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Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF OCTOBER 17, 2016 | ISSUE 750

Market Trends Property Picks Offshore Done Deals Oakwood Premier What can you buy for Sansiri to launch condos Unit at The Orchard serviced residences to $1 million to $1.5 million? in Singapore, Hong Kong Residences fetches open by 2017 EP4 EP6&7 EP10&11 $3,679 psf EP12&13

ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT

Boutique developer’s lament Kenny Tan of Link (THM) talks about the challenges in Singapore’s property market and how Iskandar Malaysia may eventually live up to expectations. See our Cover Story on Pages 8 and 9. EP2 • THEEDGE SINGAPORE | OCTOBER 17, 2016

PROPERTY BRIEFS

EDITORIAL Raffles Hotel Singapore to EDITOR | Ben Paul undergo restoration from THE EDGE PROPERTY January 2017 SECTION EDITOR | Raffles Hotel Singapore (right) has an- Cecilia Chow nounced that it will undergo a three- HEAD OF RESEARCH | Feily Sofi an phase restoration programme.

DEPUTY SECTION EDITOR | The first phase of the refurbishment, EDGE SINGAPORE CHUA/THE SAMUEL ISAAC Michael Lim which begins in January 2017, will see SENIOR ANALYST | Esther Hoon, Lin Zhiqin Raffles Hotel Arcade undergoing resto- ANALYST | Tan Chee Yuen ration works, while other parts of the hotel will operate as usual. The Raffles COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Hotel Arcade is an integral part of this Chew Ru Ju, Tan Gim Ean, landmark building. It houses 40 regional Geraldine Tan and speciality shops, and indoor and out- PHOTO EDITOR | door function areas including The Ball- Samuel Isaac Chua PHOTOGRAPHER | Albert Chua room and The Lawn and the Long Bar. EDITORIAL COORDINATOR | Phase Two will begin in mid-2017 Rahayu Mohamad with restoration works being made to DESIGN DESK | Tan Siew Ching, Christine Ong, the main hotel building and lobby as Monica Lim, Mohd Yusry, well as a portion of the hotel suites. The Tun Mohd Zafi an Mohd Za’abah hotel will be closed for the final phase

ADVERTISING + near end-2017 before a grand reopen- MARKETING ing in 2Q2018. ADVERTISING SALES The restoration project will be led by , ADVERTISING DIRECTOR Aedas Singapore, while the interiors of the & SALES | Cowie Tan ASSOCIATE ACCOUNT project will be handled by award-winning DIRECTOR | Diana Lim designer Alexandra Champalimaud, who ACCOUNT MANAGERS | has worked with luxury hotels such as rate of 90%, according to UEM Sunrise. ness park market across the island in Meanwhile, prime rents across Marina Priscilla Wong, James Chua New York’s The Plaza and the Waldorf 3Q2016. Vacancy declined to 12.5% in Centre, City Hall, Bugis and City Fringe THE EDGE SINGAPORE Astoria, Hotel Bel-Air in Los Angeles Tenants’ flight-to-quality 3Q2016, while average monthly rents on stayed flat in 3Q2016. ADVERTISING + MARKETING and The Dorchester in London. increases office leasing activity, the city fringe and the rest of the island Knight Frank reckons that it is im- ADVERTISING SALES Raffles Hotel Singapore was declared says CBRE held firm at $5.40 psf and $3.70 psf, re- portant for landlords to perform a criti- CHIEF MARKETING OFFICER | Cecilia Kay a national monument by the Singapore Leasing activities and enquiry levels spectively. cal review of their mall positioning and SENIOR MANAGER | government in 1987. The last restora- have increased in 3Q2016, owing large- Future available space remains limit- tenant mixes. New and refreshing con- Windy Tan tion was conducted from 1989 to 1991. ly to tenants’ “flight-to-quality” move- ed with all three business park projects cepts are needed to drive excitement MANAGER | Elaine Tan The luxury hotel has 103 individually ments rather than company expansion, in the pipeline being built-to-suit devel- among consumers. EVENTS designed suites — 84 Courtyard and according to CBRE’s latest office market opments, according to CBRE. In August, Knight Frank expects the challeng- SENIOR MANAGER | Palm Court Suites, 12 Personality Suites, report in 3Q2016. Most of the relocation a land site was launched by JTC via a ing retail landscape to moderate rents Sivam Kumar five Grand Hotel Suites and two Presi- centred around higher-quality products concept and price tender, which could further. In addition, retailers have tak- MARKETING EXECUTIVES | Tim Jacobs, dential Suites. in the CBD, while new projects regis- provide some continuity in the market. en a cautious stance on business expan- Sam Ridzam tered increased pre-letting levels. Posi- Located in Mediapolis, the site could pro- sion. Islandwide occupancy is likely to Frasers Centrepoint to invest tive net absorption for 3Q2016 stood at vide up to 361,000 sq ft of business park fall from 92.8% in 4Q2015 to between COORDINATOR | Nor Aisah Bte Asmain $520 mil in Thai property 820,417 sq ft, reversing four consecu- space in gross floor area. It is scheduled 90% and 92% in 4Q2016. developer tive quarters of contraction. for completion in 2018. CIRCULATION Frasers Centrepoint will invest $520 mil- Rents continued to moderate in Asia fuels growth of global BUSINESS DEVELOPMENT DIRECTOR | Victor The lion (THB13.23 billion) in Thai devel- 3Q2016, albeit at a slower rate. Monthly Islandwide prime retail rents retail sector, says JLL ASSISTANT MANAGER | oper Ticon Industrial Connection Public Grade A core CBD rents was down slip 0.2% in 3Q2016, says Knight Asia is fuelling the growth of the global Sandrine Gerber Co. FCL’s investment will be made via 2.1% q-o-q to $9.30 psf. CBRE reckons Frank retail sector, with Chinese cities dom-

EXECUTIVES | Keith Lee, subscription of new shares to be issued that underlying new demand remains Weaker retail spending amid softening inating the region’s fastest-expanding Malliga Muthusamy, Ashikin Kader by Ticon at THB18 a share. relatively weak despite some encour- global and local economies is begining markets, according to JLL’s latest “Desti- CORPORATE Thai-listed Ticon is a developer and aging signs in recent times, including to take its toll on retailers’ bottom line, nation Retail” report. CHIEF EXECUTIVE OFFICER | Ben Paul owner of industrial properties in Thai- improved leasing momentum. CBRE pushing a number of them to downsize The report examines the presence of DIRECTOR | Anne Tong CORPORATE AFFAIRS land. For the past 25 years, Ticon has expects rental decline to continue into and consolidate their businesses. The av- 240 international retail brands across 140 DIRECTOR | Ng Say Guan developed and built factories and ware- 2017 and conditions that support mar- erage monthly islandwide prime retail retail cities and provides insights into houses in 18 industrial estates and 33 ket recovery for better-quality space to rents slipped 0.2% q-o-q to $31.20 psf international retail expansion. The 140 PUBLISHER logistics locations in Thailand. arrive as early as 2H2017. in 3Q2016, according to Knight Frank’s cities make up 36% of the world’s GDP, The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Currently, Ticon owns and manag- In the decentralised office sub-mar- Singapore retail bulletin for the period. 13% of the global population and 33% Singapore 069543 es about 26.9 million sq ft of industrial ket, lower office rents will continue to On the back of the tougher retail cli- of total consumer spending. Tel: (65) 6232 8622 space. Ticon is also the sponsor of three put pressure on the rent levels at busi- mate, average Orchard Road prime rents Among the top 20 growth cities for Fax: (65) 6232 8620 listed property funds and a listed real ness parks. Some older developments fell 0.5% q-o-q to $35.10 psf in 3Q2016. retail around the world, 12 are in Asia, PRINTER estate investment trust in Thailand with in International Business Park experi- It is the first decline since 2Q2015. eight of which are in China. Shanghai KHL Printing Co Pte Ltd combined assets under management of enced minor downward adjustment in Suburban prime rents increased 0.1% is the world’s second-fastest-growing re- 57 Loyang Drive Singapore 508968 about THB32.4 billion. rents, following relatively high vacancy q-o-q to $29.50 psf in 3Q2016. It is large- tail destination behind Dubai. The Chi- Tel: (65) 6543 2222 FCL will hold about 40% of Ticon’s rates in this sub-market. CBRE highlights ly attributed to the stable demand from nese megacity has become a favourite Fax: (65) 6545 3333 enlarged share capital upon completion that all indicators point to a stable busi- the surrounding residential catchment. of international brands looking to test of the transaction, subject to the ap- the Chinese market and gain exposure. We welcome your comments proval of the Securities and Exchange Beijing is the third-fastest-growing and criticism: propertyeditor.sg@ Commission of Thailand, and Ticon’s retail market and this is attributed to bizedge.com shareholders. UEM SUNRISE the swelling middle class and strong

Pseudonyms are allowed but concentration of high-net-worth indi- please state your full name, UEM Sunrise commences viduals. The Chinese capital’s suburbs address and contact number for construction of Conservatory are also experiencing rapid growth as us to verify. Malaysia-listed developer UEM Sunrise people choose to shop locally instead has commenced construction of the Con- of braving traffic into the city centre. servatory (right), its second project in Rents in these emerging markets re- Melbourne, Australia. Located between flect market transparency, reputational the Unesco World Heritage-listed Roy- risk, maturity as well as growth poten- al Exhibition Building and Carlton Gar- tial. Their rents are relatively low com- dens, the Conservatory will offer direct pared with more mature markets. access to and views of the gardens and Based on Oxford Economics forecasts, Royal Exhibition Building. cities such as Ho Chi Minh City, Jakarta The Conservatory has 446 one-, two- and Bangalore present an opportunity for and three-bedroom units. It has three retailers to establish their brands at rents of levels of residential facilities, including less than US$2,000 psm a year, with pro- two expansive Jacuzzis at the Carlton jected in-store sales increasing 8% to 10% Skydeck on the 42nd floor, with views until 2019. However, rents will gradually of the Carlton Gardens. The project is increase as cities mature and the pace of scheduled to be completed by end-2018. new construction of retail centres slows. The 42-storey property has seen a take-up — Compiled by Tan Chee Yuen E THEEDGE SINGAPORE | OCTOBER 17, 2016 • EP3 EP4 • THEEDGE SINGAPORE | OCTOBER 17, 2016 MARKET TRENDS Oakwood Premier serviced apartments to open at OUE Downtown by 2017

| BY CECILIA CHOW | rin Gallery is a shopping mall with 100 stores and a net lettable area of 125,293 sq ft. n Oct 7, Singapore Exchange-list- OUE is spending $30 million to transform ed property group OUE announced the façade of the former DBS towers into OUE that it had signed an agreement with Downtown. At 50 storeys, OUE Downtown 1 Oakwood Asia Pacific to manage the (formerly DBS Tower One) was considered new Oakwood Premier branded ser- the tallest building in Singapore when it was Oviced residences in OUE Downtown, its mixed- built in 1975. The higher floors of OUE Down- EDGE SINGAPORE CHUA/THE SAMUEL ISAAC use development on Shenton Way in the CBD. town 1 have been retained as premium offic- Refurbishments at OUE Downtown are es, whereas the offices in the lower zone are scheduled to be completed by year-end. The being converted into Oakwood Premier. The 268-unit Oakwood Premier will comprise a second tower, the 37-storey OUE Downtown 2 mix of studios and one- and two-bedroom (formerly DBS Tower Two), will remain a pre- apartments. Most of the units (82%) are stu- mium office block and is almost fully leased, dios and one-bedroom apartments measuring says Thio. 28 to 32 sq ft and 30 to 58 sq ft respectively. Oakwood Premier marks the debut of the There are 47 two-bedroom apartments meas- hospitality group’s luxury tier in Singapore. uring 70 to 98 sq ft. However, it is the group’s second property in OUE Downtown is a refurbishment of the the city-state. The first is the 98-unit Oakwood former DBS Towers One and Two, two office Studios Singapore at 18 Mount Elizabeth, just blocks linked by a street-level podium, which off Orchard Road, which is scheduled to open OUE had purchased for $870.5 million in Au- by year-end, according to Dean Schreiber, gust 2010. “We’ve always wanted to turn OUE managing director of Oakwood Asia Pacific. Downtown into a destination,” says Thio Gim This year also sees the group opening its 10th Hock, OUE CEO/managing director. “We thought property in Tokyo, its eighth in China and its we could create an all-encompassing work- first in Kuala Lumpur and Ho Chi Minh City. live-play community. We have also noticed According to Thio, there is a shortage of that there are few shopping malls and super- serviced apartments in Singapore’s CBD. The markets for residents in the CBD.” first serviced residences in the CBD was the OUE decided to take advantage of the 262m 146-unit Ascott Raffles Place, which opened covered podium linking the two towers and in 2008. Ascott Raffles Place was a conversion transform it into a retail mall with the longest of the former Asia Insurance Building, a his- frontage on Shenton Way, says Thio. The new toric tower built in 1955. URA has gazetted it mall is aptly named Downtown Gallery. for conservation. This is similar to OUE’s Mandarin Gallery “The only serviced residences downtown with its 152m frontage on prime Orchard Road. is always full,” says OUE’s Thio. “We felt that The mall opened in 2010 and was carved out there was room for more, and we decided to from the hotel and retail podium space of the convert one of the office towers into serviced 1,077-room Mandarin Orchard Singapore, fol- apartments.” The Oakwood Premier at OUE lowing a $200 million refurbishment. Manda- Downtown is expected to open in mid-2017. E OUE’s Thio and Oakwood Asia Pacific’s Schreiber at the signing ceremony OUE OAKWOOD PREMIER OUE SINGAPORE

Artist’s impression of the lobby and reception of the new Oakwood Pre- mier OUE Singapore

One of the bedrooms of a serviced residence at Oakwood Premier The new exterior of OUE Downtown after a $30 million facelift OUE Singapore THEEDGE SINGAPORE | OCTOBER 17, 2016 • EP5 EP6 • THEEDGE SINGAPORE | OCTOBER 17, 2016 PROPERTY PICKS

Condos in the $1 mil-to-$1.5 mil price range

| BY LIN ZHIQIN | priced between $1 million and <$1.5 million accounted for The Edge Property has compiled a list of condos that match 37% of the caveats lodged so far this year, followed by those respondents’ criteria. These condos — shoebox units were ex- rivate homes priced between $1 million and $1.5 mil- in the $500,000 to <$1 million price range. cluded — have average transacted prices so far this year that lion were the most sought-after among the respond- Respondents also expressed a preference for new homes. fall within the sweet spot of $1 million to $1.5 million. More- ents polled in a home ownership aspiration survey Thirty per cent preferred to purchase uncompleted homes, over, the list comprises condos with at least 150 units to en- conducted jointly by Knight Frank and The Edge Prop- while 28% would go for completed homes that are less than sure the developments are of substantial enough size to offer erty recently. five years old. Respondents ranked proximity to the city cen- a good range of facilities. The condos are located in the city- PAn analysis of URA caveats for private non-landed homes tre and a good range of facilities as the two most important fringe area, which offers a good balance between proximity to also confirms the trend. Condominium units and apartments criteria in selecting a home. the city centre and affordability. E

Sims Urban Oasis Sims Urban Oasis is a 1,024-unit con- GUOCOLAND dominium by GuocoLand. The devel- opment sits on a 2.4ha site located about 400m from the Aljunied MRT station and in the vicinity of the up- coming Mattar MRT station of the SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC Downtown line. Sims Urban Oasis was launched in February 2015, when 112 units were sold at a median price of $1,397 psf. The strong sales momentum has con- tinued, with an average of 31 units sold monthly since the launch. Based on URA caveat data as at Oct 10, 180 units have been sold so far this year at an average price of $1,365 psf. Transacted prices so far in 2016 have ranged from $666,660 to $733,000 for A total of 227 units were sold at a median price of $1,440 psf when The Poiz one-bedroom units, $840,000 to $1.12 Residences was launched in November 2015 million for two-bedroom units, $1.19 million to $1.38 million for three-bed- The Poiz Residences room units and $1.32 million to $1.6 The Poiz Residences is a mixed-use development by MCC Land. It is million for four-bedroom units. adjacent to the Potong Pasir MRT station and comprises 731 residen- tial units and 84 shops. A total of 227 residential units were sold at a median $1,440 psf when it was launched in November 2015. The Sims Urban Oasis by GuocoLand is average transacted price so far in 2016 is $1.3 million, or $1,346 psf. located one stop away from the Paya Based on the latest URA developer sales data, there are still 189 units Lebar MRT station and five stops away available for sale. from the Raffles Place MRT station

Sturdee Residences Sturdee Residences is located in the vicinity of the Farrer Park MRT station and City Square Mall. The 305-unit condo is developed by Sustained Land. A total of 126 units were sold at a median price of $1,620 psf when the condo was launched in April. ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT The average price for units sold so far this year is SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC $1.17 million, or $1,539 psf. Based on the latest developer sales data released by URA, the devel- oper has 120 remaining units available for sale. ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT

When Gem Residences was launched in May, 312 units were sold at a median price of $1,431 psf

Thomson Impressions is located near Ai Tong School and comprises 288 units Gem Residences Located about 500m from the Braddell MRT sta- Thomson Impressions tion, Gem Residences is a 578-unit condo jointly At Thomson Impressions, 80 units were sold at a median price of developed by Gamuda, Evia Real Estate and Max- $1,399 psf when it was launched in October 2015. The 288-unit de- din. When it was launched in May, 312 units were velopment is located near a popular primary school, Ai Tong School, sold at a median price of $1,431 psf. The average and surrounded by three parks — Bishan Park, Lower Peirce Reser- transacted price so far this year is $1.02 million, voir Park and MacRitchie Reservoir Park. Units sold so far this year or $1,420 psf. A total of 256 units are still availa- have averaged $1.33 million, or $1,411 psf. Some 115 units are still ble for sale at the development, based on the lat- The average price for units sold at Sturdee Residences available for sale, according to the latest URA developer sales data. est data from URA. so far this year is $1.17 million, or $1,539 psf THEEDGE SINGAPORE | OCTOBER 17, 2016 • EP7 PROPERTY PICKS

The Venue Residences Regent Residences The Venue Residences is a mixed-use project by City Developments Completed in 2015, Regent Residences is a 180- and Hong Leong Holdings. The 266-unit development is located about unit freehold development located about 600m

300m from the Potong Pasir MRT station. The average transacted price THE EDGE SINGAPORE from the Boon Keng MRT station. Prices have so far this year is $1.36 million, or $1,401 psf. Based on URA develop- averaged $1.06 million, or $1,355 psf, so far this er sales data, the developer has 121 remaining units available for sale. year. Monthly rents so far this year have aver- aged $1,987 for one-bedroom units and $2,580 for two-bedroom units. CITY DEVELOPMENTS ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT

The Shore Residences was completed in 2014 and comprises 408 units

The average transacted price at The Venue Residences so far this year is The Shore Residences $1.36 million, or $1,401 psf. The Shore Residences is a 408-unit condo locat- ed 500m from the upcoming Marine Parade MRT station. The development by Far East Organiza- Eight Riversuites tion was completed in 2014. Prices have aver- At Eight Riversuites, located about 500m from the Boon Keng MRT station, aged $1.46 million, or $1,498 psf, so far this year. 192 units were sold at a median psf price of $1,340 when it was launched Average monthly rents at The Shore Residences in May 2012. Developed by United Engineers Developments, Eight River- so far this year are $2,932 for one-bedroom units Prices at Regent Residences have averaged $1.06 million, suites comprises 843 non-landed and 19 strata landed homes. Prices have and $3,978 for two-bedroom units. or $1,355 psf, so far this year averaged $1.41 million, or $1,272 psf, so far this year. According to the developer, there are 15 strata landed units between 2,800 and 3,000 sq ft available for sale. Monthly rents at Eight Riversuites so far this year have averaged $2,199 for one-bedroom units and $2,652 for two-bedroom units. Nin Residence Nin Residence is a 219-unit de- velopment by Qingjian Realty. It is located across the road from the Potong Pasir MRT station and was completed in 2014. Based on ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT transactions so far this year, the average price is $1.48 million, or ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT $1,288 psf. Monthly rents so far this year have averaged $2,223 for one-bedroom units and $2,905 for two-bedroom units.

Completed in 2014, Nin Residence is located across the road from the Monthly rents at Eight Riversuites so far this year have averaged $2,199 for Potong Pasir MRT station one-bedroom units and $2,652 for two-bedroom units

Alexis Beacon Heights Completed in 2012, Alexis is a freehold mixed-use development com- Located on Mar Thoma Road near Whampoa, Bea- prising 293 residential units and 21 shop units. The development, con Heights is a 999-year leasehold development jointly developed by Fission Group and Yi Kai Group, is located about completed in 2012. Prices have averaged $1.1 mil- 500m from the Queenstown MRT station. All the units at Alexis were lion, or $1,024 psf, so far this year. Monthly rents snapped up in less than a fortnight when it was launched in Febru- so far this year have averaged $2,123 for one-bed- ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT ary 2009. Prices have averaged $1.1 million, or $1,268 psf, so far this room units and $2,658 for two-bedroom units. year. Average monthly rents so far this year are $2,637 for one-bed- room units and $3,343 for two-bedroom units. THE EDGE SINGAPORE ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT

Average monthly rents at 8@Woodleigh are $1,968 for one-bedroom units and $3,050 for two-bedroom units

8@Woodleigh 8@Woodleigh is located within walking distance of the Woodleigh MRT station. The 330-unit development by Frasers Centrepoint was com- pleted in 2012. Based on transactions so far this year, the average price is $1.22 million, or $1,247 psf. Monthly rents so far this year have averaged All the units at Alexis were snapped up in less than a fortnight when it was $1,968 for one-bedroom units and $3,050 for A 1,109 sq ft unit at Beacon Heights changed hands at launched in 2009 two-bedroom units. $1 million, or $902 psf, in September EP8 • THEEDGE SINGAPORE | OCTOBER 17, 2016 COVER STORY

ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT Boutique developer’s lament Kenny Tan of Link (THM) talks about the challenges in Singapore’s property market and how Iskandar Malaysia may eventually live up to expectations

Tan: Every business is tough, whether you are a developer or retailer. So, you must be innovative in marketing your products if you want to stand out from the crowd.

| BY CECILIA CHOW | for many buyers is the fact that the basement In order for the 15% ABSD to be remitted, more attractively priced today and those who carpark is big enough for six cars, compared Link (THM) would have had to complete the have been searching for the past one or two ressed in a monochromatic striped with most small bungalows, which can only development and sell both houses at Nam- years are now finding it worthwhile to pur- sweater and ensconced in one of the fit two cars in the garage,” he says. ly View by August 2016, three years after the chase.” A large proportion of the houses on snug leather armchairs in his office, According to Newsman’s Tan, the views purchase of the site. “This requirement is very the market are brand new and offered by de- Kenny Tan, chairman and CEO of from the roof terrace are “unparalleled” given taxing for a small developer,” laments Tan. velopers faced with the government-imposed Link (THM) Group, says: “The prop- the site’s elevation. A lot of attention has also For private condominiums, a developer can time constraint, he adds. Derty market is very challenging.” been paid to the design and finishing of the build a sales gallery and showflats, then launch For boutique developers such as Link (THM), house, for instance, the use of teak wood for the project for sale even prior to completion. Searching for suitable sites the property cooling measure that has had the the doors, staircase and bedroom floors; mar- When it comes to landed property, the develop- Developers who have sold down their inven- most bite is the one requiring them to com- ble flooring for the living, dining and powder er has to complete at least one unit as a show tory are now back on the market looking for plete a development and sell all the units with- rooms and master bathroom; as well as ful- house first so that buyers can visualise the land, says Realstar’s Wong. The focus, how- in three years of acquiring a site. That is one ly fitted kitchen with appliances including a space, says Tan. “But the construction period ever, is on old, landed sites for redevelopment of the conditions developers have to fulfil in dishwasher. for both private condos and landed homes is rather than subdivision of a large piece of land. order to be eligible for a remission on the ad- about the same — three years,” he adds. “The “Their concern is still the ABSD if they are not ditional buyer’s stamp duty (ABSD) of 10% ‘Very taxing for small developer’ government should reconsider this ABSD rule able to sell all the units within the three-year for sites purchased from January 2011; and of The price tag on No 7 is $14.5 million ($2,796 as it will provide relief for small developers.” time frame,” he says. 15% for those bought from January 2013. The psf). Link (THM)’s Tan says: “Land prices are However, he is resigned to the fact that the Link (THM)’s Tan continues to hunt for three-year time frame applies to development not cheap. Still, all successful businessmen ABSD is here to stay for the time being. “It’s suitable development sites to purchase. His sites with fewer than five houses, and that is aspire to own a landed property so they can already part and parcel of our business,” he focus is in neighbourhoods he is familiar with the market segment in which most niche de- pass it down to their children. A freehold title says. “No doubt the market is challenging, and and where he has developed projects in the velopers such as Link (THM) are active. is therefore very important.” the ABSD is a constraint, but we are always past — Holland Road and Bukit Timah Road in The company was not spared the penalty in The two houses sit on an 11,248 sq ft free- finding innovative ways to grow our business.” prime Districts 10 and 11, and Goodman Road its most recent project: a pair of detached hous- hold site where a bungalow built 37 years ago A consolation is that activity in the land- in the Mountbatten-Katong area in prime Dis- es at 7 and 7A Namly View. No 7 sits on a 5,186 once stood. The bungalow was demolished sub- ed housing segment has picked up across all trict 15. He will continue to focus on develop- sq ft plot and has a built-up area of 7,084 sq ft, sequent to its purchase by Link-THM, which property types, says William Wong, managing ing landed homes, particularly semi-detached while No 7A sits on a 6,071 sq ft parcel and has paid $16.28 million ($1,447 psf) for the site, director of landed housing specialist Realstar and detached houses. a built-up area of 7,395 sq ft. However, Tan had according to a caveat lodged in August 2013. Premier Group. “This is because houses are In August last year, Link (THM) purchased already factored in the ABSD in his initial project a partly completed Good Class Bungalow at 15 feasibility study. “This is a premium location, Binjai Rise for $13 million at an auction by Col- and we believe in building good-quality hous- liers International. The GCB was a foreclosed es,” he says. “In a buyer’s market, we know it property sitting on a freehold site of 17,035 sq will take time to sell the homes.” ft. Tan’s purchase price translates to $763 psf. Both houses have an identical layout, with Most homebuyers would hesitate to buy a four levels including a basement and attic. As bungalow that is half built. Not Tan. He had the site is elevated, the basement, which hous- no hesitation as a developer. “I have a passion es a lap pool and covered garage, is at street for design,” he says. “And I see completing the level. The garage has been designed to accom- GCB as an opportunity to not only enhance modate up to six cars. The house has five bed- EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: the property but also the neighbourhood.” The rooms, including a guest bedroom, on the first GCB at Binjai Rise will only be launched for level; a master suite on the attic level; a roof sale when it is completed, he adds. That could terrace and a living room with double-volume be late this year or early next year. ceiling height of 6.2m. There is also the add- Apart from the two houses at Namly View, ed convenience of a home lift. Link (THM) also recently completed four The two houses were completed in June semi-detached houses at 1 Dyson Road, just and put on the market. No 7A was sold for off Whitley Road in District 11; and 58 Ban $12.68 million ($2,091 psf), according to a ca- Guan, a development with four bungalows veat lodged in July. The buyer is believed to be on Greenleaf Road for which construction is a Singaporean couple living in the neighbour- well underway. hood who is downsizing from a larger bunga- Another residential project that was com- low. The sale was brokered by K H Tan, man- The detached house at 7 Namly View is one of two pleted recently by Link (THM) is SeaSuites, a aging director and founder of luxury home recently completed by Link (THM) and on the market boutique 52-unit private condo on Pasir Pan- specialist Newsman Realty. “The attraction for $14.5 million The living room at 7 Namly View has a 6.2m ceiling jang Road. The five-storey block is just a short THEEDGE SINGAPORE | OCTOBER 17, 2016 • EP9 COVER STORY THM SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

The 52-unit private condominium SeaSuites at Pasir Panjang was recently completed and only two units One of the four semi-detached houses at 1 Dyson developed by Link (THM) and recently completed remain available walk from the Haw Par Villa MRT station on Road is now the showroom for Munich Auto- be subject to a property gains tax, unlike else- ated with the Harry Potter, James Bond and the Circle Line. The site was a redevelopment mobiles — BMW Alpina, while the showroom where in Malaysia, and there is no minimum Star Wars films among the many movie and of a 16-unit walk-up apartment block that Link for RUF Automobile, which customises sports RM1 million requirement for foreign residen- television series over the decades. Pinewood (THM) purchased en bloc for $33 million in 2010. cars, is now at 10 Chang Charn Road. tial property purchases. Iskandar Malaysia Studios’ maiden produc- The project was launched for sale in 2013 and tion was the 12-episode Marco Polo Netflix marked Tan’s first foray into condo development. Investing in Iskandar Malaysia Readying for launch original series. The majority of units at SeaSuites are one- The biggest project in Link (THM)’s portfolio Tan says he is close to securing a construction and two-bedders of 517 to 1,410 sq ft. Units today, however, is its flagship project in Iskan- company to handle the building of One World Retail struggles were sold at prices ranging from $1,458 to dar Malaysia, namely One World Medini, an in- Medini as well as to take an equity stake in Link-THM is also in the retail business. “It’s $1,784 psf, according to caveats lodged with tegrated development with 1.1 million sq ft of the development. Positioned as a tourist at- in my blood,” says Tan. “I’m still continuing URA Realis from January to March 2013. Ac- retail space, three office blocks and four tow- traction, it will feature seven different themes, with that business.” He had started in the busi- cording to Tan, only two units in the freehold ers containing a mix of serviced apartments with each a showcase of the architecture, cul- ness by working at his father’s handbag shop condo are still available for sale. and residences. ture and cuisine of a country. Seven architects in People’s Park Complex before striking out One World Medini is located near Pinewood will be involved in the project, each one fo- on his own in 1994. He set up a handbag dis- Diversifying beyond residential Iskandar Malaysia Studios and LegoLand Ma- cusing on the traditional architecture of their tribution business, operating out of a shop- In recent years, Tan has also diversified be- laysia Resort, as well as the Sanrio Hello Kit- respective country. house on Smith Street. yond residential developments. He ventured ty Town and Thomas Town at Puteri Harbour. The seven themes are Chinese, with archi- Today, lifestyle brands represented by Link into commercial property development when According to Tan, the future Nusajaya station tecture based on Zujiajiao, an ancient water (THM) include Adidas, Havaianas, KEDS, Nike, he bought a 66,583 sq ft transitional office site for the high-speed rail linking Singapore and town in the suburbs of Shanghai; Europe, with Puma and Sperry. Link (THM) operates six out- with a 15-year lease on Mohamed Sultan Road, Kuala Lumpur is located just a short distance architecture inspired by the Italian Renaissance; lets and stores within stores in malls such as just off Robertson Walk. Instead of developing from One World Medini. India (historic architecture of Jaipur); Japan Bugis Plus, Wisma Atria, Tampines One, Jem a single 100,000 sq ft office block, he built six Link (THM) had ventured into Medini in (streets of Kyoto); Korea (traditional architec- and Westgate. smaller blocks of 10,000 to 24,000 sq ft. The Iskandar Malaysia in February 2013, commit- ture); and the US (American rodeo). There will Tan attributes the dismal retail scene in Sin- buildings, called Sultan Link, have been leased ting to develop a “mega residential and com- also be traditional Malay kampong since the gapore to the general global economic slow- to tenants such as AXS Pte Ltd, the operator of mercial project” with a gross development val- project is located in Malaysia. down, labour issues, the limited size of the AXS machines; furniture company Homesfor- ue of RM2.5 billion, or about $1 billion, based “We have put a lot of money into Medini,” local market and the changing retail scene as Life; and high-end interior design firm Royal on the prevailing exchange rate then. says Tan. “It’s a bit slower than usual, but we more people shop online. The challenge for Living Singapore. With the slowdown in Iskandar Malaysia are proceeding with our project as everything retailers is that marking down prices alone is According to Tan, the space at Sultan Link following the property cooling measures by the has already been finalised. We are going to not the solution. “As a retailer, you can’t keep appeals to small and medium-sized companies Malaysian government and fears of a glut in kick off construction once we have secured a marking down prices because your overheads as they are able to have naming rights to the high-rise condos there, some Singapore play- suitable contractor.” are fixed,” explains Tan. “So, your bottom line building. “If you take up a 15,000 sq ft office ers have either put their projects on hold or Upon finalising the main contractor for the will be squeezed.” space in a Grade-A building in Raffles Place or gone back to the drawing board to reconfigure Medini project, Tan intends to launch the stra- Having more factory outlets located away Marina Bay, you may be occupying just half a their mix. “We are not putting the project on ta office units for sale within the next three from the prime shopping districts of Singa- floor or one floor,” says Tan. “Here, you occu- hold,” says Tan. “Everything has already been months. The units are 530 to 630 sq ft. Buy- pore could be a solution, he says, giving the py the whole building and you can put your finalised and we are not changing our plans.” ers are given the flexibility of combining units example of Johor Premium Outlets in Kulai, name on the building. It’s a good branding op- Tan says he is still confident of Medini’s to create a larger floor space. Investors in the which is an hour’s drive from Singapore. Tan portunity for these companies.” prospects as a special economic zone, where office space at One World Medini should ben- feels there is potential for more such factory Tan also owns the two Business 1 indus- companies that have invested there are given efit from the project’s proximity to Pinewood outlets in Iskandar Malaysia, where rents will trial buildings at 8 and 10 Chang Charn Road, corporate tax exemption until at least 2020. Iskandar Malaysia Studios. “There are more be much cheaper than in Singapore. This is off Leng Kee Road, an area famous for its car With the rising cost of doing business in Sin- than 2,000 SMEs — from computer graphics similar in concept to Gotemba Premium Out- showrooms. He had purchased the site at 8 gapore, it is just a matter of time before more to design and other supporting services — lets, located outside Tokyo; and Bicester Vil- Chang Charn Road in 2006 and developed it companies relocate some of their operations catering to the needs of Pinewood Studios,” lage outside London, he says. into Link (THM)’s headquarters. In 2012, he to Iskandar Malaysia, he adds. He is consid- Tan says. These companies would want to be “Every business is tough, whether you are a purchased the neighbouring 10 Chang Charn ering moving some of his operations there located near Pinewood Studios for conveni- developer or retailer,” he notes. “So, you must Road and has since redeveloped it into a six-sto- in the future as well. ence, he adds. be innovative in marketing your products if you rey building. The first floor of 8 Chang Charn In Medini, property investors will also not Pinewood Studios, from the UK, is associ- want to stand out from the crowd.” E

Artist’s impression of Link (THM)’s biggest investment, One World Medini in Iskandar Malaysia, which will feature three office blocks LINK (THM) and four serviced apartment-cum-residence towers EP10 • THEEDGE SINGAPORE | OCTOBER 17, 2016 OFFSHORE Thailand’s Sansiri to launch luxury condos in Singapore and Hong Kong MICHAEL LIM/THE EDGE SINGAPORE

View of the Thonglor area from the roof of Bangkok Marriott Hotel Sukhumvit

| BY MICHAEL LIM | Given the strong response to its projects so and other entertainment establishments. teppanyaki restaurant from Kyoto and Kitaohji far, Sansiri intends to roll out two more condo- With rejuvenation taking place in the neigh- from Ginza, which is famous for its multi- pichart Chutrakul , CEO and co-founder miniums in a simultaneous pre-sale launch in bourhood, demand for land has also increased course dinners. of Thailand-listed property develop- Hong Kong and Singapore on Oct 22 and 23. and, with it, land prices. “Twenty years ago, Other amenities include community malls er Sansiri PCL, started launching his Sansiri will start pre-sales for KHUN by YOO land prices in Thonglor were just THB100,000 such as The Market Place, Maze Thonglor Bangkok projects in Singapore and in Bangkok on Nov 4; it has sold 25% of The psm,” says Apichart. “Today, they are THB1.5 and The Commons, as well as internation- Hong Kong only three years ago. He Monument Thong Lo in Bangkok. KHUN by million psm.” al schools (Bangkok Prep School), interna- Ais happy with the response and even set up a YOO and The Monument Thong Lo are free- Many young affluent Thais have also moved tional hospitals (Samitivej Hospital) and of- representative office in Singapore last month. hold luxury condos located in the Thonglor to Thonglor. They like condo living and the fice buildings. Last year, Singaporeans accounted for 8% area in Bangkok. Including these two latest proximity to restaurants and amenities. To ca- However, the most anticipated of all is the of foreign buyers in Sansiri’s projects and, this projects, Sansiri has developed six condos in ter for them, hip restaurants, entertainment proposed MRT Grey line monorail network. year, the figure rose to 10%. Hong Kong buy- Thonglor, an upscale residential area popular hubs and high-end apartments have popped One of the new monorail MRT stations is lo- ers still account for the biggest proportion of with old-rich Thai families and expatriates. up, says Apichart. cated on Soi 10, a short walk from Sansiri’s overseas buyers, even though that has dropped Sansiri’s first project in Thonglor was SIRI at Famous international restaurants that have KHUN by YOO, which is on Soi 12. In addition, from 60% in 2015 to 46% this year. The num- Sukhumvit, which was completed in 2010. opened in Thonglor include Maison de la Truffe there is an MRT station on Soi 25, near The ber of mainland Chinese buyers more than dou- Many of the old houses, shops and commer- Bangkok, the first Asian branch of the Parisian Monument Thong Lo. The location of these bled to 23%, from 10%, of foreign buyers. The cial buildings have been torn down and rede- restaurant famous for its truffles. Renowned two projects should appeal to both end-users rest are a mix of American, Russian and Japa- veloped into high-rise condo blocks, serviced Japanese restaurants that have opened their and investors, says Cobby Leathers, Sansiri’s nese, making up 5%, 2% and 2% respectively. apartments, high-end restaurants, pubs, spas first overseas branches in the area are Mikaku head of international marketing. PICTURES: SANSIRI PICTURES:

KHUN by YOO, comprising a 27-storey tower with 148 residential units, is valued at THB4 billion The lobby of KHUN by YOO, a freehold development on Thong Lo Road THEEDGE SINGAPORE | OCTOBER 17, 2016 • EP11 OFFSHORE MICHAEL LIM/THE EDGE SINGAPORE MICHAEL LIM/THE EDGE SINGAPORE

The Maze Thonglor community mall houses chain restaurants and unique independent stores in a four-storey, The Market Place community mall is anchored by local supermarket chain Tops Market, Laundry, DHL, open-air dining and shopping space Starbucks and Swensen’s

Apichart: Twenty years ago, land prices Leathers says the location of the two in Thonglor were just THB100,000 psm. projects should appeal to both end-users Today, they are THB1.5 million psm. and investors 72 Courtyard is not only known for its eateries but also as a lifestyle and clubbing hub

In a congested city like Bangkok, investors Monument Thong Lo are priced at the top recognise the convenience and price uplift that end of the market. According to Apichart, the come from being located near train or monorail top-end segment has been less affected by the stations. Therefore, it makes sense to launch slowdown in the Bangkok condo market be- KHUN by YOO and The Monument Thong Lo cause wealthy Thais are still buying, and they in Singapore and Hong Kong, notes Leathers. are less affected by the tightening of mortgage Both projects are jointly developed by BTS criteria by banks. Group and Sansiri, which hold equal stakes. According to CBRE Thailand’s latest re- KHUN by YOO is a freehold, 27-storey tow- port, sales of condos launched in mid-town er with 148 units. The apartments range from and suburban areas have been slow, owing one- to three-bedroom units of 447 to 1,615 to the economic slowdown and banks’ tighter sq ft. There are also two three-bedroom pent- lending requirements. The two outperform- houses of 3,164 to 3,261 sq ft. The starting ers in the lower end of the condo segment are price for a one-bedroom unit is THB15 mil- Life Sukhumvit 48, where units were sold at lion ($580,345). The average psm price for an average of THB98,500 psm, and The Line the units is THB390,000. Asoke-Ratchada, where units were priced at Typical units are fitted with Duravit, Axor an average of THB170,000 psm. The latter is a and Kohler bathroom accessories and Smeg joint venture between Sansiri and BTS Group. and Foster kitchen appliances. The two pent- CBRE estimates that 35% to 40% of units houses are fitted with Agape bathroom acces- in most new downtown condos have been sold The Monument Thong Lo is located on a section of Thong Lo Road that is closer to Phetchaburi Road sories and Subzero WOLF and MEX kitchen to buy-to-let investors. appliances. KHUN by YOO is the first branded The most luxurious condo project launched residence by YOO Design Studio, founded by this year was Sansiri’s 98 Wireless in collabo- property entrepreneur John Hitchcox and re- ration with Ralph Lauren Home. The develop- nowned designer Philippe Starck. The apart- ment recorded the highest sale price in Bang- ment tower will be completed in 2020. kok so far — THB570,000 psm, second only The Monument Thong Lo is a freehold 46- to the Ritz-Carlton branded residences at Ma- storey tower with 127 units. The project com- haNakhon, where a penthouse sold to Hong prises a mix of two- and three-bedroom apart- Kong movie star Louis Koo Tin-lok fetched ments of 1,335 to 2,712 sq ft and three lux- THB480 million. urious penthouses of 5,479 to 7,126 sq ft. So far, 45% of the 77 units at 98 Wire- Prices start from $1.8 million for a two-bed- less have been sold in previews held in Bang- room unit and $3.4 million for a three-bed- kok, Hong Kong and Singapore. The project room apartment, and the average psm price is scheduled for completion and expected to is THB350,000. The project is expected to be be launched by year-end. Sansiri will official- completed in December 2019. ly launch KHUN by YOO for sale on Nov 3, At average prices of THB350,000 to while the official launch for The Monument THB390,000 psm, KHUN by YOO and The Thong Lo is in 1Q2017. E The living room of a unit at The Monument Thong Lo EP12 • THEEDGE SINGAPORE | OCTOBER 17, 2016 DONE DEALS PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

The Orchard Residences is a 175-unit luxury condo tower that sits on top of the ION Orchard mall and the Orchard MRT station Atomheart $477 (U.P. $795) Unit at The Orchard

Mingus Residences sold for $3,679 psf $279 (U.P. $465) | BY TAN CHEE YUEN | to a caveat lodged on Sept 29. On a per sq ft basis, it was the highest since June 2014 when a 2,852 sq ft, Aeon Rocket ales of high-end homes in Districts 9 and 10 four-bedroom unit fetched $10.55 million ($3,699 psf). $534 (U.P. $890) have been picking up in recent weeks, most There were two other transactions at The Or- notably at The Orchard Residences. Over chard Residences last month. One was for a 4,532 the week of Sept 28 to Oct 4, there were two sq ft, four-bedroom unit that was sold for $14.7 mil- transactions at The Orchard Residences and lion ($3,244 psf), while the other was for a 6,060 sq SOUE Twin Peaks, and both were concluded at pric- ft, five-bedroom unit that changed hands for $17.5 es above $3,000 psf. million ($2,888 psf). Both units come with a private Most recently, at the 54-storey The Orchard Resi- garden, and are located on the ninth floor, the same dences, a 2,174 sq ft, three-bedroom unit on the 51st level as the facilities deck. Calabash floor was sold for $8 million ($3,679 psf), according According to past caveats lodged at The Orchard $279 (U.P. $465)

 LOCALITIES DISTRICTS Singapore — by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 Pharaoh East Coast 15 and 16 Changi/Pasir Ris 17 and 18 $486 (U.P. $810) Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28

Residential transactions with contracts dated Sept 28 to Oct 4

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 THE CLIFT Apartment 99 years Sept 29, 2016 527 1,110,000 - 2,105 2011 Resale THE SAIL @ MARINA BAY Apartment 99 years Sept 28, 2016 893 1,485,000 - 1,662 2008 Resale District 3 ALEX RESIDENCES Apartment 99 years Sept 30, 2016 926 1,714,452 - 1,852 Uncompleted New Sale District 4 COVE DRIVE Detached 99 years Sept 29, 2016 8,127 9,000,000 - 1,108 2011 Resale W. ATELIER REFLECTIONS AT KEPPEL BAY Condominium 99 years Sept 30, 2016 1,528 2,700,000 - 1,766 2011 Resale District 5 Level One, 75 Bukit Timah Road HERITAGE VIEW Condominium 99 years Sept 28, 2016 969 1,200,000 - 1,239 2000 Resale REGENT PARK Condominium 99 years Sept 30, 2016 818 840,000 - 1,027 1997 Resale T +65 6270 8828 F +65 6270 0020 SPRINGWOOD Terrace Freehold Oct 03, 2016 3,541 3,680,000 - 1,040 1990 Resale THE PARC CONDOMINIUM Condominium Freehold Sept 28, 2016 1,302 1,550,000 - 1,190 2010 Resale [email protected] THE TRILINQ Condominium 99 years Sept 29, 2016 915 1,284,000 - 1,403 Uncompleted New Sale THE TRILINQ Condominium 99 years Sept 29, 2016 1,044 1,405,000 - 1,346 Uncompleted New Sale Opening Hours 10am - 6pm, THE TRILINQ Condominium 99 years Sept 30, 2016 1,044 1,480,000 - 1,417 Uncompleted New Sale District 7 Mondays to Saturdays THE BENCOOLEN Apartment 99 years Sept 29, 2016 1,184 1,500,000 - 1,267 1999 Resale watelier.com Find us on District 8 STURDEE RESIDENCES Condominium 99 years Sept 28, 2016 721 1,080,000 - 1,498 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Sept 30, 2016 657 1,097,300 - 1,671 Uncompleted New Sale THEEDGE SINGAPORE | OCTOBER 17, 2016 • EP13 DONE DEALS

Residences so far, there have been seven transactions this year, compared with just four in 2015. Some reckon the pick-up in deals this year could be due to the construction of the Orchard Boulevard MRT station on the Thomson-East Coast Line located next door. “Units on the lower floors may be more affected by the construction work,” says Dominic Lee, PropNex group district director. However, Lee says the price of $3,679 psf for the unit on the 51st level represents “a good buy”, as many of the high-floor units were sold at prices above $4,000 psf at the height of the market. In fact, the four penthouses on the 54th floor were all sold at prices from $5,000 psf in 2007, when the project was first launched. Only one caveat was lodged for one of the penthouses, that of the 4,273 sq ft unit that was sold for $21.37 million ($5,000 psf). The other three penthouses were sold at $5,400 psf, $5,500 psf and $5,600 psf, with absolute prices of up to $28 million. The Orchard Residences, despite its 99-year leasehold tenure, continues to be sought after to- day, says Samuel Eyo, managing director of Singa- pore Christie’s International Real Estate. Developed Concert jointly by CapitaLand and Sun Hung Kai Properties, The 99-year leasehold OUE Twin Peaks is a redevelopment $417 (U.P. $695) the 175-unit luxury condo tower sits on top of the of the former Grangeford condo that OUE purchased en ION Orchard mall and the Orchard MRT station on bloc in 2007 the North-South Line. The Orchard Residences was completed in 2010, a year after ION Orchard opened. almost fully sold and has just a handful of units still Eyo sees the construction of the Orchard Boule- available. Units in the second tower were released Caravaggio vard MRT station as “just a temporary inconven- towards end-July, and so far, about 100 units have $183 (U.P. $305) ience”. When it is completed, residents will benefit been snapped up. from the future MRT station. “For buyers entering When the first tower was launched, some of the at prices today, there is a possibility of future cap- lower-floor units may have been sold at prices ranging ital appreciation,” he says. from $2,100 to $2,300 psf. However, several units have The residents of OUE Twin Peaks will likewise since been sold at prices above $3,000 psf. Most re- benefit from its proximity to the Orchard Boule- cently, a 570 sq ft, one-bedroom unit on the 19th floor Orient vard MRT station, says PropNex’s Lee. The 462- was sold for $1.74 million ($3,050 psf), according to a (U.P. $740) unit OUE Twin Peaks was launched in April with caveat lodged on Sept 29. A week earlier, an adjacent $444 an innovative deferred payment scheme that oth- unit of 570 sq ft fetched $1.76 million ($3,076 psf). er developers soon replicated. OUE Twin Peaks is The 99-year leasehold OUE Twin Peaks is a re- also the first development in Singapore to offer ful- development of the former Grangeford condo that ly furnished residences. OUE purchased en bloc in 2007. “The project ap- Both 35-storey towers at OUE Twin Peaks are iden- peals to investors as they can rent out the units im- Juicy E tical and each contains 231 units. The first tower is mediately,” says PropNex’s Lee. $525 (U.P. $875)

 Residential transactions with contracts dated Sept 28 to Oct 4

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 9 MARTIN PLACE RESIDENCES Condominium Freehold Sept 29, 2016 1,044 2,038,000 - 1,952 2011 Resale ORCHARD TOWERS Apartment Freehold Oct 04, 2016 1,970 2,680,000 - 1,361 1975 Resale Volume OUE TWIN PEAKS Condominium 99 years Sept 29, 2016 570 1,740,000 - 3,050 2015 Resale RIVERGATE Apartment Freehold Sept 28, 2016 2,088 4,100,000 - 1,963 2009 Resale (U.P. $365) SOPHIA HILLS Condominium 99 years Oct 02, 2016 700 1,296,000 - 1,852 Uncompleted New Sale $219 THE BOUTIQ Apartment Freehold Sept 29, 2016 1,582 2,140,000 - 1,352 2014 Resale THE ORCHARD RESIDENCES Apartment 99 years Sept 29, 2016 2,174 8,000,000 - 3,679 2010 Resale District 10 D’LEEDON Condominium 99 years Sept 28, 2016 635 1,256,000 - 1,978 2014 Resale D’LEEDON Condominium 99 years Sept 30, 2016 635 1,238,000 - 1,949 2014 Resale DUCHESS RESIDENCES Condominium 999 years Sept 28, 2016 1,485 2,408,000 - 1,621 2011 Resale HOLLAND MEWS Apartment Freehold Oct 03, 2016 1,249 1,950,000 - 1,562 2004 Resale HOOT KIAM ROAD Terrace Freehold Sept 28, 2016 1,625 2,880,000 - 1,778 Unknown Resale LAUREL WOOD AVENUE Terrace 99 years Sept 28, 2016 3,175 2,850,000 - 898 2003 Resale MOONBEAM DRIVE Semi-Detached 999 years Sept 30, 2016 4,381 5,500,000 - 1,256 Unknown Resale NASSIM PARK RESIDENCES Condominium Freehold Sept 30, 2016 3,175 11,050,000 - 3,480 2011 Resale NASSIM PARK RESIDENCES Condominium Freehold Oct 03, 2016 6,878 21,200,000 - 3,082 2011 Resale ORION Apartment Freehold Oct 04, 2016 1,507 3,050,000 - 2,024 2008 Resale ROBIN SUITES Apartment Freehold Sept 30, 2016 463 975,000 - 2,107 2016 New Sale THE LEVELZ Condominium Freehold Oct 04, 2016 807 1,180,000 - 1,462 2004 Resale THREE BALMORAL Apartment Freehold Oct 01, 2016 614 1,338,000 - 2,181 2016 New Sale District 11 MIRO Apartment Freehold Sept 30, 2016 1,346 2,000,000 - 1,486 2012 Resale NOVENA LODGE Condominium Freehold Sept 28, 2016 969 1,312,000 - 1,354 1999 Resale WATTEN RESIDENCES Semi-Detached Freehold Sept 28, 2016 4,822 4,000,000 - 829 2011 Resale District 12 KEMAMAN POINT Apartment Freehold Oct 03, 2016 1,292 1,310,000 - 1,014 1993 Resale PAPILLON Apartment Freehold Sept 28, 2016 1,787 1,455,000 - 814 2003 Resale THE CITRINE Apartment Freehold Sept 28, 2016 1,324 1,525,000 - 1,152 2008 Resale District 13 BARTLEY RIDGE Condominium 99 years Sept 28, 2016 969 1,233,600 - 1,273 Uncompleted New Sale R MAISON Apartment Freehold Sept 30, 2016 1,324 1,830,000 - 1,382 2016 New Sale THE POIZ RESIDENCES Apartment 99 years Sept 28, 2016 1,152 1,576,000 - 1,368 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Sept 30, 2016 1,195 1,193,000 - 998 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Sept 28, 2016 850 1,208,000 - 1,421 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Sept 28, 2016 1,152 1,569,960 - 1,363 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Oct 01, 2016 850 1,195,845 - 1,406 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Oct 01, 2016 850 1,192,170 - 1,402 Uncompleted New Sale W. ATELIER THE VENUE RESIDENCES Apartment 99 years Oct 02, 2016 1,152 1,574,370 - 1,367 Uncompleted New Sale District 14 Level One, 75 Bukit Timah Road CENTRAL IMPERIAL Apartment Freehold Sept 30, 2016 549 570,000 - 1,038 2014 Sub Sale T +65 6270 8828 F +65 6270 0020 GROSVENOR VIEW Condominium Freehold Sept 30, 2016 990 1,030,000 - 1,040 2006 Resale MILLAGE Apartment Freehold Oct 03, 2016 420 600,000 - 1,429 2016 Sub Sale [email protected] SIMS URBAN OASIS Condominium 99 years Sept 29, 2016 786 1,108,000 - 1,410 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Oct 01, 2016 667 885,000 - 1,326 Uncompleted New Sale Opening Hours 10am - 6pm, District 15 DAWN VILLE Apartment Freehold Oct 03, 2016 1,206 1,360,000 - 1,128 1998 Resale Mondays to Saturdays EAST COAST PARK Terrace Freehold Oct 03, 2016 1,647 2,600,000 - 1,584 Unknown Resale GRAND DUCHESS AT ST PATRICK’S Condominium Freehold Oct 04, 2016 2,573 2,850,000 - 1,108 2010 Resale watelier.com Find us on

CONTINUES NEXT PAGE EP14 • THEEDGE SINGAPORE | OCTOBER 17, 2016 DONE DEALS

FROM PREVIOUS PAGE

Residential transactions with contracts dated Sept 28 to Oct 4

LAND AREA/ NETT UNIT LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE MARSHALL ROAD Semi-Detached Freehold Sept 28, 2016 4,941 4,600,000 - 931 Unknown Resale THE TERRACE EC 99 years Sept 29, 2016 1,076 839,700 829,700 771 Uncompleted New Sale BRANKSOME ROAD Detached Freehold Oct 03, 2016 5,134 10,300,000 - 2,006 2015 Resale THE TERRACE EC 99 years Oct 01, 2016 1,076 881,300 871,300 809 Uncompleted New Sale LANGSAT ROAD Terrace Freehold Oct 03, 2016 1,744 1,750,000 - 1,002 Unknown Resale THE TERRACE EC 99 years Oct 01, 2016 1,076 876,300 866,300 805 Uncompleted New Sale EAST COAST DRIVE Semi-Detached Freehold Oct 03, 2016 7,363 7,250,000 - 985 1951 Resale THE TERRACE EC 99 years Oct 01, 2016 1,076 875,100 865,100 804 Uncompleted New Sale OLA RESIDENCES Condominium Freehold Sept 30, 2016 1,636 2,165,000 - 1,323 2011 Resale THE TERRACE EC 99 years Oct 02, 2016 1,076 876,300 866,300 805 Uncompleted New Sale ONE AMBER Condominium Freehold Oct 03, 2016 1,259 1,780,000 - 1,413 2010 Resale THE TERRACE EC 99 years Oct 02, 2016 1,076 871,300 861,300 800 Uncompleted New Sale OPERA ESTATE Terrace Freehold Sept 30, 2016 1,604 2,980,000 - 1,863 Unknown Resale THE VALES EC 99 years Sept 28, 2016 915 738,000 - 807 Uncompleted New Sale PARK EAST Condominium Freehold Sept 30, 2016 1,722 2,040,000 - 1,185 1994 Resale THE VALES EC 99 years Sept 29, 2016 1,270 995,000 - 783 Uncompleted New Sale PEBBLE BAY Condominium 99 years Sept 28, 2016 1,098 918,000 - 836 1997 Resale THE VALES EC 99 years Sept 29, 2016 1,410 1,048,040 - 743 Uncompleted New Sale SANDALWOOD Apartment Freehold Oct 03, 2016 872 1,080,000 - 1,239 2005 Resale TREASURE CREST EC 99 years Sept 29, 2016 1,076 812,000 - 754 Uncompleted New Sale SEASIDE PARK Terrace Freehold Oct 03, 2016 1,798 2,900,000 - 1,617 Unknown Resale TREASURE CREST EC 99 years Sept 29, 2016 1,076 781,000 - 726 Uncompleted New Sale THE ESTA Condominium Freehold Sept 30, 2016 1,001 1,480,000 - 1,478 2008 Resale TREASURE CREST EC 99 years Oct 01, 2016 1,076 795,000 - 739 Uncompleted New Sale THE SEA VIEW Condominium Freehold Oct 03, 2016 1,518 2,400,000 - 1,581 2008 Resale TREASURE CREST EC 99 years Oct 02, 2016 1,076 777,000 - 722 Uncompleted New Sale THE SEAFRONT ON MEYER Condominium Freehold Oct 04, 2016 1,604 2,483,500 - 1,548 2010 Resale TRILIVE Condominium Freehold Oct 02, 2016 646 1,088,000 - 1,685 Uncompleted New Sale District 16 TRILIVE Condominium Freehold Oct 02, 2016 614 999,000 - 1,628 Uncompleted New Sale JALAN CHEMPAKA KUNING Terrace 70 years Sept 28, 2016 4,133 450,000 - 109 Unknown Resale TRILIVE Condominium Freehold Oct 02, 2016 904 1,358,000 - 1,502 Uncompleted New Sale PARBURY HILL WATERTOWN Apartment 99 years Sept 28, 2016 581 690,000 - 1,187 Uncompleted Sub Sale CONDOMINIUM Condominium Freehold Sept 29, 2016 1,206 1,280,000 - 1,062 1997 Resale District 20 THE GLADES Condominium 99 years Sept 29, 2016 1,066 1,500,000 - 1,408 Uncompleted New Sale BISHAN LOFT EC 99 years Sept 30, 2016 1,141 1,315,000 - 1,153 2003 Resale THE GLADES Condominium 99 years Sept 30, 2016 624 900,000 - 1,442 Uncompleted New Sale SEASONS VIEW Condominium 99 years Oct 03, 2016 1,141 1,180,000 - 1,034 2000 Resale THE GLADES Condominium 99 years Sept 30, 2016 624 879,000 - 1,408 Uncompleted New Sale THE PANORAMA Condominium 99 years Sept 28, 2016 1,001 1,255,034 - 1,254 Uncompleted New Sale THE GLADES Condominium 99 years Oct 01, 2016 484 696,000 - 1,437 Uncompleted New Sale THE PANORAMA Condominium 99 years Sept 28, 2016 1,141 1,402,695 - 1,229 Uncompleted New Sale THE GLADES Condominium 99 years Oct 01, 2016 1,033 1,418,000 - 1,372 Uncompleted New Sale THE PANORAMA Condominium 99 years Sept 30, 2016 1,163 1,461,290 - 1,257 Uncompleted New Sale THE GLADES Condominium 99 years Oct 02, 2016 990 1,330,000 - 1,343 Uncompleted New Sale THE PANORAMA Condominium 99 years Sept 30, 2016 1,141 1,384,982 - 1,214 Uncompleted New Sale WATERFRONT ISLE Condominium 99 years Sept 28, 2016 1,152 1,225,000 - 1,064 2015 Sub Sale THE PANORAMA Condominium 99 years Sept 30, 2016 1,012 1,203,269 - 1,189 Uncompleted New Sale District 17 THOMSON GARDEN ESTATE Terrace Freehold Sept 28, 2016 1,561 1,800,000 - 1,156 Unknown Resale ASTON RESIDENCE Detached 946 years Oct 03, 2016 4,715 2,000,000 - 424 2010 Resale THOMSON IMPRESSIONS Apartment 99 years Sept 29, 2016 732 1,062,500 - 1,452 Uncompleted New Sale District 18 THOMSON IMPRESSIONS Apartment 99 years Sept 30, 2016 463 723,200 - 1,562 Uncompleted New Sale CHANGI RISE THOMSON IMPRESSIONS Apartment 99 years Sept 30, 2016 732 1,057,500 - 1,445 Uncompleted New Sale CONDOMINIUM Condominium 99 years Oct 03, 2016 1,259 1,040,000 - 826 2004 Resale THOMSON IMPRESSIONS Apartment 99 years Sept 30, 2016 1,195 1,610,000 - 1,348 Uncompleted New Sale COCO PALMS Condominium 99 years Sept 29, 2016 1,259 1,330,000 - 1,056 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Oct 01, 2016 463 746,550 - 1,613 Uncompleted New Sale D’NEST Condominium 99 years Sept 28, 2016 1,410 1,411,020 - 1,001 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years Oct 01, 2016 463 707,000 - 1,527 Uncompleted New Sale NV RESIDENCES Condominium 99 years Sept 29, 2016 506 605,000 - 1,196 2013 Resale District 21 OASIS @ ELIAS Condominium 99 years Sept 28, 2016 1,216 970,000 - 797 2011 Resale MAPLEWOODS Condominium Freehold Sept 28, 2016 1,787 2,388,000 - 1,336 1997 Resale SEA ESTA Condominium 99 years Sept 28, 2016 1,119 970,000 - 866 2015 Resale MAPLEWOODS Condominium Freehold Sept 29, 2016 2,917 4,300,000 - 1,474 1997 Resale SEA ESTA Condominium 99 years Oct 03, 2016 980 988,000 - 1,009 2015 Resale TOH YI DRIVE Detached Freehold Oct 01, 2016 4,413 3,650,000 - 827 1998 Resale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 506 587,000 - 1,160 Uncompleted New Sale SPRINGDALE THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 506 584,000 - 1,154 Uncompleted New Sale CONDOMINIUM Condominium 999 years Sept 29, 2016 1,119 1,139,888 - 1,018 1998 Resale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 441 508,000 - 1,151 Uncompleted New Sale THE CREEK @ BUKIT Condominium Freehold Oct 01, 2016 1,668 2,053,072 - 1,231 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 506 581,000 - 1,148 Uncompleted New Sale District 22 THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 506 578,000 - 1,143 Uncompleted New Sale LAKE GRANDE Condominium 99 years Sept 28, 2016 1,302 1,779,000 - 1,366 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 506 575,000 - 1,137 Uncompleted New Sale LAKE GRANDE Condominium 99 years Oct 01, 2016 947 1,249,000 - 1,319 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 506 569,000 - 1,125 Uncompleted New Sale LAKE GRANDE Condominium 99 years Oct 01, 2016 721 928,000 - 1,287 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 441 496,000 - 1,124 Uncompleted New Sale LAKE GRANDE Condominium 99 years Oct 02, 2016 775 1,040,000 - 1,342 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 506 566,000 - 1,119 Uncompleted New Sale LAKE GRANDE Condominium 99 years Oct 02, 2016 980 1,251,000 - 1,277 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 506 557,000 - 1,101 Uncompleted New Sale LAKEVILLE Condominium 99 years Oct 01, 2016 1,302 1,706,453 - 1,310 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 506 554,000 - 1,095 Uncompleted New Sale THE LAKESHORE Condominium 99 years Sept 29, 2016 861 940,000 - 1,092 2008 Resale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 757,000 - 1,082 Uncompleted New Sale District 23 THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 753,000 - 1,076 Uncompleted New Sale DAIRY FARM ESTATE Condominium Freehold Sept 28, 2016 1,389 1,580,000 - 1,138 1989 Resale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 741,275 - 1,059 Uncompleted New Sale ESPA Condominium 999 years Sept 30, 2016 1,679 1,368,000 - 815 2009 Resale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 737,000 - 1,053 Uncompleted New Sale GLENDALE PARK Condominium Freehold Sept 29, 2016 1,313 1,320,000 - 1,005 2000 Resale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 736,000 - 1,052 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years Sept 30, 2016 463 643,080 - 1,389 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 733,000 - 1,048 Uncompleted New Sale KINGSFORD.HILLVIEW PEAK Condominium 99 years Oct 02, 2016 549 758,000 - 1,381 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 729,000 - 1,042 Uncompleted New Sale KINGSFORD.HILLVIEW PEAK Condominium 99 years Oct 02, 2016 1,249 1,591,218 - 1,274 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 729,000 - 1,042 Uncompleted New Sale KINGSFORD.HILLVIEW PEAK Condominium 99 years Oct 02, 2016 732 860,000 - 1,175 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 725,000 - 1,036 Uncompleted New Sale MERALODGE Condominium Freehold Sept 30, 2016 1,776 1,600,000 - 901 1997 Resale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 721,000 - 1,031 Uncompleted New Sale REGENT GROVE Condominium 99 years Sept 28, 2016 1,195 783,000 - 655 2000 Resale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 717,000 - 1,025 Uncompleted New Sale SOL ACRES EC 99 years Sept 28, 2016 1,098 853,000 - 777 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 717,395 - 1,025 Uncompleted New Sale SOL ACRES EC 99 years Sept 29, 2016 1,163 992,000 - 853 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 689 703,000 - 1,020 Uncompleted New Sale SOL ACRES EC 99 years Sept 29, 2016 1,163 988,000 - 850 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 713,000 - 1,019 Uncompleted New Sale SOL ACRES EC 99 years Sept 30, 2016 1,098 877,000 - 799 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 713,000 - 1,019 Uncompleted New Sale SOL ACRES EC 99 years Oct 01, 2016 1,001 751,000 - 750 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 709,000 - 1,013 Uncompleted New Sale WANDERVALE EC 99 years Sept 28, 2016 1,098 759,000 - 691 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 705,000 - 1,008 Uncompleted New Sale WANDERVALE EC 99 years Sept 29, 2016 1,098 851,000 - 775 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 1,087 1,087,000 - 1,000 Uncompleted New Sale WANDERVALE EC 99 years Sept 30, 2016 1,098 906,000 - 825 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Oct 02, 2016 700 693,000 - 990 Uncompleted New Sale WANDERVALE EC 99 years Sept 30, 2016 958 742,000 - 775 Uncompleted New Sale THE ALPS RESIDENCES* Condominium 99 years Oct 02, 2016 1,776 1,759,000 - 990 Uncompleted New Sale WANDERVALE EC 99 years Sept 30, 2016 1,087 843,000 - 775 Uncompleted New Sale THE SANTORINI Condominium 99 years Sept 30, 2016 753 798,000 - 1,059 Uncompleted New Sale WANDERVALE EC 99 years Sept 30, 2016 1,098 843,000 - 768 Uncompleted New Sale THE SANTORINI Condominium 99 years Sept 30, 2016 753 783,090 - 1,039 Uncompleted New Sale WANDERVALE EC 99 years Sept 30, 2016 1,130 843,000 - 746 Uncompleted New Sale THE SANTORINI Condominium 99 years Oct 01, 2016 753 788,000 - 1,046 Uncompleted New Sale WANDERVALE EC 99 years Sept 30, 2016 1,130 766,000 - 678 Uncompleted New Sale THE SANTORINI Condominium 99 years Oct 01, 2016 915 930,000 - 1,016 Uncompleted New Sale WANDERVALE EC 99 years Oct 01, 2016 1,098 850,000 - 774 Uncompleted New Sale THE SANTORINI Condominium 99 years Oct 02, 2016 527 629,640 - 1,194 Uncompleted New Sale District 25 THE SANTORINI Condominium 99 years Oct 02, 2016 1,152 1,150,380 - 999 Uncompleted New Sale NORTHOAKS EC 99 years Sept 29, 2016 1,249 762,000 - 610 2000 Resale VUE 8 RESIDENCE Condominium 99 years Oct 01, 2016 797 890,000 - 1,117 Uncompleted New Sale PARC ROSEWOOD Condominium 99 years Oct 03, 2016 431 527,000 - 1,224 2014 Resale District 19 District 26 BELLEWATERS EC 99 years Sept 28, 2016 1,238 980,000 - 792 Uncompleted New Sale THE COUNTRYSIDE Terrace Freehold Sept 28, 2016 1,819 2,442,000 - 1,344 1996 Resale CASA ESPANIA Apartment Freehold Sept 29, 2016 1,668 1,430,000 - 857 1991 Resale District 27 CHERRYHILL Condominium Freehold Oct 04, 2016 1,044 1,050,000 - 1,006 1994 Resale NORTH PARK RESIDENCES Apartment 99 years Oct 01, 2016 1,163 1,432,900 - 1,233 Uncompleted New Sale CHUAN GREEN Semi-Detached 99 years Sept 29, 2016 3,972 2,540,000 - 640 2000 Resale PARC LIFE EC 99 years Sept 28, 2016 1,281 999,400 997,100 778 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Sept 30, 2016 678 658,000 - 970 Uncompleted New Sale PARC LIFE EC 99 years Sept 28, 2016 1,109 849,850 847,550 764 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 01, 2016 484 592,900 - 1,224 Uncompleted New Sale PARC LIFE EC 99 years Oct 01, 2016 1,044 797,720 795,420 762 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 02, 2016 657 775,000 - 1,180 Uncompleted New Sale PARC LIFE EC 99 years Oct 01, 2016 936 676,400 674,100 720 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 02, 2016 678 796,000 - 1,174 Uncompleted New Sale PARC LIFE EC 99 years Oct 02, 2016 1,066 825,550 823,250 773 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 02, 2016 850 941,780 - 1,108 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Sept 30, 2016 786 808,000 - 1,028 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 02, 2016 678 658,000 - 970 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Oct 01, 2016 786 799,000 - 1,017 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Oct 02, 2016 678 658,000 - 970 Uncompleted New Sale THE BROWNSTONE EC 99 years Oct 01, 2016 732 668,800 - 914 Uncompleted New Sale EE TEOW LENG ROAD Terrace Freehold Oct 03, 2016 2,077 2,750,000 - 1,321 Unknown Resale THE VISIONAIRE EC 99 years Sept 28, 2016 1,141 943,965 - 827 Uncompleted New Sale PARK RESIDENCES KOVAN Apartment Freehold Sept 30, 2016 355 630,000 - 1,774 2014 Resale THE VISIONAIRE EC 99 years Sept 29, 2016 1,281 940,975 - 735 Uncompleted New Sale REGENTVILLE Apartment 99 years Sept 29, 2016 1,152 890,000 - 773 1999 Resale THE VISIONAIRE EC 99 years Sept 30, 2016 958 795,000 - 830 Uncompleted New Sale RIO VISTA Condominium 99 years Sept 28, 2016 1,249 920,000 - 737 2004 Resale THE VISIONAIRE EC 99 years Oct 01, 2016 1,141 940,500 - 824 Uncompleted New Sale RIVERVALE CREST Apartment 99 years Oct 03, 2016 1,173 860,000 - 733 2002 Resale THE VISIONAIRE EC 99 years Oct 01, 2016 1,335 1,030,000 - 772 Uncompleted New Sale SANCTUARY @ 813 Apartment Freehold Oct 03, 2016 527 610,000 - 1,157 2011 Resale District 28 SERANGOON HIGH PARK RESIDENCES Apartment 99 years Sept 29, 2016 969 1,015,112 - 1,048 Uncompleted New Sale GARDEN ESTATE Terrace 999 years Sept 29, 2016 2,799 3,800,000 - 1,356 Unknown Resale HIGH PARK RESIDENCES Apartment 99 years Sept 30, 2016 980 956,112 - 976 Uncompleted New Sale SERANGOON RIVERBANK @ FERNVALE Condominium 99 years Sept 28, 2016 1,044 1,082,000 1,077,000 1,032 Uncompleted New Sale GARDEN ESTATE Terrace 999 years Sept 29, 2016 2,799 2,660,000 - 950 Unknown Resale RIVERBANK @ FERNVALE Condominium 99 years Sept 28, 2016 1,044 1,074,000 1,069,000 1,024 Uncompleted New Sale SERANGOON RIVERBANK @ FERNVALE Condominium 99 years Sept 28, 2016 1,055 1,052,000 1,047,000 993 Uncompleted New Sale GARDEN ESTATE Terrace 999 years Oct 03, 2016 2,799 3,380,000 - 1,207 2003 Resale RIVERBANK @ FERNVALE Condominium 99 years Sept 29, 2016 1,044 1,021,000 1,016,000 973 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Sept 30, 2016 807 1,138,960 - 1,411 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Sept 30, 2016 1,055 1,082,000 1,077,000 1,021 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 01, 2016 743 1,089,940 - 1,468 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Oct 01, 2016 1,055 1,046,000 - 992 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 01, 2016 969 1,398,450 - 1,444 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Oct 01, 2016 1,055 1,000,000 - 948 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 01, 2016 807 1,028,020 - 1,273 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Oct 02, 2016 1,055 1,062,000 1,057,000 1,002 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 02, 2016 743 1,029,740 - 1,386 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Oct 02, 2016 1,012 961,000 956,000 945 Uncompleted New Sale STARS OF KOVAN Apartment 99 years Oct 02, 2016 743 1,010,820 - 1,361 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Oct 02, 2016 1,109 1,000,000 - 902 Uncompleted New Sale TERRASSE Condominium 99 years Sept 30, 2016 893 1,030,000 - 1,153 2014 Resale RIVERTREES RESIDENCES Apartment 99 years Oct 01, 2016 1,206 1,361,780 - 1,130 Uncompleted New Sale THE AMORE EC 99 years Sept 28, 2016 1,227 938,000 - 764 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years Oct 01, 2016 1,119 1,224,800 - 1,094 Uncompleted New Sale THE LUXURIE Condominium 99 years Sept 30, 2016 883 960,000 - 1,088 2015 Resale THE QUARTZ Condominium 99 years Oct 04, 2016 1,044 945,000 - 905 2009 Resale DISCLAIMER: THE TEMBUSU Condominium Freehold Oct 02, 2016 474 813,500 812,000 1,714 2016 New Sale Source: URA Realis. Updated Oct 11, 2016. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, THE TERRACE EC 99 years Sept 28, 2016 1,076 899,700 889,700 827 Uncompleted New Sale or reliance on, the information provided therein. THE TERRACE EC 99 years Sept 28, 2016 1,076 891,300 881,300 819 Uncompleted New Sale THE TERRACE EC 99 years Sept 28, 2016 1,076 886,300 876,300 814 Uncompleted New Sale EC stands for executive condominium THE TERRACE EC 99 years Sept 29, 2016 1,076 861,300 851,300 791 Uncompleted New Sale * Not all the caveats lodged for the 280 units sold on Oct 2 have been reflected THEEDGE SINGAPORE | OCTOBER 17, 2016 • EP15 GAINS AND LOSSES Contrasting fortunes at two condos

| BY ESTHER HOON |

he week of Sept 27 to Oct 4 saw con- trasting fortunes at two condominium projects — one from the high-end mar- ket and the other, the mass market. At Nassim Park Residences in prime TDistrict 10, two units were sold in the week, EDGE SINGAPORE CHUA/THE SAMUEL ISAAC one at a profit and the other at a hefty loss. Both units were purchased from the developer in 2008. The profitable transaction with a gain of $688,000 accrued to a 3,175 sq ft unit on the third floor. The seller, who purchased the unit in June 2008 at $3,263 psf, resold it to a for- eigner on Sept 30 for $11 million, or $3,480 psf. On the other hand, a 6,878 sq ft penthouse from the project was sold on Oct 3 at a $2.3 million loss, the biggest loss recorded histor- ically at the project. The unit changed hands for $21.2 million, or $3,082 psf. The seller had purchased the unit in August 2008 at $3,418 psf. The buyer is understood to be a Singapore permanent resident. Nassim Park Residences is a luxury condo project comprising 100 units near the Orchard Road shopping belt. The pro- ject was completed in 2011. Meanwhile, in the mass-market segment, two sellers at Sea Esta also met with differing fortunes. One seller gained $113,000 while the other incurred a loss of $17,000. Both pur- A 6,878 sq ft penthouse at Nassim Park Residences was sold at a $2.3 million loss on Oct 3 chased their units in 2012 and resold them four years later, shortly after the expiry of the paid $882 psf for the unit in September 2012 the week accrued to a 2,573 sq ft unit at Grand made an annualised gain of 7%. four-year seller’s stamp duty holding period. and resold it at $970,000, or $866 psf. This Duchess at St Patrick’s, a 121-unit freehold Separately in prime District 11, a seller made The profitable transaction involved a 980 sq marks the first unprofitable transaction at the condo off Marine Parade Road. The seller, a profit of more than $1 million at Park Infin- ft unit on the seventh floor, which was pur- project this year and the third historically. All who had held the unit for close to 10 years, ia at Wee Nam. The seller, who purchased the chased at $893 psf in July 2012 and resold at the losses were below $100,000. Sea Esta is a gained $1.3 million from the Oct 4 sale of 1,690 sq ft unit from the developer at $1,007 $988,000, or $1,009 psf, on Oct 3. 376-unit, 99-year leasehold project on Pasir Ris the property, which fetched $2.9 million, or psf a decade ago, in August 2006, sold it at A 1,119 sq ft unit on the second floor, how- Link that was completed in 2015. $1,108 psf. Having paid the developer $591 $2.9 million, or $1,716 psf, on Sept 27. This ever, was sold at a loss of $17,000. The seller The most profitable condo transaction in psf for the unit in December 2006, the seller translates into an annualised gain of 5%. E

Residential transactions with contracts dated Sept 27 to Oct 4

Most profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Grand Duchess at St Patrick’s 15 2,573 Oct 4 1,108 Dec 15, 2006 591 1,330,020 88 7 9.8 URA, THE EDGE PROPERTY URA, 2 Park Infinia at Wee Nam 11 1,690 Sept 27 1,716 Aug 21, 2006 1,007 1,197,475 70 5 10.1 3 Dairy Farm Estate 23 1,389 Sept 28 1,138 Feb 1, 2000 508 875,000 124 5 16.7 4 Rivergate 9 2,088 Sept 28 1,963 June 4, 2009 1,550 863,600 27 3 7.3 5 Nassim Park Residences 10 3,175 Sept 30 3,480 June 19, 2008 3,263 688,000 7 1 8.3 6 Parbury Hill Condominium 16 1,206 Sept 29 1,062 Sept 1, 2005 568 595,000 87 6 11.1 7 The Levelz 10 807 Oct 4 1,462 May 12, 2004 797 536,500 83 5 12.4 8 Papillon 12 1,787 Sept 28 814 April 27, 2007 515 535,000 58 5 9.4 9 Novena Lodge 11 969 Sept 28 1,354 March 29, 2007 815 522,000 66 5 9.5 10 The Calrose 26 926 Sept 27 1,167 Aug 12, 2005 614 512,000 90 6 11.1 LANDED 1 Detached/Toh Yi Drive 21 4,413 Oct 1 827 Dec 16, 2005 408 1,850,000 103 7 10.8 2 Terraced/First Street 15 1,647 Oct 3 1,584 Oct 24, 2002 492 1,792,000 222 9 14.0 3 Terraced/Braemar Drive 19 2,799 Oct 3 1,207 July 3, 2006 579 1,760,000 109 7 10.3 4 Semi-detached/Lentor Street 26 3,455 Sept 27 913 June 1, 2001 441 1,630,000 107 5 15.3 5 Terraced/Blandford Drive 19 2,799 Sept 29 950 July 18, 2008 482 1,310,000 97 9 8.2

Non-profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Nassim Park Residences 10 6,878 Oct 3 3,082 Aug 21, 2008 3,418 2,310,000 10 1 8.1 2 Detached/Jalan Loyang Besar 17 4,715* Oct 3 424 May 7, 2008 530 500,000 20 3 8.4 3 Terraced/Jalan Chegar 20 1,561 Sept 28 1,156 March 7, 2012 1,362 320,000 15 4 4.6 4 Terraced/Jalan Chempaka Kuning 16 4,133 Sept 28 109 April 26, 2013 181 300,000 40 14 3.4 5 Martin Place Residences 9 1,044 Sept 29 1,952 May 8, 2012 2,172 230,000 10 2 4.4 6 Detached/Branksome Road 15 5,134 Oct 3 2,006 June 14, 2016 2,045 200,000 2 6 0.3 7 The Seafront on Meyer 15 1,604 Oct 4 1,548 Jan 30, 2008 1,640 147,500 6 1 8.7 8 The Sail @ Marina Bay 1 893 Sept 28 1,662 June 22, 2007 1,791 115,000 7 1 9.3 9 Pebble Bay 15 1,098 Sept 28 836 April 19, 2010 938 112,000 11 2 6.4 10 Duchess Residences 10 1,485 Sept 28 1,621 April 1, 2010 1,683 92,000 4 1 6.5

*Refers to strata area. Otherwise, area stated for landed homes refers to land area. Note: The profit and loss computation excludes transaction costs such as stamp duties URA caveat record downloaded on Oct 7 and 11 EP16 • THEEDGE SINGAPORE | OCTOBER 17, 2016 DEAL WATCH Unit at Aalto on the market for $1,600 psf

| BY TAN CHEE YUEN | er of which is a 6,168 sq ft unit $2.57 million ($1,681 psf). on the 26th floor that was sold The last time a bigger three-bed- Past rental contracts 1,550 sq ft, three-bed- for $16.8 million ($2,724 psf) in room unit (1,550 sq ft) changed hands for 1,500 sq ft to room unit at Aalto February 2011. The other pent- was in November last year, when a has been listed for house of 5,608 sq ft, also on the unit on the 20th floor was sold for 1,600 sq ft units

sale at $2.48 mil- 26th floor, fetched $16.275 mil- $2.73 million ($1,761 psf), accord- at Aalto THE EDGE PROPERTY URA, TABLES: lion ($1,600 psf) on lion ($2,902 psf) in March 2008 ing to a caveat lodged then.

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC LEASE DATE MONTHLY RENT TheEdgeProperty.com. The unit at the previous peak just before In the future, homebuyers can A $ $ PSF is said to be facing the green- the global financial crisis. look forward to the Tanjong Katong ery and landed area of Amber The highest psf price achieved MRT station on the Thomson-East July 2016 5,200 3.40 Road and Meyer Road, accord- at Aalto was for one of the Coast Line that is expected to open July 2016 5,400 3.50 ing to Jamie Goh, a property sub-penthouses on the 25th floor. in 2023. June 2016 5,000 3.20 agent with PropNex Realty who The 3,940 sq ft unit changed For more information, call market- June 2016 5,000 3.20 is marketing the unit. hands for $11.5 million ($2,919 ing agent Jamie Goh at 9025 6772. E June 2016 5,700 3.70 The apartment is said to be psf) at the last peak in Febru- currently tenanted at a month- ary 2013. Scan the QR May 2016 5,600 3.60 ly rent of $5,500 with the lease The three most recent transac- code for value May 2016 5,450 3.50 deals at Aalto expiring in July 2018. This trans- tions at Aalto were for four-bed- May 2016 6,500 4.20 lates into a gross rental yield of room units of 1,959 to 2,024 sq May 2016 5,200 3.40 2.7%. Buyers have the option ft, which were sold at $2.9 mil- to purchase the unit with tenant lion ($1,480 psf) to $3.4 million April 2016 5,500 3.50 in place or with vacant posses- Aalto is a freehold high-end condominium on Meyer ($1,735 psf) in the months of sion, says Goh. There is an early Road that was developed by Hong Leong Holdings July to September, according to termination clause in the lease caveats lodged with URA Realis. in the event that the buyer decides and completed in 2010. The project is The latest transaction of a Past transactions for 1,550 sq ft unit at Aalto to purchase with vacant possession. a redevelopment of the former East- three-bedroom unit at Aalto was Monthly rents for three-bedroom ern Mansion, which was purchased for a 1,528 sq ft, mid-floor unit, CONTRACT DATE FLOOR AREA (SQ FT) PRICE ($) PRICE ($ PSF) units of 1,500 to 1,600 sq ft are gen- en bloc, and an adjacent site. Aalto which changed hands for $2.55 mil- Nov 23, 2015 High 1,550 2,730,000 1,761 erally hovering around $5,455, ac- has twin 27-storey towers and a total lion ($1,668 psf) in July. The oth- Sept 25, 2014 High 1,550 2,800,000 1,806 cording to leasing contracts on URA of 196 units. The units are three- and er three transactions of three-bed- Aug 5, 2014 Mid 1,550 2,735,000 1,764 for the past six months (see table). four-bedroom apartments that start room apartments at Aalto earlier Aalto is a freehold high-end con- from 1,442 sq ft and 1,959 sq ft, re- this year were also of similar-sized *Low floors: L1 to L7, Mid floors: L8 to L15, High floors: L16 and above dominium on Meyer Road that was spectively. There are also two pent- units. They were sold at prices rang- developed by Hong Leong Holdings houses in the development, the larg- ing from $2.3 million ($1,505 psf) to

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