Thakral Ramps up Investment in Retirement Resorts, Streamlines Other Businesses

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 15, 2020 | ISSUE 937-159

Market Trends Spotlight Done Deals Under the Hammer Auction team rakes in HDB ‘Sky’ flats New home sales for May One-bedder at Loft @ $10 mil in sales during sought-after despite could surprise on the Stevens going for circuit breaker ep4 no viewings ep8 upside ep10 $1.7 mil ep12

Thakral ramps up investment in retirement resorts, streamlines other businesses

Turn to our Cover Story on Pages 6 & 7.

Lakefront clubhouse of GemLife Bribie Island resort-style, retirement community in Queensland THAKRAL CORP THAKRAL

EP2 • EDGEPROP | JUNE 15, 2020 PROPERTY BRIEFS

FRASERS PROPERTY JLL reit Global Real Estate Index and Construction Authority) Series with effect from June 22. Green Mark GoldPlus, which ADVERTISING + The index series tracks the differentiates the environ- MARKETING ADVERTISING SALES performance of listed real es- ment-friendly buildings by vice-president, sales & tate companies and REITs, and judging criteria such as en- operations | Diana Lim allows investors to identify real ergy, water and material re- account director | Ivy Hong estate companies with strong source usage, and quality of deputy account director | Janice Zhu sustainability performance. It the environment indoors. senior account manager | is recognised as the leading The group won the Fern- Pang Kai Xin benchmark for listed real es- vale Lane site in a government account manager | Ryan Wang tate investments worldwide. land sale exercise in March. PUBLISHER Beh Siew Kim, CEO of the The site is close to Seletar The Edge Property Pte Ltd managers of ART, says that Aerospace Hub and the up- 150 Cecil Street #13-00 Singapore 069543 combining with Ascendas coming Punggol Digital Dis- Tel: (65) 6232 8688 Hospitality Trust last year has trict. Key transportation nodes Fax: (65) 6232 8620 boosted the scale of the trust such as Central Expressway Mike Batchelor, currently the CEO and enabled the inclusion are easily accessible. PRINTER of JLL Hotels and Hospitality Group, into the index. This helps to Green loans are designed Frasers Property’s group CFO, Loo Choo Leong, says tapping the green loan KHL Printing Co Pte Ltd market is ‘a natural extension of [the firm’s] business focus on sustainability’ 57 Loyang Drive Asia, will expand his role to cover broaden ART’s reach among to finance green or sustaina- Singapore 508968 Asia Pacific global investors and increase ble projects. The green loan Tel: (65) 6543 2222 Fax: (65) 6545 3333 its trading liquidity. is the first in Singapore for and Waterway Point. with known residential status JLL introduces Asia “With an enlarged inves- an EC and the 10th green fi- Each robot is equipped in 1Q2020, 78% were Singa- PERMISSION AND Pacific leadership tor base, we will have greater nancing initiative by Frasers with a camera, built-in sen- poreans and 16% were PRs. REPRINTS changes to Hotels and financial capacity to further Property. sors, software and ultravio- As a whole, the number of Material in The Edge Property may not be reproduced in any Hospitality Group enhance ART’s portfolio,” Loo Choo Leong, group CFO let-C light module that uses buyers has declined as abso- form without the written JLL’s Hotels and Hospitality she adds. of Frasers Property, says that UV-C rays to eradicate viruses. lute transaction volume has permission of the publisher Group has announced a se- ART is the largest hospi- the group has been quick to Air-conditioning and ven- fallen. Out of all non-land- ries of changes to the Asia tality trust in Asia Pacific as “recognise the support from tilation systems, as well as ed transactions by foreign We welcome your comments Pacific leadership team, ef- at Dec 31, 2019, with an as- financial institutions for green carpark exhaust ducts, grease home buyers, the “unspec- and criticism: propertyeditor.sg@ fective June 9. set value of $7.4 billion, com- financing”. He adds that tap- pipes and sewer lines will ified” group comprised the bizedge.com Mike Batchelor, currently prising Ascott REIT and As- ping the green loan market is be sanitised with disinfect- largest at 27% in 1Q2020. Pseudonyms are allowed but the CEO of JLL Hotels and cott Business Trust. ART has “a natural extension of [the ing agents. The furniture at This is followed by main- please state your full name, Hospitality Group, Asia, will been listed on the Singapore company’s] business focus common areas have also been land Chinese buyers, which address and contact number for expand his role to cover Asia Exchange since March 2006 on sustainability”. arranged to support safe dis- accounted for 23.7%, a drop us to verify. Pacific. He will oversee a team and its objective is to invest in In September 2018, the tancing and prevent congre- from 27.9% in 4Q2019. of 80 people in seven coun- hospitality real estate and real group raised its first green gation. Additionally, there are In the traditional prime dis- tries and territories, including estate-related assets globally. loan, which was also the first limits imposed on lift occu- tricts of 9, 10 and 11, main- Australia, and provide clients As at March 2020, ART’s in- syndicated one in Southeast pancy and queue numbers. land Chinese constituted over with access to the Australia, ternational portfolio comprises Asia, for the refinancing of Group CEO Panote Siriva- a quarter (25.6%) of foreign New Zealand and the Pacific 88 properties, with more than Frasers Tower. The group has dhanabhakdi says: “We are buyers in 1Q2020, an increase Islands hospitality markets. 16,000 units in 39 cities across raised around $4 billion in clearly navigating a ‘new nor- from 25.3%in 4Q2019. They In Australia, Craig Collins 15 countries. The properties green financing to date. mal’ and recognise we must were followed by Indonesians will be leaving his role as operate under the Ascott The operate our properties differ- (14.1%), Malaysians (8.3%) CEO of Australasia, and Peter Residence, Somerset, Quest Frasers Property steps ently as we address the evolv- and Americans (8.3%). Harper will assume the role and Citadine brands. They up preventive measures ing needs of our customers.” Meanwhile, overall trans- of managing director, head of are predominantly located in in malls, offices, hotels actions have fallen as a result investment sales, Australasia. developed cities across Asia Frasers Property has intro- Transaction volume by of showflat closures, extended Nihat Ercan, currently the Pacific, Europe and the US. duced preventive measures foreign home buyers rules against conducting home head of investments sales and processes to ensure that falls 26% in 1Q2020 viewings, fewer new launch- for JLL Hotels and Hospital- Frasers Property secures tenants, customers, guests and Based on the residential sta- es and economic uncertain- ity Group, Asia, will also ex- Singapore’s first green occupants can return to their tus of home buyers in Sin- ties caused by the Covid-18 pand his role to cover Asia Pa- loan for Fernvale Lane EC properties safely during Phase gapore, the number of for- pandemic. cific. He will partner closely Frasers Property has secured a One of the reopening after eign home purchasers fell the Transaction volumes for with the Australasia invest- green loan of $350 million to the “circuit breaker” period. most, by 26.1% to 215 units private homes have declined ment sales team to provide finance an executive condo- Across malls, hotels, ser- in 1Q2020, compared to oth- for the second consecutive enhanced access to capital minium (EC) at Fernvale Lane viced residences, offices, busi- er statuses, according to Ed- quarter by 14.4% q-o-q to sources in Asia to expand through subsidiary Fernvale ness parks, and industrial mund Tie’s Private Homes 4,174 homes in 1Q2020. It their investment portfolios Lane. The loan was funded and logistics facilities under Report for June 2020. is the lowest since 1Q2019, internationally. by three banks: DBS Bank, Frasers’ care, hand sanitiser Transaction volumes by when total transactions reg- Xander Nijnens, head of Malayan Banking and OCBC stations, temperature check- Singaporeans and Singapore istered were 3,743 units. advisory and asset manage- Bank. Fernvale Lane is 80% points and safe distancing permanent residents (PRs) de- New sales decreased by ment, Asia, will take on the held by a wholly-owned sub- markings have been set up. creased by 12.5% and 10.5% 12% q-o-q to 2,149 units in responsibility of asset man- sidiary of Frasers Property Frontline staff have been given respectively in 1Q2020. 1Q2020. Transactions of resale agement across Asia Pacific. and 20% held by CCS Land masks to be worn at all times. As a proportion of sales units fell by a larger 16.8% The leadership changes fol- Group (Singapore). Additionally, apart from by residential status, howev- q-o-q to 2,025 units in the low a record year of invest- The upcoming EC will com- enhanced cleaning and disin- er, the percentage of foreign same period. The percent- ment volumes for JLL Hotels prise approximately 500 units. fection, UV-disinfectant robots buyers has only declined by age of new sales to total pri- and Hospitality Group in Asia For the completed project, will be deployed in Frasers 1 percentage point from 7% vate home sales in 1Q2020 Pacific. CEO Batchelor recog- the developer is targeting Property’s retail malls in Sin- in 4Q2019 to 6% in 1Q2020. was 51.5%. — Compiled by nises that the industry is now to obtain the BCA (Building gapore such as Northpoint City Of the private home buyers Valerie Kor E going through “one of the most

challenging periods the hotel ASCOTT RESIDENCE FRASERS PROPERTY sector has ever experienced” and reiterates the importance of providing timely and accu- rate advice across markets in Asia Pacific. JLL is a major professional services firm that specialises in real estate and investment management. It has an annu- al revenue of $18 billion and operates in over 80 countries as of March 31.

Ascott Residence Trust joins FTSE EPRA Nareit Global Developed Index Hospitality trust Ascott Resi- Frasers Property deploys UV disinfectant robots that are equipped with a dence Trust (ART) will be in- Citadines Tour Eiffel Paris is one of the 88 properties in ART’s international camera, built-in sensors, software and UV light module that emits rays to cluded in the FTSE EPRA Na- portfolio eradicate viruses EDGEPROP | JUNE 15, 2020 • EP3 EN BLOC WATCH

CUSHMAN & WAKEFIELD MOUNT EVEREST PROPERTIES

101 Beach Road is at the junction of Beach Road and Liang Seah Street GSM building is a commercial building with corner double frontage

Two properties in Bugis up for collective sale

BY VALERIE KOR five-minute walk of the Bugis MRT in- Both GSM Building and 101 Beach Road [email protected] terchange station and Bencoolen MRT are located close to shopping amenities station. and eateries at Bugis Junction, Bugis+ wo commercial properties in the The other property is located at 101 and Bugis Village. There are also sever- Bugis area were launched for Beach Road, a corner land plot at the al educational institutions in the vicin- collective sale last week. One junction of Beach Road and Liang Seah ity, including Singapore Management is GSM Building at 141 Mid- Street. The six-storey building current- University, School of the Arts, Lasalle dle Road, while the other is 101 ly has retail, office and residential units College of Arts and Nanyang Academy TBeach Road. and a gross floor area of 37,845 sq ft. of Fine Arts. GSM Building is located at the corner The reserve price is $90 million. The The surrounding area of Bras Basah of Middle Road and Waterloo Street. It tender exercise for 101 Beach Road clos- Road, Beach Road, Ophir Road and Ro- is a five-storey building with 30 office es on July 22 at 3pm. chor Road is undergoing gentrification. units on the upper floors and three retail The building at 101 Beach Road sits Mixed-used development Guoco Mid- units on the ground floor. The proper- on a 7,523 sq ft, 999-year lease with ef- town by GuocoLand and residential ty has 61 years left on its 99 year lease. fect from 1827. This means the proper- condominium The M by WingTai Asia The property sits on a site area of ty has a balance of 806 years left on its Holdings should be completed in 2022 12,003 sq ft and is zoned for commer- lease. It is within a seven-minute walk and 2024 respectively. The 42-year-old cial use with a plot ratio of 4.2. The new to Bugis MRT Station and Esplanade Shaw Tower will also be demolished to building can be built up to 16 storeys, MRT Station on the Circle Line. make way for a 35-storey office and re- subject to planning approval. The URA has two allowable devel- tail building by 2023. GSM Building is offered for sale by opment parameters for the building at Meanwhile, GuocoLand has anoth- tender with a reserve price of $98 mil- 101 Beach Road. It can retain its cur- er development in the pipeline on Tan lion. There is an additional $18.6 mil- rent “commercial” zoning with a gross Quee Lan Street, just across the road lion differential premium to be paid for plot ratio of 4.2 ($2,848 psf per plot ra- from Guoco Midtown. As such, direc- intensifying the land use and topping tio), based on the Master Plan 2019; or tor of capital markets at Cushman and up the lease. The tender exercise will be rezoned as “commercial/residential” Wakefield Christina Sim says that asset close on July 16, according to market- with a gross plot ratio of 5.03 ($2,394 psf prices in the region are expected to rise ing agency, Mount Everest Properties. ppr), subject to approval. The maximum as the area matures into a “work-live- The property is located within a allowable building height is six storeys. play hub”. E EP4 • EDGEPROP | JUNE 15, 2020 MARKET TRENDS Edmund Tie’s auction team rakes in $10 mil in sales during circuit breaker

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE BY CHARLENE CHIN [email protected]

lthough property viewings have halt- ed throughout Singapore’s “circuit breaker” period, Edmund Tie’s auction team managed to close deals exceeding $10 million in total across Aseven properties. In Phase One of Singapore’s reopening, the restrictions put in place during the circuit breaker continue for the real estate industry: property agents are still disallowed from participating in face-to-face activities, which include physical viewings, door-to-door solicitation, or marketing activities in public spaces and related events, an advisory by Singapore’s Council for Estate Agencies (CEA) highlights. During the circuit breaker, instead of physical viewings, the team relied on virtual walk- throughs featuring videos of the properties’ in- terior. “We ensured that our videos cover most parts of the units in order to allow buyers a clear- er view of the properties,” says Joy Tan, head of auction and sales at Edmund Tie. The properties were marketed under private In Phase One of Singapore’s reopening after the circuit breaker period, property agents are still disallowed from participating in face-to-face activities treaties, as an alternative to holding auctions. The buyers were a mix of investors and owner-occupiers, says Tan, although most of the property, often more than once, before commit- circuit breaker period was a freehold duplex unit Tan says. This is “unlike in a physical event interest still came from the former looking for ting,” she adds. with a private swimming pool at Palmera Resi- where we are able to see them”, she explains. units with investment potential. In such a climate, Tan’s team has had to dence. The 1,496 sq ft unit, along Lorong N Telok Auctions are also time-sensitive. “With tech- Most of the potential buyers were those be more proactive in providing more informa- Kurau, was on the market with a guide price nology, there might be a lag with video calls or who had cash on hand, says Tan, such as those tion such as pricing data to potential buyers. of $1.38 million ($922 psf). The buyer intend- even comments, especially with large groups. who had cashed out on en bloc transactions in This would allow them to be “more confident ed this purchase to be an investment, says Tan. We have had cases in physical auctions that the last two years, and had been waiting for a to commit to a purchase, as compared to face- The ground-floor unit has a family area, en- even a second counts when receiving and ac- good opportunity to buy their dream property to-face sales which are more efficient and con- closed kitchen, utility room, and common bed- cepting a bid before the gavel falls,” Tan says. at their ideal price. vincing”, shares Tan. room — which opens out to the private pool — Another concern is the gap between the time She explains that investors are the ones who on the first level. On the second level, there is a the successful online bids are placed, and the are likely to purchase properties without phys- Properties snapped up during living area and an en suite bedroom. collection of cheques. “During this downtime, ically viewing them, since they intend to rent circuit breaker The property is close to top schools such as buyers may have post-purchase dissonance and out the units: “For investors, they are looking Among the units sold by the Edmund Tie team Tao Nan School, CHIJ (Katong) Primary and withdraw their offers,” says Tan. However, in more at the dollars and cents, and recent trans- during the period was a two-bedroom unit at Ngee Ann Primary School. It is a six-minute a physical auction, the process is swift: Tan’s actions versus rental yield returns.” Marina Bay Residences. Spanning 1,065 sq ft, walk away to the upcoming Marine Terrace team would approach the buyers to collect the In contrast, owner-occupiers tend to be more the 15th-floor unit was placed on the market MRT Station on the Thomson-East Coast Line, cheques right after the gavel falls. particular about whether their family will come with a guide price of $2.05 million ($1,925 psf). slated for completion in 2023. As with shifting any process online, there to enjoy the property in the long term, says Tan. Completed in 2010, Marina Bay Residenc- When asked, Edmund Tie declined to reveal is the concern of a lack of personal touch, says “The vibe of the property and the direction it es comprises a mix of one- to four-bedroom the sale prices of the units at Marina Bay Res- Tan. There could also be online bidders who faces, for example, play a big part, and thus, apartments and six penthouses, which include idences and Palmera Residence as the buyers are not aware of the eligibility and requirements these buyers would typically need to view the a 11,000 sq ft, triplex penthouse. Facilities in the might find it sensitive. to purchase certain properties, such as for for- development include a gym, function room, bar- eigners purchasing landed properties, she adds. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE becue area, a lap pool and jacuzzi. Online auctions? Maybe not However, one thing is for sure: the real es- The most recent transaction at Marina Bay Edmund Tie originally wanted to shift its auc- tate industry, and Tan’s auction team in particu- Residences was for a 732 sq ft unit on the 48th tion sessions online, but realised that was not lar, are relying heavily on technology to navi- floor that changed hands at $1.55 million ($2,118 ideal for a number of reasons. First, the team gate safe distancing measures. “Post-Covid-19, psf) on Jan 8 this year. Prior to that, a 1,055 sq is wary that there would be dummy bidders — our team will continue to prepare video walk- ft unit on the 40th floor was sold for $2.5 mil- people “who are just trying their luck [to bid for throughs of our properties, and will hold virtual lion ($2,400 psf) in December 2019. properties as] there will be no implications for viewings for prospects if requested,” she says. Another property sold by the team over the themselves since their identity is not shared”, “We foresee that this might be the new norm.” E

EDMUND TIE EDMUND TIE

Among the units sold during the period was a A 1,324 sq ft ,three-bedroom unit on the second floor at Livia was on the two-bedroom unit on the 15th floor of Marina Another unit sold during the period was a freehold duplex unit of 1,496 sq ft, with market with a guide price of $1.06 million, but was sold for $950,000. The Bay Residences a private swimming pool, at Palmera Residence buyer purchased it for his own stay. EDGEPROP | JUNE 15, 2020 • EP5 OFFICE

Flexible workspaces won’t die out in the long term: CBRE

ALBERT CHUA/ THE EDGE SINGAPORE BY CHARLENE CHIN [email protected]

s Covid-19 wreaked havoc worldwide and employees retreated to their homes to work, offices around the globe have, at one point or another, been largely empty. Undeni- Aably, the flexible workplace sector has weath- ered a heavy hit, with occupancy levels at co-working spaces and serviced offices at an all-time low, and membership growth seeing a slowdown. But despite the short-term gloom, CBRE believes that the long-term fundamentals of flexible workplaces remain sound, citing four reasons. First, flexible workspaces will become wide- spread post-pandemic. Inevitably, Covid-19 “will create a more fluid workforce and lead to greater acceptance of more varied working styles and locations”, CBRE highlighted The long-term fundamentals of flexible workplaces remain sound, says CBRE in a June report. How this is likely to play out is through the adoption of a hub-and-spoke model, says CBRE, where companies main- tain a core office front in the CBD and fit out Fourth, flexible workspaces could emerge as As it is, the flexible workspace industry al- keeping business running, most operators have several smaller offices in further-out loca- one of the solutions for large occupiers seek- ready faces a high competition for tenants as limited guest access; reconfigured shared spac- tions. Tenants could also adopt a “core+flex” ing to accommodate social distancing proto- there is ample supply in the market. As at end es and meeting rooms with staggered seating solution, where businesses keep a core office cols, which could help spread out workers March, the total inventory of flexible space and buffer zones; and ramped up cleaning space on a fixed, long-term lease, while sat- in Asia Pacific’s dense office environments. in 18 major cities in Asia Pacific tracked by standards with more frequent cleaning and ellite offices are maintained on flexible leas- CBRE reached 71 million sq ft. Although the providing free masks to members. es. Already, the two trends have been gain- Short-term woes rate of growth has slowed to 5% in 1Q2020 Following the onset of Covid-19 in Feb- ing traction among office occupiers, notes the As of late May, occupancies in several major from 20% y-o-y in 2019, supply has in fact ruary, CBRE notes that individuals, start- real estate consultancy. co-working centres in China and Hong Kong risen threefold over the past five years. ups and SMEs were quick to request relief The flexible workspace industry will also have “recovered considerably”, a trend CBRE CBRE, therefore, expects more M&A activ- measures from flexible space operators. In be able to cater to firms’ headcount volatility, expects will be replicated in other markets as ity as well as further consolidation to happen response, most operators have prioritised re- growth testing, and access to readily availa- restrictions are gradually lifted. among operators. “Closures of unprofitable newals with existing customers, while others ble space on short notice, it adds. But there will be short-term pain. “Owing centres will be unavoidable but surrendered have offered membership fee reductions. Al- Second, such co-working spaces or ser- to social distancing guidelines and the slow or subleased space is likely to be taken up ternatives rolled out also include fee waivers viced offices could be alternative offices that acquisition of new members, co-working cen- by other co-working operators that are finan- for certain periods in exchange for contract serve under a firm’s Business Continuity Plan. tres have been unable to operate at full ca- cially sound, or by tenants seeking fully fit- extensions, and deferment of fee payments. CBRE notes that it has, in fact, tracked a rise pacity over the past few months, negatively ted-out space,” it says. In April, Singapore-based co-working opera- in the number of enquiries from larger occu- impacting occupancy,” says CBRE. “Several Consolidation will, however, vary market tor JustCo offered 3,000 of its members across piers who have sought alternative workspaces operators have also put expansion plans on to market, with contraction to happen in cit- eight cities across the region a reduction of in China, Hong Kong and Singapore. This in- hold and have furloughed or laid off staff to ies where flexible space has been a key driver up to 30% on one month’s membership fees. cludes touchdown locations and locations hav- alleviate the rising financial pressures.” of office leasing demands, and where flexible Meanwhile, flexible workspace players ing virtual office services such as phone-an- The boom in flexible workspaces was workspaces are in an oversupply. One such have turned to landlords for help to survive. swering and communications. largely driven by demand from start-ups and example is Shanghai, where the industry has Many flexible workspace operators have start- Third, flexible workspaces could help of- smaller-scale occupiers. However, in a market accounted for 15 to 20% of leasing demand ed to approach landlords to renegotiate and fice tenants evade high upfront fit-out costs downturn, demand from such players are more over the past three years, points out the real restructure leases, and request for rent abate- as these offices are typically fully-fitted. Busi- volatile. The pandemic has already caused estate consultancy. Shenzhen is also suscep- ment and fit-out subsidies, says CBRE. Many nesses could then utilise their capital for op- smaller companies to relocate to cheaper or tible due to a supply peak, it adds. of these leases were signed at the market peak erational expenses instead. To this end, CBRE home-based locations, or forced them out of of 2018 to 2019. “Some operators are also has observed that there have already been sev- business entirely, says CBRE. How operators have responded understood to be pushing for a transition to eral recent deals involving large firms com- On the other hand, larger occupiers are With a few exceptions, most flexible space op- revenue-sharing models or are entering into mitting to long-term agreements in co-work- also evaluating more cost-effective options erators have kept their centres open through- management agreements.” ing centres in Singapore, Shanghai and Hong due to budget cuts in office relocations and out the pandemic, notes CBRE, unless entire Moving forward, flexible-space operators Kong, and it expects this trend to continue. fit-out, further weakening demand. buildings have been forced to close or coun- will focus on catering to larger companies, as trywide lockdowns have been implemented. big companies are less exposed to cash flow To comply with safety precautions while risks, says the consultancy. E CBRE RESEARCH

Total size of flexible workspace market in Asia Pacific CBRE RESEARCH Penetration of flexible workspace industry by market

Flexible workspaces include serviced offices and co-working space located in both office and non-office space. Includes 18 Asia Pacific markets: Beijing, Shanghai, Shenzhen, Guangzhou, Hong Kong, Taipei, Seoul, Tokyo, Singapore, Ho Chi Minh City, Hanoi, Bangkok, New Delhi, Bangalore, Mumbai, Sydney, Melbourne and Auckland Flexible workspaces include serviced offices and co-working space located in both office and non-office space EP6 • EDGEPROP | JUNE 15, 2020 COVER STORY

Exterior of The Oxford Residences at Bondi, one of the most sought-after areas, with views of the Sydney Harbour

Thakral ramps up investment in retirement resorts, streamlines other businesses

BY CECILIA CHOW es soared 200% but it was from a low base. [email protected] “The sales of some of these products com- pensated for the losses in others,” says Inder- nderbethal Singh Thakral, CEO of Singa- bethal. “Our product lines are at different stag- pore-listed conglomerate Thakral Corp, is of es of development. Overall, we are not worse the view that the Covid-19 crisis is “abso- off compared to last year. Hopefully, 2H2020 lutely the worst we have seen in my genera- will be a lot better.” tion”. Even his father, Kartar Singh Thakral, I87, could not draw comparisons with any past RESILIENCE OF RETIREMENT RESORTS crises except World War II, which he was too The one sector that seems resilient in Thakral’s young to recall. stable of businesses is the resort-style retire- Inderbethal is the third-generation leader of ment developments in Australia. Thakral en- the storied Thakral family business with oper- tered the business in 2015 through a joint ven- ations in China, Hong Kong, Japan, Singapore ture with Living Gems, a family-owned business and Australia. The current global market tur- established by the Puljich family, with more moil may cloud short-term visibility, but In- than 30 years’ experience in managing retire- derbethal believes the diversity of Thakral’s ment communities in Australia. The joint-ven- businesses will allow it to ride out the storm ture partners launched GemLife, a series of re- better than most over the longer term. sort-style retirement communities targeted at “Some years ago, we all sat down to brain- the over-50s. storm on all the sectors we wanted to look at,” Last December, the GemLife joint venture he recalls. “At that time, my father was still the purchased a 46.4ha prime site in Queens- chairman.” Kartar stepped down as executive land for A$20 million ($19.3 million) to build chairman of Thakral Corp in January 2012, Noosa Parkridge, a luxury residential development near Noosa Springs Golf Resort as well as shopping and a master-planned retirement resort with 450 but remains an executive director of the firm. dining amenities at Noosa Junction and Hastings Street homes, called GemLife Gold Coast. This was Thakral had always been swift in identify- followed by the purchase of 4.5ha of prime ing new markets and new business opportuni- land in New South Wales, for A$6 million, in ties over the decades. In the 1970s, Kartar led beauty and wellness devices from Panasonic, year ago. The group therefore spent late last April this year. The new resort development, Thakral to venture into consumer electronics Dermawand, Philips, Slendertone and T3; fra- year and early this year “rationalising” its cost named Tweed Waters, will eventually have 97 distribution and rode the Japanese boom all grances from Maison Margiela and Ralph Lau- structure. This was before the Covid-19 outbreak. houses when fully completed. Tweed Waters the way to the 1980s. When the Chinese mar- ren; John Masters Organics hair and skin care Even e-commerce was initially restricted to will bring GemLife’s portfolio to eight resorts ket opened in the 1990s, the group was able to products; and DJI drones, cameras and acces- essential goods at the height of the outbreak, with about 1,900 homes. secure rights to distribute Japanese consumer sories. Thakral also operates an e-commerce relates Inderberthal. It gradually opened up to “We have another pipeline of six sites with electronic products in the country. retail platform for at-home beauty devices in include wellness and health-related products 1,400 houses,” says Kevin Barry, joint managing China, in a joint venture with UK-based Cur- such as blood pressure equipment and ther- director of Thakral Capital Australia (TCAP). RATIONALISING LIFESTYLE DIVISION rentBody.com. mometers. There was even a surge in demand “The eventual target is to have close to 4,000 In recent years, the consumer electronics The lifestyle business was affected by the for DJI drones in China in the first three months houses under GemLife.” business has given way to lifestyle, beauty US-China trade war last year, and sales fell to of the year when there was a jump in the num- The resilience of the retirement housing and wellness products. They include at-home $73.4 million in FY2019 from $115.7 million a ber of infections, he adds. Sales of fragranc- sector is due to its target audience, primari- EDGEPROP | JUNE 15, 2020 • EP7 COVER STORY

THAKRAL CORP THAKRAL CORP

The clubhouse of GemLife Bribie Island in Queensland The residents’ indoor lounge at GemLife Bribie Island ly wealthy baby-boomers who are downsizing, says Greggory as those of GemLife, which is the “over-50” crowd who are working out how we can support them during this difficult pe- Piercy, joint managing director of TCAP. “They are not stressed- also downsizing. But these projects are at higher price points, riod, and what better ways we can put the property to use.” out about needing a mortgage as they can either sell their ex- notes Piercy. “With the slowdown in the general economy as While the three hotel properties have been withdrawn from isting property, or use their superannuation savings towards a result of Covid-19, we believe that some good opportuni- the market for now, Thakral is still open to different strategies. their purchase of a house at GemLife,” he adds. ties will come to light, allowing us to re-engage the residen- “We may end up selling one or two hotels, and converting a Prices of houses at GemLife resorts have held up too, says tial market,” he adds. third for alternative use,” says Inderbethal. Piercy. He attributes this to the desirable locations of the re- No doubt, the Australian economy is headed for its first resorts. For instance, GemLife on Bribie Island, in Queensland, cession in three decades due to the Covid-19 pandemic. Howev- FOCUS ON OFFICE PROPERTIES is located near the waterfront and is surrounded by nation- er, the fallout may be cushioned by government stimulus pack- What’s clear is that Thakral intends to stay focused on al parkland as well as shopping amenities. The project is cur- ages such as the homebuilder package introduced on June 4. commercial office buildings in Osaka. According to In- rently at stage four of construction, and recently achieved “a It makes available grants of A$25,000 for singles and couples terbethal, while big MNCs in Tokyo are already thinking new high” in house prices, he adds. intending to build or renovate their home or residential unit. about reducing their Grade-A office needs with most of Apart from the Bribie Island resort, other existing GemLife The homebuilder package is also aimed at supporting the one their staff working from home, the small- and medium- resorts, such as Highfields in Queensland and Woodend in Vic- million workers in the construction sector, including builders, sized enterprises in Osaka prefer to return to office. “It’s more toria, have seen a steady stream of house sales for the past 24 painters, plumbers and electricians. difficult for smaller teams to work from home as they need to months too. Overall, 290 houses at these projects are now oc- “One of the reasons we decided to invest in GemLife was be together,” he says. cupied, with sales progressing well, says Barry. the fundamentals of the business, together with an ageing pop- Compact apartment sizes in Japan is also not conducive to Meanwhile, civic works at new GemLife resorts such as ulation seeking quality lifestyle and amenities,” says Barry. working from home, points out Inderbethal. “A lot of my Zoom Pacific Paradise and Maroochy Quays at Maroochydore in the calls with staff in Japan over the past two months have been Sunshine Coast of Queensland, have already been completed. EXITING HOTELS, RETAIL interrupted by children demanding their parent’s attention.” When house building begins at these two projects in 2H2020, In Japan, Thakral has also been rationalising its investment In Osaka, office building vacancies remain low, says Inder- sales are expected to come through, adds Barry. property portfolio. In March, it sold the 6,588 sq ft, three-sto- bethal. “Our properties are completely leased out,” he adds. rey retail building, Nambanaka Thakral Building. The profit “Over the past five months, we have been able to secure rents NICHE, HIGH-END RESIDENTIAL PROJECTS amounted to $6.1 million relative to the original acquisition at higher rates — 15% to 20% higher in some cases.” Set up in 2011, TCAP was aimed at providing financing and and development cost of the building. In Singapore, Thakral’s investment property is the office unit other value-added services to real estate developers. The group The net cash of $5.8 million from the sale will be used to at The Riverwalk on Upper Circular Road, near Clarke Quay, focuses on niche high-end projects in gateway cities such as pay the debt taken by Thakral Japan Properties to invest in which was purchased for $30 million in 2018. Sydney, Melbourne and Brisbane, and has completed 17 pro- Thakral Umeda Properties at the end of December. It saw the Inderbethal has been in Singapore since the Lunar New jects to date. addition of Umeda Pacific Building, an 11-storey office build- Year holidays. Last week, he was still waiting for his visa to Two such niche residential projects are the 55-unit The Ox- ing prominently located along Mido Suji in Osaka, to its port- be processed so he can return to Shanghai, China. It is where ford Residences at Bondi Junction, Sydney, which is scheduled folio last December. The building is fully tenanted. he has been based since the group’s operational headquarters for completion in 3Q2020; and the 138-unit Parkridge Noosa Thakral’s investment property portfolio in Japan now has relocated there from Hong Kong in 2005. “It’s the first time in at Noosa Heads, Sunshine Coast, in Queensland, completed seven commercial buildings and three business hotels in Osa- 14 years I’ve been home for almost six months,” adds Inder- last year. These residential projects cater to a similar market ka. The three hotels — Best Western Osaka Tsukamoto Hotel, bethal. “For me, it’s good because my dad is here.” E R Hotels Inn Osaka Kita Umeda and Hotel WBF Namba THAKRAL CORP ALBERT CHUA/THE EDGE SINGAPORE Motomachi — were purchased between late 2016 and 2018. All the three hotels are under master leases to three operators, with renewals due in 2022 and 2023. In the latter half of 2019, the group had intended to sell the hotels individually or as a portfolio for JPY6.4 billion to JPY7 billion ($82.5 million to $90.2 million). “We missed the win- dow by a month, before Covid-19 hit,” says Inderbethal. “But we have sold the retail property at Namba and were able to lock in a good price.” To contain the outbreak, the Japanese government had introduced a nationwide state of emergency from April 7 to the third week of May. During the emergency, the hotel operators were told to close the properties to save money on utilities. They did not pay rent during the period. The operator of the 111-room Hotel WBF Namba Motomachi recently filed for bankruptcy. As the hotel building is brand- new and well-located near the the Namba shopping district, which is popular with tourists, “we should be able to find a new operator to take over the property”, says Inderbethal. The R Hotels Inn Osaka Kita Umeda is located in the heart of the city. It had been an office building before it was re- furbished and converted into a hotel. Thakral originally had plans to redevelop it into a 45- to 50-storey, high-end residential project. However, the group is now exploring whether it could renovate the building for alternative use. “We have had a couple of enquiries to operate the building as an exam training school,” says Inderbethal. As for the Best Western Osaka Tsukamoto Hotel, the operator is currently engaged in talks with the owner about re- Inderbethal: The Covid-19 crisis is absolutely the worst we have seen in suming operations. “We are compassionate landlords, we can Thakral purchased Umeda Pacific Building in Osaka last December, add- my generation see how the market has changed,” says Inderbethal. “We are ing to its investment portfolio in Japan EP8 • EDGEPROP | JUNE 15, 2020 SPOTLIGHT

Adelyn Chan, founder of PropNex’s D3 Dawson Team (13th from right) and her fellow agents

ADELYN CHAN HDB ‘Sky’ flats in Queenstown sought-after despite no viewings

BY VALERIE KOR sion director at PropNex and founder of the quent virtual viewings. “I used to think that and handle enquiries more quickly. [email protected] D3 Dawson Team. Chan’s team exclusively virtual viewing worked more for new-launch Despite the more cautious sentiment handles the resale of HDB flats and private projects which were sold off-plan rather than and an expected recession for Singapore arlier this year, SkyVille@Daw- properties in District 3, namely, the city-fringe resale apartments because buyers wanted to this year, there will be more “million- son and SkyTerrace@Dawson in areas of Alexandra, Bukit Merah, Common- inspect the condition of the actual completed dollar flats” entering the market in the Daw- the Dawson Road area, located wealth, Queenstown and Tiong Bahru. units,” says Chan. “But that has changed.” son area, notes Chan. in Queenstown, have achieved During the two months of the “circuit Even when the economy resumes ful- Upcoming HDB projects in the area that their minimum occupation breaker” that ended on June 1, some buy- ly, Chan expects home buyers to continue are scheduled to be completed by end of this Eperiod (MOP). As such, owners are now able ers were willing to commit to a purchase af- browsing for a home online to shortlist the year are SkyResidences, SkyParc and Sky- to sell these units on the resale market. ter having viewed the properties via virtual properties that they are interested in visiting Oasis, provided there have not been any con- Buyers have been willing to purchase units tours only. For instance, last month, a 669 physically. “Buyers can view as many units struction delays as a result of remaining Cov- at premium prices following Zoom virtual sq ft, three-room flat at SkyVille and anoth- as they want online,” she adds. “We are now id-19 measures and outbreak of infections viewings, says Adelyn Chan, associate divi- er similar-sized unit at SkyTerrace were sold conducting intensive training on virtual sell- among construction workers at the foreign after just one virtual viewing. The units were ing for our agents.” workers’ dormitories. ALBERT CHUA/THE EDGE SINGAPORE sold at around $650,000 to $700,000 each. Vir- Earlier in April, PropNex’s D3 Dawson team These new developments are the result of tual open houses of these flats received more also brokered the sale of a 1,055 sq ft, five- the Selective En bloc Redevelopment Scheme than 10 attendees each time, says Chan. room, maisonette flat at SkyTerrace @ Daw- (SERS) programme in the Tanglin Halt and Her team also brokered the sale of a five- son for $1.01 million. The buyer had viewed Margaret Drive area announced six years ago room flat in Tanglin Halt for close to $900,000 the flat physically just before the circuit break- as part of an effort to renew the Queens-town at the end of May, through virtual means. er kicked in on April 7. HDB estate, one of Singapore’s oldest. The 1,184 sq ft unit is in a 12-year-old HDB James Ho, associate group director at Pro- The new HDB projects — Sky-Residenc- block that is located within a short walk of pNex, handled the sale together with his col- es, SkyParc and SkyOasis — are part of a the Commonwealth MRT Station on the East- league, Diana Ong, associate marketing director new generation of public housing devel- West Line. of PropNex. By having colleagues collaborate opments that incorporate landscaped gar- Not being able to conduct its usual road- through their “Swing system”, the agents can dens and communal spaces within the de- shows and sales canvassing, Chan’s team split advertising cost as well as the commis- velopment. They will also be linked to the sends periodic updates to residents through sion among themselves. The system allows up 1.3km Alexandra Canal Linear Park which emails and phone messages, and conducts fre- to 60 agents to market their units collectively connects with Robertson Quay and Clarke Quay along the Singapore River. HDB is also building a 200m-long Dawson eco-corridor HDB from Dawson Road to Tanglin Road, which BTO* developments in Queenstown is slated for completion by the end of this year. These HDB flats are located near the Development Address No. of units Completion period ** Queenstown MRT Station. SkyResidences 30 to 37 Margaret Drive 1,217 4Q2020 More Build-To-Order (BTO) developments (replacement of SERS*** flats) will join these “Sky” developments in the near SkyOasis 39A, 40A, 40B, 41A, 42A and 43A Margaret Drive 1,192 4Q2020 future.HDB launched a traffic impact assess- (replacement of SERS flats) ment study last October with plans to build SkyParc 94 to 96 Dawson Road 810 2Q2020 about 5,000 new HDB flats in the area by 2027. (replacement of SERS flats) The first 2,060 BTO flats on two sites could SkyVille 85 to 88 Dawson Road 960 2015 be launched by 2021 and 2022. These flats SkyTerrace 89 to 93 Dawson Road 758 2015 will likely be near amenities such as Queen-

Units at SkyVille @ Dawson (above) and SkyTerrace * BTO: Build-To-Order. sway Shopping Centre, Alexandra Hospital @ Dawson have been moving during the circuit ** Original completion date. This date does not factor in possible delays due to Covid-19. and Ikea, and are expected to be sought-after breaker *** SERS: Selective En bloc Redevelopment Scheme. when they are launched for sale. E

EDGEPROP | JUNE 15, 2020 • EP9 GAINS AND LOSSES

Seller of The Gardens at Bishan unit makes $765,560 profit

PICTURES: THE EDGE SINGAPORE

A three-bedroom unit at The Gardens at Bishan was sold for $1.34 million on May 29 The seller of a three-bedroom unit at Hilltops in- curred a $465,000 loss on on May 26

BY TIMOTHY TAY Station on the Thomson-East Coast Line. The been bought for $683,000 ($533 psf) in Jan- This resulted in a loss of $465,000 (10%) and [email protected] 756-unit development — which was complet- uary 1999. This means that the seller earned also translates to an annualised loss of 1.9% ed in 2004 and comprises two- to four-bed- a profit of $627,000 (92%). Over a holding over five years. esale transactions in the suburbs dom- room units ranging from 861 to 2,755 sq ft period of 21 years, this translates into an an- The 240-unit freehold development was inated the list of most profitable deals — is also less than 200m from Bishan-Ang nualised profit of 3.1%. completed in 2011, and comprises a 14-sto- during the week in review from May Mo Kio Park. Symphony Heights is a freehold devel- rey block and two 20-storey towers with a 26 to June 2. The most profitable deal The latest sale at The Gardens at Bis- opment with 449 units, comprising two- to mix of unit types from two- to five-bedroom during the week is the sale of a 1,206 han marks the sixth resale transaction at the four-bedroom units from 915 to 1,798 sq ft. apartments and penthouses that range from Rsq ft, three-bedroom unit at The Gardens at condominium so far this year. Based on the It was completed in 1998. The latest resale 807 sq ft to 7,728 sq ft. Bishan, which fetched $1.34 million ($1,114 matching of caveats, all of the resale deals is the second transaction at the condomini- Based on the matching of URA caveats, psf) on May 29. According to URA caveats, it so far this year have been profitable — rang- um so far this year — a 926 sq ft unit sold for the latest resale transaction at Hilltops is the was bought for $577,440 ($479 psf) in June ing from $498,000 for the sale of an 861 sq ft $1.29 million ($1,394 psf) on Jan 17 this year. second most unprofitable deal at the freehold 2003. Thus, the seller made a $765,560 (133%) unit in February, to $853,560 when a 1,152 However, the most unprofitable resale trans- condominium. Topping the unprofitable list is profit on the transaction, which translates into sq ft unit changed hands in April. action recorded during the week in review was the sale of a 1,550 sq ft unit that fetched $3.75 an annualised profit of 5.1% over 17 years. The second most profitable resale trans- for a 1,593 sq ft, three-bedroom unit at the million ($2,419 psf) in September 2016, after The Gardens at Bishan is a 99-year lease- action during the week was the sale of a luxury Hilltops condominium along Cairnhill it was purchased for $5.54 million ($3,576 hold development along Sin Ming Walk in Dis- 1,281 sq ft unit at Symphony Heights, a free- Circle. The property, which is located in prime psf) in November 2007. This resulted in a re- trict 20. The condominium is located between hold condominium along Hume Avenue in District 9, was sold for $4.38 million ($2,746 cord loss of $1.79 million (32%) for the seller. Peirce Secondary School and Ai Tong School, District 21. The three-bedroom unit sold for psf) on May 26. It was previously purchased Other losses range from $137,500 to $240,000 and is beside the upcoming Bright Hill MRT $1.31 million ($1,023 psf) on May 29, had for $4.84 million ($3,038 psf) in March 2015. across four other transactions. E

Top gains and losses from May 26 to June 2

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 THE GARDENS AT BISHAN 20 1,206 May 29 1,114 Jun 6, 2003 479 765,560 133 5.1 17.0 2 SYMPHONY HEIGHTS 21 1,281 May 29 1,023 Jan 27, 1999 533 627,000 92 3.1 21.4 3 RIS GRANDEUR 18 1,292 May 26 952 Jan 26, 2006 578 483,730 65 3.5 14.3 4 PLATINUM EDGE 13 797 May 29 1,262 Mar 28, 2005 665 475,000 90 4.3 15.2 5 TANGLIN VIEW 3 2,013 Jun 2 1,331 May 26, 2017 1,108 450,000 20 6.3 3.0 6 THE PARC CONDOMINIUM 5 667 May 28 1,328 Aug 3, 2009 922 271,000 44 3.4 10.8 7 HIGH PARK RESIDENCES 28 872 Jun 2 1,080 Sep 1, 2015 837 212,000 29 5.5 4.8 8 WATERFRONT GOLD 16 1,292 May 26 1,084 Aug 10, 2011 981 132,240 10 1.1 8.8 9 BOTANIQUE AT BARTLEY 19 732 May 27 1,489 Nov 2, 2015 1,339 110,000 11 2.4 4.6 10 PARC OLYMPIA 17 797 May 27 927 Aug 17, 2012 865 49,200 7 0.9 7.8

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 HILLTOPS 9 1,593 May 26 2,746 Mar 30, 2015 3,038 465,000 10 1.9 5.2 2 SCOTTS HIGHPARK 9 1,744 May 26 2,093 Mar 9, 2011 2,294 350,000 9 1.0 9.2 3 NV RESIDENCES 18 1,453 May 27 826 Jun 15, 2011 856 43,340 3 0.4 9.0

Source: URA, EdgeProp Singapore Note: 1. Computed based on URA caveat data as at June 9 for private non-landed houses transacted between May 26 and June 2 2. The profit and loss computation excludes transaction costs such as stamp duties. EP10 • EDGEPROP | JUNE 15, 2020 DONE DEALS New home sales for May could surprise on the upside despite dearth of launches

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE TABLES: PROPNEX REALTY New home sales from May 4 to June 7

Total weekly Sales by PropNex sales * agents May 4-10 84 52 May 11-17 95 63 May 18-24 106 61 May 25-31 167 96 June 1-7 163 91 Total 615 363

*Based on residential projects officially marketed by PropNex Realty

Top performing projects in May*

1 Treasure at Tampines 2 The Florence Residences 3 Parc Clematis 4 Parc Esta Bukit Sembawang Estates sold 12 units at the luxury 8 St Thomas condo over the June 6-7 weekend, as part of a circuit breaker sale 5 The Tapestry 6 Marina One Residences 7 Stirling Residences BY TIMOTHY TAY HDB upgraders make up a significant pro- $2.5 million to $5.5 million. The developer 8 JadeScape [email protected] portion of the demand for these projects, notes will be rolling out a new deferred payment 9 Kopar @ Newton Gafoor. Small one- and two-bedroom units scheme for 8 St Thomas to provide more flex- 10 Affinity @ Serangoon ew private home sales in the month with relatively low absolute prices have also ibility to buyers. The project was completed *Based on officially marketed projects by PropNex Realty of May could end up higher than in- attracted investors, he adds. in early 2018. itially projected, at about 480 units The 1,042-unit Marina One Residences at based on caveats lodged to date, CCR projects with attractive prices, Marina Way saw more than 30 units sold over for a 474 sq ft, one-bedder, to $2.28 mil- estimates Ismail Gafoor, CEO of Prop- limited offers the nine weeks since the start of the circuit lion ($2,492 psf) for a 915 sq ft, three-bed- NNex Realty. This is 73% higher than the 277 Even in the high-end condominium projects breaker, says PropNex’s Gafoor. “This is not room unit. new homes sold in April. Since the circuit in prime districts or the Core Central Region because the developer offered any special dis- breaker period started on April 7, no physical (CCR), some developers have dangled spe- counts during the circuit breaker, but because New homes account for 53% of viewing of properties has been allowed. De- cial discounts for a limited time period. Over the prices at Marina One Residences are per- deals done velopers’ sales galleries have also remained the weekend of June 6-7, listed property de- ceived to be very attractive compared to some According to ERA, about 53% of the deals closed until further notice. veloper Bukit Sembawang Estates launched of the new launches,” he notes. done in the five weeks from May 4 to June PropNex agents sold a total 363 new homes, a circuit breaker promotion for some of its Based on caveats lodged in April and May, 7 were for new projects, with the remain- which represents about 59% of total devel- available units at 8 St Thomas, a complet- units at Marina One Residences have been ing 47% being private resale transactions. oper sales of 615 units sold during the five ed, 250-unit freehold luxury development in sold at prices ranging from $1.64 million “This implies that more are buying with a weeks from May 4 to June 7, says Gafoor. The prime District 9. ($2,211 psf) to $3.99 million ($2,648 psf). longer-term perspective — that’s why we see sales figures are based on the projects where According to a Bukit Sembawang spokes- The developer, M+S, said a total of 837 units more new project sales than resale transac- PropNex is one of the appointed agents, and person, 12 units were sold during the week- have been sold as at June 3, which means tions,” says Eugene Lim, key executive of- that accounts for about 90% of new projects end sale. Half of the buyers were locals, with the 99-year leasehold project is 80.3% tak- ficer of ERA. launched, he reckons. foreigners making up the other half. Some en up, with only 205 units still available. For property agents, the extended circuit Best-performing projects last month were bought units for their own use, while others Elsewhere in the CCR, Prominent Land of- breaker period is a time when “the market located in the suburbs or Outside Central purchased for investment. There was even fered the remaining 16 units at its boutique, has undergone a reset”, notes Lim. “There Region (OCR), and comprised mega projects a bulk purchase of some of the units. “Over 27-unit freehold development, 38 Jervois, for was also reinvention as virtual viewings and that were launched last year. These includ- the last few months, we continued to see de- sale by expressions of interest. The developer closings took centre stage,” he adds. “In the ed the 1,468-unit Parc Clematis by SingHai- mand from both local and foreign home buy- offered discounts ranging from $275,000 for post-circuit breaker period, we expect mar- yi, the 1,410-unit The Florence Residences by ers for our units at 8 St Thomas, which serves an 818 sq ft, three-bedroom unit, to $547,320 kets to gradually reopen and recover. This Logan Property, and the 2,203-unit Treasure as a testament to the enduring value of high- for a 915 sq ft, three-bedroom unit. These means we expect demand and transactions at Tampines by Sim Lian Group. quality developments among discerning buy- translate to discounts of 13% to 24% from to pick up, and prices to gradually recover.” “Developments which were launched ers,” says the spokesperson. the list prices. The units were offered for sale Lim also hopes that when Singapore tran- earlier and are priced attractively seem to To date, 150 (60%) of the units at 8 St by ERA Realty, with expressions of interest to sitions to the second phase of reopening, the be the winners in the current market situa- Thomas have been sold at an average price close on June 14. government will allow property agents to meet tion,” notes Gafoor. “New home buyers ap- of $3,100 psf. All the one-bedroom units have About 11 units at 38 Jervois were sold sellers and buyers face-to-face, as well as al- pear to be looking for properties with the been snapped up, and prices for the remain- from December 2016 to June 2019 at pric- low physical viewings to take place and de- right entry price.” ing two- to four-bedroom units range from es ranging from $1.08 million ($2,280 psf) velopers’ sales galleries to open. E

Mass-market developments in the suburbs are still popular among buyers. Treasure at Tampines continued to Parc Clematis, one of the top-selling developments last month, was initially launched for sale in be among the best-selling projects through the circuit breaker period. September 2019 EDGEPROP | JUNE 15, 2020 • EP11 DONE DEALS

Residential transactions with contracts dated May 26 to June 2 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 District 17 Balestier/MacPherson/Geylang 12 to 14 CASA AL MARE Apartment Freehold May 30 786 1,272,000 - 1,619 Uncompleted New Sale East Coast 15 and 16 PARC KOMO Apartment Freehold May 27 614 884,000 - 1,441 Uncompleted New Sale Changi/Pasir Ris 17 and 18 PARC OLYMPIA Condominium 99 years May 27 797 738,000 - 927 2015 Resale Serangoon/Thomson 19 and 20 THE JOVELL Condominium 99 years May 27 635 834,000 - 1,313 Uncompleted New Sale West 22 to 24 District 18 North 25 to 28 NV RESIDENCES Condominium 99 years May 27 1,453 1,200,000 - 826 2013 Resale RIS GRANDEUR Condominium Freehold May 26 1,292 1,230,000 - 952 2005 Resale THE TAPESTRY Condominium 99 years May 26 441 686,340 - 1,555 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 26 441 686,340 - 1,555 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 27 990 1,293,140 - 1,306 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 27 926 1,237,380 - 1,337 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 27 926 1,256,310 - 1,357 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 29 743 947,100 - 1,275 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 30 603 844,600 - 1,401 Uncompleted New Sale THE TAPESTRY Condominium 99 years May 30 990 1,275,920 - 1,288 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 26 678 971,000 - 1,432 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 26 678 935,000 - 1,379 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 26 592 846,000 - 1,429 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 27 678 952,000 - 1,404 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 27 840 1,163,000 - 1,385 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 28 883 1,141,000 - 1,293 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 28 1,033 1,309,000 - 1,267 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 28 592 866,000 - 1,463 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 30 1,033 1,426,000 - 1,380 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 30 678 946,000 - 1,395 Uncompleted New Sale SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION TREASURE AT TAMPINES Condominium 99 years May 30 678 935,000 - 1,379 Uncompleted New Sale PROJECT NAME PROPERTY TYPE TENURE (2020) FLOOR AREA (SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE TREASURE AT TAMPINES Condominium 99 years May 30 678 946,000 - 1,395 Uncompleted New Sale District 3 TREASURE AT TAMPINES Condominium 99 years May 31 678 940,000 - 1,386 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years May 26 527 1,156,000 - 2,192 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 31 915 1,137,000 - 1,243 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years May 27 657 1,326,000 - 2,019 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 31 915 1,196,000 - 1,307 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years May 27 732 1,509,000 - 2,062 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years May 31 1,033 1,394,000 - 1,349 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years May 28 657 1,207,000 - 1,838 Uncompleted New Sale District 19 AVENUE SOUTH RESIDENCE Apartment 99 years May 29 657 1,330,000 - 2,026 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years May 26 560 790,000 - 1,411 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years May 29 732 1,519,000 - 2,075 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years May 28 624 1,002,000 - 1,605 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years May 31 657 1,326,000 - 2,019 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years May 29 753 1,119,000 - 1,485 Uncompleted New Sale ONE PEARL BANK Apartment 99 years May 31 431 1,180,000 - 2,741 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years May 29 1,173 1,599,000 - 1,363 Uncompleted New Sale QUEENS PEAK Condominium 99 years May 30 1,001 1,840,000 - 1,838 2020 New Sale AFFINITY AT SERANGOON Apartment 99 years May 31 474 762,000 - 1,609 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years May 26 635 1,232,000 - 1,940 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years May 31 538 865,000 - 1,607 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years May 27 1,055 1,973,000 - 1,870 Uncompleted New Sale BOTANIQUE AT BARTLEY Condominium 99 years May 27 732 1,090,000 - 1,489 2019 Resale STIRLING RESIDENCES Apartment 99 years May 29 635 1,216,000 - 1,915 Uncompleted New Sale PIERMONT GRAND EC 99 years May 28 840 957,420 - 1,140 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years May 29 635 1,239,000 - 1,951 Uncompleted New Sale PIERMONT GRAND EC 99 years May 28 1,023 1,098,000 - 1,074 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years May 30 441 1,000,000 - 2,266 Uncompleted New Sale PIERMONT GRAND EC 99 years May 29 1,173 1,126,710 - 960 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years May 30 506 952,000 - 1,882 Uncompleted New Sale PIERMONT GRAND EC 99 years May 30 990 1,079,600 - 1,090 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years May 30 678 1,331,000 - 1,963 Uncompleted New Sale PIERMONT GRAND EC 99 years May 30 840 1,008,700 - 1,201 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years May 31 506 948,000 - 1,874 Uncompleted New Sale PIERMONT GRAND EC 99 years May 31 1,367 1,542,240 - 1,128 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years May 31 657 1,194,000 - 1,818 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years May 27 1,066 1,347,000 - 1,264 Uncompleted New Sale TANGLIN VIEW Condominium 99 years May 26 2,088 2,530,000 - 1,212 2001 Resale RIVERFRONT RESIDENCES Apartment 99 years May 31 517 739,500 - 1,431 Uncompleted New Sale TANGLIN VIEW Condominium 99 years Jun 2 2,013 2,680,000 - 1,331 2001 Resale RIVERFRONT RESIDENCES Apartment 99 years May 31 1,109 1,448,000 - 1,306 Uncompleted New Sale District 5 SENGKANG GRAND RESIDENCES Apartment 99 years May 31 474 868,000 - 1,833 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years May 26 861 1,439,000 - 1,671 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 26 635 940,000 - 1,480 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years May 28 904 1,369,000 - 1,514 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 27 990 1,643,000 - 1,659 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years May 28 883 1,487,000 - 1,685 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 28 667 1,084,000 - 1,624 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years May 29 570 906,000 - 1,588 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 28 1,012 1,452,000 - 1,435 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years May 30 603 907,000 - 1,505 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 28 484 712,000 - 1,470 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years May 31 786 1,290,000 - 1,642 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 28 484 709,000 - 1,464 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 26 1,076 1,543,000 - 1,433 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 29 926 1,378,000 - 1,489 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 27 710 1,165,000 - 1,640 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 29 484 754,000 - 1,557 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 27 721 1,156,000 - 1,603 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 29 484 748,000 - 1,544 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 27 721 1,159,000 - 1,607 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 29 1,012 1,476,000 - 1,459 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 29 1,292 1,993,000 - 1,543 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 30 753 1,171,000 - 1,554 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 29 517 850,000 - 1,645 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 30 721 1,058,000 - 1,467 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 30 1,292 2,126,000 - 1,646 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 30 926 1,333,000 - 1,440 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 31 721 1,158,000 - 1,606 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 30 667 1,046,000 - 1,567 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 31 689 1,082,000 - 1,571 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 30 635 952,000 - 1,499 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 31 689 1,086,000 - 1,576 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years May 31 667 1,037,000 - 1,554 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 31 517 862,000 - 1,668 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years May 26 614 1,053,400 - 1,717 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 31 517 871,000 - 1,686 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years May 28 614 970,100 - 1,581 Uncompleted New Sale PARC CLEMATIS Apartment 99 years May 31 1,076 1,694,000 - 1,574 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years May 29 517 867,400 - 1,679 Uncompleted New Sale THE PARC CONDOMINIUM Condominium Freehold May 28 667 886,000 - 1,328 2010 Resale THE GARDEN RESIDENCES Apartment 99 years May 30 614 972,900 - 1,586 Uncompleted New Sale WHISTLER GRAND Apartment 99 years May 30 506 746,170 - 1,475 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years May 31 614 1,046,300 - 1,705 Uncompleted New Sale WHISTLER GRAND Apartment 99 years May 30 1,066 1,599,000 - 1,501 Uncompleted New Sale District 20 WHISTLER GRAND Apartment 99 years May 30 1,066 1,594,900 - 1,497 Uncompleted New Sale JADESCAPE Condominium 99 years May 26 764 1,310,000 - 1,714 Uncompleted New Sale District 9 JADESCAPE Condominium 99 years May 26 2,099 3,428,000 - 1,633 Uncompleted New Sale 8 @ MOUNT SOPHIA Condominium 103 years May 26 2,497 2,620,000 - 1,049 2007 Resale JADESCAPE Condominium 99 years May 26 764 1,267,900 - 1,659 Uncompleted New Sale HILLTOPS Condominium Freehold May 26 1,593 4,375,000 - 2,746 2011 Resale JADESCAPE Condominium 99 years May 26 764 1,338,000 - 1,751 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years May 26 1,055 2,270,000 - 2,152 Uncompleted New Sale JADESCAPE Condominium 99 years May 28 1,055 1,856,200 - 1,760 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years May 27 689 1,609,000 - 2,336 Uncompleted New Sale JADESCAPE Condominium 99 years May 29 764 1,367,000 - 1,789 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years May 27 1,055 2,255,000 - 2,138 Uncompleted New Sale JADESCAPE Condominium 99 years May 29 527 898,000 - 1,703 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years May 27 689 1,657,000 - 2,405 Uncompleted New Sale JADESCAPE Condominium 99 years May 30 1,259 2,085,000 - 1,656 Uncompleted New Sale KOPAR AT NEWTON Apartment 99 years May 28 517 1,098,000 - 2,125 Uncompleted New Sale JADESCAPE Condominium 99 years May 30 527 912,800 - 1,731 Uncompleted New Sale MARTIN MODERN Condominium 99 years May 27 764 2,159,300 2,148,500 2,811 Uncompleted New Sale JADESCAPE Condominium 99 years May 30 764 1,280,000 - 1,675 Uncompleted New Sale MARTIN MODERN Condominium 99 years May 28 764 2,070,000 1,971,200 2,579 Uncompleted New Sale JADESCAPE Condominium 99 years May 31 527 938,800 - 1,780 Uncompleted New Sale SCOTTS HIGHPARK Condominium Freehold May 26 1,744 3,650,000 - 2,093 2009 Resale JADESCAPE Condominium 99 years May 31 764 1,310,000 - 1,714 Uncompleted New Sale District 10 JADESCAPE Condominium 99 years May 31 764 1,303,700 - 1,706 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years May 31 484 1,128,000 1,117,654 2,307 Uncompleted New Sale CLOVER WAY Terrace Freehold May 27 1,744 3,020,000 - 1,729 Unknown Resale HOLLAND GARDENS Semi-Detached 999 years May 27 3,595 6,100,000 - 1,696 Unknown Resale THE GARDENS AT BISHAN Condominium 99 years May 29 1,206 1,343,000 - 1,114 2004 Resale District 11 District 21 PULLMAN RESIDENCES NEWTON Apartment Freehold May 29 463 1,207,000 - 2,608 Uncompleted New Sale DAINTREE RESIDENCE Condominium 99 years May 26 743 1,276,190 - 1,718 Uncompleted New Sale District 13 DAINTREE RESIDENCE Condominium 99 years May 26 710 1,117,780 - 1,573 Uncompleted New Sale LORONG SELANGAT Semi-Detached Freehold May 27 3,724 4,050,000 - 1,088 1987 Resale DAINTREE RESIDENCE Condominium 99 years May 29 743 1,212,700 - 1,633 Uncompleted New Sale PARK COLONIAL Condominium 99 years May 29 980 1,708,000 - 1,744 Uncompleted New Sale SYMPHONY HEIGHTS Condominium Freehold May 29 1,281 1,310,000 - 1,023 1998 Resale PLATINUM EDGE Apartment Freehold May 29 797 1,005,000 - 1,262 2007 Resale VIEW AT KISMIS Apartment 99 years May 26 592 998,000 - 1,686 Uncompleted New Sale THE TRE VER Condominium 99 years May 26 1,098 1,762,000 - 1,605 Uncompleted New Sale District 22 THE WOODLEIGH RESIDENCES Apartment 99 years May 27 592 1,036,000 - 1,750 Uncompleted New Sale LAKESIDE APARTMENTS Apartment 99 years May 28 1,518 1,108,000 - 730 Unknown Resale THE WOODLEIGH RESIDENCES Apartment 99 years May 29 721 1,346,000 - 1,866 Uncompleted New Sale THE FLORAVALE EC 99 years Jun 2 1,313 855,000 - 651 2000 Resale District 14 District 23 PARC ESTA Apartment 99 years May 26 1,001 1,537,000 - 1,535 Uncompleted New Sale BLOSSOM RESIDENCES EC 99 years Jun 1 1,055 920,000 - 872 2014 Resale PARC ESTA Apartment 99 years May 26 1,033 1,776,000 - 1,719 Uncompleted New Sale BUKIT 828 Apartment Freehold May 31 980 1,424,000 - 1,454 Uncompleted New Sale PARC ESTA Apartment 99 years May 26 1,033 1,781,000 - 1,724 Uncompleted New Sale THE HILLIER Apartment 99 years May 26 624 755,000 - 1,209 2016 Resale PARC ESTA Apartment 99 years May 27 420 799,000 - 1,903 Uncompleted New Sale District 27 PARC ESTA Apartment 99 years May 28 1,023 1,670,000 - 1,633 Uncompleted New Sale KANDIS RESIDENCE Condominium 99 years May 27 797 1,045,800 - 1,313 Uncompleted New Sale PARC ESTA Apartment 99 years May 29 452 853,000 - 1,887 Uncompleted New Sale PARC CANBERRA EC 99 years May 26 1,001 1,101,000 - 1,100 Uncompleted New Sale PARC ESTA Apartment 99 years May 29 1,033 1,766,000 - 1,709 Uncompleted New Sale PARC CANBERRA EC 99 years May 28 926 1,055,000 - 1,140 Uncompleted New Sale PARC ESTA Apartment 99 years May 30 527 990,000 - 1,877 Uncompleted New Sale PARC CANBERRA EC 99 years May 31 818 938,000 - 1,147 Uncompleted New Sale PARC ESTA Apartment 99 years May 30 743 1,284,000 - 1,729 Uncompleted New Sale District 28 PARC ESTA Apartment 99 years May 30 743 1,288,000 - 1,734 Uncompleted New Sale HIGH PARK RESIDENCES Apartment 99 years Jun 2 872 942,000 - 1,080 2019 Resale PARC ESTA Apartment 99 years May 31 1,023 1,580,000 - 1,545 Uncompleted New Sale PARC ESTA Apartment 99 years May 31 452 883,000 - 1,953 Uncompleted New Sale District 15 AMBER PARK Condominium Freehold May 31 700 1,711,530 - 2,446 Uncompleted New Sale Source: URA Realis. Updated June 9, 2020 COASTLINE RESIDENCES Apartment Freehold May 26 743 1,673,000 - 2,253 Uncompleted New Sale EC stands for executive condominium BRANKSOME ROAD Semi-Detached Freehold May 29 8,643 11,300,000 - 1,308 Unknown Resale SEASIDE RESIDENCES Apartment 99 years May 26 560 1,048,420 - 1,873 Uncompleted New Sale DISCLAIMER: District 16 The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly WATERFRONT GOLD Condominium 99 years May 26 1,292 1,400,000 - 1,084 2014 Resale or indirectly from the use of, or reliance on, the information provided therein. EP12 • EDGEPROP | JUNE 15, 2020 UNDER THE HAMMER One-bedder at Loft @ Stevens going for $1.7 mil

ALBERT CHUA/THE EDGE SINGAPORE EDMUND TIE EDMUND TIE

The unit for sale has a very unique layout, and is the only unit in the development with a private pool The living and dining area, with a kitchenette EDMUND TIE URA REALIS Recent transactions at Loft @ Stevens

Contract date Area (sq ft) Price ($) Price ($ psf) Sep 30, 2019 355 760,000 2,140 Jun 12, 2019 377 760,000 2,017 Jul 26, 2018 657 1,050,000 1,599 The freehold, one-bedroom unit at Loft @ Stevens in Tanglin, District 10, is on the market for $1,795 psf Jun 13, 2018 355 800,000 2,252 Mar 16, 2018 764 1,250,000 1,636

BY CHARLENE CHIN [email protected] location along Stevens Road, which is off Bukit Timah Road. It is a two-minute walk to Stevens MRT Station on the Down- freehold, one-bedroom unit at Loft @ Stevens in town Line. The development is also near schools such as Sin- Tanglin, District 10, is on the market for $1.7 mil- gapore Chinese Girls’ School and St Joseph’s Institution. Res- lion ($1,795 psf). The property was originally sched- View from the bedroom idents at Loft @ Stevens also have easy access to amenities uled to be put up for sale at an owner’s auction at Balmoral Plaza, a five-minute drive away. in March, but the owner decided to hold it off due The price tag of the unit, being below $2,000 psf, is attrac- The unit on the market is suitable for couples or small Ato concerns over Covid-19, says Edmund Tie, which is han- tive, says Tan. “Recent new launches in the area have sur- families, for their own stay, or for investment purposes, says dling the sale of the property. As property auctions still have passed $2,000 psf, such as Dalvey Haus, just a minute walk Tan. “As it is near several prestigious schools and a stone’s not been allowed to continue, the unit is being marketed un- away, [in which one unit] transacted at $3,228 psf; and Kopar throw to Orchard Road, it would attract both families with der private treaty. at Newton, which launched at an average price of $2,350 school-going children looking to enter the schools, and ten- Spanning 947 sq ft, the one-bedroom unit is located on the psf,” she explains. ants working in the Orchard Road area.” second floor of Loft @ Stevens. It is well-maintained and in Typical one-bedroom units in Loft @ Stevens have been rent- Loft @ Stevens was completed in 2013, and comprises a move-in condition, describes Joy Tan, head of auction and ed out at between $2,000 and $2,500 per month, says Tan. How- 44 freehold units. The most recent transaction at the devel- sales at Edmund Tie. ever, she believes this unit could fetch a higher rent as “it has opment was in September 2019, when a 355 sq ft unit on The owner first purchased the property as an investment a very unique layout with a private pool”. It is in fact the only the second floor changed hands for $760,000 ($2,140 psf). in March 2011 for $1.3 million ($1,299 psf), and now wants unit in the development with a private pool, according to Tan. Prior to that, another 377 sq ft unit on the fifth floor sold for to sell it to diversify his property portfolio. Tan believes the strongest draw of the property is its prime $760,000 ($2,017 psf) in June 2019. E

PROPHUNT CLASSIFIEDS Properties for Sale  Scan QR code for more details  For sales enquiries, please contact [email protected] or call 6232-8820

$7,900,000 $8,800,000 Semi-Detached House Bungalow House D11 HILLCREST ROAD | Freehold D15 TOSCA STREET | Freehold Built-Up(sqft): 6,000 | Land(sqft): 3,220 Built-Up(sqft): 6,000 | Land(sqft): 5,997 PSF: $2,453 PSF: $1,467

Beautiful & tastefully built offering complete privacy. Elegant 2.5 storeys FH Bungalow, L:5997sf, Duo frontage offering accessibility. Park up to 3 cars. BU:6000sf, reg plot, wide front, nice no, park 3 cars, Private pool. Efficient use of floor spaces, 6 bedrms, rebuilt in 2005, 6 bedrms, family halls, living & dining huge master rm, high living rm ceiling & squarish area, wet & dry kitchens, bright, breezy, quiet, great layout. Walk to eateries & amenities with popular views, Fascinas & quality finishes. garden, jacuzzis. schools just mins away Mins walk to MRT & amenities

Jerry Lee Jerry Lee ORANGETEE & TIE PTE LTD ORANGETEE & TIE PTE LTD R000224D R000224D  65 8133 3228  65 8133 3228