JALAN PARAS Terrace Freehold March 23, 2018 1,884 2,150,000 - 1,139 Unknown Resale CLEMENTI PARK Condominium Freehold March 26, 2018 1,625 1,780,000 - 1,095 1985 Resale JALAN KECHOT Semi-Detached Freehold March 23, 2018 2,766 3,500,000 - 1,265 1995 Resale FLORIDIAN Condominium Freehold March 22, 2018 904 1,578,000 - 1,745 2012 Resale JALAN SELAMAT Semi-Detached Freehold March 26, 2018 4,994 4,450,000 - 892 1986 Resale JALAN LAYANG LAYANG Detached Freehold March 21, 2018 5,543 7,300,000 - 1,317 1992 Resale SIMS URBAN OASIS Condominium 99 years March 21, 2018 1,733 2,451,800 - 1,415 2017 New Sale PARC PALAIS Condominium Freehold March 23, 2018 958 1,050,000 - 1,096 1999 Resale SIMS URBAN OASIS Condominium 99 years March 25, 2018 1,442 2,260,600 - 1,567 2017 New Sale SHERWOOD CONDOMINIUM Condominium Freehold March 22, 2018 1,238 1,280,000 - 1,034 1998 Resale STARVILLE Condominium Freehold March 22, 2018 1,475 1,350,000 - 915 2006 Resale SPRINGDALE CONDOMINIUM Condominium 999 years March 27, 2018 926 1,060,000 - 1,145 1998 Resale SUMMER VIEW Apartment Freehold March 21, 2018 1,496 958,000 - 640 1998 Resale SYMPHONY HEIGHTS Condominium Freehold March 26, 2018 1,281 1,360,000 - 1,062 1998 Resale THE ALCOVE Apartment 99 years March 23, 2018 1,292 1,042,000 - 807 2004 Resale THE CASCADIA Condominium Freehold March 21, 2018 990 1,500,000 - 1,515 2010 Resale THE NAVIAN Apartment Freehold March 24, 2018 904 1,438,000 - 1,590 Uncompleted New Sale THE HILLFORD Apartment 60 years March 27, 2018 506 599,000 - 1,184 2016 Resale THE NAVIAN Apartment Freehold March 24, 2018 657 1,068,000 - 1,627 Uncompleted New Sale District 22 VACANZA @ EAST Condominium Freehold March 22, 2018 1,938 1,980,000 - 1,022 2014 Resale LAKEHOLMZ Condominium 99 years March 26, 2018 1,496 1,385,000 - 926 2005 Resale WATERBANK AT DAKOTA Condominium 99 years March 23, 2018 484 825,000 - 1,703 2013 Resale PARC VISTA Condominium 99 years March 21, 2018 1,076 890,000 - 827 1998 Resale District 15 THE LAKESHORE Condominium 99 years March 23, 2018 1,109 1,190,000 - 1,073 2007 Resale AALTO Condominium Freehold March 21, 2018 1,550 2,852,000 - 1,840 2010 Resale District 23 AXIS @ SIGLAP Apartment Freehold March 23, 2018 1,518 1,350,000 - 889 2009 Resale HAZEL PARK CONDOMINIUM Condominium 999 years March 23, 2018 2,734 2,800,000 - 1,024 2000 Resale FLAMINGO VALLEY Condominium Freehold March 27, 2018 1,593 2,300,000 - 1,444 2014 Resale HILLVIEW HEIGHTS Condominium Freehold March 21, 2018 1,270 1,488,000 - 1,172 1996 Resale FRANKEL ESTATE Detached Freehold March 22, 2018 9,095 10,500,000 - 1,155 1962 Resale MERA GARDENS Terrace 99 years March 23, 2018 1,733 1,770,000 - 1,024 1998 Resale FRANKEL ESTATE Terrace Freehold March 26, 2018 1,582 2,280,000 - 1,444 1962 Resale MONTROSA Condominium 999 years March 22, 2018 1,184 1,128,000 - 953 1999 Resale HAIG 162 Apartment Freehold March 23, 2018 484 720,000 - 1,486 2013 Resale NORTHVALE Apartment 99 years March 23, 2018 1,033 756,000 - 732 1998 Resale MANDARIN GARDENS Condominium 99 years March 23, 2018 829 950,000 - 1,146 1986 Resale PARKVIEW APARTMENTS Apartment 99 years March 26, 2018 980 728,000 - 743 1998 Resale CRESCENT ROAD Semi-Detached Freehold March 23, 2018 2,282 3,950,000 - 1,731 2004 Resale THE HILLIER Apartment 99 years March 23, 2018 614 870,000 - 1,418 2016 Resale PARC ELEGANCE Apartment Freehold March 26, 2018 398 545,000 - 1,368 2013 Resale THE QUINTET EC 99 years March 22, 2018 1,259 928,000 - 737 2006 Resale SEASIDE RESIDENCES Apartment 99 years March 22, 2018 592 1,081,000 - 1,826 Uncompleted New Sale THE WARREN Condominium 99 years March 26, 2018 1,216 1,050,000 - 863 2004 Resale SEASIDE RESIDENCES Apartment 99 years March 24, 2018 592 993,000 - 1,677 Uncompleted New Sale WINDERMERE EC 99 years March 21, 2018 1,281 868,000 - 678 1999 Resale SPRING GARDENS Apartment Freehold March 26, 2018 1,270 1,450,000 - 1,142 2000 Resale District 25 THE ADARA Apartment Freehold March 21, 2018 915 1,200,000 - 1,312 2010 Resale NORTHOAKS EC 99 years March 21, 2018 1,238 810,000 - 654 2000 Resale THE BELVEDERE Condominium Freehold March 22, 2018 1,302 2,200,000 - 1,689 2007 Resale NORTHWAVE EC 99 years March 22, 2018 1,001 830,000 - 829 Uncompleted New Sale THE SEAWIND Condominium Freehold March 23, 2018 646 1,153,228 - 1,786 2015 Resale NORTHWAVE EC 99 years March 22, 2018 1,130 929,000 - 822 Uncompleted New Sale WATER PLACE Condominium 99 years March 21, 2018 1,227 1,570,000 - 1,279 2004 Resale NORTHWAVE EC 99 years March 23, 2018 1,119 956,000 - 854 Uncompleted New Sale WATER PLACE Condominium 99 years March 27, 2018 1,561 2,050,000 - 1,313 2004 Resale PARC ROSEWOOD Condominium 99 years March 26, 2018 517 553,000 - 1,070 2014 Resale District 16 ROSEWOOD Condominium 99 years March 21, 2018 1,173 880,000 - 750 2003 Resale ARCHIPELAGO Condominium 99 years March 26, 2018 1,184 1,525,000 - 1,288 2015 Resale ROSEWOOD SUITES Condominium 99 years March 21, 2018 1,066 870,000 - 816 2011 Resale BAYSHORE PARK Condominium 99 years March 21, 2018 1,173 1,280,000 - 1,091 1986 Resale WOODHAVEN Condominium 99 years March 23, 2018 850 850,000 - 1,000 2015 Resale BAYSHORE PARK Condominium 99 years March 22, 2018 936 870,000 - 929 1986 Resale District 26 CASA MERAH Apartment 99 years March 26, 2018 1,335 1,480,000 - 1,109 2009 Resale FUDU PARK Terrace Freehold March 23, 2018 2,303 2,320,000 - 1,010 1988 Resale CHANGI COURT Condominium Freehold March 22, 2018 926 945,000 - 1,021 1997 Resale THE BROOKS I Apartment Freehold March 26, 2018 710 953,175 - 1,342 2016 Resale CHANGI COURT Condominium Freehold March 23, 2018 1,389 1,390,000 - 1,001 1997 Resale THE CALROSE Condominium Freehold March 23, 2018 1,302 1,700,000 - 1,305 2007 Resale CHANGI GREEN Condominium Freehold March 27, 2018 1,033 980,000 - 948 1998 Resale THE CALROSE Condominium Freehold March 26, 2018 2,217 2,100,000 - 947 2007 Resale EAST COAST HILL Terrace Freehold March 21, 2018 1,841 2,500,000 - 1,355 1983 Resale THE SPRINGSIDE Terrace Freehold March 21, 2018 1,711 2,420,000 - 1,411 2004 Resale GRANDEUR PARK RESIDENCES Condominium 99 years March 21, 2018 667 1,140,000 - 1,708 Uncompleted New Sale THE SPRINGSIDE Semi-Detached Freehold March 26, 2018 2,433 2,770,000 - 1,138 1997 Resale GRANDEUR PARK RESIDENCES Condominium 99 years March 22, 2018 581 999,000 - 1,719 Uncompleted New Sale District 27 GRANDEUR PARK RESIDENCES Condominium 99 years March 23, 2018 1,453 2,116,000 - 1,456 Uncompleted New Sale CANBERRA RESIDENCES Condominium 99 years March 26, 2018 614 683,000 - 1,113 2013 Resale GRANDEUR PARK RESIDENCES Condominium 99 years March 24, 2018 667 1,117,000 - 1,674 Uncompleted New Sale ORCHID PARK CONDOMINIUM Condominium 99 years March 26, 2018 958 708,000 - 739 1994 Resale GRANDEUR PARK RESIDENCES Condominium 99 years March 24, 2018 1,130 1,698,000 - 1,502 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 21, 2018 1,098 824,864 - 751 2017 New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 25, 2018 1,453 2,137,000 - 1,471 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 23, 2018 1,098 864,500 - 787 2017 New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 25, 2018 1,130 1,737,000 - 1,537 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 25, 2018 1,184 957,000 - 808 2017 New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 25, 2018 667 1,108,000 - 1,660 Uncompleted New Sale SUN PLAZA Apartment 99 years March 21, 2018 1,367 900,000 - 658 2000 Resale LAGUNA 88 Condominium 99 years March 21, 2018 1,195 1,070,000 - 896 2000 Resale THE NAUTICAL Condominium 99 years March 22, 2018 441 530,000 - 1,201 2015 Resale THE CLEARWATER Condominium 99 years March 26, 2018 1,195 1,070,000 - 896 2001 Resale District 28 District 17 H2O RESIDENCES Condominium 99 years March 22, 2018 1,195 1,320,000 - 1,105 2015 Resale ASTON RESIDENCE Detached 946 years March 22, 2018 4,693 2,200,000 - 469 2010 Resale H2O RESIDENCES Condominium 99 years March 23, 2018 883 890,000 - 1,008 2015 Resale AVILA GARDENS Condominium Freehold March 27, 2018 1,302 1,055,000 - 810 1995 Resale PARC BOTANNIA Condominium 99 years March 21, 2018 431 630,000 - 1,463 Uncompleted New Sale CHANGI HEIGHTS Terrace Freehold March 23, 2018 1,819 1,950,000 - 1,074 1998 Resale PARC BOTANNIA Condominium 99 years March 22, 2018 506 649,000 - 1,283 Uncompleted New Sale ESTELLA GARDENS Condominium Freehold March 27, 2018 1,141 998,000 - 875 1999 Resale PARC BOTANNIA Condominium 99 years March 24, 2018 1,249 1,517,000 - 1,215 Uncompleted New Sale FERRARIA PARK CONDOMINIUM Condominium Freehold March 23, 2018 1,216 1,068,888 - 879 2009 Resale PARC BOTANNIA Condominium 99 years March 24, 2018 506 699,000 - 1,382 Uncompleted New Sale District 18 PARC BOTANNIA Condominium 99 years March 24, 2018 872 1,173,112 - 1,345 Uncompleted New Sale COCO PALMS Condominium 99 years March 22, 2018 1,259 1,654,400 - 1,314 Uncompleted New Sale PARC BOTANNIA Condominium 99 years March 24, 2018 431 625,000 - 1,452 Uncompleted New Sale NV RESIDENCES Condominium 99 years March 23, 2018 1,227 1,050,000 - 856 2013 Resale RIVERBANK @ FERNVALE Condominium 99 years March 21, 2018 495 585,000 - 1,181 2017 Sub Sale RIPPLE BAY Condominium 99 years March 26, 2018 775 808,000 - 1,043 2015 Resale SELETAR HILLS ESTATE Detached Freehold March 26, 2018 10,204 10,800,000 - 1,058 1974 Resale SAVANNAH CONDOPARK Condominium 99 years March 22, 2018 1,453 1,310,000 - 901 2005 Resale SERENITY PARK Condominium Freehold March 22, 2018 1,324 1,250,000 - 944 1995 Resale SAVANNAH CONDOPARK Condominium 99 years March 26, 2018 1,453 1,280,000 - 881 2005 Resale THE ALPS RESIDENCES Condominium 99 years March 22, 2018 936 1,201,000 - 1,282 Uncompleted New Sale DISCLAIMER: THE RIVERINA Terrace 99 years March 21, 2018 1,615 1,650,000 - 1,019 2000 Resale Source: URA Realis. Updated April 3, 2018. The Edge Property Pte Ltd shall not be responsible for any loss or THE TAPESTRY # Condominium 99 years March 23-25, 2018 214,395 292,313,450 - 1,363 Uncompleted New Sale liability arising directly or indirectly from the use of, or reliance on, the information provided therein. District 19 # Not all caveats reflected due to the overwhleming number of caveats lodged A TREASURE TROVE Condominium 99 years March 22, 2018 775 870,000 - 1,123 2015 Resale EC stands for executive condominium EP14 • EDGEPROP | APRIL 9, 2018 GAINS AND LOSSES Penthouse at Hazel Park sold for $1.67 mil profit

ALBERT CHUA/THE EDGE SINGAPORE | BY LIN ZHIQIN |

2,734 sq ft penthouse at Hazel Park Condominium changed hands for $2.8 million ($1,024 psf) on March 23. The previous owner reaped a $1.67 million (148%) profit, having Apaid $1.13 million ($413 psf) for it 15 years ago. The profit is 6% a year. The transaction at the 999-year leasehold condo that was completed in 2000 was the most profitable deal for private non-landed residences sold in the week of March 20 to 27, according to URA caveat data as at April 3. It also marks the highest profit on record at the 696-unit Hazel Park Condo, which compris- es three five-storey blocks and three 19-sto- rey blocks. Only three units at Hazel Park Condo have fetched profits of more than a million, ac- cording to caveats lodged. All three are pent- houses located on the 19th floor of the same block. The sale of another 2,734 sq ft pent- house for $2.6 million ($951 psf) in Decem- ber 2012 fetched the second-highest profit of $1.56 million (150%). It was purchased for $1.04 million ($380 psf) in March 2006 and the previous owner enjoyed a 15% an- nualised gain. All three transactions at Hazel Park Condo that fetched more than a million in profit were of penthouses A larger, 2,874 sq ft penthouse was bought SAMUEL ISAAC CHUA/THE EDGE SINGAPORE at $1.2 million ($418 psf) in November 2002 fetched the second-highest profit on record at and sold for nearly double that price in Au- the condo when it changed hands for $2.75 gust 2015. The seller walked away with a $1.16 million ($1,290 psf). Having acquired it at million (97%) profit. $1.18 million ($554 psf) in September 2005, Hazel Park Condo is located in District 23, the previous owner enjoyed a $1.57 million close to Bukit Panjang Primary School and (133%) profit. within walking distance of the Cashew MRT According to caveats lodged, there have station on the Downtown Line. been no unprofitable transactions at Clydes- At the freehold Clydesview in District 3, a view since 2010 and profits average $631,875 2,411 sq ft unit fetched a $1.63 million (130%) (46%) across the eight profitable transactions. profit on March 20. It was the second-most The most recent unprofitable transaction was profitable deal in the week of March 20 to 27 in June 2009, when the seller of a 2,110 sq ft and the highest profit achieved at the condo. unit incurred a $550,000 (20%) loss. He paid The previous owner paid $1.25 million ($518 $2.7 million ($1,280 psf) for it in July 2007 psf) for the unit in September 2005 and sold and sold it for $2.15 million ($1,019 psf) less it for $2.88 million ($1.194 psf). than two years later. Clydesview is located in Completed in 1991, Clydesview has just the vicinity of the Redhill MRT station and ad- 32 units. Last December, a 2,131 sq ft unit jacent to Crescent Girls’ School. E Profits averaged $631,875, or 46%, across the eight profitable transactions done at Clydesview since 2010

URA, EDGEPROP

Top 10 gains and losses from March 20 to 27 Most profi table deals

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Hazel Park Condominium 23 2,734 March 23 1,024 Nov 20, 2002 413 1,670,000 148 6 15.3 2 Clydesview 3 2,411 March 20 1,194 Sept 30, 2005 518 1,630,000 130 7 12.5 3 Martin Place Residences 9 1,722 March 23 2,206 June 8, 2009 1,449 1,304,000 52 5 8.8 4 Tiara 9 1,507 March 20 1,852 April 14, 1997 995 1,291,000 86 3 20.9 5 Varsity Park Condominium 5 1,798 March 26 1,113 Feb 6, 2006 422 1,241,354 164 8 12.1 6 Braddell View 20 1,701 March 26 941 Aug 4, 1999 288 1,110,000 227 7 18.7 7 Goldenhill Park Condominium 20 1,335 March 23 1,527 April 30, 2002 717 1,080,400 113 5 15.9 8 Ville Royale 9 1,119 March 23 1,612 Oct 9, 2006 697 1,025,000 131 8 11.5 9 Th e Calrose 26 2,217 March 26 947 June 23, 2005 486 1,021,696 95 5 12.8 10 Clementi Park 21 1,625 March 26 1,095 May 1, 1998 483 995,000 127 4 19.9

Non-profi table deals

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 8 Napier 10 2,013 March 20 3,254 Dec 3, 2007 3,626 749,000 10 1 10.3 2 Kovan Grandeur 19 1,389 March 22 792 July 27, 2012 1,296 700,000 39 8 5.7 3 Th e Arte 12 4,015 March 23 847 June 17, 2009 934 351,050 9 1 8.8 4 Th e Cascadia 21 990 March 21 1,515 April 16, 2012 1,813 295,000 16 3 5.9 5 Th e Sail @ Marina Bay 1 893 March 23 1,903 Oct 21, 2009 2,099 175,300 9 1 8.4 6 Ascentia Sky 3 1,475 March 22 1,312 Dec 28, 2011 1,424 164,700 8 1 6.2 7 Orchid Park Condominium 27 958 March 26 739 Aug 23, 2013 877 132,000 16 4 4.6 8 NV Residences 18 797 March 20 973 April 12, 2013 1,117 115,000 13 3 4.9 9 Estella Gardens 17 1,141 March 27 875 March 20, 2013 947 82,000 8 2 5.0 10 Vacanza @ East 14 1,938 March 22 1,022 Nov 5, 2012 1,058 70,000 3 1 5.4

Note: Computed based on URA caveat data as at April 3 for private non-landed houses transacted between March 20 and 27. Th e profi t-and-loss computation excludes transaction costs such as stamp duties. EDGEPROP | APRIL 9, 2018 • EP15 DEAL WATCH Penthouse at The Cascadia going for $2 mil

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE | BY TIMOTHY TAY | the purchase of a landed house, A two-bedroom penthouse at says Ryan Seah, associate sales The Cascadia is on the market 1,733 sq ft penthouse director at Huttons Real Estate for $2 million ($1,154 psf) at the freehold condo- and the agent handling the sale. minium The Cascadia The unit has been on the mar- is on the market for $2 ket since late last year and has million ($1,154 psf). seen interest from en bloc ben- AThe two-bedroom unit, which eficiaries and empty-nesters has a private roof terrace, was looking to right-size to a smaller purchased from the developer property, says Seah. Many po- in 2007 as part of a bulk sale of tential buyers are interested in 20 units at an average price of the unit because of its freehold $1,540 psf each. It was subse- tenure, he adds. quently sold to its current owner, Completed in 2010, The a Singaporean, for $1.7 million Cascadia is located on Bukit ($981 psf) in 2011. Timah Road in prime District 21. The owner and his wife lived The 536-unit condo has a wide in the penthouse for about three mix of units, including two- to years before renting it out in 2014. four-bedroom units from 882 to It was first leased for $5,000 a 1,593 sq ft; studios from 570 to month to diplomatic staff work- 710 sq ft; as well as penthouses ing at the French Embassy. The sized from 1,679 to 5,231 sq ft. unit is currently being rented by A unit that changed hands two foreign doctors until end-July recently was a 2,368 sq ft, pent- for $4,500 a month, or a gross house on the 10th floor that sold rental yield of 2.7%, based on for $2.52 million ($1,064 psf) on the asking price. Feb 12. On Dec 22, a 1,292 sq TABLES: URA, EDGEPROP The seller intends use the ft, three-bedroom unit was sold profits from this sale to finance for $2.1 million ($1,626 psf). E Recent transactions at Th e Cascadia Recent rental transactions for units CONTRACT DATE AREA (SQ(SQ FT)FT) PRICE ($) PRICE ($($ PSF)PSF) larger than 1,000 sq ft at Th e Cascadia Feb 12, 2018 2 2,368,368 2,520,000 1 1,064,064 LEASE DATE (2018) MONTHLY RENT ($) Feb 9, 2018 883 1,350,000 1,52 1,5299 February 3,900 Jan 17, 2018 581 930,000 1 1,600,600 February 4,000 Jan 15, 2018 883 1,460,000 1 1,654,654 February 4,100 EP16 • EDGEPROP | APRIL 9, 2018

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$23,000,000 $11,500,000 $6,950,000 $5,980,000 Detached House Detached House Detached House Semi-Detached House HOLLAND ROAD | Freehold HILLVIEW AVENUE | Freehold ALNWICK ROAD | 999 years OLD HOLLAND ROAD | Freehold Built-Up(sqft): 4,500 | Land(sqft): 17,617 Built-Up(sqft): 7,500 | Land(sqft): 10,299 Built-Up(sqft): 6,100 | Land(sqft): 4,648 Built-Up(sqft): 2,800 | Land(sqft): 3,802 PSF: $1,306 PSF: $1,117 PSF: $1,495 PSF: $1,573

Old charm spanish style architecture. Sits on a Surrounded by luscious greenery, this contemporary Rebuilt 2.5-storey detached house with 6 plus Very rare semi-detached house along Old Holland spacious land full of greenery located in quiet design house has 6 bedrooms ensuite, walk in 1-bedroom. Private lift. Unique natural marble Road. Well maintained with a well kept garden. and peaceful surroundings about 10min off main closets and amazing elevated views. Comes with a featured wall. Quality furnishing and unobstructed A coffee shop, wine store, cosy restaurants and a Holland Road. 2 plots side by side available for sale. private pool, gym and stylish wine chiller for 600 balcony view. Walking distance to The Village, food Seven Eleven are all located a stone's throw away. bottles! center, eateries, shops and etc.

Joyce Bay Candice Tan Wendy Liew Paul Seow PROPNEX REALTY PTE LTD SAVILLS RESIDENTIAL PTE LTD CS 2000 HOUSING PTE LTD ORANGETEE & TIE PTE LTD R020531E R045662H R000054C R053893D ™ 65 9798 9680 ™ 65 9879 9983 ™ 65 9855 5801 ™ 65 9800 9568

$5,500,000 $2,980,000 $2,580,000 $13,500/mth Semi-Detached House Terrace House Terrace House Detached House SURIN LANE | Freehold JALAN TARI DULANG | 999 years KASAI ROAD | Freehold LORONG G TELOK KURAU | Freehold Built-Up(sqft): 4,500 | Land(sqft): 4,216 Built-Up(sqft): 4,000 | Land(sqft): 1,820 Built-Up(sqft): 2,380 | Land(sqft): 1,980 Built-Up(sqft): 6,100 | Land(sqft): 8,000 PSF: $1,305 PSF: $1,637 PSF: $1,303 PSF: $2

Beautiful 2-storey semi-detached house near Kovan Wide Frontage - can park 2 cars at private car Lovely & peaceful environment, a place you can call 6+1 bedroom with privileged driveway. Just a MRT station. Lovely gardens. Dual entrances. Can porch. Very unique and modern 3-storey + attic home sweet home. 2-storey freehold inter-terrace. short drive to the city. Grand lush garden & green park 2 cars. 100% move in condition. inter-terrace with unblocked panoramic view. 4 1st level guest, store & helper room. 2nd level 3 balconies. Grand living & dining areas. Brand new rooms, 5 bathrooms. Very high ceiling at 1st storey. rooms including master. All room size spacious. fittings & luxurious furnishes. Large rooms with Front porch parks 2 cars. wardrobes & own bathrooms. Iconic & elegant architecture.

Esther Kan Norman Koh Perry Siow Kevin Yeow HUTTONS ASIA PTE LTD HUTTONS ASIA PTE LTD ORANGETEE & TIE PTE LTD ORANGETEE & TIE PTE LTD R008333C R002588J R006056B R021208G ™ 65 9738 5952 ™ 65 9761 2328 ™ 65 9455 6807 ™ 65 9235 7711

$7,300,000 $2,400,000 $1,480,000 $1,450,000 Belle Vue Residences DUO Residences Espada Village @ Pasir Panjang OXLEY WALK, 238599 Singapore FRASER STREET, 189350 Singapore ST. THOMAS WALK, 238126 Singapore PASIR PANJANG ROAD, 118797 Singapore Freehold | Bedroom: 4 99 years | Bedroom: 2 Freehold | Bedroom: 1 Freehold | Bedroom: 3 Size(sqft): 4,250 | PSF: $1,718 Size(sqft): 1,023 | PSF: $2,346 Size(sqft): 560 | PSF: $2,643 Size(sqft): 1,033 | PSF: $1,404

Garden villa penthouse. Fully furnished and Premium 2 bedder on very high floor (above 45th 1-bedroom unit on high floor. Tastefully renovated. Fire sale! Freehold development at leasehold price. luxuriously fitted. 4 bedrooms and 4 bathrooms. floor). Unblocked city and Kampong Glam view. Big living and dinning areas. Well maintained. Private lift access. Functional layout. Well connected Private lift. Bright and breezy unit. Walking Immediate occupation. Minutes walk to Somerset MRT station. via major expressways and MRT. distance to Orchard Road, Robertson Quay and Somerset MRT station.

Candice Tan Hyde Ng Paul Fam Roy Chew SAVILLS RESIDENTIAL PTE LTD ERA REALTY NETWORK PTE LTD ERA REALTY NETWORK PTE LTD SRI PTE LTD R045662H R008187Z R007736H R046793Z ™ 65 9879 9983 ™ 65 8222 3338 ™ 65 8100 2280 ™ 65 9749 1445 EDGEPROP | APRIL 9, 2018 • EP17

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$1,400,000 $1,250,000 $1,250,000 $1,038,000 The Rochester Yew Mei Green Casa Merah VA Residences ROCHESTER DRIVE, 138638 Singapore CHOA CHU KANG NORTH 6, 689577 Singapore TANAH MERAH KECHIL AVENUE, 465536 Singapore BOON TECK ROAD, 329583 Singapore 99 years | Bedroom: 1 99 years | Bedroom: 3 99 years | Bedroom: 2 Freehold | Bedroom: 2 Size(sqft): 1,023 | PSF: $1,369 Size(sqft): 1,635 | PSF: $765 Size(sqft): 1,055 | PSF: $1,185 Size(sqft): 624 | PSF: $1,663

An amazing and rare find. A loft unit with privacy Master bedroom with private roof garden. Nice Renovated and well maintained unit. Full condo 2-bedroom unit on high floor. Located near and space. Near Buona Vista MRT station, The Star renovation and well maintained. Bright and airy. facilities. Less than 5 mins walk to Tanah Merah Balestier Plaza. Vista and Rochester Mall. Spacious bedroom. Short drive to Yew Tee Point and MRT station. Many eateries and supermarket in the Yew Tee Square. vicinity. Great for owner occupation & investment.

Chand Mahtani Paul Fam Jin Tai Chia Wendy Liew KF PROPERTY NETWORK PTE LTD ERA REALTY NETWORK PTE LTD ORANGETEE & TIE PTE LTD CS 2000 HOUSING PTE LTD R020730Z R007736H R058960A R000054C ™ 65 9237 9155 ™ 65 8100 2280 ™ 65 8323 9888 ™ 65 9855 5801

$930,000 $900,000 $699,000 $580,000 Edelweiss Dahlia Park Condominium Eastwood Regency Glasgow Residences FLORA ROAD, 509744 Singapore FLORA DRIVE, 507013 Singapore EASTWOOD ROAD, 486398 Singapore GLASGOW ROAD, 549338 Singapore Freehold | Bedroom: 2 Freehold | Bedroom: 2 Freehold | Bedroom: 1 999 years | Bedroom: 1 Size(sqft): 1,055 | PSF: $882 Size(sqft): 1,097 | PSF: $820 Size(sqft): 495 | PSF: $1,412 Size(sqft): 409 | PSF: $1,418

Sale with a new tenancy or with vacant possession. Sole Agent. 2 bedrooms + study + yard + bomb 1-bedroom unit on high floor. Near future Sungei Mins walk to Kovan MRT station. Condo facilities: 2 bedrooms and a study. Well designed layout. shelter. Very well maintained. Selling with vacant Bedok MRT station. Condo facilities: BBQ pits, BBQ pits, fitness area, playground, swimming pool Quiet and serene. Full facilities with the amenities possession. gymnasium room, playground, swimming pool and wading pool. Close to Peicai Secondary School of Changi Village / Pasir Ris and Tampines in the and wading pool. and Zhonghua Primary School. vicinity.

Chand Mahtani Paul Fam Mel Ong Zac Huang KF PROPERTY NETWORK PTE LTD ERA REALTY NETWORK PTE LTD ORANGETEE & TIE PTE LTD ERA REALTY NETWORK PTE LTD R020730Z R007736H R019511E R026575Z ™ 65 9237 9155 ™ 65 8100 2280 ™ 65 8742 1938 ™ 65 9276 8000

$11,000/mth $8,000/mth $4,600/mth $3,800/mth St. Martin Residence Orchard Bel Air Eon Shenton Mill Point ST. MARTIN'S DRIVE, 258005 Singapore ORCHARD BOULEVARD, 248648 Singapore SHENTON WAY, 79118 Singapore ZION CLOSE, 247813 Singapore Freehold | Bedroom: 3 99 years | Bedroom: 4 99 years | Bedroom: 2 999 years | Bedroom: 2 Size(sqft): 2,981 | PSF: $4 Size(sqft): 3,250 | PSF: $2 Size(sqft): 689 | PSF: $7 Size(sqft): 926 | PSF: $4

3 bedrooms penthouse with private BBQ pit at roof Located on the top floor. An aerial view of Orchard Towering at a height of 32-storey, this unit is sitting Opposite Great World Shopping Mall. High floor. terrace. Balinese styled condo. Swimming pool Road. 4 bright and spacious rooms. Each room fitted on the 28th level. Eon Shenton is composed of shops, Serene and tranquil environment. Minutes to view. Short walk to Tanglin Mall. Near supermarket, with renovated bathrooms. Brand new aircon fitted, offices and residential units. With breathtaking Orchard Road. Immediate. Fully furnished. restaurants and cafes. available immediately. unblocked views of the city skyline.

Adam Wang Candice Tan Paul Fam Irene Leong FER PROPERTIES PTE LTD SAVILLS RESIDENTIAL PTE LTD ERA REALTY NETWORK PTE LTD KONG QUST REALTY (S) PTE LTD R011629J R045662H R007736H R008569G ™ 65 9338 6502 ™ 65 9879 9983 ™ 65 8100 2280 ™ 65 9855 4903 EP18 • EDGEPROP | APRIL 9, 2018

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$3,900/mth $3,500/mth $3,100/mth $2,000/mth Bishan 8 The Park Vale Arthur 118 E Maisons (The Maisons) BISHAN STREET 21, 574045 Singapore PARK VALE, 288564 Singapore ARTHUR ROAD, 439827 Singapore BRADDELL ROAD, 359966 Singapore 99 years | Bedroom: 3 999 years | Bedroom: 3 Freehold | Bedroom: 2 Freehold | Bedroom: 1 Size(sqft): 1,163 | PSF: $3 Size(sqft): 1,306 | PSF: $3 Size(sqft): 990 | PSF: $3 Size(sqft): 603 | PSF: $3

Super nice 3 bedrooms unit with recently A1 decor Just renovated. Spacious layout. Huge master room. Located at the prestigous Meyer Road district. Ground floor spacious 1-bedroom with balcony. renovation. Neat, clean, bright, windy and beautiful. Serene surroundings. Within 1km to Raffles Girls' 2-bedroom plus one study room (converted into Greenery view. Walking distance to Woodleigh Fully furnished. No west sun. Pool view. Full condo Primary School. Available immediately. walk in wardrobe). Spacious. Close to airport, CBD MRT station. Partially furnished. facilities. and city. Quiet yet convenient to travel to anywhere.

Hyda Choy Stephanie Tay Tony Yang Kevin Yeow HUTTONS ASIA PTE LTD SRI PTE LTD PROPNEX REALTY PTE LTD ORANGETEE & TIE PTE LTD R058725J R005430I R040367B R021208G ™ 65 9826 1280 ™ 65 8611 5000 ™ 65 9238 6598 ™ 65 9235 7711

$25,000,000 $7,800,000 $1,700,000 $450,000 Boat Quay - Shop For sale Tuas Avenue 1 - Factory For sale City Warehouse - Factory For sale Admiralty Industrial Park - BOAT QUAY, Singapore TUAS AVENUE 1, Singapore KAKI BUKIT ROAD 2, 417839 Singapore Factory for sale 999 years | Size(sqft): 6,360 | PSF: $3,931 60 years | Size(sqft): 32,710 | PSF: $238 60 years | Size(sqft): 5,673 | PSF: $300 WOODLANDS INDUSTRIAL PARK E1, 757743 Singapore | 60 years | Size(sqft): 1,571 | PSF: $286 Facing Singapore River, highly sought after JTC detached factory. 2-storey office and a single Suitable for warehouse /factory /storage /workshop commercial shophouse for sale at Boat Quay. storey factory with multiple openings. 10m ceiling (B2). Loading / unloading at doorstep. Dual access. Factory at 21 Woodlands Industrial Park E1 for Currently tenanted at $52,300 per month, Own a height. Wide driveway along building parameter. Free parking. 24hrs access. sale. 60 years from 9 January 1995. piece of Singapore architectural heritage today. Very eager seller.

Chris Chee Dolly Ng SOM Marcus Ng ASSET PROPERTY PRIVATE LIMITED EVAN & ASSOCIATES PTE LTD PROPNEX REALTY PTE LTD PROPNEX REALTY PTE LTD R040932H R028753B R018540C R009386Z ™ 65 9766 9249 ™ 65 9022 8618 ™ 65 9788 4142 ™ 65 9327 4485

$75,330/mth $15,000/mth $13,596/mth $4,900/mth People's Park Centre - Shop for rent Tanjong Pagar Conservation Area - YMCA Orchard - Shop for rent A'Posh BizHub - Factory for rent UPPER CROSS STREET, 58357 Singapore Shop for rent ORCHARD ROAD, 238824 Singapore YISHUN INDUSTRIAL STREET 1, 768160 Singapore 99 years | Size(sqft): 4,185 | PSF: $18 TRAS STREET, 79003 Singapore 99 years | Size(sqft): 2,266 | PSF: $6 60 years | Size(sqft): 1,787 | PSF: $3 99 years | Size(sqft): 1,600 | PSF: $9 Clubhouse for takeover. Central location - accessible Rare ground floor retail unit for lease in Orchard Ground floor corner unit. Facing busy road. 2-sided by 2 MRT lines. High human traffic. Rare big Fully equipped F&B restaurant for take-over! Prime Road. Conveniently accessible by Dhoby Ghaut & glass frontage. Suitable for showroom: eg. furniture, floor plate. Newly renovated. One and only unit in location, classy renovation. Fully equipped kitchen, Bencoolen Downtown Line MRT stations. Another interior design, childcare etc. development for use as clubhouse (with karaoke fully equipped bar with alcohol licence. Min takeover unit of 2346sqft also available if tenant wishes to use). fee. GST applies. occupy a larger area.

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