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Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JANUARY 30, 2017 | ISSUE 764

Property Take Eye on Property Eat, Play, Live Gains & Losses Is this the year to Making sense of the Beyond the Chinese Million-dollar proﬁ ts reinvigorate the property index Festive Street Bazaar made in District 10 residential market? EP6 EP10 EP13 EP4

Bracing for the next lap Knight Frank’s Tan Tiong Cheng and Danny Yeo talk about how the 77-year-old property consultancy has changed and how it continues to stay relevant in Singapore’s changing economy. See our Cover Story on Pages 8 and 9. EP2 • THEEDGE SINGAPORE | JANUARY 30, 2017

PROPERTY BRIEFS

EDITORIAL

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR | Samuel Isaac Chua PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | Rahayu Mohamad DESIGN DESK | sq ft of office space in the building. Lian Beng owns to users of both platforms. From CoAssets’ perspec- Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, 32% of Epic Land. The other consortium members tive, this investment will help us significantly grow Tun Mohd Zaﬁ an Mohd Za’abah are KSH Holdings, with 28%; KOP, 25%; and Centu- our reach within China,” says CoAssets’ co-founder rion Global, 15%. Seh Huan Kiat. ADVERTISING + MARKETING The company conservatively expects to increase ADVERTISING SALES Alexandra Technopark to undergo $45 mil AEI its user base in China by 300,000 within six months DIRECTOR, ADVERTISING & SALES | Frasers Centrepoint Asset Management will be spend- of its investment in Da Xian Bing. The investment is Cowie Tan ing $45 million to spruce up Alexandra Technopark in addition to the CoAssets’ operations in China, via ASSOCIATE ACCOUNT DIRECTOR | Diana Lim (above). According to FCAM, the asset enhancement its 40% joint venture with Fujian Yaosheng. ACCOUNT MANAGERS | initiative will create a campus-like environment for Priscilla Wong, James Chua the working community at Alexandra Technopark. Chinese investors invests record US$33 bil in

THE EDGE SINGAPORE The AEI will provide Alexandra Technopark with overseas real estate last year ADVERTISING + MARKETING more community-friendly spaces, a refreshed and con- Chinese investment into overseas commercial and res- ADVERTISING SALES temporary look, and greater connectivity and integration. idential property hit a record US$33 billion ($47 bil- MARKETING OFFICER CHIEF | There are also plans to create a more enjoyable work- lion) last year, a 53% y-o-y increase, according to the Cecilia Kay SENIOR MANAGERS | place environment. New amenities such as an ameni- latest data from JLL’s Global Capital Flows. Windy Tan, Garry Lo ty hub, futsal courts, exercise areas, barbecue pits and Investment in land, offices and hotels account for MANAGER | end-of-trip facilities for cyclists will also be introduced. 90% of all Chinese outbound capital in the last three Elaine Tan EVENTS “The AEI is expected to boost the market profile, years. In 2016, the hotel and industrial sectors showed SENIOR MANAGER | leasing appeal and long-term competitiveness of Al- the largest increase, owing to significant transactions Sivam Kumar exandra Technopark, as well as elevate the tenant in the US in the form of portfolio sales and Chinese MARKETING experience at the property. All these will ultimately appetite for industrial parks. EXECUTIVE | Tim Jacobs increase the property’s contribution to [Frasers Com- One of the biggest hotel acquisitions was made COORDINATOR | Lian Beng-led group offloads 79,500 sq ft mercial Trust] and create long-term value for the trust,” by Anbang Insurance when it bought Strategic Ho- Syazana Jumari office space at Prudential Tower says Jack Lam, CEO of FCAM. tels and Resorts from US-based Blackstone Group for CIRCULATION A Lian Beng-led consortium has announced the sale The AEI is scheduled to commence in mid-2017 US$6.5 billion. BUSINESS DEVELOPMENT DIRECTOR | of 17 strata office units, or about 79,460 sq ft of office and expected to be completed by mid-2018. “China Life Insurance has secured assets across Victor The space, at Prudential Tower (above) for $206.6 million. the hotel and office sectors with portfolio purchases EXECUTIVES | Malliga Muthusamy, Ashikin Kader, The sale price works out to about $2,600 psf based on CoAssets invests RMB1 mil in Chinese from the Starwood Capital Group and an office tower Winnie Lim the strata area. Prudential Tower sits on a site with a crowdfunder Da Xian Bing in Manhattan; sovereign wealth fund Chinese Invest- balance lease term of 78 years. CoAssets, a Singapore-based and Australian-listed in- ment Corp has been active in the office sector in New CORPORATE According to sources, the buyer is said to be One vestment crowdfunding company, has acquired a 10% York as well,” says David Green-Morgan, research di- CHIEF EXECUTIVE OFFICER | Ben Paul DIRECTOR | Anne Tong Tree Partners, a private-equity fund management firm stake in China’s crowfunding company Da Xian Bing rector for JLL’s Global Capital Markets. founded by Tan Shern Liang and Roy Tan. Internet Technology for RMB1 million ($206,755). Land acquisitions by Chinese investors made a come- PUBLISHER The space being sold by Epic Land is part of the CoAssets says there is good potential and synergy back last year, rising 44% y-o-y, following significant The Edge Publishing Pte Ltd 150 Cecil Street #08-01 230,700 sq ft that the consortium bought from Keppel for the overlap between users because Da Xian Bing transactions in Hong Kong, Australia and Malaysia. Singapore 069543 REIT in 2014 for $512 million, or $2,316 psf on stra- targets product crowdfunding, whereas CoAssets is in Overseas investment aside, Chinese investors fur- Tel: (65) 6232 8622 ta area. The 230,700 sq ft space is located on Levels investment crowdfunding. The investment will give ther deepened their investment domestically. They Fax: (65) 6232 8620 1 and 10 to 29 (excluding part of Level 16), which CoAssets access to Da Xian Bing’s rapidly growing accounted for more than 86% of transactions in Chi- PRINTER works out to 92.8% of the 30-storey office building. user base of more than 300,000 users, who are famil- na in 2016, up from about 75% in the past few years. KHL Printing Co Pte Ltd Epic Land has been selling some of the office space iar with the concept of crowdfunding. Tier-1 cities such as Beijing, Shanghai and Shenzhen 57 Loyang Drive over the past few years. Following the sale of these 17 “It is a synergistic relationship, as both platforms were most attractive to these investors, says JLL. — Singapore 508968 E Tel: (65) 6543 2222 strata-titled units, Epic Land still owns about 60,000 can grow together faster and unlock greater value Compiled by Michael Lim Fax: (65) 6545 3333

We welcome your comments and criticism: propertyeditor.sg@ bizedge.com

Pseudonyms are allowed but Hilton to franchise Tapestry hotels, fifth new brand since 2009 please state your full name, address and contact number for us to verify. | BY HUI-YONG YU | open by 3Q2017, with a goal of 50 Tap- Tapestry is the second so-called soft are signs that business travel, which ac- estry hotels by 2020. brand that Hilton has developed, fol- counts for about 75% of total guests, ilton Worldwide Holdings intro- Hilton, which spun off its real estate lowing Curio, a collection by Hilton, is improving, CEO Christopher Nasset- duced its fifth new hotel brand and timeshare business into new pub- in 2014. ta said in a Bloomberg Television in- Hsince 2009 in the latest bid by the licly traded companies in December, Under soft brands, individual hotels terview on Jan 18 from the World Eco- world’s second-largest lodging opera- has sought to expand through franchise have their own name and image apart nomic Forum in Davos, Switzerland. He tor to increase earnings by franchising and management contracts, rather than from the corporate manager or franchis- said Hilton sees potential for an urban properties. acquisitions. The company last year in- er. Soft brands typically involve convert- micro-hotel brand and is “incubating” The Tapestry Collection by Hilton troduced Tru, a line of low-cost, fran- ing an existing hotel, such as boutique five brands for introduction after 2017. will be upscale hotels, in the same gen- chised hotels with hip decor. properties that want to maintain their “It’s about organic growth,” Mark eral segment as the company’s Double- “It’s easier to grow franchises than own identity but rely on a global res- Nogal, global head of Hilton’s Tapes- Tree locations. Tapestry properties might to grow managed hotels,” says Thom- ervations system, frequent-guest pro- try and Curio brands, says in a phone include a bar with food service and a as Allen, an analyst at Morgan Stanley. gramme and sometimes management interview. gym, but not necessarily restaurants or “You’re basically just putting your brand expertise. Examples include the Boul- Hilton now has 14 brands, including meeting space. on the building.” ders Resort and Spa, part of the Curio one for timeshare properties. Hilton was Seven hotels in cities including Chi- Having more brands allows Hilton to brand, and the Cosmopolitan of Las Ve- surpassed as the biggest hotel compa- cago, Indianapolis and Nashville, Ten- expand in desirable locations where it gas, managed by Marriott Internation- ny in September after Marriott acquired nessee, have signed letters of intent to already has a presence, Allen says. The al’s Autograph Collection. Starwood Hotels & Resorts Worldwide convert to Tapestry sites, and 35 oth- company says it might manage some of Hilton, set to be 25% owned by Chi- for US$14 billion ($20 billion), expand- er deals are in progress, Hilton said in the Tapestry hotels in addition to earn- na’s HNA Group later this quarter, had ing its brand roster to almost 30. — a Jan 23 statement. The first site will ing franchise fees. its “best year ever” last year and there Bloomberg LP E THEEDGE SINGAPORE | JANUARY 30, 2017 • EP3 EP4 • THEEDGE SINGAPORE | JANUARY 30, 2017 PROPERTY TAKE

Is this the year to reinvigorate Singapore’s residential property market?

t has been an optimistic start to 2017 in Singapore, as recent estimates from the Ministry of Trade and Industry reveal that the city state has sidestepped a technical recession, posting 1.8% growth in GDP for I4Q2016, and an overall growth rate of 1.8% for the year. While this is gratifying news, we still face a EDGE SINGAPORE CHUA/THE SAMUEL ISAAC subdued economic outlook both globally and domestically. In Singapore’s real estate sector, the combination of slower employment, earnings and population growth is impacting housing demand. Add to that expectations of rising interest rates — thanks to likely hikes by the US Federal Reserve — and the overall sentiment is fairly gloomy. Thus, house prices in Singapore are under considerable downward pressure. With this in mind, the residential real estate market is likely to remain stagnant, with cooling measures still in place alongside ongoing slow economic growth. In fact, according to flash estimates from URA, private home prices in Singapore softened further in 4Q2016 for the 13th consecutive quarter, reaching their lowest level in six years. This means homes today are at one of their most affordable levels on record. Based on JLL estimates, prime properties have corrected 18% on average, while mass- market prices have softened about 10%. Prices for some residential projects, especially those in prime districts, have corrected between 25% If some elements of the cooling measures could be thawed, it would be particularly beneficial for both the property market and the wider Singapore economy and 30% since the height of the market in 2011. a record peak of 90% in 2002 and ing costs. Such costs in- purchases by Singaporeans reached a high of Leading the way in cooling measures 2003 to 59% today. clude property taxes, asset over $2 billion in 2013, although it softened Since Singapore first introduced its policy Keeping housing available and management and mainte- to $400 million in 1H2015. to cool the residential market in 2010, other affordable for citizens is of criti- nance fees and capital ex- Investing in overseas residential markets can governments around the world have taken cal importance, in the same way penditure on the property. offer good returns, but there is typically more similar steps to prevent rising prices caused as providing affordable education This will shift the invest- risk, relating to political, economic and cur- by low interest rates, high liquidity and the in- and healthcare. Scarcity of land in ment decision towards the rency factors. Investing in the country where creasing presence of overseas buyers. The in- Singapore and its open economy longer term. your existing and future liabilities are, and itiatives put in place here between 2010 and could easily drive home prices to Adjusting ABSD would where you will spend your retirement savings, 2013 seek to reduce demand and increase sup- unaffordable levels if supply can- remove a barrier, making it may be a less risky way to match assets with ply by imposing transaction taxes on sellers not match demand. easier for investors to return liabilities. At the same time, the residential and buyers. The taxes, targeted at local specu- But now, with smart policies to the residential market as market in Singapore is able to keep pace with lators, investors and overseas buyers, aim to having delivered the desired effect, | BY CHUA YANG LIANG | well as making it easier for local inflation and offer real returns compared stop prices from escalating so they will remain it could be the right time to con- Singaporeans who are in- with low-yielding bonds and fixed-income in- affordable for local residents, especially first- sider measures that would allow terested in investing in the vestments that are likely to struggle to offer time homebuyers. the residential market to resume a course that local residential market to save for a rainy day substantial returns in the foreseeable future. The Additional Buyer’s Stamp Duty (ABSD) will boost moderate growth. or retirement. With TDSR in place, we believe Maintaining Singapore’s status as a global has been effective in managing the inflow of it is unlikely that adjusting ABSD will create city through an open and investment-friendly foreign capital and excessive local speculation. Re-energising the residential market excessive demand and cause prices to soar. It environment — which includes encouraging It has greatly reduced demand, causing prices Many potential homebuyers are clearly hold- will, however, bring some activity back into investment in residential real estate, while pre- to fall as household incomes increased. The ing back because they believe the ABSD is the market and prevent prices falling further. venting foreign capital from pushing up prices introduction of the Total Debt Servicing Ratio temporary and will be withdrawn or changed. to unaffordable levels — is a delicate balance. in 2013 put a limit on the amount that could Reducing or removing ABSD for Singaporeans Overseas investment But if some elements of the cooling measures be borrowed on all types of credit. TDSR has and replacing it with a tax based on the in- One of the consequences of the continued cool- could be thawed, it would be particularly bene- significantly reduced the amount of debt avail- vestment period would be a sustainable way ing measures is that Singaporeans are looking ficial for both the property market and the wider able to finance the purchase of residential prop- to revive demand. abroad for property investment in countries Singapore economy. E erty. Based on our analysis of household bal- Raising the tax on residential investment such as Malaysia, Australia, Japan and the UK. ance sheets, the level of mortgage liability to properties will steer buyers to evaluate their Data from the Monetary Authority of Singapore Chua Yang Liang is JLL’s head of research for a household’s cash holding has declined from capital investment against the long-term hold- indicates that the value of overseas property Southeast Asia JLL Foreign buyers in Singapore residential market Singaporean buyers in local residential market

% % 6,000 20 30,000 78 Number of units purchased by Singaporeans Introduction of ABSD 18 Proportion of Singaporean buyers 76 5,000 16 25,000 Number of units purchased by foreigners 74 Proportion of foreign buyers 14 4,000 20,000 72 12 Revision to ABSD and 70 3,000 10 15,000 introduction of TDSR 68 8 2,000 6 10,000 66 4 64 1,000 5,000 2 62

0 0 0 60 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 THEEDGE SINGAPORE | JANUARY 30, 2017 • EP5 EP6 • THEEDGE SINGAPORE | JANUARY 30, 2017 EYE ON PROPERTY Making sense of the price index

| BY FEILY SOFIAN |

he URA property price index may be the official metric that monitors price movements. However, property investors should be less preoccupied with the price index, scrutinising for signs Tof the market bottoming out. EDGE SINGAPORE CHUA/THE SAMUEL ISAAC First, an index that is bottoming out does not imply an imminent market recovery. As property prices are a function of income level, price recovery would hinge on the prospects of the Singapore economy. The latter should be the primary concern of investors. Conversely, history shows that the index could rebound without showing signs of bottoming out. On several occasions, the index had rebounded sharply without decelerating to a slower decline. In 4Q1998, the price index for private residential properties plunged 8.7% q-o-q but rebounded 5.5% in the next quarter. The same index spiked 15.7% in 3Q2009 following a 4.7% dip in the preceding quarter, while many were still gripped by uncertain- ties in the wake of the Lehman Brothers col- lapse. Multiple factors such as interest rates, population growth, occupancy rates and new economic growth drivers would provide some clues on the outlook of the residential market. Price indices also do not reflect outliers that are deep-value opportunities for investors. At OUE Twin Peaks, a 1,399 sq ft unit on a high floor was transacted at $3 million, or $2,150 psf, last November. The price was an outlier as other buyers were willing to fork out up to URA could shed some light on which micro market led the rebound, or decline, in prices $3.8 million, or $2,698 psf, in December for a mid-floor unit of similar size in the project. It decline would have been steeper — about 5% price hike would be slightly lower, about 4%. years earlier, valuers might have to rely on the would likely have been a highly lucrative deal — if the difference in floor level was taken into Separately, the URA price index for apart- price movements in comparable developments for the buyer regardless of market conditions. account. The $1,660 psf was unlikely to be for ments and condos in the city fringe, or Rest of rather than use the price index to adjust that The index is also a broad indicator of price an inferior unit considering both units are locat- Central Region, dipped 2% q-o-q in 4Q2016. transaction to the current market value. movements. URA’s flash estimate shows the ed on the same stack and hence, are similar in Actual transactions, however, showed pric- A robust index may be a good reflection price index for condominiums and apartments size and facing. Perhaps there was a superstition es generally moving between -8% and +8% of market sentiment. How ever, any price in the high-end segment, or Core Central Region, factor at play as the first unit was located on the q-o-q. In the mass-market segment or Outside movement of less than 1% per quarter is staying flat q-o-q in 4Q2016. However, based eighth floor while the latter was on the 13th floor. Central Region, actual transactions showed mild, regardless of whether it is moving in on sale transactions in the CCR, the actual At the other extreme, a seventh floor unit prices moving between -7% and +3%. a positive or negative direction. In 4Q2016, price movements possibly had a wide range, in Botanic Gardens View changed hands at As they are a broad indicator of price move- the URA price index for apartments and con- say between -5% and +4% q-o-q in 4Q2016 $1,489 psf in 3Q2016. In 4Q, a unit on the ments, there had been occasions when price dos in the RCR dipped 2% q-o-q. Few mar- (see table). ninth floor of the freehold apartment in dis- indices were deemed inadmissible as a time ket watchers could offer insights into the At Soleil @ Sinaran, for example, an eighth trict 10 went for $1,560 psf. This reflects a adjust ment factor in valuation for dispute re- trend. In the event of a significant movement floor unit fetched $1,715 psf in 3Q2016. In 4Q, a price hike of 5% q-o-q. Again, both units are solutions, such as in determining land acquisi- in the price index, perhaps URA could offer unit on the 13th floor was transacted at $1,660 located on the same stack. If the difference tion compensation. If the latest transaction in some insights on which micro market led psf, reflecting a 3% q-o-q decline. The price in floor levels was taken into account, the the subject development had taken place some the rebound/ decline in prices. E

Actual q-o-q prices moved within a wide range*

Core Central Region THE EDGE PROPERTY URA, PROJECT NAME 3Q2016 4Q2016 PROJECT NAME 3Q2016 4Q2016 FLOOR PRICE FLOOR PRICE CHANGE FLOOR PRICE FLOOR PRICE CHANGE LEVEL ($ PSF) LEVEL ($ PSF) (4Q VS 3Q)** LEVEL ($ PSF) LEVEL ($ PSF) (4Q VS 3Q)** Duchess Residences 04 1,503 03 1,676 12 Cairnhill Crest 14 1,823 15 1,829 0 Zenith 09 1,246 06 1,345 9 Tomlinson Heights 30 2,965 32 2,965 -1 Adria 03 1,675 10 1,814 6 Zenith 07 1,737 12 1,750 -1 Botanic Gardens View 07 1,489 09 1,560 4 Avalon 06 1,536 09 1,529 -1 Amaryllis Ville 12 1,350 27 1,469 4 Chelsea Gardens 04 1,535 05 1,515 -2 Residences @ Evelyn 27 1,600 20 1,622 4 Orchard Scotts 03 1,438 07 1,427 -2 Amaryllis Ville 24 1,514 05 1,472 3 Icon 21 1,876 16 1,787 -3 The Serenade @ Holland 13 1,161 19 1,210 2 Thomson 800 06 1,200 07 1,160 -4 Park Infinia At Wee Nam 09 1,725 05 1,741 2 The Sail @ Marina Bay 57 2,549 11 2,130 -4 Tomlinson Heights 20 2,866 30 3,014 2 Novelis 02 1,586 09 1,548 -4 Urbana 31 1,779 25 1,779 2 Soleil @ Sinaran 08 1,715 13 1,660 -5 Ardmore II 21 2,520 30 2,619 1 Soleil @ Sinaran 15 1,827 06 1,691 -5 Residences @ Evelyn 07 1,506 24 1,600 1 Thomson 800 03 1,077 11 1,046 -5 Newton 21 12 1,592 13 1,611 1 Melrose Park 03 1,726 12 1,664 -6 RV Residences 06 2,182 04 2,185 1 Rivergate 25 2,234 18 1,990 -9 Thomson 800 14 1,223 12 1,220 0 Leonie Suites 08 1,698 11 1,548 -10 Scotts 28 25 2,004 26 2,016 0 Latitude 20 2,039 05 1,737 -11

* The q-o-q change in price was based on units located on the same stack with similar size and facing ** After adjusting for floor level THEEDGE SINGAPORE | JANUARY 30, 2017 • EP7 EP8 • THEEDGE SINGAPORE | JANUARY 30, 2017 COVER STORY

Knight Frank’s new office has an expansive clients’ lounge KNIGHT FRANK SINGAPORE

| BY CECILIA CHOW | eighth floor of Ocean Financial Centre. “It’s a the original Ocean Building, first built on the says Danny Yeo, 63, group managing director good number, good feng shui,” Tan said to his same site at Collyer Quay in 1864. of Knight Frank Singapore. n December, Knight Frank Singapore relocat- staff when they moved in. “Let’s start [the new Knight Frank’s new premises occupy a to- The office move in Singapore is also a sig- ed from its office on the 30th floor of Hong year] on a positive note.” It also marked the tal of 14,000 sq ft and have all the trappings nificant milestone, marking the change of Leong Building. As it had been a tenant co-location of both the Knight Frank Singapore of the modern-day workplace — open-plan guard at the helm, with Tan stepping down there for 30 years, the move was captured and Asia Pacific headquarters, with the latter seating, hot desking, a communal area with as executive chairman of Knight Frank Singa- on video and uploaded to YouTube on Jan moving from UOB Plaza 2. a state-of-the-art pantry, booth and lounge pore from March 31. He will then assume the I11. Twin sisters and receptionists, Anne and The 43-storey Ocean Financial Centre is a seats, meeting rooms and video conferencing newly created position of president of Knight Irene Law, who have welcomed visitors to the Grade A office tower completed in 2011 and facilities, as well as a quiet contemplation cor- Frank Asia Pacific, and adviser to Knight Frank Knight Frank Singapore office for a decade, acquired by Keppel REIT for $261.6 million a ner. “All Knight Frank’s offices in the region Singapore. Meanwhile, Yeo will become chair- shed tears as they left the premises. year later. It is a landmark at Collyer Quay and — from Australia to Malaysia — are also pro- man of Knight Frank Singapore from April 1, A particularly poignant moment was when Raffles Place, as it is the fourth generation of gressively changing and updating their look,” in addition to his existing role as group man- Tan Tiong Cheng, Knight Frank Singapore’s aging director. 66-year-old executive chairman, took a lin- gering look around before he switched off the Preparing for the upturn lights and bent down to lock the glass doors for “Apart from that, there’s very little change at the final time. Tan had taken over the running the top,” says Yeo. “We will continue to in- of Knight Frank Singapore in 1986 as manag- ject new people who are very experienced in ing director, the year the company moved to the real estate business, and train and prepare Hong Leong Building. our staff for the next upturn.” “Thirty years ago, Hong Leong Building New additions to Knight Frank Singapore’s was an attractive location — you could see the senior management team include Tan Boon port, and there was a clear view all the way EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: Leong, who joined in March 2016 as execu- to the airport,” recounted Tan in an address tive director and head of industrial. A veter- to his staff at the official move. an of 23 years in the industrial space, he was The 45-storey building at Raffles Quay was head and executive director of industrial ser- developed by the Kwek/Quek family of Hong vices at Colliers International. Leong Group, one of Singapore’s richest fam- Calvin Yeo also joined Knight Frank Singa- ilies. Completed in 1976, it was a landmark in pore last March as executive director and head of the CBD for more than a decade. office. Calvin, former deputy managing director Tan: There have been pretty aggressive bids at some Yeo: We will continue to inject new people who are and head of office services at Colliers Interna- ‘A new start’ of the recent land tenders, as most developers have very experienced in the real estate business, and tional, has 25 years of real estate experience, of The new Knight Frank office is now on the depleted their land bank train and prepare our staff for the next upturn which 20 were spent in the office services sector. THEEDGE SINGAPORE | JANUARY 30, 2017 • EP9 COVER STORY

sim Hill Realty, the entity that owns the remaining 45 unsold units at The Nassim. The purchase was made entirely in cash, according to CapitaLand in an announcement on Jan

KNIGHT FRANK SINGAPORE 16. The Nassim is a 55-unit luxury freehold condominium developed by CapitaLand and completed in 3Q2015. Jan 10 marked the close of the tender for sale of the first residential site on the government land sales (GLS) programme in 2017. The residential site at Perumal Road, off Seran- goon Road, has a land area of 41,417 sq ft and maximum gross floor area of 173,953 sq ft. It can be developed into a 200-unit condo block with 5,382 sq ft commercial space on the first level. At the close of the tender, there were 11 bids, indicating strong participation by developers. Listed construction group Low Keng Huat won the site with a bid of $147.08 million, which translates to about $1,000 psf per plot ratio. Equally strong response was seen at the close of the last two GLS tenders towards end- 2016: the sale of the site on Margaret Drive to MCL Land in December, and the sale of the site on Fernvale Road to a JV between listed property groups Sing Holdings and Wee Hur Holdings in September. The sites received 14 bids each. “There have been pretty aggressive bids at some of the recent land tenders, as most developers have depleted their land bank,” says Freehold One Tree Hill Garden, the first collective sale of 2017, is marketed by Knight Frank Knight Frank’s Tan. “They are therefore ac- tively bidding at government land tenders.” Wendy Low, former head of retail manage- ket. The company was renamed Knight Frank for the construction of the Singapore-Kuala ment at Mapletree Investments, took on the Singapore in 1996, and was 55%-owned by Lumpur high-speed rail (HSR) terminus, Knight Developers in replenishment mode position of executive director and head of re- CHC and 45% by Knight Frank in the UK. The Frank was appointed to represent the club An alternative is to buy private redevelopment tail at Knight Frank Singapore in April 2016. latter still owns a 45% stake in Knight Frank members. Jurong Country Club has closed on sites via en-bloc purchases, but that can some- Singapore today. Dec 31, but it has filed an appeal over the times be a drawn-out process. Last May, for Unexpected twist The firm’s history has been closely en- compensation amount that SLA offered last instance, 82% of the owners of Shunfu Ville In 2011, the seven shareholders of Cheong Hock twined with that of Singapore’s for more than year. The club wants $168.1 million, nearly had agreed to sell the 358-unit privatised HUDC Chye & Co (CHC) divested 80% of their share- half a century. When the Land Acquisition Act double the $89.8 million offer made by the (Housing and Urban Development Co) estate holding in the company to Singapore-listed hos- was introduced in 1967, Knight Frank acted authorities for the acquisition of the 67ha site. for $638 million, after the reserve price was pitality and investment company LC Develop- on behalf of people whose properties were ac- The appeal is still before the courts, with a lowered from $688 million. ment, later renamed LCD Global Investments. quired by the government to ensure that they pre-trial conference fixed for Feb 15, according As five owners objected to the sale, the deal Four years later, in February 2015, LCD Global received adequate compensation. It was also to media reports. had to obtain High Court approval. On Jan 4, exercised its option to purchase the remaining involved in the government’s first land sales Meanwhile, Raffles Country Club members Qingjian Realty obtained High Court approval 20% interest in CHC, giving it a 55% stake in programme in 1967. were equally taken by surprise on Jan 4 when to proceed with the en-bloc purchase of Shun- Knight Frank Singapore. When URA conducted its first auction of they learnt that the 143ha site with two 18- fu Ville estate. LCD Global itself became the subject of an state land for residential development on Kew hole golf courses would be acquired by the au- Other developers have chosen to pur- acquisition when Japan’s J Trust Group took Drive in the East Coast in 1992, Knight Frank thorities to make way for the Singapore-Kuala chase redevelopment plots in private treaty a 29.5% stake in the company in 2014. In Jan- was the appointed agent. It was also the prop- Lumpur HSR project, the Cross Island western deals. Listed property developer UOL Group uary 2015, AF Global, a joint venture (JV) be- erty consultant to broker the first collective sale depot and other transport-related uses. announced on Jan 23 that it had been grant- tween listed jewellery retailer-turned-proper- in Singapore — Cosy Mansion, which was sold According to sources, Raffles Country Club ed an option to purchase a 69,858 sq ft free- ty developer Aspial Corp and listed property for $24.7 million in 1994. members have also appointed Knight Frank to hold site on Amber Road for $156 million group Fragrance Group, controlled by brothers In 2012, when Pearls Centre was gazetted represent them in the compulsory acquisition. from privately held property developer Sin Koh Wee Seng and James Koh Wee Meng for compulsory acquisition to make way for Lian Huat Co. respectively, made a general offer for LCD the construction of the Thomson-East Coast Picking up deals Another listed property company, Roxy- Global with a bid of $313.8 million. Line, Knight Frank represented the Singa- While 2017 is expected to be a challenging year Pacific Holdings, said it has acquired a row AF Global and its various parties now hold pore Land Authority. In March 2013, SLA for the real estate market, there are signs that of five adjoining shophouses along Upper 83.49% of LCD Global, and therefore have in- announced that 241 of 243 of the owners discerning investors have returned. “They are Bukit Timah Road for $17 million. The free- directly become major shareholders of Knight agreed to the compensation, and 174 out of already starting to pick up deals,” notes Yeo. hold site with a land area of 10,256 sq ft and Frank Singapore. In April 2016, LCD Global 175 tenants accepted the government’s offer A case in point was Kheng Leong Co, the plot ratio of 2.5 is zoned for residential de- was renamed AF Global. of an ex-gratia payment. private property company owned by former velopment. The change in ownership of LCD Global Naturally, when Jurong Country Club was banker Wee Cho Yaw and his family, who Meanwhile, Knight Frank launched the first itself was the unexpected twist in the plot for acquired by the government two years ago paid $411.6 million for a 100% stake in Nas- collective sale of 2017. On Jan 17, it announced the shareholders of Knight Frank Singapore that the owners of One Tree Hill Garden had two years ago. put it up for sale. It is a three-storey residen- Tan and Yeo, the two biggest shareholders in tial development with six maisonettes and CHC, had agreed to stay on for five years until seven apartments sitting on a freehold site end-2016, as part of the sale of their stakes to of 39,063 sq ft. The site can be redeveloped the former LC Development in 2011. The re- into a combination of 13 detached and semi- maining five shareholders in CHC were Lydia detached houses. Sng, Nicholas Wong, Mary Sai, Foo Suan Peng Located within the exclusive housing area and Low Kin Hon. Three of the five chose to of One Tree Hill, just off Grange Road, One retire and they were Foo, managing director Tree Hill Garden is near the upcoming Orchard of estate management; Sng, managing direc- Boulevard MRT station on the Thomson-East tor of advisory services; and Wong, executive Coast Line. The owners have indicated a price director of investment and capital markets. tag of $72.8 million, which translates to $1,864 psf based on the land area. The tender will Land acquisitions close on Feb 28. Knight Frank Singapore will turn 77 this year. Local business sentiment remains weak, ac- Started by its eponymous founder in 1940 as cording to a recent survey conducted by the Cheong Hock Chye Pte Ltd, it was subsequent- Association of Chartered Certified Accountants ly renamed Cheong Hock Chye & Co. In 1983, and Institute of Management Accountants. “I CHC merged with Knight Frank to form Knight think most people are looking to see what the Frank Cheong Hock Chye & Baillieu to carve Jurong Country Club, which was acquired by the government two years ago, is appealing the compensation Singapore Budget 2017 will bring,” says Knight a bigger niche in the Singapore property mar- by the authorities Frank’s Yeo. E EP10 • THEEDGE SINGAPORE | JANUARY 30, 2017 EAT, PLAY, LIVE PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

Chinatown Festive Street Bazaar 2017 on the corner of Trengganu Street and Smith Street Chinatown — beyond the festive bazaar

| BY MICHAEL LIM |

uring the Lunar New Year, Singapo- reans and tourists alike will head to Chinatown to soak in the festive at- mosphere: brightly decorated shops selling Chinese New Year goodies, Dthe canopy of red lanterns hung across the streets and the annual Chinatown Festive Street Bazaar, which lasts for three weeks until the eve of Chinese New Year. This is the time when Chinatown — bor- dered by North Bridge Road, Pagoda Street, Temple Street, Smith Street, Sago Street and Trengganu Street — is completely transformed, and the whole area comes alive. “You won’t feel the Chinese New Year fes- The shop selling The Adventures of Tintin comics by Hergé as well as memorabilia is located on Pagoda Street tive spirit until you visit the annual China- town bazaar,” says Mary Sai, Knight Frank Singapore’s executive director of investment and capital markets. “And this is the best time for businesses located there — where they try to capitalise on the crowd and gain as much sales as they can.” Several traditional shops in Chinatown have Chinatown Festive Street Bazaar 2017 in full swing been there for more than 20 years. They con- on Temple Street tinue to remain popular today, says Sai, a frequent visitor to Chinatown both in a personal Lim Chee Guan bak kwa (sliced barbecued capacity and in the course of brokering sales sweet-and-savoury meat). of shophouses there since the 1990s. The shops include Lau Choy Seng, which The old guards of Chinatown specialises in kitchen- and dinnerware, and Lau Choy Seng Mei Heong Yuen Dessert, both of which are Lau Choy Seng was established in October on Temple Street. Chop Tai Chong Kok Confec- 1948 by Lau Chew Tat. The company had its tionery, which specialises in mooncakes and origins as a maker of wooden clogs, with Lau traditional Chinese New Year cookies, is locat- working out of a small shop on Temple Street. ed on Sago Street. On New Bridge Road, there As his business expanded, he moved to bigger Lau Choy Seng was established in 1948 and branched into supplying dining- and kitchenware in the 1970s are Thye Shan Medical Hall and the famous premises at 38 Temple Street in the 1960s. In THEEDGE SINGAPORE | JANUARY 30, 2017 • EP11 EAT, PLAY, LIVE

Mei Heong Yuen Dessert, brainchild of the daughters of Mei Heong Yuen’s founder, is located on Temple Street The 100m-long Chinatown Food Street on the pedestrianised section of Smith Street opened in 2014 after a $5 million facelift

1970s, the Lau family diversified into the sup- Thye Shan Medical Hall ply of kitchen- and dinnerware. By 1993, the Founded in 1955 by the late Chan Chak Poey, kitchen and dinnerware business had grown who migrated to Singapore from Guangdong so large that the business had to relocate to province, Thye Shan Medical Hall continues to its current premises in two neighbouring shop- provide Chinese medicine and physician servic- houses at 23 and 25 Temple Street. es. The shop has been at its New Bridge Road European brands that have appointed Lau location since 1955. Over the years, as China- Choy Seng as their distributor include UK’s Athena town has been modernised, the shop has bene- (which manufactures tableware for hotels and fited from its location near the China town MRT restaurants); Italian brand Bormioli Rocco station and the pedestrianised Pagoda Street. (supplier of glassware); and French brand de The company has four retail shops today as Buyer (which manufactures stainless steel and well as its own line of herbal supplements and aluminium kitchenware and pastry making medicated oils under the Thye Shan and Pin utensils). The company has supplied kitchen- Li brands. Its range of products now include and dinnerware to F&B establishments such premium tonics, health supplements, herbal as Din Tai Fung, Harry’s as well as those at tea and other health products. Marina Bay Sands and Sofitel So Singapore. Lim Chee Guan Chop Tai Chong Kok Confectionery has been at its Sago Street location since 1935 Mei Heong Yuen Dessert Established in 1938 by the late Lim Kay Eng, Located on the other end of Temple Street the outlet on New Bridge Road continues to is Mei Heong Yuen Dessert. The business is draw crowds during the Chinese New Year a spinoff from Mei Heong Yuen Food Indus- period. The business has since expanded to tries, famous for its Farmer Brand Ground- two other branches at People’s Park Complex nuts, which has been in Malaysia and Singa- and ION Orchard under the second generation pore since the 1940s. It was the brainchild of headed by Lim’s son, Rod Lim, 63. The main founder Lee Chit Heng. The company is also shop is located on New Bridge Road. an agent of London Roll cakes and Fruit Plus Chewy Candies. Shophouses remain sought-after The business is now run by Lee’s daugh- Despite the historic Chinatown district coming ters, Connie and Clara. They have diversified to life twice a year — during Chinese New Year the business to include traditional desserts un- and the Mid-Autumn Festival — the shophous- der Mei Heong Yuen Dessert, which specialises in Chinatown continue to be sought after es in traditional Chinese desserts and the fa- by investors, says Knight Frank’s Sai. mous “Snow Ice”. The flagship store has been Last September, for instance, Fragrance Food- at its current Temple Street location for more stuff paid $20.5 million to purchase two adjoin- than 15 years. The business has also expanded, ing shophouses on the corner of New Bridge and there are now six Mei Heong Yuen Dessert Road and Pagoda Street. The price translated shops in Singapore. to $3,535 psf, based on a total gross floor area Buyers queue to buy barbecued pork at Lim Chee Guan’s store located on New Bridge Road of 5,800 sq ft for both shophouses. The seller, Chop Tai Chong Kok Confectionery who had bought them in June 2001 for $4.1 A stalwart in Chinatown is Chop Tai Chong Kok million ($2,366 psf), realised a gain of 400%. Confectionery, which was established there in The properties sit on a 99-year lease with 1935. It was founded by Tham Kai Chee, who effect from January 1995, and therefore have migrated to Singapore from Guangzhou, China 78 years remaining on them. Fragrance Food- with his wife in 1930 in search of a better fu- stuffs, which specialises in Chinese bak kwa, ture. Although he had no baking experience, has been renting the ground-floor premises Tham learnt to make mooncakes. Before long, for its flagship store for more than 12 years. there was a long queue outside his shop on Besides business operators such as Fra- Sago Street as people waited in line to pur- grance Foodstuffs, these shophouses are also chase his freshly baked mooncakes. sought after by private-equity funds, family of- The business is now in the hands of the fices and high net worth investors, says Sai. third generation, specifically Ham Weng Seng, Many of them are holding on to these proper- and the company continues to make traditional ties for the long term and are in no hurry to Cantonese mooncakes. The business has also sell. Thus, there have been few transactions of expanded to five outlets as at 2015, reportedly shophouses in Chinatown, she adds. selling up to 30,000 mooncakes a day during A freehold, 1,076 sq ft shophouse located the Mid-Autumn Festival. Chop Tai Chong Kok on Smith Street was sold in September 2016 for Tak Po Dim Sum Restaurant on Smith Street Confectionery now also bakes Chinese New $8.8 million ($8,208 psf). The seller had bought Year cookies such as Kueh Bangkit, Kueh Kapit it for $7.5 million ($6,996 psf) in March 2013. F&B outlets or goldsmith shops tend to com- are quite mindful of keeping their rental rates (“love letters”), cashew nut cookies and pine- Ground-floor units of shophouses in China- mand rental rates of $10 to $12 psf per month, competitive to keep their tenants and ensure apple tarts. town that have been leased to bak kwa shops, notes Sai. “These days, a lot of the landlords that the business can be sustained.” E EP12 • THEEDGE SINGAPORE | JANUARY 30, 2017 EVENT Learn with Wine

n Jan 12, The Edge Property held the second Learn with Wine event at the Alex Residences sales gallery by UIC-Singland. Functioning as a know- ledge transfer platform, the event facilitated the sharing of valuable tips by real estate professionals. Subra M Suppiah, an advocate & solicitor from Subra TT Law LLC, gave a presentation on “How to Achieve Suc- Ocess through Self-Motivation”, while Francis Tan, an economist from UOB, shared his insights on the market outlook for 2017. The evening ended with a tasting of sparkling wines with Etienne Croset, business development & marketing associate of The French Cellar. E

Tan of UOB giving his talk on the market outlook for this year Guests exploring French sparkling wines with Croset of The French Cellar

Subra from Subra TT Law LLC giving a presentation on ‘How to Achieve Success through Self-Motivation’ Guests speaking with Jonathann Galay, business development & marketing associate of The French Cellar

The event ended with a lo hei (prosperity toss), which symbolises abundance, prosperity and vigour UIC-Singland hosted the event at the Alex Residences Sales Gallery THEEDGE SINGAPORE | JANUARY 30, 2017 • EP13 GAINS AND LOSSES Million-dollar profits made in District 10

| BY LIN ZHIQIN |

he sellers of two separate private non-landed homes in prime District 10 reaped profits of more than $1 million each on Jan 11. The larger profit of $1.32 million accrued to a 2,034 sq ft unit at The Boulevard Residence; the smaller profit accrued to a unit at Grange Residences. TThe seller of The Boulevard Residence unit bought it at $1,515 psf from the developer in 2005 and sold it at $2,163 psf. This translates into a 43% gain, or 3% annually over a EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: 12-year holding period. The Boulevard Residence is a freehold development located near Orchard MRT station. It comprises 46 apartments and was completed in 2005. Prices at The Boulevard Residence peaked in 2007, when there were 12 transactions at an average of $2,911 psf. There were no transactions last year and the sole transaction in 2015 was at $2,409 psf. Monthly rent for three-bedroom units measuring between 2,000 and 2,100 sq ft at The Boulevard Residence averaged $8,571 in 2H2016. Over at Grange Residences, the seller who reaped a $1.3 million profit bought the 2,852 sq ft unit at $2,454 psf in 2007 and sold it at $2,910 psf on Jan 11. This works out to a 19% profit, or 2% annually over 10 years. The same unit fetched a $2.75 million profit for a previous seller, who bought it from the developer at $1,490 psf in 2004. Grange Residences is a freehold condo located near the upcoming Orchard Boulevard MRT station. It comprises 164 units and was completed in 2004. Prices at Grange Residences peaked in 2013 when three units were transacted at an average of $2,858 psf. In 2016, six units were transacted at an average of $2,336 psf. Monthly rent for four-bedroom units sized between 2,800 and 2,900 sq ft at Grange Residences averaged $14,718 in 2H2016. On Jan 12, another unit at Grange Residences was sold at a $730,000 loss. The seller bought the 2,669 sq ft unit at $2,840 psf in 2012 and sold it at $2,566 psf after a holding period that just crossed the four years stipulated under the seller’s stamp duty rules. The loss works out to 10%, or 2% annually. The same unit fetched profits for its two prior sellers. The first seller, who reaped a $4.12 million gain, bought it at $1,230 psf from the developer in 2004; the second seller made a $180,000, or 2%, profit in 2012. Based on the matching of URA caveat data, there have been 103 profitable and seven unprofitable transactions at Grange Residences so far. The unprofitable transactions resulted in losses ranging between $100,000 and $800,000, or between The lowest psf price available for sale at The Boulevard A 2,852 sq ft unit at Grange Residences was sold for a $1.3 million profit on Jan 11 2% and 12%, for the sellers. E Residence can be found at http://bit.ly/boulevardedge

Non-landed residential transactions with contracts dated Jan 10 to 17

Most proﬁ table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 The Boulevard Residence 10 2,034 Jan 11 2,163 Apr 28, 2005 1,515 1,318,555 43 3 11.7

2 Grange Residences 10 2,852 Jan 11 2,910 Jun 13, 2007 2,454 1,300,000 19 2 9.6 THE EDGE PROPERTY URA, 3 Tiara 9 1,302 Jan 11 1,574 Mar 8, 2006 921 850,000 71 5 10.9 4 Amaranda Gardens 19 1,163 Jan 13 1,377 Dec 20, 2001 675 816,104 104 5 15.1 5 Caribbean At Keppel Bay 4 1,270 Jan 16 1,338 Nov 17, 2005 697 815,075 92 6 11.2 6 Queens 3 1,195 Jan 11 1,180 Feb 19, 2002 572 727,000 106 5 14.9 7 Lagoon View 15 1,647 Jan 12 692 May 20, 2004 264 705,000 162 8 12.7 8 Kovan Melody 19 1,690 Jan 12 828 Nov 8, 2006 509 539,900 63 5 10.2 9 The Glacier 15 1,335 Jan 13 1,056 Sep 2, 2009 674 510,000 57 6 7.4 10 The Stellar 5 1,313 Jan 12 1,108 Jul 21, 2008 740 483,380 50 5 8.5

Non-proﬁ table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Grange Residences 10 2,669 Jan 12 2,566 Dec 27, 2012 2,840 730,000 10 2 4.0 2 The Waterside 15 2,400 Jan 17 1,358 Jan 21, 2011 1,541 440,000 12 2 6.0 3 The Sail @ Marina Bay 1 861 Jan 16 1,997 Nov 17, 2009 2,206 180,000 9 1 7.2 4 Rio Vista 19 1,055 Jan 12 766 Jun 15, 2012 853 92,000 10 2 4.6 5 One Fort 15 1,055 Jan 12 1,213 Sep 30, 2011 1,268 58,000 4 1 5.3 6 Euphony Gardens 27 1,044 Jan 11 709 Jul 4, 2011 737 30,002 4 1 5.5 7 Castle Green 26 1,302 Jan 11 699 Dec 28, 2012 705 8,000 1 0.2 4.0 8 Tropical Spring 18 1,389 Jan 13 828 Mar 2, 2011 828 0 0 0 5.9

Note: The profit and loss computation excludes transaction costs such as stamp duties; URA caveat record downloaded on Jan 20 and 24 EP14 • THEEDGE SINGAPORE | JANUARY 30, 2017 DONE DEALS Bulk purchase of units at Ascent @ 456

| BY TAN CHEE YUEN | The average price of $1,021 psf reflects a bulk discount of about fortnight ago, the nine re- 30% relative to the earlier units sold maining units in the 28- from 2014 to 2016, which averaged unit residential block of $1,494 psf, according to caveats Ascent @ 456 on Bales- lodged. For instance, 16 units sold in tier Road were sold to a 2014 ranged in price from $987,500 Asingle buyer, according to caveats ($1,433 psf) to $1.2 million ($1,597 EDGE SINGAPORE CHUA/THE SAMUEL ISAAC lodged on Jan 12. The total purchase psf). Three units were sold last year price of the freehold units amount- for $990,000 ($1,437 psf) to $1.2 mil- ed to $6.66 million, or an average lion ($1,593 psf). of $1,021 psf. The buyer is believed Another project on Balestier Road, to be an individual investor who is VIIO at Balestier, saw an 840 sq ft, not directly related to the directors two-bedroom unit sold for $1.27 mil- or substantial shareholders of the de- lion ($1,516 psf) on Jan 11. VIIO at veloper, TA Corp. Balestier is a redevelopment of the With the sale of these nine units, former Leong On Building by con- the residential portion in the 12-storey tractor-turned-developer Techkon, residential block of Ascent @ 456 is which purchased the site for $92.3 now fully sold. Meanwhile, TA Corp million in December 2012. has decided to hold on to the 17 stra- When completed at year-end, VIIO ta shop units in the retail podium for will have 56 residential units spanning lease. The mixed-use development lo- a seven-storey block sitting on top of cated at the junction of Balestier Road a three-storey retail podium with 22 and Jalan Rama Rama obtained Tem- strata shops. Most of the residential porary Occupation Permit recently. units at VIIO are two-bedroom units, Based on caveats lodged, four of with compact, standard and dual-key the nine units purchased were 689 options, and measuring 474 to 840 sq ft, two-bedders sold for $665,488 sq ft. The project also comprises 14 ($966 psf) to $703,910 ($1,022 psf). three-bedroom dual-key units meas- The remaining five were compact uring 1,076 sq ft each. As at end- three-bedders of 753 sq ft that fetched December 2016, 24 units (43%) had $769,338 ($1,021 psf) to $811,315 been sold at a median price of $1,559 ($1,077 psf). psf, according to URA data. E The sale of the nine remaining units at Ascent @ 456 means the 28-unit residential block is fully sold

LOCALITIES DISTRICTS LAND AREA/ NETT UNIT Singapore — by postal district City & Southwest 1 to 8 SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE Orchard/Tanglin/Holland 9 and 10 QUEENS PEAK Condominium 99 years January 14 495 834,000 - 1,684 Uncompleted New Sale Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 QUEENS PEAK Condominium 99 years January 15 484 824,000 - 1,701 Uncompleted New Sale East Coast 15 and 16 THE CREST Condominium 99 years January 10 1,690 2,900,000 - 1,716 Uncompleted New Sale Changi/Pasir Ris 17 and 18 District 4 Serangoon/Thomson 19 and 20 CARIBBEAN AT KEPPEL BAY Condominium 99 years January 16 1,270 1,700,000 - 1,338 2004 Resale West 22 to 24 North 25 to 28 District 5 BIJOU Apartment Freehold January 11 753 1,445,760 - 1,919 Uncompleted New Sale PARC RIVIERA Condominium 99 years January 10 463 574,000 - 1,240 Uncompleted New Sale PARC RIVIERA Condominium 99 years January 11 463 580,000 - 1,253 Uncompleted New Sale PARC RIVIERA Condominium 99 years January 12 463 594,000 - 1,283 Uncompleted New Sale PARC RIVIERA Condominium 99 years January 13 463 590,000 - 1,275 Uncompleted New Sale PARC RIVIERA Condominium 99 years January 14 463 592,000 - 1,279 Uncompleted New Sale PARC RIVIERA Condominium 99 years January 14 667 665,000 - 996 Uncompleted New Sale THE STELLAR Condominium Freehold January 12 1,313 1,455,000 - 1,108 2008 Resale THE TRILINQ Condominium 99 years January 10 1,044 1,457,000 - 1,395 Uncompleted New Sale THE TRILINQ Condominium 99 years January 11 710 1,076,000 - 1,515 Uncompleted New Sale THE TRILINQ Condominium 99 years January 11 1,346 1,656,000 - 1,231 Uncompleted New Sale THE TRILINQ Condominium 99 years January 12 1,356 1,605,000 - 1,183 Uncompleted New Sale THE TRILINQ Condominium 99 years January 12 710 1,071,000 - 1,508 Uncompleted New Sale THE TRILINQ Condominium 99 years January 13 1,109 1,298,000 - 1,171 Uncompleted New Sale Residential transactions with contracts dated Jan 10 to 17 THE TRILINQ Condominium 99 years January 13 1,518 1,681,000 - 1,108 Uncompleted New Sale WEST COAST GARDENS Semi-Detached 956 years January 13 4,801 4,100,000 - 854 1982 Resale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF WEST COAST GARDENS Terrace 956 years January 16 2,002 2,450,000 - 1,222 1976 Resale PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE WESTCOVE CONDOMINIUM Condominium 99 years January 11 1,098 830,000 - 756 1998 Resale District 1 District 8 THE SAIL @ MARINA BAY Apartment 99 years January 16 861 1,720,000 - 1,997 2008 Resale FORTE SUITES Apartment Freehold January 13 678 1,234,400 - 1,820 2016 New Sale District 2 KENTISH GREEN Apartment 99 years January 12 1,324 1,180,000 - 891 1999 Resale ICON Apartment 99 years January 16 570 988,000 - 1,732 2007 Resale STURDEE RESIDENCES Condominium 99 years January 10 721 1,118,000 - 1,550 Uncompleted New Sale District 3 District 9 COMMONWEALTH TOWERS Condominium 99 years January 15 1,302 2,159,700 - 1,658 Uncompleted New Sale CAIRNHILL PLAZA Apartment Freehold January 13 2,820 3,660,000 - 1,298 1978 Resale HIGHLINE RESIDENCES Condominium 99 years January 12 635 1,320,100 - 2,079 Uncompleted New Sale LIV ON WILKIE Apartment Freehold January 10 560 1,286,000 - 2,298 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years January 13 915 1,812,200 - 1,981 Uncompleted New Sale LIV ON WILKIE Apartment Freehold January 11 560 1,273,140 - 2,275 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years January 12 2,347 3,998,000 3,993,000 1,702 Uncompleted New Sale LIV ON WILKIE Apartment Freehold January 11 549 1,248,390 - 2,274 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years January 12 484 775,000 770,000 1,590 Uncompleted New Sale SOPHIA HILLS Condominium 99 years January 10 700 1,403,150 - 2,005 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years January 12 484 786,000 781,000 1,612 Uncompleted New Sale SOPHIA HILLS Condominium 99 years January 13 506 1,068,000 - 2,111 Uncompleted New Sale QUEENS Condominium 99 years January 11 1,195 1,410,000 - 1,180 2002 Resale SOPHIA HILLS Condominium 99 years January 14 570 1,178,000 - 2,065 Uncompleted New Sale QUEENS PEAK Condominium 99 years January 11 431 732,000 - 1,700 Uncompleted New Sale SOPHIA HILLS Condominium 99 years January 14 700 1,416,000 - 2,024 Uncompleted New Sale QUEENS PEAK Condominium 99 years January 12 441 729,000 - 1,652 Uncompleted New Sale THE RISE @ OXLEY Apartment Freehold January 15 667 1,572,000 - 2,356 Uncompleted New Sale QUEENS PEAK Condominium 99 years January 12 431 742,000 - 1,723 Uncompleted New Sale – RESIDENCES QUEENS PEAK Condominium 99 years January 12 484 828,000 - 1,709 Uncompleted New Sale TIARA Condominium Freehold January 11 1,302 2,050,000 - 1,574 1995 Resale THEEDGE SINGAPORE | JANUARY 30, 2017 • EP15 DONE DEALS

Residential transactions with contracts dated Jan 10 to 17

LAND AREA/ NETT UNIT LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE TIARA Condominium Freehold January 13 1,346 1,888,000 - 1,403 1995 Resale AMARANDA GARDENS Condominium Freehold January 13 1,163 1,600,888 - 1,377 2004 Resale URBAN SUITES Condominium Freehold January 13 2,045 5,150,000 - 2,518 2013 Resale CHILTERN PARK Condominium 99 years January 16 1,098 1,010,000 - 920 1995 Resale District 10 CHUAN PARK Condominium 99 years January 10 1,851 1,650,000 - 891 1984 Resale GRANGE RESIDENCES Condominium Freehold January 11 2,852 8,300,000 - 2,910 2004 Resale FOREST WOODS Condominium 99 years January 14 743 1,036,000 - 1,395 Uncompleted New Sale GRANGE RESIDENCES Condominium Freehold January 12 2,669 6,850,000 - 2,566 2004 Resale FOREST WOODS Condominium 99 years January 14 743 1,032,000 - 1,389 Uncompleted New Sale NAMLY AVENUE Semi-Detached Freehold January 16 3,229 4,800,000 - 1,488 Unknown Resale KOVAN MELODY Condominium 99 years January 12 1,690 1,400,000 - 828 2006 Resale THE ASANA Apartment Freehold January 11 764 1,668,000 - 2,183 Uncompleted New Sale PHILLIPS AVENUE Semi-Detached 999 years January 10 5,630 4,030,000 - 717 Unknown Resale THE BOULEVARD RESIDENCE Apartment Freehold January 11 2,034 4,400,000 - 2,163 2005 Resale RIO VISTA Condominium 99 years January 12 1,055 808,000 - 766 2004 Resale THE EQUATORIAL Condominium Freehold January 16 1,249 1,800,000 - 1,442 2001 Resale RIVERSAILS Condominium 99 years January 10 1,109 1,075,000 - 970 2016 Resale VIZ AT HOLLAND Condominium Freehold January 13 861 1,328,000 - 1,542 2008 Resale SERANGOON GARDEN ESTATE Terrace 999 years January 11 2,799 2,600,000 - 928 Unknown Resale District 11 SUITES @ PAYA LEBAR Apartment Freehold January 17 366 500,000 - 1,366 2013 Resale 6 DERBYSHIRE Condominium Freehold January 12 517 1,132,774 - 2,192 Uncompleted New Sale THE MINTON Condominium 99 years January 12 1,216 1,220,000 - 1,003 2013 Resale HILL PARK Condominium Freehold January 12 5,942 10,600,000 - 1,784 2015 Resale THE TEMBUSU Condominium Freehold January 13 1,367 1,878,500 - 1,374 2016 New Sale District 12 THE TERRACE EC 99 years January 10 1,001 754,600 - 754 Uncompleted New Sale ASCENT @ 456 Apartment Freehold January 12 689 670,273 - 973 Uncompleted New Sale THE TERRACE EC 99 years January 12 1,076 851,200 - 791 Uncompleted New Sale ASCENT @ 456 Apartment Freehold January 12 689 665,488 - 966 Uncompleted New Sale THE TERRACE EC 99 years January 13 1,076 845,100 - 785 Uncompleted New Sale ASCENT @ 456 Apartment Freehold January 12 689 703,910 - 1,022 Uncompleted New Sale THE TERRACE EC 99 years January 13 1,076 835,100 - 776 Uncompleted New Sale ASCENT @ 456 Apartment Freehold January 12 689 684,699 - 994 Uncompleted New Sale THE TERRACE EC 99 years January 13 1,001 794,600 - 794 Uncompleted New Sale ASCENT @ 456 Apartment Freehold January 12 753 800,787 - 1,063 Uncompleted New Sale THE TERRACE EC 99 years January 13 1,076 806,200 - 749 Uncompleted New Sale ASCENT @ 456 Apartment Freehold January 12 753 811,315 - 1,077 Uncompleted New Sale THE TERRACE EC 99 years January 15 1,076 861,200 - 800 Uncompleted New Sale ASCENT @ 456 Apartment Freehold January 12 753 774,534 - 1,028 Uncompleted New Sale THE TERRACE EC 99 years January 15 1,076 821,200 - 763 Uncompleted New Sale ASCENT @ 456 Apartment Freehold January 12 753 779,798 - 1,035 Uncompleted New Sale THE VALES EC 99 years January 11 904 729,888 - 807 Uncompleted New Sale ASCENT @ 456 Apartment Freehold January 12 753 769,338 - 1,021 Uncompleted New Sale THE VALES EC 99 years January 11 904 759,500 - 840 Uncompleted New Sale RIVERSIDE MELODIES Apartment Freehold January 12 1,076 1,377,000 - 1,279 2014 Resale THE VALES EC 99 years January 13 904 754,000 - 834 Uncompleted New Sale VIIO @ BALESTIER Condominium Freehold January 11 840 1,272,991 - 1,516 Uncompleted New Sale THE VALES EC 99 years January 15 904 758,888 - 839 Uncompleted New Sale District 13 VALVISTA Terrace 99 years January 11 1,733 1,800,000 - 1,037 2004 Resale JALAN BELANGKAS Semi-Detached Freehold January 16 3,757 3,050,000 - 811 1994 Resale District 20 District 14 SKY VUE Condominium 99 years January 11 495 800,000 - 1,616 2016 Resale EUNOS MANSION Condominium Freehold January 12 1,292 1,050,000 - 813 1982 Resale THOMSON IMPRESSIONS Apartment 99 years January 11 732 1,062,500 - 1,452 Uncompleted New Sale WING FONG MANSIONS Apartment Freehold January 10 700 400,000 - 572 1997 Resale THOMSON IMPRESSIONS Apartment 99 years January 14 1,055 1,469,853 - 1,393 Uncompleted New Sale District 15 District 21 FIRST POINT SUITES Apartment Freehold January 10 1,819 1,700,000 - 935 2013 Resale SYMPHONY HEIGHTS Condominium Freehold January 13 926 950,000 - 1,026 1998 Resale FLAMINGO VALLEY Condominium Freehold January 11 1,195 1,425,000 - 1,193 2014 Resale THE RAINTREE Condominium 99 years January 11 1,281 1,256,888 - 981 2008 Resale IMPERIAL HEIGHTS Apartment Freehold January 17 452 600,000 - 1,327 2009 Resale District 22 LAGOON VIEW Apartment 99 years January 12 1,647 1,140,000 - 692 Unknown Resale LAKEVILLE Condominium 99 years January 13 1,442 1,719,638 - 1,192 Uncompleted New Sale MANDARIN GARDENS Condominium 99 years January 13 1,572 1,283,000 - 816 1986 Resale WESTWOOD RESIDENCES EC 99 years January 15 1,152 921,000 - 800 Uncompleted New Sale MANDARIN GARDENS Condominium 99 years January 16 2,024 1,650,000 - 815 1986 Resale District 23 LORONG M TELOK KURAU Detached Freehold January 12 8,977 7,100,000 - 791 1981 Resale GUILIN VIEW Condominium 99 years January 13 1,259 985,000 - 782 1999 Resale NEPTUNE COURT Apartment 99 years January 10 1,270 828,000 - 652 1975 Resale HILLVIEW HEIGHTS Condominium Freehold January 11 1,432 1,500,000 - 1,048 1996 Resale ONE FORT Condominium Freehold January 12 1,055 1,280,000 - 1,213 2005 Resale SOL ACRES EC 99 years January 14 710 601,000 - 846 Uncompleted New Sale PALM OASIS Apartment Freehold January 12 753 880,000 - 1,168 2008 Resale SOL ACRES EC 99 years January 14 926 713,000 - 770 Uncompleted New Sale THE GLACIER Apartment Freehold January 13 1,335 1,410,000 - 1,056 2004 Resale SOL ACRES EC 99 years January 14 1,044 841,000 - 805 Uncompleted New Sale THE PALLADIUM Apartment Freehold January 17 2,034 2,550,000 - 1,253 2002 Resale SOL ACRES EC 99 years January 14 947 785,000 - 829 Uncompleted New Sale THE WATERSIDE Condominium Freehold January 17 2,400 3,260,000 - 1,358 1992 Resale SOL ACRES EC 99 years January 15 980 717,000 - 732 Uncompleted New Sale District 16 THE WARREN Condominium 99 years January 11 1,238 1,002,000 - 809 2004 Resale CHANGI GREEN Condominium Freehold January 11 1,335 1,280,000 - 959 1998 Resale VILLA VERDE Terrace 99 years January 13 2,637 1,850,000 - 702 2000 Resale EAST MEADOWS Condominium 99 years January 16 1,227 1,080,000 - 880 2002 Resale District 25 TANAH MERAH MANSION Condominium Freehold January 12 1,324 1,065,000 - 804 1984 Resale BELLEWOODS EC 99 years January 13 1,227 968,200 - 789 Uncompleted New Sale THE BAYSHORE Condominium 99 years January 11 926 770,000 - 832 1996 Resale District 26 THE GLADES Condominium 99 years January 10 990 1,388,000 - 1,402 2016 New Sale CASTLE GREEN Condominium 99 years January 11 1,302 910,000 - 699 1997 Resale THE GLADES Condominium 99 years January 10 990 1,378,200 - 1,392 2016 New Sale District 27 THE GLADES Condominium 99 years January 10 990 1,410,000 - 1,424 2016 New Sale EUPHONY GARDENS Condominium 99 years January 11 1,044 739,998 - 709 2001 Resale THE GLADES Condominium 99 years January 11 990 1,436,200 - 1,450 2016 New Sale PARC LIFE EC 99 years January 10 1,270 991,800 989,500 779 Uncompleted New Sale THE GLADES Condominium 99 years January 15 624 980,000 - 1,570 2016 New Sale PARC LIFE EC 99 years January 11 1,001 790,400 788,100 787 Uncompleted New Sale District 17 PARC LIFE EC 99 years January 12 1,066 885,400 883,100 829 Uncompleted New Sale FERRARIA PARK CONDOMINIUM Condominium Freehold January 17 1,195 955,000 - 799 2009 Resale PARC LIFE EC 99 years January 14 1,066 837,900 835,600 784 Uncompleted New Sale HEDGES PARK CONDOMINIUM Condominium 99 years January 10 872 825,000 - 946 2015 Resale SIGNATURE AT YISHUN EC 99 years January 12 1,184 997,000 - 842 Uncompleted New Sale District 18 SYMPHONY SUITES Condominium 99 years January 10 689 759,000 - 1,102 Uncompleted New Sale D’NEST Condominium 99 years January 12 1,410 1,322,880 - 938 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years January 11 797 875,000 - 1,099 Uncompleted New Sale D’NEST Condominium 99 years January 13 1,270 1,292,460 - 1,018 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years January 12 797 816,000 - 1,024 Uncompleted New Sale D’NEST Condominium 99 years January 14 1,410 1,330,000 - 943 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years January 13 915 926,800 - 1,013 Uncompleted New Sale OASIS @ ELIAS Condominium 99 years January 12 1,302 980,000 - 752 2011 Resale THE BROWNSTONE EC 99 years January 14 947 754,400 - 796 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years January 13 1,066 1,079,000 - 1,013 Uncompleted New Sale THE BROWNSTONE EC 99 years January 15 883 731,200 - 828 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years January 14 700 722,000 - 1,032 Uncompleted New Sale THE VISIONAIRE EC 99 years January 12 1,023 839,520 - 821 Uncompleted New Sale THE SANTORINI Condominium 99 years January 10 753 792,000 - 1,051 Uncompleted New Sale THE VISIONAIRE EC 99 years January 12 872 701,910 - 805 Uncompleted New Sale THE SANTORINI Condominium 99 years January 10 753 830,000 - 1,102 Uncompleted New Sale THE VISIONAIRE EC 99 years January 12 1,206 908,000 - 753 Uncompleted New Sale THE SANTORINI Condominium 99 years January 11 1,421 1,477,000 - 1,040 Uncompleted New Sale THE WISTERIA Apartment 99 years January 14 969 1,082,312 - 1,117 Uncompleted New Sale THE SANTORINI Condominium 99 years January 11 753 772,000 - 1,025 Uncompleted New Sale THE WISTERIA Apartment 99 years January 15 1,173 1,168,000 - 996 Uncompleted New Sale THE SANTORINI Condominium 99 years January 11 753 802,900 - 1,066 Uncompleted New Sale District 28 THE SANTORINI Condominium 99 years January 12 527 626,000 - 1,187 Uncompleted New Sale FLORAVILLE Apartment Freehold January 11 818 910,000 - 1,112 Uncompleted New Sale THE SANTORINI Condominium 99 years January 14 527 612,800 - 1,162 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years January 14 1,044 1,052,000 - 1,008 Uncompleted New Sale THE SANTORINI Condominium 99 years January 14 1,044 1,136,000 - 1,088 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years January 15 1,012 980,000 - 969 Uncompleted New Sale THE SANTORINI Condominium 99 years January 15 1,367 1,473,000 - 1,078 Uncompleted New Sale SELETAR HILLS ESTATE Semi-Detached Freehold January 12 3,068 2,330,000 - 760 1993 Resale THE SANTORINI Condominium 99 years January 15 743 798,930 - 1,076 Uncompleted New Sale SELETAR PARK RESIDENCE Condominium 99 years January 10 872 1,060,000 - 1,216 2015 Resale TROPICAL SPRING Condominium 99 years January 13 1,389 1,150,000 - 828 2002 Resale

VUE 8 RESIDENCE Condominium 99 years January 12 775 880,000 - 1,135 Uncompleted New Sale DISCLAIMER: Source: URA Realis. Updated Jan 24, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the District 19 use of, or reliance on, the information provided therein. A TREASURE TROVE Condominium 99 years January 12 1,044 1,070,000 - 1,025 2015 Resale EC stands for executive condominium EP16 • THEEDGE SINGAPORE | JANUARY 30, 2017 DEAL WATCH

Spring Grove unit going for $1,374 psf

| BY TAN CHEE YUEN | Recent transactions at Spring Grove n the prestigious neighbourhood of Grange Road, Spring Grove is CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) a rare 99-year leasehold condo Dec 16, 2016 1,012 1.400 1,384

among freehold developments be- Nov 20, 2016 1,012 1.528 1,510 THE EDGE PROPERTY URA, TABLES: cause the site has an interesting Nov 14, 2016 1,012 1.380 1,364 history. The private condo, located EDGE SINGAPORE CHUA/THE SAMUEL ISAAC I Oct 18, 2016 1,012 1.470 1,453 on a sprawling 263,513 sq ft site, was once the residence of the US Ambas- Sept 21, 2016 1,012 1.380 1,364 sador to Singapore. The site was sold to property giant City Developments in 1991 for $80 EdgeProperty.com at $1.39 million million on a 99-year lease for devel- ($1,374 psf). “The owner wants to Recent rental contracts opment into Spring Grove. The US exit in order to have options on the for 1,000 to 1,100 sq ft government continues to own the market as more developers dangle underlying freehold title on the site. The 325-unit Spring Grove was completed in 1996 sweeteners to homebuyers,” says units at Spring Grove Spring Grove, which comprises Pearl Wong, a property agent from three 20-storey blocks with a total of 553,377 sq ft, according to Knight in separate blocks, according to ca- PropNex Realty, who is marketing LEASE DATE MONTHLY RENT 325 units, was completed in 1996. In Frank. The tender closed in Septem- veats lodged from April to December. the unit. It is tenanted at a monthly $ $ PSF July 2014, the owners of the strata- ber 2014 without any takers. More units were offered for sale rental rate of $3,500, which translates December 2016 3,000 2.90 titled condo launched a collective There was no resale of units dur- in 2016. All five transactions cap- into a gross yield of 3.8%, based on December 2016 3,600 3.40 sale of the site, with Knight Frank ing the collective sale period in 2014. tured by URA Realis from Septem- the asking price. November 2016 3,900 3.70 as the marketing agent. The reserve The following year, however, some ber to December were that of 1,012 The rental rate is in line with price was set at $1.39 billion and in- owners of units at Spring Grove de- sq ft, two-bedroom units. Transac- market rates, which have ranged November 2016 4,400 4.20 cluded $245 million payable to the cided to offload them in the resale tion prices ranged from $1.38 mil- from $3,000 to $4,400 per month, November 2016 4,000 3.80 US government for topping up the market. Prices of low- to mid-floor lion ($1,364 psf) for a unit on the based on leasing transactions over lease to 103 years. The reserve price units sold in 2015 ranged from $1,346 10th floor to $1.53 million ($1,510 the past three months, according October 2016 3,350 3.20 translates into a land price of $2,512 psf for a 1,787 sq ft, four-bedroom psf) for one on the 18th floor. to URA data. October 2016 3,400 3.20 psf per plot ratio based on the maxi- unit to $1,680 psf for a 1,012 sq ft, Another 1,012 sq ft, two-bed- Visit tinyurl.com/DealWatch-S764 mum permissible gross floor area of two-bedroom unit on the 15th floor room unit was listed for sale on The- for more information. E

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The Edge Singapore Cardholder’s name (print + 3 digital access) Contact No Email + The Edge Malaysia Card no (1 digital access) Expiry date Signature CelebratingCelebrating SpSSpecialeciial OccasionsOOccasions SiSincence 11938 There’s no better place to celebrate your special occasions than at Lawry’s. Located in the heart of Orchard Road, Lawry’s 2. Cheque. My cheque payable to “The Edge Publishing Pte Ltd” is enclosed The Prime Rib Singapore is renowned for its exceptional American cuisine. The restaurant has a seating capacity of Cheque no 170, with six private dining rooms equipped with state of 3. Online. Visit subscribe.theedgesingapore.com the art presentation facilities for private as well as corporate LAWRY’S THE PRIME RIB events. 333A Orchard Road 4. Phone. Please call 6232 8622 (Monday to Friday 9am to 5.30pm) #04-01/31 Mandarin Gallery Mail the duly completed subscription form and cheque to: Singapore 238897 Expect impeccable standard of service and savour the The Edge Publishing Pte Ltd www.lawrys.com.sg all-time-favourite Signature Roasted Prime Ribs of Beef, 150 Cecil Street #08-01 Singapore 069543 carved from “Silver Carts” and served with the Famous Tel: 6232 8622 Fax: 6232 8630 Email: [email protected]

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