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

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of September 9, 2019 | ISSUE 898-120

New Launch Spotlight Under the Hammer Offshore GuocoLand’s freehold Triplex penthouse at GCB in , Forest City to hand Meyer Mansion to Lodge Neil Road shophouse up over more than 20,000 preview on Sept 7 ep3 going for $4.8 mil ep6-7 for auction ep17 residential units ep18-19 Homegrown hotelier with global ambitions

From owning a lone Hotel 81 in , Choo Chong Ngen is now a tycoon with 38 hotels in and controls 10% of the city state’s hotel inventory. Where will the self-made entrepreneur go and what will he buy next? Turn to our Cover Story on Pages 10, 11 & 20.

Choo Chong Ngen, chairman of Worldwide Hotels, and his daughter, Carolyn Choo, who is the group’s managing director and CEO SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE CHUA/EDGEPROP ISAAC SAMUEL

EP2 • EDGEPROP | SEPTEMBER 9, 2019

PROPERTY BRIEFS

EDITORIAL editor | Cecilia Chow EdgeProp wins ‘Best App – Property’ at Mob-Ex Awards deputy editor | Amy Tan senior writers | Charlene Chin EDGEPROP SINGAPORE Timothy Tay | BY BONG XIN YING | writer | Bong Xin Ying head, copy editing | t the seventh annual Mob-Ex Pek Tiong Gee Awards held at Shangri-La Ho- copy editor | tel Singapore on Aug 30, Edge- Rachel Heng A Prop Singapore was awarded Gold in photo editor | Samuel Isaac Chua the “Best App – Property” category for photographer | Albert Chua the Mobile Consumer App, surpass- editorial coordinator | ing UEM Sunrise and PropertyGuru, Yen Tan designer | which received Silver and Bronze re- Bryan Tjoa spectively. Kim Sy Mob-Ex Awards is the region’s pre-

ADVERTISING + mier programme for mobile-market- MARKETING ing excellence. In its seventh year, the ADVERTISING SALES Awards has become the benchmark vice-president, sales & for mobile marketing excellence. It operations | Diana Lim account director | Ivy Hong was judged by an expert panel of 30 deputy account director | industry leaders and senior-level pro- Janice Zhu fessionals from marketing and related account manager | Pang Kai Xin mobile marketing fields. regional business Bernard Tong, CEO of EdgeProp Sin- development manager | Cole Tan gapore, says: “As our app comes with head of marketing & branding | Rachel Lim Shuling different tools, such as fair value, re- search tools and transaction reports, I CIRCULATION hope that it will help consumers make partnership manager | better property decisions when it comes Jackiera Astley manager | Ashikin Kader to finding their homes.” E EdgeProp Singapore was awarded Gold in the “Best App – Property” category for the Mobile Consumer App executive | Malliga Muthusamy

CORPORATE JLL KNIGHT FRANK chief executive officer | mestic and international tenants. The Under the 2019 Draft Master Plan, Bernard Tong common walkway forms part of the the site is zoned for commercial use strata area. with a gross plot ratio of 3.0. The Lav- PUBLISHER The Edge Property Pte Ltd With significant frontage and a di- ender Collection has a combined main 150 Cecil Street #13-00 rect link from Basement 1 into the Raf- road frontage of over 300m and is with- Singapore 069543 fles Place underground network and in walking distance to and Tel: (65) 6232 8688 MRT station, it is one of the most rec- MRT Stations on the North- Fax: (65) 6232 8620 ognisable commercial assets in Raffles East Line and Bendemeer MRT Station PRINTER Place. It has seamless connectivity and on the Downtown Line. KHL Printing Co Pte Ltd heavy footfall from the professionals With the portfolio located within 57 Loyang Drive Singapore 508968 working in and around the CBD. the Jalan Besar Secondary Settlement Tel: (65) 6543 2222 The office podium at 30 Raffles conservation area, the new owner can Fax: (65) 6545 3333 Place consists of three strata lots and construct a six-storey rear extension is located from Levels 3 to 5. It has a at the back of the shophouses to dou- PERMISSION AND The guide price for the seven shophouses in REPRINTS total strata area of 58,286 sq ft. It can ble the portfolio’s GFA to 147,732 sq Geylang is about $40 million to $42 million Material in The Edge Property be easily accessed via escalator from ft. This is subject to approval by the may not be reproduced in any Level 1. Each floor features a floor-to- relevant authorities. area (GFA) of about 18,000 sq ft. There form without the written permission of the publisher floor height of 4.2m to 5.14m. The of- “With the prices of CBD shop- will be no additional buyer’s stamp Artist’s impression of 30 fice podium is highly visible from the houses rising over the last two years, duty and seller’s stamp duty payable. Raffles Place commercial square and we notice that investors are starting Foreigners and companies are also el- We welcome your comments owner-occupiers/tenants can poten- to divert their attention to city-fringe igible to purchase. and criticism: propertyeditor.sg@ bizedge.com Retail and office podium in tially have signage rights. shophouses instead as prices have yet The shophouses are currently fully Raffles Place up for sale They will be marketed through an to catch up and rental yields are com- tenanted and comprise a corner cof- Pseudonyms are allowed but JLL Singapore and Cushman & Wakefield expression of interest exercise which paratively higher,” says Clemence Lee, feeshop, mobile phone retailer, mas- please state your full name, address and contact number for (C&W) are jointly marketing a retail po- closes on Oct 10, at 3pm. senior director, capital markets, JLL. sage parlour and other retail trades. us to verify. dium and office space in Raffles Place. He expects interest ­­­­from developers, The properties are suitable for F&B The guide prices are $5,000 to $5,500 The Lavender Collection going real estate funds, family offices and outlets and retail uses on the ground psf on net lettable area (NLA) for the for $138 mil local companies. floor, while the upper floors can be retail podium, and $3,000 to $3,300 The Lavender Collection, comprising There is no additional buyer’s designated for office use. psf on strata area for the office podi- 32 freehold shophouses along Laven- stamp duty or seller’s stamp duty im- Meanwhile, near the junction of Joo um. The strata lots can be purchased der Street and Road, has posed on the purchase of The Laven- Chiat Road and Koon Seng Road, the two individually or collectively. been put up for sale via public tender der Collection. adjoining shophouses have a land area 30 Raffles Place (former Chevron with a guide price of $138 million. The The public tender exercise closes of 2,393 sq ft and a GFA of about 4,600 House) is currently undergoing an as- shophouses have a combined land area on Wednesday, Oct 16, at 3pm. sq ft. The properties are near Parkway set enhancement initiative (AEI) pro- of approximately 49,244 sq ft and esti- Parade, 112 , Kinex, gramme. The refurbishment works cost mated gross floor area (GFA) of around Conservation shophouses in Square and SingPost Centre. about $100 million and are expected 79,502 sq ft. JLL is the exclusive mar- Geylang and Joo Chiat up for sale Both sets of shophouses are zoned to be completed by 1Q2020. Major keting agent of the collection. Two sets of conservation shophouses for commercial use with a plot ratio of AEI works include a new mechani- in Geylang and Joo Chiat are up for 3 under the 2014 Master Plan. The EOI cal & equipment plant, new façade JLL sale. They are a row of seven freehold for the two sets of shophouses – both work, upgrading of toilets, lifts and adjoining conservation shophouses in marketed by Knight Frank Singapore lift lobbies. Geylang, and two freehold adjoining – will close at 3pm on Oct 3, 2019. Specifically for the retail podium, shophouses at Joo Chiat Road. Both the AEI works will also include the sets of shophouses are up for sale via Three-storey conservation conversion of carpark to retail space, expression of interest (EOI). The guide shophouse in Chinatown for reconfiguration of layout, new end-of- price for the seven shophouses is about sale at $8.5 mil trip facilities, structural strengthening $40 million to $42 million, while the A 99-year leasehold, three-storey con- and new façade works. guide price for the two tenanted shop- servation shophouse at 18 Sago Street is The retail podium consists of two houses is at $7 million to $7.5 million. up for sale at an indicative price of $8.5 strata lots and spreads across four Located at the corner of Geylang million. This translates to $2,660 psf, floors, from Basement 2 to Level 2. It Road and Lorong 14 Geylang, the row based on the gross floor area of 3,196 has a NLA of 51,376 sq ft and a stra- The Lavender Collection comprises 32 free- of seven shophouses is close to Alju- sq ft. The property has a land area of ta area of 61,516 sq ft. It is currently hold shophouses along Lavender Street and nied MRT Station. They have a total about 1,115 sq ft. 80% pre-committed to a mix of do- Serangoon Road land area of 10,520 sq ft and gross floor CONTINUES ON PAGE EP4 EDGEPROP | SEPTEMBER 9, 2019 • EP3

NEW LAUNCH

Singapore-listed GuocoLand will preview on Sept 7 the new Meyer Mansion, which will comprise 200 units in a 25-storey block

GUOCOLAND SINGAPORE GuocoLand’s freehold Meyer Mansion to preview on Sept 7

SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE | BY BONG XIN YING | es the sea. The idea of a holiday home was sultancy at OrangeTee & Tie, agrees. “Poten- also inspired by Meyer Road’s history. In the tial buyers could be Singaporeans living in ingapore-listed property firm Guoco- 1800s, many affluent businessmen built their the east and families who are attracted by the Land will preview the 200-unit Mey- holiday mansions along the coast. surrounding good schools. Investors who see er Mansion on Sept 7, with the offi- Some 80% of the 86,000-sq-ft site area has the potential of the area and foreigners may cial launch scheduled for Sept 13. The been dedicated to landscaping and amenities, also be potential buyers,” she says. freehold development is the firm’s first with palms and frangipani trees expected to Meanwhile, Eugene Lim, key executive Scondo project in two years. Its last launch be a common sight on the grounds. officer at ERA, believes that Meyer Mansion was the 99-year leasehold Martin Modern at All units will have a view; the lower-floor will appeal to “die-hard District 15 buyers”, Martin Place. units will have views of Meyer Mansion’s especially those who stay in the surround- Targeted for completion in 2024, Mey- own gardens, while the higher-floor units ing landed housing estate. er Mansion will offer a range of units from will have unblocked panoramic views of the A four-bedroom apartment with fantastic 484-sq-ft, one-bedroom units to 2,142-sq-ft, sea, the Marina Bay and Beach Road skyline, views will appeal to this group of buyers who four-bedroom premium units. The 25-storey or the open views above the landed housing are used to having a lot of space, he adds. residential tower will feature eight different area of Meyer and Mountbatten. These views Meyer Mansion is a 450m walk via an layouts, each with only 25 units available. are framed by floor-to-ceiling windows with underpass to while the CBD With Meyer Mansion, GuocoLand intends a height of at least three metres. and Airport are just a 10-minute drive to bring the luxury lifestyle it created in Mar- In addition, units will come with top-end away. Katong Park MRT Station on the Thom- tin Modern to District 15, according to Cheng appliances and finishings from V-Zug, Lieb- son-East Coast Line will be a six-minute walk Hsing Yao, group managing director of Guo- herr, Whirlpool, Duravit and Hansgrohe. away when it opens in 2023. This station will coLand Singapore. Cheng: It is extremely rare for a high-rise freehold provide a direct transit to , site along Meyer Road to become available, and it “It has been eight years since the last good- will be increasingly so in the future Coveted address Marina Bay and Orchard MRT Stations. sized high-rise condominium launch along While the prices for Meyer Mansion have yet “I think the point about GuocoLand’s pro- Meyer Road,” he says. timated development charge of $57.2 mil- to be released, Dominic Lee, head of PropNex jects is always the lifestyle,” says Guoco- lion. This works out to be about $1,580 psf Luxury Team, estimates the breakeven price to Land’s Cheng. “It is extremely rare for a Luxury holiday homes per plot ratio (ppr). be around $2,300 to $2,400 psf. “If you look high-rise freehold site along Meyer Road to The Meyer Mansion site is a redevelopment While the site could have yielded more at [pricing], you need to look at what’s being become available, and it will be increasingly of the former Casa Meyfort. GuocoLand pur- units, Cheng states that the firm decided to provided. For this project, we have got very so in the future. An opportunity like Meyer chased the site in a collective sale in July build only 200 units to maintain the “feel of a nice finishes,” he says. Mansion will be very hard to come by, go- last year for $319.8 million, including an es- holiday home”, considering that the site fac- Christine Sun, head of research and con- ing forward.” E SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE CHUA/ ISAAC SAMUEL SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE CHUA/ ISAAC SAMUEL

The living area of a three-bedroom showflat unit at Meyer Mansion The layout of this four-bedroom show unit is just one of eight different ones featured in Meyer Mansion

EP4 • EDGEPROP | SEPTEMBER 9, 2019

PROPERTY BRIEFS

SAVILLS FROM PAGE EP2 Hotel Singapore during the weekend of Sept says, “We are on a strong growth trajectory, CBRE 7 and 8. with our presence in our home market of Sin- Spanning over 72,118 sq ft, The Parkhouse gapore expanding by over 60% in the past Fukuoka Towers East is the first high-rise con- two years. We have a record opening of four do building in Fukuoka, and comprises 292 properties this year and another four are ex- apartments across 28 floors. It is the largest pected to open by 2021.” redevelopment project in Fukuoka, with both He adds: “With the government’s pro-busi- residential and retail aspects. ness policies as well as exciting initiatives to The new development is within walking rejuvenate the city and attract investors and distance from Momochi Beach, and is situat- tourists, we see strong demand for interna- ed next to one of the largest shopping malls tional-class lodging properties. We will fur- in Fukuoka, Mark IS Fukuoka-Momochi. ther step up Ascott’s presence in Singapore Fukuoka, the largest city in Kyushu Island through strategic acquisitions, partnerships, in southern Japan, is becoming one of the top management contracts, franchises and leas- tech start-up cities in Asia. It ranked 12th in es.” — The Edge Singapore Monocle’s top 25 most liveable cities around the world last year, based on quality-of-life Sharon Teo will report to Marcus Loo, CEO of City Developments secures $250 mil Savills Singapore measures including crime rate, public trans- sustainability-linked loan from DBS The 99-year leasehold, three-storey conservation portation, culture and economy. City Developments Ltd (CDL) has secured shophouse at 18 Sago Street CEO of Savills Singapore. an SDG Innovation Loan worth $250 million Hard Rock Hotel opens in the Maldives “This appointment is part of our ongo- from DBS, to accelerate innovative solutions The sale will be done via expression of Hard Rock Hotel has opened in the Maldives ing evolution and growth strategy in Singa- that promote UN sustainable development interest (EOI), with CBRE as the sole mar- as part of Crossroads Maldives, the country’s pore to expand our service offering to our goals (SDGs). keting agent. first and only integrated resort. Nestled within clients as they become increasingly diversi- According to a joint statement by CDL The property is zoned for commercial use the Emboodhoo Lagoon, the hotel is 15 min- fied,” says Loo. Teo will tap into the growing and DBS on Sept 4, the loan encompasses a under the 2014 Master Plan. It enjoys high utes by boat from Malé International Airport. business parks, industrial and logistics mar- three-year revolving credit facility from DBS, visibility, and has a 5.4m frontage along Sago As the first Maldivian outpost of the hotel kets in Singapore, helping both end-users and and will be used for CDL’s general working Street. It is located less than 300m from the brand, Hard Rock Hotel Maldives features a landlords, and third-party logistics service capital and corporate funding. Chinatown MRT Interchange Station. The up- full range of signature experiences and facil- providers with their business space needs. CEO of CDL Sherman Kwek says, “Our coming Maxwell MRT Station on the Thom- ities, including a Hard Rock Cafe, Body Rock With 20 years of experience in the real SDG Innovation Loan will enable us to test son-East Coast Line, which is 150m away, will fitness centre, Rock Spa, Rock Shop, Hard estate industry, Teo joins from UEM Sunrise bed fresh innovations that will exponentially enhance accessibility when it opens in 2021. Rock Roxity Kids Club and Teen Spirit Club. Bhd, and was also seconded to M+S, where enhance the way we build as well as raise the “Commercial conservation shophous- she spearheaded the successful commercial quality and performance of our buildings.” es, particularly those in prime central loca- HARD ROCK HOTEL MALDIVES leasing of Singapore’s Marina One and DUO. The property developer will also be eligi- tions such as Chinatown, have been con- Prior to these roles, Teo was with Ascend- ble for a discount on the interest rate of the stantly sought after by investors, including as and DTZ Debenham Tie Leung (SEA). loan when it achieves sustainability-related private real estate funds, family offices and — Compiled by Bong Xin Ying performance targets mutually agreed with high-net- worth individuals,” says Ange- DBS on innovations that contribute positive- la Lim, senior manager, capital markets, of Ascott to expand footprint in ly to the SDGs. CBRE. According to her, based on URA Re- Singapore with four property To qualify, CDL is required to be the first alis, among all the conservation shophouses openings by end-2019 in Singapore to adopt and apply such inno- along the streets within the Kreta Ayer Con- Ascott Limited, CapitaLand’s wholly-owned vations to its projects. An authoritative ex- servation Area, those along Sago Street rare- lodging business unit, is about to be the larg- pert or expert panel will be appointed to ly changed hands. est serviced residence operator in Singapore independently assess and endorse the inno- At $8.5 million, Lim notes that it is “an with a record number of openings this year vative nature of CDL’s proposal against mar- attractive offer as the price is at a palatable as well as the signing of its first Citadines ket norms. In addition, CDL must remain quantum”. She says: “Based on past transac- Connect business hotel. listed on at least one leading global sustain- tions, capital appreciation for conservation Including Citadines Connect City Centre ability index. shophouses is about 4% to 8% per annum. The overwater villas and overwater pool villas at Singapore, which was secured under a fran- The loan will support three SDGs out of The successful buyer will enjoy immediate Hard Rock Hotel Maldives chise agreement, the group’s portfolio would the 17 adopted by UN member states in 2015 rental income as the shophouse is fully ten- increase to more than 3,100 units across 17 – namely SDG 9: Industry Innovation and In- anted with leases expiring between 2020 The 178 spacious rooms include fami- properties in Singapore. frastructure; SDG 11: Sustainable Cities and and 2022.” ly suites, beach villas, overwater villas and Ascott has announced it is launching four Communities and SDG 13: Climate Action. She adds: “He/she can also explore val- overwater pool villas, presenting options for properties in Singapore this year, adding 846 CDL has been integrating ESG practices ue-adding to the property by conducting A&A every occasion. units to the lodging scene. The properties to into its business for over two decades. In [additions & alterations] refurbishment works The two-bedroom Silver Family Suite al- open this month are lyf Funan Singapore, fol- April, the company secured its first green or converting the second and third floor into lows parents and kids to stay together with lowed by Citadines Singapore and loans amounting to $500 million, marking a capsule hostel, subject to authorities’ ap- bunk beds and direct beach access, while the Ji Hotel Orchard Singapore. Citadines the first time that green loans in Singapore proval.” The ground-floor space has been ap- 460-sq-m (4,950-sq-ft) Rock Star Villa fea- Singapore is expected to open in December. would be used for new property developments. proved for F&B use. tures spacious outdoor living areas, an infin- To meet rising demand for short-stay ac- Managing director and global head of real The property is open to both locals and ity pool, a tuk-tuk bar on the terrace, pano- commodation, lyf Funan Singapore, Ji Hotel estate, institutional banking Chew Chong Lim foreigners. There will be no additional buyer’s ramic ocean views and a private boat jetty. Orchard Singapore and Citadines Rochor Sin- says, “This latest SDG Innovation Loan is an stamp duty or seller’s stamp duty imposed. gapore will have the flexibility of taking in extension of our commitment to not only pro- The EOI exercise will close on Oct 2, ET&Co rebrands as Edmund Tie daily stays under full hotel licences. vide financial solutions that meet the changing 2019, at 3pm. Edmund Tie & Co (ET&Co) has rebranded as In addition, Ascott is slated to open Cita- demands of businesses but to advance SDGs Edmund Tie in Singapore and Thailand, and dines Raffles Place Singapore, lyf Farrer Park to generate long-term value. We believe that JLL Nawawi Tie in Malaysia. Singapore and lyf one-north Singapore in the partnerships like these can strengthen collec- The new brands will serve to unify corpo- next two years. tive efforts to address increasingly complex rate identity across all offices in these coun- Ervin Yeo, Ascott’s regional general man- sustainability challenges in new and differ- tries. New logos will be rolled out across all ager for Singapore, Malaysia and Indonesia, ent ways.” — The Edge Singapore E customer touchpoints, including on proper- ASCOTT ty and marketing sales channels, digital, so- cial media and advertising. CEO Ong Choon Fah says: “Giving our brand a refresh is part of our organisation’s efforts to enhance our corporate image and strengthen our market positioning across Southeast Asia as we transform for the fu- ture. Our plan includes initiatives that rede- fine our value proposition, streamline oper- ations and invest in our people to deliver on The Parkhouse Fukuoka Towers East will launch at our signature philosophy.” Hilton Hotel Singapore during the weekend of Sept 7 and 8 Savills appoints Sharon Teo as managing director of business space The Parkhouse Fukuoka Towers East to Savills Singapore has appointed Sharon Teo as launch in Singapore the managing director of the business space Mitsubishi Estate Residence will launch The team. She will be a part of the senior lead- Parkhouse Fukuoka Towers East at Hilton ership team and will report to Marcus Loo, lyf Funan Singapore is set to open this month

EDGEPROP | SEPTEMBER 9, 2019 • EP5

BROUGHT TO YOU BY THE ANTARES

With a total of 265 apartments ranging from one- to four-bedroom apartments, The Antares will offer a respite for those looking to disconnect from the daily hustle and bustle of city life

PICTURES: THE ANTARES Reach for the stars at The Antares

aplenty with offerings at the recently com- mimics the sky, giving residents the feel of pleted Paya Lebar Quarter (PLQ), Paya Lebar swimming under a blanket of stars. The pro- Square, SingPost Centre and Lifelong Learn- ject also has a serene open space for yoga ing Institute. and other outdoor activities as well as a gym. Commuting to work has never been easi- With these conveniences and amenities, er. The Antares is just 20 minutes away from FSKH Development expects the project to ap- Downtown, Telok Ayer, Chinatown and Bugis peal to both owner-occupiers and investors. MRT stations via the Downtown Line. Bearing this, unit sizes range from 452 sq ft Closer to home, Serangoon MRT station, for a one-bedroom apartment to 1,604 sq ft an interchange station for the North East and for a four-bedroom penthouse. Circle lines, is just four stops away. The sta- The Antares also has three-bedroom flexi tion is connected to Nex, the largest mall in units ranging from 883 to 1,023 sq ft. These North-East Singapore and one of Singapore’s units provide flexibility for owner-occupiers largest suburban malls. and investors to reconfigure the space accord- Those who prefer to drive will be delight- ing to their needs. ed that the Pan Island Expressway (PIE) and Against this backdrop of well-appointed lay- -Paya Lebar Expressway (KPE) are out, connectivity and amenities, The Antares within a 10-minute drive from The Antares. is set to light up Mattar Road and MacPher- The project is also within a quick 15-minute son. To gaze upon this rising star, The An- Swim under the stars at The Antares’ indoor pool drive to the CBD via Nicoll Highway. tares’ showflat is located at Kallang Airport Drive and is open for public preview on Sept Food and amenities galore 7 and launched on Sept 14. ne of the brightest stars in the gal- to disconnect from the daily hustle and bus- For nature lovers, a tributary of the Kallang Riv- axy, The Antares illuminates the tle of city life. At the same time, the project er called Pelton Canal cuts diagonally through night sky with its distinctive red is designed to satisfy the needs and desires the MacPherson estate. The 2.52km Pelton radiance, a magnificent sight to be- of modern urbanites with its close proximity Canal Park Connector links to the Kallang hold. Inspired by this fiery red al- to the city centre. Park Connector, providing users with access Opha star, The Antares, developed by consor- to and Bishan-Ang Mo tium FSKH Development is set to be a rising Redefining Accessibility Kio Park. The upcoming Bidadari Park is also star at Mattar Road in District 14. Located right next to Mattar MRT station on just a short walk away from The Antares. As it stands, Mattar Road in the MacPher- the Downtown Line, Macpherson MRT station Connectivity aside, The Antares has a host son area has seen a scarcity of new private is just one stop away. The interchange station of amenities and food options within its vi- residential launches in recent years. When serves both the Circle and Downtown lines. cinity. Foodies will be spoiled for choice with the site for The Antares was put up for ten- For added convenience, The Antares will be a mix of local food haunts and café delights. der under the Government Land Sales (GLS) building an exit that leads to a sheltered walk- Popular hawker fare can also be found at the Programme in 2018, it attracted 10 bids, al- way that connects directly to Mattar MRT sta- nearby Circuit Road Hawker Centre. luding to the attractiveness of the site. FSKH tion, reducing the walking distance to a mere For families with children, The Antares is Development, comprising renowned develop- one minute. surrounded by good schools such as the up- ers: Hock Lian Seng Holdings, Keong Hong Meanwhile, Paya Lebar MRT station is just coming flagship campus for Nexus Internation- Holdings and TA Corporation, won the site two stops away from Mattar. Another inter- al School, Canossa Catholic Primary School, and has envisioned The Antares as a bench- change station, Paya Lebar MRT station provides Kong Hwa Primary School and Geylang Meth- Show Suites @ KALLANG AIRPORT DR mark for new launches in the area. access to both the Circle and East West lines. odist Primary and Secondary schools. Minutes Walk From Kallang MRT Station With a total of 265 apartments ranging Next to the station, one can also find the The Antares has also been designed as a from one- to four-bedroom apartments, The upcoming regional business hub Paya Lebar reprieve from the bustle. Its facilities include Antares will offer a respite for those looking Central. Here, retail and lifestyle options are an indoor swimming pool with lighting that Call: 8318 8933 EP6 • EDGEPROP | SEPTEMBER 9, 2019

SPOTLIGHT

The freehold penthouse will be at the doorstep of the Greater Southern Waterfront

PICTURES: JON LAU/SRI Triplex penthouse at Mount Faber Lodge going for $4.8 mil

| BY TIMOTHY TAY | occupying the sixth to eighth floors and sized enth floor, most of the penthouses are own- years. Her designs include luxury residences hose who want a penthouse with a van- from 3,703 to 3,724 sq ft. There just 20 such er-occupied. As such, the penthouse that Lau such as a bungalow in Dalvey Estate, a pent- tage point of the future Greater Southern penthouses within the development. is marketing is one of the rare few currently house in d’Leedon and a show unit at Nouvel Waterfront from the comfort of their own Early last year, at the height of the en bloc on the market. 18 luxury condo. balcony need look no further than the fever, some of the owners of Mount Faber Lodge The owner is said to be a British expatriate The penthouse at Mount Faber Lodge fea- triplex penthouse at Mount Faber Lodge. had attempted a collective sale, but it never got family, and they are selling the unit as they are tures an open-concept kitchen with high-end TPerched on the slope of Mount Faber Hill, off the ground. moving back to the UK, says Lau. The pent- Miele appliances, including food warmers, oven, the freehold Mount Faber Lodge stands out for On the market is one of the penthouses at house was purchased by the owners 8½ years double-door refrigerators, wine chiller and dish- its red-brick façade. The project was complet- Mount Faber Lodge: a 3,703 sq ft, triplex pent- ago for $3.98 million. They spent more than washer. The bathrooms have also been reno- ed in 1983 and contains just 84 units. The pro- house with a price tag of $4.8 million ($1,296 $800,000 on gutting and renovating the pent- vated, and feature top-end bathroom fittings ject has sizeable units, ranging from 1,098 sq psf). Jon Lau, senior associate sales director at house to suit their needs. and sanitary wares. ft studios to two-bedroom units from 1,173 sq SRI, is the exclusive marketing agent. The interiors of the penthouse were designed The kitchen and dining room are on the first ft and three-bedroom units from 2,454 sq ft. Owing to the generous unit sizes and the by Janet McGlennon, an interior designer who floor of the triplex penthouse. The living room The penthouses are all five-bedroom triplexes, unblocked views from the balcony on the sev- has been based in Singapore for the past 15 – which has a balcony and entertainment area

The kitchen is filled with Miele appliances worth close to $30,000 The penthouse has common areas for entertaining, including a TV area and a dining area on the second floor EDGEPROP | SEPTEMBER 9, 2019 • EP7

SPOTLIGHT

The five-bedroom penthouse was designed by Janet McGlennon Interiors

– and two of the bedrooms are on the second With an asking price of $1,296 psf, freehold level. On the top floor are the master suite and tenure and location in District 4, Lau sees the two other bedrooms. penthouse as attractively priced. The en suite bathroom of the master bedroom with double vanity wash basins, a bathtub and shower The master suite comes with an en suite Announcement of the plans for the upcom- master bathroom and walk-in wardrobe. It has ing Greater Southern Waterfront has certainly a balcony facing the greenery of Mount Faber created a lot of interest in the new launches in Park. One of the bedrooms on the top level is a the area, he adds. guest room; the other has been converted into an Units at the 99-year leasehold, art studio for the owner’s wife who is an artist. Residences (a redevelopment of the former “The natural lighting and view from the room Vista Park) on South Buona Vista Road have are ideal for an art studio,” notes SRI’s Lau. been seeing brisk sales, with at least 221 units While the bedrooms of the triplex penthouse snapped up at an average price of just under enjoy a view of Mount Faber Park, the living $1,700 psf, according to caveats lodged with room, dining area and kitchen have unblocked URA Realis. views of the marina at Keppel Bay. The freehold, 262-unit Sky Everton (redevel- “On top of the generous living space, which opment of the former Asia Gardens) on Everton are mostly enclosed, you enjoy a lot of privacy Road on the CBD fringe, which was launched as well as unblocked views,” says Lau. “The in June, has seen 146 units snapped up at pric- next owner will enjoy a ringside view of the es averaging $2,540 psf. the Greater Southern Waterfront, and the capi- An upcoming launch nearby is the 99-year tal appreciation that comes with it.” leasehold, 1,074-unit Avenue South Residence, The penthouse at Mount Faber Lodge was with prices starting from $1,780 psf. put on the market just three months ago, and For those who want a completed unit that has attracted interest, especially from other ex- they could move into immediately, the pent- patriates who like the unit size, views and lo- house at Mount Faber Lodge could be an at- cation amid the greenery, adds Lau. tractive alternative, says Lau. E

A study room on the top floor was used as an art studio for its views and natural light Wooden stairs connect the three floors of the penthouse EP8 • EDGEPROP | SEPTEMBER 9, 2019

INDUSTRY INSIGHT

A virtual reality station taps into the same desires as a gaming arcade. Technology will be an enabler in the growth of retailtainment in terms of widening the scope of activities.

PICTURES: CBRE The refurbishment of retail

| BY VIVEK KAUL | customers in a way that online shopping can- not achieve. Retailtainment efforts, then, pro- vide a necessary counterpoint to e-commerce’s disruptive influence. There is no war between technology and retail, though – one needn’t up- end another. Through leveraging data-driven insights on competitor performance and con- sumers’ behaviour and preferences, retailers can tailor optimal marketing strategies to in- crease footfall and revenue. For example, iden- tifying which areas a shopping mall’s patron frequents after office hours can help a landlord in determining which tenants should be part of the F&B mix. The rise of retailtainment in the region (over 200 retailers have incorporated activi- xperiences pervade retail. Especially ty-based leisure in Tier 1 Chinese cities since here in the Asia-Pacific. What does this 2018) points to an evolvement in consumers’ mean though? Simply put, as consum- pursuit of pleasure. This is not to say that in ers become more sophisticated, so too the past, shoppers did not enjoy leisurely expe- do the retail offerings they seek. Land- riences – but they are now more willing than The function of a retail store now extends beyond providing an outlet through which purchases can be Elords and retailers, in turn, have to upgrade ever to spend money on entertainment. Euro- made, to quenching shoppers’ thirst for entertainment and pleasure their malls and physical stores into experien- monitor data projects an additional spending of tial hubs where sensory stimulation and mem- US$825 billion ($1.15 trillion) by 2030 on expe- largest occupiers in square footage are indoor to interact through racing, biking and surfing ories are born. rience-based retailing. This trend is particular- theme parks/entertainment centres – think Le- games. This is a testament to the reactivity of The proliferation of online retailing has al- ly pronounced in this region. In Hong Kong’s goland Discovery centres across Japan, Chi- retail to consumer trends. A virtual reality sta- lowed consumers to access countless prod- Pacific Place, AMC Cinemas houses a VIP sec- na and Australia, which replicate Legoland tion taps into the same desires as a gaming ar- ucts at the mere click of a button, so the need tion called “The Oval Office” offering leather theme parks. Aside from weaving new, enter- cade. But the increase in shoppers’ disposable for retailers to deploy new strategies comes as reclining seats, food delivery at the push of a tainment-based retailers into the tenant mix, incomes, together with new technologies in no coincidence. The function of a retail store, button, and free-flow beverages. shopping mall operators are looking into place- retailers’ arsenal, has allowed retail spheres to then, now extends beyond providing an out- Activating a space to incite a positive emotional making methods to breathe life into physical push new frontiers. let through which purchases can be made, to response is how retailtainment generates value. spaces – giving visitors a reason to return. This In this new retail landscape, individual retail- quenching shoppers’ thirst for entertainment Take the 32,000-sq-ft Starbucks Reserve Roast- can range from something as simple as a foun- ers and shopping-mall landlords need to be more and pleasure. This fusing of shopping with en- ery in Tokyo, for example, which offers augment- tain, to a more interactive immersion like an consumer-centric than ever. The force of their tertainment is known as retailtainment. ed reality elements and a craft-oriented experi- outdoor cinema. All are investments in experi- marketing efforts will be more heavily charged Retailtainment, not dissimilar to other mar- ence. This capitalises on shoppers’ increasing ence. All entice us to a retail space for reasons towards shoppers’ experience rather than sin- keting initiatives, sits on a spectrum. An in- inclination to spend on personalised, premi- other than purchasing. gle products. While this may require a heavier store yoga class for an athleisure line serves as um experiences, while also expanding Star- From our current vantage point, the scope to capital outlay, big data will help to determine one example on the low end of the spectrum, bucks’ imprint in the minds of store patrons which retailtainment can grow is broad. Tech- what works and what doesn’t. The connection while an indoor theme park is a more drastic and anyone who has scrolled through Insta- nology will be an enabler in terms of produc- shoppers have with retail spaces will deepen, marketing effort on the high end. gram recently. Two birds, one stone. ing behavioural insights through data as well as both grow in sophistication. E The interactive experiences offered by retail- New retail formats have arisen as a result as widening the scope of activities. For in- tainment allow brands to occupy mental real of retailtainment. This applies to both the ten- stance, Seoul’s Gangnam district has a 4,000-sq- estate in the minds of potential and existing ant mix in a mall and the mall itself. One of the ft virtual reality station which allows players Vivek Kaul is head of retail, Asia, at CBRE. EDGEPROP | SEPTEMBER 9, 2019 • EP9

RETAIL PLQ Mall almost 90% leased ahead of October official opening

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE | BY CHARLENE CHIN |

head of its grand opening on Oct 24, PLQ Mall by Lendlease is about 90% leased, with some rentals under final negotiations. The new mall will have over 200 shops. Anchor tenants are AShaw Theatres, FairPrice Finest and KopiTime, a new thematic food court by Kopitiam. Shaw Thea- tres will feature 12 halls and an Imax theatre. There will be new-to-Singapore F&B dining options such as Mom’s Touch, a popular South Korean fried chicken chain; Hayai, serving Japa- nese rice sandwich; Wursthans Switzerland, of- fering authentic Swiss sausages; and Fong Sheng Hao, a famous charcoal-grilled toast and milk tea cafe from Taiwan. Meanwhile, Morphine Coffee’s menu focuses on a healthier option for local coffee lovers. The team has cut the use of sugar and butter in roasting the coffee beans, and boasts in-house coffee-roasting facilities. Shoppers can also look forward to family-friend- ly stores like Komma, a DIY craft supplies store and workshop; My Art Studio; Smigy Kid’s In- door Play; and Sing My Song Family Karaoke. PLQ Mall by Lendlease will have more than 200 shops Other tenants include Uniqlo, Tokyu Hands, Foot Locker, Cotton On, Laneige, Innisfree, Etude lion sq ft, and three residential towers with 429 PLQ is part of the URA’s plans for the 12ha most centralised sub-regional business and life- House, Haidilao Hot Pot, The Providore, Wine units. PLQ has direct links to Paya Lebar MRT Paya Lebar Central precinct to be a sub-region- style hub in Singapore,” says Tony Lombardo, Connection and Starbucks Reserve, and home- Station, an interchange station serving both the al business hub for Singapore. Its office compo- CEO, Asia, of Lendlease. grown brands such as Challenger, Popular Book- East-West and Circle Lines. nent offers close to 900,000 sq ft of space with “PLQ is a great showcase of Lendlease’s core store, TungLok Seafood, Duckland, as well as Conceived as a placemaking project, PLQ tenants such as CBRE, JLL, NTUC Income, Great expertise in urban regeneration and placemak- UOB High Street Wealth Centre. will also offer a range of alfresco dining options Eastern, Bayer and Intellectual Property Office ing by combining quality retail, entertainment Paya Lebar Quarter (PLQ) is a $3.6 billion in- at PLQ Parkside; a sheltered PLQ Plaza to host of Singapore (IPOS). and lifestyle options with community-centric tegrated development that comprises PLQ Mall, events; and an outdoor children’s play area amid “We are proud to be contributing to the URA’s spaces that resonate with the rich heritage and three Grade-A office towers spanning one mil- 100,000 sq ft of greenery. vision of the transformation of Paya Lebar, the culture of the area,” he adds. E

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE LENDLEASE

PLQ Mall features new-to-Singapore F&B options such as Mom’s Touch, a South Korean fried chicken chain Fong Sheng Hao, at PLQ Mall, is a famous charcoal-grilled toast and milk tea cafe from Taiwan

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE LENDLEASE

At Morphine Coffee, the menu focuses on a healthier option for local coffee lovers Morphine Coffee boasts in-house coffee-roasting facilities EP10 • EDGEPROP | SEPTEMBER 9, 2019

COVER STORY

Homegrown hotelier with global ambitions

From owning a lone Hotel 81 in Geylang, Choo Chong Ngen is now a tycoon with 38 hotels in Singapore and controls 10% of the city state’s hotel inventory. Where will the self-made entrepreneur go and what will he buy next?

| BY CECILIA CHOW AND TIMOTHY TAY | Lavender and Bugis, with one each in Kovan and Changi. rom having one Hotel 81 in Geylang back Perhaps the most visible Hotel 81 is the one in 1993, Singaporean Choo Chong Ngen in Chinatown. Located at the junction of Upper Fhas since grown his portfolio of hotels to Cross Street and New Bridge Road, the row of 38 properties in Singapore and owns another conservation shophouses in which it is locat- eight hotels in five other countries including ed were formerly tenement houses or living Australia, Japan, Malaysia and South Korea. quarters for civil servants during the colonial With 6,500 hotel rooms in Singapore, the era. Choo purchased the shophouses at a URA chairman of Worldwide Hotels now controls auction in May 2002 and converted them into 10.2% of the total inventory of completed ho- Hotel 81 Chinatown with 99 rooms. tel rooms, which number 63,850 as at end- “That’s our flagship Hotel 81,” says Carolyn 2018, according to the Singapore Tourism Choo, managing director and CEO of World- Board (STB). wide Hotels. Carolyn is Choo’s only daughter. As Choo’s hotel empire grew, so did his net A father of four, Choo has three sons, two of worth, which increased 2.5 times from US$1.1 whom are in the business too: his eldest son is billion in March 2014 to US$2.8 billion ($3.9 bil- involved in the human resources department, lion) today, according to Forbes, which ranked while one of his younger sons is a director of him Singapore’s 10th richest man. sales. Choo is also a grandfather of eight, with The inspiration to enter the no-frills, budget his grandchildren ranging in age from six to 17. hotel business came while he was holidaying Carolyn joined the company in 2002 – “af- in Japan in the early 1990s. “I saw how a small ter the Asian Financial Crisis”, she says. At hotel can still do well,” says the 66-year-old that time, Choo had 12 hotels, all branded Ho- Choo in Mandarin. “At that time, there were tel 81. “The management team was very lean not many professionally-managed budget ho- then,” she recounts. It was made up of her fa- tels in Singapore.” ther, her cousin and herself. Having spent three years in commercial banking after graduating Homegrown brands from university, Carolyn was made the finan- Choo may have started his Hotel 81 brand of cial controller. hotels in the red-light district of Geylang. But Since 2009, Choo has increased his portfo- he has since grown the portfolio of Hotel 81 lio of homegrown brands to six: Besides Hotel to 28 hotels across the island. “We have many 81, there’s Hotel Boss, Hotel Mi, V Hotel, Val- Hotel 81 outside Geylang,” he says. Most of ue Hotel and Venue Hotel. To achieve econo- them are in the city fringe, such as Balestier, mies of scale, Choo has focused on the econ-

The 1,500-room Hotel Boss is the biggest in the portfolio of Worldwide Hotels Group in terms of number of rooms

PICTURES: WORLDWIDE WORLDWIDE HOTELS PICTURES: Venue Hotel is a line of budget hotels located within shophouses in heritage areas such as Joo Chiat EDGEPROP | SEPTEMBER 9, 2019 • EP11

COVER STORY

PICTURES: WORLDWIDE HOTELS SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE CHUA/EDGEPROP ISAAC SAMUEL Worldwide Hotels chairman Choo Chong Ngen’s first business was selling ice-cream at the age of 10

Self-made billionaire

The exterior (top) and lobby of Hotel 81 Orchid in Geylang Lorong 8, one of 28 Hotel 81-branded properties | BY CECILIA CHOW AND TIMOTHY TAY | needs upgrading. “My father is personally in Singapore today involved in the design of the hotels,” says hairman of Worldwide Hotels Choo Carolyn. “He likes to talk to the staff and omy and mid-tier segments. Room rates range will buy only if we can secure 100% owner- Chong Ngen had dropped out of school get customer feedback.” from under $100 to about $150 per night. Aver- ship and freehold tenure.” Cat the age of 14. “I didn’t like to study,” Choo’s fortune is likely to rise on the back age occupancy rate (AOR) has been consistently While the hotels in Singapore are whol- he concedes. “I was very playful and always of Singapore’s strong tourism performance in the “mid-80s” over the years, says Carolyn. ly-owned and managed by Worldwide Hotels, cutting classes.” over the past two years. Singapore attracted In Singapore, the group has 1,100 staff to- the overseas properties are managed by inter- However, the hotel tycoon has always 11.1 million visitors in the first seven months day, excluding contract staff. “Manpower con- national hotel management companies. “This been very entrepreneurial. He grew up in of 2019. This was 1.8% higher than the same straints is one of the key challenges in the ho- is because we don’t have a competitive edge a kampong in , which in the early period in 2018. For the whole of 2018, total tel business, especially with the lowering of there yet,” she adds. So far, the group has in- days was mainly forested area with several visitor arrivals totalled 18.5 million. the foreign manpower quota next year,” con- vested $500 million in acquiring overseas as- pig farms before it was developed into Sin- The average occupancy rate (AOR) for cedes Carolyn. sets and is projecting to double its capital in- gapore’s biggest HDB housing estate with hotels in the first seven months of 2019 was vestment to $1 billion for further acquisitions. 51,000 housing units. 86.1%, just 10 basis points shy of last year’s Regional footprint The economy and mid-tier segments in Sin- At the age of 10, he started selling ice- 86.2%, which had been the highest since The group celebrated its 25th year in business gapore have proven to be more resilient than cream for five cents to passers-by. “My fa- 2007 when the AOR hit 86.8%. and incorporated Worldwide Hotels in October the luxury and upscale hotels: The AORs for ther didn’t give me any pocket money, so Certainly, the global market uncertainty last year. “It also marked our second phase of luxury and upscale hotels were 91.4% and I [sold] ice-cream to earn money for my- and the US-China trade war are having an growth, which will see us expanding further 92.2% respectively in July, while the mid-tier self,” says Choo. impact on the Singapore economy. However, overseas,” says Carolyn. segment achieved AOR of 96.1% and the econ- He went on to become a fishmonger, and Choo remains confident about Singapore’s Choo has been venturing abroad since 2017. omy segment, 93.1%, over the same month. then sold textiles. By the age of 21, he had prospects. “In Singapore, land is very limit- He now owns eight hotels in five countries, This July, hotels in Singapore enjoyed an oc- saved enough to purchase his first invest- ed,” he says. Development land is “getting including Ibis Budget Osaka Umeda in Japan; cupancy rate of 93.8% – the highest since 2005, ment property – a strata-titled shop unit in lesser and lesser”, he adds. the Travelodge Dongdaemun in Seoul, South when the STB began compiling such statistics. Katong Shopping Centre. Carolyn agrees. Prior to the tender for Korea; Swiss Garden Kuala Lumpur, Malaysia; The next decade saw him amass more the Club Street hotel site which they pur- and Holiday Inn Perth City Centre, Australia. First PPVC-constructed hotel strata-titled shop units in Katong Shop- chased, the last hotel development site of- “Our aim is to have 20 hotels by our 30th an- That could explain Worldwide Hotels’ record bid ping Centre, City Plaza, Sultan Plaza and fered for sale in the Government Land Sales niversary,” says Carolyn. “For overseas assets, of $562.2 million ($2,148.5 psf per plot ratio or . (GLS) programme was in 2013. That site was we are very particular about location and we CONTINUES ON PAGE EP20 “He has sold most of the shop units, on East Coast Road and has since been de- although we still own six units in Sultan veloped by a joint venture between Master Plaza,” says his daughter, Carolyn Choo, Contract Services and Keong Hong Holdings Worldwide Hotels’ managing director and into two hotels: a 131-room Hotel Indigo and CEO. “But since going into hotels, he has a 451-room Holiday Inn Express; as well as expanded his portfolio to more than 100 in- Katong Square, a multi-storey complex with vestment properties.” Choo’s hotel portfolio carpark, F&B outlets and retail shops. was recently valued at $3 billion. An upcoming hotel site that will be Choo had also developed six apartment launched for sale is on River Valley Road. projects in Singapore – both within and out- The hotel site is on the Reserve List of the side of Geylang – before focusing on hotels 2H2019 GLS programme. The future hotel for the past 25 years. will be linked to the Fort Canning MRT Sta- His early years as a hotel owner and op- tion, and is located within walking distance erator were “very difficult”, he says. His first of and Fort Canning Park. hotel was at Geylang Lorong 16. “I had to Hence, Choo believes there will “defi- run around and tackle all the issues myself,” nitely” be opportunities. He adds: “It’s how says Choo in Mandarin. you view an opportunity and make use of He is still very hands-on today. After at- it.” That was how he made his fortune: By tending board meetings most mornings, entering the no-frills, budget hotel business Choo will visit his hotels, resolve issues in Singapore, which slipped under the radar and inspect his properties to see if anything of most of the giant hotel groups. E The 342-room Hotel Mi on Bencoolen Street is targeted at millennial travellers EP12 • EDGEPROP | SEPTEMBER 9, 2019

MARKET TRENDS

DC rates up 1.7% for commercial, down 0.3% for non-landed residential use

the September 2014/March 2015 review,” states Tricia Song, head of research for Singapore at Colliers International. “The trimming of the DC rates for non-land- ed residential use in this review should be modestly comforting for property developers who have had to grapple with more uncer- tainties following the roll-out of new cooling measures in July 2018,” she adds. The largest decrease of 7.4% was seen in Sector 112 which includes East Avenue 6, Upper Road, Clemen- ti and West Coast Highway. She reckons this could be due to the bid price for the Govern- ment Land Sales (GLS) Clementi Avenue 1 site tender which closed on July 3. “The bid price of $788.30 psf per plot ratio [ppr] was below market expectations and significantly below the implied land rate ($883 psf ppr derived from the March DC rate) in this sector,” she says. Elsewhere, the DC rate in Sector 34, which includes Sophia Road, Upper Wilkie Road and Mackenzie Road, decreased around 6.5%. “A small apartment block with five units was re- portedly sold collectively in March at $9.28 million. Although the land rate was not re- The increases in DC rates for commercial use saw changes of between 2.6% and 6.9%, averaging at 1.7% across 59 out of the total 118 geographical sectors ported, this transaction could have contrib- uted to the decline in residential non-landed | BY BONG XIN YING | “Benefitting from business relocations and In March, SC Capital Partners purchased DC rate for that sector,” says Nicholas Mak, investment diversion amid heightened uncer- Rivervale Mall in for $230 million or ERA Realty Network’s head of research and n Aug 30, the Ministry of National tainties and the global slowdown, Singapore $2,833 psf on net lettable area (NLA). consultancy. Development announced changes in appears to be more appealing as an invest- In May, Frasers Centrepoint Trust acquired He adds that the new DC rates “will not re- development charge (DC) rates. For ment safe haven,” says Christine Li, head of a one-third stake in in Pung- sult in the recovery in the residential collective the period of Sept 1, 2019, to Feb 29, research, Singapore and Southeast Asia, Cush- gol from its sponsor Frasers Property at $440.6 sale market as the en bloc sale market has been 2020, DC rates for commercial use man & Wakefield (C&W). million or $3,502 psf on NLA. muted by the July 2018 cooling measures”. O(Use Group A) will increase by 1.7% on av- “As such, for the period of September 2019 C&W’s Li says: “Suburban malls are pro- erage, while those for non-landed residential to February 2020, DC rates for commercial use jected to continue posting robust growth in Hotel and industrial use (Use Group B2) will decrease by 0.3% on increased, while those for non-landed residen- capital values as the strong performance of The DC rates for hotels remain unchanged. average. The DC rates for the remaining use tial use decreased,” she explains. well-managed retail spaces in choice locations This follows a sharp hike of 45.6% on av- groups – landed residential, industrial, and continues to attract demand from retailers.” erage in the last revision. Colliers’ Song ob- hotel – remain unchanged. Commercial Meanwhile, DC rates for sectors under the serves that this could be partly due to the DC rates are payable when planning per- The increases in DC rates for commercial use CBD Incentive Scheme (Sectors 7, 9 and 10) lack of significant hotel transactions in the mission is granted to carry out development saw adjustments of between 2.6% and 6.9%, have seen steady increases since September last few months. projects that increase the value of the land, averaging at 1.7% across 59 out of the total 2016, according to JLL’s Ong. He highlights “While investors are still interested in hos- for example, re-zoning to a higher value use 118 geographical sectors. The highest increase that the latest round of revision is the lowest pitality assets, the 45.6% hike in DC rates for and/or increasing the plot ratio. These rates of 6.9% was for suburban areas: Sector 100 increase in seven rounds of revision. hotel use since March 1, 2019, proved to be are revised on a half-yearly basis. ( Road/Hougang//Sengkang), “Together with DC rates for hotel and too punitive for hotel land deals,” she says. The revised rates take into account the Sector 105 (//Sele- non-landed residential holding flat in these “Hotel transactions since then have focused chief valuer’s assessment of land values and tar) and Sector 112 (West Coast Highway/Ju- sectors, [the changes] are less likely to impede on income assets such as Bay Hotel, Ibis No- recent land sales. They are classified accord- rong East). potential redevelopment plans under the CBD vena and a stake sale in Marina Mandarin.” ing to use groups across 118 geographical sec- Ong Teck Hui, JLL’s senior director, research Incentive Scheme,” he adds. The DC rates for industrial use has also tors in Singapore. and consultancy, Singapore, attributes the in- been kept stable. “The chief valuer likely took Property consultants observed that the new crease in DC rates for commercial use in sub- Non-landed residential into consideration the relatively stable indus- DC rates are “within expectations” amid the urban areas to the investment interest seen in DC rates for non-landed residential use were trial property market, as well as the cautious current macroeconomic environment. the preceding six months. reduced by 0.3% on average, with seven out outlook for the sector given the stronger head- of the 118 sectors registering reductions of winds ahead,” notes JLL’s Ong. 3.8% to 7.4%. According to JTC statistics, island-wide oc- “This comes after a 5.5% decrease in DC cupancy rate for industrial buildings remained rates during the March 2019 review, and it is unchanged for the second consecutive quarter the first successive back-to-back decline since at 89.3% in 2Q2019. E

Non-landed residential DC rates & sectors (Sept 1, 2019, to Feb 29, 2020)

SECTOR LOCATION DC RATE ($) RATE OF CHANGE (%)

34 10,150 -6 97 South 5,600 -6 98 Tampines/ Kaki Bukit/ Bedok 5,600 -6 100 Hougang/ Sengkang/ Punggol 5,390 -4 105 Ang Mo Kio/ Yio Chu Kang 5,390 -4 112 Clementi/ 6,160 -7 113 Tengah/ Bukit Batok/ Bukit Panjang/ Lakeside 5,950 -6

SOURCE: COLLIERS INTERNATIONAL, URA ERA, URA EDGEPROP | SEPTEMBER 9, 2019 • EP13 EP14 • EDGEPROP | SEPTEMBER 9, 2019

DONE DEALS Strong weekend sales at Luxus Hills and Parc Clematis

BUKIT ESTATES SINGHAIYI GROUP | BY CECILIA CHOW AND AMY TAN | ers of Park West, which was sold en bloc to SingHaiyi for $840 million in January 2018. ales have been brisk for Bukit Sembawang Parc Clematis has 1,468 units and sits on a Estates’ Signature Collection, the latest 633,644 sq ft, 99-year leasehold site. There phase of houses at Luxus Hills. All the are nine 24-storey towers within the develop- 32 units offered for sale in the first phase ment, 12 strata terraced houses and six stra- were snapped up on the first day of pre- ta detached houses. Sview, on Friday, Aug 30. The developer released “We are heartened to see brisk sales of larg- another 46 units the next day, of which 39 units er apartment types which typically appeal to were taken up. By 11am on Sunday, Sept 1, a buyers looking to stay in them, in addition to total of 71 units (91%) of the entire phase of 78 strong buyer demand for one- and two-bedroom units in the Signature Collection had been sold. units which are suitable for both residents and According to Bukit Sembawang, 95% of the investors,” says Celine Tang, group managing buyers were owner-occupiers. About 76% of director of SingHaiyi. The crowd in one of the show houses at the The crowd at the balloting tent of Parc Clematis on the first these buyers were those aged between 30 and Signature Collection in Luxus Hills day of sales on Aug 31, when 324 units were snapped up Based on first-day sales for a new project 60 years, indicating interest from multi-gener- launch this year to date, Parc Clematis is con- ational buyers. fittings, and are ideal for those who want to up- psf) for an intermediate terraced house, from sidered “the best-selling new mega private res- As the houses are already completed, the grade to a new home in the vicinity. $3.6 million for a corner terraced house, and idential project”. developer rolled out several flexible payment “Luxus Hills is a completed project by well- from $4.2 million for a semi-detached. Ismail Gafoor, CEO of PropNex, one of the schemes on top of the normal payment scheme. known local developer Bukit Sembawang,” says Meanwhile, SingHaiyi Group sold 324 units marketing agents for Parc Clematis, says: “The About 75% of the buyers opted for the flexible Eugene Lim, key executive officer of ERA Realty at Parc Clematis on the first day of sales on sale of over 300 units on the first day is definite- payment schemes. Network. “The houses are well-priced and come Aug 31. The developer had released 465 units ly one of the highest this year. Sales momen- “Buyers were largely attracted to Luxus Hills with attractive and flexible payment schemes. for sale in the first phase, which translates to a tum is building up as buyers gain confidence, because of the large living spaces in these rare, These are compelling reasons for Singaporean sales rate of 70%. The average price achieved especially when they feel that the price is right landed, 999-year homes in a family-friendly en- homebuyers to purchase the landed homes.” for the units sold was $1,580 psf. and the location is right.” vironment,” says Ho Jenny, general manager ERA Realty is jointly marketing the Signa- According to the developer, about 48% of Clementi is a sought-after location, adds Ga- (marketing) at Bukit Sembawang Estates. “Our ture Collection at Luxus Hills with Edmund the units sold were the one-bedroom and var- foor, given its centrality, as well as its proxim- flexible payment schemes with the option for Tie & Co, Huttons Asia and Savills Singapore. ious two- and three-bedroom dual-key units. ity to top educational institutions and employ- immediate occupancy also proved popular with Located off Ang Mo Kio Avenue 5, the Sig- Most of the buyers were drawn to Parc Clem- ment hubs such as the National University of buyers who could then comfortably plan their nature Collection represents phases 8 and 9 of atis’ location in the Clementi estate, given the Singapore and National University Hospital, move-in and financing timelines.” Luxus Hills. Of the 78 units for sale, 58 are in- proximity of the residential project to amenities one-north and the Jurong area. “Clementi is The majority of the buyers were those living termediate terraced houses, 10 are corner ter- at , which is linked to the bus in- also an area with a huge middle-class popu- in Districts 28 and 19. The houses are complet- raced houses, and another 10 are semi-detached terchange and MRT station. lation,” adds Gafoor. “As such, the project at- ed and fully-fitted with top-end appliances and houses. Prices start from $3.058 million ($1,893 Eight of the buyers were former own- tracts both upgraders and investors.” E

Residential transactions with contracts dated Aug 20 to 27

LOCALITIES DISTRICTS Singapore — by postal district LAND AREA/ TRANSACTED UNIT PRICE COMPLETION TYPE OF City & Southwest 1 to 8 PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) DATE SALE Orchard//Holland 9 and 10 REFLECTIONS AT KEPPEL BAY Condominium 99 years Aug 21 1,249 1,969,920 1,578 2011 Resale Newton/Bukit Timah/Clementi 11 and 21 REFLECTIONS AT KEPPEL BAY Condominium 99 years Aug 23 1,302 2,051,145 1,575 2011 Resale Balestier/MacPherson/Geylang 12 to 14 REFLECTIONS AT KEPPEL BAY Condominium 99 years Aug 23 1,249 2,046,680 1,639 2011 Resale East Coast 15 and 16 District 5 Changi/ 17 and 18 BANYAN CONDOMINIUM Condominium Freehold Aug 21 1,227 1,520,000 1,239 1995 Resale Serangoon/Thomson 19 and 20 BOTANNIA Condominium 956 years Aug 26 1,593 1,950,000 1,224 2009 Resale West 22 to 24 KENT RIDGE HILL RESIDENCES Apartment 99 years Aug 21 474 816,000 1,723 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Aug 23 646 963,000 1,491 Uncompleted New Sale North 25 to 28 KENT RIDGE HILL RESIDENCES Apartment 99 years Aug 24 1,076 1,855,260 1,724 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Aug 25 1,927 3,083,000 1,600 Uncompleted New Sale ONE-NORTH RESIDENCES Apartment 99 years Aug 21 1,421 2,145,710 1,510 2009 Resale WHISTLER GRAND Apartment 99 years Aug 22 614 859,880 1,401 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Aug 23 614 888,930 1,449 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Aug 24 1,281 1,637,590 1,278 Uncompleted New Sale District 7 CONCOURSE SKYLINE Apartment 99 years Aug 26 1,410 3,688,994 2,616 2014 Resale SOUTH BEACH RESIDENCES Apartment 99 years Aug 21 2,260 8,240,000 3,645 2016 Resale SOUTH BEACH RESIDENCES Apartment 99 years Aug 21 2,260 7,727,400 3,419 2016 Resale THE BENCOOLEN Apartment 99 years Aug 23 829 1,100,000 1,327 1999 Resale District 9 8 SAINT THOMAS Condominium Freehold Aug 22 506 1,563,000 3,089 2018 Resale 8 SAINT THOMAS Condominium Freehold Aug 23 506 1,600,000 3,163 2018 Resale 8 SAINT THOMAS Condominium Freehold Aug 23 549 1,760,000 3,206 2018 Resale ALBA Apartment Freehold Aug 26 2,303 7,380,000 3,204 2015 Resale HAUS ON HANDY Condominium 99 years Aug 21 624 1,783,200 2,856 Uncompleted New Sale HAUS ON HANDY Condominium 99 years Aug 21 517 1,488,800 2,882 Uncompleted New Sale HORIZON TOWERS Condominium 99 years Aug 23 2,303 2,920,000 1,268 1984 Resale LAND AREA/ TRANSACTED UNIT PRICE COMPLETION TYPE OF MARTIN MODERN Condominium 99 years Aug 21 764 2,150,700 2,814 Uncompleted New Sale PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) DATE SALE MARTIN MODERN Condominium 99 years Aug 21 764 1,988,000 2,601 Uncompleted New Sale District 1 MARTIN MODERN Condominium 99 years Aug 24 764 2,153,800 2,818 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years Aug 25 1,141 2,633,700 2,308 2017 New Sale MARTIN PLACE RESIDENCES Condominium Freehold Aug 20 646 1,545,000 2,392 2011 Resale District 2 PARC EMILY Condominium Freehold Aug 22 549 1,100,000 2,004 2008 Resale ICON Apartment 99 years Aug 20 570 1,045,000 1,832 2007 Resale PARC MACKENZIE Apartment Freehold Aug 27 1,335 1,920,000 1,438 2009 Resale ICON Apartment 99 years Aug 23 1,259 2,130,000 1,691 2007 Resale RESIDENCES AT 338A Apartment Freehold Aug 20 1,163 2,070,000 1,781 2004 Resale SKY EVERTON Apartment Freehold Aug 21 958 2,413,000 2,519 Uncompleted New Sale ROBERTSON EDGE Apartment 999 years Aug 22 474 1,000,000 2,111 2008 Resale District 3 THE WHARF RESIDENCE Condominium 999 years Aug 23 1,539 3,000,000 1,949 2012 Resale ARTRA Apartment 99 years Aug 24 829 1,729,400 2,087 Uncompleted New Sale District 10 ARTRA Apartment 99 years Aug 24 1,044 2,185,800 2,093 Uncompleted New Sale 3 CUSCADEN Apartment Freehold Aug 20 463 1,560,000 3,370 Uncompleted New Sale MARGARET VILLE Apartment 99 years Aug 23 915 1,611,904 1,762 Uncompleted New Sale 3 CUSCADEN Apartment Freehold Aug 23 474 1,720,619 3,633 Uncompleted New Sale MARGARET VILLE Apartment 99 years Aug 24 829 1,475,096 1,780 Uncompleted New Sale ALLSWORTH PARK Condominium 999 years Aug 20 1,033 1,580,000 1,529 1985 Resale ONE PEARL BANK Apartment 99 years Aug 23 700 1,598,000 2,284 Uncompleted New Sale ARDMORE PARK Condominium Freehold Aug 21 2,885 8,800,000 3,051 2001 Resale ONE PEARL BANK Apartment 99 years Aug 24 431 1,051,000 2,441 Uncompleted New Sale ASTRID MEADOWS Condominium Freehold Aug 23 1,356 2,350,000 1,733 1990 Resale ONE PEARL BANK Apartment 99 years Aug 24 743 1,819,000 2,449 Uncompleted New Sale BALMORAL 8 Condominium Freehold Aug 26 1,905 3,476,000 1,824 2003 Resale ONE PEARL BANK Apartment 99 years Aug 24 570 1,421,000 2,491 Uncompleted New Sale BALMORAL PLAZA Apartment Freehold Aug 20 2,379 3,100,000 1,303 1994 Resale ONE PEARL BANK Apartment 99 years Aug 25 560 1,471,000 2,628 Uncompleted New Sale BELMOND GREEN Condominium Freehold Aug 23 1,399 2,380,000 1,701 2004 Resale ONE PEARL BANK Apartment 99 years Aug 25 893 2,170,000 2,429 Uncompleted New Sale BOULEVARD 88 Apartment Freehold Aug 23 2,777 10,651,200 3,835 Uncompleted New Sale ONE PEARL BANK Apartment 99 years Aug 25 431 1,042,000 2,420 Uncompleted New Sale HOLLAND HILL PARK Condominium Freehold Aug 20 1,421 2,100,000 1,478 1992 Resale STIRLING RESIDENCES Apartment 99 years Aug 21 786 1,451,000 1,847 Uncompleted New Sale SPRING GROVE Condominium 99 years Aug 23 1,012 1,600,000 1,581 1996 Resale STIRLING RESIDENCES Apartment 99 years Aug 22 657 1,192,000 1,815 Uncompleted New Sale THE HYDE Condominium Freehold Aug 21 1,249 3,551,000 2,844 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Aug 23 441 941,000 2,132 Uncompleted New Sale THE SIXTH AVENUE RESIDENCES Condominium Freehold Aug 23 969 1,580,000 1,631 2009 Resale STIRLING RESIDENCES Apartment 99 years Aug 25 689 1,313,000 1,906 Uncompleted New Sale District 11 STIRLING RESIDENCES Apartment 99 years Aug 25 689 1,285,000 1,865 Uncompleted New Sale AMARYLLIS VILLE Condominium 99 years Aug 20 1,690 2,628,000 1,555 2004 Resale STIRLING RESIDENCES Apartment 99 years Aug 25 1,345 2,419,000 1,798 Uncompleted New Sale CALDECOTT HILL ESTATE Detached Freehold Aug 23 9,881 10,380,000 1,050 2001 Resale STIRLING RESIDENCES Apartment 99 years Aug 25 441 935,000 2,119 Uncompleted New Sale THOMSON 800 Condominium Freehold Aug 21 1,399 1,980,000 1,415 1999 Resale District 4 District 12 CORALS AT KEPPEL BAY Condominium 99 years Aug 20 840 1,898,000 2,261 2016 Resale CASA FORTUNA Apartment Freehold Aug 20 926 1,200,000 1,296 2011 Resale EDGEPROP | SEPTEMBER 9, 2019 • EP15

DONE DEALS

Residential transactions with contracts dated Aug 20 to 27

LAND AREA/ TRANSACTED UNIT PRICE COMPLETION TYPE OF LAND AREA/ TRANSACTED UNIT PRICE COMPLETION TYPE OF PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) DATE SALE PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) DATE SALE N.A. Apartment Freehold Aug 23 1,130 1,250,000 1,106 Unknown Resale RIVERSOUND RESIDENCE Condominium 99 years Aug 20 2,196 1,750,000 797 2015 Resale ONE DUSUN RESIDENCES Apartment Freehold Aug 26 667 1,020,000 1,528 2016 Resale RIVERSOUND RESIDENCE Condominium 99 years Aug 22 1,367 1,310,000 958 2015 Resale REGENT RESIDENCES Apartment Freehold Aug 22 409 628,000 1,535 2015 Resale THE FLORENCE RESIDENCES Apartment 99 years Aug 20 926 1,279,000 1,382 Uncompleted New Sale THE ELYSIA Apartment 999 years Aug 20 850 860,888 1,012 2005 Resale THE FLORENCE RESIDENCES Apartment 99 years Aug 21 721 1,015,000 1,407 Uncompleted New Sale District 13 THE FLORENCE RESIDENCES Apartment 99 years Aug 21 667 1,003,000 1,503 Uncompleted New Sale BARTLEY RIDGE Condominium 99 years Aug 23 969 1,375,000 1,419 2016 Resale THE FLORENCE RESIDENCES Apartment 99 years Aug 23 474 727,000 1,535 Uncompleted New Sale BARTLEY RIDGE Condominium 99 years Aug 23 850 1,200,000 1,411 2016 Resale THE FLORENCE RESIDENCES Apartment 99 years Aug 23 635 921,000 1,450 Uncompleted New Sale SENNETT RESIDENCE Condominium 99 years Aug 26 3,154 4,100,200 1,300 2016 Resale THE FLORENCE RESIDENCES Apartment 99 years Aug 23 667 951,000 1,425 Uncompleted New Sale THE ADDITION Apartment Freehold Aug 25 797 1,400,000 1,758 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Aug 24 936 1,308,000 1,397 Uncompleted New Sale District 14 THE FLORENCE RESIDENCES Apartment 99 years Aug 24 1,087 1,601,000 1,473 Uncompleted New Sale CASA EMERALD Apartment Freehold Aug 20 1,044 1,020,000 977 2001 Resale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 484 693,000 1,431 Uncompleted New Sale EUHABITAT Terrace 99 years Aug 20 3,380 2,600,000 769 2015 Resale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 635 885,000 1,394 Uncompleted New Sale LE REVE Condominium Freehold Aug 27 1,410 1,565,000 1,110 2007 Resale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 926 1,299,000 1,403 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 21 420 745,000 1,775 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 926 1,289,000 1,392 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 22 1,023 1,460,000 1,428 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 527 754,000 1,430 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 23 743 1,211,000 1,631 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 936 1,298,000 1,386 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 24 1,023 1,573,000 1,538 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 667 965,000 1,446 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 24 635 1,103,000 1,737 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 667 995,000 1,491 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 25 452 824,000 1,823 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 484 681,000 1,406 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 25 1,001 1,615,000 1,613 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 667 983,000 1,473 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 25 1,098 1,690,000 1,539 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Aug 25 474 734,000 1,550 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 25 635 1,099,000 1,731 Uncompleted New Sale THE FLORENTINE Apartment 947 years Aug 21 1,184 1,180,000 997 2011 Resale PARC ESTA Apartment 99 years Aug 25 635 1,095,000 1,724 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Aug 24 517 802,700 1,554 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 25 958 1,550,000 1,618 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Aug 25 614 905,700 1,476 Uncompleted New Sale PARC ESTA Apartment 99 years Aug 25 1,033 1,727,000 1,671 Uncompleted New Sale THE LUXURIE Condominium 99 years Aug 21 1,249 1,350,000 1,081 2015 Resale SIMS RESIDENCES Apartment 99 years Aug 22 1,421 1,185,000 834 2002 Resale THE MINTON Condominium 99 years Aug 26 936 969,888 1,036 2013 Resale SIMS URBAN OASIS Condominium 99 years Aug 23 409 700,000 1,711 2017 Resale WATERTOWN Apartment 99 years Aug 23 915 1,261,320 1,379 2017 Sub Sale THE TRUMPS Condominium 99 years Aug 21 1,356 1,630,000 1,202 2005 Resale District 20 District 15 JADESCAPE Condominium 99 years Aug 21 764 1,300,500 1,702 Uncompleted New Sale AMBER PARK Condominium Freehold Aug 23 743 1,836,270 2,472 Uncompleted New Sale JADESCAPE Condominium 99 years Aug 24 1,647 2,863,600 1,739 Uncompleted New Sale EASTSIDE LOFT Apartment Freehold Aug 23 1,324 1,730,000 1,307 2002 Resale JADESCAPE Condominium 99 years Aug 25 1,012 1,696,600 1,677 Uncompleted New Sale EMERY POINT Apartment Freehold Aug 20 1,324 1,800,000 1,360 2003 Resale LATTICE ONE Apartment Freehold Aug 20 872 1,564,000 1,794 Uncompleted New Sale HAIG COURT Condominium Freehold Aug 26 1,453 1,955,000 1,345 2004 Resale LATTICE ONE Apartment Freehold Aug 21 1,023 1,816,000 1,776 Uncompleted New Sale HAIG ELEVEN Apartment Freehold Aug 20 872 1,200,000 1,376 2005 Resale SEMBAWANG HILLS ESTATE Terrace Freehold Aug 21 2,013 2,120,000 1,054 1991 Resale LAGUNA PARK Apartment 99 years Aug 23 1,453 1,300,000 895 1978 Resale SEMBAWANG HILLS ESTATE Semi-Detached Freehold Aug 22 3,455 3,650,000 1,056 Unknown Resale MARGATE POINT Apartment Freehold Aug 23 1,281 1,780,000 1,390 1998 Resale THE WINDSOR Condominium Freehold Aug 26 2,045 2,430,000 1,188 1988 Resale NYON Apartment Freehold Aug 22 818 1,898,000 2,320 Uncompleted New Sale THOMSON HILLS ESTATE Terrace Freehold Aug 20 2,207 2,600,000 1,179 Unknown Resale SEAVIEW PARK Semi-Detached Freehold Aug 20 3,401 5,630,000 1,655 Unknown Resale THOMSON THREE Apartment 99 years Aug 27 710 1,155,000 1,626 2016 Resale THE AMARELLE Apartment Freehold Aug 20 614 750,000 1,222 2009 Resale THOMSON VIEW CONDOMINIUM Condominium 99 years Aug 20 2,024 1,930,000 954 1987 Resale THE ESTA Condominium Freehold Aug 23 1,561 2,750,000 1,762 2008 Resale District 21 THE RAMFORD Apartment Freehold Aug 20 1,044 1,635,000 1,566 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Aug 25 667 1,047,600 1,570 Uncompleted New Sale District 16 GARDENVISTA Condominium 99 years Aug 23 1,130 1,620,000 1,433 2006 Resale AQUARIUS BY THE PARK Condominium 99 years Aug 21 1,324 1,240,000 937 2001 Resale MAPLE WOODS Condominium Freehold Aug 21 1,862 2,930,000 1,573 1997 Resale AQUARIUS BY THE PARK Condominium 99 years Aug 23 1,227 1,060,000 864 2001 Resale MAYFAIR GARDENS Condominium 99 years Aug 20 753 1,463,000 1,942 Uncompleted New Sale ARCHIPELAGO Condominium 99 years Aug 23 829 1,070,000 1,291 2015 Resale MAYFAIR GARDENS Condominium 99 years Aug 24 753 1,436,000 1,906 Uncompleted New Sale COSTA DEL SOL Condominium 99 years Aug 27 1,345 1,550,000 1,152 2004 Resale MONT TIMAH Terrace 99 years Aug 20 4,542 3,600,000 793 2011 Resale TANAH MERAH GREEN Semi-Detached 99 years Aug 26 2,691 2,180,000 811 1999 Resale PINE GROVE Condominium 99 years Aug 22 1,755 1,600,000 912 Unknown Resale THE BAYSHORE Condominium 99 years Aug 26 936 938,000 1,002 1997 Resale SUITES DE LAUREL Apartment 999 years Aug 27 517 750,000 1,452 2012 Resale THE GLADES Condominium 99 years Aug 22 721 1,050,000 1,456 2016 Resale THE STERLING Condominium Freehold Aug 23 1,432 1,900,000 1,327 2000 Resale District 17 VIEW AT KISMIS Apartment 99 years Aug 20 893 1,444,000 1,616 Uncompleted New Sale CARISSA PARK CONDOMINIUM Condominium Freehold Aug 27 1,001 850,000 849 2001 Resale VIEW AT KISMIS Apartment 99 years Aug 22 592 981,000 1,657 Uncompleted New Sale LOYANG VILLAS Terrace 99 years Aug 23 1,615 1,400,000 867 1996 Resale VIEW AT KISMIS Apartment 99 years Aug 23 603 1,023,000 1,697 Uncompleted New Sale PALM ISLES Condominium 99 years Aug 22 560 568,000 1,015 2015 Resale VIEW AT KISMIS Apartment 99 years Aug 24 1,270 2,033,000 1,601 Uncompleted New Sale PARC KOMO Apartment Freehold Aug 23 1,001 1,523,000 1,521 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Aug 24 700 1,177,000 1,682 Uncompleted New Sale THE JOVELL Condominium 99 years Aug 22 441 580,700 1,316 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Aug 24 592 1,005,000 1,698 Uncompleted New Sale THE JOVELL Condominium 99 years Aug 24 678 882,000 1,301 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Aug 24 603 1,064,000 1,765 Uncompleted New Sale THE JOVELL Condominium 99 years Aug 24 452 622,200 1,376 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Aug 24 592 1,016,000 1,716 Uncompleted New Sale THE JOVELL Condominium 99 years Aug 24 1,033 1,232,000 1,192 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Aug 25 700 1,257,000 1,797 Uncompleted New Sale District 18 VIEW AT KISMIS Apartment 99 years Aug 25 710 1,230,000 1,731 Uncompleted New Sale BELYSA EC 99 years Aug 23 893 810,000 907 2014 Resale VIEW AT KISMIS Apartment 99 years Aug 25 592 1,016,000 1,716 Uncompleted New Sale CHANGI RISE CONDOMINIUM Condominium 99 years Aug 23 1,281 1,010,000 788 2004 Resale VIEW AT KISMIS Apartment 99 years Aug 25 689 1,149,000 1,668 Uncompleted New Sale MODENA Condominium 99 years Aug 21 958 888,000 927 2001 Resale VIEW AT KISMIS Apartment 99 years Aug 25 689 1,187,000 1,723 Uncompleted New Sale NV RESIDENCES Condominium 99 years Aug 22 764 745,000 975 2013 Resale District 22 SAVANNAH CONDOPARK Condominium 99 years Aug 26 1,023 855,000 836 2005 Resale PARC VISTA Condominium 99 years Aug 27 1,055 903,888 857 1997 Resale THE PALETTE Condominium 99 years Aug 21 1,066 1,050,000 985 2015 Resale THE LAKESHORE Condominium 99 years Aug 20 1,152 1,200,000 1,042 2007 Resale THE TAPESTRY Condominium 99 years Aug 20 1,130 1,437,750 1,272 Uncompleted New Sale THE LAKESHORE Condominium 99 years Aug 23 947 1,020,000 1,077 2008 Resale THE TAPESTRY Condominium 99 years Aug 23 990 1,173,690 1,185 Uncompleted New Sale District 23 THE TAPESTRY Condominium 99 years Aug 25 689 1,033,200 1,500 Uncompleted New Sale LE QUEST Apartment 99 years Aug 21 883 1,253,000 1,420 Uncompleted New Sale THE TROPICA Condominium 99 years Aug 20 990 858,000 866 2000 Resale LE QUEST Apartment 99 years Aug 22 883 1,223,000 1,386 Uncompleted New Sale THE TROPICA Condominium 99 years Aug 20 990 870,000 879 2000 Resale LE QUEST Apartment 99 years Aug 24 1,141 1,479,000 1,296 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Aug 20 581 797,000 1,371 Uncompleted New Sale LE QUEST Apartment 99 years Aug 25 883 1,219,000 1,381 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Aug 20 1,722 1,924,000 1,117 Uncompleted New Sale NORTHVALE Apartment 99 years Aug 21 1,292 978,000 757 1998 Resale TREASURE AT TAMPINES Condominium 99 years Aug 20 463 688,000 1,486 Uncompleted New Sale PALM GARDENS Condominium 99 years Aug 21 1,206 860,000 713 2000 Resale TREASURE AT TAMPINES Condominium 99 years Aug 20 1,033 1,363,000 1,319 Uncompleted New Sale THE DAIRY FARM Condominium Freehold Aug 26 1,238 1,600,000 1,293 1985 Resale TREASURE AT TAMPINES Condominium 99 years Aug 21 1,033 1,382,000 1,337 Uncompleted New Sale THE SKYWOODS Condominium 99 years Aug 26 1,302 1,650,000 1,267 2016 Resale TREASURE AT TAMPINES Condominium 99 years Aug 21 581 835,000 1,437 Uncompleted New Sale District 25 TREASURE AT TAMPINES Condominium 99 years Aug 22 463 675,000 1,458 Uncompleted New Sale LA CASA EC 99 years Aug 20 980 690,000 704 2008 Resale TREASURE AT TAMPINES Condominium 99 years Aug 22 1,238 1,501,000 1,213 Uncompleted New Sale NORTHOAKS EC 99 years Aug 22 1,249 788,000 631 2000 Resale TREASURE AT TAMPINES Condominium 99 years Aug 22 463 660,000 1,426 Uncompleted New Sale District 26 TREASURE AT TAMPINES Condominium 99 years Aug 23 581 801,000 1,378 Uncompleted New Sale MEADOWS @ PEIRCE Condominium Freehold Aug 23 1,270 1,590,000 1,252 2012 Resale TREASURE AT TAMPINES Condominium 99 years Aug 23 1,033 1,315,000 1,273 Uncompleted New Sale MEADOWS @ PEIRCE Condominium Freehold Aug 27 2,702 2,625,000 972 2012 Resale TREASURE AT TAMPINES Condominium 99 years Aug 24 840 1,037,000 1,235 Uncompleted New Sale MEADOWS @ PEIRCE Condominium Freehold Aug 27 1,195 1,430,000 1,197 2012 Resale TREASURE AT TAMPINES Condominium 99 years Aug 24 678 904,000 1,333 Uncompleted New Sale LENTOR PLACE Terrace Freehold Aug 26 2,680 2,870,000 1,073 1992 Resale TREASURE AT TAMPINES Condominium 99 years Aug 24 1,033 1,361,000 1,317 Uncompleted New Sale THE ESSENCE Apartment 99 years Aug 21 1,001 1,127,000 1,126 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Aug 24 581 812,000 1,397 Uncompleted New Sale THE ESSENCE Apartment 99 years Aug 22 1,044 1,368,180 1,310 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Aug 24 915 1,157,000 1,265 Uncompleted New Sale THOMSON GROVE Condominium Freehold Aug 23 2,895 2,680,000 926 1984 Resale TREASURE AT TAMPINES Condominium 99 years Aug 24 463 653,000 1,411 Uncompleted New Sale District 27 TREASURE AT TAMPINES Condominium 99 years Aug 24 883 1,162,000 1,316 Uncompleted New Sale KANDIS RESIDENCE Condominium 99 years Aug 21 936 1,209,900 1,292 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Aug 25 592 819,000 1,383 Uncompleted New Sale KANDIS RESIDENCE Condominium 99 years Aug 21 732 956,200 1,306 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Aug 25 1,238 1,670,000 1,349 Uncompleted New Sale SAPPHIRE Condominium 99 years Aug 21 1,324 990,000 748 2001 Resale TREASURE AT TAMPINES Condominium 99 years Aug 25 463 682,000 1,473 Uncompleted New Sale District 28 District 19 BELGRAVIA GREEN Terrace Freehold Aug 24 3,423 3,028,000 885 Uncompleted New Sale A TREASURE TROVE Condominium 99 years Aug 21 1,044 1,230,000 1,178 2015 Resale BELGRAVIA GREEN Terrace Freehold Aug 25 3,466 3,049,870 880 Uncompleted New Sale A TREASURE TROVE Condominium 99 years Aug 21 1,044 1,168,888 1,120 2015 Resale H2O RESIDENCES Condominium 99 years Aug 22 883 930,000 1,054 2015 Resale AFFINITY AT SERANGOON Apartment 99 years Aug 20 753 1,188,000 1,577 Uncompleted New Sale HIGH PARK RESIDENCES Apartment 99 years Aug 20 452 575,000 1,272 2019 Sub Sale AFFINITY AT SERANGOON Apartment 99 years Aug 21 753 1,217,000 1,615 Uncompleted New Sale HIGH PARK RESIDENCES Apartment 99 years Aug 20 667 820,000 1,229 2019 Sub Sale AFFINITY AT SERANGOON Apartment 99 years Aug 21 538 803,000 1,492 Uncompleted New Sale HIGH PARK RESIDENCES Apartment 99 years Aug 22 581 740,000 1,273 2019 Sub Sale AFFINITY AT SERANGOON Apartment 99 years Aug 24 850 1,307,000 1,537 Uncompleted New Sale HIGH PARK RESIDENCES Apartment 99 years Aug 23 452 615,000 1,360 2019 Sub Sale CENTRAL VIEW Condominium 99 years Aug 22 980 890,000 909 2002 Resale HIGH PARK RESIDENCES Apartment 99 years Aug 26 474 608,000 1,284 2019 Sub Sale CHUAN PARK Condominium 99 years Aug 21 1,173 1,150,000 980 1985 Resale HIGH PARK RESIDENCES Apartment 99 years Aug 27 1,163 1,380,000 1,187 2019 Sub Sale D’ZIRE Apartment 999 years Aug 21 1,421 1,200,000 845 2014 Resale HIGH PARK RESIDENCES Apartment 99 years Aug 27 581 732,000 1,259 2019 Sub Sale FONTAINE PARRY Condominium 999 years Aug 20 1,550 1,600,000 1,032 2010 Resale PARC BOTANNIA Condominium 99 years Aug 20 872 1,182,000 1,356 Uncompleted New Sale FOREST WOODS Condominium 99 years Aug 20 1,249 1,881,000 1,506 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Aug 21 980 1,340,000 1,368 Uncompleted New Sale FOREST WOODS Condominium 99 years Aug 20 1,249 1,979,000 1,585 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Aug 21 969 1,315,000 1,357 Uncompleted New Sale JADE RESIDENCES Apartment Freehold Aug 22 549 916,000 1,669 2017 Resale PARC BOTANNIA Condominium 99 years Aug 22 775 971,000 1,253 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Aug 20 474 628,000 1,326 2018 Sub Sale PARC BOTANNIA Condominium 99 years Aug 22 980 1,328,000 1,356 Uncompleted New Sale MINT RESIDENCES @ JANSEN Apartment 999 years Aug 20 1,507 1,600,000 1,062 2009 Resale PARC BOTANNIA Condominium 99 years Aug 22 872 1,147,000 1,316 Uncompleted New Sale TAMPINES ROAD Semi-Detached Freehold Aug 23 3,046 3,380,000 1,111 2011 Resale PARC BOTANNIA Condominium 99 years Aug 22 1,281 1,593,900 1,244 Uncompleted New Sale PIERMONT GRAND EC 99 years Aug 23 1,367 1,455,200 1,064 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Aug 23 980 1,373,520 1,402 Uncompleted New Sale PIERMONT GRAND EC 99 years Aug 23 1,528 1,538,400 1,006 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Aug 24 667 917,280 1,374 Uncompleted New Sale PIERMONT GRAND EC 99 years Aug 23 990 1,090,200 1,101 Uncompleted New Sale SUNRISE GARDENS Condominium 99 years Aug 21 1,281 920,000 718 1998 Resale PIERMONT GRAND EC 99 years Aug 23 840 954,400 1,137 Uncompleted New Sale PIERMONT GRAND EC 99 years Aug 24 904 988,000 1,093 Uncompleted New Sale PIERMONT GRAND EC 99 years Aug 24 904 1,009,600 1,117 Uncompleted New Sale Source: URA Realis. Updated Sep 3, 2019. PIERMONT GRAND EC 99 years Aug 25 904 1,010,400 1,117 Uncompleted New Sale EC stands for executive condominium PRIVE EC 99 years Aug 20 1,055 1,100,000 1,043 2013 Resale DISCLAIMER: RIVERFRONT RESIDENCES Apartment 99 years Aug 25 1,109 1,402,000 1,265 Uncompleted New Sale The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly RIVERFRONT RESIDENCES Apartment 99 years Aug 25 1,109 1,358,000 1,225 Uncompleted New Sale or indirectly from the use of, or reliance on, the information provided therein. RIVERPARC RESIDENCE EC 99 years Aug 20 1,076 985,000 915 2014 Resale EP16 • EDGEPROP | SEPTEMBER 9, 2019

GAINS AND LOSSES Three-bedroom unit at Balmoral 8 rakes in $1.48 mil profit

PICTURES: THE EDGE SINGAPORE

Thomson View Condominium is a 32-year-old development with The three-bedroom unit at Balmoral 8 fetched $3.48 million on Aug 26 255 units

| BY TIMOTHY TAY | most profitable transaction at the condo so far. or an annualised profit of 10% over a holding transaction on Aug 20. The most profitable deal at Balmoral 8 was in period of nearly 14 years. Lastly, the most unprofitable deal during the he sale of a three-bedroom unit at Bal- 2010, when the sale of a 1,841-sq-ft unit raked This latest transaction at Thomson View week occurred at the 47-unit D’Zire on Robey moral 8 topped the chart as the most in a $1.6 million (89%) profit. The unit first Condominium is the second most profitable Crescent off Hougang Avenue 2. The 999-year profitable deal for the week of Aug 20 changed hands for $1.8 million ($978 psf) in deal at the 99-year leasehold development. The leasehold condo was completed in 2014 and to 27. The 1,905-sq-ft unit fetched $3.48 2004, and later fetched $3.4 million ($1,847 psf) most profitable deal at the development oc- has only recorded two resale transactions so million ($1,824 psf) when it was sold when it was sold in July 2010. curred in 2012 when a 3,843-sq-ft townhouse far, both unprofitable, according to the match- Ton Aug 26. It had been bought for $2 million Over the past 13 years, profits at the 40-unit fetched $2.85 million ($742 psf), producing a ing of URA caveats. ($1,044 psf) in November 2002, which means condo have ranged from $40,000 to $1.6 million profit of $2.01 million. It had been purchased The latest transaction was the sale of a that the recent sale earned the seller a profit of across 25 transactions, according to the match- for $839,900 ($219 psf) back in 1999. 1,421-sq-ft unit which changed hands for $1.2 $1.48 million, or an annualised profit of 3.3% ing of URA caveats. Thomson View Condominium is a 255-unit million ($845 psf) on Aug 21. The two-bedroom over a 16-year holding period. The week in review also recorded the sale development that was completed in 1987. The unit had been bought for $1.36 million ($961 Balmoral 8 is a freehold development along of a four-bedroom unit at Thomson View Con- privatised HUDC estate attempted its fourth col- psf) in July 2013, which means the seller in- Balmoral Road in prime District 10. The 40-unit dominium in District 20. The 2,024-sq-ft unit lective sale last year, but did not manage to se- curred a loss of $164,800. The other unprofit- condo was completed in 2003 and comprises on the second floor was sold for $1.98 million cure the required majority approval. able resale transaction at D’Zire saw the sell- three-bedroom units of 1,701 to 1,916 sq ft, as ($954 psf) on Aug 20, but had been bought for So far this year, five units there have been er walk away with a loss of $1,370 when his well as penthouse units of 2,928 to 3,757 sq ft. $488,000 ($241 psf) in October 2005. Thus, the sold at prices ranging from $1.33 million ($1,014 431-sq-ft, one-bedroom unit changed hands for This latest sale at Balmoral 8 is the second seller walked away with a $1.44 million profit, psf) to $1.95 million ($964 psf), including the $565,000 ($1,312 psf) last November. E

Top gains and losses from Aug 20 to 27 Most profitable deals PROJECT DISTRICT AREA (SQ SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD FT) (2019) ($ PSF) (YEARS) 1 BALMORAL 8 10 1,905 Aug 26 1,824 Nov 8, 2002 1,044 1,476,000 74 3 16.8 2 THOMSON VIEW CONDOMINIUM 20 2,024 Aug 20 954 Oct 31, 2005 241 1,442,000 295 10 13.8 3 MAPLE WOODS 21 1,862 Aug 21 1,573 Apr 26, 2007 838 1,370,000 88 5 12.3 4 THOMSON GROVE 26 2,895 Aug 23 926 Mar 9, 2009 518 1,180,000 79 6 10.5 5 HAIG COURT 15 1,453 Aug 26 1,345 Apr 29, 2004 635 1,031,600 112 5 15.3 6 PINE GROVE 21 1,755 Aug 22 912 Mar 13, 2001 422 860,000 116 4 18.5 7 THE DAIRY FARM 23 1,238 Aug 26 1,293 Apr 4, 2009 630 820,000 105 7 10.4 8 THOMSON 800 11 1,399 Aug 21 1,415 Jul 15, 2000 858 780,000 65 3 19.1 9 THE ESTA 15 1,561 Aug 23 1,762 Jun 11, 2012 1,281 750,000 38 5 7.2 10 THE STERLING 21 1,432 Aug 23 1,327 Aug 13, 2001 810 740,000 64 3 18.0 11 THE WHARF RESIDENCE 9 1,539 Aug 23 1,949 Jan 18, 2011 1,495 699,195 30 3 8.6 12 ASTRID MEADOWS 10 1,356 Aug 23 1,733 May 1, 1997 1,246 660,000 39 1 22.3 13 BOTANNIA 5 1,593 Aug 26 1,224 Aug 14, 2009 839 613,210 46 4 10.0 14 MEADOWS @ PEIRCE 26 2,702 Aug 27 972 Sep 15, 2009 772 539,100 26 2 10.0 15 GARDENVISTA 21 1,130 Aug 23 1,433 Nov 12, 2009 989 502,000 45 4 9.8 Non-profitable deals PROJECT DISTRICT AREA (SQ SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD FT) (2019) ($ PSF) (YEARS) 1 D'ZIRE 19 1,421 Aug 21 845 Jul 4, 2013 961 164,800 12 2 6.1 2 SPRING GROVE 10 1,012 Aug 23 1,581 Aug 27, 2007 1,690 110,000 6 1 12.0 3 SUITES DE LAUREL 21 517 Aug 27 1,452 Apr 30, 2014 1,517 50,000 6 1 5.3 4 COSTA DEL SOL 16 1,345 Aug 27 1,152 Jan 25, 2013 1,189 50,000 3 0.5 6.6 5 REGENT RESIDENCES 12 409 Aug 22 1,535 Nov 18, 2011 1,552 6,800 1 0.1 7.8 6 HORIZON TOWERS 9 2,303 AUG 23 1,268 Dec 2, 2011 1,270 5,000 0.2 0.02 7.7

Source: URA, EdgeProp Note: Computed based on URA caveat data as at Sept 3 for private non-landed houses transacted between Aug 20 and 27 The profit and loss computation excludes transaction costs such as stamp duties. EDGEPROP | SEPTEMBER 9, 2019 • EP17

UNDER THE HAMMER

PICTURES: COLLIERS INTERNATIONAL

The conservation two-storey shophouse with attic that will be up for auction is in Outram and within the The GCB at 7 Chestnut Crescent is up for auction with an asking price of of $9 million Chinatown- Conservation Area

Good Class Bungalow in Bukit Panjang and shophouse at Neil Road up for auction

| BY CHARLENE CHIN | could help to lower the overall effective land 1,413 sq ft. It is on a 99-year lease with ef- The shophouse is within walking distance Good Class Bungalow (GCB) at 7 rate below $975 psf, notes Tan. fect from July 1989. to the upcoming Maxwell MRT Station on the Chestnut Crescent in Bukit Pan- The GCB put up for auction is set in a tran- Colliers understands that the owner has Thomson-East Coast Line, which is slated to jang and a conservation two-sto- quil neighbourhood. It is a short drive from engaged an architect to review potential ad- open in 2021. Nearby eateries include Maxwell rey shophouse at 65 Neil Road will the Dairy Farm Quarry and Bukit Timah Na- ditions and alteration works, which could add Food Centre and Tanjong Pagar Plaza Market be put up for auction on Sept 30. ture Reserve. Other amenities in the vicini- an estimated 603 sq ft to the gross floor area, and Food Centre. AThere are 39 gazetted GCB areas in Sin- ty include , Petir Park, Pang Sua bringing the psf price down to $2,500. “Shophouses have always been a sought- gapore, of which the highly sought-after loca- Pond, and schools such as Bukit Panjang Pri- The ground floor of the shophouse is cur- after class of real estate among investors ow- tions are the Nassim, White House Park and mary School, Assumption English School, rently tenanted to an entertainment estab- ing to their prime locations, heritage charm Dalvey neighbourhoods. CHIJ Our Lady Queen of Peace, and Fajar Sec- lishment, which has been leasing the space and scarcity,” comments Tan. “Those in [the] “GCBs are seen as the crème de la crème ondary School. for the past 15 years. The second floor is ten- prime areas are considered a good invest- of the Singapore property market and this The property is close to several train sta- anted to an occupier whose lease will expire ment option owing to their superior location, presents a rare chance to own a GCB at a tions such as Cashew and Bukit Panjang MRT by end-2019. healthy pedestrian traffic, and the vibrant ac- relatively affordable price. A key attraction Stations on the Downtown Line, and Pending Subject to approval by the URA, the sec- tivities in the vicinity. Generally, shophouses lies in its redevelopment potential – from LRT Station. ond floor of the shophouse can be for vari- also see good leasing demand and enjoy rel- the current single-storey home to a 2½- Meanwhile, the conservation two-storey ous commercial uses like a night club or ka- atively good return.” storey luxury property,” says Steven Tan, di- shophouse with attic also up for auction is raoke, and even for residential purposes such He adds: “We have definitely seen height- rector of capital markets and investment ser- in Outram and within the Chinatown-Tan- as co-living operations, says Colliers. ened interest in such properties since new cool- vices at Colliers International. jong Pagar Conservation Area. The own- The property, located on the cusp of the ing measures were introduced in July 2018.” Subject to relevant approvals, the buyer er is asking for at least $8 million ($2,800 CBD, could potentially benefit from the gov- Additional buyer’s stamp duty (ABSD) and may also acquire an adjacent state land that psf). The shophouse has a gross floor area ernment’s plans to rejuvenate the city centre seller’s stamp duty (SSD) are not applicable as spans 263.5 sq m (about 2,836 sq ft), which of 2,834 sq ft and occupies a land area of under the 2019 Draft Master Plan, adds Colliers. the shophouse is zoned for commercial use. E EP18 • EDGEPROP | SEPTEMBER 9, 2019

OFFSHORE

Located within the Iskandar special economic zone, Forest City comprises four man-made islands spanning 30 sq km

PICTURES: COUNTRY GARDEN PACIFICVIEW Forest City to hand over more than 20,000 residential units this year, unveils new golf course

| BY BONG XIN YING |

ocated within the Iskandar Malaysia special economic zone (SEC) in south- ern Johor, Forest City comprises four man-made islands spanning 30 sq km. This year, more than 20,000 residential Lunits are expected to be handed over to own- ers. More than 4,000 residential units have al- ready been transferred to owners since March. The first phase of 482 units at Cerulean Bay in Forest City were handed over to own- ers in September last year. Prices range from RM13,000 psm to RM18,000 psm, or the equiv- alent of $399 psf to $552 psf, for most of the residential units, according to its developer Country Garden Pacificview (CGPV). CGPV is a 60:40 joint venture between Coun- try Garden and Esplanade 88 Danga Bay Sdn Bhd (EDSB), an associate company of Kumpu- lan Prasarana Rakyat Johor (KPRJ).

Investors take ‘wait-and-see’ approach To date, investments into Forest City total more than RM17 billion. The first island (Island 1) is 50% reclaimed and comprises a fully occu- pied retail complex, the five-star Phoenix In- ternational Marina Hotel, commercial units, a sales gallery, and Shattuck-St Mary’s Forest Since end-March this year, more than 4,000 residential units have been transferred to owners City International School. The remaining three islands (Islands 2-4) will be built based on “property demand and property purchases by foreign nationals must “Due to Dr Mahathir’s comments last year, nam, Indonesia, Macau, Taiwan, Hong Kong, supply”, according to CGPV. abide by the country’s rules and regulations many international investors have taken a wait- South Korea, Japan, Canada, the US, Venezue- In August last year, Malaysian Prime Minis- which are publicly available. and-see approach towards their investments in la, the UK, Russia, and Australia, says Zhou. ter Mahathir Mohamad announced that while Buying property does not guarantee auto- Malaysia. [Because of] this condition, Forest City “However, over time, we understand that the foreigners can purchase residential units at matic residency. Foreigners who wish to make was inevitably affected,” says Zhou Jun, For- Malaysian government continues to welcome Forest City, they will not be granted visas to Malaysia their permanent residence can con- est City’s brand management general manager. foreign investments,” adds Zhou. “Thanks to live there. Following that, a statement from sider the Malaysia My Second Home (MM2H) Buyers of Forest City hail from over 35 plac- the comprehensive legislative system, Forest Malaysia’s Prime Minister’s Office said that government programme. es including China, Malaysia, Singapore, Viet- City was not badly impacted despite the Prime EDGEPROP | SEPTEMBER 9, 2019 • EP19

OFFSHORE

Minister’s remarks. On the contrary, as we are Golf Resort. This followed the opening of the where is the fun in playing then?” dustry Integration Blueprint 2020. It intends able to contribute to the Malaysian economy, 183-acre Legacy Golf Course, designed by Jack He adds: “When people come [to the to attract industries to set up in the industrial create job opportunities and promote technol- Nicklaus and his son Jack Nicklaus II, in Sep- course], they would find the views pleasing hub, and further enhance the tourism compo- ogy and knowledge transfer, we have received tember last year. There are also plans for the to the eye, having a scenery to admire with nent of Forest City. a lot of support from the government.” construction of a third golf course. The Forest every step.” In addition, Forest City’s landmark Carnel- In order to facilitate the growth of the Ma- City Golf Resort spans 8 sq km and is located According to Zhou, Forest City’s main fo- ian Tower, a 45-storey integrated building com- laysian economy, Forest City has awarded con- about 7km from Forest City. cus for 2019 and 2020 is to build up the in- prising of residential units, Grade-A offices and tracts worth RM1.6 billion to local companies, Designed by landscape architect and golf dustrial component as part of Forest City’s In- retail shops, is slated to open in 2020. E and contributed more than RM300 million of course designer Liang Guo Kun, the 18-hole tax to the federal and state governments. In Classic Golf Course is a parkland course, com- addition, over RM10 million has been donat- monly known for its lush greenery and rolling ed and sponsored, in terms of corporate social contours, he explains. Liang is also the exec- responsibility initiatives. utive director and vice president of Country Garden Holdings. Classic Golf Course unveiled “The Legacy Golf Course is desert-themed, For now, it’s “business as usual” at Forest City, and while it has an open terrain, I designed the says Zhou. On Aug 18, CGPV unveiled a 172- Classic Golf Course with a hilly terrain,” says acre (70ha) Classic Golf Course at Forest City Liang. “If I were to design it the same way,

PICTURES: COUNTRY GARDEN PACIFICVIEW

The Legacy Golf Course, designed by Jack Nicklaus and his son Jack Nicklaus II, opened in September last year

Designed by landscape architect and golf course designer Liang Guo Kun, the 18-hole Classic Golf Course The five-star Phoenix International Marina Hotel is part of the first island of Forest City is filled with lush greenery and lakes EP20 • EDGEPROP | SEPTEMBER 9, 2019

COVER STORY

WORLDWIDE HOTELS GROUP FROM PAGE EP11 titled commercial complex, Golden Wall Centre has received ppr) for the Government Land Sales (GLS) hotel development approval for redevelopment into a hotel. However, the collec- site at Club Street at the close of the tender in January this year. tive sale has been stalled, following some objections raised by “The location in Club Street was a main factor – strategically one of the subsidiary proprietors. The case is pending a High located in the CBD as well as the Chinatown cultural district,” Court hearing at the end of the month. says Carolyn. “This is a very rare hotel site; the last time a ho- If the collective sale is successful, the new hotel on the Gold- tel site was put up for sale in the GLS programme was in 2013.” en Wall Centre site will not be as big as the upcoming property The group intends to launch a new brand for the upcom- on Club Street, says Carolyn. ing hotel at Club Street, adds Carolyn. The new hotel will With more than 900 rooms, the new hotel on Club Street be in the economy to mid-tier segment, and will have over will be the second biggest in Worldwide Hotels’ portfolio when 900 rooms. completed at the end of 2021. The Hotel Boss, located at the The 20-storey building on Club Street will be the first hotel junction of Jalan Sultan and Victoria Street, is the biggest with in Singapore to be constructed using full concrete PPVC (Pre- 1,500 rooms. fabricated Prefinished Volumetric Construction) method. It will The second biggest hotel is currently the V Hotel Lavender be built by listed construction company, Tiong Seng Holdings, on Jellicoe Road, which has 888 rooms. It is linked to the Lav- which was awarded the $130.5 million contract on Aug 27. The ender MRT Station and opposite the ICA (Immigration & Check- hotel rooms will be on the second to 20th levels, with the first points Authority) Building on Kallang Road. level to be occupied by shops and restaurants. There will also Over the years, Choo has been approached by interested in- be basement parking. The hotel will be linked underground to vestors about his portfolio, but he has never considered sell- the Telok Ayer MRT Station on the Downtown Line. ing any of his hotels. “My dad is very steadfast,” says Carolyn. “Throughout the cycles and even during the economic down- Big, bigger, biggest turns – from Asian Financial Crisis, SARS [severe acute respira- Last November, Worldwide Hotels purchased the freehold Gold- tory syndrome] outbreak and Global Financial Crisis – he nev- The 888-room V Hotel Lavender is the second biggest hotel in World- en Wall Centre, off Rochor Canal Road near Little India, in a er sold a single hotel. When you have been holding a hotel for wide Hotels’ portfolio today collective sale for $276.2 million ($2,331 psf ppr). A strata- 25 years, there is significant capital appreciation.” E

PROP HUNT CLASSIFIEDS Properties for Sale  Scan QR code for more details  To be featured, email [email protected] or call 8822-2997

$24,000,000 View To Offer $5,873,000 $3,988,888 Good Class Bungalow Detached House UE Square Camelot By-The-Water D23 CHESTNUT DRIVE | Freehold D11 JALAN TEMPUA | Freehold D9 RIVER VALLEY ROAD | 929 years D15 ROAD | 99 years Built-Up(sqft): 12,800 | Land(sqft): 18,466 Built-Up(sqft): 7,500 | Land(sqft): 4,850 Size(sqft): 3,090 | PSF: $1,901 Size(sqft): 2,433 | PSF: $1,639 PSF: $1,300 Bedroom: 5 Bedroom: 3 Architecture: Modern Tropical Minimalist & Capitol Park (Off Kheam Hock) 2.5 storey Detached A rare opportunity to own this prize-winning Cream of the Crop property in sought after Camelot Exquisite. Land size: 18,466 sq ft, with centrepiece House. 5 spacious ensuites. Supreme master suites with penthouse below $2000psf in District 9. No gimmick. by the water, near MRT shopping CBD airport. Fully ornamental pool. BIA: 12,800 sq ft 2 storey with connecting study room.Unblock with lush greenery All lived-in space. 5 spacious bedrooms + family renovated by ID Designer Ansana. 3 large bedrooms front porch and rear garden. Condition: Meticulately views at doorsteps. With lift & swimming pool. 9 mins area. The most accessible locale where family, works, 2433 sqf overlooking the pool with maids room/toilet. maintained in showflat condition. Description: stroll to Botanic Garden MRT & amenities. Great nature, lifestyle meet together. Greatest intrinsic value Stunning spacious unit on offer for a fortunate new Luxurious, Exclusive, Tranquil, Intimate & Homey. locale & design. Lovely house for home stay. to be realised! Exclusive view. Proud owner. Just move in & enjoy life.

Jerry Lum Lloyd Lim Lloyd Lim Michael Ciola ERA REALTY NETWORK PTE LTD ORANGETEE & TIE PTE LTD ORANGETEE & TIE PTE LTD ORANGETEE & TIE PTE LTD R032056D R014030B R014030B R012594Z  65 8288 0098  65 9386 0068  65 9386 0068  65 9475 4785

$3,300,000 $2,190,000 $1,150,000 $39,600,000 The Suites at Central One Oxley Rise 73 Eng Watt Street Shophouse D9 DEVONSHIRE ROAD | Freehold D9 OXLEY RISE | Freehold D3 ENG WATT STREET | 99 years D3 KAMPONG BAHRU ROAD Size(sqft): 1,378 | PSF: $2,395 Size(sqft): 1,365 | PSF: $1,604 Size(sqm): 93 | PSM: $12,366 Built-Up(sqft): 17,596 | Land(sqft):7,068 Bedroom: 3 Bedroom: 3 Bedroom: 2 PSF: $2,251 (Built-Up) A beautifully crafted freehold D9 condominium $1600psf for this 10 years old apartment is a steal. 6 Stylishly renovated 2-bedroom apartment located in A Rare Row of 6 Freehold Conservation Shophouses, located at the privileged neighborhood of Devonshire mins stroll to Somerset MRT & Killiney eating belt. premiere location in historic conservation opposite Singapore Largest Medical Centre with Rd embedded with luxurious full condo facilities. The apartment comes with a patio for outdoor dining area. Level 2 walk-up. Rare privacy - wide tree-lined potential capital appreciation for sale. Just outside Mins walking distance to Somerset and Orchard and 3 bedrooms. street. Bright, airy interior with uncluttered finishes. No CBD. Ample Parking. Located 500m away from future MRT. Many nearby amenities. Easily accessible via the commercial below. A peaceful haven just 2 MRT stops Greater Southern Waterfront. Highly Accessible via Central Expressway. Contact Lindy @94554388 now! to Tanjong Pagar. AYE, CTE and ECP. Call now.

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