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Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JUNE 27, 2016 | ISSUE 734
Market trends Affordable housing Done Deals Deferred payment The next big thing in Contrasting fortunes Inside the $48 mil scheme makes comeback overseas real estate in Punggol ‘Copper House’ EP10&11 EP12 EP20 EP32&33
Uptick in residential sales Are home prices next? See our Cover Story on Pages 16 and 17. EP2 • THEEDGE SINGAPORE | JUNE 27, 2016
DIRECTOR’S NOTE
EDITORIAL EDITOR | Ben Paul THE EDGE PROPERTY SECTION EDITOR | New look, greater reach, same editorial quality Cecilia Chow HEAD OF RESEARCH | Feily Sofi an DEPUTY SECTION EDITOR | Dear readers, suites, banks, airline lounges, clubs, cafes and more. Michael Lim A year ago, we started on our journey to establish a New look. Greater reach. Same editorial quality. SENIOR ANALYST | Esther Hoon ANALYSTS | Lin Zhiqin, new real estate platform that aimed to help users make On the digital front, not only have we completely Tan Chee Yuen better property decisions with insightful research and refreshed our website, we have also rolled out our superior data technology. Together with the launch latest property search engine, which offers users an COPY-EDITING DESK | Elaine Lim, Evelyn Tung, of our new digital portal, The Edge Property (TEP), un paralleled discovery experience. Often enough, Chew Ru Ju, Tan Gim Ean, we started a namesake print section, which draws property seekers are required to send multiple Choy Wai Fong analyses from our online database. enquiries to agents, many of which are irrelevant EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PHOTO EDITOR | Regular readers of The Edge Singapore will be because the properties are not exactly what buyers Samuel Isaac Chua EDITORIAL COORDINATOR | familiar with City & Country, our other property want. By enabling users to search for the different Rahayu Mohamad section, which has been in print since 2003. While unique facets of a property, for example, dual key, DESIGN DESK | the two property sections served different segments walk-in wardrobe and pool view beyond the typical Tan Siew Ching, Christine Ong, Monica Lim, of the market (C&C focused on key management price and location filters, we remove redundant en- Mohd Yusry, Tun Mohd Zafi an inter views and new product offerings, whereas TEP quiries from the market. Instead, we focus on gen- Mohd Za’abah tried to make sense of data with trend analysis), erating high-quality leads, a win-win scenario for
ADVERTISING + the line was getting “blurred” on overlapping is- buyers and sellers. MARKETING sues such as government policies and the impact This is in line with our goal of helping property ADVERTISING SALES of developers’ discount schemes. At the same time, seekers along the entire search process by improving DIRECTOR, ADVERTISING the market is becoming more sophisticated and re- the efficiency of each step, from discovery right & SALES | Cowie Tan ASSOCIATE ACCOUNT liance on coupling content with data is growing in down to post-sales support. The growth of our digital DIRECTOR | Diana Lim significance. platform (3.5 times user growth in a year) and print ACCOUNT MANAGERS | Ken Tan, Taking these into consideration, we are happy circulation (10% growth in print circulation) is a Priscilla Wong, Jon Tan to announce that we have merged our two property reflection of the potential possibility of what we THE EDGE SINGAPORE sections. This streamlining initiative allows us to hope to deliver to you. ADVERTISING + MARKETING continue to do what we do best, which is to deliver Thank you for being a part of our growth journey ADVERTISING SALES high- quality editorial content, supported by in-depth today. We will never settle for anything less in our CHIEF MARKETING OFFICER | Cecilia Kay research and facts. This merger allows our business commitment to deliver a better experience to our SENIOR MANAGERS | partners to reach out to an ever wider audience using readers and results to our business partners. Windy Tan, Kevin Sim only one dedicated print channel. We will also be MANAGERS | Elaine Tan, Junda Lin amplifying our reach in the coming weeks — so do Bernard Tong EVENTS look out for our brand-new section on hotels, medical Managing director, The Edge Property SENIOR MANAGER | Sivam Kumar MARKETING MANAGER | Cecile Herweg EXECUTIVES | Tim Jacobs, Sam Ridzam Renew your space. COORDINATOR | Nor Aisah Bte Asmain Great Design Sale at W. ATELIER now on till 13 August CIRCULATION Up to 50% off on designer furniture, lights, kitchens and bathrooms BUSINESS DEVELOPMENT DIRECTOR | Victor The W. ATELIER Level One, 75 Bukit Timah Road T +65 6270 8828 watelier.com EXECUTIVES | Keith Lee, Malliga Muthusamy, Sandrine Gerber
CORPORATE CHIEF EXECUTIVE OFFICER | Ben Paul BRIEFS DIRECTOR | Anne Tong CORPORATE AFFAIRS DIRECTOR | Ng Say Guan Northwave EC opens for Occupation Permit in 2017. It has managed to secure
PUBLISHER e-applications on June 25 Virgin Active, Cold Storage supermarket and Cook- The Edge Publishing Pte Ltd Hao Yuan Investment will open its latest executive house by Koufu for its retail component. 150 Cecil Street #08-01 condominium (EC) project, Northwave (right) in Marina One is a 3.67 million sq ft development Singapore 069543 Woodlands, for e-applications from June 25, with comprising two prime Grade-A offices towers, Marina Tel: (65) 6232 8622 Fax: (65) 6232 8620 bookings to start on July 9. Hao Yuan is believed to One East and West, 1,042 residential homes and a be pricing Northwave, located at Woodlands Avenue 140,000 sq ft retail podium. The development also PRINTER 12, at an average price of $760 psf. features a 65,000 sq ft biodiversity garden referred KHL Printing Co Pte Ltd 57 Loyang Drive The 358-unit, resort lifestyle-inspired EC offers to as the Green Heart, where specially curated sculp- Singapore 508968 352 two- to five-bedroom units ranging from 678 to tures and exhibits by selected Malaysian and Singa- Tel: (65) 6543 2222 1,722 sq ft and 16 penthouses from 1,593 to 1,722 porean artists will be showcased. Fax: (65) 6545 3333 sq ft. According to Hao Yuan, most of the units M+S is a joint venture between Malaysia’s will enjoy a pool view. Northwave is scheduled for Khazanah Nasional and Singapore’s Temasek Holdings. We welcome your comments completion in 2019. and criticism: propertyeditor.sg@ GCB plots at Eden Hall relaunched for sale bizedge.com 77 Robinson Road for sale leasehold tenure, effective from Feb 19, 1994. Major The British government has relaunched for sale the Pseudonyms are allowed but for $575 mil tenants in the building include Adidas, Dentsu, two adjoining plots of land on the eastern side of please state your full name, Savills Investment Management has put 77 Robin- DVB Bank and Sojitz. The current occupancy is the garden at Eden Hall, the official residence of address and contact number for son Road up for sale. According to CBRE, which is close to 90%. the British High Commissioner to Singapore. The us to verify. marketing the building, the guide price is $575 mil- new guide prices are $1,700 psf for the front plot lion. That works out to $1,960 psf based on the net Marina One secures pre-commitments for (A) and $1,630 psf for the rear one (B). According lettable area (NLA) of 293,269 sq ft. At this price, over 550,000 sq ft of its office space to CBRE, which is marketing the sites, interested the annual net yield will be about 3.5%. M+S celebrated the topping out of its flagship parties may bid for either plot, or both. This is the second time Savills Investment integrated development Marina One on June 20. An Plot A has an estimated land area of 18,618 sq Management is putting the building up for sale. update on the take-up rate of its office space, retail ft and a 34m road frontage to Nassim Road. Plot The first was in September 2015 and the asking price space and sales of its residential development shows B sits on an elevated land measuring 15,634 sq ft. then was about $650 million or $2,200 psf of its NLA. it has secured pre-commitment for over 550,000 sq Both sites have a combined area of 34,252 sq ft The building was first put up for sale by SEB Asset ft out of its total office space of 1.88 million sq ft. and are zoned for residential use within the desig- Management in 2011 with a guide price of $678 mil- The pre-commitment includes signed leases and nated Good Class Bungalow area of Nassim Road. lion or 2,300 psf of its NLA. those under documentation. Prior to this, the land was put up for sale via 77 Robinson Road is a 35-storey office building As for Marina One Residences, M+S says it has a tender exercise in Jan uary at a guide price of with three ground floor retail units and 180 parking sold over 90% of the 401 units released for sale since $2,200 psf for Plot A and $2,000 psf for Plot B. lots. It was developed by Singapore Airlines and its launch in 2014. It will release new residential The public tender for the sites will close on Aug 3 completed in 1997. It sits on a site with a 99-year units after the development receives its Temporary at 4 pm. — Compiled by Michael Lim E THEEDGE SINGAPORE | JUNE 27, 2016 • EP3 EP4 • THEEDGE SINGAPORE | JUNE 27, 2016
SPOTLIGHT
Do older condos in CCR offer better yields?
| BY MICHAEL LIM | unit The Sail at Marina Bay by City Develop- ments Ltd that was completed in 2009; and he launch of CapitaLand’s 268-unit the 89-unit Serenade @ Holland, which was Cairnhill Nine and Oxley Holdings’ completed by Wing Tai Holdings 12 years ago. 149-unit The Rise at Oxley in March The renewal of interest in St Thomas Suites have refocused investors’ attention on is not surprising, according to Alan Cheong, prime District 9. OUE’s deferred pay- head of research at Savills Singapore. “The lat- Tment scheme for the 462-unit OUE Twin Peaks est transacted price of $1,788 psf for St Thom- and Wheelock Properties’ 15% discount and as Suites is well below that of new launches 15% additional buyer’s stamp duty (ABSD) and is one of the lowest psf prices for a free- EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: assistance package for the 84-unit Ardmore hold development in District 9,” he says. In Three in April further shone the spotlight on fact, the $1,788 psf price for the 2,013 sq ft, projects in prime Districts 9 and 10. four-bedroom unit on the 19th floor of one of That seems to have awakened interest the 36-storey twin towers is even lower than in the Core Central Region as a whole. CCR the resale price of $2,118 psf achieved in 2012, comprises the traditional prime Districts 9, 10 and even below the developer’s selling price and 11, as well as Marina Bay and the CBD of $1,878 psf in 2010. core of District 1 and Sentosa Cove in Dis- In comparison, a 1,603 sq ft, four-bedroom, trict 4. Based on the top 50 property searches mid-floor unit at Cairnhill Nine fetched $3.89 by users of The Edge Property website from million ($2,424 psf) in May. And Cairnhill Nine the beginning of the year to June 19, home- is 99-year leasehold. At the freehold The Rise buyers are casting their nets beyond the new @ Oxley, a 1,163 sq ft, three-bedroom unit launches to include older condominium de- was sold for $2.45 million ($2,108 psf), while velopments such as the 176-unit freehold St a 1,399 sq ft, three-bedroom unit at the 99- Thomas Suites developed by Frasers Centre- year leasehold OUE Twin Peaks fetched $3.6 point Ltd and completed in 2010; the 1,111- million ($2,573 psf) recently. The $1,788 psf
Top 50 searches in Core Central Region from Jan 1 to June 19 PROJECT PROPERTY TYPE LAND TENURE COMPLETION TOTAL NO OF UNITS
26 NEWTON Apartment Freehold 2016 180 A 2,013 sq ft, four-bedroom unit on the 19th floor A 1,507 sq ft, three-bedroom unit at Serenade @ Hol- 6 DERBYSHIRE Condominium Freehold Uncompleted 168 of one of the 36-storey twin towers at St Thomas land was sold for $1.75 million ($1,160 psf). The asking
ARDMORE THREE Condominium Freehold 2014 84 SEARCH ENGINE THE EDGE PROPERTY Suites was sold for $1,788 psf, below the develop- rent for a similar-sized unit is around $4,500 a month. AVALON Condominium Freehold 1999 82 er’s selling price of $1,878 psf in 2010 CAIRNHILL CREST Condominium Freehold 2004 248 CAIRNHILL NINE Apartment 99 years Uncompleted 268 price recently achieved at St Thomas Suites is by Wing Tai Holdings and completed in 2004, CYAN Condominium Freehold 2014 278 therefore a 15% discount compared with the while the 289-unit The Trizon was developed D’LEEDON Condominium 99 years 2014 1,703 unit at The Rise @ Oxley, 26% below the unit by Singapore Land and completed in 2012. GLENTREES Condominium 999 years 2005 176 at Cairnhill Nine and a 30% discount to the “Buyers [see] Serenade @ Holland purely as ICON Apartment 99 years 2007 646 unit at OUE Twin Peaks. a rental yield play, as it is one of the most af- LATITUDE Condominium Freehold 2010 127 “Those who are active today are investors fordable developments in the vicinity,” says LEEDON RESIDENCE Condominium Freehold 2015 381 who have done their math and are pouncing Samuel Eyo, managing director of Singapore LOFT @ STEVENS Apartment Freehold 2013 44 on value buys, which will position them for Christie’s International Real Estate. MARINA BAY RESIDENCES Condominium 99 years 2010 428 the next property upturn,” says Cheong. At Serenade @ Holland, a 1,507 sq ft, MARINA ONE RESIDENCES Apartment 99 years Uncompleted 1,042 In the Holland Road neighbourhood of Dis- three-bedroom unit fetched $1.75 million NEWTON SUITES Apartment Freehold 2007 118 trict 10, the two most-searched condos were ($1,160 psf) earlier this month. The asking ONE BALMORAL Condominium Freehold Uncompleted 91 the 99-year leasehold Serenade @ Holland and rent for such a unit has been listed at $4,500 ONE DUCHESS Apartment 999 years Uncompleted 13 freehold The Trizon at Ridgewood Close. The a month, which translates into a rental yield ONE SHENTON Apartment 99 years 2011 341 89-unit Serenade @ Holland was developed of 3.1%. In comparison, at The Trizon, a 1,550 ORANGE GROVE RESIDENCES Condominium Freehold 2009 60 sq ft, three-bedroom unit was sold for $2.6 mil- ORCHARD SCOTTS Condominium 99 years 2008 387 lion ($1,677 psf) in December 2015. The unit OUE TWIN PEAKS Condominium 99 years 2015 462 is available for lease, with an asking rent of PARC EMILY Condominium Freehold 2008 295 $5,700 a month, which translates into a gross RESIDENCES @ EVELYN Condominium Freehold 2007 208 yield of 2.6%. RIVERGATE Apartment Freehold 2009 545 Interest has returned to The Sail @ Mari- RV EDGE Apartment Freehold 2013 108 na Bay as prices are now below the level in SCOTTS SQUARE Apartment Freehold 2011 338 2008/09 when the 99-year leasehold condo SOLEIL @ SINARAN Condominium 99 years 2011 417 was completed. “It is the most high-profile SOPHIA RESIDENCE Condominium Freehold 2014 272 condo in Marina Bay, being the biggest and SPRING GROVE Condominium 99 years 1996 325 the first residential development there,” says ST THOMAS SUITES Condominium Freehold 2010 176 Christie’s Eyo. “It is no surprise that it is one THE CLIFT Apartment 99 years 2011 312 of the most-searched condos among both prop- THE COAST AT SENTOSA COVE Condominium 99 years 2009 249 erty agents and buyers.” THE IMPERIAL Condominium Freehold 2006 187 The latest transaction at The Sail was for THE LAURELS Condominium Freehold 2013 229 a 1,313 sq ft, three-bedroom unit, which was THE OLIV Apartment Freehold 2013 23 sold for $2.18 million ($1,656 psf) in June. THE ORCHARD RESIDENCES Apartment 99 years 2010 175 A similar-sized unit was listed with an ask- THE PATERSON Condominium Freehold 2004 88 ing rent of $6,000 a month recently, which THE PIER AT ROBERTSON Apartment Freehold 2006 201 means that if the rent is achieved, the yield THE SAIL @ MARINA BAY Apartment 99 years 2008 1,111 will be 3.3%. The recent psf price is even THE SERENADE @ HOLLAND Condominium 99 years 2004 89 lower than that achieved by the unit in No- THE TRIZON Condominium Freehold 2013 289 vember 2009, when it was sold at $1,900 THOMSON 800 Condominium Freehold 1999 390 psf. “The Sail is sought after by investors as TRILIGHT Condominium Freehold 2012 205 there is always a ready pool of tenants who UE SQUARE Apartment 929 years 1997 495 want to live near Raffles Place and Marina URBAN RESORT CONDOMINIUM Condominium Freehold 2013 64 Bay, and at today’s prices, the yield is attrac- E VALLEY PARK Condominium 999 years 1997 728 tive,” points out Eyo. VISIONCREST Apartment Freehold 2007 265 A 1,313 sq ft, three-bedroom unit at The Sail was VIZ AT HOLLAND Condominium Freehold 2008 165 sold for $2.18 million ($1,656 psf) in June. The psf SEE ALSO PAGE EP6 — IS RCR’S GEYLANG WATERFORD RESIDENCE Apartment 999 years 2010 118 price is even lower than the $1,900 achieved by the A HOT SPOT ONCE AGAIN? unit in November 2009. THEEDGE SINGAPORE | JUNE 27, 2016 • EP5 EP6 • THEEDGE SINGAPORE | JUNE 27, 2016
SPOTLIGHT
Is RCR’s Geylang a hot spot once again?
| BY MICHAEL LIM | day. Studios are 700 to 807 sq ft, two-bedroom ed for rent at $3,100 a month, which gives a units are 700 to 1,044 sq ft and three-bedroom yield of 3.7%. The other draw of Atrium Resi- ut of the top 50 property searches on units are 1,055 to 1,270 sq ft. dences is that it is surrounded by eateries and The Edge Property website, apart- The most recent transaction at the devel- well served by public transport, says Cheong. ment and condominium projects in opment was for a 1, 141 sq ft, three-bedroom The Sunny Spring is sought after by Sin- the Geylang area were among the unit, which sold for $820,000 ($719 psf) in gaporean and PR families because of its prox- most sought after. While Geylang may September 2015. Assuming each bedroom imity to good schools such as Khong Hwa Obe famous for its red-light district and eateries can be leased for $900 to $1,100 a month, the School, Tanjong Katong Secondary School, such as those selling beef hor fun and frog por- rental rate is likely to be $2,700 to $3,300 a Chung Cheng High School and Dunman High ridge on Lorong 17, and 126 Dim Sum or Wan month, which translates into a gross yield of School. It is also a short walk away from the EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: Dou Sek on Sims Avenue, it is also a popular 3.9% to 4.4%. upcoming Paya Lebar Central. The 338-unit residential area for those who want reasona- While the gross rental yield appears to out- project contains three- and four-bedroom units bly priced freehold apartments near the CBD perform the average for most condos in the of 872 to 2,121 sq ft. Recent transactions at the and the upcoming Paya Lebar Central com- RCR and even CCR today, Cheong advises po- development include a 1, 200 sq ft, three-bed- mercial hub, according to Alan Cheong, head tential buyers to check with their banks or fi- room unit on the eighth floor, which was sold of research for Savills Singapore. nance houses to find out the loan limit they for $1.1 million in March, and a 1,066 sq ft, “Buyers of residential units there are typi- can obtain for residential properties in Gey- three-bedroom unit on the fourth floor, which cally Singaporeans and permanent residents,” lang, especially those located in the red-light was sold for $1.05 million in May. he notes. Tenants, on the other hand, tend to zone, such as Wing Fong Mansions. “Interest in the development is coming main- be foreigners who like the area’s proximity to “Local banks do not provide loans for prop- ly from upgraders who are looking to purchase the city and amenities, and relatively afforda- erties in the red-light district, especially those for their own use,” says Cheong. “Plus, it’s a ble rents. “Geylang has a unique character, located on Lorong 2 to Lorong 24,” says Eu- value buy, with three-bedroom units in the with its vibrant nightlife, which you can’t find gene Huang, director of Red Brick Mortgage $1 million range. You will be hard-pressed to elsewhere in Singapore,” comments Cheong. Advisory. “The financial institutions that do find a similar-sized freehold condo unit at this Geylang is on the city fringe and is therefore are Singapura Finance, Hong Leong Finance price anywhere else in Singapore.” E considered to be in the Rest of Central Region and RHB, and buyers can borrow up to 80%.” (RCR). The most-searched condos are mainly Meanwhile, Atrium Residences is popular older projects, such as the 218-unit freehold with permanent residents and foreigners who SEE ALSO PAGE EP8 — COMPLETED Wing Fong Mansions on Lorong 14, which was have families as the units are larger than typi- CONDOS NEAR NEW LAUNCHES IN OCR completed in 1997; the 338-unit freehold The cal condo units in Geylang. And they are rela- PRESENT BUYING OPPORTUNITIES A 1,141 sq ft, three-bedroom unit at Wing Fong Man- Sunny Spring on Lorong 40, which obtained tively affordable, says Cheong. Like Wing Fong sions sold for $820,000 ($719 psf) last September its Temporary Occupation Permit in 1998; and Mansions, two-bedroom units at Atrium Res- the 142-unit freehold The Atrium Residenc- idences are 800 to 807 sq ft, while three-bed- es on Lorong 28, which was completed eight room units are 1,001 to 1,300 sq ft, and pent- Top 50 searches in Rest of Central Region from Jan 1 to June 19 years ago. houses are 1,604 to 2,303 sq ft. PROJECT PROPERTY TYPE LAND TENURE COMPLETION TOTAL NO OF UNITS Wing Fong Mansions has been on inves- The most recent transaction at Atrium Res- AALTO Condominium Freehold 2010 196 tors’ radar because of its affordability and rent- idences was for a 1, 055 sq ft, three-bedroom ALEXIS Apartment Freehold 2012 293 al yield, says Cheong. As it was built 19 years unit that changed hands for $1 million ($904 ATRIUM RESIDENCES Apartment Freehold 2008 142 THE EDGE PROPERTY SEARCH ENGINE THE EDGE PROPERTY ago, the unit sizes are bigger than those to- psf) in April. A similar-sized unit was list- AVA TOWERS Apartment Freehold 1993 124 BARTLEY RIDGE Condominium 99 years Uncompleted 868 BEACON HEIGHTS Condominium 999 years 2012 212 BISHAN 8 Condominium 99 years 1999 200 CARIBBEAN AT KEPPEL BAY Condominium 99 years 2004 969 CITY SQUARE RESIDENCES Condominium Freehold 2009 910 CITYLIGHTS Condominium 99 years 2007 600 CLOVER BY THE PARK Condominium 99 years 2011 616 COSTA RHU Condominium 99 years 1997 737 DOVER PARKVIEW Condominium 99 years 1997 686 EIGHT RIVERSUITES Condominium 99 years 2016 843 EMERALD GARDEN Condominium 999 years 1999 265 FULCRUM Condominium Freehold 2016 128 GEM RESIDENCES Condominium 99 years Uncompleted 578 HERITAGE VIEW Condominium 99 years 2000 618 HIGHLINE RESIDENCES Condominium 99 years Uncompleted 500 JARDIN Condominium Freehold 2012 140 MAPLEWOODS Condominium Freehold 1997 697 MERAPRIME Condominium 99 years 2006 213 ONE AMBER Condominium Freehold 2010 562 PANDAN VALLEY Condominium Freehold 1978 605 PEARL BANK APARTMENT Apartment 99 years 1976 280 PEBBLE BAY Condominium 99 years 1997 510 A 1,055 sq ft, three-bedroom unit at Atrium Residences changed hands for $1 million ($904 psf) in April PRINCIPAL GARDEN Condominium 99 years Uncompleted 663 QUEENS Condominium 99 years 2002 722 REFLECTIONS AT KEPPEL BAY Condominium 99 years 2011 1,129 RIVER PLACE Condominium 99 years 2000 509 SIGNATURE PARK Condominium Freehold 1998 928 SIMS URBAN OASIS Condominium 99 years Uncompleted 1,024 SKY HABITAT Condominium 99 years 2015 509 SKY VUE Condominium 99 years Uncompleted 694 STURDEE RESIDENCES Condominium 99 years Uncompleted 305 THE ANCHORAGE Condominium Freehold 1997 775 THE CASCADIA Condominium Freehold 2010 536 THE INTERLACE Condominium 99 years 2013 1,040 THE METROPOLITAN CONDOMINIUM Condominium 99 years 2009 382 THE MEYERISE Condominium Freehold 2014 239 THE POIZ RESIDENCES Apartment 99 years Uncompleted 731 THE RICHMOND Apartment Freehold 1999 38 THE STERLING Condominium Freehold 2000 232 THE SUNNY SPRING Apartment Freehold 1998 338 THOMSON GRAND Condominium 99 years 2015 339 THOMSON IMPRESSIONS Apartment 99 years Uncompleted 288 TREVISTA Condominium 99 years 2011 590 TWIN REGENCY Condominium Freehold 2007 234 WATERBANK AT DAKOTA Condominium 99 years 2013 616 A 1,200 sq ft, three-bedroom unit on the eighth floor of The Sunny Spring was sold for $1.1 million in March WING FONG MANSIONS Apartment Freehold 1997 218 and a 1,066 sq ft, three-bedroom unit on the fourth floor was sold for $1.05 million in May THEEDGE SINGAPORE | JUNE 27, 2016 • EP7
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SPOTLIGHT
Completed condos near new launches in OCR present buying opportunities
| BY MICHAEL LIM | Tan. “They prefer a completed development as they can move in immediately or lease it he launch of The Wisteria in Yishun out for rental income even though the rental in March and Cheung Kong Properties’ market is relatively challenging.” Stars of Kovan in May has stirred in- A similar scenario is taking place in the Kovan terest in completed condominiums in area. The launch of Stars of Kovan in May has these two suburban neighbourhoods, created a buzz, and 80 units have been sold to Twhich are located in the Outside Central Re- date, based on caveats lodged on URA Realis.
gion (OCR), according to the top 50 property The average transacted price was $1,400 psf. MOHAMMED FYROL/THE EDGE SINGAPORE PICTURES: searches in The Edge Property website. Two neighbouring completed condos have “Buyers who are looking for a home in the benefited from the launch of Stars of Kovan. vicinity will zoom in on projects that were re- One is the 521-unit Kovan Residences, which cently completed or other comparable projects,” was completed in 2011 and jointly developed says Alice Tan, head of research at Knight Frank by Centurion Properties and Lian Beng Group. Singa pore. Some are of the view that projects The average price of units sold at the develop- that were launched earlier are likely to be ment over the last six months was $1,167 psf. priced lower, providing higher capital appre- The other condo is the 393-unit Kovan Regen- ciation in the future, she explains. cy by Hoi Hup, which is expected to be com- For instance, in Yishun, a consortium led pleted later this year. by BBR Holdings launched The Wisteria at an The most recent transaction at Kovan Re- average price of $1,100 psf. Meanwhile, th e gency was for a 550 sq ft, one-bedroom unit 608-unit The Estuary by MCL Land, which for $770,000 ($1,300 psf) in November 2015. was completed in 2013, has seen resale prices Meanwhile, a 506 sq ft studio at Stars of Kovan At Kovan Residences, the average price of units sold over the last six months was $1,167 psf averaging $904 psf over the past six months. was sold for $864,580 (1,314 psf). The very This represents a discount of about 18% on slight price premium for Stars of Kovan over average compared with The Wisteria, points Kovan Regency could be due to the fact that Top 50 searches in Outside Central Region from Jan 1 to June 19 out Knight Frank’s Tan. the latter will only be completed later this year, PROJECT PROPERTY TYPE LAND TENURE COMPLETION TOTAL NO OF UNITS The price premium could also be due to says Knight Frank’s Tan. A TREASURE TROVE Condominium 99 years 2015 882 the fact that The Wisteria is a mixed-use de- With more value-buy opportunities sur- ARCHIPELAGO Condominium 99 years 2015 553 velopment with a retail mall. “Buyers in the facing in the OCR as new projects are being BARTLEY RESIDENCES Apartment 99 years 2015 702 THE EDGE PROPERTY SEARCH ENGINE THE EDGE PROPERTY OCR are more price-sensitive, especially in the completed, buyers will have to do their home- BAYSHORE PARK Condominium 99 years 1986 1,083 current uncertain economic situation,” says work, says Tan. E BEDOK RESIDENCES Apartment 99 years 2015 583 BOTANIQUE AT BARTLEY Condominium 99 years Uncompleted 797 CASA ESPANIA Apartment Freehold 1991 19 CASA MERAH Apartment 99 years 2009 556 CHILTERN PARK Condominium 99 years 1995 500 COMPASS HEIGHTS Apartment 99 years 2002 536 COSTA DEL SOL Condominium 99 years 2004 906 GLENDALE PARK Condominium Freehold 2000 448 GUILIN VIEW Condominium 99 years 2000 655 HILLVIEW GREEN Condominium 999 years 1998 400 KINGSFORD . HILLVIEW PEAK Condominium 99 years Uncompleted 512 KINGSFORD WATERBAY Apartment 99 years Uncompleted 1,165 LAKEVILLE Condominium 99 years Uncompleted 696 MARTIA RESIDENCE Apartment Freehold 2006 20 MEADOWS @ PEIRCE Condominium Freehold 2012 479 MELVILLE PARK Apartment 99 years 1996 1,232 NORTH PARK RESIDENCES Apartment 99 years Uncompleted 920 NV RESIDENCES Condominium 99 years 2013 642 PALM GARDENS Condominium 99 years 2000 694 PARC OASIS Condominium 99 years 1994 950 PARC OLYMPIA Condominium 99 years 2015 486 RIPPLE BAY Condominium 99 years 2015 679 RIVER ISLES Condominium 99 years 2015 610 RIVERSAILS Condominium 99 years 2016 921 SELETAR PARK RESIDENCE Condominium 99 years 2015 276 STARS OF KOVAN Apartment 99 years Uncompleted 395S A 550 sq ft unit at Kovan Regency was sold in November 2015 at $770,000 ($1,300 psf) STRATUM Condominium 99 years Uncompleted 380 SYMPHONY SUITES Condominium 99 years Uncompleted 660 THE AMORE Executive Condominium 99 years Uncompleted 378 THE BROWNSTONE Executive Condominium 99 years Uncompleted 638 THE CENTRIS Apartment 99 years 2009 610 THE GLADES Condominium 99 years Uncompleted 726 THE LUXURIE Condominium 99 years 2015 622 THE MINTON Condominium 99 years 2013 1,145 THE PALETTE Condominium 99 years 2015 892 THE PANORAMA Condominium 99 years Uncompleted 698 THE SCALA Apartment 99 years 2013 468 THE SPRINGBLOOM Condominium 99 years 1999 372 THE TRILINQ Condominium 99 years Uncompleted 755 THE VALES Executive Condominium 99 years Uncompleted 517 THE VISIONAIRE Executive Condominium 99 years Uncompleted 632 THE WISTERIA Apartment 99 years Uncompleted 216 URBAN VISTA Condominium 99 years Uncompleted 582 VUE 8 RESIDENCE Condominium 99 years Uncompleted 463 WANDERVALE Executive Condominium 99 years Uncompleted 534 The 608-unit The Estuary by MCL Land, which was completed in 2013, has seen resale prices averaging WATERTOWN Apartment 99 years Uncompleted 992 $904 psf over the past six months THEEDGE SINGAPORE | JUNE 27, 2016 • EP9 EP10 • THEEDGE SINGAPORE | JUNE 27, 2016 CITY&COUNTRY SINGAPORE CHRISTIE’S INTERNATIONAL REAL ESTATE SINGAPORE CHRISTIE’S INTERNATIONAL
The house has been inverted, with the living-dining area for entertainment on the second level and rooftop, and the bed- rooms on the first level opening out to the swimming pool Inside the $48 mil
‘Copper House’ EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: The villa has the advantage of space, spectacular sea views and all the features of the ultimate weekend home for a tycoon and his family The living room is located on the second level to maximise the sea views
| BY CECILIA CHOW | wine cellar big enough for 2,000 bot- build their own dream homes, the re- To optimise the sea views of the tles, six en suite bedrooms and room for sult was a series of fantastical houses. property, the house was inverted: The entosa Cove has some of the a private spa, sauna and gymnasium. Next door is what has been dubbed the second level contains the living and priciest waterfront resort homes “Every year, the owner will throw “Party House” while across the road dining area, kitchen and wine cellar, built on 99-year leasehold re- a big Chinese New Year party,” relates is a miniature edition of Raffles Hotel. giving it a larger footprint than the first claimed land. Even among over- Chan Chia Gunawan, who was for- Further down the street is a version level. A ramped access to the rooftop the-top homes, there are those merly an architect at CSYA and had of a pharaoh’s tomb, complete with a was built, transforming it into a 10,000 Sthat stand out for their sheer extrava- worked closely with Sonny Chan on pair of jackal statues standing guard sq ft entertainment area resembling gance. One such home that has earned the design of the home. Gunawan left at the doorway. the deck of a yacht. The rooftop has the moniker of the “Copper House” in 2013 to start his own architectural Just two doors from the Copper become an extension of the entertain- belongs to a Singaporean tycoon who firm, Studio Jia. CSYA founder Chan, House sits SC Global’s luxury con- ment floor on the second level. built the property on two adjacent plots 75, was awarded the Singapore Presi- dominium Seven Palms, at the end Unlike a conventional house, all the of 9,000 sq ft each. dent’s Design Award in 2011. of Cove Drive. It is where a 4,241 six en suite bedrooms are on the ground When amalgamated, the result was CSYA had also designed the Singa- sq ft, four-bedroom apartment was level. The master suite and four bed- an 18,052 sq ft site with a 41.4m front- pore tycoon’s primary residence at sold for $15.8 million ($3,721 psf) in rooms have direct access to the swim- age along the foreshore. The site is also Cluny Hill a decade ago. That house March. Australian mining billionaire ming pool. “We wanted to create an one of the biggest in Sentosa Cove for has a contemporary tropical resort feel Gina Rinehart is said to own two units Eyo: This is one of the most luxurious and Amandari resort-style villa where you a private bungalow, as most plots are as it is located in a mature Good Class at Seven Palms, purchased for a to- glamorous houses in Sentosa Cove. I would can step into the pool right outside sized from 6,200 to 8,945 sq ft. Bungalow enclave near the Singapore tal of $57.2 million in 2012. Spanish even call it an art piece. your bedroom,” explains Gunawan. According to Samuel Eyo, man- Botanic Gardens. “The owner wanted business magnate Ricardo Portabella The guest bedroom and bathroom is aging director of Singapore Christie’s a calm, private retreat,” relates Chan. Peralta paid $28.55 million for two ad- Foreign star architects lent greater in- linked to a sauna room, private spa International Real Estate, fewer than 10 joining units on the third floor of the ternational stature to projects: Moshe and gym. plots in Sentosa Cove are the result of Land of fantastical homes condo in 2014, setting a new record Safdie for Marina Bay Sands, Daniel amalgamated sites. And when it comes The Copper House was designed in price per sq foot of $4,113. Designed Libeskind for Reflections at Keppel Elements of a grandiose house to a land size of at least 18,000 sq ft, response to an exciting resort life- by Kerry Hill Architects, the 41-unit Bay, Ole Schereen for The Interlace The home owner’s feng shui master there are less than a handful. “It’s very style, says Chan. “It’s located by the luxury condo facing Tanjong Beach and Zaha Hadid for d’Leedon. had dictated the use of metal elements rare to have bungalow sites of 18,000 sea and set amid an agglomeration of was completed in 2013. “I told the owner, ‘But I’m technical- and the warm colour scheme of the sq ft in Sentosa Cove,” he says. other individually designed homes in With such neighbours, it is lit- ly a foreign architect’,’” says Gunawan, house. Therefore, copper cladding was Besides the size advantage, the prop- a tabula rasa [Latin for clean slate] en- tle wonder that the Singaporean an Indonesian. “So, he asked me to pro- chosen for the façade. “The choice of erty owner wanted a spectacular holi- vironment.” Given that Sentosa Cove owner of the Copper House had in- pose some designs for him.” The cur- copper cladding is partially owing to day home that maximises the sea view, was a greenfield site where bunga- itially wanted a foreign star archi- rent house is based on one of the de- feng shui considerations,” says Chan. has generous entertainment space, a low plots were sold to individuals to tect to design his house in late 2007. signs proposed by CSYA in early 2008. Copper also weathers well over the long- THEEDGE SINGAPORE | JUNE 27, 2016 • EP11 CITY&COUNTRY
The rooftop terrace has been turned into an extension of the entertainment area on the second level THE EDGE SINGAPORE
The exterior of the copper-cladded house, thus its nickname, the ‘Copper House’
The exterior of the lift resembles a multifaceted cut gem while the wrap- around staircase is made of American oak. The central roof is a glass prism. The entrance to the house from the private basement car park term, especially with the salt air, sun and sea at Sentosa Cove. “Over time, the copper will have a green patina,” adds Chan. Teak was the timber of choice for the outdoor ramp and rooftop deck as it is hardier than most other types of wood, Gunawan says. The central staircase, which wraps around the lift, is made entirely of American oak. The lift, on the other hand, is made entirely of copper-coloured stain- less steel and designed to resemble a multifaceted cut gem. The temperature-controlled state-of-the-art wine cellar can store 2,000 bottles The centrepiece on the second Chan: The choice of copper cladding is level is the wine cellar, which is en- partially owing to feng shui considera- tirely encased in stainless steel clad- tions. Copper also weathers well over tral part of the house is covered with a Lofty prices was sold for $39 million ($2,448 psf) in ding and also designed as a cut gem. the long-term, especially with the salt glass prism roof to allow natural light in. The Copper House is one of the few 2012, setting a record for Sentosa Cove It has a triple-layer heated glass to pre- air, sun and sea at Sentosa Cove. Originally, the courtyard garden houses in Sentosa Cove that come bungalows in terms of absolute price. vent condensation, and is temperature featured real trees and flowering with private basement parking for up The buyer was said to be mining busi- controlled and accessible only with a cost of an entire two-bedroom private plants, but they did not thrive well to eight cars. “This is one of the most ness magnate Shael Oswal, a non-res- security access code. The floor of the condo in mainland Singapore. as the soil level may have been too luxurious and glamourous houses in ident Indian turned Singapore perma- wine cellar — which can accommo- The wet and dry kitchen, includ- shallow, says Gunawan. Since the Sentosa Cove,” says Eyo. “I would nent resident. Oswal is reported to have date up to 2,000 bottles — is raised and ing all the cabinetry, was customised owner likes golf, he requested that even call it an art piece.” turned the property into a weekend paved entirely in white onyx. by top-end German manufacturer the courtyard garden be turned into The property is on the market with getaway for his family. One of the major extravagances Bulthaup for about $600,000. In the a mini putting green and synthetic a price tag of $48 million ($2,659 psf). Since The Copper House was com- of the house is the honey onyx pav- wet kitchen is a cold room for fro- turfing was installed instead. And, if it is sold, it will mark the first pleted in 2012, the Singaporean owner ing on the entire second level floor as zen food and vegetables — and it is To complement the design of the sale of a bungalow in Sentosa Cove in and his family have enjoyed many week- well as all the bathrooms. “Generally, the size of a bedroom in most private house, CSYA not only chose the ma- 2016. It will also be the most expen- ends and thrown many memorable people use onyx as a feature wall or in apartments today. terials and fittings but also the soft sive bungalow sold to date in the 117ha parties there. After all, the house was a small area of the bathroom as a state- It is little wonder that the construc- furnishing, which are all top-end man-made waterfront residential re- designed to serve as a private holiday ment piece,” Christie’s Eyo points out. tion cost of the house alone was $10 Euro pean brands. For example, the sort with about 300 landed residences. home and a great place to entertain Honey-coloured onyx was chosen, million, and including furnishing, it was ‘Air by Boffi’ minimal ceiling fans of The highest-priced bungalow sold friends and family. in keeping with the warm colours sug- about $12 million, reckons Gunawan. natural wood, installed in the main at Sentosa Cove is also on Cove Drive. “It is ideal for those who want gested by the feng shui master, says The built-up of the house is 9,597 areas and bedrooms, cost over €3,000 It sits on a 15,391 sq ft seafront land something exceptional,” says Eyo, Gunawan. The onyx costs at least sq ft and the footprint is so large, each. Lighting Planners Associates of plot and was previously owned by Dr who is marketing the property. The $1,300 psm, which means the tiles Gunawan’s concern was that its inte- Japan — the designer of the light- Susan Lim and her husband, Deepak owner, however, is in no hurry to for the second floor and the six bath- rior might be too dark. To solve that, ing master plan for Singapore’s city Sharma, former chairman of Citi Pri- part with the house. Eyo remarks. rooms added up to over $1 million, he created an internal courtyard garden centre — was engaged to design the vate Bank turned cofounder of 91spring- “He will only sell if he achieves his he estimates. That is equivalent to the next to the lift and staircase. The cen- lighting for the whole house. board growth start-up. The bungalow desired asking price”. E EP12 • THEEDGE SINGAPORE | JUNE 27, 2016
MARKET TRENDS Deferred payment scheme redux
| BY MICHAEL LIM |
roperty developers have learnt that of- fering discounts alone may not necessar- ily lure buyers in a big way. Something more drastic is needed in the current market, especially with the property Pcooling measures still in force. What seems to be popular now is the deferred payment scheme (DPS). EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: Listed property group OUE Ltd was the first to roll out its DPS at OUE Twin Peaks two months ago. It has succeeded in clearing all except a dozen units in one of the 231-unit twin towers. That has stirred interest from funds and other bulk buyers in its second tower. Given the success of the scheme, oth- er developers have followed suit with their own version of the plan. On June 13, CapitaLand launched its “Stay- then-Pay” programme for two of its existing projects, namely the 1,715-unit d’Leedon and the 1,040-unit The Interlace. Under the pro- gramme, buyers need only pay a 15% down payment, with the remaining 85% due a year later. This gives purchasers sufficient time to sell their existing property and sort out their finances, explains property agents. Since the TG Development released 20 one-bedroom and one-bedroom-plus-study units at Lloyd SixtyFive under the Experiential Leasing Scheme on June 16 launch of the scheme, CapitaLand is said to have sold 50 units at d’Leedon and 30 units pore-based company with Singaporean share- as it is based on the land cost, regardless of In its current reincarnation, the DPS is of- at The Interlace in a matter of days. holders, it does not have to pay extension the number of unsold units. fered for projects that have already obtained a charges under the conditions of the Qualifying Assuming a developer paid $500 million TOP and Certificate of Statutory Completion, Leasing scheme Certificate (QC), which requires developments for a development site. A 15% ABSD to be which means the developments are no longer Adding a twist to the DPS is the “Exper ien- with even one foreign shareholder or director paid at the end of the five-year remission pe- under the Controller of Housing. Any scheme tial Leasing Scheme” offered by privately held to sell all units within a residential develop- riod amounts to $75 million. This is regard- offered by the developer after CSC — whether property group TG Development. The scheme ment within two years of completion. Failure less of whether the developer has just one sales rebate, furnishing package or DPS — is gives buyers the option of leasing the proper- to do so will mean paying extension charges unsold unit or 50. “If there is only one un- considered a resale or private treaty deal be- ty for two years before deciding to buy it. TG of 8% on the land cost for the first year, 16% sold unit worth $5 million, it doesn’t make tween the developer and the buyers, explains launched the pilot scheme at its 76-unit free- for the second and 24% for the third. However, financial sense for the developer to pay $75 Savills’ Cheong. hold condominium project Lloyd SixtyFive the extension charges will be prorated based million in ABSD,” says Alan Cheong, head of Developers are therefore motivated to com- on June 16. on the proportion of unsold units. research at Savills Singapore. Therefore, de- plete their projects. One example is listed Under the scheme, the buyer will sign a Besides, Lloyd SixtyFive is only scheduled velopers have been trying to pare the unsold property group United Industrial Corp (UIC), two-year lease with TG Development and pay to be completed in 1H2017. Meanwhile, the inventory in their portfolio before the ABSD which has three projects under construction: an “advance rental”, which is equivalent to a clock is ticking towards the end of the QC pe- deadline. Alternatively, some may explore the the 429-unit Alex Residences in Alexandra, the 10% down payment plus a 2.5% refundable riod for OUE Twin Peaks, which was complet- option of forming a privately held investment 106-unit Pollen & Bleu on Farrer Drive and the deposit on the purchase price of the unit. The ed in February 2015; and CapitaLand’s d’Lee- company to buy the remaining units by the 109-unit Mon Jervois on Jervois Road. Alex buyer will then be able to move in when the don, which obtained its Temporary Occupation deadline, he adds. Residences is scheduled to be completed in project is completed in 1H2017. Permit in October 2014. As for The Interlace, February 2017, while Mon Jervois is expected If the buyer decides to buy the unit, TG De- it was completed in 4Q2013, which means it DPS — before and now to be completed next June and Pollen & Blue velopment will refund the full 10% advance has already been subjected to extension charg- There is less wriggle room for developers at the end of next year. rental and 2.5% deposit less any deductions es under the QC. where the ABSD is concerned. However, As the sites were purchased under the to reinstate the property or due to any breach- Development and redevelopment sites pur- the DPS seems to work for projects that are Government Land Sales programme, they es of the tenancy. If the buyer decides not to chased from December 2011 were subjected to subjected to QC extension charges. The DPS are not subjected to QC conditions. Howev- buy the property, only the 2.5% deposit will a 10% additional buyer’s stamp duty if the de- was abolished in September 2009 in the first er, the developer will be subjected to a 10% be refunded less any deductions to reinstate veloper did not complete construction and sell in a series of property cooling measures. ABSD at the end of the five-year ABSD re- the property or due to any breaches of the all the units in the project within five years. However, at the time, the scheme was of- mission period if there are unsold units in tenancy at the end of the lease period, typical From January 2013, the ABSD was revised to fered by developers mainly for projects un- the three projects. of most rental property lease agreements. For 15%. The ABSD is more punitive than the QC der construction. “Our priority is to push for completion — instance, based on an average selling price of TOP and CSC — so buyers will be able to see $1.62 million, or $2,760 psf for a one-bedroom and appreciate the completed project before unit at Lloyd SixtyFive, a 10% advance rental committing to a purchase,” says Michael Ng, translates into $162,000, or $6,750 a month, group general manager of UIC. Mon Jervois while a 2.5% refundable deposit works out still has 50 unsold units, while 90 units are to $40,500. still available at Pollen & Bleu. At Alex Resi- “The scheme allows buyers to enjoy the dences, there are still 171 unsold units. “After experience of living in the unit first and the TOP, CSC and legal completion, we will have luxury of time to decide whether they want to the flexibility of providing more flexible sales buy the unit,” says a TG Development spokes- terms such as those that are now in the mar- person. “If they decide to buy it, they have ket,” adds Ng. enough time to sort out their finances during Teambuild Land, the property development the two-year lease period. They don’t need to arm of Teambuild Construction, is also look- get a home loan until then.” ing at a similar strategy and pushing for the For a start, only one-third of the units at completion of its 58-unit Singa Hills devel- Lloyd SixtyFive, or about 20 one-bedroom and opment on Jalan Singa, off Bedok Reservoir one-bedroom-plus-study units, will be offered Road. So far, there are 28 unsold units in the under this scheme. TG Development, howev- project, which is subjected to both QC exten- er, says that it is open to offering its remaining sion charges and a 15% ABSD. For now, the 46 units for the second phase of this scheme developer is offering a 10% discount for select- if there is demand. Prior to the launch of the ed units. “Once we have obtained legal com- scheme, TG had sold 10 units. pletion, we will explore various means to sell the remaining units, including some form of Overcoming ABSD and QC UIC is working towards completing its Mon Jervois development and then looking at offering buyers DPS,” says Richie Chew, executive director at As TG Development is a privately held Singa- more flexible sales terms Teambuild Land. E THEEDGE SINGAPORE | JUNE 27, 2016 • EP13 EP14 • THEEDGE SINGAPORE | JUNE 27, 2016
MARKET WATCH
Potential launches in 2H2016
| BY LIN ZHIQIN | The site is a stone’s throw from the fu- ture Siglap MRT station and offers a ased on analysis of Govern- view of the sea and East Coast Park. ment Land Sales data, nine private non-landed residen- Other projects near tial developments and two ex- MRT stations ecutive condominiums (EC) A consortium comprising Lend Lease Bcould be launched by developers for EDGE SINGAPORE CHUA/THE SAMUEL ISAAC and Abu Dhabi Investment Authori- sale in 2H2016 if the current buying ty could launch the residential com- momentum continues. Three devel- ponent of its mixed-use development opments are in the city fringe, with at Paya Lebar Central this year. It is the remainder in the Outside Central expected to comprise 429 residential Region. Prospective buyers might units, in addition to 983,176 sq ft of wish to look out for some projects, office space and 470,813 sq ft of retail as the developers paid a lower price space. As part of the government’s for their sites than nearby projects, decentralisation plans that aim to which may translate into a compet- reduce congestion and commuting itive selling price. time to the city centre, Paya Lebar EL Development is expected to Central is poised to become a major launch Parc Riviera in West Coast Vale commercial centre in the city fringe. in August. The developer paid $551 Next to the Queenstown MRT psf per plot ratio for the site, which station, HY Realty could potentially was 20% lower than the $687 psf launch its Dundee Road project this ppr paid by World Class Land for its year. The developer paid $438 mil- Waterfront@Faber site. Waterfront@ In 2H2016, three developments could be launched in the city fringe, with the remainder in the Outside Central Region lion, or $871 psf ppr, for the site — Faber was sold at a median price of just a tad lower than the $883 psf $1,488 psf during its launch in May for a supermarket. As such, it could lower land price may not material- launch Lake Grande, located near ppr paid for the neighbouring Com- 2013 and is now fully sold. be one of the most competitively ise into a smaller price tag. the Lakeside MRT station. The de- monwealth Towers site. The latter Another upcoming launch will be priced projects in the Bukit Merah Separately, two ECs — Treasure veloper paid $338 million, or $630 was launched at a median price of Tang Group’s development at Alexan- and Queenstown areas. Crest in Sengkang and Northwave psf ppr, for the site — slightly lower $1,626 psf in May 2014. dra View beside the Redhill MRT sta- Over in Tampines, MCC Land in Woodlands — could be launched than the $651 psf ppr it paid for the Some 400m from the Serangoon tion. The site was 12% cheaper than could potentially launch The Alps at attractive prices. Both sites were adjacent Lakeville site. Lakeville was MRT station and Nex, City Devel- that of Alex Residences next door. Residences this year. The developer sold for less than $300 psf ppr in launched at a median price of $1,318 opments and Hong Leong Holdings Although it was 3% pricier than the paid $482 psf ppr for the site, which 2015, the lowest EC land prices seen psf in April 2014. About 90% of the could launch their Lorong Lew Lian Principal Garden site, it includes a was about 14% lower than the $562 since July 2011. units have found buyers. site this year. The joint venture paid commercial component with a gross psf ppr it paid for The Santorini site One of the highly anticipated new $710 psf ppr for the site, which could floor area of at least 19,375 sq ft. At next door. However, as both projects Waterfront projects launches would be the Siglap Road site translate into a selling price of be- least 10,764 sq ft must be set aside are under the same developer, the In July, MCL Land is expected to by the Frasers Centrepoint consortium. tween $1,300 and $1,350 psf. E
Potential launches in 2H2016 DATA FROM URA, HDB, THE EDGE PROPERTY; GRAPHIC BY KIM SY THE EDGE PROPERTY; HDB, FROM URA, DATA
Note: Number of units based on URA or GLS data THEEDGE SINGAPORE | JUNE 27, 2016 • EP15
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City Hall Holland Village Bishan MRT and Orchard Outram Park Shenton Way Marymount Upper MRT MRT Bus Interchange MRT MRT Interchange MRT (U/C) MRT Thomson 9 MRT Stops 4 MRT Stops 1 MRT Stop MRT (U/C) 6 MRT Stops 9 MRT Stops 11 MRT Stops
Developer: Marketing Agent: Anna Tan CEA No.: R004502D SALES GALLERY 8127 7727 LOCATED AT CALL 183 Upper Thomson Road HUTTONS ASIA PTE LTD (former Longhouse) Estate Agent Licence No.: L3008899K 6100 1183 Operating Hours : 11am - 6pm +L]LSVWLY5HTL!+L]LSVWTLU[ 7[L3[K*V9LN5V! .;LU\YL! `LHYZJVTTLUJPUNMYVT +L]LSVWLY5HTL!;,,=LU[\YLZ7[L3[K*V9LN5V! ;LU\YL!-YLLOVSK3LNHS+LZJYPW[PVU!3V[ = Z[:LW[LTILY 3LNHS+LZJYPW[PVU!3V[ 242H[/PSSZPKL+YP]L+L]LSVWLY»Z3PJLUJL!* 42 H[ Uptick in residential sales Sign of recovery or false alarm? | BY FEILY SOFIAN | the non-landed segment alone, with another D’Leedon (stay-then-pay programme). while resale prices could soften by 2% and 3% 20,000 units slated to be completed between Judging from the take-up rate of projects respectively. Rents are expected to soften across omebuyers are swinging back into ac- 2Q2016 and 4Q2016. some weeks after their initial launch, sales submarkets by 2% to 5%. In general, whether tion. Three projects — The Poiz Resi- Amid the mixed signals, what is the prognosis tend to peter out to a few units per week. it is in the CCR, Rest of Central Region (RCR) or dences, Kingsford Hillview Peak and for the property market? Here are some insights This could suggest that while the market still Outside Central Region (OCR), new sale prices Botanique at Bartley — moved at least from our panel of experts. has torque, it nevertheless may not have the will be firm as developer sales are new prod- 182, 164 and 157 units respectively horsepower to cause prices to accelerate, even uct offerings and they have a strong marketing Hin 1H2016, or more than 30 sales a month on if some of the measures are recalibrated to a budget that individuals in the resale market lack. average this year. Other best- selling projects lower intensity. For one, job insecurity these include Kingsford Waterbay, Sims Urban Oasis days would discourage households from taking and The Glades, with more than 20 units sold on too much risk. a month on average this year. Still, the surprisingly healthy sales of late Take-up at newly launched projects has also may suggest that the bearish sentiment towards been encouraging. Up until the second week of ALAN the residential market has been overhyped. One June, at least 320 units had been sold at GEM CHEONG, reason could be that Singapore’s economic pro- Residences, 210 at Cairnhill Nine and 167 at head of gress over the years has multiplied the savings Sturdee Residences. research, pool of multi-generational households, which, ALICE TAN, In the secondary market, buyers picked Savills in the compact and dense landscape of our head of up 703 non-landed homes in the Core Central Singapore real estate topology, short of a black swan, research, Region (CCR) between January and the second While the overall economic situation appears supports and augments real estate prices even Knight Frank week of June, up from 648 in 1H2015. Developer dour, on the property front, developer sales under trying economic times. Singapore sales at completed projects, namely OUE Twin figures are expected to improve this year as Another possible factor supporting prices is The encouraging sales performance of some Peaks, Ardmore Three and D’Leedon, topped more projects are launched. Resale volume in that from 1975 to 2011, using the URA Private new project launches for 2H2016 and price re- the sales chart with at least 95, 32 and 21 units 2H2016 may hit 4,100 to 4,600 units, up 24% Residential Property Price Index as the bench- covery of private homes in the CCR for 1Q2016 sold respectively. to 39% y-o-y, while primary sales numbers mark, the average period of a downturn in a stirred interest among homebuyers. Notwith- However, this is just one part of the story. stayed flat at about 3,500, even if the number property cycle has been 8.4 quarters. By 1Q2016, standing subdued economic growth, the possi- Developers have also dangled steep discounts, of units launched is expected to be lower this it would have been 11 quarters since the URA bility of a sustained low interest rate and fairly high commissions and other creative schemes year compared with 2H2015. The reason primary Index starting turning down in 3Q2013. This low unemployment rate in Singapore provides to juice sales. Notably, Wheelock Properties is sales figures are likely to remain at 2H2015 lev- time round, the downturn appears to be over- some support for private home demand in the offering buyers up to 30% discounts at Ardmore els is that take-up from new launches is likely extended and the market could be pining for near term. Property investors are also relooking Three while Wing Tai Holdings is understood to be augmented by increasing sales from pro- a recovery. Therefore, 2H2016 may see the at Singapore as a value proposition and a safe to have offered a very attractive commission to jects that were launched in previous years but market exhibiting marginal price upside with haven, coupled with tax and purchase regula- agents for The Crest in April and May. progressing towards completion soon. Prices volumes continuing to rise steadily. tory changes and volatile property price per- Retrenchment prospects and mortgagee are also expected to be competitive, with lots High-end prices could increase 3% in 2H2016. formances in other global cities such as Hong sales are also on the rise. There were more of creative “sales packages”, as seen at OUE In the city fringe and mass market, prices for Kong, London and Sydney. than 22,000 vacant housing units in 1Q2016 in Twin Peaks (deferred payment scheme) and new condominiums are expected to increase 3% Developers and homeowners alike have been THEEDGE SINGAPORE | JUNE 27, 2016 • EP17 COVER STORY adjusting their strategies to woo buyers in the the URA residential property price index has face of the property cooling measures. As some been moderating from -4% in 2014 to -3.7% in developers explore ways to avoid the Qualifying 2015; it eased a gentle -0.7% in 1Q2016. The Certificate (QC) extension charges or additional moderation in price decline is most obvious buyer’s stamp duty (ABSD), more developers in the CCR, where the index fell -4.1% in 2014 and owners are likely to maintain or even in- and -2.5% in 2015, followed by an increase of crease prices especially for well- located and DESMOND 0.3% in 1Q2016 (owing to the uplift in prices high-quality projects that are in limited supply. SIM, head LEE NAI JIA, by Cairnhill Nine). The “green shoots” of recovery we had ear- of research, regional head In the RCR, the index dropped -5.3% in lier predicted for 2H2016 could possibly bear Singapore and of research, 2014, eased -4.3% in 2015 and remained flat in fruit towards the last quarter this year, with South East South East 1Q2016. The OCR, on the other hand, is seeing price recovery or transaction volume extending Asia, CBRE Asia, DTZ an opposite trend, with prices declining -1.3% to the city-fringe segment as pent-up demand Overall, the residential market will be muted The overall residential market has reached a in 1Q2016 and -3.7% in 2015, faster than the from local and foreign home buyers materialise, for the next six months. The slowing Singapore new equilibrium as prices have more or less -2.2% in 2014. We may expect the URA residen- assuming overall market conditions stay stable. economy has raised some concerns for job se- stabilised across all segments. This is especial- tial property price index to moderate further in Private home prices in the CCR could move in curity, which have overtaken the earlier fear ly so with unsold inventory dwindling in the its decline this year, by 2% to 3%. Sales of new the range of -0.2% to +0.5% y-o-y by 4Q2016, of rising interest rates. With more certainty last quarter. We anticipate prices to ease further private homes, which recorded 7,440 units in and for RCR homes, between -1.5% and +0.5%. that the government will not lift cooling mea- owing to pressures from demand. Uncertainty 2015, may see an improvement in transactions Mass-market homes in the OCR are likely to see sures in the near future, buyers sitting on the emanating from external events such as Brexit, of between 7,500 and 8,500 units. the highest risk, with -4% to -6% price adjustment fence are likely to be nudged into making a the US Federal Reserve’s review of interest rate, However, there is a need to be cautiously owing to high upcoming supply and the weak- purchase as more developers make price ad- China’s slowing economy and oil price move- optimistic about improving market conditions est leasing demand. justments or offer incentives to boost sales ments is expected to spill over to the residen- as there are still downside risks related to There will be some activity in the prime tial market, and the price gap may remain wide, the economic slowdown that could alter the segment. The softening prices of prime homes especially for properties at choice locations. healthier trends that we are currently seeing. present a window of opportunity for investors High-end prices are expected to ease 2% to A sharper-than-expected economic decline in looking for good buys in this segment. There 3% by end-2H2016, as demand for such homes the subsequent quarters, accompanied by mar- are limited numbers of new project launches continues to be suppressed by the ABSD. Most ket shocks could affect sentiments adverse- in 2H2016, which means unsold stock will buyers are on the sidelines, waiting for that ly. If that happens, it would slow transaction steadily be reduced as buyers purchase units cooling measure to be lifted. Notwithstanding, volumes and protract the market down cycle. from existing projects. Expect minimal price sellers have considerable holding power and The residential leasing market, which has EUGENE LIM, corrections for the rest of the year and resi- are unlikely to budge from existing prices. been in decline since 2013, is likely to see a key executive dential prices are likely to moderate by 3.0% Homes at the city fringe will continue to tougher year in 2016, with a record 23,400 new officer, to 5.0%, attracting more investors and end-us- attract demand. The primary market is likely private homes to be completed, compared with ERA Realty ers to enter the market. CBRE Research ex- to support prices of small units, and we antici- almost 19,000 in 2015 and 20,000 in 2014. The Network pects 6,000 to 7,000 new homes to be sold in pate prices to probably remain the same. Alter- strong addition to completed stock in the last Economic growth in 2016 is expected to be mod- 2016, slightly lower than in the last two years. natively, in the resale market, homes around few years has raised vacancy rates to 7.5% as erate, with the Ministry Of Trade and Industry The leasing market will face headwinds the $1.5 million range are likely to see prices at 1Q2016, significantly higher than the low of estimating GDP growth to be in the range of this year. The flight to value will continue remaining the same or even appreciate slightly, 5.2% in 1Q2013. As leasing demand remains 1% to 3%. Meanwhile, the US is poised to as tenants seek to source for better deals in as more upgraders and investors are targeting weak owing to the economic slowdown and continue on its path to normalising interest terms of rental savings, newer developments, this segment of the market. This is especially so policy tightening in the hiring of foreigners, rates. Uncertainties are also present globally, more recreational facilities and proximity to for homes near MRT stations and good schools. rents will continue to soften this year by about namely the Brexit vote on June 23 and China’s MRT stations. With a record number of new Overall, we anticipate mass-market unit prices 5% to 10%. slowing growth. completions (23,000 units in 2016 expected) to ease 3% to 4% by end-2H2016 as the bulk of Against this backdrop, Singapore’s residen- as well as the cutback in foreign hire owing to potential launches are in this segment. However, Is the market at a turning point yet? tial market is not expected to recover by end- the slowing economy and employment restric- we expect the prices for small units to be support- Historically, the residential property price index 2016. In general, we are expecting it to per- tions, the decline in home rents is expected to ed by demand in the primary market. For larger tends to correlate with GDP growth and the stock form largely similar to 2015. Prices will likely escalate. Overall, home rents are expected to units, the downward pressure on price is higher market index, more than with other variables remain soft, with a forecast 1.5% to 2% de- fall 5.0% to 8.0% through 2016. as there is still a sizeable inventory of three- and such as vacancy and interest rates. The anae- crease in prices in 2H2016, comparable to four-bedroom units in the mass market. mic GDP growth projected for 2016 means soft 2H2015’s 1.8%. Cooling measures are expected to stay till property prices are here to stay at least until Recently, we have been seeing height- end-2016 as the existing market is stable. But the year-end. However, there should not be a ened activity in the prime segment, led by there is now more interest in the Singapore broad-brush price decline unless new recession- projects such as Cairnhill Nine and Ard- market as purchasers are returning to see ary threats emerge. City fringe projects priced more Three. Buyers will bite if they perceive whether there are value buys. We anticipate below $1,500 psf have been well received and the properties to be value-for-money buys. auctions to remain vibrant, especially with are unlikely to see any significant price cuts. In 2H2015, prices and rents of luxury units more choice properties in the listings. For new projects, buyers can expect dis- decreased by 1.5% and 0.7% respectively. counts for those nearing their ABSD or exten- We will probably see a similar situation in KU SWEE sion charges deadlines. In the city fringe, there 2H2016 as property prices and rents are fore- YONG, CEO, could be attractive deals in the Bukit Merah and cast to fall 1% to 2%. Century 21 Queenstown areas on the back of a large inven- The city fringe remains a popular area for Singapore tory of unsold units. In addi tion, there are two homebuyers owing to their value-for- money Property rentals and prices will maintain their potential launches in the area later this year or units. GEM Residences saw quite a good downward trajectory for the rest of 2016. On in early 2017. The land price for one of the sites, take-up in its launch weekend, with about the supply side, we may expect about 15,000 the Alexandra View site, was 12% cheaper than 50% of its total units sold. We expect further units of private residences and execu tive con- ONG TECK HUI, that for Alex Residences next door. modera tion of prices and rents in 2H2016 of dominiums (ECs) to be completed, adding to national On the other hand, the mass market could around 2%. This is comparable to 2H2015’s the more than 28,000 empty units island-wide. director, see the overall prices easing further. The slew 2% and 2.4% decrease in prices and rents A significant share of the new completions research and of new launches on the cards, including Lake respectively. will be mass-market condos, particularly in the consultancy, JLL Grande, Parc Riviera, The Alps Residences, Activity is set to pick up in the mass market north-east. Investors may want to note that For 2H2016, the key question is whether the Lorong Lew Lian and Clementi Avenue 1 segment, with the launch of several private con- the proportion of shoebox units amongst these current improved sentiments that have trans- sites, on top of two new ECs, Treasure Crest dominium projects, including those at Tampines new completions will be high, with some pro- lated into higher transaction volumes in recent and Northwave, would create more urgency Avenue 10 and West Coast Vale. For 1H2016, we jects having 30% of the apartments in studio months can prevail. If current trends continue to move the unsold units in existing projects. witnessed brisk sales at The Wisteria, which in- or one-bedroom configurations. till end-2016, the outlook is an increase in trans- The land price for Parc Riviera was significantly dicates that mass market projects are still very The writing on the wall is clear: while sup- action volume over 2015. Based on caveats lower than that for nearby Waterfront @ Faber much on the radar of buyers. However, on the ply is high, demand is weak. Manufacturing is lodged, sales of private homes in March and although the latter has been fully sold. Prices back of large supply, in 2H2016, we expect pric- in a prolonged slumber. Singapore’s total trade April almost doubled those in January and for several sites in the mass market have also es to moderate by 1% to 2% while rents are contracted y-o-y for 22 consecutive months be- February, although the first two months of the been a tad lower than those fetched by earlier projected to fall by 2% to 3%. tween July 2014 and May 2016. Retrenchment year were impacted by the volatile stock market sites in their vicinity. Investment demand for local projects is still is taking place in banks and stock broking firms. and the lull over the Lunar New Year. Again, on Resale prices, meanwhile, are in the hands of pretty strong, as seen from the popularity of The retail trade and F&B services are shrinking a positive note, there were 5,988 transactions individual sellers. At actively transacted resale one-bedroom units at recent launches. The despite an increase in foreign visitor arrivals of of private homes as at June 10, compared with projects island-wide, sellers’ resistance against resale market is also proving to be a draw about 14% y-o-y. Jobs creation and the inflow 5,005 for the same period in 2015. further price decline appears to have kicked in, amongst buyers. The proportion of resale of resident population have slowed. A sustained improvement in sales volume although there could be deals at rock-bottom buyers is typically hovering at about 50% The non-landed private residential rental would lead to a further moderation in price de- prices now and then. Large units could drive in recent quarters, up from the 30% range a index should drop by 4% to 5% and the price cline, possibly paving the way for an eventual some price decline as they tend to surface in few years back. index will decline 3% to 4% in 2H2016. end to the market down cycle. The decline in auctions or flagged as unprofitable deals. E EP18 • THEEDGE SINGAPORE | JUNE 27, 2016 THEEDGE SINGAPORE | JUNE 27, 2016 • EP19 $ SAVE on loan interest payments for 12 months EP20 • THEEDGE SINGAPORE | JUNE 27, 2016 If you wish to contribute columns, PROPERTY TAKE please write in to [email protected] BLOOMBERG Traffic in Ho Chi Minh City. The Vietnamese government estimates that the country needs another 374,000 dwelling units a year until 2040, with demand concentrated in the mass affordable category around major cities and industrial parks. Bread-and-butter housing products s market conditions in Myanmar and Vietnam. very long-term, stable and sustain- holds whose occupants are univer- Singapore worsened pro- But why have the Singapore de- able business in Vietnam. sity graduates may begin to price gressively from the start velopers not dipped a toe into this their homes from $36,000 as grad- of 2014, many developers segment? We can clearly learn from There are formulas to follow uates who get married at age 24 or from Singapore ventured the successful example of HDB’s In the four countries of our focus, 25 generally earn over $500 per per- Aoverseas. No surprises that most towns, where 80% of Singapore the United Nations estimated that son a month. would start with markets they feel families are sheltered. their total population will increase by Based on the selling price, investors they know well: the UK, Australia, It seems that developers from about 77 million by 2030. So, there should then select reasonably priced Malaysia and China. A few ventured Singapore have an aversion to building is no denying that market demand sites and manage the construction into relatively newer markets for cheap housing overseas. Developers will continue to grow. But how do costs to enjoy modest profit margins, Singapore companies, such as Cam- may not want to be associated with we even begin to tap into this vast backed by large transaction volumes. | BY KU SWEE YONG | bodia and Japan. And a few large- a segment that is perceived to have market of homebuyers? sized Singa pore developers rekindled a stigma and which may look un- Amazingly, there is a rule of thumb Recommendation their property development activities glamorous. They may also be under for developing affordable housing. This is my message for developers in Vietnam and Indonesia after some the impression that the margins are A company called National Housing And we know how Singaporeans venturing outside of Singapore: There years of hiatus. thin and government laws for afford- Organization (NHO) had a stellar start love formulas, don’t we? are abundant long-term opportunities Almost every developer that able housing unclear, and dismiss in Vietnam, developing about 5,000 af- While we know demand for afford- to develop mass-market, affordable went overseas has planted its flag in the segment with [the rationale], fordable housing units in the last four able housing is very high, we have housing within Asean for as little the middle-to-high-end residential “anyway it is the government’s job years. Tan Tee Keon, a Malaysian inves- to note that buyers’ ability to pay is capital as, say, $5 million. We will be segments of the cities it chose. And to provide housing for the masses”. tor who co-founded the company, suc- limited by their household income. able to do well as we are satisfying some are now realising there are not cessfully adapted lessons learnt from The general guideline is to appro- the hunger for comfortable housing enough buyers for skyscraping luxury Let the numbers do the talking affordable housing projects in Thai- priately size and price the hous- by supplying “bread and butter”. The condominiums, for example in Malay- As shown in the table below, the go- land and Singapore to build mid-scale es or apartments at no more than high-end market is oversupplied with sia, Cambodia, Vietnam and Australia. vernments of Cambodia, Indonesia, developments of around a thousand three times the annual household foie gras and truffles. It is probably coincidental that they Myanmar and Vietnam have esti- apartments each in Hanoi, Danang income of the target buyers. As an We might take a leaf from the all chose the same segment of the mated that they need a total of about and Ho Chih Minh City. example, a developer planning such books of Hong Kong. While its resi- property market in the various coun- two million new homes a year. To put With the World Bank and the a project around the fringes of Ban- dential market has set world records tries. However, I do wonder whether things in perspective, HDB in its over Viet namese government estimating dung City in West Java could refer- for prices of luxury housing time and they have considered a segment of 50-year history has built about 1.1 that they need another 374,000 dwell- ence the minimum wage guidelines again, as an advanced economy and the market that is much bigger and million dwelling units in Singapore. ing units a year until 2040, and that of about $250 per month, multiply a global financial centre, many resi- where demand will outpace supply Therefore, the potential for Singa- most of the demand will be concen- that by 36 months and then dou- dents in Hong Kong cannot afford for the next 15 years. I am pointing pore’s developers to build mass af- trated in the mass affordable cate- ble it for a young couple, to derive a comfortable night’s rest. There is to the affordable housing segment in fordable housing in neighbouring gory around major cities and indus- a selling price of $18,000 for the a lack of affordable housing in that markets such as Cambodia, Indonesia, markets is huge! trial parks, it looks like NHO has a homes. Developers targeting house- first-world city, where younger and lower-middle income families need to save 20 years of their salaries to GDP and population data of Asean member countries and the immediate shortage of housing supply buy their first homes. The real estate development world * * ~ GDP PER CAPITA (US$ IN 2014) POPULATION IN 2014 POPULATION FORECAST 2030 ESTIMATES FOR NUMBER OF HOMES TO BE BUILT will herd towards mass affordable Cambodia 1,094.60 15,328,000 19,603,000 1.1 million new homes needed between 2015 and 2030 housing. Salted eggs is already the Indonesia 3,491.90 254,455,000 303,430,000 Backlog of 13.5 million homes and President Joko Widodo new truffle. Singaporean developers has set a target to build 10 million more by 2019 should lead that charge. E Myanmar 1,203.80 53,437,000 61,634,000 Yangon city itself needs 170,000 homes a year, owing to population growth and domestic migration till 2030 Ku Swee Yong is a licensed real estate Vietnam 2,052.30 90,729,000 105,367,000 374,000 additional homes a year till 2040 agent and CEO of Century 21 Singa- pore. His fourth book, Weathering a * data.worldbank.org ~ United Nations Department of Economic and Social Affairs, Population Division, ‘World Population Prospects, the 2015 Revision’ Property Downturn, is available in all good bookstores. He can be reached AGENCE KAMPUCHEA PRESSE, ANTARANEWS.COM, FRONTIER MYANMAR, WORLD BANK at [email protected]. THEEDGE SINGAPORE | JUNE 27, 2016 • EP21 EP22 • THEEDGE SINGAPORE | JUNE 27, 2016 If you wish to contribute columns, PROPERTY TAKE please write in to [email protected] Bright spots in Indochina’s property market he Indochina property mar- ket has caught the imagina- BLOOMBERG tion of the investing public in Singapore over the past few years. The hot favourite Tover the last three years has been the residential property market in Phnom Penh, Cambodia. There has been more interest in the resurgent Vietnam property market and in- creasing curiosity over property in Myanmar. While investing in each of these countries carries its differ- ent unquantifiable risks, it might be worthwhile looking at the measura- ble factors prior to investing in any of them. We review some of the typical quantifiable fundamental drivers of demand for real estate in this article. People and potential When a country’s population grows and more of its residents are gath- ered at urban centres, it suggests there is a better chance that its prop- erty prices will increase relatively faster. Vietnam’s potential is most apparent — its 93 million popula- tion eclipses that of Myanmar and Cambodia (see Figure 1). Surpris- ingly, Myanmar has the largest pro- In general, property prices and rents in Myanmar have outpaced fundamentals, suggesting that expectations of further large price increases in the near term are unrealistic, portion of its population living in ur- especially with a number of large projects pending completion ban centres. Figure 2 Figure 3 Typically, in the major urban cen- tres of these cities, the population is supplemented by foreigners who can Economic growth Yangon Serviced Apartment Rental help sustain the increase in proper- % Index for all room types REMS ADVISORS ty prices because of their ability to 10 8.0 8.0 Rental Index (base = 1Q2013) consume. As data is sporadic, the 8 7.0 7.1 120 6.2 6.0 increase in visitor arrivals can be a 6 ADVISORS REMS IMF DATAMAPPER, good proxy. Growth in visitor arriv- 110 als in Myanmar has been much faster 4 than that of Cambodia and Vietnam, 2 and is likely to continue. 100 0 The potential of each real es- Vietnam Cambodia Myanmar tate market can only be unlocked if | BY TAN KOK KEONG | 90 there is sustained economic growth. GDP growth rate in next 3 years GDP growth rate in last 3 years According to the latest forecast by the International Monetary Fund, Much has been written about the Note: The ‘last three years’ refer sto 2013, 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2014, 2015; the ‘next three years’ refers to Myanmar’s economic growth over country’s transformation, its poten- 2016, 2017, 2018 Figure 4 the next three years is expected to far tial for growth and heightened ex- surpass that of the other two coun- pectations owing to its new govern- tries (see Figure 2). ment. However, the growing pains it foreign investors will do well to un- Population pyramid of former This quick analysis suggests that is experiencing as an emerging mar- derstand the basics of the law, un- household members living abroad the potential for growth in proper- ket are becoming more apparent, derlying lease of the land, details of ty prices is better in Myanmar, fol- and investors must be prepared for the legal rights of a purchaser and lowed by Vietnam and Cambodia. heightened volatility and be increas- mechanisms for resale. There are many other factors — the ingly selective. Among the property sectors, per- quality of the property, transparen- In general, property prices and haps the most resilient have been the cy of the market, enforceability of rents have outpaced fundamentals, hotel and serviced apartment seg- legal contracts and control of sup- suggesting that expectations of fur- ments. In fact, rents at established ply, for example — that will deter- ther large price increases in the near serviced apartments have been sur- mine how property prices grow. In- term are unrealistic, especially with prisingly resilient. Our property rent- vestors are advised to evaluate these a number of large projects pending al index showed that despite gen- THE 2014 MYANMAR POPULATION AND HOUSING CENSUS REPORT VOLUME 2 VOLUME AND HOUSING CENSUS REPORT POPULATION THE 2014 MYANMAR factors as well. completion. The much-hyped Con- eral weakness in the market, rents dominium Law (a bill formally ap- increased 1.3% q-o-q in 1Q2016 (see Myanmar: The Golden Land proved on Jan 22) has thus far failed Figure 3). While there is some un- remains unreachable to reignite prices. This is because certainty in the short term, we re- We have been active proponents of of the lack of administrative rules main positive on the market’s long- investing in Myanmar since 2012. to implement this law. Prospective term prospects. Over the next two and could potentially return home. tainties, focus on the fundamental Figure 1 to three years, investors should fo- Based on the Census 2014, Myan- analysis of prices and rents to de- cus on quality assets that cater for mar households have two million termine where to invest, do more foreigners (hotels, serviced apart- family members residing overseas. homework to understand the issues Demographic indicators ments, logistics and warehousing) Most of them are in their twenties faced when owning properties in each INDICATORS or the mass market (low-cost hous- and thirties (see Figure 4). This pro- market and prepare to hold out for E RANKING POPULATION SIZE URBAN POPULATION TOURIST ARRIVALS ing). This is because the next leg of vides a rich market for developers. the unexpected. (IN MIL) (% OF POPULATION) GROWTH (%) growth in property prices and rents In conclusion, property prices 1 Vietnam (93) Myanmar (34.3) Myanmar (51.9) will have to be driven by the in- and rents in the above three main Tan Kok Keong is CEO of real estate 2 Myanmar (54) Vietnam (33.6) Cambodia (6.1) flux of foreigners as income growth Indochina markets have enormous consultancy REMS Advisors, and 3 Cambodia (16) Cambodia (20.9) Vietnam (0.9) among the domestic population re- potential for growth in the next five co-founder of Fundplaces, a real es- mains slow. to 10 years. In the meantime, inves- tate-dedicated crowdfunding plat- Note: All data refers to 2015 Another key segment is Myanmar tors seeking to enter these markets form. He can be reached at kk.tan@ UNESCAP, REMS ADVISORS, RELEVANT GOVERNMENT WEBSITES GOVERNMENT RELEVANT ADVISORS, REMS UNESCAP, nationals who are residing overseas should be wary of short-term uncer- rems.asia. THEEDGE SINGAPORE | JUNE 27, 2016 • EP23 Approx. 1km away EP24 • THEEDGE SINGAPORE | JUNE 27, 2016 SG LIVING Nine projects that score on convenience | BY YONG YUN LIN | many when it comes to choosing a place to live, of the res pective projects. For convenience, we MRT station, one LRT station and one bus and this is why many properties in Singapore are looked through a diverse range of 14 amenities stop. We also accounted for the importance on’t we all love convenience? We love marketed to promote nearby amenities. However, within the same radius — shopping malls, ATMs, of each amenity; for example, having a good having our favourite char kway teow do we truly know which project offers the best bank branches, childcare centres, clinics, com- school nearby is probably more important than anytime we want. We enjoy the short selection of amenities? Thankfully, with the help munity clubs, dentists, groceries, kindergartens, a prominent hawker centre for most people. stroll to the supermarket in the evening of data technology, we now have some guidance. libra ries, national parks, petrol stations, hawker With these in place, we are pleased to to pick up our groceries. We prefer to We have crunched through millions of data centres, schools and sports clubs. present you a list of new condominiums you Dmeet friends at locations that are close to MRT points to find you the latest projects that offer We built in an algorithm to account for the might consider buying (in no particular order), stations. Need a dress right before a banquet? the best convenience or connectivity. For con- marginal returns of each variable; for exam- based on convenience. A mall is just right around the corner. nectivity, we looked at the availability of MRT ple, having three bus stops is less beneficial In our next write-up, we will focus on projects Connectivity and convenience are crucial for and LRT stations and bus stops within 500m than a combination of amenities, such as one that offer the best connectivity. E CONDOS IN THE CORE CENTRAL REGION DUO Residences DUO Residences, an iconic joint development by Malaysia’s Khazanah Nasional and Singa- pore’s Temasek Holdings, is located right in the heart of Bugis. Expected to be completed in 2017, DUO is surrounded by eight popular shopping malls, such as Bugis Junction and Suntec City Mall. The area is also home to a number of historical sites and key monuments. Feeling like picking up a good read? The Central Library is a five-minute walk away. This project is likely to generate strong rental yield, given the number of schools and colleges — 16, to be precise — within walking distance of the property. Cairnhill Nine Available within 500m: Eight shopping malls, 23 ATMs, four banks, two childcare centres, You cannot go wrong with this prestigious de- nine clinics, three dentists, three groceries, one kindergarten, one library, 16 schools velopment if you love to shop. It is located on the Orchard Road shopping belt, a short walk from Ngee Ann City and Paragon Shopping Centre. In total, there are 22 malls with- in 500m of Cairnhill Nine. Paragon Medi- cal Centre, which houses 43 dentists and 13 medical clinics, is a sheltered walk away. Popular international and local schools such as Chatsworth International School, Finnish International School, Raffles Girls Secondary School and River Valley Primary School are located nearby. Available within 500m: 22 shopping malls, 43 ATMs, four banks, one childcare centre, 13 clinics, 42 dentists, four gro ceries, one school Other notable new projects in the CCR are The Rise @ Oxley, Sophia Hills, Ferra, Wallich Residence and Marina One Residences. RV Residences This 999-year-tenure project is on River Valley Road in prime District 10, strate- gically located next to the Orchard Road shopping belt, the CBD and Valley Point Shopping Centre. Hungry? Simply head for the shophouses along River Valley, where a wide selection of restaurants, cafes and famous food eateries can be found. Available within 500m: two shopping malls, eight ATMs, two banks, four child- care centres, four clinics, three dentists, two groceries, three kindergartens, one hawker centre CONTINUES ON PAGE EP26 THEEDGE SINGAPORE | JUNE 27, 2016 • EP25 EP26 • THEEDGE SINGAPORE | JUNE 27, 2016 SG LIVING Choice amenities and connectivity weigh with potential buyers FROM PAGE EP24 CONDOS IN THE REST CONDOS IN THE OF CENTRAL REGION OUTSIDE CENTRAL REGION North Park Residences North Park Residences of Yishun, a one-of-its -kind mixed development, offers unique benefits through its integration with Northpoint City, which houses more than 500 retail and F&B outlets, Sky Vue and a community hub. With the condo built on top of an integrated transport hub, residents CapitaLand’s Sky Vue is a three-minute can enjoy a short walk through a linked underpass to the Yishun MRT station and an air-con- walk to the Bishan MRT station and Junc- ditioned bus interchange. This highly sought-after development provides absolute conveni- tion 8 shopping mall. An interchange sta- ence, transforming Yishun into a coveted lifestyle destination. Potential for investment? We tion, Bishan is within 20 minutes’ com- give it the green light. muting time of major commercial nodes Available within 500m: two shopping malls, 16 ATMs, three banks, four childcare centres, such as City Hall and Raffles Place via six clinics, seven dentists, one community club, three groceries, two kindergartens, one library, the North-South Line, and the Paya Lebar one sports club and Buona Vista growth corridors via the Circle Line. A number of childcare centres, kindergartens and schools are within walk- ing distance of Sky Vue. With its relative- ly smaller layout, this condo could be the ideal choice for young families. Available within 500m: one shopping mall, 11 ATMs, two banks, five childcare centres, two clinics, four dentists, one community club, three groceries, two kindergartens, one library, one school, one sports club #1 Suites This freehold residential de- velopment is one of the latest launches in dynamic District 14. It sets a new benchmark for city-fringe living with a J Gateway vast selection of amenities Located right in the heart of the biggest commercial hub outside the city centre, J Gateway has in the vicinity. Residents can transformed the landscape of Jurong Lake District. Living in this high-rise condo, one could be enjoy meals at numerous 24- spoilt for choice when it comes to entertainment amenities. You will find, among others, IMM, hour eateries on Geylang Road Westgate, JCube, Jem and Big Box. Other conveniences easily accessed include 22 schools, 15 and the nearby 51 Old Airport healthcare centres and four bank branches. Road Food Centre. Geylang has Available within 500m: two shopping malls, 15 ATMs, four banks, six childcare centres, five been a top investment pick for clinics, 10 dentists, three groceries, three kindergartens, one library, six schools years as the area has consist- ently commanded good rent- al yield, which is ideal for first-time property buyers. Available within 500m: two shopping malls, 12 ATMs, two banks, eight childcare centres, eight clinics, three dentists, one grocery, seven kindergartens, two schools, one sports club La Fiesta Fiesta means “festival” or “party’ in Spanish. So, residents in La Fiesta can expect an adventurous and splendid time living in Sengkang. With Compass One shopping centre and Kopitiam Square just across the road, picking up daily essentials and good food is downright convenient. A covered linkway connects the condo to a transportation hub a five-minute walk away. Those who enjoy Highline Residences spending time outdoors with the family Developed by Keppel Land, Highline Residences is located on Kim Tian Road in vibrant will love the offerings at Sengkang Floating Tiong Bahru, famed for the fare served at Tiong Bahru Market and Food Centre, which Wetland, Sengkang Sports and Recreation was voted one of the best hawker centres in Singapore. Residents in search of eateries Centre and the Punggol Promenade and do not have to travel far. Numerous restaurants and bars have shifted there in the last Jetty, all a stone’s throw from La Fiesta. few years, making the estate a haven for foodies. Do you enjoy spending your weekend Available within 500m: one shopping cafe hopping? The number of “hipster” cafes and coffee shops around the neighbour- mall, 11 ATMs, two banks, seven childcare hood will keep you busy. centres, two clinics, two dentists, one com- Available within 500m: one shopping mall, 13 ATMs, two banks, two childcare centres, munity club, one grocery, one kindergarten, nine clinics, five dentists, one community club, two groceries, three kindergartens, two one library, one school hawker centres, three schools Other notable new projects in OCR are Other notable new projects in RCR are Tre Residences, Sennett Residence, Sturdee Hillion Residences, Seventy Saint Patrick’s, Residences, The Poiz Residences, Sky Habitat and Sims Urban Oasis. The Tembusu, Vue 8 Residence and Stars of Kovan. THEEDGE SINGAPORE | JUNE 27, 2016 • EP27 Our heartiest congratulations to The Edge Property Singapore on your 1st anniversary! A MARK OF GLOBAL EXCELLENCE IN REAL ESTATE Ongoing Projects The Bridge, Cambodia The Peak, Cambodia The Flow, Singapore .JYFESFTJEFOUJBMBOEDPNNFSDJBMEFWFMPQNFOU A mixed-use development consisting of hotel, "GSFFIPMETIPQQJOHNBMMMPDBUFEBMPOHUIF JOUIFIFBSUPG$BNCPEJBt5IFmSTUTBMF MFBTF PGmDF SFUBJMBOESFTJEFOUJBMVOJUTt5IFmSTU CVTUMJOH&BTU$PBTU3PBEt$PNQSJTFTSFUBJM PQFSBUFTDIFNFGPSDPNNFSDJBMVOJUTJO$BNCPEJB 4IBOHSJ-B)PUFMJO$BNCPEJB TIPQT SFTUBVSBOUTBOENFEJDBMDMJOJDT The Rise @ Oxley, Singapore Royal Wharf, UK "GSFFIPMEDVUUJOHFEHFSFTJEFOUJBMDPNNFSDJBM &YDJUJOHXBUFSGSPOUEFWFMPQNFOUJO-POEPOt8JOOFSPGUIFi%FWFMPQNFOU EFWFMPQNFOUJOUIFIFBSUPGUIFDJUZ PGUIF:FBS 3&4*"XBSETwBOEi5IF8IBSG"XBSEw Upcoming Projects Novotel on Stevens, Ibis on Stevens, Singapore Dublin Property, Ireland^ Oxley Towers Kuala Lumpur Min Residences, Myanmar Oxley Convention City, City Centre, Malaysia Indonesia Visit our sales gallery at 390 Orchard Road #16-01 to #16-04 Palais Renaissance (next to The Royal Thai Embassy) Singapore 238871 2SHQLQJ+RXUV SPWRSP'DLO\ 7HO )D[ :HEVLWH ZZZR[OH\FRPVJ 7+()/2:'HYHORSHU 2[OH\9LEUDQW3WH/WG 52& + 7HQXUHRI/DQG (VWDWHLQ)HH6LPSOH )UHHKROG (QFXPEUDQFHV Mortgage Registered in Favour of Bank RI&KLQD/LPLWHG/RW1RV0XNLP /276;37/0.%XLOGLQJ3ODQ1R $%3GDWHGWK0D\([SHFWHG'DWHRI9DFDQW3RVVHVVLRQ VW'HFHPEHU([SHFWHG'DWHRI/HJDO&RPSOHWLRQ 31st December 2020 7+(5,6(#2;/(<'HYHORSHU 2[OH\5LVH3WH/WG 52& : 'HYHORSHU/LFHQVH1R &7HQXUHRI/DQG (VWDWHLQ)HH6LPSOH )UHHKROG (QFXPEUDQFHV 0RUWJDJH5HJLVWHUHGLQ)DYRXURI8QLWHG2YHUVHDV%DQN/LPLWHG/RW1RV0XNLP /276&DQG:76%XLOGLQJ3ODQ1R A1207-00006-2012-BP01 dated 18th $SULO([SHFWHG'DWHRI9DFDQW3RVVHVVLRQ VW'HFHPEHU ([SHFWHG'DWHRI/HJDO&RPSOHWLRQ 31st December 2022 6RPHRIWKHIHDWXUHGSURSHUWLHVDUHRYHUVHDVLQYHVWPHQWV$VRYHUVHDVLQYHVWPHQWVFDUU\DGGLWLRQDOÀQDQFLDOUHJXODWRU\DQGOHJDOULVNVLQYHVWRUVDUHDGYLVHGWRGRWKHQHFHVVDU\ checks and research on the investments beforehand. A3URMHFW\HWWREHQDPHG $UWLVW·V,PSUHVVLRQ EP28 • THEEDGE SINGAPORE | JUNE 27, 2016 PERSONALITY | BY CECILIA CHOW | fered a deferred payment scheme. Lee and his team of 20 agents sold close to 20 units or much of the last two years, Dominic over the long weekend. Lee drove by OUE Twin Peaks every So far, the agents at PropNex headed by PropNex’s day. “From the outside, I thought it Lee have sold 78 units at OUE Twin Peaks, was such a stunning project,” says which translates to 36% of units sold. Lee the 42-year-old brand district direc- has sold 11 units. Only a dozen units in the Ftor of PropNex Realty. He asked if he and tower remain unsold since the launch of his team at PropNex could be appoint- the scheme two months ago. OUE has only ed as a marketing agent for the project. released one tower for sale and is holding Dominic Lee – By September last year, PropNex had be- back the second tower for bulk purchase. come the fourth marketing agent for OUE Both towers at OUE Twin Peaks are identi- Twin Peaks, alongside CBRE, Centaline cal, with 36 storeys and 231 units each. The and Savills. 99-year leasehold project was completed in ‘Clear signs of a rebound When the project was relaunched last No- February 2015. vember, few units were sold, despite the fact About 60% of the units sold were un- that the developer, OUE Ltd, had dangled der the deferred payment scheme. “If it a 12% discount. “It was difficult to move hadn’t been for the deferred payment in Districts 9 and 10’ units then as the prices were still perceived scheme, the units wouldn’t have flown to be relatively high,” says Lee. off the shelf,” says Lee. “It was what drew Things changed on the Labour Day week- buyers to the project, even though not all end of April 29 to May 1, when OUE of- of them took it up.” Lee and his team at PropNex sold 36% of the units in one tower of OUE Twin Peaks The amenities at the 462-unit Twin Peaks, where only 12 units remain unsold Lee: If you speak to anyone on the street today, they will tell you it’s a good time to buy property as prices in the prime districts since the deferred payment scheme was launched two months ago. The remain- have already corrected ing tower has been held back for bulk purchase THEEDGE SINGAPORE | JUNE 27, 2016 • EP29 PERSONALITY Activity in prime districts ket 10 years ago, Lee not only brokered sales 15 years ago. The first was McDowell Real- in his career. In June last year, Lee start- Following the success of OUE Twin Peaks, on behalf of buyers, he also became a buyer. ty and the second was the now defunct First ed a luxury team under PropNex’s power- PropNex has also been appointed to handle He bought units at Marina Bay Residenc- Tree Properties whose claim to fame was the ful negotiators division. He now has more the marketing of City Developments Ltd’s es, The Sail at Marina Bay and even invested failed collective sale of Horizon Towers on Le- than 40 people under him. He is looking to new luxury condominium development fur- in condos in Sentosa Cove. But he has since onie Hill Road. ride the next wave and believes that prices ther down Grange Road, namely the 174-unit sold almost all his investment properties ex- Before becoming a real estate agent, Lee was of high-end condos in the traditional prime Gramercy Park. The freehold project obtained cept for the house he lives in with his family an insurance agent with AIA for four years. He Districts 9, 10 and 11 may already be on the its Temporary Occupation Permit in May. Last on Eastwood Road. “It’s easy to give advice had dropped out of school after the first year of road to recovery after two successive quar- month, JLL and Savills marketed the project in to people, but the moment when your own polytechnic and started his own entertainment ters of price growth. Jakarta and Surabaya, while Singapore Chris- money is involved, it’s a completely different company, which he ran for four years. “I’ve “OUE Twin Peaks was the first time I repre- tie’s International Real Estate showcased the thing. Emotions come into play.” only had three real jobs in my life,” says Lee. sented a developer,” says Lee. And now that the project in Hong Kong. PropNex will be mar- Prior to joining PropNex, Lee started his “The only gift I have is that I am a good talker.” tower is substantially sold, Lee and his team are keting the project in Singapore. career with two boutique property agencies The gift of the gab has served him well focusing their attention on Gramercy Park. E Based on caveats lodged and download- ed on June 20, seven units at Gramercy Park were sold at prices ranging from $2,424 to $2,849 psf. “For a freehold luxury condo in prime District 10, such prices are considered very attractive,” says Lee. “That’s why sales have been picking up.” Meanwhile, two units at OUE Twin Peaks crossed $3,000 psf mark in May. One was a 1,399 sq ft, three-bedroom unit on the 35th floor that fetched $4.2 million or $3,009 psf. The other was a 549 sq ft, one-bedroom unit on the 34th floor that was sold for $1.68 mil- lion (or $3,056 psf). “I see clear signs of a rebound in prices in Districts 9 and 10, but not necessarily in transaction volume,” says Lee. “If you speak to anyone on the street today, they will tell you it’s a good time to buy property as pric- es in the prime districts have already correct- ed. But what’s holding them back? The addi- tional buyer’s stamp duty and the total debt servicing ratio. The only people who are not affected by ABSD or TDSR are the very rich, and they have plenty of choices.” Zooming in on luxury Since he joined PropNex a decade ago, Lee has been specialising in high-end condos in the prime districts. The first project that he was involved in was the 428-unit Marina Bay Residences at Marina Bay Financial Centre. All the units were sold within three days at an average price of $1,850 psf even without a launch. Lee was representing high-net-worth investors then and not the developer. “It was back in December 2006,” recounts Lee. “The timing was perfect. I sold 50 units at Marina Bay Residences. It was easy to make money then. So I dropped everything and spe- cialised in the high-end segment.” Like all property agents who were market- ing high-end projects at the peak of the mar- PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: The 174-unit Gramercy Park has seen sales picking up in the past month EP30 • THEEDGE SINGAPORE | JUNE 27, 2016 FIRST ANNIVERSARY PICTURES: MOHAMMED FYROL/THE EDGE SINGAPORE PICTURES: Real estate salespersons and leaders from ERA Realty Network at the party The Edge Property turns ONE he Edge Property celebrated its first birthday with a Tong also announced new initiatives to better serve cli- Among the 140 VIPs at the party were industry leaders such party on June 16, during which managing director ents, users and stakeholders. These include the merging of the as Real Estate Developers’ Association of Singapore (Redas) CEO Bernard Tong presented a short video chronicling the City & Country and The Edge Property pullouts into a single Joseph Tan Tai Chiew; CapitaLand senior vice-president, marketing successes achieved. The Edge Property is the fastest- property section, and the launch of a mobile app that halves and sales Colin Wong; GuocoLand (Singapore) property sales growing property platform, with 700% growth in the time taken by agents to post listings, in addition to en- general manager Dora Chng; Kylou Properties managing director T number of visitors per month — from 50,000 a year ago to abling posting on the go. Thirdly, TheEdgeProperty.com has Daven Wong; Oxley Holdings director, market ing and sales Eugene 350,000 today and 1.5 million page views. been revamped for even greater ease of use. Lim; and Teambuild Land executive director Richie Chew. E Teambuild Land executive director Richie Chew (left) and The Edge Wing Tai marketing executive Tan Sze Gee, Priscilla Wong, Wing Tai assistant marketing manager Linette Tan, Wing Tai Malaysia marketing and Property advertising sales account manager Priscilla Wong sales manager Calvin Kwet and The Edge Property advertising and sales director Cowie Tan THEEDGE SINGAPORE | JUNE 27, 2016 • EP31 FIRST ANNIVERSARY Cowie Tan, The Edge Property associate account director Diana Lim, The Edge Singapore director Anne Tong, Far East Organization director & COO, corporate real estate business group Cheryl Huan; Far East Organization marketing GuocoLand general manager Dora Chng, GuocoLand senior manager, marketing Corinne executive, corporate real estate business group Cherylynn Koh, The Edge Property executive director Ian Tong and The Edge Tsang and JTResi founder Jerry Tan Property advertising sales account manager Ken Tan (From left): S P Setia International’s general manager Neo Keng Hoe, The Edge Property’s Diana Lim, and other S P Setia personnel — senior executives for sales and marketing Koh Ian Tong, Bernard Tong, Kylou Properties managing director Daven Wong, InspireOn Real Estate key executive officer Kai Ling and Rachel Ong, and interns Dominic Chng and Elson Lee Phyllis Yap, and Diana Lim and Cowie Tan Testimonials The Edge Property in just one year has grown to become There’s an African proverb that says, ‘If you want to go quickly, go quite indispensable. With such a good start, I look forward alone. If you want to go far, go together’. We have always appreciated to it being entrenched as a must-visit portal for all real a good business partner. The professionalism, enthusiasm and estate stakeholders. Congratulations to the team at The creativity exhibited by the dynamic team at The Edge Property Edge Property; it’s a well-deserved first birthday! Singapore were exactly what we needed. Its comprehensive property — Redas’ Joseph Tan platform, coupled with the team’s ability to deliver quality work, have helped us meet our business needs. My heartiest congratulations Keep scaling new heights of success and setting new to The Edge Property Singapore on their first anniversary! — standards. Happy birthday and congratulations to The Edge CapitaLand’s Colin Wong Property! — GuocoLand’s Dora Chng From creating a life-size monopoly one year ago to having 350,000 visitors per month, The Edge Property has certainly created another significant milestone. Heartfelt congratulations to everyone in The The Edge Property was instrumental in helping us achieve Edge Property. — Oxley’s Eugene Lim 50% sales during our recent launch of VIIO @ Balestier. The Edge Property’s enthusiastic, dedicated, genuine We value our partnership with The Edge Property, which is M+S head of marketing communications Lester Lim; Formul8 account director and energetic team is bound for great success. Happy professional, enthusiastic and thorough. We look forward to many Nicholas Tan; CapitaLand senior vice-president, marketing and sales Colin Wong; Formul8 anniversary! more fruitful years with The Edge Property. Happy Birthday! managing director Fiona Bartholomeusz; Oxley Holdings’ director of marketing and sales — Kylou Properties’ Daven Wong — Teambuild Land’s Richie Chew Eugene Lim; and Bernard Tong, The Edge Property managing director Joey Yap Consulting Group founder and chief consultant Joey Yap, Bernard Tong, Redas CEO Joseph Tan, Real estate salespersons and leaders from PropNex Power of CLOSING Division Anne Tong, and The Edge Property Malaysia managing director Au Foong Yee EP32 • THEEDGE SINGAPORE | JUNE 27, 2016 DONE DEALS Contrasting fortunes in Punggol | BY METTA LEE | Watertown was launched in January 123RF.COM 2012 and 770 units were sold at a hree sellers in Punggol expe- median price of $1,169 psf. rienced contrasting fortunes Watertown is part of a mixed devel- recently. At Watertown, a opment comprising Waterway Point, 1,216 sq ft, three-bedroom a suburban mall with a net lettable unit was sold in a sub-sale on area of 370,824 sq ft. It is connected TJune 8 for $1.39 million, or $1,141 to the Punggol MRT station. A Treas- psf. The price was lower than what ure Trove is located within walking the seller had paid the developer in distance of the Punggol MRT station 2012 — $1.41 million, or $1,157 psf. In another part of District 19, a The transaction, therefore, resulted 1,496 sq ft low-floor unit at Kovan in a loss of about $19,000. The seller’s Residences was sold at 2011 prices, or stamp duty (SSD) was not applicable $989 psf. Kovan Residences is a 99- in this case as the holding period had year leasehold 521-unit condominium just crossed four years. There have located beside the Kovan MRT station. been 16 sub-sale caveats at the 992- In the Core Central Region, an unit project so far, but we can only 861 sq ft high-floor unit at The Sail trace the previous caveats for 10 of @ Marina Bay was sold for a price them. Of the 10, five were unprofitable, Two sellers at A Treasure Trove reaped profits while a seller at Watertown incurred a loss in June that is on a par with 2008 levels, or with the losses averaging $78,000. $1,661 psf. In July 2008, an 861 sq ft In contrast, two sellers at nearby A psf respectively, a tad lower than the There have been 67 sub-sale trans- the gains averaging $146,000. If SSD unit directly two floors below found Treasure Trove made profits exceed- Watertown unit. However, the sellers actions at the 882-unit A Treasure is included, one deal was in the red. a buyer at $1,626 psf. According to ing $100,000 in June. The two units had paid $876 and $920 psf for their Trove, but we can only trace the pre- A Treasure Trove was launched in Daphne Lean, ERA’s district division sold had been held for less than five units, which they bought direct from vious caveats for 61 of them. All 61 sub- September 2011 and 683 units were director, interest in the development years. They fetched $1,020 and $1,081 the developer in October 2011. sale transactions were profitable, with sold at a median price of $915 psf. comes mainly from investors. E LOCALITIES DISTRICTS LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF Singapore — by postal district City & Southwest 1 to 8 PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE Orchard/Tanglin/Holland 9 and 10 THE MORNINGSIDE Apartment Freehold June 10, 2016 1,722 2,400,000 - 1,394 1992 Resale Newton/Bukit Timah/Clementi 11 and 21 THE COSMOPOLITAN Condominium Freehold June 09, 2016 1,141 2,224,950 - 1,950 2008 Resale Balestier/MacPherson/Geylang 12 to 14 OUE TWIN PEAKS Condominium 99 years June 09, 2016 1,399 3,600,000 - 2,573 2015 Resale East Coast 15 and 16 OUE TWIN PEAKS Condominium 99 years June 09, 2016 1,604 4,250,000 - 2,650 2015 Resale OUE TWIN PEAKS Condominium 99 years June 09, 2016 549 1,596,767 - 2,909 2015 Resale Changi/Pasir Ris 17 and 18 RIVERGATE Apartment Freehold June 08, 2016 1,550 2,605,000 - 1,681 2009 Resale Serangoon/Thomson 19 and 20 District 10 West 22 to 24 THE BALMORAL Condominium Freehold June 13, 2016 2,745 3,750,000 - 1,366 1986 Resale North 25 to 28 THE TESSARINA Condominium Freehold June 13, 2016 1,658 2,070,000 - 1,249 2003 Resale THE PRINCETON Apartment Freehold June 13, 2016 861 1,280,000 - 1,486 1999 Resale HOLLAND PEAK Condominium Freehold June 13, 2016 592 862,000 - 1,456 1994 Resale GLENTREES Condominium 999 years June 13, 2016 1,442 1,868,000 - 1,295 2005 Resale RV RESIDENCES Condominium 999 years June 13, 2016 689 1,525,000 - 2,214 2015 Resale BEVERLY HILL Condominium Freehold June 10, 2016 3,778 6,300,000 - 1,667 1983 Resale THE TENERIFFE Terrace House 99 years June 10, 2016 3,122 2,300,000 - 737 2003 Resale D’LEEDON Condominium 99 years June 10, 2016 1,076 1,906,500 - 1,771 2014 Resale JADE MANSION Condominium Freehold June 10, 2016 2,669 3,450,000 - 1,292 1982 Resale GRAMERCY PARK Condominium Freehold June 10, 2016 1,249 3,175,200 - 2,543 2016 New Sale ALLSWORTH PARK Condominium 999 years June 09, 2016 1,959 2,520,000 - 1,286 1985 Resale LEEDON RESIDENCE Condominium Freehold June 08, 2016 2,659 6,080,000 - 2,287 2015 New Sale GRAMERCY PARK Condominium Freehold June 08, 2016 2,702 6,550,000 - 2,424 2016 New Sale HENRY PARK Terrace House Freehold June 08, 2016 4,941 6,800,000 - 1,375 1978 Resale District 11 WATTEN HILL Condominium Freehold June 14, 2016 2,669 3,390,000 - 1,270 1979 Resale WATTEN ESTATE CONDOMINIUM Condominium Freehold June 10, 2016 1,001 1,180,000 - 1,179 1983 Resale MANDALE HEIGHTS Apartment Freehold June 10, 2016 1,216 1,430,000 - 1,176 2004 Resale SHELFORD SUITES Condominium Freehold June 10, 2016 1,270 1,870,000 - 1,472 2011 Resale Residential transactions with contracts dated June 8 to 14 NEWTON SUITES Apartment Freehold June 09, 2016 947 1,725,000 - 1,821 2004 Resale NINETEEN SHELFORD ROAD Condominium Freehold June 09, 2016 657 920,000 - 1,401 1997 Resale LAND AREA/ NETT UNIT NEWTON ONE Condominium Freehold June 08, 2016 1,916 3,250,000 - 1,696 2009 Resale FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF District 12 PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE GEM RESIDENCES Condominium 99 years June 12, 2016 775 1,094,000 - 1,412 Uncompleted New Sale District 1 TREVISTA Condominium 99 years June 09, 2016 1,130 1,650,000 - 1,460 2011 Resale THE SAIL @ MARINA BAY Apartment 99 years June 08, 2016 861 1,430,000 - 1,661 2008 Resale VIIO @ BALESTIER Condominium Freehold June 09, 2016 474 765,000 - 1,615 Uncompleted New Sale District 3 GEM RESIDENCES Condominium 99 years June 08, 2016 452 697,950 - 1,544 Uncompleted New Sale RIVER PLACE Condominium 99 years June 13, 2016 786 950,000 - 1,209 2000 Resale EIGHT RIVERSUITES Condominium 99 years June 08, 2016 700 1,040,000 - 1,486 2016 Sub Sale HIGHLINE RESIDENCES Condominium 99 years June 12, 2016 1,109 2,039,000 - 1,839 Uncompleted New Sale CASA FORTUNA Apartment Freehold June 08, 2016 1,076 1,100,000 - 1,022 2011 Resale HIGHLINE RESIDENCES Condominium 99 years June 12, 2016 506 1,070,500 - 2,116 Uncompleted New Sale GALLERY FIFTEEN Apartment Freehold June 08, 2016 1,453 1,520,000 - 1,046 2003 Resale HIGHLINE RESIDENCES Condominium 99 years June 11, 2016 904 1,538,200 - 1,701 Uncompleted New Sale VICTORY HEIGHTS Apartment Freehold June 08, 2016 1,109 910,000 - 821 1997 Resale HIGHLINE RESIDENCES Condominium 99 years June 11, 2016 506 1,143,700 - 2,261 Uncompleted New Sale DE PARADISO Apartment Freehold June 08, 2016 1,238 1,200,000 - 969 2004 Resale HIGHLINE RESIDENCES Condominium 99 years June 11, 2016 700 1,299,700 - 1,858 Uncompleted New Sale District 13 ALEXIS Apartment Freehold June 10, 2016 409 682,000 - 1,667 2012 Resale THE POIZ RESIDENCES Apartment 99 years June 12, 2016 420 630,000 - 1,501 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years June 10, 2016 904 1,530,700 - 1,693 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years June 12, 2016 420 619,000 - 1,475 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years June 08, 2016 904 1,518,200 - 1,679 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years June 12, 2016 1,152 1,531,000 - 1,329 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years June 08, 2016 463 840,700 - 1,816 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years June 12, 2016 1,184 1,596,000 - 1,348 Uncompleted New Sale District 5 THE VENUE RESIDENCES Apartment 99 years June 12, 2016 1,130 1,588,000 - 1,405 Uncompleted New Sale THE TRILINQ Condominium 99 years June 11, 2016 1,044 1,424,000 - 1,364 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years June 09, 2016 420 655,000 - 1,560 Uncompleted New Sale WHITEHAVEN Apartment Freehold June 11, 2016 1,485 1,500,000 - 1,010 Uncompleted New Sale R MAISON Apartment Freehold June 08, 2016 689 870,000 - 1,263 2016 New Sale ONE-NORTH RESIDENCES Apartment 99 years June 10, 2016 1,335 1,850,000 - 1,386 2009 Resale THE POIZ RESIDENCES Apartment 99 years June 08, 2016 807 1,147,000 - 1,421 Uncompleted New Sale THE PEAK@BALMEG Condominium Freehold June 10, 2016 1,507 2,120,000 - 1,407 2011 Resale SOMMERVILE ROAD Detached House Freehold June 08, 2016 5,500 5,250,000 - 954 1988 Resale THE TRILINQ Condominium 99 years June 10, 2016 1,044 1,366,000 - 1,308 Uncompleted New Sale District 14 THE TRILINQ Condominium 99 years June 10, 2016 538 810,000 - 1,505 Uncompleted New Sale MELOSA Apartment Freehold June 14, 2016 506 678,040 - 1,340 2013 Resale THE TRILINQ Condominium 99 years June 09, 2016 710 1,047,000 - 1,474 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years June 12, 2016 624 840,000 - 1,345 Uncompleted New Sale MURANO Apartment Freehold June 08, 2016 861 1,050,000 - 1,219 2008 Resale District 15 District 7 BLU CORAL Condominium Freehold June 13, 2016 872 978,000 - 1,122 2009 Resale CITY GATE Apartment 99 years June 10, 2016 1,249 2,158,000 - 1,728 Uncompleted New Sale THE SEAWIND Condominium Freehold June 12, 2016 657 1,024,920 - 1,561 2015 New Sale District 8 FULCRUM Condominium Freehold June 11, 2016 474 909,000 - 1,919 2016 New Sale CITY SQUARE RESIDENCES Condominium Freehold June 14, 2016 840 1,218,000 - 1,451 2009 Resale 8M RESIDENCES Apartment Freehold June 11, 2016 775 1,501,164 - 1,937 2016 New Sale CITY SQUARE RESIDENCES Condominium Freehold June 13, 2016 1,206 1,618,000 - 1,342 2009 Resale THE MEYERISE Condominium Freehold June 10, 2016 1,819 2,765,000 - 1,520 2014 Resale STURDEE RESIDENCES Condominium 99 years June 10, 2016 657 1,035,300 - 1,577 Uncompleted New Sale COSTA RHU Condominium 99 years June 10, 2016 1,970 2,214,000 - 1,124 1997 Resale CITYSCAPE @FARRER PARK Condominium Freehold June 10, 2016 1,076 1,558,600 - 1,448 2014 Resale COTE D’AZUR Condominium 99 years June 10, 2016 2,702 2,800,000 - 1,036 2004 Resale CITY SQUARE RESIDENCES Condominium Freehold June 09, 2016 1,195 1,650,000 - 1,381 2009 Resale THE MEYERISE Condominium Freehold June 09, 2016 1,270 2,506,000 - 1,973 2014 Resale STURDEE RESIDENCES Condominium 99 years June 08, 2016 420 730,000 - 1,739 Uncompleted New Sale SANCTUARY GREEN Condominium 99 years June 09, 2016 829 918,000 - 1,108 2003 Resale STURDEE RESIDENCES Condominium 99 years June 08, 2016 420 747,000 - 1,779 Uncompleted New Sale STUDIOS@TEMBELING Apartment Freehold June 09, 2016 786 1,015,000 - 1,292 2012 Resale District 9 THE LINE @ TANJONG RHU Condominium Freehold June 08, 2016 420 980,000 - 2,334 Uncompleted New Sale URBAN SUITES Condominium Freehold June 14, 2016 2,045 5,250,000 - 2,567 2013 Resale AALTO Condominium Freehold June 08, 2016 1,528 2,500,000 - 1,636 2010 Resale THE COSMOPOLITAN Condominium Freehold June 13, 2016 1,679 3,150,000 - 1,876 2008 Resale FLAMINGO VALLEY Condominium Freehold June 08, 2016 1,216 1,488,000 - 1,223 2014 Resale OUE TWIN PEAKS Condominium 99 years June 13, 2016 570 1,570,250 - 2,752 2015 Resale THE COTZ Apartment Freehold June 08, 2016 1,195 1,010,000 - 845 2010 Resale MACKENZIE REGENCY Apartment Freehold June 13, 2016 1,184 1,380,000 - 1,166 2007 Resale EMERY POINT Apartment Freehold June 08, 2016 1,302 1,500,000 - 1,152 2003 Resale PATERSON RESIDENCE Condominium Freehold June 10, 2016 1,496 2,910,000 - 1,945 2008 Resale LORONG J TELOK KURAU Terrace House Freehold June 08, 2016 1,733 1,980,000 - 1,144 1972 Resale THEEDGE SINGAPORE | JUNE 27, 2016 • EP33 DONE DEALS Residential transactions with contracts dated June 8 to 14 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 District 16 CORAL PARK Terrace House Freehold June 10, 2016 2,024 2,600,000 - 1,283 1980 Resale LAGUNA GREEN Condominium 99 years June 14, 2016 1,259 1,268,000 - 1,007 1998 Resale GOLDENHILL PARK SENNETT DRIVE Terrace House Freehold June 14, 2016 2,164 2,800,000 - 1,296 1997 Resale CONDOMINIUM Condominium Freehold June 10, 2016 1,335 1,625,000 - 1,217 2004 Resale LAGUNA 88 Condominium 99 years June 13, 2016 1,518 1,330,000 - 876 2000 Resale THE PANORAMA Condominium 99 years June 09, 2016 1,130 1,337,947 - 1,184 Uncompleted New Sale ARCHIPELAGO Condominium 99 years June 13, 2016 840 1,035,000 - 1,233 2015 Sub Sale FLORAVIEW Apartment Freehold June 09, 2016 1,066 1,248,700 - 1,172 Uncompleted New Sale THE GLADES Condominium 99 years June 11, 2016 990 1,435,000 - 1,449 Uncompleted New Sale SKY VUE Condominium 99 years June 09, 2016 807 1,332,900 - 1,651 Uncompleted New Sale THE GLADES Condominium 99 years June 11, 2016 840 1,160,000 - 1,382 Uncompleted New Sale THE PANORAMA Condominium 99 years June 08, 2016 1,012 1,219,780 - 1,206 Uncompleted New Sale KEW DRIVE Semi-Detached THOMSON VIEW House 99 years June 09, 2016 2,594 2,100,000 - 808 1997 Resale CONDOMINIUM Condominium 99 years June 08, 2016 1,313 1,400,000 - 1,066 1987 Resale ECO Terrace House 99 years June 09, 2016 3,563 3,100,000 - 870 Uncompleted New Sale District 21 OPTIMA @ TANAH MERAH Condominium 99 years June 09, 2016 2,196 1,710,000 - 779 2012 Resale TOH TUCK CLOSE Terrace House Freehold June 10, 2016 2,110 2,850,000 - 1,349 1994 Resale THE GLADES Condominium 99 years June 09, 2016 581 810,000 - 1,394 Uncompleted New Sale SIGNATURE PARK Condominium Freehold June 10, 2016 1,701 1,888,000 - 1,110 1998 Resale THE GLADES Condominium 99 years June 09, 2016 861 1,164,000 - 1,352 Uncompleted New Sale ENG KONG CRESCENT Terrace House Freehold June 10, 2016 1,884 2,330,000 - 1,239 Unknown Resale District 17 THE RAINTREE Condominium 99 years June 08, 2016 1,292 1,238,000 - 958 2008 Resale FERRARIA PARK District 22 CONDOMINIUM Condominium Freehold June 09, 2016 1,378 1,168,000 - 848 2009 Resale WESTWOOD RESIDENCES Executive RIZ HAVEN Apartment 946 years June 09, 2016 872 750,000 - 860 2010 Resale Condominium 99 years June 12, 2016 1,238 1,004,553 - 812 Uncompleted New Sale LENGKOK MARIAM Detached House Freehold June 08, 2016 10,161 5,750,000 - 566 Unknown Resale LAKEVILLE Condominium 99 years June 12, 2016 1,141 1,459,656 - 1,279 Uncompleted New Sale District 18 LAKEVILLE Condominium 99 years June 10, 2016 1,302 1,714,136 - 1,316 Uncompleted New Sale THE SANTORINI Condominium 99 years June 11, 2016 753 784,000 - 1,041 Uncompleted New Sale WESTWOOD RESIDENCES Executive DOUBLE BAY RESIDENCES Condominium 99 years June 10, 2016 936 993,000 - 1,060 2012 Resale Condominium 99 years June 09, 2016 1,152 948,915 - 824 Uncompleted New Sale SIMEI GREEN CONDOMINIUM Executive PARC VISTA Condominium 99 years June 09, 2016 1,055 860,000 - 815 1997 Resale Condominium 99 years June 10, 2016 969 830,000 - 857 1999 Resale THE MAYFAIR Condominium 99 years June 08, 2016 1,206 1,010,000 - 838 2000 Resale EASTPOINT GREEN Condominium 99 years June 10, 2016 1,302 840,000 - 645 1999 Resale District 23 PINEVALE Executive MI CASA Condominium 99 years June 14, 2016 1,367 1,250,000 - 914 2012 Resale Condominium 99 years June 10, 2016 1,572 1,196,000 - 761 1999 Resale GLENDALE PARK Condominium Freehold June 14, 2016 1,507 1,460,000 - 969 2000 Resale VUE 8 RESIDENCE Condominium 99 years June 10, 2016 1,044 1,020,000 - 977 Uncompleted New Sale WANDERVALE Executive VUE 8 RESIDENCE Condominium 99 years June 10, 2016 1,346 1,295,000 - 962 Uncompleted New Sale Condominium 99 years June 12, 2016 958 674,000 - 704 Uncompleted New Sale SEA HORIZON Executive KINGSFORD . HILLVIEW PEAK Condominium 99 years June 11, 2016 527 732,000 - 1,388 Uncompleted New Sale Condominium 99 years June 09, 2016 1,604 1,260,000 - 786 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years June 11, 2016 1,098 1,443,870 - 1,315 Uncompleted New Sale THE TROPICA Condominium 99 years June 09, 2016 1,572 1,280,000 - 814 2000 Resale KINGSFORD . HILLVIEW PEAK Condominium 99 years June 11, 2016 850 1,100,000 - 1,294 Uncompleted New Sale WATERVIEW Condominium 99 years June 09, 2016 1,033 945,000 - 915 2014 Resale KINGSFORD . HILLVIEW PEAK Condominium 99 years June 11, 2016 538 750,000 - 1,394 Uncompleted New Sale THE ESPARIS Executive KINGSFORD . HILLVIEW PEAK Condominium 99 years June 11, 2016 850 1,110,000 - 1,305 Uncompleted New Sale Condominium 99 years June 09, 2016 1,292 910,000 - 705 2005 Resale SOL ACRES Executive SEASTRAND Condominium 99 years June 09, 2016 1,109 1,100,000 - 992 2014 Resale Condominium 99 years June 11, 2016 710 556,000 - 783 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years June 09, 2016 1,033 973,000 - 942 Uncompleted New Sale WANDERVALE Executive VUE 8 RESIDENCE Condominium 99 years June 09, 2016 1,044 995,000 - 953 Uncompleted New Sale Condominium 99 years June 11, 2016 1,098 832,000 - 758 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years June 09, 2016 1,033 1,025,000 - 992 Uncompleted New Sale THE SKYWOODS Condominium 99 years June 11, 2016 990 1,188,000 - 1,200 2016 New Sale District 19 SOL ACRES Executive KOVAN RESIDENCES Condominium 99 years June 13, 2016 1,496 1,480,000 - 989 2011 Resale Condominium 99 years June 10, 2016 926 699,000 - 755 Uncompleted New Sale A TREASURE TROVE Condominium 99 years June 13, 2016 1,658 1,470,000 - 887 2015 Sub Sale WANDERVALE Executive BELLEWATERS Executive Condominium 99 years June 10, 2016 1,098 847,000 - 771 Uncompleted New Sale Condominium 99 years June 12, 2016 1,087 874,000 - 804 Uncompleted New Sale SOL ACRES Executive BOTANIQUE AT BARTLEY Condominium 99 years June 12, 2016 657 826,000 - 1,258 Uncompleted New Sale Condominium 99 years June 10, 2016 1,163 906,000 - 779 Uncompleted New Sale BOTANIQUE AT BARTLEY Condominium 99 years June 12, 2016 657 864,000 - 1,316 Uncompleted New Sale SOL ACRES Executive BOTANIQUE AT BARTLEY Condominium 99 years June 12, 2016 657 817,000 - 1,244 Uncompleted New Sale Condominium 99 years June 10, 2016 1,066 868,000 - 815 Uncompleted New Sale JEWEL @ BUANGKOK Condominium 99 years June 12, 2016 1,216 1,335,000 - 1,098 Uncompleted New Sale PARKVIEW APARTMENTS Apartment 99 years June 10, 2016 926 700,000 - 756 1998 Resale TRILIVE Condominium Freehold June 12, 2016 624 1,015,000 - 1,626 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years June 10, 2016 474 619,710 - 1,308 Uncompleted New Sale THE TERRACE Executive KINGSFORD . HILLVIEW PEAK Condominium 99 years June 09, 2016 538 739,999 - 1,375 Uncompleted New Sale Condominium 99 years June 12, 2016 1,313 1,049,200 - 799 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years June 09, 2016 775 1,099,000 - 1,418 Uncompleted New Sale BELLEWATERS Executive KINGSFORD . HILLVIEW PEAK Condominium 99 years June 09, 2016 829 1,023,000 - 1,234 Uncompleted New Sale Condominium 99 years June 11, 2016 1,238 997,920 - 806 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years June 09, 2016 549 720,000 - 1,312 Uncompleted New Sale BELLEWATERS Executive KINGSFORD . HILLVIEW PEAK Condominium 99 years June 09, 2016 549 722,000 - 1,315 Uncompleted New Sale Condominium 99 years June 11, 2016 1,238 980,670 - 792 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years June 09, 2016 549 724,000 - 1,319 Uncompleted New Sale BELLEWATERS Executive KINGSFORD . HILLVIEW PEAK Condominium 99 years June 09, 2016 527 734,000 - 1,392 Uncompleted New Sale Condominium 99 years June 11, 2016 1,302 1,044,000 - 802 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years June 09, 2016 527 738,000 - 1,399 Uncompleted New Sale BELLEWATERS Executive KINGSFORD . HILLVIEW PEAK Condominium 99 years June 09, 2016 850 1,100,000 - 1,294 Uncompleted New Sale Condominium 99 years June 11, 2016 1,302 1,039,500 - 798 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years June 08, 2016 850 1,098,000 - 1,291 Uncompleted New Sale BELLEWATERS Executive KINGSFORD . HILLVIEW PEAK Condominium 99 years June 08, 2016 850 1,100,000 - 1,294 Uncompleted New Sale Condominium 99 years June 11, 2016 1,528 1,063,260 - 696 Uncompleted New Sale HILLINGTON GREEN Condominium 999 years June 08, 2016 980 1,025,000 - 1,046 2002 Resale BOTANIQUE AT BARTLEY Condominium 99 years June 11, 2016 1,033 1,344,000 - 1,301 Uncompleted New Sale District 25 JEWEL @ BUANGKOK Condominium 99 years June 11, 2016 1,259 1,390,500 - 1,104 Uncompleted New Sale BELLEWOODS Executive THE TERRACE Executive Condominium 99 years June 08, 2016 1,550 1,180,080 - 761 Uncompleted New Sale Condominium 99 years June 11, 2016 1,076 903,600 - 839 Uncompleted New Sale WOODSVALE Executive LA FIESTA Condominium 99 years June 10, 2016 1,367 1,790,000 - 1,309 2016 New Sale Condominium 99 years June 08, 2016 1,356 815,000 - 601 2000 Resale KINGSFORD WATERBAY Apartment 99 years June 10, 2016 883 1,048,000 - 1,187 Uncompleted New Sale District 26 KINGSFORD WATERBAY Apartment 99 years June 10, 2016 678 803,000 - 1,184 Uncompleted New Sale THE SPRINGSIDE Terrace House Freehold June 09, 2016 1,959 2,930,000 - 1,492 2016 New Sale KINGSFORD WATERBAY Apartment 99 years June 10, 2016 474 590,000 - 1,246 Uncompleted New Sale District 27 ONE SURIN Terrace House Freehold June 10, 2016 3,821 2,600,000 - 680 Uncompleted New Sale PARC LIFE Executive THE TERRACE Executive Condominium 99 years June 12, 2016 1,001 745,750 743,450 743 Uncompleted New Sale Condominium 99 years June 09, 2016 1,313 1,067,600 1,057,600 805 Uncompleted New Sale THE BROWNSTONE Executive LA FIESTA Condominium 99 years June 09, 2016 893 1,054,800 - 1,181 2016 New Sale Condominium 99 years June 12, 2016 883 804,000 - 911 Uncompleted New Sale THE VALES Executive THE VISIONAIRE Executive Condominium 99 years June 09, 2016 904 706,875 - 782 Uncompleted New Sale Condominium 99 years June 12, 2016 1,023 843,000 - 824 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 09, 2016 624 695,175 - 1,114 Uncompleted New Sale THE VISIONAIRE Executive KINGSFORD WATERBAY Apartment 99 years June 09, 2016 850 944,000 - 1,110 Uncompleted New Sale Condominium 99 years June 12, 2016 1,141 931,500 - 816 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 09, 2016 678 790,000 - 1,165 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years June 12, 2016 786 789,000 - 1,004 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 09, 2016 484 586,040 - 1,210 Uncompleted New Sale THE BROWNSTONE Executive KINGSFORD WATERBAY Apartment 99 years June 09, 2016 678 795,000 - 1,172 Uncompleted New Sale Condominium 99 years June 11, 2016 990 856,800 - 865 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 09, 2016 474 590,000 - 1,246 Uncompleted New Sale THE WISTERIA Apartment 99 years June 11, 2016 893 875,200 - 980 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 09, 2016 1,033 1,170,000 - 1,132 Uncompleted New Sale PARC LIFE Executive KINGSFORD WATERBAY Apartment 99 years June 09, 2016 484 593,000 - 1,224 Uncompleted New Sale Condominium 99 years June 11, 2016 1,066 797,050 794,750 746 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 09, 2016 474 577,000 - 1,218 Uncompleted New Sale PARC LIFE Executive KINGSFORD WATERBAY Apartment 99 years June 09, 2016 1,109 1,236,750 - 1,116 Uncompleted New Sale Condominium 99 years June 11, 2016 980 733,400 731,100 746 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 09, 2016 484 595,000 - 1,228 Uncompleted New Sale PARC LIFE Executive Condominium 99 years June 10, 2016 1,001 741,000 738,700 738 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 09, 2016 484 578,000 - 1,193 Uncompleted New Sale THE BROWNSTONE Executive KINGSFORD WATERBAY Apartment 99 years June 09, 2016 1,109 1,266,000 - 1,142 Uncompleted New Sale Condominium 99 years June 10, 2016 958 788,800 - 823 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 09, 2016 657 778,000 - 1,185 Uncompleted New Sale THE VISIONAIRE Executive KINGSFORD WATERBAY Apartment 99 years June 09, 2016 678 842,000 - 1,242 Uncompleted New Sale Condominium 99 years June 10, 2016 850 662,000 - 778 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years June 09, 2016 840 802,000 - 955 Uncompleted New Sale SELETARIS Condominium Freehold June 10, 2016 1,539 1,020,000 - 663 2001 Resale LA FIESTA Condominium 99 years June 09, 2016 893 1,067,400 - 1,195 2016 New Sale CANBERRA RESIDENCES Condominium 99 years June 10, 2016 850 828,000 - 974 2013 Resale LA FIESTA Condominium 99 years June 09, 2016 1,367 1,550,000 - 1,134 2016 New Sale SYMPHONY SUITES Condominium 99 years June 09, 2016 689 740,800 - 1,075 Uncompleted New Sale JEWEL @ BUANGKOK Condominium 99 years June 09, 2016 1,356 1,653,750 - 1,219 Uncompleted New Sale SIGNATURE AT YISHUN Executive JEWEL @ BUANGKOK Condominium 99 years June 09, 2016 2,540 2,700,000 - 1,063 Uncompleted New Sale Condominium 99 years June 09, 2016 1,098 773,000 - 704 Uncompleted New Sale THE MINTON Condominium 99 years June 09, 2016 980 958,000 - 978 2013 Resale THE VISIONAIRE Executive BELLEWATERS Executive Condominium 99 years June 09, 2016 1,023 863,000 - 844 Uncompleted New Sale Condominium 99 years June 08, 2016 1,335 1,026,000 - 769 Uncompleted New Sale PENAGA PLACE Terrace House 99 years June 09, 2016 2,400 2,200,000 - 918 2009 Resale BOTANIQUE AT BARTLEY Condominium 99 years June 08, 2016 1,066 1,433,000 - 1,345 Uncompleted New Sale D’BANYAN Apartment 999 years June 09, 2016 732 708,000 - 967 2005 Resale WATERTOWN Apartment 99 years June 08, 2016 1,216 1,388,000 - 1,141 Uncompleted Sub Sale THE BROWNSTONE Executive THE SPRINGBLOOM Condominium 99 years June 08, 2016 1,453 1,420,000 - 977 1999 Resale Condominium 99 years June 08, 2016 1,130 927,200 - 820 Uncompleted New Sale THE QUINN Apartment Freehold June 08, 2016 1,066 1,635,510 - 1,535 2016 New Sale SKYPARK RESIDENCES Executive THE FLORIDA Executive Condominium 99 years June 08, 2016 1,593 1,218,000 - 765 Uncompleted New Sale Condominium 99 years June 08, 2016 1,227 840,000 - 685 2000 Resale District 28 TRILIVE Condominium Freehold June 08, 2016 549 883,000 - 1,608 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years June 12, 2016 936 896,000 - 957 Uncompleted New Sale THE TERRACE Executive RIVERBANK @ FERNVALE Condominium 99 years June 11, 2016 1,044 1,067,000 1,059,000 1,014 Uncompleted New Sale Condominium 99 years June 08, 2016 1,001 761,600 748,600 748 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years June 11, 2016 1,055 1,042,000 1,034,000 980 Uncompleted New Sale District 20 HIGH PARK RESIDENCES Apartment 99 years June 08, 2016 710 801,112 - 1,128 Uncompleted New Sale THE WINDSOR Condominium Freehold June 14, 2016 1,572 1,418,000 - 902 1987 Resale SELETAR HILLS ESTATE Semi-Detached THE PANORAMA Condominium 99 years June 12, 2016 1,163 1,442,994 - 1,241 Uncompleted New Sale House Freehold June 08, 2016 3,079 3,600,000 - 1,170 Unknown Resale FLORAVIEW Apartment Freehold June 12, 2016 592 757,500 - 1,280 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years June 08, 2016 1,206 1,316,680 - 1,092 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years June 12, 2016 463 752,800 - 1,626 Uncompleted New Sale SKY VUE Condominium 99 years June 12, 2016 1,141 1,747,700 - 1,532 Uncompleted New Sale DISCLAIMER: THE PANORAMA Condominium 99 years June 11, 2016 1,163 1,405,598 - 1,209 Uncompleted New Sale Source: URA Realis. Updated June 21, 2016. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, THE PANORAMA Condominium 99 years June 11, 2016 1,012 1,221,743 - 1,207 Uncompleted New Sale or reliance on, the information provided therein. THOMSON IMPRESSIONS Apartment 99 years June 11, 2016 463 714,000 - 1,543 Uncompleted New Sale EP34 • THEEDGE SINGAPORE | JUNE 27, 2016 GAINS AND LOSSES Bungalow at Oei Tiong Ham Park sold for $19m | BY ESTHER HOON | The bungalow, which sits on a sq ft site. The buyer is understood to a year after its purchase. Notwith- October 2006 for $2.1 million ($804 11,722 sq ft site, was first purchased be a senior management staff mem- standing this, the seller still netted psf) and sold last month at $3.5 mil- former executive director in June 2006 at $4.9 million ($418 psf ber of Sheng Siong Group. The prof- a profit of close to $800,000, after lion ($1,327 psf). The Sovereign is of Kim Eng Holdings could on land area) and resold for $19 mil- it excludes all expenditures incurred paying the 16% seller’s stamp duty a freehold condo project on Meyer be the seller of a bungalow lion ($1,621 psf) in June this year. The by the seller for the property. amounting to $460,800. Excluding Road comprising 87 units. in Good Class Bungalow buyer is understood to be a partner Several other landed homes also SSD, the profit would have been $1.3 The biggest loss was traced to a (GCB) area Oei Tiong Ham of a renowned law firm. netted hefty profits. A semi-detached million, translating to an annualised 3,165 sq ft penthouse unit at One APark, which fetched a profit of $14 Separately, the owner of a local house on Corona tion Road West was gain of 108%. Amber, which was put up for mort- million recently. However, the profit hotel and resort could be the seller sold at a profit of $3.2 million, or an In the non-landed housing seg- gagee sale. The seller had purchased excludes any expenditure incurred of a bungalow on Upper East Coast annualised gain of 11%. The seller ment, the highest profit based on new the unit in a sub-sale shortly after for construction or other enhance- Road that netted a $7 million profit in had held the unit since buying it in caveats uploaded by the URA on June the implementation of the four-year ment works done to the property, May. He had purchased the property April 2009 for $2.8 million ($621 psf 10 and 14 accrued to a 2,637 sq ft SSD in January 2011 at a record which could amount to a few mil- for $3.4 million ($325 psf on land on land) before dis posing it for $6 unit at The Sovereign condominium. price of $4.4 million ($1,399 psf). lion. The deal was among the new area) in November 2004 and resold million ($1,330 psf). The seller reaped $1.4 million af- The house went under the hammer caveats uploaded by the URA on it for $10.8 million ($1,047 psf) last Meanwhile, a terraced house on ter holding the unit for close to 10 for $3.7 million ($1,169 psf), result- June 10 and 14. month. The property sits on a 10,312 Simon Walk was flipped less than years. The property was purchased in ing in a loss of $727,835. E PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: A bungalow at Oei Tiong Ham Park was sold in June for $19 million ($1,621 psf on land area) A terraced house on Simon Walk was flipped less than a year after its purchase FACTS + FIGURES New caveats uploaded on June 10 and 14 Most profi table deals PROJECT DISTRICT AREA (SQ FT) DATE SOLD (2016) SALES PRICE ($) DATE BOUGHT PURCHASE PRICE ($) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 The Sovereign 15 2,637 May 30 3,500,000 Oct 18, 2006 2,120,000 1,380,000 65 5 9.6 2 Olina Lodge 10 2,766 June 1 3,320,000 April 11, 2006 2,150,000 1,170,000 54 4 10.1 3 Bishan Loft 20 1,464 May 20 1,570,000 Sept 4, 2001 644,240 925,760 144 6 14.7 THE EDGE PROPERTY URA, 4 Bishan Loft 20 1,464 May 27 1,510,000 Sept 12, 2001 636,470 873,530 137 6 14.7 5 The Serenade @ Holland 10 1,507 June 7 1,750,000 Jan 11, 2002 913,000 837,000 92 5 14.4 6 The Orchard Residences 9 2,465 May 23 7,950,000 April 9, 2007 7,203,000 747,000 10 1 9.1 7 Westmere 22 1,539 May 31 1,180,000 Sept 30, 2004 450,000 730,000 162 9 11.7 8 Three Three Robin 10 1,582 June 7 2,680,000 Sept 20, 2005 1,960,000 720,000 37 3 10.7 9 Hazel Park Condominium 23 1,938 June 6 1,710,000 March 8, 2000 1,029,480 680,520 66 3 16.3 10 The Inspira 9 1,561 June 6 2,550,000 Feb 16, 2007 1,877,977 672,023 36 3 9.3 LANDED 1 Detached/Oei Tiong Ham Park 10 11,722 June 6 19,000,000 June 2, 2006 4,900,000 14,100,000 288 14 10.0 2 Detached/Upper East Coast Road 16 10,312 May 17 10,800,000 Nov 2, 2004 3,363,000 7,437,000 221 11 11.5 3 Semi-Detached/Coronation Road West 10 4,510 June 6 6,000,000 April 28, 2009 2,800,000 3,200,000 114 11 7.1 4 Terrace/Jalan Batai 20 2,626 June 1 3,750,000 July 2, 1996 1,180,000 2,570,000 218 6 19.9 5 Terrace/Simon Walk 19 1,755 June 1 2,880,000 Aug 21, 2015 1,628,000 1,252,000 77 108 0.8 Non-profi table deals PROJECT DISTRICT AREA (SQ FT) DATE SOLD (2016) SALES PRICE ($) DATE BOUGHT PURCHASE PRICE ($) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 One Amber 15 3,165 May 26 3,700,000 Jan 17, 2011 4,427,835 727,835 16 3 5.4 2 The Sail @ Marina Bay 1 1,313 June 2 2,175,000 Nov 5, 2009 2,494,700 319,700 13 2 6.6 3 Bayshore Park 16 3,800 April 29 3,350,000 March 25, 2011 3,600,000 250,000 7 1 5.1 4 Martin No 38 9 1,130 June 1 2,495,000 June 10, 2011 2,724,000 229,000 8 2 5.0 5 Sherwood Tower 21 1,561 June 1 1,093,000 Dec 5, 2011 1,250,000 157,000 13 3 4.5 6 8 @ Mount Sophia 9 1,453 June 3 1,980,000 Sept 13, 2010 2,130,000 150,000 7 1 5.7 7 Clementiwoods Condominium 5 1,658 May 30 1,700,000 July 26, 2011 1,820,000 120,000 7 1 4.8 8 Floridian 21 1,346 June 1 2,188,000 March 16, 2011 2,307,500 119,500 5 1 5.2 9 One-North Residences 5 1,001 June 2 1,360,000 Nov 23, 2011 1,450,000 90,000 6 1 4.5 10 Sommerville Park 10 2,314 June 6 3,138,000 July 4, 2007 3,200,000 62,000 2 0.2 8.9 THEEDGE SINGAPORE | JUNE 27, 2016 • EP35 HOW WHERE ARE THE IS IT THE WHERE NEW RIGHT ARE ALL THE MUCH PROPERTIES TIME TO BUY DEALS IS MY HOME WORTH STOP WONDERING Start making better decisions Find thousands of listings, newest property Download The Edge Property Singapore updates, data and analytics at www.theedgeproperty.com.sg EP36 • THEEDGE SINGAPORE | JUNE 27, 2016