United Engineers to Preview Dairy Farm Residences

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

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of November 11, 2019 | ISSUE 907-129

Spotlight Design Agency Profile Under the Hammer Rare penthouse in RSP Architects and Benham & Reeves ups Detached house in Cluny Park Residence the design of Funan the ante in London Faber Hills Estate going going for $6.3 mil ep4 ep8 residential sales ep12 for $8.5 mil ep18

United Engineers to preview Dairy Farm Residences

The mixed-use development will be the first new launch in the Dairy Farm enclave in six years. Turn to our Cover Story on Pages 10, 11 & 16.

CapitaLand’sThe 460-unit M&ADairy will Farm give Residences it access sitsto Ascendas-Singbridge’s on a 211,488 sq ft, 99-year Changi leasehold Business site Park at the corner of Dairy Farm Road and Petir Road ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT

EP2 • EDGEPROP | NOVEMBER 11, 2019

PROPERTY BRIEFS

COLLIERS SAVILLS

PUBLISHER The Edge Property Pte Ltd The three-storey motor vehicle showroom and workshop at 17 Lorong 8 Toa Payoh 150 Cecil Street #13-00 The conservation shophouse at 21 New Bridge Road is just opposite The Central shopping mall Singapore 069543 Tel: (65) 6232 8688 Four-storey conservation Both properties are marketed by Knight opments include HDB flats and light in- 2.5. The spaces can be repurposed for Fax: (65) 6232 8620 shophouse at New Bridge Road Frank Singapore. dustrial developments like Braddell Tech, various uses like furniture/electronics going for $19.5 mil The first is located at 18 Bali Lane, STI Motor Centre, and Toyogo Building. display on the ground level, self-stor- PRINTER KHL Printing Co Pte Ltd A prime four-storey conservation shop- in the heart of Kampong Glam. The It is easily accessible via the Central Ex- age, car accessory businesses, and even 57 Loyang Drive house at 21 New Bridge Road has been two-storey conservation shophouse with pressway, Pan Island Expressway, and e-commerce. Singapore 508968 put up for sale via tender at $19.5 mil- attic has a total built-up area of approx- major arterial roads. Redhill MRT Station and mature hous- Tel: (65) 6543 2222 Fax: (65) 6545 3333 lion, or $3,200 psf based on the pro- imately 1,919 sq ft. It has a guide price The detached factory comprises a ing estates are within a five-minute walk posed total gross floor area (GFA) of of $6.9 million, or $3,600 psf based on car showroom, office and workshop away for both properties, and no ground PERMISSION AND 6,062 sq ft. The property is marketed the floor area. The shophouse is zoned area on the first storey, general offices rent is payable for them. REPRINTS by Colliers International. “commercial” under the Master Plan on the second storey, and warehouse/ The EOI for both properties will close Material in The Edge Property may not be reproduced in any The shophouse is located on a site 2014 and has a 999-year leasehold ten- store/office on the third storey. Complet- at 3pm on Dec 3. form without the written spanning approximately 1,443 sq ft with ure. It is currently tenanted. ed in the 1990s, it occupies a floor area permission of the publisher a land tenure of 99 years, effective from “With nearby 11 Bali Lane recently of about 59,621 sq ft. The Riverside Piazza going for Dec 27, 1928. The seller will bear the ad- sold for $18.8 million ($4,017 psf), the The property has a lease tenure of 30 $198 mil We welcome your comments ditional cost to top up the land tenure owner was encouraged to put up the years, with an additional 30 years com- The 99-year leasehold The Riverside Pi- and criticism: propertyeditor.sg@ to a fresh 99-year lease, and has com- shophouse at 18 Bali Lane for sale,” mencing from March 1, 1993, that was azza will be up for collective sale via bizedge.com mitted to undertake addition & altera- says Mary Sai, executive director of in- granted by Jurong Town Corp. It has tender on Nov 5 at $198 million. Ac- Pseudonyms are allowed but tion (A&A) works to build out the rear vestment and capital markets, Knight a current unexpired lease of 33 years. cording to the marketing agent Colliers please state your full name, extension from the current four storeys Frank Singapore. Subject to approval from the author- International, the reserve price works address and contact number for to up to six storeys. ities, the site can be put to alternative out to a land rate of $2,606 psf per us to verify. Under the Master Plan 2014, the site KNIGHT FRANK uses and reconfigured to maximise its plot ratio (psf ppr). This is inclusive of – situated within the Conservation Area unutilised plot ratio of about 1.5 times. the estimated differential premium to – is zoned “commercial” with a plot ra- The EOI exercise will close at 3pm convert the development to hotel use, tio of 4.2, and has an allowable build- on Dec 12. at the existing balance land tenure of ing height of up to 18.35m or equivalent about 72 years. to about six storeys based on the height Two industrial buildings at Leng The Riverside Piazza comprises 40 of surrounding shophouses. Kee Road up for sale apartments and 24 commercial shops, Located opposite The Central shop- Two industrial properties at 3 Leng Kee with sizes ranging from about 624 sq ft ping mall, the shophouse enjoys high Road and 19 Leng Kee Road have been to 3,584 sq ft. Depending on the size of footfall, being situated between a restau- put up for sale by expression of inter- the units, each owner could stand to re- rant and a coffee shop. It is also with- est (EOI), with guide prices of $15 mil- ceive between $2.23 million and $9.47 in walking distance to the Raffles Place The two-storey shophouse with attic at 18 lion and $23 million respectively. Both million from the successful sale of the commercial district, as well as the Boat Bali Lane buildings are jointly and exclusively development. Quay and Clarke Quay leisure and en- marketed by Knight Frank Singapore COLLIERS tertainment hotspots. She highlights that another shophouse and Yeo & Yeo Properties. The shophouse is accessible via pub- at the nearby Bussorah Street was sold They are situated alongside show- lic transport, including the Clarke Quay for $5 million in July 2018. rooms for brands like Lamborghini, Fer- MRT Station on the North-East Line, just The property has a balance lease of rari, Maserati, BMW, Mercedes, Porsche, across the street. It is also within walk- 83 years and land size of 1,741 sq ft. Volkswagen, Audi, and Toyota. ing distance to Raffles Place MRT inter- Over in the Serangoon Gardens es- With a balance leasehold of 33 years, change station. tate, a corner two-storey shophouse with the building at 3 Leng Kee Road is a The shophouse is offered for sale on a land area of 1,618 sq ft and a built-up two-storey workshop/showroom cum of- a sale-and-leaseback arrangement with area of about 3,000 sq ft has also been fice building. It has a land area of about a yield of 4% on a “two years plus two put up for sale. 16,217 sq ft, and floor area of 14,778 sq years” lease structure. The property has a 999-year leasehold ft. Currently under light industrial use, “We expect demand for shophouses tenure and is currently fully tenanted. it has a car showroom and workshop The Riverside Piazza comprises 40 apartments and 24 commercial shops to remain relatively consistent in the next The guide price of $8.5 million translates on the ground level. The standalone, three years, particularly from boutique to $2,933 psf based on built-up area. detached building is currently tenanted investors due to the low capital quan- According to Sai, the last transaction by Stuttgart Auto. Located at 11 Keng Cheow Street, tum required. In addition, shophouses in the area was at 65 Serangoon Garden At 19 Leng Kee Road, the property near Clarke Quay in prime District 1, The offer intrinsic value owing to their vin- Way, which was sold for $8.8 million at is a five-storey showroom cum facto- Riverside Piazza spans about 31,650 sq tage charm and limited supply; they are the end of last year. ry building, with a half-basement car- ft and has a maximum gross floor area also not subject to the recent tax hikes As the shophouses at Kampong Glam park. It has a land area of about 14,617 of about 88,910 sq ft. It sits on a regu- in the residential sector,” says Steven and Serangoon Gardens are zoned “com- sq ft, and a floor area of about 29,028 lar-shaped plot, and has dual frontage Tan, director of capital markets at Col- mercial”, there will be no additional buy- sq ft. The building has a balance lease- along Merchant Road and Keng Che- liers International. er’s stamp duty and seller’s stamp duty hold of 35 years. ow Street. According to Colliers Research, to- payable. Foreigners and companies are According to the 2014 Master Plan, Zoned “commercial” and “residen- tal shophouse transactions with a value also eligible to purchase the properties. the site is zoned “industrial (B1)”, tial” according to the Master Plan 2014, of $10 million and above, hit an all-time The EOI exercises will close on Nov with an allowable gross plot ratio of it has a plot ratio of 2.8. Following the high in 2018 at $834 million. 28, at 3pm. submission of an outline application, the

Owing to the shophouse’s commer- KNIGHT FRANK URA is supportive of alternative devel- cial-use zoning, the additional buyer’s Three-storey building in Toa opment options for the site, which in- stamp duty and seller’s stamp duty are Payoh on the market clude hotel development. not applicable. The sale is also open to A three-storey motor vehicle show- The site is also near three MRT sta- both local and foreign investors. room and workshop in Toa Payoh is tions, namely Clarke Quay station on the The tender for the shophouse will up for sale via expression of interest North-East Line, Fort Canning station on close at 3pm on Nov 27. (EOI). This is sold with vacant pos- the Downtown Line, as well as China- session and subject to goods and ser- town interchange station. The site also Shophouses in Kampong Glam vice tax. Savills Singapore is the mar- has access to the CBD and other parts of and Serangoon Gardens up keting agent. Singapore via major roads and the Cen- for sale The three-storey property is located on tral Expressway. Two shophouses in Kampong Glam and a trapezoidal plot of 58,743 sq ft, at 17 The collective sale tender will close Serangoon Gardens have been put up Lorong 8 Toa Payoh, off Braddell Road/ The two-storey workshop/showroom cum at 3pm on Dec 19. — Compiled by Bong for sale via expression of interest (EOI). Lorong 6 Toa Payoh. Surrounding devel- office building at 3 Leng Kee Road Xin Ying E EDGEPROP | NOVEMBER 11, 2019 • EP3

BROUGHT TO YOU BY YTL LAND & DEVELOPMENT

YTL’s 3 Orchard By-The-Park: A catalyst for sales, benchmark prices at Orchard Boulevard

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE What’s more, it is near Singapore’s “em- very few are available for sale along Orchard bassy row” – with the Australian High Com- Boulevard.” mission, British High Commission, Embassy Yeoh reckons it was the completion of 3 Or- of the United States of America and Embas- chard By-The-Park in 2017 that had triggered sy of the People’s Republic of China in the vi- the wave of record land prices along Orchard cinity. “For foreigners, safety and security is Boulevard, namely the government land sale a top priority,” adds Yeoh. of the Cuscaden Road site next door, which Being near Singapore Botanic Gardens, was sold for $410 million or $2,377 psf ppr in which was listed as a UNESCO World Herit- April 2018; followed by the en bloc sale of the age Site in 2014, is another key attribute. In former Park House for $375 million or $2,910 fact, Citterio’s vision and inspiration for a lush, psf ppr two months later. tropical garden within 3 Orchard By-The-Park “Collectively we have ‘revived’ Orchard came from the Singapore Botanic Gardens. He Boulevard to be top-of-mind for luxury home designed the project as three 25-storey towers, buyers, and have set new benchmark pric- named Wilderness, Wood and Water, to incor- es,” adds Yeoh. “We are pleased to have led porate the elements of nature. this ‘revival’.”

Record penthouse deals Rejuvenation of Orchard Road When it was completed in 2017, the 77-unit, YTL Land & Development has always taken 3 Orchard By-The-Park joined the league of a long-term view of all its investments, says landmarks along Orchard Boulevard, such as Yeoh. For instance, the purchase of the for- Four Seasons Hotel, The Orchard Residences mer Westwood Apartments was followed by sitting atop ION Orchard shopping mall and the purchase of two iconic malls on the Or- Camden Medical Centre. chard Road strip – Wisma Atria and Ngee Ann Yeoh points out that until recently, there City – which were injected into Starhill Glob- had been a dearth of new, luxury residential al REIT in 2008. offerings along Orchard Boulevard for more In January 2019, the government announced than a decade. The wave of big-ticket prop- plans to rejuvenate the Orchard Road precinct erty purchases that took place across sever- including the Tanglin area. This helped revive The luxury, 77-unit, 3 Orchard By-The-Park was completed in 2017 al new luxury projects in the Orchard Boule- interest in the Orchard Boulevard neighbourhood. vard neighbourhood were capped by the sale Another bonus came in the form of the of the two duplex penthouses at 3 Orchard Thomson-East Coast Line (TEL) first announced TL Land & Development’s luxury condo, en bloc for $435 million ($2,525 psf per plot By-The-Park. in August 2014. For residents of 3 Orchard By- 3 Orchard By-The-Park, walked away ratio) in November 2007. The smaller of the two penthouses spans The-Park, it means there will be a new MRT with the most awards for a completed “It was the first en bloc sale of a residen- 6,555 sq ft, and fetched $31.5 million ($4,805 station located just across the road. One stop development at the EdgeProp Singa- tial development with an Orchard Boulevard psf) in June. It was a new high in both abso- away, the existing Orchard MRT Station will pore Excellence Awards 2019, which address,” relates Joseph Yeoh, son of Francis lute and psf price terms for 3 Orchard By-The- be upgraded to an interchange station for the Ywas held at a gala dinner at the JW Marriott Yeoh and vice president of YTL Land & De- Park. The penthouse was sold fully-furnished TEL and North-South Line. Singapore on Oct 18. It swept up five awards velopment. with interior design by SuMisura. When it opens in 2021, the new Orchard across multiple categories: Design Excellence, The purchase of Westwood Apartments set Meanwhile, the bigger of the two pent- Boulevard MRT Station is likely to enhance Top Residential Development, Top Boutique a new benchmark for en bloc sales in terms of houses occupies 6,900 sq ft, and the bare unit the value and appeal of the property among Development, Top Luxury Development and psf ppr price that remained unbroken for 11 was sold for $32 million ($4,636 psf) in Sep- both owner-occupiers and investors, given its People’s Choice. years. It wasn’t until the sale of Park House to tember. Both penthouse buyers are said to be proximity, points out Yeoh. It was a ringing endorsement for the pro- Hong Kong-listed Shun Tak Holdings for $375.5 from China. Wealthy Chinese nationals have After being dormant for much of the past ject designed by Italian architect and design- million in June 2018 that a new record price been snapping up luxury units in Singapore’s decade, with few property transactions, pric- er, Antonio Citterio, of Milan-based design of $2,910 psf ppr was established. prime districts at record prices. es of luxury projects along Orchard Boulevard firm, Antonio Citterio Patricia Viel & Part- have crossed $5,000 psf this year, back to lev- ners. Citterio is famous for his designs of ‘Rare and coveted freehold address’ Revival of interest in Orchard els seen in the pre-Global Financial Crisis era Bvlgari Hotels and Resorts in Milan, Lon- There are only five developments today that Boulevard in 2007, says Yeoh. don, Bali, Beijing and Shanghai. It marked can truly boast of having an Orchard Boule- Previewed in 3Q2018, about 20 units have been Citterio’s first residential development in vard address. “This makes it especially rare sold at 3 Orchard By-The-Park, with more units Singapore, and his maiden high-rise pro- and coveted,” says Yeoh. under negotiation. Excluding the penthouses, ject in Southeast Asia. The tree-lined Orchard Boulevard, which typical units sold so far have averaged $3,526 For YTL Land & Development, 3 Orchard stretches from Orchard Link to Grange Road, psf. This means that the penthouses achieved By-The-Park’s multiple wins further validate has always been considered the most exclu- a 33.8% premium over the average sale price the confidence of the executive chairman of sive address for high-net-worth home buyers. of typical units in the project. YTL Group of Companies, Francis Yeoh, in Or- “This is especially so for foreigners who are fa- “The prices achieved are well supported chard Boulevard over a decade ago. He had miliar with, and fond of, the famous Orchard by land values,” notes Yeoh. “Buyers appre- purchased the former Westwood Apartments Road shopping belt,” says Yeoh. ciate the rarity of these luxury penthouses as

ALBERT CHUA/THE EDGE SINGAPORE SUMISURA

 6578 9020  9011 3317 Yeoh (left) receiving the award for Design Excellence at EdgeProp Singapore The living room of the 6,555 sq ft penthouse that was sold fully furnished with  www.3orchardbythepark.com.sg Excellence Awards on Oct 18 interior design by SuMisura EP4 • EDGEPROP | NOVEMBER 11, 2019

SPOTLIGHT

The corner penthouse at Cluny Park Residence has a full view of the Singapore Botanic Gardens

PICTURES: SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE Rare penthouse in Cluny Park Residence going for $6.3 million

| BY TIMOTHY TAY | UNESCO World Heritage listed Singapore Bo- Singapore Chinese Girls’ School and Hwa Chong terials to add sparkle to an already exclusive tanic Gardens. Institution – are also nearby. abode. For example, he specially imported an eveloped by Tuan Sing Holdings and The owner of the penthouse – who de- But in September, the owner put the pent- outdoor decking material from Italy to furnish completed three years ago, the freehold clined to be named – purchased the unit for house on the market for $6.3 million ($3,728 the two living room balconies. Apart from the Cluny Park Residence was designed $5.24 million ($3,100 psf) on Sept 17, 2013 psf) as he plans to start a family and thus is custom tables and lounge furniture, the bal- by the acclaimed SCDA Architects and after some negotiation with the developer. At looking for a bigger space. The penthouse is cony features a French oak wood wall clad- comprises just 52 units. It is the only that time, he only had his sights set on this marketed by luxury realtor List Sotheby’s In- ding by hardwood specialist Listone Giordano. Dcondominium along Cluny Park Road, an area corner penthouse as it has an unblocked view ternational Realty (List Sotheby’s). There is also an engineered stone countertop populated by prime landed housing including of the greenery provided by the Botanic Gar- by Cosentino in the kitchen while the switches the Cluny Hill Good Class Bungalow Area. dens. Only one other penthouse at Cluny Park Home proud and handles are from Buster & Punch. When the project was launched in August Residence shares this view. Along with the million-dollar views comes top “I need the little things to help tie the [over- 2013, the developer released only 40 units for Additionally, the development is close to notch furnishings. As the founder of an archi- all aesthetic of the] rooms together. I have an sale. Among the 12 units it did not release amenities like Cluny Court and Serene Centre. tectural products firm, the owner says he was interest in these things so I already knew what was a 1,690 sq ft corner penthouse facing the Good schools – like Nanyang Primary School, able to source for a variety of high-quality ma- I wanted. There’s a lot of similar colours – ba-

The kitchen has an engineered stone countertop and Gaggenau appliances There are two living room balconies that overlook the Singapore Botanic Gardens EDGEPROP | NOVEMBER 11, 2019 • EP5

SPOTLIGHT

PICTURES: SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE

Cluny Park Residence is the only condo on Cluny Park Road The master bedroom leads to an enclosed balcony

sically shades of grey and brown, but all the replacing it with a pair of rain showers. family. Unfortunately, he was unable to receive ers],” she says. textures are different,” says the owner. permission from the developer. The orientation and unblocked views of this While the penthouse initially had four bed- Prime address Penthouse units at Cluny Park Residence unit also makes it unparalleled to other units rooms, he sacrificed one bedroom to enlarge The $6.3 million price tag includes all the furni- range from 1,249 sq ft to 2,842 sq ft. There are in the development, she adds. the living room space. A false ceiling over the ture and fittings of the unit. “If someone were only three penthouses at 2,842 sq ft each. One The unit will likely appeal to a broad profile living room was also removed to create a sev- to purchase this apartment, everything can go was sold on Sept 10, 2013 for $8 million ($2,815 of buyers, from singles, couples to even fam- en-metre high asymmetrical roof. This creates with [the price] because a lot of things were psf) while the other two units transacted at $7.75 ilies of three or four. This is because there is more space and complements the unit’s floor- made and designed with the space in mind. So, million ($2,725 psf) in July 2018 and $7 million enough living and recreational space to meet to-ceiling windows that maximises the view. if someone wants to pay for it, they wouldn’t ($2,463 psf) in February, respectively. the needs of different age groups, says Han. All in, the cost of renovation, furniture, have to do all this again if they like the exist- According to Han Huan Mei, director of The project’s proximity to the Botanic Gardens and fittings came to around $1 million. Some ing interior design,” says the owner. research at List Sotheby’s, Cluny Park Road MRT station also makes it convenient to trav- of the alterations were also carried out by the Before he decided to put the unit up for sale, is one of the most prestigious addresses in el to the downtown financial district and Or- developer before the project was completed. the owner had even offered to buy the neigh- Singapore. “Being located on this road gives chard Road shopping belt. This includes the removal of a bathtub in the bouring unit with the intention of combining Cluny Park Residence an added appeal to the “For those who aspire to own a freehold ensuite bathroom of the master bedroom and both units to provide more living space for his well-heeled and high net-worth [property buy- penthouse in the Core Central Region that also comes with liveable space and efficient layout, this unit would be an ideal unit to consider,” she says. According to List Sotheby’s, luxury residential prices for units priced above $5 million in Singapore have risen 14% over the first nine months this year. The average price for the luxury apartment segment is $3,088 psf, compared to the average price of $2,663 psf for the same period last year. The country remains a safe haven for wealth preservation, and the relative stability will war- rant that the real estate market here will remain in investor’s radar. So far this year, foreigners made up 61% of luxury home buyers. Han reckons that prices are likely to stay close to current levels due to the limited supply of top quality and well-located homes. E The rooftop pool at Cluny Park Residence overlooks the Cluny Hill GCB area

Specially imported wood cladding from Italy is used for all The ensuite bathroom of the master bedroom is fitted with the balcony areas twin rain showers EP6 • EDGEPROP | NOVEMBER 11, 2019 EDGEPROP | NOVEMBER 11, 2019 • EP7 EP8 • EDGEPROP | NOVEMBER 11, 2019

DESIGN

RSP’s Loh Zhu Ping and Shaziran Shahabdeen, in front of the Tree of Life

SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE RSP Architects on designing the Funan experience

BONG XIN YING/ THE EDGE SINGAPORE | BY BONG XIN YING | to open up more non-leasable spaces. “It is almost like co-opting this whole ‘POPS’ or ‘pri- lthough it has only been six months vately-owned public spaces’ concept inside the since CapitaLand’s Funan opened its mall,” explains Loh. doors to the public, the building has The Tree of Life, which the team from RSP taken on a life of its own and is main- designed, is one such breathing space. Loh and taining an unceasing buzz. Shahabdeen have also dubbed it the ‘husband AAt 7am on most days, cyclists will ride staircase’ or ‘lepak (Malay slang for ‘to chill’) through the indoor tracks, towards the bicycle space’. As the focus of the main atrium, the Tree hub, where some will freshen up before head- of Life has selected sitting areas for phone-charg- ing up to their offices. ing, perhaps for the husband to catch up with This scene is in contrast with the retiree the latest Netflix hit while the wife tries on the crowd that streams in later in the morning to clothes at the pop-up stores. enjoy brunch at Sinpopo Brand. “There’s only so much shopping you can do These were some of the observations from in two or three hours, and it gets exhausting senior architect Loh Zhu Ping and executive ar- after a while,” says Loh. “It is therefore impor- chitect Shaziran Shahabdeen of RSP Architects tant in any bustling development to also have Planners & Engineers who are behind Funan’s space to just unwind and breathe, and that’s architecture together with Woods Bagot as the what we’re trying to do,” he adds. lead design consultant. Furthermore, Loh notes that the mall will “You still have a lot of people coming in at gain more exposure on social media if the rest- other times, especially the lunch crowd and on ing spaces are designed well and allow visitors weekends,” says Shahabdeen, who adds that to take selfies and photos and post them on In- it “is quite important to have a mall that peo- stagram or Facebook. ple will keep coming, and people will always The tables and racks at pop-up stores encir- find something interesting and new every time cling the Tree of Life are also provided by Capi- they are here.” taLand, which translates into lower overheads for tenants, especially for homegrown brands Not an ordinary mall that are smaller in size and have a niche cus- Loh says the design of Funan is an “interesting tomer base. departure” from what most other retail malls offer. Funan is managed by CapitaLand Mall Trust. While most are designed to pack as much Loh says the mall would not have been so suc- leasable space into its floor plan as possi- cessful had the REIT gone down the traditional ble, one of the main design drivers for Funan road of squeezing as much rental from its ten- Funan’s facade features the Kinetic Wall, a multimedia art installation came from CapitaLand’s “conscious decision” ants as possible. “It needs to be viewed as a EDGEPROP | NOVEMBER 11, 2019 • EP9

DESIGN

SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE

The retail pods at the Tree of Life

CAPITALAND symbiotic relationship and I think that’s where al-chic look reminiscent of the cafes in Boston. Funan has been quite successful,” says Loh. Al- This was done through the use of brick walls to ready, Wild Rice @ Funan already has shows achieve that unfinished look. The mall’s colours lined up through the end of the year while were also inspired from neighbouring develop- Golden Village Funan has built up a loyal fol- ments, like the red flooring from the Central lowing of patrons. Fire Station and the yellow from the Supreme Court’s facade. Design consideration Apart from design, the concept of “uncon- Prior to the redevelopment of Funan, RSP was scious technology” was also adopted. This means involved in the planning for eight years, with technology should be minimally intrusive and multiple feasibility studies being done. Follow- as invisible as possible in a really well-designed ing the decision to demolish the old building in building, says Loh. 2015, RSP was then fully engaged to provide ar- So instead of putting up a bunch of screens, chitectural and structural services, all in collab- this had to be done in such a way as if everything oration with Woods Bagot, the lead designer. came together seamlessly. “That was very im- Funan, being situated in the Civic and Cul- portant for CapitaLand, Woods Bagot and RSP,” tural District, faced the challenges of the plan- he adds. ning guidelines imposed by the Urban Redevel- opment Authority (URA). Into the future “There were very stringent requirements, not But with the normalisation of the use of tech- only regarding its shape and form, but also the nology, how can retail malls like Funan stay dis- colours,” says Loh. Guidelines also included not tinct and unique? Without missing a beat, Loh making the facade of the building too “flashy” jumps in, “A full augmented reality (AR) experi- to prevent High Street from turning into “an- ence would be interesting. I think that’s one di- other Orchard Road”, Shahabdeen adds. Both rection we could be heading.” Another would be architects also revealed they had to remove a a mall that offers a “fully bespoke experience”. number of LED screens on the Kinetic Wall to Shahabdeen sums it all up, “When design- the satisfaction of URA. ing for millennials, by millennials, we need the “One of the key things for Funan is we have mall to be exciting, and that’s the draw. We mil- to strike this balance between breathable space lennials will keep coming back because there’s and leasable space. We also had to make it an ex- always something new.” citing place without flouting Civic District rules. The ideal development would be one that We also tried packing in as many different uses people can live in 24/7, says Loh, and Fu- as possible into a small floor plan,” says Loh. nan seems to have taken big steps in that Funan’s interior design has that industri- direction. E The rooftop urban farm and food garden at Funan

CAPITALAND CAPITALAND

GOOD CLASS BUNGALOWS FOR SALE Cassia Dr 10K sf Hilltop. Modern/old avail. Fr $16.8M Belmont 15K sf Elevated. A1. Travertine tiles. $30M Oﬀ Cluny 15K sf Classic house with modern touch! White House Park 15K sf Rare regular plot for rebuild Peirce 16K sf A masterpiece for multi-generation Oei Tiong Ham 25K sf Nice land for development. $3xM Queen Astrid Park 15K-27Ksf. Modern at land. Fr $2xM Leedon Estate 28K-45k sf Few tycoon plots. Fr 40M King Albert Park 37K sf Hilltop sprawling Land. $42M Nassim 15K to 45K sf Crème-de-la-Crème A1 plots SENTOSA COVE BUNGALOWS FOR SALE Ocean Dr 8K sf Full seaview! Lift. Rare! From $22M Cove 8K -10K sf Waterway. Berth for boat. Exquisite! Oﬀ Ocean Dr 14K sf Waterway. Park massive boat Prior to the redevelopment of Funan, RSP was already involved in the planning The bicycle hub at Funan houses amenities such as shower cabins, lockers, H K LEE Contact: 81-888-777 for eight years and a bicycle repair and pump station

442M

440m 4 EP10 • EDGEPROP | NOVEMBER 11, 2019

COVER STORY

Roy Tan and Stephanie Chua of UEL, the developer of the 460-unit Dairy Farm Residences

PICTURES: ALBERT CHUA/THE EDGE SINGAPORE United Engineers to preview Dairy Farm Residences

The mixed-use development will be the first new launch in the Dairy Farm enclave in six years

| BY CECILIA CHOW | this mixed-use development site came up for residential component is from Petir Road, which has been managing the retail space in its sale, and we thought we should bid for it.” while access to the commercial podium will own developments; for instance, the four-sto- or its 460-unit Dairy Farm Residences, be from Dairy Farm Road. The commercial rey UE Square shopping mall, which is part Singapore-listed United Engineers Ltd PENT-UP DEMAND podium will have about 40,000 sq ft of retail of a mixed-use development located at Clem- (UEL) has come up with a novel sales Besides pent-up demand for a fresh residential space across two levels: the first and base- enceau Avenue, at the fringe of the CBD; and gallery: the reception area is part café, offering in the Dairy Farm area, Tan believes ment levels. Amenities will include a 10,000 the three-storey Rochester Mall, which is part gourmet grocers and nail spa, which the site fits UEL’s strategy: “There’s no point sq ft supermarket, a food hall and a childcare of the mixed-use development The Rochester Fhints at the retail offerings that future residents going head-on with other developers who are centre, says Stephanie Chua, UEL’s head of in one-north, says Chua. can look forward to. Prospective buyers can more aggressive in chasing more sites. The development sales. “I always think developers who manage the enjoy a taste of this on the preview weekend, timing was good; it was one of the first GLS retail component in a mixed-use development where gourmet coffee and Udders ice-cream sites where the tender closed after the cool- DEVELOPER-MANAGED COMMERCIAL SPACE will provide greater value for the property as will be served. ing measures.” The commercial space will be managed by UEL, they can control the tenant mix, the brands Scheduled to take place in the coming The ninth round of property cooling meas- weeks, the preview of Dairy Farm Residenc- ures came into effect in July 2018, and the es will mark the first in the Dairy Farm area tender for the mixed-use development site on in the space of six years – since the launch of Dairy Farm Road closed in early September. The Skywoods in 2013. The 420-unit, 99-year UEL topped the five bids received and won leasehold private condo by a consortium of the site with a bid of $368.8 million or $830 three listed construction-cum-property devel- psf per plot ratio. opment companies – Hock Lian Seng Holdings, UEL appointed DP Architects as the design King Wan Corp and TA Corp – was completed architect and EcoPlan Asia as the landscape in 2016 and is fully sold now. architect. The upcoming mixed-use develop- UEL’s Dairy Farm Residences sits on a 211,488 ment will have two 15-storey blocks, and an- sq ft, 99-year leasehold site at the corner of other two 5-storey residential blocks set amid Dairy Farm Road and Petir Road. “Although landscaped gardens and overlooking a 50m lap there are a number of new projects further pool. All the blocks have a north-south orien- down in the Hillview area, there have been tation, which maximises cross ventilation and no new ones in the Dairy Farm area for some reduces heat penetration. Additionally, units years,” says Roy Tan, group managing director will enjoy views of either the Chestnut Ave- of UEL. “We decided to look at a number of nue private housing estate or the Bukit Timah GLS [government land sales] sites and collec- Nature Reserve. tive sale sites that came up in the area. Then The main entrance and lobby area of the The showflat of a 710 sq ft, two-bedroom unit EDGEPROP | NOVEMBER 11, 2019 • EP11

COVER STORY

PICTURES: ALBERT CHUA/THE EDGE SINGAPORE

The reception of the Dairy Farm Residences sales gallery showcases some of the retail offerings in the upcoming project that they bring in and the overall flavour of retail podium and the gated residences have “This is in line with recent launches in the It started in the 1930s when Fred Heron, the place,” says Ismail Gafoor, CEO of PropNex their respective basement parking facilities, Hillview area,” he adds. “While every residen- the managing director of Cold Storage, import- Realty. “If the space is carved up and sold to adds UEL’s Chua. tial project in the area can boast of being close ed 24 Friesian cows with the goal of providing individuals, then you will have a bubble tea Once considered rather remote, the Dairy to nature too, the difference is that Dairy Farm expatriate children with pasteurised milk and shop or a nail spa in every corner; and that Farm area has become more accessible by public Residences has a retail component. The add- set up the dairy establishment at the foothills affects the value of the property.” PropNex is transport following the opening of Bukit Pan- ed convenience that it provides does not com- of Bukit Timah Nature Reserve. The milk was one of the three marketing agencies for Dairy jang and Hillview MRT Stations on the Down- promise the tranquillity of the development.” packaged in triangular cartons under the Mag- Farm Residences. The other two are OrangeTee town Line in late 2017. According to UEL’s PropNex’s Gafoor considers the price range nolia brand. At its peak, the dairy farm had & Tie and Savills Residential. Chua, the developer will provide free shuttle “attractive”, as integrated developments launched some 800 cows, and the success led to the area At about 40,000 sq ft, the retail portion of service to the two stations in the first year af- this year, namely Sengkang Grand Residenc- taking on the name Dairy Farm. Even though Dairy Farm Residences is “sizeable”, adds Ga- ter the completion of Dairy Farm Residences, es and The Woodleigh Residences, saw units that enterprise was discontinued in the early foor. “It’s a self-contained retail development which is scheduled for 2024. sold at average prices of about $1,700 psf and 1970s, the name has endured. that can cater to many of the residents’ needs.” The walk to Hillview MRT Station from $1,900 psf respectively, notes Gafoor. The only physical reminders of the his- There are bigger retail and F&B offerings Dairy Farm Residences takes less than 10 min- Given the unit sizes at Dairy Farm Resi- toric dairy farm are two stone sculptures of nearby such as The Rail Mall in Upper Bukit utes and is mainly covered except for one road dences, the project should attract a good mix placid Friesian cows outside an airy cowshed Timah and Lot One Shoppers’ Mall in Choa junction, says PropNex’s Gafoor. of investors and owner-occupiers, says Sav- which has been converted into Wallace Ed- Chu Kang. However, Dairy Farm Residences Just behind Dairy Farm Residences is the ills’ Tan. “There are those who are right-siz- ucation Centre, and the Wallace Trail, both has an advantage over the other standalone new campus of the German European School ing or buying a unit for their children so they named after Alfred Russel Wallace, a Brit- residential developments in the vicinity: “Be- Singapore which opened in August last year. can live near them,” he adds. “This applies ish naturalist, anthropologist and biogeogra- ing mixed-use, it will enjoy a higher value and “It’s an added value proposition for expatri- especially to those living in the landed hous- pher who co-discovered the theory of evolu- rental yield,” he points out. ate families with children who are students or ing estate of Chestnut Avenue.” tion with American Charles Darwin. Wallace Savills Residential managing director George for those who are teachers and other campus There are also HDB upgraders, especial- made an eight-year journey across the Malay Tan agrees. He believes Dairy Farm Residenc- staff,” adds Gafoor. ly those who have paid fully for their public Archipelago from 1854 to 1862, and Singa- es’ upcoming retail offerings and its proxim- housing flats in HDB estates such as Bukit Pan- pore was his first stop. ity to Dairy Farm Nature Park, the Bukit Ti- ‘RIGHT-SIZING’ jang and Choa Chu Kang and are looking to Since then, the Dairy Farm area has morphed mah Nature Reserve and the German European Dairy Farm Residences was designed to resem- upgrade to private property, notes Savills’ Tan. into a tranquil residential enclave, surrounded School Singapore “will enhance the appeal of ble a resort, says UEL’s Chua. In terms of unit by greenery. The first residential development in the development”. mix, there are 240 two-bedroom units of 624 DAIRY FARM HERITAGE the area is The Dairy Farm, a 477-unit residen- to 775 sq ft; 200 three-bedroom units of 915 The gathering place located between the re- tial development with 10 retail shops, complet- FACILITIES AND ACCESSIBILITY to 1,313 sq ft; and 20 four-bedroom units of tail and residential components of Dairy Farm ed in 1989. The development sits on a sprawl- At Dairy Farm Residences, facilities include an 1,324 to 1,475 sq ft. Two-bedroom units will Residences will have two landscaped sculp- ing, freehold, 750,019 sq ft site. The project had 84m Valley Pool sitting on the topmost level of be priced from under $1 million. Indicative tures of Friesian cows, a nod to the area’s his- launched a collective sale attempt last year at a the podium block, barbeque pits, yoga deck, price range will range from $1,500 to $1,700 tory as one of the world’s first tropical dairy price tag of $1.68 billion, which did not take off and a clubhouse fronting a 50m lap pool. The psf, says UEL’s Tan. farms, says Savills’ Tan. CONTINUES ON PAGE EP16

The showflat of a 936 sq ft, three-bedroom unit The showflat of a 1,335 sq ft, four-bedroom unit EP12 • EDGEPROP | NOVEMBER 11, 2019

AGENCY PROFILE

Berkeley Homes’ Oval Village, a regeneration of the historic Gasworks located next to the Oval cricket ground

PICTURES: BERKELEY HOMES Benham & Reeves hires Singapore property veterans, ups the ante in London residential sales

| BY CECILIA CHOW | another in Africa, adds Mehra. About 1½ years ago, Mehra had the opportunity to enham & Reeves, one of the leading independ- take over the Benham & Reeves brand in its entirety. As ent London real estate agencies, was founded in such, the firm now has the licence to handle both let- 1958. Two brothers, Alan and Cyril Brown, ac- tings and residential sales in London. “All the different quired Benham & Reeves Estate Agency in 1968 businesses are now handled under Benham & Reeves as and then ran the business until 1976, when one company,” says Mehra. Bthey decided to split the company into two. Benham and Reeves, which specialised in residential sales, was Hiring property veterans to lead sales headed by Alan Brown; while Cyril Brown focused on In April this year, international property veteran Do- lettings under Benham & Reeves Residential Lettings. ris Tan joined Benham & Reeves as regional director in As a result of the split in business lines 40 years ago, Singapore, focusing on growing the sales business. Tan Benham & Reeves Residential Lettings could not broker had been regional director with property group Straw- residential sales in London under the brand, while Benham berry Star since 2017. Prior to that, she was head of in- & Reeves was not allowed to handle leasing transactions ternational residential project sales at JLL. This was af- using the brand, explains managing director Anita Mehra. ter the firm she founded in 1999, DST International, Mehra had joined the accounts department of Ben- was acquired by JLL in 2011 when the latter acquired ham & Reeves Residential Lettings in the late 1970s. She UK property consulting firm King Sturge. DST Interna- quickly learnt the ropes of the real estate business and tional had been marketing UK properties in Singapore by 1998, she had become the managing director of the for King Sturge over the years. firm, and bought over the business. Tan had known Benham & Reeves for two decades – ever since she started DST International. “Benham Growth in international business & Reeves have been our lettings associates from the Mehra has since grown Benham Reeves Residential Let- start, and I’ve known Anita personally since then,” re- tings into one of the biggest independent lettings firms lates Tan. Joining her at Benham & Reeves are Victor in London. Today, the firm has 17 offices across Lon- Chia and Serene Yeap, who had been part of her team don and five overseas offices in China, Hong Kong, In- at Strawberry Star. dia, Malaysia and Singapore. Meanwhile, the residential lettings business in Sin- The first international office opened in Hong Kong in gapore is headed by Lynne Geeves, who has been with 1996, followed by an office in Singapore two years later. Benham & Reeves Residential Lettings since 2002. To- Benham & Reeves Residential Lettings opened an office day, there are six staff at Benham & Reeves’ office in in Shanghai to handle clients in Greater China in mid- Singapore. 2017. An office in Kuala Lumpur was also established Besides Singapore, Benham & Reeves wants to grow its several years ago to handle its international clients in London residential sales business in other international The South Core of Phoenix Court is the latest phase at Oval Village to be launched, Malaysia. The office in India opened in the spring of markets where it already has a presence, notably in Chi- with prices starting from £510,000 2019. In the pipeline is an office in the Middle East and na, Hong Kong, Kuala Lumpur and India, notes Mehra. EDGEPROP | NOVEMBER 11, 2019 • EP13

AGENCY PROFILE

BERKELEY HOMES BENHAM & REEVES SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Tan: Brexit or no Brexit, London will remain a global The Oval Village development will create a new London community benefitting from 100,000 sq ft of commer- Mehra: All the different businesses are now handled hub for the arts, culture, education, and increasingly, cial space, an on-site Tesco Superstore, and residents-only leisure facilities – including a 24-hour concierge under Benham & Reeves as one company for startups and fintech

Among the recent hires is Carmen Ching, Kongers has remained strong, especially in age of the population can now afford to invest garden within the development. She estimates the former head of international properties at recent months, with the ongoing protests. in overseas property,” she adds. gross rental yield to be in the 4% to 5% range. Colliers International, Singapore. She joined New markets have emerged in recent years, With the Singapore cooling measures in Benham & Reeves as the regional director of for instance, property investors from Greater place and the UK’s tax regime, appetite for Second phase of Oval Village Greater China. Ching was with Colliers Inter- China. Buying interest from the Middle East London property among Singaporean inves- The other development is the second phase of national for eight years until 2018, when the has likewise continued, she adds. tors has generally been for units priced below apartments at Berkeley Homes’ Oval Village, firm decided to close the international prop- £1 million, notes Tan. a regeneration of the historic Gasworks locat- erties business in Singapore. Strong rental demand ed next to the Oval cricket ground. The two- According to Mehra, Benham & Reeves man- West End Gate hectare site will be redeveloped into a new Turnkey solutions ages about 3,000 rental units in London on be- The weekend of Nov 9-10 will see Benham & housing project with a total of 1,309 homes In order to provide turnkey solutions for its half of its clients. “Rental demand is so strong Reeves marketing in Singapore new phases and a Zone 2 address. international property clients, who are typi- that for every property that comes onto the of two residential projects by established UK The second phase of Oval Village will see cally individual investors, Mehra also start- market, there are 17 applicants,” she says. “We developer, Berkeley Group, under its Berke- 119 studios or Manhattan Apartments, one- ed a business focusing on home furnishing, are constantly hungry for more inventory.” ley Homes brand. to three-bedroom apartments at the South called InStyle Direct, 15 years ago. “We not Strong rental demand in London is partly One of the projects is Asquith House at Core of Phoenix Court, offered for sale. Units only help our clients to furnish and rent out due to the ongoing uncertainty over Brexit. West End Gate in Zone 1 of London. The will range from 422 to 1,089 sq ft, with pric- their residential units in London, but also “Property investors have become choosier,” 18-storey, red-brick building is designed by re- es starting at £510,000. help them with their tax affairs,” adds Mehra. notes Mehra. “They take their time to look nowned British architectural firm Squire and The residential block at Oval Village is a This is because the UK government has for the right property. We help them work out Partners, and is scheduled for completion in five-minute walk to the Vauxhall tube station. introduced a series of changes in the tax re- their budget, how much borrowing they can 2022. Asquith House will have a mix of one- “You are paying Zone 2 prices for a property gime since 2014, which included a tiered obtain, and we give them choices based on to four-bedroom apartments. that’s located close to a Zone 1 tube station,” system with higher stamp duty for more ex- their affordability. We’re more like a private The development comes with facilities points out Tan. The project is scheduled for pensive homes. There is also a surcharge for banker or consultant.” such as a 20m swimming pool, a spa, sau- completion sometime in 2023/2024. “There second-home buyers. Tan, who was formerly a banker before be- na and steam room, as well as a gym with are hardly any new build developments in this Likewise, the Singapore government rolled coming a London property consultant three personal trainers. There is a 24-hour con- area, which is close to King’s College London out several rounds of property cooling meas- decades ago, shares that perspective. And cierge service, a private dining room, busi- and University of the Arts London.” ures, especially in 2011 to 2013, when addi- she believes it gives her an edge at Benham & ness meeting rooms and a 24-seat private The two projects will be showcased at tional buyer’s and seller’s stamp duties were Reeves. “I will be able to provide end-to-end cinema. Prices at Asquith House start from Berkeley Homes’ sales gallery at Marina Bay introduced and hiked. At the end of June services – from the purchase of a unit, to fur- £645,000 for a studio. Financial Centre Tower 2. 2013, the total debt servicing ratio (TDSR) nishing, letting, property management and re- West End Gate is a popular project given its “I believe uncertainty creates opportuni- loan framework was imposed. “That made sales,” she elaborates. “This is the only agency proximity to Edgeware Road station and Pad- ty,” says Tan. “The rental market in London a lot of difference for Singaporean buyers,” which can provide such services in-house. And dington station, which is also a station for the is buoyant, so it makes sense to purchase an notes Mehra. This is because the TDSR lim- that’s the reason I joined Benham & Reeves.” Crossrail, notes Benham & Reeves’ Tan. “Be- investment property for rental yield. Howev- it of 60% included borrowings for both local Over the decades, Tan has also seen the ing located in the heart of Central London in er, it’s important to buy well, especially when and overseas property investments as well as profile of Singaporean investors changing. In Zone 1, it is also close to Hyde Park.” there are many choices.” credit card and other unsecured debt. the 1990s, it was mainly the ultra-high-net- According to Tan, the units offered for sale She adds: “Brexit or no Brexit, London Appetite for UK property among Singa- worth individuals who were able to invest in are those on high floors with views of Hyde will remain a global hub for the arts, cul- poreans investors has slowed since then, overseas markets. “Over time, as Singapore- Park, while those on the lower floors will en- ture, education, and increasingly, for start- notes Mehra. Buying interest among Hong ans became more affluent, a greater percent- joy the picturesque views of the landscaped ups and fintech.” E

BERKELEY HOMES BERKELEY HOMES

An 18-storey, red-brick building, Asquith House at West End Gate, has been uniquely designed by renowned architects Squire and Partners Prices at Asquith House start at £645,000 for a studio or Manhattan Apartment EP14 • EDGEPROP | NOVEMBER 11, 2019

DONE DEALS

Residential transactions with contracts dated Oct 22 to 29 Singapore — by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28

SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) COMPLETION DATE TYPE OF SALE

District 1 THE SAIL @ MARINA BAY Apartment 99 years Oct 25 366 2,050,000 - 2,323 2008 Resale District 2 SKY EVERTON Apartment Freehold Oct 23 549 2,335,000 - 2,552 Uncompleted New Sale SKY EVERTON Apartment Freehold Oct 25 624 1,204,000 - 2,601 Uncompleted New Sale SKY EVERTON Apartment Freehold Oct 25 2,390 1,586,000 - 2,540 Uncompleted New Sale THE NATURAL SKY EVERTON Apartment Freehold Oct 26 657 2,510,000 - 2,743 Uncompleted New Sale SKY EVERTON Apartment Freehold Oct 26 1,442 1,878,000 - 2,860 Uncompleted New Sale THE BEACON Apartment 99 years Oct 29 1,572 1,438,000 - 1,484 2008 Resale CHOICE FOR District 3 ARTRA Apartment 99 years Oct 22 883 2,063,100 - 1,976 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 23 1,356 2,050,000 - 1,849 Uncompleted New Sale A SMART AVENUE SOUTH RESIDENCE Apartment 99 years Oct 23 1,109 2,072,000 - 1,869 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 23 657 2,054,000 - 1,853 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 23 1,109 1,461,000 - 2,225 Uncompleted New Sale INVESTMENT AVENUE SOUTH RESIDENCE Apartment 99 years Oct 23 1,399 2,044,000 - 1,844 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 24 732 1,379,000 - 2,100 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 25 829 1,463,000 - 1,999 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 26 538 2,026,000 - 1,827 Uncompleted New Sale Life finds a natural AVENUE SOUTH RESIDENCE Apartment 99 years Oct 27 517 1,410,000 - 2,047 Uncompleted New Sale balance at JadeScape, COMMONWEALTH TOWERS Condominium 99 years Oct 23 1,141 1,300,000 - 1,887 2017 Resale MARGARET VILLE Apartment 99 years Oct 26 775 1,273,412 - 1,939 Uncompleted New Sale a garden-inspired ONE PEARL BANK Apartment 99 years Oct 27 646 1,912,000 - 2,574 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Oct 22 850 1,195,000 - 1,914 Uncompleted New Sale masterpiece backed STIRLING RESIDENCES Apartment 99 years Oct 26 463 1,235,000 - 1,881 Uncompleted New Sale by a master plan. STIRLING RESIDENCES Apartment 99 years Oct 27 517 2,389,000 - 1,776 Uncompleted New Sale TANGLIN VIEW Condominium 99 years Oct 22 872 2,315,000 - 1,202 2001 Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years Oct 29 1,647 1,470,000 - 1,751 2004 Resale URA Draft REFLECTIONS AT KEPPEL BAY Condominium 99 years Oct 24 1,625 2,056,000 - 1,661 2011 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years Oct 24 1,216 2,130,000 - 1,310 2011 Resale Master Plan 2019 THE INTERLACE Condominium 99 years Oct 25 743 4,550,000 - 868 2013 Resale District 5 HERITAGE VIEW Condominium 99 years Oct 23 915 1,575,000 - 1,199 2000 Resale • New recreational facilities KENT RIDGE HILL RESIDENCES Apartment 99 years Oct 22 710 882,000 - 1,862 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Oct 23 441 879,000 - 1,856 Uncompleted New Sale and community nodes WESTCOVE CONDOMINIUM Condominium 99 years Oct 25 1,033 970,000 - 834 1998 Resale WHISTLER GRAND Apartment 99 years Oct 22 1,066 918,400 - 1,524 Uncompleted New Sale • Enhanced connectivity WHISTLER GRAND Apartment 99 years Oct 22 1,206 1,517,820 - 1,424 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Oct 26 603 1,904,020 - 1,320 Uncompleted New Sale with Thomson-East Coast WHISTLER GRAND Apartment 99 years Oct 26 1,066 915,120 - 1,518 Uncompleted New Sale and Cross Island MRT Lines, WHISTLER GRAND Apartment 99 years Oct 26 1,776 1,560,460 - 1,464 Uncompleted New Sale District 7 and new cycling routes DUO RESIDENCES Apartment 99 years Oct 24 1,152 1,200,000 - 2,275 2017 Resale and park connectors MIDTOWN BAY Apartment 99 years Oct 22 700 1,298,000 1,262,000 2,791 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Oct 24 753 1,946,800 1,910,800 2,573 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Oct 26 452 1,370,200 1,334,200 2,951 Uncompleted New Sale • Bishan Sub-Regional MIDTOWN BAY Apartment 99 years Oct 26 474 1,421,200 1,385,200 3,064 Uncompleted New Sale Centre brings greater MIDTOWN BAY Apartment 99 years Oct 26 592 1,383,200 1,347,200 2,844 Uncompleted New Sale SOUTH BEACH RESIDENCES Apartment 99 years Oct 29 538 6,237,000 - 3,470 2016 Resale job opportunities and SUNSHINE PLAZA Apartment 99 years Oct 23 517 839,999 - 1,530 2001 Resale residential interest District 8 CITY SQUARE RESIDENCES Condominium Freehold Oct 24 2,400 1,880,000 - 1,546 2009 Resale SUITES @ OWEN Apartment Freehold Oct 25 1,453 568,000 - 1,552 2009 Resale District 9 A Worthwhile Investment MARTIN MODERN Condominium 99 years Oct 27 1,023 2,200,000 - 2,879 Uncompleted New Sale RV ALTITUDE Apartment Freehold Oct 23 807 1,368,000 - 3,100 Uncompleted New Sale SCOTTS 28 Condominium Freehold Oct 23 474 4,600,000 - 2,261 1998 Resale STARLIGHT SUITES Apartment Freehold Oct 22 366 2,070,000 - 1,923 2014 Resale Potential capital THE ORCHARD RESIDENCES Apartment 99 years Oct 29 3,778 8,300,000 - 3,367 2010 Resale THE TATE RESIDENCES Condominium Freehold Oct 24 1,615 4,680,000 - 2,470 2009 Resale appreciation with the District 10 rejuvenation of Bishan 120 GRANGE Apartment Freehold Oct 26 1,141 2,193,000 - 3,234 Uncompleted New Sale 8 NAPIER Condominium Freehold Oct 29 2,465 5,800,000 - 2,881 2010 Resale BALMORAL HEIGHTS Apartment Freehold Oct 22 1,023 2,181,000 - 1,876 2004 Resale BALMORAL HEIGHTS Apartment Freehold Oct 23 2,271 2,200,000 - 1,892 2004 Resale BOULEVARD 88 Apartment Freehold Oct 26 1,313 5,853,900 - 3,296 Uncompleted New Sale BOULEVARD 88 Apartment Freehold Oct 26 904 4,673,700 - 3,559 Uncompleted New Sale CYAN Condominium Freehold Oct 25 463 2,350,000 - 1,882 2014 Resale FOURTH AVENUE RESIDENCES Apartment 99 years Oct 22 603 1,676,000 - 2,359 Uncompleted New Sale GLENTREES Condominium 999 years Oct 23 980 3,800,000 - 1,035 2005 Resale HOLLAND GROVE Semi-Detached 99 years Oct 29 1,356 2,650,000 - 857 1997 Resale ILLOURA Semi-Detached Freehold Oct 24 990 4,288,000 - 1,024 2009 Resale LATITUDE Condominium Freehold Oct 25 3,078 4,000,000 - 2,076 2010 Resale GROVE DRIVE Terrace Freehold Oct 22 0 3,900,000 - 885 1978 Resale ROBIN REGALIA Apartment Freehold Oct 25 883 1,575,000 - 1,784 2000 Resale ROYALGREEN Condominium Freehold Oct 27 581 2,012,000 - 2,790 Uncompleted New Sale THE PRINCETON Apartment Freehold Oct 29 8,364 1,368,000 - 1,589 1999 Resale THE TRESOR Condominium 999 years Oct 22 646 4,200,000 - 1,922 2007 Resale THE TRIZON Condominium Freehold Oct 25 893 3,570,000 - 1,543 2012 Resale Artist’s Impression District 11 CHANCERY ESQUIRE Apartment Freehold Oct 23 689 2,050,000 - 1,700 1996 Resale LINCOLN SUITES Condominium Freehold Oct 25 969 5,400,000 - 1,718 2014 Resale A Residential Masterpiece By WATTEN PARK Semi-Detached Freehold Oct 23 2,153 9,580,000 - 2,386 Unknown Resale GENTLE ROAD Detached Freehold Oct 29 581 11,400,000 - 1,363 Unknown Resale NEU AT NOVENA Apartment Freehold Oct 22 538 1,704,000 - 2,638 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Oct 22 861 1,899,000 - 2,892 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Oct 22 4,402 2,168,000 - 2,518 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Oct 23 1,302 2,200,000 - 2,689 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Oct 23 1,109 3,295,000 - 2,530 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Oct 26 657 2,378,000 - 2,907 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Oct 26 1,109 1,735,000 - 2,642 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Oct 27 797 1,672,000 - 2,589 Uncompleted New Sale 6846 1777 jadescape.com.sg SKY@ELEVEN Condominium Freehold Oct 22 1,238 3,700,000 - 1,629 2010 Resale District 12 Developer: Qingjian Realty (Marymount) Pte Ltd (ROC: 201613375Z) • Developer’s Licence No.: C1238 JUI RESIDENCES Apartment Freehold Oct 24 1,841 1,678,000 - 1,676 Uncompleted New Sale • Encumbrances: Mortgage No. IE/938254H in favour of United Overseas Bank Limited • Lot/Mukim ONE DUSUN RESIDENCES Apartment Freehold Oct 24 797 800,000 - 1,652 2016 Resale No.: Lot 17609L MK18 at Shunfu Road • Tenure of Land: 99 years leasehold commencing 19 Jun 2018 District 13 • Expected Date of Vacant Possession: 9 Jan 2023 • Expected Date of Legal Completion: 9 Jan 2026 BARTLEY RIDGE Condominium 99 years Oct 25 1,550 1,400,000 - 1,445 2016 Resale DAISY AVENUE Terrace Freehold Oct 23 1,313 2,250,000 - 1,250 1974 Resale EDGEPROP | NOVEMBER 11, 2019 • EP15

DONE DEALS THE MARK Residential transactions with contracts dated Oct 22 to 29 OF QUALITY

SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) COMPLETION DATE TYPE OF SALE Building Award-winning Homes SKY GREEN Condominium Freehold Oct 25 635 750,000 - 1,620 2015 Resale Since 2008 THE TRE VER Condominium 99 years Oct 25 667 1,255,000 - 1,666 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Oct 22 850 1,585,000 - 1,864 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Oct 22 667 1,585,000 - 1,864 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Oct 22 915 1,195,000 - 1,791 Uncompleted New Sale An esteemed developer of quality THE WOODLEIGH RESIDENCES Apartment 99 years Oct 23 1,163 1,431,000 - 1,984 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Oct 25 1,496 1,253,000 - 1,878 Uncompleted New Sale and innovation, Qingjian Realty District 14 garnered multiple accolades at the ARENA RESIDENCES Apartment Freehold Oct 23 2,669 1,516,000 - 1,878 Uncompleted New Sale PALMERA EAST Apartment Freehold Oct 24 3,423 888,000 - 1,398 2012 Resale PropertyGuru ASIA PROPERTY PARC ESTA Apartment 99 years Oct 22 840 959,000 - 1,818 Uncompleted New Sale AWARDS SINGAPORE 2019 PARC ESTA Apartment 99 years Oct 22 1,130 1,319,000 - 1,571 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 24 452 1,603,000 - 1,568 Uncompleted New Sale with JadeScape. PARC ESTA Apartment 99 years Oct 24 743 833,000 - 1,843 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 24 1,615 1,269,000 - 1,709 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 25 1,184 1,062,000 - 1,672 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 26 1,001 1,407,000 - 1,556 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 26 635 1,585,000 - 1,583 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 26 635 1,113,000 - 1,753 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 26 635 1,136,000 - 1,789 Uncompleted New Sale PropertyGuru PARC ESTA Apartment 99 years Oct 26 635 1,087,000 - 1,712 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 26 635 1,079,000 - 1,699 Uncompleted New Sale ASIA PROPERTY AWARDS PARC ESTA Apartment 99 years Oct 26 721 1,122,000 - 1,767 Uncompleted New Sale SINGAPORE 2019 PARC ESTA Apartment 99 years Oct 26 915 1,257,000 - 1,743 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 26 786 1,498,000 - 1,637 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 27 635 855,000 - 1,655 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 27 635 1,043,000 - 1,642 Uncompleted New Sale • Best Mega-Scale Condo PARC ESTA Apartment 99 years Oct 27 1,119 1,091,000 - 1,718 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 27 743 1,837,000 - 1,641 Uncompleted New Sale Architectural Design PARC ESTA Apartment 99 years Oct 27 904 1,261,000 - 1,698 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 27 420 1,482,000 - 1,639 Uncompleted New Sale • Best Mega-Scale Condo PARC ESTA Apartment 99 years Oct 27 517 765,000 - 1,822 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 27 452 975,000 - 1,887 Uncompleted New Sale Landscape Architectural Design PARC ESTA Apartment 99 years Oct 27 1,507 815,000 - 1,803 Uncompleted New Sale PARK PLACE RESIDENCES AT PLQ Apartment 99 years Oct 22 527 2,100,000 - 1,742 Uncompleted New Sale THE ANTARES Apartment 99 years Oct 24 1,894 789,000 - 1,745 Uncompleted New Sale • Best Smart WATERBANK AT DAKOTA Condominium 99 years Oct 25 5,242 1,850,000 - 1,469 2013 Resale District 15 Building Development 38 I SUITES Apartment Freehold Oct 23 1,098 768,000 - 1,551 2014 Resale AMBER PARK Condominium Freehold Oct 25 463 1,847,610 - 2,488 Uncompleted New Sale COASTLINE RESIDENCES Apartment Freehold Oct 24 667 3,174,000 - 2,808 Uncompleted New Sale COASTLINE RESIDENCES Apartment Freehold Oct 27 635 1,157,000 - 2,559 Uncompleted New Sale COTE D’AZUR Condominium 99 years Oct 24 2,293 1,830,000 - 1,405 2004 Resale EURO-ASIA LODGE Apartment Freehold Oct 24 1,668 1,605,000 - 1,193 1998 Resale EURO-ASIA LODGE Apartment Freehold Oct 29 840 1,468,000 - 1,082 1998 Resale INFINI AT EAST COAST Apartment Freehold Oct 24 915 1,574,000 1,438,000 1,908 Uncompleted New Sale JOO CHIAT MANSIONS Apartment Freehold Oct 24 1,345 1,950,000 - 1,078 1986 Resale LAGOON VIEW Apartment 99 years Oct 29 1,604 1,490,000 - 905 Unknown Resale LAGUNA PARK Apartment 99 years Oct 24 1,302 1,700,000 - 1,053 1978 Resale MANDARIN GARDENS Condominium 99 years Oct 29 807 2,700,000 - 880 1986 Resale MEYER MANSION Apartment Freehold Oct 25 883 3,973,600 - 2,656 Uncompleted New Sale MEYER MANSION Apartment Freehold Oct 26 1,722 1,522,100 - 3,142 Uncompleted New Sale MEYER MANSION Apartment Freehold Oct 26 484 4,763,100 - 2,766 Uncompleted New Sale EVERITT ROAD Semi-Detached Freehold Oct 23 495 4,900,000 - 1,835 2018 Resale CHAPEL CLOSE Apartment Freehold Oct 24 657 1,300,000 - 1,455 Unknown Resale ROSE VILLE Apartment Freehold Oct 25 936 1,150,000 - 862 2000 Resale Artist’s Impression SEASIDE RESIDENCES Apartment 99 years Oct 23 1,302 996,190 - 1,969 Uncompleted New Sale THE MEYERISE Condominium Freehold Oct 22 1,927 1,770,000 - 2,005 2014 Resale THE MEYERISE Condominium Freehold Oct 23 3,670 2,950,000 - 2,265 2014 Resale THE SEAFRONT ON MEYER Condominium Freehold Oct 24 4,187 4,300,000 - 1,875 2010 Resale THE SEAFRONT ON MEYER Condominium Freehold Oct 29 2,013 2,800,000 - 1,746 2010 Resale TROPICS @ HAIGSVILLE Apartment Freehold Oct 29 3,089 670,000 - 1,153 2009 Resale District 16 BEDOK COURT Condominium 99 years Oct 23 1,163 1,950,000 - 859 1985 Resale BEDOK RESIDENCES Apartment 99 years Oct 25 1,496 1,350,000 - 1,529 2015 Resale CASA MERAH Apartment 99 years Oct 22 484 1,300,000 - 929 2009 Resale SUNHAVEN Condominium Freehold Oct 29 2,303 1,240,000 - 968 2002 Resale THE GLADES Condominium 99 years Oct 22 657 1,265,000 - 1,237 2016 Resale District 17 BLUWATERS Apartment 946 years Oct 24 1,808 690,000 - 866 2007 Resale THE JOVELL Condominium 99 years Oct 25 1,141 871,000 - 1,284 Uncompleted New Sale District 18 ARC AT TAMPINES EC 99 years Oct 29 1,894 788,000 - 976 2014 Resale OASIS @ ELIAS Condominium 99 years Oct 25 2,024 870,000 - 715 2011 Resale RIS GRANDEUR Condominium Freehold Oct 24 2,454 1,480,000 - 962 2005 Resale THE RIVERINA Terrace 99 years Oct 23 1,109 1,720,000 - 1,065 1997 Resale THE TAPESTRY Condominium 99 years Oct 24 1,001 1,230,390 - 1,242 Uncompleted New Sale THE TAPESTRY Condominium 99 years Oct 26 678 2,237,780 - 1,268 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 22 624 1,321,000 - 1,278 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 26 1,012 818,000 - 1,382 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 26 1,087 1,336,000 - 1,320 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 26 581 1,434,000 - 1,319 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 26 1,722 813,000 - 1,399 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 26 463 1,904,000 - 1,106 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 26 592 668,000 - 1,443 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 26 581 855,000 - 1,444 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 26 915 812,000 - 1,397 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 26 840 1,256,000 - 1,373 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 26 775 1,095,000 - 1,304 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 27 657 816,000 - 1,404 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 27 592 863,000 - 1,314 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 27 1,238 824,000 - 1,392 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 27 463 1,673,000 - 1,352 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 27 463 672,000 - 1,452 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 27 775 668,000 - 1,443 Uncompleted New Sale WATERVIEW Condominium 99 years Oct 25 764 983,000 - 1,050 2014 Resale District 19 AFFINITY AT SERANGOON Apartment 99 years Oct 22 1,421 783,000 - 1,455 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Oct 24 1,539 1,137,000 - 1,553 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Oct 26 1,076 786,000 - 1,460 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Oct 26 538 1,574,000 - 1,462 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Oct 26 915 787,000 - 1,462 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Oct 27 689 782,000 - 1,453 Uncompleted New Sale AUSTVILLE RESIDENCES EC 99 years Oct 22 3,391 930,000 - 909 2014 Resale CASA ROSA Condominium 99 years Oct 23 3,498 1,050,000 - 956 2001 Resale ESPARINA RESIDENCES EC 99 years Oct 25 829 908,000 - 1,096 2013 Resale ESPARINA RESIDENCES EC 99 years Oct 25 1,324 925,000 - 1,116 2013 Resale EVANIA Apartment Freehold Oct 29 678 1,900,000 - 825 2010 Resale JANSEN 8 Terrace Freehold Oct 25 1,249 1,950,000 - 633 2011 Resale JEWEL @ BUANGKOK Condominium 99 years Oct 23 1,798 1,400,000 - 1,227 2016 Resale KENSINGTON PARK CONDOMINIUM Condominium 999 years Oct 25 3,143 2,000,000 - 988 1987 Resale KOVAN GRANDEUR Apartment 99 years Oct 22 1,399 475,000 - 1,298 2011 Resale KOVAN RESIDENCES Condominium 99 years Oct 24 635 2,530,000 - 1,054 2011 Resale DIX ROAD Terrace 999 years Oct 25 1,216 3,100,000 - 1,300 1998 Resale PARK GREEN EC 99 years Oct 25 678 1,250,000 - 806 2004 Resale PIERMONT GRAND EC 99 years Oct 22 1,044 1,206,400 - 1,067 Uncompleted New Sale PIERMONT GRAND EC 99 years Oct 23 969 1,468,800 - 1,100 Uncompleted New Sale PIERMONT GRAND EC 99 years Oct 23 506 1,048,000 - 1,082 Uncompleted New Sale PIERMONT GRAND EC 99 years Oct 25 883 1,097,600 - 927 Uncompleted New Sale PIERMONT GRAND EC 99 years Oct 27 1,302 1,612,800 - 1,070 Uncompleted New Sale PIERMONT GRAND EC 99 years Oct 27 764 1,392,800 - 1,069 Uncompleted New Sale REGENTVILLE Apartment 99 years Oct 24 484 840,000 - 729 1999 Resale RIVERFRONT RESIDENCES Apartment 99 years Oct 22 1,076 1,212,000 - 1,325 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Oct 24 1,292 1,223,000 - 1,337 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Oct 24 1,066 1,554,000 - 1,203 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Oct 24 517 1,390,620 - 1,305 Uncompleted New Sale Sales Gallery located at Bishan Place, RIVERFRONT RESIDENCES Apartment 99 years Oct 24 1,410 718,000 - 1,390 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Oct 26 581 664,000 - 1,435 Uncompleted New Sale opposite Bishan MRT Station/Bus Interchange RIVERFRONT RESIDENCES Apartment 99 years Oct 26 463 700,000 - 1,204 Uncompleted New Sale Open daily: 10am to 7pm RIVERFRONT RESIDENCES Apartment 99 years Oct 26 463 651,000 - 1,406 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Oct 26 872 653,000 - 1,411 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Oct 26 484 1,176,000 - 1,349 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Oct 27 915 707,000 - 1,368 Uncompleted New Sale EP16 • EDGEPROP | NOVEMBER 11, 2019

COVER STORY

FROM PAGE EP11 er the selling prices of these new launches A developer’s reputation is also increasing- The 47-year-old Tan assumed the group in the wake of the cooling measures. will be”, she adds. This has been borne out ly important to home buyers. UEL has a rich managing director position at UEL in August In the Petir Road area, there is a cluster of by recent new launches where prices rose history dating back more than 100 years. It 2017. However, he had been overseeing UEL’s high-rise condos, namely Tree House by City after the initial phase. was involved in the building of landmarks in- property division since November 2014, before Developments, which was launched in 2010; Home buyers looking for a property in the cluding the former Singapore Supreme Court, taking on the additional role of group CFO in followed by Wing Tai Holdings’ Foresque Res- Upper Bukit Timah area will generally consid- Cavenagh Bridge, OCBC Centre and the Brit- February 2015. Prior to that, Tan was with idences in 2011; and Malaysian developer SP er projects in Districts 21 and District 23. These ish High Commission. WBL Corp since 2006, where he was group Setia’s Eco Sanctuary, which debuted in 2012. include the Toh Tuck and Kismis areas, Jalan More recent developments by UEL include chief strategy officer before it was acquired All these developments have since been com- Jurong Kechil, to Chestnut area, Petir Road, the 99-year leasehold, 862-unit, private con- by UEL in 2013. pleted and fully sold. Dairy Farm and further down at Hillview. “The do Eight Riversuites, which was launched in Singapore-listed UEL, whose core businesses “The name of the project ‘Dairy Farm Res- existing and upcoming launches in District 21 2012 and completed in 2016; orchardgateway are in real estate development, property invest- idences’ will resonate with some buyers and and 23 are located in precincts with their own retail mall, which opened in 2014; and UE ment, management and hospitality, received a they may consider this area to be more desir- distinct characteristics that cater to buyers with BizHub East, a nine-storey business park de- mandatory general offer from Singapore-listed, able than others in the vicinity,” says Chris- different preferences,” says Sun. velopment in Changi Business Park that was China-based property developer, Yanlord Land tine Sun, head of research and consultancy at Well aware that buyers have alternative completed in 2012. Group on Oct 25. This was after Yanlord had OrangeTee & Tie. choices in terms of new projects – some- bought out the stakes of both Perennial Real times in the same neighbourhood – devel- CHANGES IN SHAREHOLDERS ‘UNLIKELY TO Estate Holdings and Heng Yue Holdings. The ‘UNLIKELY TO WAIT FURTHER’ opers have become more sensitive in pric- AFFECT OPERATIONS’ result is that Yanlord is now the biggest share- Sun reckons home buyers who are serious ing their projects, notes Sun. “There will be According to UEL’s Tan, the group will contin- holder of UEL. about buying are “unlikely to wait further”. some price differentiation for different pro- ue to seek out more residential development “Whatever is happening at the shareholder Being increasingly prudent, home buyers have jects based on design, layout, branding and sites and investment properties for recurring level does not affect the management and op- realised that “the longer they wait, the high- product offering,” she adds. income, “depending on market conditions”. erations of the firm,” assures UE’s Tan. E

PICTURES: ALBERT CHUA/THE EDGE SINGAPORE

One of the attractions of living in the Dairy Farm area is its proximity to Dairy Farm Nature Park (left) and Bukit Timah Nature Reserve

DONE DEALS

Residential transactions with contracts dated Oct 22 to 29

SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE RIVERFRONT RESIDENCES Apartment 99 years Oct 27 463 1,120,000 - 1,224 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 549 1,679,000 - 1,695 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Oct 27 743 651,000 - 1,406 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 549 897,000 - 1,634 Uncompleted New Sale RIVERPARC RESIDENCE EC 99 years Oct 25 732 1,080,000 - 872 2014 Resale MIDWOOD Condominium 99 years Oct 26 549 891,000 - 1,623 Uncompleted New Sale RIVERSOUND RESIDENCE Condominium 99 years Oct 23 4,015 585,000 - 1,235 2015 Resale MIDWOOD Condominium 99 years Oct 26 549 900,000 - 1,639 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Oct 24 743 1,007,000 - 1,509 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 549 879,000 - 1,601 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Oct 27 721 921,000 - 1,450 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 549 949,000 - 1,729 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Oct 22 614 777,400 - 1,505 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 549 888,000 - 1,618 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Oct 22 474 940,800 - 1,533 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 549 957,000 - 1,743 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Oct 23 474 786,800 - 1,523 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 484 882,000 - 1,607 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Oct 27 775 1,231,100 - 1,546 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 484 759,000 - 1,567 Uncompleted New Sale THE QUARTZ Condominium 99 years Oct 22 517 1,465,000 - 1,031 2009 Resale MIDWOOD Condominium 99 years Oct 26 1,238 753,000 - 1,555 Uncompleted New Sale THE TEMBUSU Condominium Freehold Oct 25 3,208 1,388,000 - 1,816 2016 Resale MONT BOTANIK RESIDENCE Condominium Freehold Oct 25 753 1,287,000 - 1,661 Uncompleted New Sale THE VUE Apartment Freehold Oct 22 947 680,000 - 1,404 2013 Resale MONT BOTANIK RESIDENCE Condominium Freehold Oct 26 452 1,319,200 - 1,702 Uncompleted New Sale District 20 MONT BOTANIK RESIDENCE Condominium Freehold Oct 26 947 1,241,600 - 1,602 Uncompleted New Sale BISHAN 8 Condominium 99 years Oct 23 818 1,455,000 - 1,252 2000 Resale MONT BOTANIK RESIDENCE Condominium Freehold Oct 26 506 1,600,000 - 1,689 Uncompleted New Sale HORIZON GARDENS Terrace 99 years Oct 25 1,561 2,030,000 - 681 2002 Resale MONT BOTANIK RESIDENCE Condominium Freehold Oct 27 452 1,155,000 - 1,651 Uncompleted New Sale JADESCAPE Condominium 99 years Oct 22 1,023 1,336,300 - 1,749 Uncompleted New Sale MONT BOTANIK RESIDENCE Condominium Freehold Oct 27 1,345 1,290,000 - 1,664 Uncompleted New Sale JADESCAPE Condominium 99 years Oct 26 1,055 1,891,600 - 1,658 Uncompleted New Sale PALM GARDENS Condominium 99 years Oct 22 1,206 870,000 - 722 2000 Resale JADESCAPE Condominium 99 years Oct 26 657 1,788,500 - 1,695 Uncompleted New Sale VILLA VERDE Terrace 99 years Oct 25 1,163 1,428,000 - 884 2000 Resale SOO CHOW VIEW Terrace Freehold Oct 24 1,905 2,870,000 - 1,558 1974 Resale District 26 NUOVO EC 99 years Oct 29 1,798 1,058,000 - 945 2004 Resale CASTLE GREEN Condominium 99 years Oct 22 1,163 828,000 - 874 1997 Resale THE PANORAMA Condominium 99 years Oct 25 775 2,350,000 - 1,506 2017 Resale HEETON CLASSIC Terrace Freehold Oct 29 1,281 2,680,000 - 1,412 1993 Resale THOMSON RIDGE ESTATE Semi-Detached Freehold Oct 25 1,636 3,800,000 - 1,185 Unknown Resale MEADOWS @ PEIRCE Condominium Freehold Oct 22 1,249 1,410,000 - 1,139 2012 Resale THREE 11 Apartment Freehold Oct 29 1,798 1,220,000 - 1,799 2015 Resale THE CALROSE Condominium Freehold Oct 29 969 1,440,000 - 801 2007 Resale YEW LIAN PARK Semi-Detached Freehold Oct 22 2,271 4,000,000 - 1,180 1967 Resale THE SPRINGSIDE Terrace Freehold Oct 24 527 4,518,000 - 1,205 2016 Resale District 21 District 27 HIGHGATE Condominium Freehold Oct 24 1,130 2,420,000 - 1,270 1995 Resale EUPHONY GARDENS Condominium 99 years Oct 24 1,798 1,430,000 - 583 2001 Resale HIGHGATE Condominium Freehold Oct 25 1,615 2,045,000 - 1,250 1995 Resale THE CANOPY EC 99 years Oct 25 2,982 850,000 - 823 2014 Resale KILBURN ESTATE Detached 999 years Oct 23 980 8,480,000 - 1,517 1991 Resale WATERCOVE Terrace Freehold Oct 23 1,335 2,500,000 - 715 2019 New Sale MAYFAIR MODERN Condominium 99 years Oct 25 1,668 2,062,400 - 1,808 Uncompleted New Sale YISHUN EMERALD Condominium 99 years Oct 23 2,185 1,000,000 - 715 2002 Resale THE CASCADIA Condominium Freehold Oct 25 2,314 2,450,000 - 1,637 2010 Resale YISHUN SAPPHIRE Condominium 99 years Oct 23 1,206 1,025,000 - 756 2001 Resale VIEW AT KISMIS Apartment 99 years Oct 22 1,033 1,225,000 - 1,751 Uncompleted New Sale District 28 District 22 BELGRAVIA GREEN Terrace Freehold Oct 24 1,023 3,028,000 - 885 Uncompleted New Sale IVORY HEIGHTS Condominium 100 years Oct 24 1,238 1,530,000 - 917 Unknown Resale H2O RESIDENCES Condominium 99 years Oct 25 1,927 1,592,000 - 954 2015 Resale LAKEHOLMZ Condominium 99 years Oct 25 1,259 1,215,000 - 918 2005 Resale JALAN TARI PIRING Terrace 999 years Oct 24 3,746 3,330,000 - 1,857 Unknown Resale LAKEHOLMZ Condominium 99 years Oct 29 861 1,370,000 - 872 2005 Resale PARC BOTANNIA Condominium 99 years Oct 22 980 1,149,000 - 1,318 Uncompleted New Sale THE FLORAVALE EC 99 years Oct 22 452 814,000 - 652 2000 Resale PARC BOTANNIA Condominium 99 years Oct 22 786 1,352,000 - 1,380 Uncompleted New Sale WESTVILLE Semi-Detached 99 years Oct 23 5,586 1,600,000 - 744 1997 Resale PARC BOTANNIA Condominium 99 years Oct 22 764 1,047,620 - 1,333 Uncompleted New Sale District 23 PARC BOTANNIA Condominium 99 years Oct 23 775 1,358,000 - 1,386 Uncompleted New Sale BUKIT 828 Apartment Freehold Oct 23 721 1,432,000 - 1,462 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Oct 23 2,034 975,100 - 1,258 Uncompleted New Sale BUKIT 828 Apartment Freehold Oct 26 657 813,000 - 1,607 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Oct 25 872 1,900,170 - 1,308 Uncompleted New Sale CHESTERVALE EC 99 years Oct 24 452 838,000 - 594 1999 Resale PARC BOTANNIA Condominium 99 years Oct 25 1,335 1,150,420 - 1,319 Uncompleted New Sale LE QUEST Apartment 99 years Oct 27 786 1,437,000 - 1,405 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Oct 26 1,765 1,056,000 - 1,344 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 689 1,320,000 - 1,703 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Oct 27 700 1,084,860 - 1,381 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 689 1,108,000 - 1,608 Uncompleted New Sale SARACA VILLAS Terrace 99 years Oct 29 3,068 1,850,000 - 490 2002 Resale MIDWOOD Condominium 99 years Oct 26 689 1,156,000 - 1,678 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 786 1,140,000 - 1,655 Uncompleted New Sale Source: URA Realis. Updated Nov 5, 2019. MIDWOOD Condominium 99 years Oct 26 786 1,324,000 - 1,685 Uncompleted New Sale EC stands for executive condominium MIDWOOD Condominium 99 years Oct 26 818 1,283,000 - 1,633 Uncompleted New Sale MIDWOOD Condominium 99 years Oct 26 893 759,000 - 1,567 Uncompleted New Sale DISCLAIMER: MIDWOOD Condominium 99 years Oct 26 893 1,458,000 - 1,632 Uncompleted New Sale The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly MIDWOOD Condominium 99 years Oct 26 990 1,466,000 - 1,641 Uncompleted New Sale or indirectly from the use of, or reliance on, the information provided therein. EDGEPROP | NOVEMBER 11, 2019 • EP17

GAINS AND LOSSES Resale unit at Highgate reaps $1.27 mil profit

| BY BONG XIN YING | four-minute drive to Beauty World Plaza and velopment. It is a 10-minute walk to Tanah On the other hand, the greatest loss incurred Beauty World Centre. Merah MRT Station on the East-West Line, a over the week was from the resale of a 2,013 he seller of a unit at Highgate made The second top gain made over the week – four-minute walk to Bedok View Secondary sq ft unit at 8 Napier, in prime District 10. The the top gain of $1.27 million over the a 171% profit of $1.23 million – was at Bedok School, an eight-minute walk to Temasek Pri- seller sold the unit for $5.8 million ($2,881 psf) week of Oct 22 to 29. The 1,905 sq ft Court, located along Bedok South Avenue 3 in mary School, and a 13-minute walk to Temasek on Oct 29, and sustained an 18% loss of $1.28 unit on the sixth floor was bought for District 16. The 2,271 sq ft unit on the ninth Secondary School. million. The unit was purchased in December $1.15 million ($604 psf) in June 2009, floor was purchased for $720,000 ($317 psf) in Meanwhile, another seller of a fifth-floor 2007 for $7.078 million ($3,516 psf). Over a Tand sold for $2.42 million ($1,270 psf) on Oct June 1999, and sold for $1.95 million ($859 psf) unit at Highgate made the third most profita- holding period of almost 12 years, this trans- 24. The seller made a 110% profit, or an an- on Oct 23. This means that the seller made an ble transaction for the week with a $1.18 mil- lates into an annualised loss of 1.7%. nualised profit of 7% over around 10 years. annualised profit of 5% over around 20 years. lion profit. The 1,636 sq ft, four-bedroom unit The freehold 8 Napier, located on Napier Located at Highgate Crescent in District 21, Completed in 1985, the 99-year leasehold was bought for $870,000 ($532 psf) in January Road, comprises 46 units. Completed in 2010, it the freehold Highgate was developed by Lum Bedok Court has 62 years left on its lease. The 1999, and sold for $2.045 million ($1,250 psf) is a three-minute walk to the upcoming Napier Chang Properties. Completed in 1995, High- development has a total of 280 units over 19 on Oct 25. The seller made a 135% profit, or an MRT Station on the Thomson-East Coast Line, gate comprises 216 units in five blocks. It is a floors, and was developed by Bedokville De- annualised profit of 4% over almost 21 years. which will be completed in 2021. E

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

The 1,905 sq ft, sixth-floor unit at Highgate was bought for $1.15 million in June 2009 and sold for $2.42 The seller of a 2,013 sq ft unit at 8 Napier sustained an 18% loss of $1.28 million after selling it for $5.8 million on Oct 24 million on Oct 29

Top 15 gains and losses from Oct 22 to 29 Most profitable deals PROJECT DISTRICT AREA SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD ( SQ FT) (2019) ($ PSF) (YEARS) 1 HIGHGATE 21 1,905 Oct 24 1,270 Jun 9, 2009 604 1,270,000 110 7 10.4 2 BEDOK COURT 16 2,271 Oct 23 859 Jun 3, 1999 317 1,230,000 171 5 20.4 3 HIGHGATE 21 1,636 Oct 25 1,250 Jan 9, 1999 532 1,175,000 135 4 20.8 4 LAGOON VIEW 15 1,647 Oct 29 905 Sep 20, 2002 310 980,000 192 6 17.1 5 JOO CHIAT MANSIONS 15 1,808 Oct 24 1,078 Jun 15, 2010 564 930,000 91 7 9.4 6 THE BEACON 2 969 Oct 29 1,484 Jul 7, 2006 578 877,850 157 7 13.3 7 THE SEAFRONT ON MEYER 15 2,293 Oct 24 1,875 Mar 28, 2007 1,532 788,000 22 2 12.6 8 BISHAN 8 20 1,163 Oct 23 1,252 Mar 10, 1999 610 745,570 105 4 20.6 9 THE CALROSE 26 1,798 Oct 29 801 Jul 4, 2005 400 720,500 100 5 14.3 10 SCOTTS 28 9 2,034 Oct 23 2,261 Feb 12, 2010 1,907 720,000 19 2 9.7 11 LAKEHOLMZ 22 1,572 Oct 29 872 Oct 3, 2005 437 683,000 99 5 14.1 12 EURO-ASIA LODGE 15 1,356 Oct 29 1,082 Apr 14, 2009 579 683,000 87 6 10.5 13 RIS GRANDEUR 18 1,539 Oct 24 962 Aug 18, 2006 551 632,560 75 4 13.2 14 THE TRIZON 10 2,314 Oct 25 1,543 Sep 30, 2009 1,277 615,400 21 2 10.1 15 THE SAIL @ MARINA BAY 1 883 Oct 25 2,323 Nov 2, 2006 1,661 584,220 40 3 13.0

Non-profitable deals PROJECT DISTRICT AREA SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (SQ FT) (2019) ($ PSF) (YEARS) 1 8 NAPIER 10 2,013 Oct 29 2,881 Dec 3, 2007 3,516 1,278,000 18 1.7 11.9 2 THE ORCHARD RESIDENCES 9 2,465 Oct 29 3,367 Dec 21, 2011 3,600 574,000 6 0.8 7.9 3 REFLECTIONS AT KEPPEL BAY 4 1,625 Oct 24 1,310 Oct 24, 2007 1,564 411,600 16 1.5 12.0 4 GLENTREES 10 3,671 Oct 23 1,035 Jul 13, 2007 1,144 400,000 10 0.8 12.3 5 THE INTERLACE 4 5,242 Oct 25 868 Jul 2, 2010 933 338,800 7 0.8 9.3 6 C YAN 10 1,249 Oct 25 1,882 Mar 22, 2011 2,134 314,420 12 1.4 8.6 7 TROPICS @ HAIGSVILLE 15 581 Oct 29 1,153 Oct 4, 2012 1,445 170,000 20 3.1 7.1 8 EVANIA 19 2,303 Oct 29 825 Mar 26, 2012 890 150,000 7 1.0 7.6 9 THE TATE RESIDENCES 9 1,894 Oct 24 2,470 Jul 16, 2008 2,549 149,700 3 0.3 11.3 10 CARIBBEAN AT KEPPEL BAY 4 840 Oct 29 1,751 Aug 15, 2011 1,870 100,000 6 0.8 8.2 11 BLUWATERS 17 797 Oct 24 866 Aug 15, 2011 979 90,000 12 1.5 8.2 12 KOVAN RESIDENCES 19 2,400 Oct 24 1,054 Mar 13, 2012 1,083 70,000 3 0.4 7.6 13 ONE DUSUN RESIDENCES 12 484 Oct 24 1,652 Sep 12, 2012 1,735 40,400 5 0.7 7.1 14 SUNHAVEN 16 1,281 Oct 29 968 Aug 16, 2012 991 30,000 2 0.3 7.2 15 SKY GREEN 13 463 Oct 25 1,620 Nov 9, 2012 1,674 25,000 3 0.5 7.0 Source: URA, EdgeProp Note: Computed based on URA caveat data as at Nov 5 for private non-landed houses transacted between Oct 22 and 29 The profit and loss computation excludes transaction costs such as stamp duties. EP18 • EDGEPROP | NOVEMBER 11, 2019

UNDER THE HAMMER Mortgagee sale of detached house in Faber Hills Estate for $8.5 mil

PICTURES: SRI to sub-divide the plot and construct a pair of 2½-storey bungalows, or redevelop the property into a single grand bungalow, says Lye. “The Faber Hills Estate is largely occupied by business owners and industrialists who have businesses towards the west of Singa- pore. This allows them to be near their facto- ries and offices, while also being a 10-minute drive to the city centre via the Ayer Rajah Ex- pressway,” he says. SRI says since the property appeared on the market, there have been 16 enquiries and many viewings for it. At least two offers have been made for the house, but they did not meet the reserve price. “Landed housing neighbourhoods such as the Sunset Estate and Faber Hills Estate have The house sits on a 9,052 sq ft plot and has a built-up area of about 5,000 sq ft There are four bedrooms in the house and each of them has an en suite bathroom always been hidden gems. Many landed-home buyers originally started house-hunting in Districts 10 and 11, but when they are intro- | BY TIMOTHY TAY | ($329 psf) in November 2004, and has not an “old charm” but renovation work will be duced to the Sunset Estate and Faber Hills Es- changed hands since. needed to spruce it up. “This property will be tate, the location comes as a nice surprise to two-storey detached house on Faber The house is located in a two-storey bun- ideal for reconstruction. Due to its dual front- them,” says Lye. Drive in the Faber Hills landed es- galow area and enjoys dual-road frontage fac- age, it will also be a good masterpiece for peo- The site is also close to the upcoming Ju- tate is up for mortgagee sale by pri- ing Faber Drive and Jalan Lempeng. It neigh- ple to admire if the new owner commissions rong Lake District, a new business district in vate treaty. This is the first time the bours two-storey mixed landed and two-storey an award-winning architect to conceptualise the West. The Faber Hills Estate is conven- freehold property is being offered in semi-detached landed housing areas on Faber a masterpiece,” he says. iently located to leverage the new precinct, Aa mortgagee sale, and it has only been on the Drive and Faber Walk. In addition, the site is The current house is not built to its maxi- and the buyer may potentially sell the land market since Oct 7 this year. opposite Nan Hua Primary School and about mum allowable plot ratio due to the elevation to a developer when land prices appreciate, The 42-year-old house sits on a 9,052 sq 500 metres to Clementi Town Primary School of the land. Thus, the new buyer has the option Lye adds. E ft plot and has a built-up area of about 5,000 and Clementi Town Secondary School. sq ft. There are four bedrooms in the house The most recent transaction in the area was URA REALIS and each of them has an en suite bathroom. for a bungalow at 6 Faber Park, which was There is a swimming pool, and the car porch sold for $10.2 million ($1,259 psf) in January has space for up to five cars. this year. Another bungalow at 48 Faber Drive Recent transactions in Faber Hills Estate The property has a guide price of $8.5 fetched $8.2 million ($966 psf) when it was million, which translates to $939 psf on the sold in December 2017, and yet another bun- LOCATION CONTRACT DATE PRICE ($ MIL) PRICE ($ PSF) LAND AREA (SQ FT) land area. According to an independent val- galow at 65 Faber Park went for $8.6 million 6 Faber Park January 2019 10.2 1,259 8,094 uation conducted last year, the property is ($819 psf) in June 2017. 48 Faber Drive December 2017 8.2 966 8,493 worth $9.6 million, or about $1,061 psf based According to Bruce Lye, managing part- 65 Faber Park June 2017 8.6 819 10,495 on the land area. Based on URA caveats, the ner of Singapore Realtors Inc (SRI) and the 5 Faber Park April 2016 8.7 1,010 8,611 property was last purchased for $2.98 million sole sales agent, the house for sale exudes 8 Faber Park February 2014 12.3 1,509 8,159

OFFSHORE

Shenzhen’s buyers defy flood of cheap homes by leaping into market

BLOOMBERG | BY PEARL LIU | Agency. “What happens if you cannot get an affordable home even in a couple of years?” henzhen’s home buyers are rushing Shenzhen’s government plans to build one to snap up newly completed residen- million homes during the 18 years through 2035 tial property, ignoring a plan by the lo- for young professionals, first-home buyers and cal authority to flood the market with low-income residents, which means close to one million cheap public housing flats. 60,000 new homes being added to the hous- SSales of new homes increased for two con- ing supply every year. That’s triple the annual secutive weekends, after the city’s govern- additions in 2016 and 2017, and more than 30- ment announced an ambitious plan to add a fold the completion every year prior to 2010. million public homes to the housing supply, The ambitious plan is still fraught with capping their prices at 50,000 yuan psm ($902 unanswered questions, including the qual- psf) on Oct 23. ifications of housing applicants, the quality The strong demand for housing under- Shenzhen’s skyline as seen from the observation deck of the city’s Ping An Finance Centre on Aug 15, 2019 of the housing and whether the supply tar- scores how Shenzhen – dubbed China’s Sil- get is reachable. icon Valley for its home-grown technology “Until home buyers get the exact answers giants including Tencent Holdings, Huawei But prices in Shenzhen defied the slowdown, to add one million public housing units, and for their questions, the new plan cannot re- Technologies and DJI – has joined the ranks with the average home price in the Bao’an dis- capped the average price on Oct 23. Prices in ally put a brake on sales, or halt the price in- of one of the five most expensive cities to trict, about 40 minutes’ drive from downtown areas surrounding the city centre will be lim- creases,” said Midland’s chief analyst Fion He. live in, according to data by the property Shenzhen, rising 9.6% in the third quarter to ited to between 20,000 yuan and 30,000 yuan “The best scenario is that it can lower a buy- consultant CBRE. 54,000 yuan psm from last year, according to psm. Still, the quick succession of policies did er’s expectation and help moderate the price The average price of new homes in China’s prices compiled by Midland Holdings, one of not give buyers any cause for pause. increases. For most people who have an im- 70 major cities rose 0.5% in September from a the biggest real estate agents. “Do you want to wait for plans that you mediate need for housing, they will just have month earlier, the slowest pace since February, To make housing affordable, Shenzhen’s have no idea whether will be successful?” asked to get whatever they can get right now.” — according to the National Bureau of Statistics. government announced a plan in June 2018 Zhang Dawei, an analyst at Centaline Property South China Morning Post E EDGEPROP | NOVEMBER 11, 2019 • EP19

OFFSHORE Hong Kong’s upscale enclaves hold steady even as home prices tumble in protest flashpoints

PICTURES: ROY ISSA 93 stations dotting the city’s MTR subway net- trouble-hit Tsuen Wan, fell by 9.4% and 3.1% work, which carries five million commuters respectively, between May and August, accord- every day on average. ing to data from Midland Realty. The limited ingress and egress points – Hap- “The occurrence of neighbourhood protests py Valley, with a population of about 30,000 has some negative influence on housing price,” people, has three access roads, one of which said Hu of CUHK. “However, I believe its impact is a steep climb uphill – of these communities is only temporary and secondary.” deter protest organisers because they lack es- Weaker property prices is just one indicator cape routes in the event of clashes with police. showing the extent of damage to the Hong Kong “Accessibility is one reason as the protest- economy. Retail sales fell 25.3% in August from ers will find it difficult to retreat [if cornered a year earlier in the biggest slide since at least by police],” said Koh Keng Shing, chief exec- October 2005, official data shows. Tourist arriv- utive and founder of Landscope Christie’s In- als dropped almost 40% in the same month, the ternational Real Estate. “Most protesters focus most since the outbreak of Sars (Severe Acute on targets like government buildings, rail sta- Respiratory Syndrome) in 2003. tions and retail shops owned by mainland Chi- nese companies.” Transactions of luxury homes Secondly, the city’s ultra-wealthy residents While some upscale districts are holding up, are unlikely to be under pressure to sell their analysts said the luxury residential sector may assets in a falling market, according to prop- still suffer from the impact of social unrest in erty consultants. They can afford to wait until the months ahead. Transactions of luxury homes the current property market recovers from its have dropped as people wait for lower entry cost, slump, especially when the demand and supply and reports have suggested that an increasing imbalance is working in their favour, agents said. number of wealthy residents have planned or “The difference in price drops can be attribut- applied to migrate or relocate overseas. Aerial view of a residential building on Peak Road, The Peak ed to the strong holding power of the super-rich Even so, buyers are watching out as new and the limited supply of first-hand luxury res- supply of such properties is considered rare. | BY CHERYL ARCIBAL | tive Carrie Lam Cheng Yuet-ngor had withdrawn idences,” said Sammy Po Siu-ming, chief exec- Some notable transactions have been record- her unpopular bill, regular protest rallies have utive of Midland Realty’s residential division. ed among high-net-worth individuals, ac- Hong Kong’s wealthy residential enclaves, persisted, turning visitors away from the city, The scarcity of primary luxury residences means cording to David Ji, director and head of re- where some of the world’s most expensive driving retail sales to a standstill and pushing owners do not feel the urgency to sell for fear search and consultancy for Greater China at homes are located, have also become safe ha- the economy into a technical recession in the of being unable to reinvest in another, Po said. Knight Frank. vens in a tumbling property market as the city third quarter this year. The fallout is most evident in the flashpoint He cited several transactions at more than heads for a recession amid the worst political An index tracking the prices of lived-in neighbourhoods like Mong Kok and Yuen Long, HK$85,000 psf as examples, including three crisis in its history. homes fell 1.4% in August, the third consecutive where police clashed with protesters with ba- houses at Mount Nicholson, two at 45 Tai Tam Average home prices in the neighbourhood month of declines. The pullback in prices was tons, tear gas, rubber bullets and water can- Road, and a villa at 90 Repulse Bay Road. inhabited by multi-billionaires and tycoons have the steepest monthly decline this year, as the nons. The more radical among the protesters “The luxury property market has been rela- held steady, in some cases bucking the declin- property bull market stumbled after a decade- have taken to vandalism and arson, laying waste tively resilient and less impacted by the down- ing trend, compared with the working-class dis- long run. to shops and restaurants owned or associated beat economic sentiment,” he said. “Our re- tricts that had been the epicentres of the city’s The contrasting impact on property prices with mainland Chinese owners. search into price correlations also revealed that five-month-long anti-government protests, ac- underpins the widening wealth gap between In several subway stations like Prince Ed- the luxury prices are a lot less sensitive to eco- cording to the data provided by real property the haves and have-nots in Hong Kong, where ward and even the upmarket shopping district nomic conditions and are proving inelastic.” agents and analysts. almost one in every five people lives below of Causeway Bay, protesters have set fire to sta- A price correction would be regarded by Average prices at the Mid-Levels – an upscale the official poverty line, the highest in seven tion entrances and vandalised station turnstiles some as an entry signal, he added, given that neighbourhood near Central which counts Canto- years, according to a government report in No- and vending machines. there have not been many opportunities in the pop queen Sammi Cheng and actress Shu Qi vember 2018. The average selling price of the Yoho Mid- past decade. among its prominent residents – rose 0.1% to The city’s top 30 tycoons have a combined town complex developed by Sun Hung Kai In terms of leasing out luxury homes, anec- HK$31,069 ($5,388) per sq ft in August, as the net worth of US$249.56 billion, according to Properties (SHKP) fell 15% to HK$13,751 psf dotal evidence indicates landlords are not in- city’s protest rallies descended into violence. Forbes, an amount equivalent to more than in the three months through August, according clined to reduce their asking price, which could At The Peak, the prestigious address at the two-thirds of the local economy. to Midland Realty. Yuen Long, located in the explain the lower than usual transactions in re- highest point on Hong Kong Island, whose in- New Territories in the northern corner of Kow- cent months. habitants include Macau casino heiress Pansy Shielded from upheavals loon, was the scene of clashes on July 21 be- Based on available stock and information Ho, prices have held steady at HK$43,210 psf, Two key reasons explain why the high-end resi- tween a gang of men clad in white shirts and from landlords, rentals are not being affected putting the typical mansion north of HK$150 dential districts are shielded from the city’s up- black-clad protesters. even if those leases are not taken up, accord- million. In Happy Valley, where Hong Kong’s heavals. Firstly, these exclusive neighbourhoods Average prices of lived-in homes in Luk Ye- ing to Letizia Garcia Casalino, head of resi- race course is located, prices actually rose 1% are usually beyond walking distance from the ung Sun Chuen and Discovery Park, both in dential services at Colliers International Hong in September from a year ago. Kong. In the current scenario, it’s not unusu- Home prices have been little changed among al for luxury homes to remain on the market the exclusive addresses because these areas had for up to six months versus an average of two been spared the worst of the protesters’ wrath, months in 2018. said Maggie Hu, assistant professor of real es- “It means landlords are not reducing their tate and finance at the Chinese University of asking prices,” Casalino said. “In some cases, Hong Kong (CUHK). there were some slight adjustments, but noth- “Their main demand is for democratic re- ing that would materially shift the market.” form, not really a revolt against the wealthy per Recent headline news does not augur well se,” said Hu, adding that the exclusive districts for the market owners and investors alike, ac- are usually inaccessible to most protesters be- cording to Koh at Landscope. Given that Hong cause they are not served by the subway net- Kong continues to contend with the US-Chi- work. “Hence we do not observe protests tar- na trade war and the likelihood that politi- geting affluent individuals or taking place in cal upheavals will persist, he reckons high- affluent neighbourhoods.” end homes will see an easing of prices going The calm in the wealthy enclaves contrasts into the year-end. with the storm that is buffeting Hong Kong’s “We do not expect an uptick for the rest of economy, and the broader property market. the year, and probably will see further easing What began on June 9 as an uneventful march in price and rentals as the never-ending pro- by an estimated one million residents against a tests continue to dominate,” he said. “The lo- controversial extradition bill has turned into al- cal economy is predicted to enter into negative most daily clashes between police and radical zone despite some encouraging news on trade protesters. Even though the city’s Chief Execu- Aerial drone view of the Olympian City residential buildings in Tai Kok Tsui, Kowloon talks.” — South China Morning Post E EP20 • EDGEPROP | NOVEMBER 11, 2019

HIGHLIGHT

St Joseph’s Home by SAA Architects wins Silver at World Architecture

AARON POCOCK PHOTOGRAPHY | BY AMY TAN | pillars – designing for community, mo- they tend to be more sensitive to their bility and dignity. Each aspect of the de- environment. urbana Jurong Group’s SAA Ar- sign places residents’ well-being at heart, Communal gardens, greenery-lined chitects has clinched Silver in providing for their mobility, engagement corridors, planters and vertical green- the healthcare category for St and comfort, and enhancing the total ery are applied throughout the develop- Joseph’s Home at the World Ar- quality of care they would receive,” says ment to infuse pockets of green spaces chitecture News (WAN) Awards Michael Leong, director, SAA. on every floor. Residents can enjoy fresh S2019. This is the highest accolade re- The redevelopment involves retaining air, sunlight and greenery without hav- ceived by a Singapore firm at the inter- an existing chapel and annex block, with ing to go to the ground floor. The result national awards event that recognises the chapel as the centre of the nursing is a “home in a garden” that recreates architectural excellence. home. To provide a comfortable home a domestic ambience conducive for rest Operated by Catholic Welfare Servic- for residents, SAA maximised the natu- and healing. es, St Joseph’s Home provides nursing ral ventilation, daylight and sun shad- St Joseph’s Home is the first in Sin- and hospice services for the elderly. SAA ing by orientating every ward at an an- gapore to integrate a childcare centre designed the redevelopment of the 139- gle determined by the prevailing winds with a nursing home. Features such as bed facility into an integrated 412-bed and sunlight. an inter-generational playground with nursing home in 2017. The architects addressed the needs of a wheelchair-friendly see-saw facilitate St Joseph’s Home is the first in Singapore to integrate a childcare centre “In designing St Joseph’s Home, our each category of residents, paying spe- social interactions between the residents with a nursing home design approach focused on three key cial attention to those with dementia as and children. E

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$4,000,000 $4,228,888 $3,650,000 $2,500,000 Terrace House Parc Seabreeze The Arcadia Duchess Crest D5 SPRINGWOOD HEIGHT | Freehold D15 JOO CHIAT ROAD | Freehold D11 ARCADIA ROAD | 99 years D10 DUCHESS AVENUE | 99 YEARS Built-Up(sqft): 4,252 | Land(sqft): 1,851 Size(sqft): 2,562 | PSF: $1,651 Size(sqft): 3,700 | PSF: $986 Size(sqft): 1,711 | PSF: $1,461 PSF: $2,161 Bedroom: 3 Bedroom: 3 Bedroom: 4 A&A completed 2007. 3.5 storey Terrace House. D15 Duplex 3br Penthouse on #19. Unblock North The Arcadia is built on land of 39,964 sqm & the GFA Quality Finish Full size 4 Bdrms + Helper rm. Mid- 3 + Big study + guest + storeroom. Super sized facing views of Katong. Sell vacant or with 2yr new is 71,136.77 sqm It is 3700sqft beautiful reno timber level all round greenery postcard views. Bright North- bedrooms, kitchen & dining, living room. Lovely tenancy. Spacious living. Roof terrace pte pool to flr It has 3 large bedrms & a family rm. Master Bedrm East facing balcony. Master bedroom with acoustic patio and roof terrace with seaviews! Quiet cul-de- enjoy. Future Marine Parade MRT at doorstep. Ee ensuite walkin wardrobe 2 other bathrms Nice windy sound proofing and walk-in-wardrobe. Italian Marble sac. Car porch for 1 vehicle. Vacant now. Laine 96561860. balcony greenery skyline Huge kitchen with an island floor. Full condo facilities, huge grounds beautifully Maid’s rm ensuite in yard area. landscaped. 600m to Tan Kah Kee MRT.

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$1,558,000 $998,000 The Peak @ Cairnhill I Chestervale D9 CAIRNHILL CIRCLE | Freehold D23 BANGKIT ROAD | 99 years Size(sqft): 527 | PSF: $2,956 Size(sqft): 1,411 | PSF: $707 Bedroom: 1 Bedroom: 3

Your Downtown investment close to all amenities. 3 bedrooms & 3 bathrooms. Amenitities: Full Condo Well appointed 1 bedroom + study with lovely facilities & 6 Nature Parks. Convenience: 3 MRT balcony. Quiet corner unit with open view. At the Station & 5 shopping centers. Great Location: 20 bottom of Cairnhill Circle, walking distance to mins to Orchard Road & MBFC. Orchard Road . Easy to lease. Parking at the residence, fitness and a long lap pool facing Marina Bay Sands.

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