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Positive Sentiment Spills Over to Iskandar PROPERTY PERSONALISED MCI (P) 136/08/2017 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to ˎ nd properties, research market trends and read the latest news The week of February 26, 2018 | ISSUE 819-40 Industry Watch Spotlight Done Deals Gains and Losses Implications of the House saved from Richmond Park prices Unit at D’Chateau @ increase in buyer’s swindler-tour guide on return to pre-2013 levels Shelford suffers loss stamp duty the market from $35 mil of above $2,600 psf of $1.22 mil EP4 EP5 EP10 EP13 PACIFIC STAR DEVELOPMENT Positive sentiment spills over to Iskandar Singapore-listed Pacifi c Star Development to launch the remaining phases at its fl agship development, Puteri Cove Residences and Quayside in Puteri Harbour. See our Cover Story on Pages 8 and 9. EP2 • EDGEPROP | FEBRUARY 26, 2018 PROPERTY BRIEFS CUSHMAN & WAKEFIELD EDITORIAL Budget 2018: Proximity Housing Grant EDITOR | revised, could boost HDB resale demand Cecilia Chow With effect from Feb 19, the Proximity Housing Grant HEAD OF RESEARCH | (PHG) for Singapore citizens who buy an HDB resale Feily Sofi an flat to live with their parents or children has been re- DEPUTY EDITOR | Lin Zhiqin WRITERS | Angela Teo, Timothy Tay vised from $20,000 to $30,000, said Finance Minister DIGITAL WRITER | Fiona Ho Heng Swee Keat in his Budget 2018 speech. For families buying a resale flat to live near their COPY-EDITING DESK | Elaine Lim, Evelyn Tung, parents or children, the PHG remains unchanged at Chew Ru Ju, Shanthi Murugiah $20,000. PHOTO EDITOR | Singles aged 35 years and above who buy a resale Samuel Isaac Chua flat to live with their parents can now receive a PHG of PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | $15,000, up from $10,000 previously. Those who live Yen Tan near their parents can receive a new PHG of $10,000. DESIGN DESK | Conditions for the grant have also been revised. Tan Siew Ching, Christine Ong, Monica Lim, Previously, properties applicable for the grant were Tun Mohd Zafi an Mohd Za’abah those within a 2km radius of the kin’s property or in the same town. HDB has simplified this condition to ADVERTISING + MARKETING properties within a 4km radius of the kin’s property. includes a 10% bonus balcony GFA, the reserve price Following the completion of a proposed share sub- ADVERTISING SALES This revised definition of “proximity” will also for the freehold property translates into $1,169 psf scription by Koh Brothers in the SPV, it will be 25:75 DIRECTOR, COMMERCIAL OPERATIONS | apply to the Married Child Priority Scheme and per plot ratio (ppr). owned by Koh Brothers and the Tang Group unit. Cowie Tan Senior Priority Scheme for all new flats with effect According to JLL, this compares favourably to The JV agreement is conditional upon, among oth- ASSOCIATE ACCOUNT DIRECTOR | Diana Lim from HDB’s May 2018 Build To Order (BTO) and the $1,722 psf ppr land rate of the 99-year leasehold er factors, the Malaysian unit of Tang Group transfer- ACCOUNT MANAGER | Sale of Balance Flats (SBF) exercises, according to Handy Road Government Land Sales site, which was ring the plot meant for the mixed-use development in James Chua a joint statement released by the Ministry of Na- awarded in January to City Developments. Pulai district, Johor Bahru to the SPV. The SPV will CIRCULATION tional Development and HDB on Feb 19. The buyer of Fairhaven will be exempted from pay- purchase the leasehold interest of the land for about DIRECTOR | Victor The Lim Yong Hock, key executive officer of PropNex ing a development charge (DC) because of the high RM35 million ($11.8 million). EXECUTIVE | Realty, estimates that HDB resale volume for 2018 development baseline of the property, notes JLL. Un- Koh Brothers’ total investment in the SPV will amount Malliga Muthusamy, Ashikin Kader could increase to nearly 24,000, from the 22,077 units der the 2014 Master Plan, the site is zoned “Residen- to about RM7.5 million, including the RM250,000 sub- CORPORATE sold in 2017, following the PHG revision. tial”, with a gross plot ratio of 2.1. scription price for shares in the SPV. CHIEF EXECUTIVE OFFICER | RHB Bank analyst Shekhar Jaiswal concurs that The tender closes on March 22. STRAWBERRY STAR GROUP Bernard Tong demand for HDB resale flats could increase follow- PUBLISHER ing the PHG revision. He expects this to benefit Sin- Guillemard terraced houses up The Edge Property Pte Ltd gapore-listed property broker APAC Realty, which he for en bloc sale at $99 mil 150 Cecil Street #13-00 says has a 26% market share of the total HDB resale Fifteen 2-storey terraced houses (above) on Guille- Singapore 069543 Tel: (65) 6232 8688 transaction value. APAC Realty operates real estate mard Road and Jalan Molek have been put up for Fax: (65) 6232 8620 agency ERA Realty. sale by a single owner, announced marketing agent Cushman & Wakefield on Feb 21. PRINTER KHL Printing Co Pte Ltd Budget 2018: Tax transparency treatment The total land area of the houses can be combined 57 Loyang Drive for S-REITs extended to REIT ETFs to form a 9,999-year leasehold residential redevelop- Singapore 508968 Tax transparency treatment for Singapore-listed real ment site of 37,131 sq ft. The aggregate asking price Tel: (65) 6543 2222 estate investment trusts (S-REITs) will be extended to is $99 million. Fax: (65) 6545 3333 Singapore-listed REIT exchange-traded funds (ETFs). Under the 2014 Master Plan, the redevelopment PERMISSION AND Distributions received by REIT ETFs from S-REITs, site is zoned “Residential/Institution”, with a plot ra- REPRINTS which are made out of the S-REIT’s specified income, tio of 2.8. While its baseline GFA is 77,071 sq ft, the Material in The Edge Property will be exempt from the prevailing 17% corporate tax site can be redeveloped into a new project with al- may not be reproduced in any form without the written with effect from July 1. lowable GFA of 114,364 sq ft, including 10% bonus permission of the publisher This, however, does not apply to individual inves- balcony GFA. tors who receive any distribution through a partner- Based on the GFA of 114,364 sq ft, the land cost We welcome your comments ship in Singapore or the carrying on of a trade, busi- translates into $993 psf ppr. That includes an estimat- and criticism: propertyeditor.sg@ ness or profession. ed DC of $14.6 million, including the 10% bonus bal- bizedge.com Qualified non-resident non-individuals will also cony GFA in the redevelopment. Pseudonyms are allowed but receive a 10% concessionary tax rate on such REIT Provisional permission has been obtained for the Strawberry Star Group wins £260 mil please state your full name, ETF distributions. proposed erection of a part five- and part eight-sto- project near London’s Luton Airport address and contact number for RHB Bank analyst Shekhar Jaiswal says: “This rey residential development with attic, comprising a London-based property developer Strawberry Star us to verify. much-lobbied move is positive for REIT sector growth total of 137 units, a carpark on the first storey and Group announced on Feb 20 that it had secured a and ought to strengthen Singapore’s status as an basement level, a swimming pool on the second sto- mixed-use development project on a site of about emerging REIT hub.” rey and a landscaped roof on the sixth storey, says 28,000 sq m near Luton Airport in London. Jaiswal expects more REIT ETF-based products Cushman & Wakefield. Located in Bedfordshire county, the £260 million to hit the market in the near term as a result. “Ul- The tender closes on March 20. ($480 million) project (artist’s impression above) will timately, this will help widen the investor base for comprise 685 residences, a 200-room hotel, a medi- REITs,” he notes. Pomex Court at Joo Chiat cal and wellness centre, as well as retail and leisure According to the Inland Revenue Authority of Sin- launched for collective sale facilities upon completion. Residents can take the gapore, the tax concessions for REIT ETFs will be sub- Pomex Court at Joo Chiat was launched for collec- train from Luton Airport to Central London, which ject to a review on March 31, 2020. tive sale by tender on Feb 22, according to market- is about 50km south of the airport. ing agent Century21 Singapore. Prices for the apartments will start from £210,000. Fairhaven on Sophia Road up for collective The 26,741 sq ft freehold site on Lorong 101 Changi As the project has full planning consent, construction sale at $1,169 psf ppr reserve price has a reserve price of $37 million. That works out to will begin in Autumn 2018, with Phase 1 slated for Fairhaven on Sophia Road (below) was launched for $998 psf ppr, based on a GFA of 37,059 sq ft. The site completion in 2H2021, according to Strawberry Star. collective sale by tender on Feb 21 at a reserve price is zoned “Residential”, with a plot ratio of 1.4 under Strawberry Star Group also announced on Feb of $45 million, according to marketing agent JLL. the 2014 Master Plan. 20 the successful listing of its investment structure, The existing residential development, which sits on Completed in 1986, the existing development at Strawberry Star Real Estate PCC Ltd, on The Inter- a 16,660 sq ft freehold site in prime District 9, has prime District 15 has 19 units ranging from 872 to national Stock Exchange in Guernsey.
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