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 June 29, 2020 | ISSUE 939-161

Market Trends Spotlight Gains and Losses Under the Hammer Raising the hygiene, air Crown Group bucks Seller of Yong An Park Three-bedder at Ritz @ quality benchmarks at Covid-19 trend with unit earns record $6.8 mil Farrer going for $1.2 mil malls and hotels ep3 strong sales ep4 profitep 11 ep12

Hong Kong’s Weave Co-Living to invest $500 mil in Singapore via JV

Turn to our Cover Story on Pages 6 & 7.

Weave is interested in prime locations such as Newton (pictured), Novena, River Valley, East Coast and Tanjong Pagar, where there are amenities and public transport, and where young Singaporeans want to be SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE ISAAC SAMUEL

EP2 • EDGEPROP | JUNE 29, 2020 PROPERTY BRIEFS

CBRE NAN FUNG GROUP will be retiring from Knight Frank. Previously, Tan was at List Sotheby’s International ADVERTISING + Realty Singapore as director of research and consult- MARKETING ADVERTISING SALES ing for Southeast Asia for five months. Before that, vice-president, sales & she helmed the head of research and consulting role operations | Diana Lim at Knight Frank for six years. account director | Ivy Hong With over 17 years of experience in real estate and deputy account director | Janice Zhu construction sectors, Tan will be leading the consul- senior account manager | tancy team at Knight Frank in the areas of feasibility Pang Kai Xin studies, master planning, financial and business mod- account manager | Ryan Wang elling, market analysis and development strategy. She PUBLISHER will service both public- and private-sector clients in The Edge Property Pte Ltd residential, retail, capital markets, hospitality, prop- 150 Cecil Street #13-00 Singapore 069543 erty asset management, office and industrial sectors. Tel: (65) 6232 8688 Tan’s advisory roles in the past include Our Tamp- Fax: (65) 6232 8620 ines Hub, Sentosa-Brani Master Plan, one-north Retail Master Plan and Thomson-East Coast Line MRT stations. PRINTER KHL Printing Co Pte Ltd Leonard Tay has been appointed head of research 57 Loyang Drive since May this year. He has 15 years of experience in the Singapore 508968 real estate industry and previously held senior roles in Tel: (65) 6543 2222 Fax: (65) 6545 3333 research teams under CBRE and Colliers International. His expertise is in cross-sector market research, consul- PERMISSION AND tancy advisory and tenancy administration. REPRINTS Tay’s suite of clients in the public and private sec- Material in The Edge Property may not be reproduced in any tors include Central Provident Fund Board, Ascend- form without the written as-Singbridge, Standard Chartered Bank, CapitaLand permission of the publisher GB Building is a 26-storey office development situated at the and Overseas Union Enterprise. He was previously a Designed with sustainable features, Airside will comprise junction of Cecil Street and McCallum Street lecturer on real estate subjects at Ngee Ann Polytech- Grade-A offices and a multi-storey retail complex We welcome your comments nic and also conducted courses at Singapore Institute and criticism: propertyeditor.sg@ Strata office floors at GB Building for sale of Surveyors and Valuers. bizedge.com from $11.9 mil In his new role as head of research, Tay will focus that will sit on the site of the former Kai Tak airport Pseudonyms are allowed but Two strata office floors at levels 16 and 23 of at GB on market research. He will support Knight Frank’s in Hong Kong. please state your full name, Building on Cecil Street have been put on sale. Both wider business and strategic initiatives. The 47-storey building will be the tallest in Kai Tak address and contact number for floors have a regular and column-free layout and meas- and will offer “unparalleled views of Victoria Harbour, us to verify. ure 5,425 sq ft each. The sale will be via expression of the Kai Tak Area and CBD 2.0”, according to a press CAPITALAND CAPITALAND interest, which closes on July 28. CBRE is the exclu- release by Nan Fung Group. There will be 30 storeys sive marketing agent. of Grade-A offices with a total gross floor area of 1.2 Level 16 is currently leased to various tenants. Its million sq ft and floor plates of 32,000 to 53,000 sq ft. indicative price is $11.9 million, which is approximate- Airside will also have a multi-storey retail complex ly $2,200 psf on strata area. connected to an underground shopping street that con- Level 23 has an indicative price of $12.7 million, veniently links it to Kai Tak MTR Station. Nearby fa- which is about $2,350 psf based on strata area. As it is cilities are also accessible through elevated walkways to be sold with vacant possession, the buyer can pur- and bridges. chase for owner occupation. When the upcoming Shatin-Central and Tuen-Ma Clemence Lee, senior director of capital markets at Lines are completed, Airside will be 15 minutes away CBRE, says that the indicative prices are “noticeably from Central and 40 minutes from Hong Kong Inter- competitive” compared to recent transactions. For ex- national Airport and the Shenzhen border. ample, three strata office floors at the CBD were sold The project is designed by international architec- earlier this year. Level 11 at Samsung Hub transacted at Tan Yew Chin will assume Ronald Tay will assume the role tural firm, Snohetta, whose notable works include the of CEO, CapitaLand Vietnam $49.8 million ($3,800 psf based on strata area); a 10th the role of CEO, CapitaLand Oslo Opera House and the September 11 Memorial Mu- Singapore floor unit at Suntec Tower 1 was sold for $37.1 million seum Pavillion in New York. Airside will have land- ($2,580 psf); while another on the 33rd floor of Suntec CapitaLand announces new CEOs for scaping and sustainable features such as an automat- Tower 2 fetched $38 million ($3,209 psf). Singapore, Vietnam markets ic bicycle parking bay, a sky garden, automated smart CBRE expects strong interest from investors such CapitaLand has announced two key executive appoint- waste sorting and centralised district-cooling. Airside as boutique real estate funds, family offices and high- ments in its core markets of Singapore and Vietnam that has secured five green-building pre-certifications, in- net-worth individuals. will come into effect from July 1. Tan Yew Chin will cluding US LEED, Hong Kong BEAM Plus New Build- GB Building is a 26-storey office development situat- assume the role of CEO, CapitaLand Singapore. Ron- ing and the platinum pre-certification of the WELL ed at the junction of Cecil Street and McCallum Street. ald Tay will be appointed CEO, CapitaLand Vietnam. Building Standard. It is within a three-minute walk to Tanjong Pagar MRT In his new role as CEO, CapitaLand Singapore, Tan When Nan Fung purchased the site in 2017, it set Station on the East-West Line via a sheltered walkway. will be responsible for the Singapore portfolio, which a record price for land sales of HK$24.6 billion (S$4.4 Lee says that GB Building will benefit from the CBD comprises more than 14,500 residential units, 20 re- billion). The total investment in the project is around Incentive Scheme announced last year. “As older build- tail malls, 17 commercial and integrated developments, HK$32 billion ($5.7 billion). ings in the area make way for newer mixed-use devel- and over 100 business parks, industrial and logistics opments in the journey of rejuvenation, strata proper- properties. He will also be appointed as a member of Mapletree Industrial Trust acquires remaining ty owners of GB Building can expect to enjoy potential the CapitaLand executive committee. 60% interest in 14 data capital appreciation in the midto long term,” he adds. Tan brings with him over 30 years of experience centres in US in real estate management. He joined CapitaLand as Mapletree Industrial Trust (MIT) is acquiring the re- CEO of Business Park & Commercial in July 2019. Pre- maining 60% interest in the 14 data centres currently KNIGHT FRANK KNIGHT FRANK viously, he was CEO of Singapore & Southeast Asia held by Mapletree Redwood Data Centre Trust (MRDCT) at Ascendas-Singbridge (ASB) and was one of several in the US. The purchase consideration is US$210.9 mil- former ASB leaders who joined CapitaLand Group to lion, or approximately $299.5 million. helm key management roles after the group acquired MIT currently holds a 40% interest in MRDCT. The ASB in June last year. remaining 60%, valued at US$494 million or $701.5 As CEO, Capitaland Vietnam, Tay will focus on million, is held by Mapletree DC Ventures, a whol- growing the overall business in Vietnam, where the ly-owned subsidiary of Mapletree Investments. Af- group manages two integrated developments, close ter acquisition, MIT will hold 100% interest in the 14 to 8,600 quality residential units across 15 devel- data centres, which have an agreed property value of opments, two retail malls and one business park. $823.3 million in total. CapitaLand has been operating in Vietnam for more CEO of Mapletree Industrial Trust Management, than 25 years. Tham Kuo Wei, says that the acquisition “will improve Alice Tan will rejoin Knight Leonard Tay has been Tay is currently CEO of residential & retail in Sin- MIT’s income stability with the increased freehold land appointed head of research Frank as head of consultancy gapore, Malaysia and Indonesia. He will continue to component and long leases with annual rental escala- in August at Knight Frank oversee ongoing development projects in Malaysia and tions”. The acquisition will also increase the trust man- Alice Tan, Leonard Tay join Knight Frank Indonesia in his new role as well. Having been with agement’s exposure to the resilient data centre segment management team CapitaLand since 2001, Tay will be taking over Chen and deepen its presence in the US. Knight Frank has appointed Alice Tan as head of con- Liang Pang, who will be retiring. The data centre market — insourced and outsourced sultancy with effect from August and Leonard Tay as — is projected to grow at a compound annual growth head of research with effect from May. Nan Fung Group launches Airside on old Kai rate of 2.2% from 2018 to 2024. The US will account Currently at Edmund Tie, Tan will join Knight Frank Tak airport site in Hong Kong for about 28% of the global market by net opera- in August. She will be taking over the role of head of Nan Fung Group has announced its plan for Airside, a tional square feet, according to MIT. — Compiled by consultancy from real estate veteran Tay Kah Poh, who 1.9 million sq ft mixed-use commercial development Valerie Kor E EDGEPROP | JUNE 29, 2020 • EP3 MARKET TRENDS Frequent cleaning and high indoor air quality the benchmark at malls, hotels

FRASERS PROPERTY BY VALERIE KOR prevent congregation. Limits to lift occu- [email protected] pancy and queue numbers have also been imposed across its serviced residences, of- s crowds head back out in Phase fice spaces and malls. Two of the lifting of “circuit Meanwhile, in preparation for travel to breaker” measures which began resume, the hospitality sector has stepped on June 19, retail mall landlords up its precautionary measures. At hotels and property management com- under the Pan Pacific Hotels Group, clean- Apanies have adapted to a “new normal” by ing frequency has increased by five-fold. stepping up on cleaning and disinfecting. The group has partnered hygiene compa- Measures include disinfecting common ny Diversey to set up strict cleaning pro- surfaces and toilets, installing safe-distanc- tocols, which include using electrostatic ing markers, providing masks and hand san- sprayers to apply healthcare-grade disin- itisers, and setting up contact-tracing sys- fectant solutions. Guestrooms are inspect- tems and temperature checks at entrances. ed under UV light by Ultronic Systems to ensure complete disinfection and sanitisa- Ensuring safe shared spaces tion, while linens are laundered at 70°C. In shared spaces like shopping centres, vi- Desmond Sim, head of research at CBRE, ruses may linger on high-contact areas or says, “In time to come, sanitisation hard- spread through droplets in the air among ware will become the norm. Even though people in close proximity. Hence, proper- it incurs some cost, it will be part of every ty managers are stepping up on cleaning landlord and facility management’s corpo- Frasers Property has deployed UV disinfectant robots that are equipped with a camera, built-in sensors, software and and disinfecting high-contact areas and rate social responsibility.” UV light module that emits rays to eradicate viruses limiting capacity. However, Sim says that apart from hard- For instance, at its 18 retail malls island- ware, “software” is also important. Even er lines with disinfecting agents. ities and buildings based on 10 criteria, namely: air, water, wide, CapitaLand is coating areas such as with the amenities installed, it still depends Lendlease shares that air purging across nourishment, light, movement, thermal comfort, sound, lift buttons, door entrance buttons, touch on whether people observe the rules and retail malls and offices under their man- materials, mind and community. screens, toilets, and family rooms with make use of them. Property management, agement is done weekly. Air handling Having a certification like the BCA Green Mark Platinum an anti-microbial disinfectant that guards tenants, shoppers and occupiers have to units and fan coil units are also sterilised. or WELL points to the availability of amenities that ensure against bacteria and viruses for up to six work together to ensure a safe environ- wellness and cleanliness, and that will give confidence to months. Floor mats that can disinfect the ment during the pandemic. Raising the benchmark visitors and internal stakeholders post-Covid-19, adds Sim. E soles of visitors’ shoes have also been intro- CBRE’s Sim says that even prior to Cov- duced at entrances to CapitaLand’s malls. Focus on indoor air quality id-19, developers in Singapore have aspired CapitaLand is also testing a contactless As Covid-19 predominantly spreads through to acquire the Green Mark Platinum label lift activation system as well as an auto- respiratory droplets, an important way to awarded by the Building Construction Au- mated UV disinfection system for escala- prevent an outbreak is to ensure that the thority (BCA). The award is based on ener- tor handrails at Atrium@Orchard. Already, indoor air is frequently disinfected. gy efficiency, water efficiency, sustainable such contactless technologies are in use Developer CapitaLand has equipped operation & management, indoor environ- at CapitaLand’s nine business parks in In- lifts at its retail malls with PhotoPlasma mental quality and other green features. dia, where pedal systems can be used to air disinfection system since the circuit In light of Covid-19, indoor environmen- operate lifts, entrances and faucets, min- breaker officially ended on June 2. It elim- tal quality will become even more impor- imising contact. inates airborne and surface micro-organ- tant, he says. At Lendlease’s four retail malls, name- isms such as viruses and bacteria. Addi- The category of indoor environmen- ly JEM, 313@Somerset, Parkway Parade tionally, UV disinfection robots have been tal quality focuses on air quality, thermal and Paya Lebar Quarter, a spokesperson progressively deployed across its malls to comfort, minimising indoor air pollutants, shares that high-contact areas such as lift disinfect floors with high shopper traffic, noise level and lighting quality. “When a buttons and balustrades are cleaned more starting from Tampines Mall and Bukit building has bad air circulation, it tends frequently. Facilities such as parents’ rooms Panjang Plaza. to suffer from ‘Sick Building Syndrome’. and concierge counters go through deep Such robots have also been deployed People start contracting illnesses and dis- cleaning daily after operating hours. Hand by Frasers Property at retail malls includ- eases when they enter the building as vi- sanitisers are also provided at various sta- ing Changi City Point, Northpoint City and ruses and bacteria spread through the air tions, including lift lobbies and concierge Waterway Point. Each robot is equipped vents. It is a more serious concern now counters. with a camera, built-in sensors, software with Covid-19,” adds Sim. Frasers Property, which owns and man- and ultraviolet-C light module that uses Sim also says that the international ages retail malls, hotels and serviced res- UV-C rays to eradicate viruses. WELL certification, which has become the idences, offices and business parks, and Frasers Property sanitises air-condition- “statutory standard for sustainable build- industrial and logistics facilities, has re- ing and ventilation systems, as well as car ings” globally, will become increasingly arranged furniture at common areas to park exhaust ducts, grease pipes and sew- relevant. The certification is given to facil-

CAPITALAND

Since the end of the circuit breaker, all lift cars in CapitaLand malls, such as Tampines Mall Lifts across CapitaLand’s nine business parks pictured above, have been installed with PhotoPlasma air disinfection system that eliminates in India can be operated with a pedal system airborne and surface micro-organisms such as virus and bacteria to minimise contact EP4 • EDGEPROP | JUNE 29, 2020 SPOTLIGHT

Crown Group’s upcoming project in Los Angeles, US, will have a curved tower top — a unique feature among the flat-topped buildings dominating the city’s skline

PICTURES: CROWN GROUP Crown Group bucks the trend with ‘highest sales in 18 months’ despite Covid-19

BY CHARLENE CHIN based in Sydney, tells EdgeProp Singapore over the amenities that drew investors to acquire lar, which fell to a 17-year low of US$0.55 to [email protected] a phone interview. The buyers in the February– homes in the development. a dollar. “A lot of buyers capitalised on that,” April period were predominantly from main- says Sunito, “especially our investors who are he coronavirus pandemic has played land China; they snapped up properties across Beyond just amenities holding US dollars from the US or around the mischief with most firms, slowing down four of Crown Group’s developments in Sydney. Over the months of February to April, demand world; this is almost like a bargain.” He reveals business for some and shuttering oth- Most of them settled on Waterfall by Crown for apartments at Waterfall by Crown Group that some of them were “significant buyers mak- ers. But Crown Group appears to have Group. The development, in the heart of Syd- stemmed largely from Chinese parents purchas- ing A$3 million to A$4 million purchases for been spared: the Australian property ney’s Waterloo district, comprises one, two- ing homes for their children who were study- their stay while they were in Sydney. And their Tdeveloper reaped its strongest sales from Feb- and three-bedroom apartments, as well as du- ing in Australia. “Many of them did not return transactions are in cash; they’re not borrowing”. ruary to April, raking in A$63 million ($60.7 plex penthouses that boast roof terraces. The to their country in February and March, and Notable transactions over the three-month million) over the period. highlight of its architecture is a seven-storey because of that they have had time to look at window included three penthouses that were The group’s strong performance took even waterfall that cascades down one of its four properties,” remarks Sunito. “We have been sold at Arc by Crown Group, Mastery by Crown its CEO, Iwan Sunito, by surprise. “In fact, Feb- buildings. Other attributes inspired by nature fortunate in a way that we had some units that Group, as well as Waterfall by Crown Group. ruary and March have seen the highest sales we include a bamboo-covered walkway and la- were ready for them to move into.” Arc rises over Sydney’s CBD in two 25-storey have had in the last 1½ years,” Sunito, who is goon-like water features. But it was not just Another pull was the weak Australian dol- steel towers, with cathedral-like curved arch-

The base of the Los Angeles building emulates a canopy that Sunito describes as looking like ‘Marilyn Monroe’s skirt’ The rooftop garden at Arc by Crown Group EDGEPROP | JUNE 29, 2020 • EP5 SPOTLIGHT

MARTIN MISCHKULNIG CROWN GROUP MARTIN SIEGNER

Infinity by Crown Group comprises two levels of retail and 18 Arc by Crown Group rises over Sydney’s CBD in two 25-storey steel Residents at Arc by Crown Group can swim in an ice-cave-themed storeys of apartments above, decked out in a curved facade of towers, with cathedral-like curved arches indoor pool subtly-patterned glass and aluminium es. The development comprises a condomin- students probably take up about 20% of our roe’s skirt, and the building will go up...like spaces,” says Sunito. He adds: “Being able ium and hotel tower. Residents can swim in market, and the rest of them are the younger California’s iconic redwood trees, all the way to be away from home but still be within the an ice-cave-themed indoor pool, and frolic in generations, global investors and profession- through the top. And on the top we will then complex, and having all the conference facili- a verdant rooftop garden with sweeping views. als,” says Sunito. “We’ve got to be mindful introduce a sky forest,” he shares. ties, for instance.” Meanwhile Mastery, also in Sydney’s Wa- that the project does not become too much of The top of the tower will also be sculptured Due to the push to remote working now, terloo district, is a mere six-minute walk from a student dormitory.” to suggest the crown of a tree. Curved tower Crown Group is resolute to take the trend fur- Waterfall. Mastery comprises five buildings of Australia is currently home to some 200,000 tops are unique to Los Angeles’ skyline because ther with its upcoming complex in Los An- one, two and three-bedroom apartments, pent- Chinese on student visas. Tapping the demand for years — up till 2014 — there was a rule that geles. “A lot of people are actually struggling houses, as well as a street-level retail precinct from Chinese parents snapping up homes for every tall building must house an emergency psychologically to work from home, because with a mix of eateries and shops. Four of its their kids, Waterfall by Crown Group is with- helipad landing, resulting in flat-topped sky- of distraction — and you’re not in your own low-rise buildings are slated for completion in an eight-minute drive to three universities scrapers dominating the city’s skyline. space,” says Sunito. As a result, future residents this year, while its high-rise building is set to —University of New South Wales, University of the development can expect a conducive en- be completed in 2021. of Sydney, and University of Technology Syd- Shifting trends vironment for work: they will be able to enjoy To prepare for the design of the project, Su- ney —while Taylor’s University College is a Covid-19 has undoubtedly upended the way high-speed internet access and conference fa- nito toured Japan to soak up Japanese archi- three-minute walk away. companies are run. “One of the biggest fun- cilities with features such as proper lighting, tecture and lifestyle. The result is a “stacked The real estate developer has applied the damental changes is the move away from the video cameras and sound system. forest” concept, where one of the building’s same game plan to its first project in the US, need to have a physical inspection of a prop- This trend of seeking shared spaces has also facade will be covered with green plants. For in downtown Los Angeles. Projected to cost erty,” says Sunito. To operate within the con- been observed across Crown Group’s hospitali- this, Crown Group worked with three archi- US$500 million ($695.8 million), the 43-sto- straints of the pandemic, the team at Crown ty brand, called Skye Suites. “Guests are calling tects: Japanese architect Kengo Kuma; Japa- rey mixed-use building encompasses a high- Group ramped up its production of high-reso- to ask [whether] they can book two or three nese-born, Sydney-based architect Koichi Taka- rise condo with 319 apartments on its higher lution 360-degree video tours, enabling clients co-joining apartments so that they can enjoy da; and Sydney’s Silvester Fuller. floors and a 160-room hotel occupying the low- to view properties remotely. “These capacities a holiday with their kids and the grandpar- er floors. Once completed in 2025, the apart- have actually unlocked a lot of things — be- ents in one place, or so they can have friends Location, location, location ments could cater to foreign students attend- cause we have a lot of overseas customers be- who live in regional areas finally [being] able Crown Group’s strategy for meeting demand ing the University of Southern California, an fore who couldn’t come to Sydney. But now to join them in the city for restaurant or gal- could perhaps be described as cliché, but Su- eight-minute drive away. they say, ‘Look, anytime, let’s have a look at it.’” lery outings,” said Crown Group chief operat- nito admits that it’s all about “location, loca- “We want this to be the pinnacle of our de- Sunito believes that there has also been a ing officer, Pierre Abrahamse, in a press state- tion, location”. He says: “The easy thing for velopment, the best of the best of our projects,” shift in the concept of luxury in real estate. ment in June. us is to [build within] proximity of the biggest says Sunito of its Los Angeles project. One way “Whereas the old luxury was something like The developer has now opened three Skye universities.” But there is a fine line: “We don’t Crown Group will achieve that is through stun- the cigar room, or the billiard room, the new Suites projects: two in Sydney, and one in the necessarily build it too close to universities, ning design. The base of the building emulates luxury for the generation today is about [hav- suburb of Parramatta, west of Sydney’s CBD. because our customers are not just students — a canopy that looks “almost like Marilyn Mon- ing the facilities for] co-working and shared In response to Covid-19, Crown Group has also fast-tracked the opening of its third hotel CROWN GROUP CROWN GROUP in Sydney’s Green Square to April this year. The hotel is set within the larger development of Infinity by Crown Group, which compris- es two levels of retail space and 18 storeys of apartments above. To cushion the fallout from international travellers due to the pandemic, Skye Suites has rolled out offerings for long-stays and stayca- tion packages for domestic guests. Sunito admits that Covid-19 has forced every- one — including himself — to be more tech-sav- vy. Sunito, who speaks regularly at large con- ferences, can now address an audience from his couch at home, without the hassle of travelling and ironing out the logistics of holding a huge seminar. He has also used the time cooped up at home to set up his own YouTube channel, where he documents his learning journey and life experiences. In one of the short videos, Sunito captures Crown Group’s aim succinctly: “We want to be the Bvlgari or Louis Vuitton of the architecture world.” Given its past and upcoming projects, the developer is undeterred in its journey to Sunito: We want to be the Bvlgari or Louis Vuitton create iconic buildings that will dress skylines of the architecture world The lobby at Waterfall by Crown Group worldwide. E EP6 • EDGEPROP | JUNE 29, 2020 COVER STORY

The shared kitchen and dining area at Weave on Boundary in Kowloon, Hong Kong

PICTURES: WEAVE CO-LIVING Hong Kong’s Weave Co-Living to invest $500 mil in Singapore via JV

BY CECILIA CHOW ‘OWNER-OPERATOR’ MODEL Doshi has adopted his asset-heavy strat- [email protected] Weave’s owner-operator business model offers egy in Hong Kong since Weave’s inception several key benefits, says Jeremy Choy, CEO of in 2017. Based in Hong Kong, he was the ong Kong-based Weave Co-Living, 32RE, Weave’s joint-venture partner in Singa- former head of Asia Pacific real estate for a lifestyle-focused rental accommo- pore. “Under this model, they are fully in con- APG Asset Management, the asset manager dation provider, is making its debut trol of all aspects of the repositioning and op- of the Dutch pension fund giant. in Singapore with a planned invest- eration of the property,” he says. “By operating After leaving APG, Doshi originally found- ment of $500 million. It has found dedicated co-living properties, we believe that ed Emerald Lake, a real estate private equi- Ha partner in Singapore-based fund manage- Weave can offer its residents a more bespoke ty firm, in a joint venture with a Hong Kong ment firm 32RE. community and living environment, which family in 2017. With an initial funding of Weave will hold an 80% stake in the joint should benefit our joint venture.” US$60 million, they acquired a hotel in Sham venture, while funds managed by 32RE will The business model offers upside poten- Shui Po in Kowloon next to Prince Edward hold the balance 20%. Together, both partners tial in terms of stable cash flow from prop- MRT Station. The property was refurbished are committing a total equity of $150 million. erty operations, and downside protection and repositioned as the 160-unit Weave on “I believe Weave will provide a breath through ownership of the underlying as- Boundary. Within just three months of open- of fresh air to the rental market and co-liv- sets, Choy notes. “This, we feel, is impor- ing in August 2018, it achieved an occupan- ing scene in Singapore,” says Sachin Doshi, tant because while the growth of co-living cy rate of 95%. founder and chairman of Weave. in Singapore in recent years has been en- That attracted the attention of New York- While most co-living operators in Singa- couraging, we believe that there are certain based private equity firm Warburg Pincus, pore have an asset-light strategy, Weave be- gaps in existing ‘asset-light’ operating mod- which invested US$181 million in the one- lieves in owning assets. “Our business mod- els,” he says. “These may include the dif- year-old company in November 2018. It also el is very different and the barrier to entry is ficulty in managing increases in real estate has an option to invest a further US$232.5 high. We are a lifestyle company, but we be- cost from rental increases and the continued million as Weave expands its footprint to lieve in owning real estate,” says the 40-year- availability of the property when the exist- other major gateway cities across Asia Pacif- Doshi: I believe Weave will provide a breath of old Doshi. ing lease expires.” ic. After Singapore, Doshi has set his sights fresh air to the rental market and co-living scene in Singapore

The shared living area at Weave on Boundary in Kowloon One of the 95 units at Weave on Baker, where bedroom and bathroom suites are private EDGEPROP | JUNE 29, 2020 • EP7 COVER STORY

PICTURES: WEAVE CO-LIVING on Australia, South Korea, India and other Doshi. The firm has appointed Kemmy Sim key markets in the region. as vice president of operations to lead the team in Singapore. Sim was formerly head HONG KONG PORTFOLIO of operations at Login Apartments, a co-liv- In Hong Kong, the roll-out of the maiden ing operator in Singapore which had its or- Weave on Boundary was followed by the igins in Shanghai and was formerly known second property, the 95-unit Weave on Baker as Mamahome. in the Hung Hom area, which opened in No- 32RE will be the acquisitions and pro- vember 2019. The property is located within ject manager for the joint venture in Sin- a seven-minute walk of the Hung Hom MTR gapore, says Choy. “We will draw on our Station and is near Kai Tak (the former air- experience and network in Singapore to ac- port), a major gentrification area served by quire and deliver the properties to Weave’s the upcoming Kai Tak MTR Station on the design and brand specifications for them to Sha Tin to Central Link. operate,” he adds. The third property in Hong Kong, Weave The joint venture’s strategy will be similar on Anchor, is slated to open in August. The to the one adopted by Weave in Hong Kong. 200-unit property is the largest in the port- “Covid-19 has brought about many challeng- folio to date, in terms of number of units, es for the tourism sector in Singapore,” adds says Doshi. The property is located in Tai Choy. “We see opportunities for us to value- Kok Tsui and within a five-minute walk of add by potentially acquiring hospitality as- the Olympic MTR Station. It is a refurbish- Weave on Baker, where the living, dining and kitchen areas are shared sets for conversion to co-living.” ment of a former hotel on Anchor Street in Besides hospitality assets, Weave will also West Kowloon. there are always disputes over what costs stability relative to hotels. Return on invest- consider residential en bloc opportunities. In the pipeline is a fourth property, ought to be borne by the landlord or tenant.” ment (ROI) for stabilised Weave co-living as- “We are very open-minded,” says Doshi. the 120-unit Weave Suites on Queens in Another major reason for wanting to take sets is in the range of 4% to 4.5%, reckons “With our joint venture in place, we can ex- Sheung Wan, a hipster neighbourhood on on a significant stake in joint ventures is to Doshi, which is higher than the 2% to 3% plore opportunities together.” Hong Kong Island. have greater control over the design, man- ROI for the typical residential rental and ho- In Hong Kong, Weave has focused on ac- agement and use of space in order to create tel assets in Hong Kong today. ‘CASHED-UP AND WAITING TO BUY’ quiring hotels, serviced apartments and res- a product that the market wants, explains According to Doshi, about 90% of the res- A number of hotels were put on the market idential properties en bloc at or below land Doshi. “We have to design the space from idents in Hong Kong’s Weave properties are before the Covid-19 outbreak, for instance, cost. It then adds value by refurbishing and ground up: the amount of shared and pri- professionals and only 10% are international the 138-room Porcelain Hotel on Mosque repositioning these assets to enhance both re- vate space needed, the kind of services we students. The split between expatriate resi- Street in Chinatown that was put up for sale turn on investment (ROI) and capital values, want to provide and customised furniture to dents and locals is 60% to 40%. by expression of interest jointly by CBRE and according to the firm. Today, the company suit the space,” he adds. Edmund Tie in February. The price tag on owns and manages a portfolio of six properties In Hong Kong, for instance, people still ‘VALUE FOR MONEY’ CO-LIVING the hotel is $115 million or $830,000 per key. with over 600 rental units in Hong Kong, val- want their bedroom and bathroom spaces OPTION Last year, average occupancy rate for ho- ued at about US$300 million ($416.6 million). to be private, even though they are open to “In Singapore, existing co-living products tels in Singapore was 87.1%, according to Based on its existing portfolio in Hong sharing the living and dining areas, kitch- cater to a more transient population,” ob- Singapore Tourism Board data. In January this Kong, Weave has a proven track record in en or recreational facilities. Most of the ac- serves Doshi. “Our offering is more of a year, it was 83.3%. By April, it fell to 41.1% terms of increased length of stays — from commodation units at Weave’s properties home. Weave residents in Hong Kong sign due to travel restrictions and the measures 2.5 days as a hotel or three months as a ser- are therefore designed for single occupiers. up for 10 to 12 months and end up staying during the “circuit breaker” period. viced apartment in the past, to an average There are also dedicated women-only floors. longer. It has high brand stickiness.” “Pre-Covid-19, hotel occupancy rates typi- of 10 to 12 months under Weave’s rental ac- In the upcoming Weave on Anchor, besides Doshi intends to continue his model of cally averaged about 80%,” says Galven Tan, commodation model. Net operating income single occupiers, there will be units that ca- offering “value for money” rental accom- deputy managing director, investment sales margins improved 15% to 20% subsequent ter to double occupiers and are suitable for modation in Singapore. “By providing val- and capital markets at Savills Singapore. to the makeover. Occupancy rates averaged couples, says Doshi. ue-added services for the rent, there’s greater “Co-living and residential rental properties more than 92% last year, says Doshi. At the peak of the social unrest in Hong certainty in terms of monthly rent that res- are likely to see higher occupancy rates and Weave has also been able to optimise ex- Kong in 2H2019, Weave still enjoyed an oc- idents pay,” he says. Target monthly rental more stable rents, with lower operating costs penditure through the introduction of digi- cupancy rate of more than 94% across its rates for the co-living units are likely to be compared to hotels.” talisation tools such as wireless door key ac- properties. “In times of uncertainty, people on a par with those in Hong Kong, and pre- Co-living residential assets are still un- cess and residents’ app for rental payment, want to have a sense of security,” he adds. dominantly in the $1,600 to $2,500 range. tested in Singapore, as there has not been booking of events and additional services. “All our properties have 24-hour security and Weave’s entry into Singapore has been any sold en bloc to date, observes Tan. How- Repairs, security, cleaning and other services CCTV, so there’s an element of safety. Res- “fortuitous”, reckons Doshi. “We held the ever, such properties are likely to see high- have been centralised to serve multiple prop- idents found comfort in staying indoors as view at the start of the year that there would er yields in excess of 4%, compared to free- erties. As such, Weave has been able to keep they were still able to talk and interact with be a lot more opportunities in Singapore,” hold hotel assets that previously traded at a lean team of just 36 to date. other residents in the community.” Weave he explains. “The property market has been 3% net rental yields, and residential assets on Baker, which opened last November, was reasonably robust, but we were beginning at 2%, he estimates. MAJORITY STAKE therefore able to break even operationally to see signs of a correction. The next six to Buying residential property en bloc will Doshi knows only too well the perils of being within a few months. nine months will present a very interesting be tougher, given the property cooling meas- subjected to the vagaries of a private land- Weave’s cash flow profile is more simi- window of opportunity for us.” ures introduced in July 2018, whereby cor- lord. “The owner could sell the property or lar to that of residential rental property ow- In Singapore, Weave’s initial target is to porate entities buying residential property unilaterally increase the rent,” he says. “And ing to the longer lease tenures and income have 600 to 800 accommodation units, says have to pay a 25% additional buyer’s stamp duty. Borrowing limit has also been capped at a 15% loan-to-value ratio. There were some exceptions. Last year, Singapore-listed Fragrance Group purchased two neighbouring apartment blocks, namely, Waterloo Apartments and Min Yuan Apart- ments, in collective sales. The group ob- tained URA’s approval to amalgamate and redevelop the two sites into a hotel property. Not surprisingly, Savills’ Tan is optimis- tic that investment sales activity is likely to pick up in the coming months. “At the mo- ment, underwriting income for the next 12 months is a challenge — because of the Cov- id-19 outbreak and phased reopening of the economy after the circuit breaker,” he adds. “But most private equity funds are cashed- up and waiting to buy.” Weave and 32RE are examples of such “cashed-up” private equity funds on the prowl for assets. “Our strategy is straightforward,” says Doshi. “We like to be in locations where young Singaporeans and expatriates want to be, and to create a community for them.” As such, he is interested in prime locations such as the Newton and Novena area, River Val- ley, East Coast and Tanjong Pagar. “We are The 160-unit Weave on Boundary was Weave’s maiden co-living property, which is a Weave on Baker in Hung Hom was opened in November 2019 and has looking at core locations that are close to refurbishment of a former hotel and was opened in August 2018 achieved breakeven operationally public transport and amenities,” he says. E EP8 • EDGEPROP | JUNE 29, 2020 MARKET WATCH With project galleries reopened, sales could rebound in coming months

PROPNEX, DEVELOPERS BY CECILIA CHOW [email protected]

ife has returned over the weekend follow- ing the reopening of sales galleries of res- idential projects on Friday, June 19. Sales achieved at project galleries across the board added up to 38 units on Friday, 45 Lunits on Saturday and 61 on Sunday, bringing the total to 144. “There were already signs that demand has returned,” says Ismail Gafoor, CEO of PropNex. “Sales for the first week of June [1st to 7th] were at 163; and 183 in the second week of June [8th to 14th] before sales galleries reopened. Sales last week, including the past weekend [June 15th to 21st], totalled 242 units,” he adds. Some of the appointments for viewing over the weekend, however, were made by those who had purchased their units based on vir- tual viewing during the “circuit breaker”. Now that the sales galleries had reopened, they want- ed to view the actual show units, says Gafoor. Turnout at sales galleries over the weekend: (clockwise, from top left) The Florence Residences, Kopar at Newton, Daintree Residence, Parc Clematis and Stirling Residences

COMPILED BY EDGEPROP SINGAPORE ‘Healthy turnout’ executive director of Logan Property Singapore. Projects such as Parc Clematis, Treasure at “All our appointment slots for viewings were For the convenience of visitors, the developer Tampines and The Florence Residences had al- Update on selected sales taken up,” says Doris Ong, COO of ERA Realty. even procured a “100% contactless” kiosk sys- ready chalked up strong sales during the circuit from June 19 to 21 “We are not surprised by the turnout because tem that provides temperature scanning, regis- breaker, observes PropNex’s Gafoor. “Demand during the circuit breaker, our agents have been tration for Safe Entry, and hand sanitisers at the came mainly from HDB upgraders because of Project No. of units sold* engaging and reaching out to their clients via point of arrival to the sales gallery of The Flor- the absolute pricing of the units and their lo- Affinity at Serangoon 6 virtual tours. We know there’s a pool of buyers ence Residences. cation in the OCR [Outside Central Region].” Avenue South Residence 3 waiting to view the sales galleries before they Daintree Residence 14 decide on their purchase. And some of them ‘Value for money’ Gaining ground have bought over the weekend.” Total sales at Stirling Residences have crossed Another project that achieved strong sales during The Florence Residences 20 In the Outram Park area at the city fringe is 1,000 units, with more than 80% of the pro- the circuit breaker was Qingjian Realty’s 1,206-unit JadeScape 11 the 774-unit One Pearl Bank (a redevelopment ject taken up since the project was launched in JadeScape. It sold 58 units from April 7 to June Kent Ridge Hill Residences 11 of the former Pearl Bank Apartments) by Capita- July 2018. Meanwhile, the 1,410-unit The Flor- 1, making it the best-selling private residential Kopar at Newton 5 Land. Over the first weekend of reopening, there ence Residences is about 51% sold since its development in the Rest of Central Region (RCR) Parc Clematis 7 were more than 30 appointments and over 100 launch last year. during the circuit breaker, says Yen Chong, dep- Riverfront Residences 3 visitors. “It was a pretty healthy turnout with “Buyers like the location of the project, the uty general manager of Qingjian Realty (South some encouraging deals sealed too,” says a Capita- facilities and the living environment we are pro- Pacific) Group. Since its sales gallery reopened Stirling Residences 10 Land spokesperson. viding at The Florence Residences,” reckons on June 19, it has secured close to 130 viewing Treasure at Tampines 14

Meanwhile, at Avenue South Residence, locat- Chng. “More importantly, they perceive the pro- appointments and moved 11 units, she adds. *Updated as at 9pm, Sunday, June 21 ed at Silat Avenue just off Kampong Bahru Road, ject as offering value for money, and the pros- Other RCR projects like the 327-unit Daintree there were 67 viewings (by appointment only) pect of capital gain as well as rental income.” Residence by SP Setia have benefitted from the and three units sold over the weekend. During Oxley Holdings continued to see steady sales reopening too. A total of 14 units at the project Skyline @ Orchard Boulevard on Angullia Park. the circuit breaker, from April 7 to June 18 (be- at three of its most significant projects, namely, were sold over the weekend. “These buyers are “Understandably, some of our potential home fore the sales gallery reopened), 27 units were the 1,052-unit Affinity at Serangoon, the 548-unit attracted to Daintree Residence’s proximity to buyers are still cautious,” says Cheryl Huan, snapped up by those who bought based on vir- Kent Ridge Hill Residences and 1,472-unit River- Beauty World MRT Station and the many choice COO of sales and leasing group at Far East Or- tual viewings. Since the project was launched in front Residences, throughout the circuit breaker. schools in the Bukit Timah area,” says Neo Keng ganization. “As such, we have been schedul- August last year, a total of 493 units have been From June 19 to 21, about 20 units were sold Hoe, general manager of SP Setia International. ing our viewings gradually while we continue sold in the 1,074-unit project, bringing sales to across these three projects, says Eugene Lim, di- In the Core Central Region (CCR), Chip Eng to host virtual appointments. We are heartened 46%. The project is developed jointly by UOL rector of marketing and sales at Oxley Holdings. Seng Corp’s property development arm, CEL by the sale of a 3,068 sq ft triplex unit at Park- Group, Kheng Leong and UIC. Kent Ridge Hill Residences contributed 11 of Development, sold five units at Kopar at New- suites viewed virtually.” On Margaret Drive, just off Commonwealth the units sold over the three days, including a ton. Four of the five units sold were a mix of GuocoLand reopened its show gallery at Avenue, is Margaret Ville by MCL Land. The 309- five-bedroom penthouse that fetched $3 million. two- and three-bedroom apartments priced from Kallang Airport Way for two of its projects, the unit private condo project was fully sold dur- This brings the June tally for the project to 30 $1.55 million to $2.45 million. The fifth unit was 219-unit Midtown Bay and 200-unit Meyer Man- ing the circuit breaker. As sales galleries were units, says Lim. Three units were sold at Riv- a three-bedroom junior penthouse that went for sion, on Saturday, June 20. Viewings were limit- closed from April 7 to June 18, the last sev- erfront Residences, bringing the project closer $3.7 million, says Michael Ng, executive direc- ed to just two groups per hour, says Dora Chng, en deals were done based on virtual viewings to the 90% sales threshold. Half a dozen units tor of CEL Development. general manager (residential) at GuocoLand. All only. Of the units sold, only two were 463 sq were snapped up at Affinity at Serangoon, bring- A 378-unit luxury development located in the viewing appointment slots on Saturday and ft, one-bedders that fetched $1 million apiece. ing its sales for the month to 20. prime District 9 near Newton Circus and the almost all on Sunday were taken up, she adds. The rest were 1,184 sq ft, four-bedroom apart- Sim Lian Group’s 2,203-unit Treasure at Newton MRT Station, Kopar at Newton, was Virtual viewing will continue at GuocoLand’s ments that fetched $2 million each. The average Tampines had 125 viewing appointments and launched on the first weekend of April, just be- 450-unit Martin Modern at Martin Place, says price achieved for the units sold was $1,835 psf. 14 sales over the three-day period. This brings fore the circuit breaker, and to date, about 112 Chng. This is because the project is currently Nearby is Stirling Residences, a 1,259-unit the take-up rate in the project to 55%. units have been sold. in the final stages of construction and slated for private condominium development on Stirling The sales gallery for SingHaiyi Group’s 1,468- completion by early next year. There are fewer Road located within a short walk of the Queens- unit Parc Clematis only reopened on Saturday, June Sales recovery in 2H2020 than 50 units available for sale in the project. town MRT Station. The project is a joint venture 20. During the weekend, the developer managed Giant developer Far East Organization reopened Will there be a rebound in the sales of res- between Nanshan Group and Logan Property. to sell seven units, mostly two- and three-bedroom seven properties for viewing by appointment, idential units in the second half of 2020? In Over the three days from June 19 to 21, about apartments. The sales gallery drew 550 visitors, and that brought in more than 25 groups of 1Q2020, new home sales totalled 2,149 units, 400 people showed up at the sales gallery and even with safe management measures in place, potential home buyers to the sales galleries. which translates to over 700 units per month, more than 10 units were sold. including viewings by appointment only. The lat- Three of the seven projects are recent launch- says PropNex’s Gafoor. However, in April and Meanwhile, at Logan Property’s The Florence est sales bring total sales in June to 59 to date. es, namely mixed-use development One Hol- May, monthly new home sales were at only 277 Residences at Hougang Avenue 2, close to 300 “We are encouraged by the response from po- land Village at Holland Village; boutique mixed- units and 484 units, respectively. people visited the sales gallery over the three tential buyers who visited the Parc Clematis sales use project Parksuites at Holland Grove Road; Gafoor reckons sales could rally in the second days. Over 20 units were sold as at 5.30pm on gallery over the last two days,” says Gregory Sim, and Cashew Green, a terraced housing pro- half of the year. He is forecasting that the year Sunday. “As our sales galleries are big and spread deputy CEO of SingHaiyi Group. “We hope that by ject at Cashew Road. The other four are com- could end with 7,500 to 8,000 new homes sold. E out, we are able to accommodate 300 to 400 vis- being able to visit the sales gallery, see the layout pleted developments, namely, Bijou at Pasir itors across the three days, even while observ- of our units and the quality of the fittings, it will Panjang, Alana at Sunrise Terrace, River Place This story first appeared on EdgeProp.sg on ing safe management measures,” says CB Chng, help potential buyers to make up their minds.” on Havelock Road, and luxury condominium June 22. EDGEPROP | JUNE 29, 2020 • EP9 DONE DEALS Record price for three-bedroom unit at The Sea View

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE AARON WAN/PROPNEX REALTY BY TIMOTHY TAY [email protected]

n June 8, when Singapore was still in the midst of the Phase One reopen- ing, the owner of a three-bedroom unit at The Sea View in District 15 managed to sell his property solely Othrough virtual viewings. According to Aaron Wan, group district director at PropNex Realty and the sellers’ agent, the 1,410 sq ft unit will go for $2.85 million ($2,021 psf) when the option to purchase is eventually signed. Wan says the transaction marks a new record psf price for a three-bedroom unit at the freehold development. The Sea View, located on Amber Road, is a 546-unit development with one- to three-bed- room units. Three-bedders range from 1,518 to 2,928 sq ft, while other units are 527 to 1,410 sq The Sea View is a freehold development on Amber Road A pair of bungalows on Pasir Ris Road was sold for close to $7 million on June 4 ft. According to URA caveats, the previous re- cord price for a three-bedroom unit at The Sea galows in Pasir Ris on June 4, also during Phase able price, so that he could realise a significant sales process meant that only serious investors View was for a 1,647 sq ft unit on the 19th floor, One of the reopening. The two 99-year lease- part of the value of his property,” says Wan. “The and home buyers were active in the resale mar- which changed hands for $3.2 million ($1,943 hold properties at 114 and 114A Pasir Ris Road price of $7 million is also a reasonable offer, es- ket in the past few weeks, and they were more psf) in January 2018. each sit on a 5,000 sq ft plot, and were sold af- pecially since the property will become home to likely to close deals if the property met their ex- According to Wan, the buyer was looking to ter virtual viewings. The two-storey bungalows a large multi-generational family.” He adds that pectations and the price was realistic. purchase a new home in the East Coast area and have a built-up area of 6,500 sq ft each. Accord- the buyer plans to knock down the dividing wall “Some buyers still expect to see more fire sales was exploring available resale properties and new ing to Wan, the two properties were jointly sold on the ground floor to allow access between the appear on the market in the coming months, projects. “The Sea View stood out for him, giv- for close to $7 million in total, which is at a land two houses. and cash-rich investors hunting for investment en that the development sits on a relatively large rate of about $700 psf and about $3 million be- Anecdotally, Wan says that buyers and sellers properties in prime Districts 9, 10, and 11 are site area of 185,580 sq ft. It is also rare to find a low their valuation. in the resale market have grown more comfortable moving quickly to secure deals when the prop- high-floor, sizeable, three-bedroom unit in Dis- “Given the challenging market situation at in relying on virtual home viewings to close deals, erties are realistically priced,” says Wan. E trict 15 on the resale market these days,” he says. the time, the owner felt that it was more pru- especially after the two-month “circuit breaker” Separately, Wan sold a pair of adjacent bun- dent to find a buyer who could offer a reason- period. He adds that the extra hurdles during the See Done Deals table on Page EP10

OFFSHORE Jean Yip Holdings launches Elements at Carousel in Perth

JEAN YIP HOLDINGS BY VALERIE KOR [email protected]

ean Yip Holdings, a subsidiary of lifestyle conglomerate Jean Yip Group that is bet- ter known for its hair and beauty salons, has launched a 10-storey mixed develop- ment project Elements at Carousel in Perth. JThe freehold development consists of 114 residential units and four commercial units on the ground floor on a land area of 26,877 sq ft. It is situated across the road from Westfield Carousel, Perth’s largest shopping centre. The mall is 12km from Perth’s city centre and is home to major retail outlets and supermarkets such as Coles, Woolworths, Myers, David Jones and more. With 350 specialty stores including a cinema, the mall has also recently undergone a Elements at Carousel is located opposite Westfield Carousel, the largest shopping $350-million redevelopment in 2018. centre in Perth Residents can enjoy great views over the Cannington neighbourhood The property is a 10-minute drive to Cur- tin university and within 15 minutes by foot Perth is also a popular destination for ter- mand for apartments, says Fong. starting from A$499,000. to Cannington Community College and Sev- tiary education among Singaporeans and other Elements at Carousel has 24 one-bedroom The apartments come furnished with Bosch enoaks Senior College. There is also an aquat- Asians in the region. “We believe Perth is poised units starting from A$279,000, 15 one-bed- cooktop, rangehood and oven, Fisher Paykel ic centre, Cannington Leisureplex, within a few for more international migration,” Fong adds. room and study units starting from A$327,000, combined washer and dryer, LED lights, stone minutes’ walk away. Beyond international buyers, there is also a four two-bedroom apartments with one bath- benchtops and cabinetry. The ceiling height of Based on historical data, the property mar- growing trend of empty nesters who prefer to room starting from A$359,000, 65 two-bedroom the apartments is approximately 2.7m high. ket in Sydney and Melbourne on the East Coast, downsize from a house to apartments in Aus- apartments with two bathrooms starting from The development has been designed with en- and Perth on the West Coast, tend to be coun- tralia. This has resulted in an increase in de- A$374,000 and six three-bedroom apartments ergy-efficient lighting, landscaping, solar pho- ter-cyclical, observes Roy Fong, general man- tovoltaic system and a multi-level skylight, and ager of Jean Yip Holdings. “With property pric- JEAN YIP HOLDINGS has 6.5 out of 10 stars under the country’s na- es declining from record highs in Sydney and Unit mix at Elements at Carousel tion-wide house energy rating scheme. Melbourne, and signs that prices are bottoming While Elements at Carousel is Jean Yip Hold- out in Perth, we view this as a great opportu- Unit type Size (sq ft) No. of units Starting price (A$) ings’ maiden property development overseas, nity for home buyers and investors,” he says. 1 bed, 1 bath, 1 parking bay 657 to 710 24 279,000 the company has been developing luxury houses Perth’s public transport system and general 1 bed, 1 study, 1 bath, 1 parking bay 700 to 1,755 15 327,000 and prime apartments in Singapore since 2002. infrastructure have been improving, adds Fong. They include bungalows at 33 Shelford, a pair of 2 bed 1 bath, 1 parking bay 840 to 937 4 359,000 Additionally, Perth is just a five-hour flight time semi-detached houses at 51 Chancery Lane and from Singapore, Kuala Lumpur and Jakarta. The 2 bed, 2 bath, 1 parking bay 893 to 1,615 65 374,000 the 26-unit condominium project, The Enclave exchange rate between Singapore and Austral- 3 bed, 2 bath, 2 parking bays 1,270 to 2,368 6 499,000 at Holland. Jean Yip also has a portfolio of in- ian dollar is also favourable at $1 to A$1.04. *Sizes include internal living, balcony/courtyard and store room (does not include parking space). vestment properties in Singapore and Japan. E EP10 • EDGEPROP | JUNE 29, 2020 DONE DEALS

Residential transactions with contracts dated June 9 to 16 Singapore — by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION Orchard/Tanglin/Holland 9 and 10 PROJECT NAME PROPERTY TYPE TENURE (2020) FLOOR AREA (SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE Newton/Bukit Timah/Clementi 11 and 21 THE ANTARES Apartment 99 years Jun 10 667 1,204,000 - 1,804 Uncompleted New Sale Balestier/MacPherson/Geylang 12 to 14 THE ANTARES Apartment 99 years Jun 13 678 1,120,000 - 1,652 Uncompleted New Sale TROPIKA EAST Condominium Freehold Jun 16 463 625,000 - 1,350 2016 Resale East Coast 15 and 16 District 15 Changi/Pasir Ris 17 and 18 AMBER PARK Condominium Freehold Jun 10 463 1,245,780 - 2,692 Uncompleted New Sale Serangoon/Thomson 19 and 20 BELLA CASITA Apartment Freehold Jun 12 506 690,000 - 1,364 2012 Resale FLAMINGO VALLEY Condominium Freehold Jun 16 1,701 1,500,000 - 882 2014 Resale West 22 to 24 CRESCENT ROAD Detached Freehold Jun 9 6,017 9,080,000 - 1,509 2001 Resale North 25 to 28 JALAN SEDAP Semi-Detached Freehold Jun 11 3,401 3,650,000 - 1,074 1996 Resale JOO CHIAT PLACE Semi-Detached Freehold Jun 12 3,940 3,950,000 - 1,003 1973 Resale OPERA ESTATE Terrace Freehold Jun 16 1,722 2,080,000 - 1,209 Unknown Resale PROSPERO VILLE Apartment Freehold Jun 16 2,174 1,450,000 - 667 2002 Resale SEASIDE RESIDENCES Apartment 99 years Jun 9 592 1,052,800 - 1,778 Uncompleted New Sale STUDIOS@TEMBELING Apartment Freehold Jun 11 463 730,000 - 1,577 2012 Resale District 16 BAYSHORE PARK Condominium 99 years Jun 10 1,173 1,100,000 - 938 1986 Resale ECO Condominium 99 years Jun 9 667 710,000 - 1,064 2017 Resale GRANDEUR PARK RESIDENCES Condominium 99 years Jun 9 1,453 2,270,000 - 1,562 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Jun 9 1,238 1,946,340 - 1,572 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Jun 11 1,453 2,291,240 - 1,577 Uncompleted New Sale District 17 FERRARIA PARK CONDOMINIUM Condominium Freehold Jun 9 1,238 998,888 - 807 2009 Resale THE JOVELL Condominium 99 years Jun 9 1,033 1,235,000 - 1,195 Uncompleted New Sale THE JOVELL Condominium 99 years Jun 9 904 1,044,000 - 1,155 Uncompleted New Sale THE JOVELL Condominium 99 years Jun 12 635 788,000 - 1,241 Uncompleted New Sale THE JOVELL Condominium 99 years Jun 12 904 1,047,800 - 1,159 Uncompleted New Sale THE JOVELL Condominium 99 years Jun 12 904 1,047,800 - 1,159 Uncompleted New Sale District 18 ARC AT TAMPINES EC 99 years Jun 12 990 875,000 - 884 2014 Resale THE TAMPINES TRILLIANT EC 99 years Jun 11 2,120 1,750,000 - 825 2015 Resale THE TAMPINES TRILLIANT EC 99 years Jun 12 1,991 1,620,000 - 814 2015 Resale THE TAPESTRY Condominium 99 years Jun 9 603 750,300 - 1,245 Uncompleted New Sale THE TAPESTRY Condominium 99 years Jun 9 926 1,225,900 - 1,324 Uncompleted New Sale SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION THE TAPESTRY Condominium 99 years Jun 12 926 1,271,820 - 1,374 Uncompleted New Sale PROJECT NAME PROPERTY TYPE TENURE (2020) FLOOR AREA (SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE THE TAPESTRY Condominium 99 years Jun 13 990 1,304,620 - 1,317 Uncompleted New Sale District 1 THE TAPESTRY Condominium 99 years Jun 13 603 861,000 - 1,428 Uncompleted New Sale MARINA BAY RESIDENCES Condominium 99 years Jun 10 1,066 1,950,000 - 1,830 2010 Resale THE TAPESTRY Condominium 99 years Jun 14 603 893,800 - 1,483 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years Jun 12 786 1,783,980 - 2,270 2017 Resale THE TAPESTRY Condominium 99 years Jun 14 603 869,200 - 1,442 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years Jun 12 700 1,608,503 - 2,299 2017 Resale THE TAPESTRY Condominium 99 years Jun 14 1,130 1,440,180 - 1,274 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years Jun 12 753 1,726,619 - 2,292 2017 Resale THE TAPESTRY Condominium 99 years Jun 14 1,098 1,339,060 - 1,220 Uncompleted New Sale THE SAIL @ MARINA BAY Apartment 99 years Jun 15 657 1,200,000 - 1,828 2008 Resale TREASURE AT TAMPINES Condominium 99 years Jun 9 1,281 1,634,000 - 1,276 Uncompleted New Sale District 2 TREASURE AT TAMPINES Condominium 99 years Jun 9 678 966,000 - 1,425 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 9 915 1,124,000 - 1,228 Uncompleted New Sale SPOTTISWOODE 18 Apartment Freehold Jun 11 893 1,280,000 - 1,433 2014 Resale TREASURE AT TAMPINES Condominium 99 years Jun 9 678 935,000 - 1,379 Uncompleted New Sale SPOTTISWOODE SUITES Apartment Freehold Jun 11 743 1,500,000 - 2,020 2017 Resale TREASURE AT TAMPINES Condominium 99 years Jun 10 1,281 1,706,000 - 1,332 Uncompleted New Sale District 3 TREASURE AT TAMPINES Condominium 99 years Jun 10 1,033 1,442,000 - 1,395 Uncompleted New Sale ARTRA Apartment 99 years Jun 10 1,044 2,116,600 - 2,027 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 10 592 841,000 - 1,421 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Jun 11 721 1,434,000 - 1,988 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 12 1,033 1,337,000 - 1,294 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Jun 11 1,109 2,014,000 - 1,817 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 12 915 1,130,000 - 1,235 Uncompleted New Sale MARGARET VILLE Apartment 99 years Jun 10 1,184 2,001,454 - 1,690 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 12 915 1,118,000 - 1,222 Uncompleted New Sale MARGARET VILLE Apartment 99 years Jun 11 1,184 1,996,554 - 1,686 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 12 678 944,000 - 1,392 Uncompleted New Sale MARGARET VILLE Apartment 99 years Jun 12 463 1,009,503 - 2,181 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 13 581 854,000 - 1,469 Uncompleted New Sale MARGARET VILLE Apartment 99 years Jun 12 1,184 1,991,654 - 1,682 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 13 678 897,000 - 1,323 Uncompleted New Sale MARGARET VILLE Apartment 99 years Jun 14 463 1,004,850 - 2,171 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 13 678 897,000 - 1,323 Uncompleted New Sale ONE PEARL BANK Apartment 99 years Jun 12 431 1,180,000 - 2,741 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 13 1,033 1,333,000 - 1,290 Uncompleted New Sale QUEENS PEAK Condominium 99 years Jun 10 850 1,625,000 - 1,911 2020 New Sale TREASURE AT TAMPINES Condominium 99 years Jun 14 915 1,218,000 - 1,331 Uncompleted New Sale QUEENS PEAK Condominium 99 years Jun 12 861 1,650,000 - 1,916 2020 New Sale TREASURE AT TAMPINES Condominium 99 years Jun 14 915 1,250,000 - 1,366 Uncompleted New Sale RIVER PLACE Condominium 99 years Jun 12 1,582 2,300,000 - 1,454 1999 Resale TREASURE AT TAMPINES Condominium 99 years Jun 14 883 1,135,000 - 1,286 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 9 980 1,883,000 - 1,922 Uncompleted New Sale District 19 STIRLING RESIDENCES Apartment 99 years Jun 10 1,959 3,328,000 - 1,699 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jun 9 474 733,000 - 1,548 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 11 635 1,181,000 - 1,860 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jun 10 474 768,000 - 1,622 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 12 1,055 1,966,000 - 1,864 Uncompleted New Sale AFFINITY AT SERANGOON Terrace 99 years Jun 12 2,325 2,439,030 - 1,049 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 13 635 1,220,000 - 1,921 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Jun 12 904 1,417,000 - 1,567 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 13 506 944,000 - 1,866 Uncompleted New Sale FLO RESIDENCE Condominium 99 years Jun 12 861 770,000 - 894 2016 Resale STIRLING RESIDENCES Apartment 99 years Jun 13 786 1,528,000 - 1,945 Uncompleted New Sale JEWEL @ BUANGKOK Condominium 99 years Jun 11 872 1,130,000 - 1,296 2016 Resale STIRLING RESIDENCES Apartment 99 years Jun 14 635 1,189,000 - 1,872 Uncompleted New Sale PARKWOOD RESIDENCES Apartment 99 years Jun 9 1,313 1,736,800 - 1,323 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 14 506 968,000 - 1,913 Uncompleted New Sale PIERMONT GRAND EC 99 years Jun 9 1,507 1,638,630 - 1,087 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 14 678 1,373,000 - 2,025 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jun 11 915 1,176,000 - 1,285 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 14 678 1,346,000 - 1,985 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jun 14 517 751,000 - 1,454 Uncompleted New Sale THE ANCHORAGE Condominium Freehold Jun 11 883 1,280,000 - 1,450 1997 Resale SENGKANG GRAND RESIDENCES Apartment 99 years Jun 11 764 1,370,400 - 1,793 Uncompleted New Sale District 5 THE FLORENCE RESIDENCES Apartment 99 years Jun 9 635 953,000 - 1,501 Uncompleted New Sale FABER CREST Condominium 99 years Jun 15 1,744 1,590,000 - 912 2001 Resale THE FLORENCE RESIDENCES Apartment 99 years Jun 9 936 1,388,000 - 1,482 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Jun 10 603 903,000 - 1,498 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 9 474 734,000 - 1,550 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Jun 11 743 1,350,000 - 1,818 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 10 635 931,000 - 1,466 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Jun 12 517 921,000 - 1,783 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 10 936 1,480,000 - 1,580 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Jun 12 474 873,000 - 1,843 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 10 635 977,000 - 1,538 Uncompleted New Sale LYNNSVILLE 331 Terrace Freehold Jun 16 2,917 2,070,000 - 710 2009 Resale THE FLORENCE RESIDENCES Apartment 99 years Jun 12 484 715,000 - 1,476 Uncompleted New Sale PALISADES Condominium Freehold Jun 15 3,326 2,828,000 - 850 1985 Resale THE FLORENCE RESIDENCES Apartment 99 years Jun 12 527 832,000 - 1,577 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 9 710 1,201,000 - 1,691 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 12 635 957,000 - 1,507 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 9 893 1,476,000 - 1,652 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 13 635 913,000 - 1,438 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 9 689 1,098,000 - 1,594 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 13 474 752,000 - 1,588 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 9 829 1,359,000 - 1,640 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 13 635 975,000 - 1,535 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 10 689 1,084,000 - 1,574 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 13 1,001 1,500,000 - 1,498 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 10 1,496 2,467,000 - 1,649 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 13 484 752,000 - 1,553 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 10 829 1,368,000 - 1,651 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 14 635 923,000 - 1,453 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 10 829 1,371,000 - 1,654 Uncompleted New Sale TWIN WATERFALLS EC 99 years Jun 11 915 913,888 - 999 2015 Resale PARC CLEMATIS Apartment 99 years Jun 10 1,055 1,461,000 - 1,385 Uncompleted New Sale TWIN WATERFALLS EC 99 years Jun 16 1,119 1,130,000 - 1,009 2015 Resale PARC CLEMATIS Apartment 99 years Jun 12 1,668 2,558,000 - 1,533 Uncompleted New Sale District 20 PARC CLEMATIS Apartment 99 years Jun 12 1,044 1,728,000 - 1,655 Uncompleted New Sale JADESCAPE Condominium 99 years Jun 9 764 1,406,300 - 1,840 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 14 904 1,462,000 - 1,617 Uncompleted New Sale JADESCAPE Condominium 99 years Jun 9 527 936,800 - 1,776 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 14 721 1,172,000 - 1,625 Uncompleted New Sale JADESCAPE Condominium 99 years Jun 9 764 1,342,000 - 1,756 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Jun 14 893 1,463,000 - 1,638 Uncompleted New Sale JADESCAPE Condominium 99 years Jun 9 1,055 1,862,500 - 1,766 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 10 764 1,123,400 - 1,470 Uncompleted New Sale JADESCAPE Condominium 99 years Jun 9 1,055 1,871,000 - 1,774 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 10 506 775,720 - 1,533 Uncompleted New Sale JADESCAPE Condominium 99 years Jun 10 1,259 2,070,000 - 1,644 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 10 958 1,384,160 - 1,445 Uncompleted New Sale JADESCAPE Condominium 99 years Jun 10 527 880,600 - 1,670 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 12 990 1,477,640 - 1,492 Uncompleted New Sale JADESCAPE Condominium 99 years Jun 10 764 1,336,000 - 1,748 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 12 1,281 1,722,000 - 1,344 Uncompleted New Sale JADESCAPE Condominium 99 years Jun 11 527 959,600 - 1,819 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 13 1,066 1,616,220 - 1,517 Uncompleted New Sale JADESCAPE Condominium 99 years Jun 12 1,141 1,980,500 - 1,736 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 13 990 1,465,340 - 1,480 Uncompleted New Sale THE WINDSOR Terrace Freehold Jun 9 2,497 2,450,000 - 981 1987 Resale District 8 THOMSON GRAND Condominium 99 years Jun 10 1,389 1,780,000 - 1,282 2015 Resale UPTOWN @ FARRER Apartment 99 years Jun 10 538 1,023,422 - 1,902 Uncompleted New Sale WINDSOR PARK ESTATE Detached Freehold Jun 16 19,989 21,250,000 - 1,063 Unknown Resale District 9 District 21 KOPAR AT NEWTON Apartment 99 years Jun 10 958 2,149,000 - 2,243 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Jun 11 1,485 2,501,880 - 1,684 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jun 10 689 1,627,000 - 2,362 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years Jun 11 710 1,131,740 - 1,593 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years Jun 14 689 1,612,000 - 2,340 Uncompleted New Sale HUME PARK I Condominium Freehold Jun 11 1,453 1,378,000 - 948 1995 Resale MARTIN MODERN Condominium 99 years Jun 10 764 2,059,300 1,960,500 2,565 Uncompleted New Sale MAYFAIR MODERN Condominium 99 years Jun 11 517 968,240 - 1,874 Uncompleted New Sale MARTIN MODERN Condominium 99 years Jun 10 764 1,986,000 - 2,599 Uncompleted New Sale MAYFAIR MODERN Condominium 99 years Jun 13 689 1,376,600 - 1,998 Uncompleted New Sale YONG AN PARK Condominium Freehold Jun 10 6,695 10,100,000 - 1,509 1986 Resale THE HILLFORD Apartment 60 years Jun 9 398 475,000 - 1,193 2016 Resale District 10 VIEW AT KISMIS Apartment 99 years Jun 12 689 1,170,000 - 1,698 Uncompleted New Sale 38 JERVOIS Apartment Freehold Jun 9 818 1,703,180 - 2,082 2019 Resale VIEW AT KISMIS Apartment 99 years Jun 14 1,281 1,973,000 - 1,540 Uncompleted New Sale 38 JERVOIS Apartment Freehold Jun 9 818 1,693,180 - 2,070 2019 Resale District 22 38 JERVOIS Apartment Freehold Jun 10 1,184 2,118,180 - 1,789 2019 Resale J GATEWAY Condominium 99 years Jun 9 893 1,400,000 - 1,567 2016 Resale 38 JERVOIS Apartment Freehold Jun 15 1,098 1,968,888 - 1,793 2019 Resale District 23 38 JERVOIS Apartment Freehold Jun 16 904 1,808,180 - 2,000 2019 Resale FORESQUE RESIDENCES Condominium 99 years Jun 11 463 615,000 - 1,329 2014 Resale BOULEVARD 88 Apartment Freehold Jun 9 1,776 6,326,100 - 3,562 Uncompleted New Sale HILLINGTON GREEN Condominium 999 years Jun 9 1,927 1,880,000 - 976 2002 Resale ESTRIVILLAS Semi-Detached Freehold Jun 12 4,478 3,180,000 - 710 2013 Resale HILLVIEW REGENCY Condominium 99 years Jun 10 1,109 940,000 - 848 2005 Resale FOURTH AVENUE RESIDENCES Apartment 99 years Jun 12 484 988,000 - 2,040 Uncompleted New Sale LE QUEST Apartment 99 years Jun 13 1,023 1,423,000 - 1,392 2020 New Sale HOLLAND PEAK Condominium Freehold Jun 9 1,841 2,715,000 - 1,475 1994 Resale LE QUEST Apartment 99 years Jun 14 936 1,307,000 - 1,396 2020 New Sale HOLLAND GROVE LANE Detached Freehold Jun 10 4,316 10,500,000 - 2,434 2019 Resale LE QUEST Apartment 99 years Jun 14 1,023 1,439,000 - 1,407 2020 New Sale KING’S ROAD Semi-Detached Freehold Jun 10 3,477 5,100,000 - 1,466 Unknown Resale LE QUEST Apartment 99 years Jun 14 1,023 1,452,000 - 1,420 2020 New Sale CORONATION DRIVE Semi-Detached 999 years Jun 10 3,423 6,550,000 - 1,913 Unknown Resale THE QUINTET EC 99 years Jun 12 1,302 968,000 - 743 2006 Resale PINEWOOD GARDENS Condominium Freehold Jun 12 1,625 2,900,000 - 1,784 1990 Resale VILLA VERDE Terrace 99 years Jun 12 1,615 1,520,000 - 941 2000 Resale SPRING GROVE Condominium 99 years Jun 16 1,012 1,550,000 - 1,532 1996 Resale District 25 District 11 LA CASA EC 99 years Jun 16 1,119 816,000 - 729 2008 Resale FYVE DERBYSHIRE Apartment Freehold Jun 14 797 1,772,000 - 2,225 Uncompleted New Sale District 26 PULLMAN RESIDENCES NEWTON Apartment Freehold Jun 10 463 1,220,000 - 2,636 Uncompleted New Sale STRATA Apartment Freehold Jun 15 506 888,000 - 1,755 2006 Resale THE ESSENCE Apartment 99 years Jun 9 689 990,970 - 1,438 Uncompleted New Sale District 12 THE ESSENCE Apartment 99 years Jun 9 1,044 1,407,000 - 1,348 Uncompleted New Sale THE ESSENCE Apartment 99 years Jun 9 732 1,006,000 - 1,374 Uncompleted New Sale THE ARTE Condominium Freehold Jun 11 1,399 1,900,000 - 1,358 2010 Resale District 27 District 13 PARC CANBERRA EC 99 years Jun 10 1,152 1,293,000 - 1,123 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Jun 10 689 1,369,000 - 1,987 Uncompleted New Sale PARC CANBERRA EC 99 years Jun 10 1,001 1,154,000 - 1,153 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Jun 12 689 1,359,000 - 1,973 Uncompleted New Sale PARC CANBERRA EC 99 years Jun 14 883 936,000 - 1,060 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Jun 12 689 1,254,000 - 1,820 Uncompleted New Sale SELETARIS Condominium Freehold Jun 11 1,421 1,230,000 - 866 2001 Resale THE WOODLEIGH RESIDENCES Apartment 99 years Jun 12 592 1,107,000 - 1,870 Uncompleted New Sale THE ESTUARY Condominium 99 years Jun 12 1,442 1,138,888 - 790 2013 Resale District 14 THE ESTUARY Condominium 99 years Jun 16 926 802,888 - 867 2013 Resale ARENA RESIDENCES Apartment Freehold Jun 11 883 1,671,000 - 1,893 Uncompleted New Sale YISHUN SAPPHIRE Condominium 99 years Jun 12 1,033 695,000 - 673 2001 Resale EUHABITAT Condominium 99 years Jun 11 624 600,000 - 961 2015 Resale District 28 LA FLEUR Apartment Freehold Jun 15 420 510,000 - 1,215 2014 Resale ESTE VILLA Terrace Freehold Jun 11 3,391 2,400,000 - 708 2013 Resale PARC ESTA Apartment 99 years Jun 9 1,033 1,796,000 - 1,738 Uncompleted New Sale SELETAR GREEN AVENUE Terrace 999 years Jun 16 2,217 3,968,000 - 1,789 2020 Resale PARC ESTA Apartment 99 years Jun 10 549 911,000 - 1,659 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 10 1,119 1,827,000 - 1,632 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 12 743 1,310,000 - 1,764 Uncompleted New Sale Source: URA Realis. Updated June 23, 2020 PARC ESTA Apartment 99 years Jun 12 1,023 1,567,000 - 1,532 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 12 743 1,292,000 - 1,740 Uncompleted New Sale EC stands for executive condominium PARC ESTA Apartment 99 years Jun 12 1,033 1,577,000 - 1,526 Uncompleted New Sale DISCLAIMER: PARC ESTA Apartment 99 years Jun 13 527 911,000 - 1,727 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 14 420 802,000 - 1,910 Uncompleted New Sale The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly PARC ESTA Apartment 99 years Jun 14 958 1,529,000 - 1,596 Uncompleted New Sale or indirectly from the use of, or reliance on, the information provided therein. THE ANTARES Apartment 99 years Jun 10 667 1,155,112 - 1,731 Uncompleted New Sale EDGEPROP | JUNE 29, 2020 • EP11 GAINS AND LOSSES Seller of Yong An Park unit earns record $6.8 mil profit

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY TIMOTHY TAY [email protected]

he most profitable deal during the week of June 9 to 16 was the sale of a 6,695 sq ft unit at Yong An Park, a freehold development in District 9. According to URA Realis caveats, the sprawl- ing five-bedroom unit on the 25th floor fetched T$10.1 million ($1,509 psf) when it was sold on June 10. It was bought for $3.3 million ($493 psf) in December 2004. Thus, the seller earned a profit of $6.8 million (206%) on the sale, which translates to an annualised profit of 7.5% over nearly 16 years. The 288-unit freehold development was completed in 1986 and comprises two- to five-bedroom units from 1,022 sq ft to 8,331 sq ft. The condominium is located on River Valley Road, beside the upcoming Great World MRT Station on the Thomson-East Coast Line. It is also located near Riv- er Valley Primary School and the Chatsworth International School (Orchard Campus). A number of new luxury residen- tial developments — including Martin Modern, The Avenir, 8 St Thomas and Riviere — are also in the area. The June 10 sale is also the most profitable resale ever recorded at Yong An Park. It surpassed the previous record of $5.31 million (167%), which involved the sale of a 6,878 sq ft unit that changed hands for $8.5 million ($1,236 psf) in April 2011. It was bought for $3.19 million ($463 psf) in June 2002, which translates to an annualised profit of 12% over nearly nine years. The five-bedroom unit at Yong An Park was sold for $10.1 million on The seller of a penthouse unit at Spottiswoode 18 incurred a loss of Based on caveats lodged, Yong An Park has only record- June 10 $648,900 on June 11 ed profitable resale transactions over the past five years. Ex- cluding the June 10 sale, profits have ranged from $265,000 which translates to an annualised loss of 4.3% over nine years. front, a long-term redevelopment which covers 30km of for a 1,023 sq ft unit in 2016 to $3.8 million for a 3,229 sq Spottiswoode 18 is a 251-unit development along Spottis- coastline that stretches from the Gardens by the Bay East ft unit in 2019. woode Park Road in Tanjong Pagar. The five year old condo- area to Pasir Panjang. However, the most unprofitable resale transaction recorded minium comprises a 35-storey residential block with a mix Based on caveats lodged to date, the latest transaction during the week occurred at Spottiswoode 18 in District 2. A of one- and two-bedroom units of 388 to 657 sq ft, and eight at Spottiswoode 18 now takes the top spot as the most un- 893 sq ft, one-bedroom penthouse unit at the freehold devel- duplex ranging from 893 to 1,292 sq ft. profitable deal at the development. The previous record opment fetched $1.28 million ($1,433 psf) on June 11. It was The development is close to the CBD and the upcom- involved another 893 sq ft penthouse that changed hands purchased for $1.93 million ($2,159 psf) in February 2011. This ing Cantonment MRT Station on the Circle Line. It is also for $1.45 million (1,623 psf) in March 2019, at a $382,455 means that the seller made a loss of $648,900 (34%) on the sale, located at the foot of the planned Greater Southern Water- (21%) loss for the seller. E

Top gains and losses from June 9 to 16

Most profitable deals PROJECT DISTRICT AREA SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD ( SQ FT) (2020) ($ PSF) (YEARS) 1 YONG AN PARK 9 6,695 Jun 10 1,509 Dec 22, 2004 493 6,800,000 206 7.5 15.5 2 PINEWOOD GARDENS 10 1,625 Jun 12 1,784 Apr 3, 1996 1,058 1,180,000 69 2.2 24.2 3 HILLINGTON GREEN 23 1,927 Jun 9 976 Sep 4, 2003 501 915,000 95 4.1 16.8 4 FABER CREST 5 1,744 Jun 15 912 Sep 8, 2003 436 830,000 109 4.5 16.8 5 THE ARTE 12 1,399 Jun 11 1,358 May 27, 2009 964 551,250 41 3.1 11.0 6 SPRING GROVE 10 1,012 Jun 16 1,532 May 11, 2009 988 550,000 55 4.0 11.1 7 HUME PARK I 21 1,453 Jun 11 948 Apr 1, 1996 654 428,000 45 1.5 24.2 8 HOLLAND PEAK 10 1,841 Jun 9 1,475 Jan 14, 2008 1,250 415,000 18 1.3 12.4 9 SELETARIS 27 1,421 Jun 11 866 Jul 28, 1999 574 414,810 51 2.0 20.9 10 PROSPERO VILLE 15 2,174 Jun 16 667 May 9, 2011 483 400,000 38 3.6 9.1 11 THE ANCHORAGE 3 883 Jun 11 1,450 Aug 11, 2010 1,000 397,000 45 3.8 9.8 12 RIVER PLACE 3 1,582 Jun 12 1,454 May 16, 1997 1,221 368,470 19 0.8 23.1 13 BAYSHORE PARK 16 1,173 Jun 10 938 Mar 20, 2009 635 355,000 48 3.5 11.2 14 J GATEWAY 22 893 Jun 9 1,567 Jul 23, 2013 1,321 220,000 19 2.5 6.9 15 THE ESTUARY 27 1,442 Jun 12 790 Apr 20, 2010 663 182,588 19 1.7 10.2 Non-profitable deals PROJECT DISTRICT AREA SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (SQ FT) (2020) ($ PSF) (YEARS) 1 SPOTTISWOODE 18 2 893 Jun 11 1,433 Feb 14, 2011 2,159 648,900 34 4.3 9.3 2 MARINA BAY RESIDENCES 1 1,066 Jun 10 1,830 Apr 22, 2008 2,064 250,000 11 1.0 12.1 3 THE SAIL @ MARINA BAY 1 657 Jun 15 1,828 Feb 24, 2011 2,201 245,400 17 2.0 9.3 4 ECO 16 667 Jun 9 1,064 Dec 4, 2012 1,298 156,245 18 2.6 7.5 5 PALISADES 5 3,326 Jun 15 850 Apr 3, 2012 893 142,000 5 0.6 8.2 6 SPOTTISWOODE SUITES 2 743 Jun 11 2,020 Apr 12, 2013 2,185 123,000 8 1.1 7.2 7 FERRARIA PARK CONDOMINIUM 17 1,238 Jun 9 807 Sep 21, 2015 897 111,112 10 2.2 4.7 8 THOMSON GRAND 20 1,389 Jun 10 1,282 Apr 25, 2012 1,327 62,030 3 0.4 8.1 9 TROPIKA EAST 14 463 Jun 16 1,350 Oct 8, 2014 1,395 20,480 3 0.6 5.7 10 STUDIOS@TEMBELING 15 463 Jun 11 1,577 Jul 20, 2012 1,616 18,000 2 0.3 7.9 11 EUHABITAT 14 624 Jun 11 961 Aug 31, 2011 987 16,251 3 0.3 8.8

Source: URA, EdgeProp Singapore Note: 1. Computed based on URA caveat data as at June 23 for private non-landed houses transacted between June 9 and 16 2. The profit and loss computation excludes transaction costs such as stamp duties. EP12 • EDGEPROP | JUNE 29, 2020 UNDER THE HAMMER Three-bedder at Ritz @ Farrer going for $1.2 mil

PICTURES: EDMUND TIE

The freehold, three-bedroom unit at Ritz @ Farrer in Rochor, District 8, is on the market for $1,506 psf One of the common rooms features a furniture deck or loft The swimming pool at Ritz @ Farrer

BY CHARLENE CHIN TABLES: URA REALIS [email protected] Recent transactions at Ritz @ Farrer

freehold, three-bedroom unit at Ritz @ Farrer in Contract date Area (sq ft) Price ($) Price ($ psf) Rochor, District 8, is on the market for $1.2 mil- Aug 24, 2018 764 1,200,000 1,570 lion ($1,506 psf). The property was first put up for Jul 6, 2018 592 960,000 1,622 a bank auction in February, according to Edmund Aug 21, 2017 592 900,000 1,520 Tie, which is marketing the unit. As property auc- May 3, 2017 592 843,888 1,425 Ations still have not been allowed to continue in Phase Two of Singapore’s reopening, the unit is currently being market- Mar 31, 2017 1141 1,643,000 1,440 ed under private treaty. Spanning 797 sq ft, the unit is on the fourth storey of Ritz Recent rental contracts for 700 to 800 sq ft units @ Farrer, a development comprising 18 residential units and at Ritz @ Farrer two shops. The unit on the market is a cosy, corner unit, says Joy Tan, head of auction and sales at Edmund Tie. The Lease date Monthly rent ($) unit is also affordable, she adds. Given that the home is in a July 2019 3,100 well-kept condition, buyers would not need to spend much on renovations, says Tan. March 2019 3,000 The master bedroom is en suite, while one of the common December 2017 3,100 rooms features a furniture deck or loft. All three bedrooms July 2017 3,100 can also fit in a queen-sized bed, says Tan. The dining area of the unit According to caveats lodged with URA, the property last July 2017 3,500 transacted for $1.136 million ($1,426 psf) in June 2016. walk away. Residents also have easy access to City Square A similar-sized unit at Ritz @ Farrer can fetch monthly Mall and Mustafa Centre, which are within a nine-minute St Margaret’s Primary School. rents of between $3,000 and $3,500 a month, based on past walk. Farrer Park MRT Station on the North East Line is six The last transaction at the development was for a 764 data by URA. minutes away by foot. sq ft unit that changed hands for $1.2 million ($1,570 psf) Ritz @ Farrer is near eateries such as Tekka Centre and The development is also within proximity to schools such in August 2018. Prior to that, a 592 sq ft unit transacted for Berseh Food Centre, which are approximately a seven-minute as Farrer Park Primary School, Stamford Primary School and $960,000 ($1,622 psf) in July 2018. E

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$5,180,000 $3,680,000 Semi-Detached House Terrace House D19 SERANGOON GARDEN ESTATE | 999 years D20 SEMBAWANG HILLS ESTATE | Freehold Built-Up(sqft): 6,098 | Land(sqft): 3,500 Built-Up(sqft): 5,166 | Land(sqft): 2,605 PSF: $1,480 PSF: $1,413

In the Heart of Serangoon Garden! You’ll find a home 5,000sqft of Space! 2.5 storey Terrace with triple that’s tasteful & modern. 2.5 storey + Basement. 7+1 volumn ceiling! Stunning 5 bedroom with walk-in bedroom. Swimming pool. Lift to all floor. Quality wardrobe & ensuite bath (all can fit in King-size bed). and luxurious finishing. Huge master bedroom with Park 3 big cars. Skylight roof.Nice house number. designer bathroom and functional walk in wardrobe. Short walk to Lower Pierce reservoir park/Mayflower Designer kitchen. Completed in 2016! MRT. 1km to CHIJ St. Nicholas Girls’ School.

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