Urban Treasures: a Gem in the East the Freehold Project Is a Redevelopment of the Former Eunos Mansion, in an Area Where Neighbouring Projects Are Already Sold Out

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

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of November 25, 2019 | ISSUE 909-131

Shophouses Spotlight Office Gains and Losses Bugis and Duxton Street-level commercial Workplace concierge Resale unit at Tanglin units on the site at St Martin’s Drive First Contact comes Residences reaps $1.5 mil market ep4 going for $5,900 psf ep6 to town ep10 profitep 14 Urban Treasures: A gem in the east The freehold project is a redevelopment of the former Eunos Mansion, in an area where neighbouring projects are already sold out. Turn to our Cover Story on Pages 8 & 9.

CapitaLand’sJames Koh, executive M&A will chairman give it access and CEO to Ascendas-Singbridge’s of Fragrance Group, sitting Changi in Business front of thePark 237-unit Urban Treasures scale model SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE ISAAC SAMUEL

EP2 • EDGEPROP | NOVEMBER 25, 2019

PROPERTY BRIEFS

ADVERTISING + MARKETING Savills makes four top appointments in ADVERTISING SALES vice-president, sales & operations | Diana Lim account director | Ivy Hong investment sales and capital markets team deputy account director | Janice Zhu account manager | | BY CHARLENE CHIN | years of experience in the Singapore “Jeremy and his team bring with Chris Marriott, CEO of Savills South Pang Kai Xin regional business investment market, says Savills. In them tremendous depth of experience East Asia, says: “Jeremy and Galven development manager | Cole Tan avills Singapore has appointed four the last five years, both of them were in this marketplace, having handled a have built up a reputation for their pro- head of marketing & branding | senior leaders in its investment sales in charge of real estate transactions significant portion of Singapore’s largest fessionalism in underwriting, market- Rachel Lim Shuling Sand capital markets team. of over $19 billion across the office, investment transactions across a myri- ing and executing transactions for sov- PUBLISHER Joining the company is Jeremy Lake retail, residential, hotel and industri- ad of asset classes,” Loo says. ereign wealth, institutional funds and The Edge Property Pte Ltd as managing director, Galven Tan as al sectors. “This is significant for us as their private clients, both locally and globally. 150 Cecil Street #13-00 Singapore 069543 deputy managing director, Yap Hui Yee Marcus Loo, CEO of Savills Singa- stellar track record and extensive client “As cross-border investment grows, Tel: (65) 6232 8688 as director, and Sophia Lim as senior pore, says: “I am extremely delighted contact base will enable Savills to serve Savills is carving out a dominant posi- Fax: (65) 6232 8620 manager. that we have been able to secure the our clients better, not just in Singapore, tion in this sector of the region’s real Lake and Tan bring with them 43 top investment team here in Singapore.” but in the region as well,” he adds. estate service industry.” E PRINTER KHL Printing Co Pte Ltd PICTURES: SAVILLS 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333

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CAPITALAND JTC rejects bids for Seng Holdings, King Wan Corp ing at the Singapore Land Au- industrial site at Tampines and TA Corp – it was completed thority and Inland Revenue Au- North Drive 5 in 2016 and is fully sold to date. thority of Singapore. There has been no successful “We are pleased with the bidder for the industrial site at turnout and it shows that there Singapore’s office market Tampines North Drive 5, Plot is inherent interest in living near is one of the strongest in 9, JTC announced on Nov 20. nature,” comments Stephanie the world: JLL The tender for the site was Chua, UEL’s head of develop- Singapore’s office market has launched on July 30 and closed ment sales. Dairy Farm Resi- shown one of the strongest per- on Oct 22. dences is in proximity to Dairy formances in the world, with vol- Although two bids were re- Farm Nature Park and the Bukit umes rising by over 175% y-o-y ceived for the site, the higher bid Timah Nature Reserve. due to strong rental growth and The Star Vista was valued at $262 million as at June 30 was not accepted as the price The interest came mostly net absorption, highlights JLL in offered was below the reserve from those who are already re- and is expected to generate net CBRE appoints head of its report on global capital flows. price, it says. siding in the west of Singapore, proceeds of about $145 million, valuation and advisory Transaction volume in Singa- The Tampines North Drive 5 although some visitors stay in and a net gain of about $32 mil- services for Singapore pore reached an all-time high, site was launched under the sec- the central area, and some po- lion for CapitaLand. Based on CBRE has appointed Png Poh supported by Allianz and Gaw ond half of the 2019 Industrial tential buyers came from as far the latest independent valua- Soon to join the firm as head Capital’s US$1.15 billion ($1.6 Government Land Sales (IGLS) as Pasir Ris, Chua shares. tion as at June 30, The Star Vis- of valuation & advisory services billion) acquisition of Duo Tow- programme. It has a lease tenure Apartment layouts offered in- ta was valued at $262 million. for Singapore, with effect from er in July. of 20 years and is zoned under clude two-bedroom units from “The divestment of The Star Jan 2, 2020. China also saw an increase “B2” for heavier industrial use. 624 to 775 sq ft, three-bedroom Vista is in line with CapitaLand’s Png has 17 years of experi- in transaction volumes. Notably, The land spans 0.49ha and has units from 915 to 1,313 sq ft, and active and disciplined asset recy- ence in real estate professional investment in Shanghai reached a gross plot ratio of 2.5. four-bedroom apartments from cling strategy. In the year to date, services with specialisation in US$14.4 billion in the year to 1,324 to 1,475 sq ft. CapitaLand has divested close to land acquisitions and proper- date, with US$3.5 billion received Dairy Farm Residences UEL is launching Dairy Farm $5.7 billion worth of assets, ex- ty tax. He will report to Moray in the third quarter of the year. preview draws crowd of Residences in a few phases, at ceeding our annual target divest- Armstrong, managing director Shanghai was the largest re- 1,000 an average starting price from ment of $3 billion,” says Jason of CBRE Singapore, and Vamshi cipient of cross-border invest- The preview of the 460-unit $1,500 to $1,700 psf. The two-bed- Leow, president, Singapore & In- KK Nakirekanti, head of valua- ments among Asia-Pacific cit- Dairy Farm Residences by Singa- room units will start from below ternational, CapitaLand Group. tion & advisory services, South ies in the first three quarters of pore-listed United Engineers Ltd $1 million. Upon completion of the di- East Asia. the year, followed by Singapore (UEL) drew a crowd of 1,000 over vestment, CapitaLand will own “[Png’s] vast experience in CONTINUES ON PAGE EP4 the weekend of Nov 16 and 17. CapitaLand sells The Star 19 malls in Singapore, one of working with leading multina- Dairy Farm Residences marks Vista for $296 mil which is under development. tional companies, financial in- SENTOSA BUNGALOWS FOR SALE the first new condo offering in CapitaLand will sell The Star Vis- The Star Vista is right next to stitutions and regulatory bodies, Seaview $16.8m/$24.8m/$33m/$35m the Dairy Farm area since The ta to Rock Productions, owner of Buona Vista MRT Interchange as well as his extensive network Panoramic views, Modern, Bigger plots Skywoods was launched in 2013. The Star Performing Arts Cen- Station on the Circle and East- of industry contacts, will further Golf & Lake view $12.8m/$16m/$19.8m The Skywoods is a 420-unit, 99- tre, for $296 million, the proper- West Lines. It is part of a 15- extend CBRE’s reach and offer- Brand New & Almost New year leasehold condo. Developed ty group announced on Nov 20. storey integrated development, ings to grow our valuation busi- Waterway Brand New $13.xm upwards by a consortium of three listed The divestment is targeted which includes a 5,000-seat au- ness; in particular, expanding our ID Units Available

property players – Hock Lian to be completed by end-2019, ditorium. share of pie in mortgage valua- Unblocked Waterway $13m/$15m/ Opened in September 2012, tion,” says Armstrong. $20m/$24m for 50ft yacht UEL the mall comprises three levels Png last served as senior di- Homes by award winning architects of retail space, with a net letta- rector of valuation & advisory at $18m-$28m Bespoke homes with ble area of about 162,500 sq ft. Knight Frank, where he led ap- exceptional views. The mall registered an oc- praisal projects such as Maple- *For a friendly discussion or cupancy of 95% as at June 30, tree Business City, Frasers Tower _pleasure of ownership, please call ROWENA CHAN 9_0383166 2019. Main tenants include Beau- and Jurong Country Club. Prior (R051626C) ty in the Pot and LeNu, Can- to that, he was Knight Frank’s ton Paradise Teahouse, Redman head of research & consultancy by Phoon Huat, Swee Lee and for four years. Each Franchise is Independently Owned And Operated The crowd at the preview of Dairy Farm Residences Cold Storage. Png started his career work- EDGEPROP | NOVEMBER 25, 2019 • EP3

MARKET TRENDS

The drastic fall in new home sales on an m-o-m basis came as new launches declined 48% m-o-m to 892 units in October

SHUTTERSTOCK Private new home sales fall 26.9% m-o-m to 928 units in October

| BY CHARLENE CHIN | Cushman & Wakefield’s Wong believes this psf reached 844 units for January to October the same period in 2016 (160 units), 2017 (150 points to “market resilience and strong pent- 2019, hitting a 10-year high. In October alone, units) and 2018 (161 units). rivate new home sales – excluding ex- up demand” in the property market. 186 units were sold above $2,500 psf. Colliers’ Song expects new home prices to ecutive condos (ECs) – fell by 26.9% “Singaporeans are still bullish on the Luxury properties in Singapore remained “continue to stabilise and rise by 2% for the m-o-m to 928 units in October, accord- long-term prospects for Singapore residen- popular among both locals and foreigners, states full year 2019”. However, this “will likely be ing to developers’ monthly sales data tial private property, despite cooling meas- OrangeTee. Singaporeans made up 72.7% of buy- kept in check with the economic slowdown released by the URA. However, this is ures. Given the uncertain economic environ- ers, purchasing 133 of non-landed new homes and an ample launch pipeline”, which com- Pan 84.9% increase from the 502 units sold in ment and geo-political developments in the in the Core Central Region (CCR) in October. prises 4,653 private homes (excluding ECs) October 2018. region, Singapore real estate is perceived as The number of new luxury non-landed that have been launched but remain unsold, The drastic fall in sales on an m-o-m basis a ‘safe haven’ for growth and preservation homes bought by foreigners in the CCR con- she notes. came as new launches declined 48% m-o-m to of wealth,” she adds. tinued to rise, with 36 units sold in October. Cushman & Wakefield’s Wong forecasts 892 units in October. “There were fewer attrac- Meanwhile, new residential project launch- From January to October 2019, foreigners that total new home sales are likely to reach tive launches,” comments Tricia Song, head of es in November included Sengkang Grand bought 173 new luxury non-landed homes, 9,500 to 10,500 units this year, surpassing research for Singapore at Colliers International. Residences and Pullman Residences. Seng- which is higher than the number sold over 2018’s sales of 8,795 units. E The best-selling private residential project kang Grand Residences sold 216 of the 280

in October was Parc Esta, which moved 92 units released at its weekend launch on Nov URA REALIS, ORANGETEE & TIE units at a median price of $1,686 psf. This 2 and 3, at an average selling price of $1,700 was followed by Treasure at Tampines, which psf, notes Colliers’ Song. Number of new non-landed homes sold at psf prices of over sold 88 units at a median price of $1,373 psf. “We believe the good demand at Sengkang $2,500 psf Neu at Novena took third place, transacting Grand Residences could be due to it being the 54 units at a median price of $2,585 psf. Parc first integrated community and lifestyle hub Botannia moved 49 units at a median price of in the northeast region. It appears buyers are $1,334 psf, while Midtown Bay saw 48 units willing to award a 30% premium for superi- sold at a median price of $2,900 psf. or convenience and amenities, as pure resi- New home sales for October were mainly dential projects nearby such as The Quartz driven by Singaporeans, observes Wong Xian (completed in 2009) and Jewel (2016) trans- Yang, senior manager, research, for Singapore acted at about $1,000 to $1,300 psf in 2019 to and Southeast Asia at Cushman & Wakefield. date,” remarks Song. Singaporeans made up 82% of the buyers, On the other hand, Pullman Residences, a followed by permanent residents at 11% and 340-unit hotel-branded residences with con- foreigners at 7%. cierge services in Newton, sold 12 out of 25 From January to October 2019, develop- units released over its Nov 9 and 10 week- ers sold 8,397 new homes (excluding ECs), end launch, at an average price of $3,000 psf. a 12.5% increase from 7,461 sold over the OrangeTee & Tie has observed that the same period in 2018. number of private homes sold above $2,500 URA REALIS, ORANGETEE & TIE

COLLIERS INTERNATIONAL, URA Non-landed home sales transacted at $5 million and above in the Top 10 projects by unit sales in October 2019 (including ECs) first 10 months of 2019

PROJECT STREET LOCALITY UNITS SOLD IN MEDIAN PRICE % SOLD TO THE MONTH ($PSF) IN THE DATE (OF MONTH TOTAL) Parc Esta Sims Avenue RCR 92 1,686 62 Treasure at tampines Tampines Lane OCR 88 1,373 37 Neu At Novena Moulmein Rise CCR 54 2,585 62 Parc Botannia Fernvale Street OCR 49 1,334 90 Midtown Bay Beach Road CCR 48 2,900 22 Stirling Residences Stirling Road RCR 45 1,848 69 Riverfront Residences Hougang Avenue 7 OCR 43 1,337 80 Royalgreen Anamalai Avenue CCR 42 2,741 15 Avenue South Residences Silat Avenue RCR 40 1,990 37 Parc Clematis Jalan Lempeng OCR 32 1,606 31 EP4 • EDGEPROP | NOVEMBER 25, 2019

SHOPHOUSES Bugis and Duxton shophouses on the market

| BY CHARLENE CHIN | are next to Blue Jazz Cafe, a popular hotspot. pore at $475 million from M+S Pte Ltd, a joint acted in January at $5.65 million ($2,897 psf). “Bugis is becoming increasingly attractive venture between Malaysia and Singapore. In February, 29 Stanley Street was sold at hree city-fringe shophouses, in the Bugis to a growing pool of multinational companies New commercial developments in the Bugis $22.1 million ($3,400 psf). and Duxton neighbourhood, are up for based in Grade-A office developments Duo Tow- vicinity also include Guoco Midtown and the The lower guide price for the shophouse at sale. The two shophouses in Bugis, at er, Bugis Junction Towers and upcoming Guoco new Shaw Towers development. 42 Duxton Road, within $5 million, would al- 13 and 14 Bali Lane, have been put up Midtown,” comments Loyalle Chin, associate Meanwhile, the shophouse at 42 Duxton low easier entry for high-net-worth individu- for sale jointly, at a guide price of $9.8 director at Propnex Realty, which is market- Road sits on a land of 1,118 sq ft, with a total als to invest in CBD shophouses and allow for Tmillion. The third shophouse, 42 Duxton Road, ing the property. floor area of 2,035 sq ft. further capital appreciation, states PropNex. is for sale from $4.9 million. The area also attracts “millennials who ap- It is currently tenanted to Kokuyo, a furni- Duxton is in close vicinity to three MRT The shophouse pair for sale along Bali Lane preciate the diversity in Bali Lane and Haji ture and space design company with offices in stations: Outram Park MRT Interchange Sta- spans two storeys, is zoned for commercial use, Lane, filled with live local music, coffee places China, Thailand, Hong Kong, Malaysia and Sin- tion on the East-West and North-East Lines, and sits on a land size of 1,470 sq ft with a to- and attractive F&B establishments”, Chin adds. gapore. The rental yield is 3.3%, says PropNex. Tanjong Pagar MRT Station on the East-West tal floor area of 2,581 sq ft. It is currently par- A number of notable transactions have taken “With rental yields generally compressed Line, and the future Maxwell MRT Station on tially tenanted. place in the Bugis enclave. In July, Allianz and between 1.8% and 2.5%, this is certainly one the Thomson-East Coast Line, which is slated The two shophouses are within a five-min- Gaw Capital purchased Duo Tower for $1.6 bil- of the highest rental yields for a shophouse in for completion in 2021. ute walk to Bugis MRT Interchange Station lion. On Oct 8, it was announced that Hoi Hup the CBD,” says Chin. The tender exercise for the three shophous- on the Downtown and East-West Lines. They Realty would acquire luxury hotel Andaz Singa- In the vicinity, 37 Duxton Road was trans- es will close on Dec 17 at 3pm. E

PICTURES: PROPNEX REALTY

The shophouse at 42 Duxton Road is currently tenanted to Kokuyo, The shophouse at 14 Bali Lane Exterior of 42 Duxton Road a furniture and space design company

PROPERTY BRIEFS

SC CAPITAL PARTNERS FROM PAGE EP2 “Asia Pacific’s real estate market is pick – the opening of the Grand Par- vestors to take on measured leasing and Sydney. Globally, Shanghai ranked likely to hold steady as investors con- is infrastructure project, opportuni- or manage capex risk to drive higher third after Paris and London. tinue to allocate vast amounts of cap- ties for leasing/capital expenditure risk-adjusted returns. Sydney has logged several large- ital to commercial real estate in their (capex) risk, and greater value out- Office investments in the Nordics scale transactions this year. The larg- search for yield without exposure to side of the CBD. continue to offer some of the best op- est deal was Blackstone’s US$1.1 bil- excessive risk,” he says. Stockholm was chosen for logistics portunities to maintain and grow in- lion acquisition of a portfolio of office JLL expects the Asia-Pacific’s com- as it is backed by its fastest population come, highlights the report. Markets assets from Scentre Group in the sec- mercial real estate investments to grow growth in Europe, mature e-commerce such as Utrecht, Brussels and Luxem- ond quarter. 13% for the whole of this year, indi- market and attractive value-on-offer bourg offer “some of the best value In the third quarter, foreign invest- cating a further acceleration in the at a 4.75% net initial yield. with limited downside risk”, it states. ments in Sydney came primarily from fourth quarter of 2019. Overall, the outlook for European M&G adds that German cities with Canadian pension funds and Singapo- residential “remains highly attractive”, record low vacancies, such as Berlin rean groups. Amsterdam is M&G Real highlights M&G Real Estate in the re- and Munich, offer “some of the best The office building at 412 St Kilda Road, Cross-border capital inflows to Syd- Estate’s top pick for residential port, “given the potential it offers for income growth potential” in Europe’s Melbourne ney is 88% higher year-to-date than market investments in Europe both diversification and income at this office sector. the same period last year, with US$3.5 for 2020 stage of the cycle”. frontage to Queens Lane. The prop- billion invested by foreign investors. For 2020, global real estate invest- Meanwhile, the logistics sector SC Capital Partners buys erty also overlooks the Shrine of Re- Asia-Pacific economies were also ment manager M&G Real Estate has in Europe has outperformed all oth- Melbourne office building for membrance, Royal Botanic Gardens, among the biggest capital sources for named Amsterdam as the top invest- er sectors for the sixth consecutive A$107 mil the Melbourne CBD, Albert Park and cross-border investments in the first ment choice for the residential sector year, states M&G. The firm expects Real estate firm SC Capital Partners has Port Phillip Bay. nine months of this year, with Sin- in Europe, the Paris submarkets for this trend to continue. purchased an office building at 412 St “This will be the most significant gapore, South Korea and Hong Kong offices, and Stockholm for logistics. “With both e-commerce and city Kilda Road, Melbourne, for A$107.08 office regeneration project the St Kil- making it to the top 10 list of capital The firm cites Amsterdam’s first- urbanisation rates expected to contin- million ($99 million). da Road precinct has witnessed in exporters, observes JLL in the report. place ranking in the Organisation for ue growing, we expect rents for indus- The building will undergo a A$40 the past 20 years,” comments Mark “Asian investors are spreading their Economic Co-operation and Develop- trial stock in the right locations and million refurbishment and capitalise Frinsdorf, director of Artifex Proper- capital more broadly and are looking ment (OECD) for work-life balance, with the best specifications to see fur- on its strategic location above the new ty Group, which is overseeing the re- at markets such as continental Europe 80% use of green transport to commute, ther uplifts,” it notes. Anzac Train Station. furbishment works. where debt costs are low, assets are and a 5% rental growth in unregulat- The office sector in Europe is be- The property comprises 19 storeys, The works are expected to available and markets such as Germany ed assets as the reasons for its choice. lieved to remain a key target for in- with a total lettable area of 175,290 sq commence in early 2020, and the and France are seen to be beneficiar- For the office market, M&G lists vestors, says M&G. In CBDs such as ft, and a parking space that fits 174 building will be available for occu- ies post-Brexit,” says Stuart Crow, CEO three factors for choosing the sub- that in Paris, vacancy rates are excep- cars. It is at the corner of St Kilda Road pation in 1Q2021. — Compiled by of Asia Pacific Capital Markets at JLL. markets of Paris as its top investment tionally low, which would allow in- and Bowen Crescent, with a further Charlene Chin E EDGEPROP | NOVEMBER 25, 2019 • EP5

SHOPHOUSESSHOPHOUSE

PICTURES:SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE

The shophouse at 13 Bussorah Street (centre) has a 99-year leasehold tenure that began in 2003 The shophouse is fully tenanted and rent is $11,200 per month Shophouse on Bussorah Street going for $6.1 mil

| BY TIMOTHY TAY | sociate director of heritage buildings Simon which changed hands for $18.8 million on Oct 11 co Midtown on Beach Road. The development Monteiro - the agent marketing the property - this year. The building sits on a 999-year lease- includes Midtown Bay, a 33-storey residential 99-year leasehold shophouse at 13 says the shophouse will be fully tenanted un- hold plot of 1,668 sq ft that faces Ophir Road. tower with 219 units, offices, retail and F&B Bussorah Street - located within the til July next year and the average monthly rent Another shophouse at 68 Arab Street - a free- spaces as well as public spaces. The develop- Kampong Glam conservation area - is $11,200 per month. hold property that sits on a 1,184 sq ft plot - er expects to draw in an additional 10,000 vis- has been put up for sale for $6.1 mil- An independent valuation of the property was sold for $5.23 million ($4,405 psf) in Jan- itors to the Beach Road area when the entire lion. The two-storey shophouse sits conducted in July this year by UOB Bank also uary this year. Monteiro reckons that the area project is completed. Aon a 1,559 sq ft plot and has a built up area valued the property at $6.5 million, he adds. is primed to benefit from rejuvenation efforts This type of shophouse asset would be well of close to 2,800 sq ft. The price translates to According to URA Realis, the shophouse and new developments along Beach Road that suited for an investor looking for a long-term in- $3,913 psf on the land area while the leasehold at 13 Bussorah last changed hands for $4.78 have lifted the overall profile of the entire lo- vestment, with the aim to build a family office tenancy started in Nov 2003. million ($3,067 psf) in Dec 2013. Records also cale. This includes footfall from the Andaz Sin- or as a legacy asset. It also does not come with The interior of the shophouse was designed show that the shophouse was sold for $2.8 mil- gapore Hotel in the neighbouring DUO integrat- any additional buyers stamp duty and owner- by Singapore-based design consultancy Elliot lion ($1,796 psf) in Feb 2012, and for $868,000 ed development, which also features 570,000 ship is open to foreigners, says Monteiro. There James Interiors. The company also took out ($557 psf) in June 2005. sq ft of Grade-A offices. are only about 9,000 conservation shophouses a lease of the second floor of the shophouse The most recent transaction in the area was Upcoming projects in the area include Guo- in Singapore and only a handful are available until October this year. Savills Singapore’s as- a corner shophouse at 11/11A/11B Bali Lane coLand’s $2.4 billion integrated complex Guo- for foreign ownership, he adds. E

The historic Sultan Mosque is easily visible from the front of the shophouse in the Kampong Glam Conservation Area EP6 • EDGEPROP | NOVEMBER 25, 2019

SPOTLIGHT Street-level commercial site at St Martin’s Drive going for $5,900 psf

PICTURES: SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE | BY TIMOTHY TAY | and a sales gallery for a property developer. The latest tenant was a failed Korean barbe- ocated between the prime shopping belt cue restaurant that never opened due to is- on Orchard Road and the exclusive Nas- sues with Singapore’s Fire Safety Bureau. sim Road residential enclave, a street-lev- The owner has decided to sell the site el commercial site at 1 St Martin’s Drive after holding on to it for close to 10 years, is on the market for about $55.3 million. says Simon Monteiro, associate director of LThe price translates to $5,900 psf on the free- heritage buildings at Savills Singapore, and hold land area. the exclusive marketing agent for the sale of The 9,375 sq ft commercial plot for sale the property. lies below the 16-unit St Martin’s Apartment. Monteiro says: “This site would be very The entire 17,000 sq ft site at 1 St Martin’s nice as a family office, especially for wealthy Drive comprises both the commercial and res- individuals looking to make Singapore into idential components, but only the commer- a home base.” Alternatively, the new own- cial component is for sale and it represents er could explore a potential en bloc scenar- 42% of the share ownership of the entire site. io to redevelop the entire site, including the The commercial site at 1 St Martin’s Drive residential component. However, this would is in a prime location given its proximity to require buying up enough residential units luxury residential developments, hotels, em- to begin the en bloc process, says Monteiro. bassies, and several high-end shopping malls. He points out that it is very rare for a Directly facing the site on Tanglin Road is Tu- street-level commercial site on Tanglin Road dor Court Shopping Gallery and Tanglin Pla- to come onto the market since such sites are za, while Tanglin Shopping Centre lies further tightly held. He adds that this particular site down the road. The site is close to high-end is especially rare because the frontage boasts hotel chains such as The Regent Singapore, a generous car park space. Hotel Jen Tanglin Singapore, and St Regis If the new owner chooses to continue rent- Hotel Singapore. ing out the site, they will find that there is The site is also surrounded by several lux- strong demand for such highly visible sites ury residential developments. Just behind in the central region, says Monteiro. A local the site on St Martin’s Drive are Tanglin Res- developer has already approached him to idences and St Martin Residence, while the rent out the space as a showflat, while other Good Class Bungalow areas of Nassim Road businesses such as boutique furniture shops and Cluny Park straddle the nearby Nassim have also offered monthly rents of close to Road. Close to the site is Orchard Boulevard $69,000 to lease the street-level storefront. and Cuscaden Road which have seen new According to the current owner, “who- luxury developments spring up, including ever takes over this site needs to be able to 3 Orchard By-The-Park, Cuscaden Reserve, see its potential. While the site is currently Boulevard 88, and 3 Cuscaden. untapped, there is nowhere else in this area Given the centrality of the site to these that offers a street-level site with its own prime residential and shopping areas, the frontage with space to park several cars”. commercial site at 1 St Martin’s Drive has The site could also be turned into a luxury been used for a variety of purposes over the car showroom to take advantage of its prom- The commercial site has a prominent frontage on Tanglin Road past decade, including a Shell petrol station inent frontage, he says. E

The commercial site shares the plot with the 16-unit St Martin’s Apartment. The carpark is above the commercial site for sale. EDGEPROP | NOVEMBER 25, 2019 • EP7

MARKET INSIGHT Singapore has the best prospects for investment in Asia-Pacific

ALBERT CHUA/THE EDGE SINGAPORE is the only emerging market that investors viewed located in buildings that have been certified to Asia-Pacific markets. While naysayers ques- favourably due to its strong economic growth be environmentally responsible. This is regard- tion the sustainability of the co-working busi- as it absorbs Chinese manufacturing capacity less of whether they are looking for an office, ness model following WeWork’s failure, he be- moving offshore. The city is also in first place residential, retail or industrial space,” he adds. lieves that co-working satisfies a need for agile for city development prospects for 2020. workspaces. Aside from Ho Chi Minh City, only Bangkok Office sector most popular And increasingly, landlords are entering joint and Mumbai – ranked at 11th and 12th for in- Meanwhile, Walter believes that the office sec- ventures or investing in co-working operators in vestment prospects respectively – were among tor will continue to be the most popular among order to expand their share of the co-working the emerging-market cities that made it to the investors in the Asia-Pacific region. He points market, he adds. This is in contrast to leasing top 10 for development prospects. to the report’s findings that the huge lot sizes vacant office space to co-working operators on ULI anticipates that with fears of recession in Asia-Pacific markets mean that more prop- a sub-leasing basis. looming in the US, investors will always be wary erties are being sold to joint ventures or invest- “The technical barriers [for starting a co-work- of emerging markets, as past experience showed ment clubs. ing space] are relatively low because if you that in times of economic uncertainty, illiquid- In addition, the office sector will be buoyed have space, it doesn’t take that much to create ity and currency volatility make these markets by the inflow of institutional capital for core a co-working environment. I’d say the bigger unsafe for investors. properties in regional markets. issue is around the branding of the co-working Walter expects that demand for co-working operator providing it. Brand value takes a while Focus on ESG spaces will continue to remain strong in most to build,” he explains. E

Walter observes that the ongoing US-China trade ULI ULI war has undoubtedly had an impact on real es- ULI global CEO Edward Walter believes that the office tate investment globally. Based on the report’s City investment prospects City development prospects sector will continue to be the most popular among findings, trade wars emerged as the most prob- for 2020 for 2020 investors in the Asia-Pacific region lematic issue for real estate investors, ahead of low yields and global economic growth. “Many Generally poor Fair Generally good Generally poor Fair Generally good | BY AMY TAN | MNCs are now putting their expansion plans on 1 Singapore 6.31 1 Ho Chi Minh City 5.96 hold,” he notes. 2 Tokyo 6.11 2 Singapore 5.77 ingapore presents the best prospect in When it comes to property prices, he the Asia-Pacific region for investment, points out that most markets are still in rela- 3 Ho Chi Minh City 6.06 3 Sydney 5.71 according to “Emerging Trends in Real tive balance to market fundamentals. The ex- 4 Sydney 5.99 4 Tokyo 5.64 Estate Asia Pacific 2020”, a real estate ception are markets like Hong Kong that has 5 Melbourne 5.95 5 Melbourne 5.56 forecast jointly published by the Urban been reeling from the impact of the ongoing 6 Shenzhen 5.86 6 Shenzhen 5.35 SLand Institute (ULI) and PwC. street protests. 7 Shanghai 5.73 7 Shanghai 5.32 The city-state saw a surge in transactions in Against this backdrop, investors are taking a 1H2019, mostly driven by cross-border capital, long-term view by focusing on environmental, 8 Osaka 5.69 8 Osaka 5.28 and volumes are expected to remain strong in social and governance [ESG]. “One thing that 9 Guangzhou 5.36 9 Mumbai 5.21 2H2019. With a glut in office supply absorbed, has changed is that ESG, in particular sustaina- 10 Seoul 5.29 10 Bangkok 5.10 sentiment for Singaporean assets has now re- bility, is becoming more prominent. Developers 11 Bangkok 5.11 11 Manila 5.08 bounded from the lows of 2017. and owners are paying more attention to this 12 Mumbai 5.07 12 Seoul 5.07 With vacancies now minimal, investor confi- than in the past and it is a trend that’s only go- 13 Beijing 4.97 13 Guangzhou 5.06 dence has returned, with foreign investors leading to continue,” he says. ing the charge as buying activity surges, accord- From an investing perspective, he notes 14 Taipei 4.95 14 Bangalore 5.04 ing to the report. that this shift started in Europe and it moved 15 New Delhi 4.93 15 New Delhi 5.03 “As recently as our 2017 report, Singapore to America and the Asia-Pacific. He elaborates: 16 Bangalore 4.90 16 China–second-tier cities 4.91 placed just 21st in our investment rankings, un- “Investors are now at the point where they re- 17 Manila 4.87 17 Jakarta 4.86 derlining how quickly the tides can shift,” says ally want to know that a company has a strate- 18 Jakarta 4.86 18 Auckland 4.82 ULI’s global CEO, Edward Walter. gy around those issues. Otherwise, they are not Tokyo, Sydney and Melbourne also placed comfortable to invest.” 19 Auckland 4.83 19 Taipei 4.76 within the top five, reflecting overall investor Thus, companies are now paying attention to 20 China–second-tier cities 4.77 20 Kuala Lumpur 4.71 preference for regional markets that are large, these issues. “For a lot of companies, a lot of the 21 Kuala Lumpur 4.73 21 Beijing 4.63 liquid and defensive, the report states. carbon impact is from the real estate that they 22 Hong Kong SAR 3.93 22 Hong Kong SAR 3.96 Meanwhile, Ho Chi Minh City, in third place, use and so companies are interested in being

ULI Most problematic issues for real estate investors B2 JTC INDUSTRIAL COMPLEX FOR SALE

Trade wars 6.64 We invite offers to purchase the following property on an “as-is, where-is” basis:

Low yields 6.32 • Type of Property: A JTC Industrial Complex Comprising A 2-Storey Administration And Canteen Block, A 4-Storey Building And A Single-Storey Factory Block Global economic growth 6.12 • Land Area: 13,117.9 sqm Asian economic growth 6.00 • Floor Area: Approximately 13,863.34 sqm • Lease: 30 years commencing 01/01/2003 Lack of investable properties 5.85 • Master Plan 2014: Business 2 Currency volatility 5.84 • Location: 121 Neythal Road, Singapore 628606 • Type of sale: Mortgagee sale Competition from Asian buyers 5.74 Interested parties are required to submit their offers in the manner as prescribed Competition from global buyers 5.22 in the Terms and Conditions of Tender by 5:00 pm on 3 January 2020.

Cost of finance 4.36 For further details and viewing, please contact:- Ian Low at +65 6715 1113 or email: [email protected] Impending interest rate hikes 4.04 Lwi Tong Chong at +65 6715 1106 or email: [email protected] 1 2 3 4 5 6 7 8 9 VIEWING STRICTLY BY APPOINTMENT ONLY. Least Neutral Most problematic problematic EP8 • EDGEPROP | NOVEMBER 25, 2019

COVER STORY

The scale model of the twin 12-storey towers of Urban Treasures on Jalan Eunos

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Urban Treasures: A gem in the east The freehold project is a redevelopment of the former Eunos Mansion, in an area where neighbouring projects are already sold out

| BY CECILIA CHOW | “It’s a huge piece of land and it’s freehold,” comments Koh. “That’s why it’s called hen James Koh, executive Urban Treasures – it’s a real treasure in this chairman, CEO and founder part of Singapore. With a big site like this, of Fragrance Group, spotted you can have lush landscaping, large swim- the spalling concrete pavement ming pool, wading pool, gym, tennis court below the altar for the Earth and all the other condo facilities that a small WGod, he dashed out of the Urban Treasures site will not be able to provide.” sales gallery. He asked one of his workers to There is a mix of one- to four-bedroom mix a batch of plaster for him while he went unit types, with sizes from 452 to 1,270 sq ft. to fetch a trowel from his Rolls-Royce, and Indicative prices are from $1,830 psf, which proceeded to smoothen the concrete. He got means that one-bedroom apartments will start quite a lot of work done before surrendering from $880,000 while two-bedroom units will the trowel to the worker. be upwards of $1.18 million. “[Koh] is very hands-on,” says P Aravindan, deputy CEO of Singapore-listed property devel- ‘TAKING A CUE’ oper, investor and hotelier Fragrance Group. “The fact that the land was purchased for Upon returning to the sales gallery of Ur- about $1,118 psf ppr and is now launching Showflat of a two-bedroom unit at Urban Treasures where sizes start from 646 sq ft for classic units to ban Treasures, Koh said he had relocated the at prices from $1,830 psf shows that the de- 721 sq ft for premium units Earth God’s altar to its current position as veloper is taking a cue from current mar- he felt it imparts “a sense of serenity” to the ket conditions,” says Ismail Gafoor, CEO of place. It was only after the relocation that he PropNex Realty, one of the three appointed noticed the spalling concrete. marketing agencies of Urban Treasures. The Koh was at the sales gallery of Urban Treas- other two marketing agencies are ERA Real- ures ahead of the weekend preview on Nov ty Network and SRI. 23 and 24. “After such a lengthy planning Urban Treasures is considered to be within process and having obtained all the relevant the suburbs or Outside Central Region, but it clearance, we’re finally ready to go,” he says. lies close to the border demarcating the city Fragrance purchased the former Eunos Man- fringe or Rest of Central Region (RCR), adds sion site at Jalan Eunos 1½ years in a collec- Ismail. “In the RCR, 99-year leasehold projects tive sale for $220 million. Based on the plot are already going for about $1,700 to $1,800 ratio of 1.6 and 10% bonus balcony space, psf,” observes Ismail. “Urban Treasures, be- the purchase price for the land translated to ing freehold, is priced from $1,830 psf, which $1,118 psf per plot ratio (ppr). makes it attractive.” Eunos Mansion has since been demolished In the RCR in the east, 99-year leasehold for the construction of the upcoming Urban projects such as Parc Esta, which sits in front Treasures. The freehold site is 111,735 sq ft of Eunos MRT Station, has already sold 913 and is bordered by Bedok Reservoir Road, Eu- out of 1,399 units at an average price of $1,675 Two-bedroom showflat featuring Bosch kitchen appliances nos Link and Jalan Eunos. psf since its launch a year ago. EDGEPROP | NOVEMBER 25, 2019 • EP9

COVER STORY

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Showflat of a three-bedroom unit, where sizes range from 883 sq ft for classic units to 1,012 sq ft for premium units

Park Place Residences at Paya Lebar Quar- region, including Changi Business Park and is rare”, he adds. “So our target audience is sic or premium types. Two-bedroom units are ter (PLQ), which is also 99-year leasehold and Changi Airport, as part of the latest Master Plan. wide – from the neighbouring areas, East sized from 646 to 721 sq ft; while three-bed- considered a RCR project, is part of an integrat- Coast or Bedok.” room units are 883 to 1,012 sq ft. ed development linked directly to Paya Lebar MIXED NEIGHBOURHOOD The units are designed to be very effi- MRT Interchange Station. The 429-unit pro- In the neighbourhood of Urban Treasures is a ‘FOOTLOOSE INVESTORS’ cient, says Fragrance’s Aravindan. As the ject is fully sold at an average price of $1,875 mix of landed, private and HDB estates, notes ERA’s Mak agrees. “There could be interest project is designed as two 12-storey blocks, psf. In fact, many of the units at Park Place SRI’s Low. “This mix is important for the pool coming from those living in the landed and they occupy a footprint of about 30% of the Residences were sold at prices above $2,200 of potential buyers in the secondary market, low-rise private housing projects to the east site area, he says. This means that 70% of psf, with the highest for a one-bedroom unit who may either be looking to upgrade or buy of Urban Treasures,” he observes. “But the the site area is available for landscaping and hitting $2,281 psf in April 2018. for their children. The merits of being near project could also draw buyers from further facilities. SAA Architects, a member of Sur- HDB estates is that amenities such as super- afield. There will be some buyers who are bana Jurong Group, is the design architect, ‘POTENTIAL GROWTH’ markets and eateries are within a six-minute quite footloose, especially those buying for while Ecoplan Asia is the landscape architect “Urban Treasures’ pricing is attractive and walk from the condo.” investment and are seeking projects that are for Urban Treasures. there is potential for future growth,” notes Urban Treasures is also near a few new de- perceived to have good price appreciation or Ken Low, managing partner of SRI. “Buy- velopments, namely the 48-unit The Navian, rental potential.” ‘LOWER TEMPO’ NOT A CONCERN ers today are looking for projects with either a boutique, freehold development launched PropNex’s Ismail conducted a consum- Koh says: “Urban Treasures is a real gem. It’s product or price differentiation.” two years ago and is now fully sold at an av- er seminar at Urban Treasures’ sales gallery near two MRT stations; amenities like eateries, Urban Treasures is located a nine-min- erage price of $1,588 psf. on Monday night, Nov 18. “There was quite supermarkets and schools are also nearby; and ute walk to Ubi MRT Station and an 11-min- Next door to The Navian is the 99-year a good crowd considering it was a Monday it’s just a 10-15 minute drive to Changi Airport, ute walk to Kaki Bukit MRT Station, both of leasehold EuHabitat, which has 748 units and night,” he says. “Eighty people had regis- and another 10-15 minute drive to the CBD.” which are located on the Downtown Line. is also fully sold. The project was launched tered and more than 50 people showed up.” He is going ahead with his near year-end It is a four-minute drive to Eunos MRT Sta- in 2011, and average price achieved to date is The freehold tenure attracted not just those preview of Urban Treasures even though it is tion on the East-West Line and a six-minute about $1,083 psf. The project was complet- living in the private housing estate nearby, traditionally a slower period. “I am not wor- drive to PLQ. ed in 2015. for instance at Jalan Punai, Jalan Rimau, Foo ried about people going on holiday,” says Being close to PLQ is also a draw as the “EuHabitat is a good testament of the rent- Kim Lin and Teo Kim Eng Roads, but those Koh. “If their heart is set on buying a unit, integrated development is part of Paya Leb- ability in that locale,” says SRI’s Low. “Close from the established, private housing estates they will commit to the purchase, regardless ar Central, which the URA has designated as to half of the entire development was rented in District 15, namely Frankel and Opera es- of where they are.” a commercial hub in the eastern region, says out in a year.” tates as well, he notes. PropNex’s Ismail adds: “Typically in Novem- Nicholas Mak, head of research & consultan- One street away on Foo Kim Lin Road is Of the mix of one-bedroom to four-bedroom ber and December, the sales momentum switch- cy at ERA Realty. the 105-unit, freehold Tropika East: launched units at Urban Treasures, about 48 units are es to a lower tempo as people make plans for The Paya Lebar Airbase will also be relo- in 2012, it was completed in 2016. Units sold one-bedroom or one-bedroom premium units, their year-end holidays. However, when a pro- cated to Changi by 2030, which means the averaged $1,224 psf. with sizes ranging from 452 to 517 sq ft; and ject is ready for launch, it’s better to just roll it whole area is set for rejuvenation. The URA Fragrance Group’s Koh reckons that the 10 units are four-bedroom premium units of out rather than wait. Delaying a project launch has plans to further develop Defu Industri- area is “sought after”. The main attraction 1,270 sq ft. The majority of the units are two- until next year may not necessarily make a dif- al Estate in the northeast region and Changi is Urban Treasures’ freehold tenure, “which and three-bedroom units, which come in clas- ference in terms of impact.” E

Master bedroom and en suite bathroom of the two-bedroom showflat EP10 • EDGEPROP | NOVEMBER 25, 2019

OFFICE

First Contact provides clients with concierge services such as personal requests, mailroom management, IT support, induction for the client’s new recruits as well as maintenance and cleanliness issues

FIRST CONTACT Australia’s workplace concierge First Contact launches in Singapore; eyes regional expansion

| BY AMY TAN | Australia, some of its largest clients include is working with saw a 300% increase in head- learning about new office software programs, ANZ Bank, JLL, Optus, Ernst & Young and span count in the last six months. business writing, email etiquette and leader- hen Paul Schmeja, CEO of work- across sectors such as banking and finance to “Companies like that are growing so fast ship. These courses are either delivered in the place concierge services compa- tech companies. that HR is struggling to accommodate the new classroom or via an online platform. ny First Contact, enters any office hires. When they partner with us, they can get “We believe in upskilling our people so that building, the first thing he looks Art of anticipation support on running their workplace at a frac- they can take on other roles and progress when out for is whether the reception Schmeja, who established his career in the hos- tion of the cost of engaging a big facilities man- the time is right,” he says. Wis manned by security staff. pitality sector, sees staff from this industry as agement company,” he says. Schmeja credits First Contact’s ability to hire “Typically, the security guard is your first a natural fit for workplace concierge services, While Schmeja declines to provide the cost experienced hospitality staff to the company’s point of contact when you enter an office build- so much so that the company exclusively hires of services due to non-disclosure agreements close links with the industry. He previously ing. Security has an important role to play but people with a background in hospitality. For in- signed with clients, he points out that costs worked with hospitality brands such as Grand the security staff shouldn’t be the first person stance, the company’s operations manager in vary according to the scope of services required Hyatt Melbourne and boutique hotels such as who greets you. This does not create a welcom- Singapore was formerly the front office man- by each client. COMO Melbourne. ing or positive first impression,” he observes. ager at Marina Bay Sands. According to him, having a workplace con- Specialising in front office and rooms divi- Sensing a business opportunity, Schmeja “There’s just something about people who cierge improves the welfare of employees as it sion management, Schmeja was also involved co-founded First Contact in 2006 in Melbourne, work in hospitality. We derive a buzz from mak- provides a single point of contact for all manner in the pre-openings of hotels such as The Man- Australia, to introduce professional, five-star ho- ing someone’s day better,” he opines. Trans- of help. This is increasingly important as work- sion Hotel at Werribee Park, The Ascott Group tel concierge services to the commercial prop- late this experience from a hotel to an office places evolve from cubicles to open plan and Serviced Residences and the Mantra Deep Blue erty segment. and Schmeja believes First Contact has a win- flexible working arrangements are introduced. Geothermal Spa Resort on the Great Ocean Road. Thirteen years later, First Contact services ning formula. “Giving people flexible working environments He also took on the role of village operations over 70 locations across Australia. Last month, The problem with many office buildings improves productivity, employee engagement manager for the Melbourne 2006 Commonwealth it officially launched in Singapore and has plans with security staff doubling up as receptionists and staff retention. But with this comes new Games, where he managed the planning, exe- to further expand in the Asia-Pacific region. In though is that it transforms the visitor’s arrival office tools and fancy gadgets and helping em- cution and delivery of accommodation servic- experience into one that is purely transaction- ployees navigate them,” he observes. es for the 6,500 bed Athletes Village. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE al. “You arrive, get your visitor pass and that’s While he continues to be passionate about it,” he laments. Alternative career path hospitality, Schmeja notes that most hospitality However, if the building or office’s reception As the needs of each client differ, First Contact roles require staff to work on weekends, public is staffed with hotel-trained concierge, Schmeja provides training for the staff it assigns to the holidays and at odd hours. says they will be able to anticipate the needs of company and also manages them. This applies “I love working in hotels but when you are visitors and exceed their expectations. to all its services. married, have kids or setting up your own home, “This extra layer is what we call the art of an- Typically, Schmeja and his team would first the hours are just not very family-friendly. The ticipation – automatically knowing what everyone start by understanding the needs of each com- typical age of our staff is around 30 to 31. By needs even before being asked,” says Schmeja. pany and learn more about the brand image this age, people start thinking about what they Following its success in Australia, First Con- they want to convey through their concierge. want for their future,” he says. tact has expanded its service offerings to include First Contact can also tailor the uniforms of the Consequently, with the training First Con- workplace and other ad-hoc services. This is concierge based on the requirements of clients. tact provides, Schmeja sees First Contact as a because while its concierge services are largely A team is then assembled and trained ac- means to provide an alternative path of career targeted at building owners and anchor tenants, cordingly. In order to ensure a high standard progression for those in the hospitality industry. First Contact is also seeing demand for its work- of service, First Contact has a customised train- “Some of our best people have also gone place services from both start-ups and MNCs. ing checklist and requires the team to complete on to work for our clients. Some have become The range of services now on offer includes the training before putting them on the job. In junior facilities managers or executive assis- handling personal requests from clients, mail- addition, new staff are also partnered with an tants with banks so this is a win-win for every- room management, IT support, induction for experience staff to learn on the job. The whole one,” he quips. While First Contact’s concierge services are largely the client’s new recruits as well as maintenance process usually takes two to four weeks de- “We don’t want to retain people for too targeted at building owners and anchor tenants, the and cleanliness issues. pending on the scale of the role. long either. We like our people to provide company’s CEO Paul Schmeja is seeing demand for its And growing start-ups have found this par- Even when they are on the job, Schmeja em- friendly and engaging service but not when workplace services from both start-ups and MNCs ticularly useful. Schmeja recounts how one it phasises constant skills upgrading. This can be they are bored.” E EDGEPROP | NOVEMBER 25, 2019 • EP11

OFFSHORE

PICTURES: KEIHAN REAL ESTATE Keihan Real Estate launches Osaka’s The High Horie in Singapore

| BY TIMOTHY TAY | appeal to those involved in freelance work or small business owners who want facilities such n Oct 19, Japanese property devel- as private meeting rooms and lounges where oper Keihan Real Estate held a pre- they can meet up with their clients, he adds. view in Singapore for one of its resi- The Nishi ward is a trendy residential neigh- dential projects – The High Horie, to bourhood located close to popular shopping and be located in the trendy Nishi ward entertainment districts Shinsaibashi and Nam- Oin Osaka, Japan. ba. The area is also well connected by major ar- The project is a 12-storey residential devel- terial roads and well served by amenities such opment that sits on a 10,918 sq ft site. It has as public transport and hospitals, says Keihan 141 units comprising studios, one-bedroom and Real Estate spokeswoman Mayuko Takahashi. two-bedroom units. With sizes ranging from 325 Given that Nishi ward is a popular residen- sq ft to 798 sq ft, the freehold development also tial district – particularly with those in their features meeting rooms and open spaces. It is 30s and 40s – average land prices has also in- expected to be completed in 1Q2021. creased 25.4% since 2018, notes Takahashi. Indicative prices for the units at The High That’s the highest land price increase in the Horie are said to range from $385,000 to $1.2 whole of Osaka, she adds. million. The developer had intended to put aside “Over the past few years, property prices half the units for international buyers. in central Osaka have also increased by about At least 10 potential buyers had registered 5% each year,” says JLL’s Sato. Osaka is the their interest in the project following last month’s largest metropolitan area in Japan and the sec- preview, says real estate services company JLL’s ond largest economy after Tokyo, he adds. “As director of international residential projects Ken- the city prepares to host the 2025 World Expo, taro Sato. JLL is the exclusive international mar- there will be lots of construction work to boost keting agency for The High Horie, which will its economy.” be launched in Singapore on Nov 23. Osaka has also been identified as one of the Project developer Keihan Real Estate is the “candidate cities” for the development of an property development arm of conglomerate Kei- integrated resort with casino in Japan. “If that han Group in Japan. The group had its origins happens, the economy of Osaka is also expect- as Keihan Electric Railway in 1906, providing ed to benefit,” notes Sato. E rail services in Osaka, Kyoto and Shiga prefec- The High Horie is a freehold residential development in Osaka by Keihan Real Estate tures. Today, the corporation has 50 different businesses under its umbrella including trans- portation services, real estate development, retail distribution and leisure services. The real estate arm acquires and develops sites along the railway lines managed by Kei- han Group. According to its FY2018 annual report, real estate sales and development projects contributed ¥113 billion or 33.4% of the company’s operating revenue. Keihan Real Estate has since developed high- end condominiums and houses in major Jap- anese cities like Tokyo, Sapporo, Kobe, Osaka, Fukuoka, and Okinawa. “Osaka is one of the fastest growing cities in Japan, yet average property prices in the city are about 70% that of Tokyo,” says JLL’s Sato. Given the unit types and location of The High Horie, he reckons the project will attract singles Keihan develops high-end condominiums and land- or couples working in Osaka. It is also likely to ed houses in the major cities in Japan Prices are expected to start from $385,000 for a studio unit

The lounge area in The High Horie This is the first time Keihan is marketing one of its projects in Singapore EP12 • EDGEPROP | NOVEMBER 25, 2019

DONE DEALS

Residential transactions with contracts dated Nov 5 to 12 Singapore — by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 THE IVERIA Apartment Freehold Nov 9 904 2,316,000 - 2,561 Uncompleted New Sale Balestier/MacPherson/Geylang 12 to 14 THE IVERIA Apartment Freehold Nov 9 904 2,428,000 - 2,685 Uncompleted New Sale East Coast 15 and 16 THE IVERIA Apartment Freehold Nov 9 915 2,434,000 - 2,660 Uncompleted New Sale Changi/Pasir Ris 17 and 18 THE IVERIA Apartment Freehold Nov 9 915 2,517,000 - 2,751 Uncompleted New Sale THE IVERIA Apartment Freehold Nov 10 947 2,392,000 - 2,525 Uncompleted New Sale Serangoon/Thomson 19 and 20 THE IVERIA Apartment Freehold Nov 10 947 2,472,000 - 2,610 Uncompleted New Sale West 22 to 24 THE IVERIA Apartment Freehold Nov 10 947 2,546,000 - 2,688 Uncompleted New Sale North 25 to 28 THE IVERIA Apartment Freehold Nov 10 904 2,438,000 - 2,696 Uncompleted New Sale THE LAURELS Condominium Freehold Nov 6 1,001 2,700,000 - 2,697 2013 Resale THE PATERSON EDGE Apartment Freehold Nov 12 840 1,928,000 - 2,296 1999 Resale THE PROMONT Apartment Freehold Nov 8 2,013 3,999,000 - 1,987 2009 Resale TRIBECA Condominium Freehold Nov 11 1,765 3,618,250 - 2,050 2010 Resale WILKIE 48 Apartment Freehold Nov 11 1,292 1,868,000 - 1,446 1999 Resale District 10 3 ORCHARD BY-THE-PARK Condominium Freehold Nov 11 1,776 6,393,600 - 3,600 2017 Resale BALMORAL HILLS Condominium Freehold Nov 6 1,389 2,940,000 - 2,117 2008 Resale CORONATION ARCADE Apartment Freehold Nov 6 1,281 1,560,000 - 1,218 1994 Resale D’LEEDON Condominium 99 years Nov 11 1,679 2,580,000 - 1,536 2014 Resale FOURTH AVENUE RESIDENCES Apartment 99 years Nov 10 484 1,156,000 - 2,387 Uncompleted New Sale GALLOP GREEN Condominium Freehold Nov 5 4,187 7,630,000 - 1,822 2002 Resale LE NOUVEL ARDMORE Condominium Freehold Nov 8 3,929 16,500,000 - 4,200 2014 Resale LOFT @ NATHAN Apartment Freehold Nov 5 452 820,000 - 1,814 2014 Resale CORONATION DRIVE Detached 999 years Nov 5 5,576 13,580,000 - 2,436 Unknown Resale MARYLAND DRIVE Detached 999 years Nov 5 21,915 30,000,000 - 1,369 1998 Resale ONE DRAYCOTT Apartment Freehold Nov 5 797 3,000,000 - 3,766 Uncompleted New Sale SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION ONE DRAYCOTT Apartment Freehold Nov 5 797 3,000,000 - 3,766 Uncompleted New Sale PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE ONE DRAYCOTT Apartment Freehold Nov 5 732 2,500,000 - 3,416 Uncompleted New Sale District 1 STELLAR RV Apartment Freehold Nov 8 581 980,000 - 1,686 2015 Resale MARINA ONE RESIDENCES Apartment 99 years Nov 8 1,163 2,457,408 - 2,114 2017 Resale TANGLIN HILL CONDOMINIUM Condominium Freehold Nov 7 2,917 4,200,000 - 1,440 1982 Resale MARINA ONE RESIDENCES Apartment 99 years Nov 11 678 1,450,000 - 2,138 2017 Resale TANGLIN RESIDENCES Condominium Freehold Nov 7 1,819 3,950,000 - 2,171 2005 Resale MARINA ONE RESIDENCES Apartment 99 years Nov 11 1,163 2,467,011 - 2,122 2017 Resale THE ASTON Apartment Freehold Nov 6 657 980,000 - 1,493 2002 Resale District 2 THE LADYHILL Condominium Freehold Nov 11 2,271 5,600,000 - 2,466 2002 Resale WALLICH RESIDENCE Apartment 99 years Nov 8 1,098 3,450,000 - 3,142 2017 Resale THE LEVELZ Condominium Freehold Nov 7 958 1,618,000 - 1,689 2004 Resale District 3 THE TRIZON Condominium Freehold Nov 8 7,083 7,100,000 - 1,002 2012 Resale ARTRA Apartment 99 years Nov 6 1,044 1,800,600 - 1,725 Uncompleted New Sale WING ON LIFE GARDEN Apartment Freehold Nov 5 3,498 6,100,000 - 1,744 1982 Resale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 5 1,109 2,140,000 - 1,930 Uncompleted New Sale District 11 AVENUE SOUTH RESIDENCE Apartment 99 years Nov 5 527 1,128,000 - 2,139 Uncompleted New Sale 35 GILSTEAD Apartment Freehold Nov 7 1,033 2,396,000 - 2,319 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 732 1,486,000 - 2,030 Uncompleted New Sale CUBE 8 Condominium Freehold Nov 6 926 1,500,000 - 1,620 2013 Resale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 732 1,323,000 - 1,807 Uncompleted New Sale VANDA AVENUE Semi-Detached Freehold Nov 5 3,617 9,000,000 - 2,491 Unknown Resale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 527 1,118,000 - 2,120 Uncompleted New Sale DALKEITH ROAD Detached Freehold Nov 5 11,259 18,000,000 - 1,598 Unknown Resale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 947 1,879,000 - 1,984 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Nov 6 818 2,180,000 - 2,665 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 527 982,000 - 1,862 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Nov 7 657 1,746,000 - 2,659 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 527 993,000 - 1,883 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Nov 9 657 1,703,000 - 2,594 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 9 732 1,332,000 - 1,820 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Nov 9 657 1,743,000 - 2,655 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 9 689 1,378,000 - 2,000 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Nov 9 657 1,763,000 - 2,685 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 10 732 1,359,000 - 1,857 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Nov 9 657 1,780,000 - 2,711 Uncompleted New Sale AVENUE SOUTH RESIDENCE Apartment 99 years Nov 10 657 1,278,000 - 1,946 Uncompleted New Sale NEU AT NOVENA Apartment Freehold Nov 9 646 1,712,000 - 2,651 Uncompleted New Sale ECHELON Condominium 99 years Nov 11 1,313 2,160,000 - 1,645 2016 Resale NEWTON SUITES Apartment Freehold Nov 12 1,238 2,610,000 - 2,108 2007 Resale MARGARET VILLE Apartment 99 years Nov 5 1,184 2,030,952 - 1,715 Uncompleted New Sale PARK INFINIA AT WEE NAM Condominium Freehold Nov 8 893 2,000,000 - 2,239 2008 Resale MARGARET VILLE Apartment 99 years Nov 7 527 1,135,926 - 2,154 Uncompleted New Sale PAVILION 11 Condominium Freehold Nov 6 1,485 2,138,000 - 1,439 2009 Resale ONE PEARL BANK Apartment 99 years Nov 5 431 1,066,000 - 2,476 Uncompleted New Sale PULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 463 1,375,000 - 2,971 Uncompleted New Sale RIVIERE Apartment 99 years Nov 5 840 2,536,550 - 3,021 Uncompleted New Sale PULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 667 1,901,000 - 2,849 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Nov 5 689 1,320,000 - 1,916 Uncompleted New Sale PULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 667 1,898,000 - 2,844 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Nov 7 624 1,214,000 - 1,945 Uncompleted New Sale PULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 667 2,046,000 - 3,066 Uncompleted New Sale THE CREST Condominium 99 years Nov 7 1,744 3,919,000 - 2,247 2017 Resale PULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 463 1,311,000 - 2,832 Uncompleted New Sale THE CREST Condominium 99 years Nov 7 1,722 3,817,000 - 2,216 2017 Resale PULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 667 2,184,000 - 3,273 Uncompleted New Sale TWIN REGENCY Condominium Freehold Nov 12 2,120 3,200,000 - 1,509 2007 Resale PULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 1,378 4,085,000 - 2,965 Uncompleted New Sale District 4 PULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 667 1,881,000 - 2,819 Uncompleted New Sale CARIBBEAN AT KEPPEL BAY Condominium 99 years Nov 12 1,227 1,900,000 - 1,548 2004 Resale PULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 10 1,378 4,260,000 - 3,092 Uncompleted New Sale SEASCAPE Condominium 99 years Nov 5 2,164 4,388,000 - 2,028 2011 Resale TEN @ SUFFOLK Apartment Freehold Nov 7 1,087 1,530,000 - 1,407 2006 Resale THE INTERLACE Condominium 99 years Nov 6 2,357 3,000,000 - 1,273 2013 Resale THE SPRINGS Apartment Freehold Nov 5 1,884 2,480,000 - 1,317 2003 Resale THE PEARL @ MOUNT FABER Condominium 99 years Nov 6 1,389 1,650,000 - 1,188 2005 Resale District 12 District 5 BEACON HEIGHTS Condominium 999 years Nov 8 1,109 1,150,000 - 1,037 2012 Resale BOTANNIA Condominium 956 years Nov 8 1,249 1,628,000 - 1,304 2009 Resale GEM RESIDENCES Condominium 99 years Nov 5 452 680,000 - 1,504 Uncompleted Sub Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Nov 5 517 944,000 - 1,827 Uncompleted New Sale SKYSUITES17 Apartment Freehold Nov 11 366 633,000 - 1,730 2014 Resale KENT RIDGE HILL RESIDENCES Apartment 99 years Nov 10 517 945,000 - 1,829 Uncompleted New Sale ST MICHAEL’S PLACE Apartment Freehold Nov 5 1,259 1,330,000 - 1,056 1997 Resale PARC CLEMATIS Apartment 99 years Nov 6 689 1,100,000 - 1,597 Uncompleted New Sale THE ABERDEEN Condominium Freehold Nov 5 1,399 1,520,000 - 1,086 1997 Resale PARC CLEMATIS Apartment 99 years Nov 7 904 1,436,000 - 1,588 Uncompleted New Sale VISTA RESIDENCES Condominium Freehold Nov 12 646 993,000 - 1,538 2013 Resale PARC CLEMATIS Apartment 99 years Nov 7 904 1,434,000 - 1,586 Uncompleted New Sale District 13 PARC CLEMATIS Apartment 99 years Nov 8 915 1,455,000 - 1,590 Uncompleted New Sale 8@WOODLEIGH Condominium 99 years Nov 12 1,453 1,780,000 - 1,225 2012 Resale PARC CLEMATIS Apartment 99 years Nov 8 732 1,133,000 - 1,548 Uncompleted New Sale EURO-ASIA PARK Condominium Freehold Nov 12 1,421 1,770,000 - 1,246 1996 Resale PARC CLEMATIS Apartment 99 years Nov 9 689 1,047,000 - 1,520 Uncompleted New Sale NIN RESIDENCE Apartment 99 years Nov 7 850 1,028,000 - 1,209 2014 Resale PARC CLEMATIS Apartment 99 years Nov 10 915 1,446,000 - 1,580 Uncompleted New Sale THE TRE VER Condominium 99 years Nov 7 1,109 1,704,000 - 1,537 Uncompleted New Sale TWIN VEW Apartment 99 years Nov 9 1,184 1,718,000 - 1,451 Uncompleted New Sale THE TRE VER Condominium 99 years Nov 9 1,378 2,174,000 - 1,578 Uncompleted New Sale TWIN VEW Apartment 99 years Nov 10 710 1,080,000 - 1,520 Uncompleted New Sale THE TRE VER Condominium 99 years Nov 9 1,012 1,618,000 - 1,599 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Nov 6 1,281 1,626,800 - 1,270 Uncompleted New Sale THE TRE VER Condominium 99 years Nov 9 1,012 1,627,000 - 1,608 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Nov 7 958 1,352,180 - 1,411 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Nov 5 721 1,421,000 - 1,970 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Nov 9 1,066 1,526,020 - 1,432 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Nov 7 1,076 2,149,000 - 1,996 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Nov 9 506 808,520 - 1,598 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Nov 9 689 1,324,000 - 1,922 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Nov 10 506 766,700 - 1,515 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Nov 9 592 1,120,000 - 1,892 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Nov 10 506 749,490 - 1,481 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Nov 10 592 1,067,000 - 1,802 Uncompleted New Sale District 7 WOODSVILLE MANSIONS Apartment Freehold Nov 6 1,916 1,920,000 - 1,002 1987 Resale MIDTOWN BAY Apartment 99 years Nov 7 743 1,962,300 1,926,300 2,594 Uncompleted New Sale District 14 District 9 ARENA RESIDENCES Apartment Freehold Nov 8 807 1,503,500 - 1,862 Uncompleted New Sale 8 @ MOUNT SOPHIA Condominium 103 years Nov 5 1,453 2,100,000 - 1,445 2007 Resale GUILLEMARD SUITES Apartment Freehold Nov 8 721 990,000 - 1,373 2017 Resale CAIRNHILL PLAZA Apartment Freehold Nov 5 2,820 4,680,000 - 1,659 1978 Resale JALAN PARAS Terrace Freehold Nov 5 1,884 2,600,000 - 1,377 Unknown Resale CAVENAGH HOUSE Apartment Freehold Nov 8 1,636 2,638,000 - 1,612 Unknown Resale JALAN PUNAI Semi-Detached Freehold Nov 5 3,606 4,030,000 - 1,119 2009 Resale EMILY RESIDENCE Apartment Freehold Nov 11 980 1,610,000 - 1,644 2006 Resale PARC ESTA Apartment 99 years Nov 5 635 1,062,000 - 1,672 Uncompleted New Sale HAUS ON HANDY Condominium 99 years Nov 10 463 1,340,000 - 2,895 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 5 700 1,232,000 - 1,761 Uncompleted New Sale HILLTOPS Condominium Freehold Nov 11 7,728 25,080,000 - 3,245 2011 Resale PARC ESTA Apartment 99 years Nov 5 1,227 2,048,000 - 1,669 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 5 764 2,017,000 - 2,639 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 6 700 1,244,000 - 1,778 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 5 764 2,020,000 - 2,643 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 7 635 1,062,000 - 1,672 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 7 764 1,979,800 - 2,591 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 7 915 1,483,000 - 1,621 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 7 764 1,986,500 - 2,599 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 7 452 833,000 - 1,843 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 8 764 2,096,700 - 2,743 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 8 1,119 1,849,000 - 1,652 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 8 764 2,152,000 - 2,816 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 9 1,001 1,610,000 - 1,608 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 8 1,733 4,738,600 - 2,734 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 9 635 1,058,000 - 1,666 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 8 1,733 4,720,600 - 2,724 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 9 635 1,156,000 - 1,820 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 8 764 2,060,500 - 2,696 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 10 743 1,261,000 - 1,698 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 8 764 2,074,800 - 2,715 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 10 1,227 1,890,000 - 1,540 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 8 764 2,049,000 - 2,681 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 10 1,206 1,726,000 - 1,432 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 8 764 2,082,200 - 2,725 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 10 420 774,000 - 1,844 Uncompleted New Sale MARTIN MODERN Condominium 99 years Nov 8 764 2,070,600 - 2,709 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 10 1,001 1,600,000 - 1,598 Uncompleted New Sale NEWTON EDGE Apartment Freehold Nov 7 1,292 1,780,000 - 1,378 2011 Resale PARC ESTA Apartment 99 years Nov 10 840 1,336,000 - 1,591 Uncompleted New Sale OLEANAS RESIDENCE Condominium Freehold Nov 7 1,636 3,100,000 - 1,895 1999 Resale PARC ESTA Apartment 99 years Nov 10 635 1,058,000 - 1,666 Uncompleted New Sale PARC CENTENNIAL Apartment Freehold Nov 7 1,550 2,200,000 - 1,419 2011 Resale PARC ESTA Apartment 99 years Nov 10 915 1,488,000 - 1,626 Uncompleted New Sale THE IVERIA Apartment Freehold Nov 9 947 2,540,340 - 2,682 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 10 926 1,605,000 - 1,734 Uncompleted New Sale THE IVERIA Apartment Freehold Nov 9 947 2,556,000 - 2,698 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 10 1,119 1,826,000 - 1,631 Uncompleted New Sale THE IVERIA Apartment Freehold Nov 9 904 2,306,000 - 2,550 Uncompleted New Sale PARC ESTA Apartment 99 years Nov 10 549 933,000 - 1,700 Uncompleted New Sale EDGEPROP | NOVEMBER 25, 2019 • EP13

DONE DEALS

Residential transactions with contracts dated Nov 5 to 12

SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE REZI 24 Apartment Freehold Nov 7 646 986,500 - 1,527 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Nov 8 667 1,012,000 - 1,516 Uncompleted New Sale REZI 24 Apartment Freehold Nov 9 495 793,100 - 1,602 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Nov 8 635 956,000 - 1,505 Uncompleted New Sale SIN CHUAN GARDEN Semi-Detached Freehold Nov 5 3,014 3,200,000 - 1,061 1983 Resale THE FLORENCE RESIDENCES Apartment 99 years Nov 9 484 709,000 - 1,464 Uncompleted New Sale STARVILLE Condominium Freehold Nov 6 1,270 1,300,000 - 1,023 2006 Resale THE FLORENCE RESIDENCES Apartment 99 years Nov 10 484 732,000 - 1,511 Uncompleted New Sale SUITES@CHANGI Apartment Freehold Nov 12 409 525,000 - 1,284 2012 Resale THE FLORENCE RESIDENCES Apartment 99 years Nov 10 527 814,000 - 1,543 Uncompleted New Sale District 15 THE QUARTZ Condominium 99 years Nov 7 1,367 1,320,000 - 966 2009 Resale 11 AMBER ROAD Apartment Freehold Nov 5 1,496 2,100,000 - 1,404 2004 Resale TRILIVE Condominium Freehold Nov 6 463 796,000 - 1,720 2018 Resale AQUARINE GARDENS Apartment Freehold Nov 5 732 825,000 - 1,127 2004 Resale District 20 CAYMAN RESIDENCES Terrace Freehold Nov 7 1,744 4,200,000 - 2,409 2019 New Sale COUNTRY ESQUIRE Condominium Freehold Nov 6 1,270 1,618,000 - 1,274 1992 Resale FERNWOOD TOWERS Condominium Freehold Nov 8 1,636 1,860,000 - 1,137 1994 Resale COUNTRY ESQUIRE Condominium Freehold Nov 12 1,270 1,642,000 - 1,293 1992 Resale EAST COAST ROAD Terrace Freehold Nov 7 1,927 2,780,000 - 1,446 Unknown Resale FLAME TREE PARK Condominium Freehold Nov 5 1,593 2,250,000 - 1,412 1989 Resale ELITE PARK AVENUE Terrace Freehold Nov 8 1,668 2,300,000 - 1,377 Unknown Resale JADESCAPE Condominium 99 years Nov 5 904 1,585,400 - 1,753 Uncompleted New Sale CEYLON ROAD Terrace Freehold Nov 11 3,380 3,850,000 - 1,141 Unknown Resale JADESCAPE Condominium 99 years Nov 5 904 1,518,000 - 1,679 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Nov 6 1,087 1,580,000 - 1,453 Uncompleted Sub Sale JADESCAPE Condominium 99 years Nov 5 904 1,482,000 - 1,639 Uncompleted New Sale THE WATERSIDE Condominium Freehold Nov 5 2,400 3,500,000 - 1,458 1993 Resale JADESCAPE Condominium 99 years Nov 6 904 1,446,000 - 1,599 Uncompleted New Sale WILKINSON 8 Detached Freehold Nov 8 3,154 2,850,000 - 904 2008 Resale JADESCAPE Condominium 99 years Nov 6 764 1,235,000 - 1,616 Uncompleted New Sale District 16 JADESCAPE Condominium 99 years Nov 7 1,259 2,117,200 - 1,681 Uncompleted New Sale BAYSHORE PARK Condominium 99 years Nov 5 936 920,000 - 982 1986 Resale JADESCAPE Condominium 99 years Nov 7 775 1,397,400 - 1,803 Uncompleted New Sale BAYSHORE PARK Condominium 99 years Nov 7 936 850,000 - 908 1986 Resale JADESCAPE Condominium 99 years Nov 7 1,055 1,716,000 - 1,627 Uncompleted New Sale JALAN HAJI SALAM Semi-Detached Freehold Nov 7 6,501 4,580,000 - 704 Unknown Resale JADESCAPE Condominium 99 years Nov 7 1,012 1,653,000 - 1,634 Uncompleted New Sale THE CALYPSO Apartment Freehold Nov 7 764 810,000 - 1,060 2005 Resale JADESCAPE Condominium 99 years Nov 8 1,012 1,710,000 - 1,690 Uncompleted New Sale THE SPRINGFIELD Terrace 99 years Nov 12 2,357 1,500,000 - 636 1999 Resale JADESCAPE Condominium 99 years Nov 8 1,055 1,819,000 - 1,724 Uncompleted New Sale WATERFRONT GOLD Condominium 99 years Nov 7 893 1,015,000 - 1,136 2014 Resale JADESCAPE Condominium 99 years Nov 9 527 826,000 - 1,566 Uncompleted New Sale District 17 JADESCAPE Condominium 99 years Nov 9 527 841,000 - 1,595 Uncompleted New Sale AVILA GARDENS Condominium Freehold Nov 6 893 755,000 - 845 1995 Resale JADESCAPE Condominium 99 years Nov 9 1,259 2,054,000 - 1,631 Uncompleted New Sale EDELWEISS PARK CONDOMINIUM Condominium Freehold Nov 6 1,389 1,200,000 - 864 2006 Resale JADESCAPE Condominium 99 years Nov 9 1,421 2,478,600 - 1,744 Uncompleted New Sale THE JOVELL Condominium 99 years Nov 5 452 643,000 - 1,422 Uncompleted New Sale JADESCAPE Condominium 99 years Nov 9 1,055 1,785,500 - 1,693 Uncompleted New Sale District 18 JADESCAPE Condominium 99 years Nov 10 904 1,518,000 - 1,679 Uncompleted New Sale ARC AT TAMPINES EC 99 years Nov 8 1,130 1,068,900 - 946 2014 Resale JADESCAPE Condominium 99 years Nov 10 527 860,000 - 1,631 Uncompleted New Sale BELYSA EC 99 years Nov 5 1,249 1,030,000 - 825 2014 Resale JADESCAPE Condominium 99 years Nov 10 1,012 1,769,300 - 1,749 Uncompleted New Sale BELYSA EC 99 years Nov 8 969 870,000 - 898 2014 Resale JADESCAPE Condominium 99 years Nov 10 1,055 1,819,000 - 1,724 Uncompleted New Sale CHANGI RISE CONDOMINIUM Condominium 99 years Nov 5 1,259 980,000 - 778 2004 Resale JADESCAPE Condominium 99 years Nov 10 1,259 2,110,100 - 1,675 Uncompleted New Sale D’NEST Condominium 99 years Nov 11 947 1,050,000 - 1,108 2017 Resale SEMBAWANG HILLS ESTATE Terrace Freehold Nov 5 1,496 1,800,000 - 1,200 Unknown Resale PINEVALE EC 99 years Nov 5 1,625 1,125,000 - 692 1999 Resale District 21 SAVANNAH CONDOPARK Condominium 99 years Nov 11 1,227 988,000 - 805 2005 Resale CAVENDISH PARK Condominium 99 years Nov 5 1,270 1,358,000 - 1,069 1996 Resale SEA ESTA Condominium 99 years Nov 6 980 1,018,000 - 1,039 2015 Resale DAINTREE RESIDENCE Condominium 99 years Nov 9 1,055 1,660,550 - 1,574 Uncompleted New Sale THE TAMPINES TRILLIANT EC 99 years Nov 12 1,130 1,130,000 - 1,000 2015 Resale HOCK SENG PARK Semi-Detached Freehold Nov 7 3,003 5,500,000 - 1,830 1971 Resale THE TAPESTRY Condominium 99 years Nov 5 1,130 1,412,640 - 1,250 Uncompleted New Sale BINJAI PARK Detached Freehold Nov 11 9,020 10,500,000 - 1,164 1993 Resale THE TAPESTRY Condominium 99 years Nov 5 1,130 1,419,120 - 1,256 Uncompleted New Sale PINE GROVE Condominium 99 years Nov 6 1,690 1,430,000 - 846 Unknown Resale THE TAPESTRY Condominium 99 years Nov 5 441 679,780 - 1,540 Uncompleted New Sale SPRINGDALE CONDOMINIUM Condominium 999 years Nov 12 926 1,120,000 - 1,210 1998 Resale THE TAPESTRY Condominium 99 years Nov 6 926 1,214,420 - 1,312 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Nov 10 689 1,190,000 - 1,727 Uncompleted New Sale THE TAPESTRY Condominium 99 years Nov 9 1,130 1,432,080 - 1,267 Uncompleted New Sale District 22 THE TAPESTRY Condominium 99 years Nov 10 1,130 1,453,140 - 1,286 Uncompleted New Sale J GATEWAY Condominium 99 years Nov 7 474 888,000 - 1,875 2016 Resale THE TAPESTRY Condominium 99 years Nov 10 990 1,270,080 - 1,283 Uncompleted New Sale LAKESIDE TOWER Apartment 99 years Nov 8 1,970 999,999 - 508 Unknown Resale THE TAPESTRY Condominium 99 years Nov 10 1,130 1,508,800 - 1,335 Uncompleted New Sale PARC OASIS Condominium 99 years Nov 7 1,076 980,000 - 910 1994 Resale TREASURE AT TAMPINES Condominium 99 years Nov 5 581 785,000 - 1,351 Uncompleted New Sale THE CENTRIS Apartment 99 years Nov 6 1,335 1,430,000 - 1,071 2009 Resale TREASURE AT TAMPINES Condominium 99 years Nov 5 678 890,000 - 1,312 Uncompleted New Sale THE FLORAVALE EC 99 years Nov 5 1,249 820,000 - 657 2000 Resale TREASURE AT TAMPINES Condominium 99 years Nov 8 915 1,188,000 - 1,298 Uncompleted New Sale District 23 TREASURE AT TAMPINES Condominium 99 years Nov 9 581 851,000 - 1,464 Uncompleted New Sale BLOSSOM RESIDENCES EC 99 years Nov 11 753 705,000 - 936 2014 Resale TREASURE AT TAMPINES Condominium 99 years Nov 9 657 934,000 - 1,422 Uncompleted New Sale LE QUEST Apartment 99 years Nov 8 936 1,271,000 - 1,357 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Nov 9 463 682,000 - 1,473 Uncompleted New Sale THE HILLIER Apartment 99 years Nov 6 581 770,000 - 1,325 2016 Resale TREASURE AT TAMPINES Condominium 99 years Nov 9 883 1,175,000 - 1,331 Uncompleted New Sale YEW MEI GREEN EC 99 years Nov 5 1,292 883,000 - 684 2000 Resale TREASURE AT TAMPINES Condominium 99 years Nov 10 1,238 1,523,000 - 1,230 Uncompleted New Sale District 25 TREASURE AT TAMPINES Condominium 99 years Nov 10 1,033 1,360,000 - 1,316 Uncompleted New Sale PARC ROSEWOOD Condominium 99 years Nov 6 517 530,000 - 1,026 2014 Resale TREASURE AT TAMPINES Condominium 99 years Nov 10 850 1,166,000 - 1,371 Uncompleted New Sale THE WOODGROVE Apartment 99 years Nov 8 883 607,000 - 688 1998 Resale District 19 WOODSVALE EC 99 years Nov 8 1,292 768,200 - 595 2000 Resale AFFINITY AT SERANGOON Apartment 99 years Nov 6 538 798,000 - 1,483 Uncompleted New Sale District 26 AFFINITY AT SERANGOON Apartment 99 years Nov 7 624 1,051,000 - 1,683 Uncompleted New Sale CASTLE GREEN Condominium 99 years Nov 11 1,302 915,888 - 703 1997 Resale AFFINITY AT SERANGOON Apartment 99 years Nov 8 1,076 1,592,000 - 1,479 Uncompleted New Sale DALLA VALE Semi-Detached Freehold Nov 8 3,261 2,060,000 - 632 2008 Resale AFFINITY AT SERANGOON Apartment 99 years Nov 8 538 792,000 - 1,472 Uncompleted New Sale District 27 AFFINITY AT SERANGOON Apartment 99 years Nov 9 1,098 1,539,450 - 1,402 Uncompleted New Sale KANDIS RESIDENCE Condominium 99 years Nov 5 764 949,200 - 1,242 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Nov 10 1,152 1,666,170 - 1,447 Uncompleted New Sale SEMBAWANG SPRINGS ESTATE Terrace Freehold Nov 7 1,711 1,700,000 - 991 Unknown Resale AFFINITY AT SERANGOON Apartment 99 years Nov 10 904 1,411,000 - 1,561 Uncompleted New Sale STRAITS GARDENS Terrace Freehold Nov 8 4,521 3,000,000 - 664 2005 Resale BOTANIQUE AT BARTLEY Condominium 99 years Nov 7 732 1,118,000 - 1,527 2019 Sub Sale District 28 BOTANIQUE AT BARTLEY Condominium 99 years Nov 7 657 950,000 - 1,447 2019 Sub Sale H2O RESIDENCES Condominium 99 years Nov 6 743 830,000 - 1,118 2015 Resale BOTANIQUE AT BARTLEY Condominium 99 years Nov 11 732 978,000 - 1,336 2019 Sub Sale HIGH PARK RESIDENCES Apartment 99 years Nov 5 947 1,080,000 - 1,140 2019 Sub Sale CHILTERN PARK Condominium 99 years Nov 7 1,518 1,528,000 - 1,007 1995 Resale HIGH PARK RESIDENCES Apartment 99 years Nov 12 388 500,000 - 1,290 2019 Sub Sale CHUAN SEVEN Detached 99 years Nov 12 4,478 3,000,000 - 670 2000 Resale PARC BOTANNIA Condominium 99 years Nov 5 872 1,219,000 - 1,398 Uncompleted New Sale ESPARINA RESIDENCES EC 99 years Nov 5 1,163 1,340,888 - 1,153 2013 Resale PARC BOTANNIA Condominium 99 years Nov 6 861 1,073,000 - 1,246 Uncompleted New Sale KOVAN MELODY Condominium 99 years Nov 5 1,292 1,428,000 - 1,106 2006 Resale PARC BOTANNIA Condominium 99 years Nov 6 872 1,194,620 - 1,370 Uncompleted New Sale KOVAN REGENCY Condominium 99 years Nov 7 893 1,055,000 - 1,181 2015 Resale PARC BOTANNIA Condominium 99 years Nov 6 1,163 1,410,000 - 1,213 Uncompleted New Sale KOVAN REGENCY Condominium 99 years Nov 8 614 850,000 - 1,385 2015 Resale PARC BOTANNIA Condominium 99 years Nov 6 786 1,057,000 - 1,345 Uncompleted New Sale NAUNG RESIDENCE Apartment 999 years Nov 7 1,023 800,000 - 782 2015 Resale PARC BOTANNIA Condominium 99 years Nov 6 786 1,046,000 - 1,331 Uncompleted New Sale PALM GROVE CONDOMINIUM Condominium 999 years Nov 11 1,410 1,480,000 - 1,050 2002 Resale PARC BOTANNIA Condominium 99 years Nov 7 786 1,001,000 - 1,274 Uncompleted New Sale PALM GROVE TERRACE Terrace 999 years Nov 7 1,636 2,600,000 - 1,594 1998 Resale PARC BOTANNIA Condominium 99 years Nov 7 980 1,334,000 - 1,362 Uncompleted New Sale PARC VERA Condominium 99 years Nov 5 872 910,000 - 1,044 2014 Resale PARC BOTANNIA Condominium 99 years Nov 7 969 1,251,300 - 1,292 Uncompleted New Sale PIERMONT GRAND EC 99 years Nov 6 1,335 1,508,800 - 1,130 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Nov 7 872 1,107,740 - 1,271 Uncompleted New Sale PIERMONT GRAND EC 99 years Nov 9 990 1,067,200 - 1,078 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Nov 8 980 1,350,440 - 1,379 Uncompleted New Sale PIERMONT GRAND EC 99 years Nov 9 1,023 1,084,400 - 1,060 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Nov 8 980 1,322,000 - 1,350 Uncompleted New Sale PIERMONT GRAND EC 99 years Nov 10 1,507 1,672,800 - 1,110 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Nov 8 1,281 1,613,110 - 1,259 Uncompleted New Sale PIERMONT GRAND EC 99 years Nov 10 1,055 1,121,500 - 1,063 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Nov 8 786 1,042,720 - 1,327 Uncompleted New Sale REGENTVILLE Apartment 99 years Nov 5 1,152 875,000 - 760 1999 Resale PARC BOTANNIA Condominium 99 years Nov 9 980 1,367,100 - 1,396 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Nov 5 517 708,000 - 1,370 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Nov 9 980 1,314,180 - 1,342 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Nov 5 517 723,000 - 1,399 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Nov 9 980 1,308,300 - 1,336 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Nov 5 463 663,000 - 1,432 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Nov 9 980 1,344,560 - 1,373 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Nov 6 1,109 1,405,000 - 1,267 Uncompleted New Sale SELETAR GARDEN Semi-Detached Freehold Nov 11 3,961 4,500,000 - 1,136 1985 Resale RIVERFRONT RESIDENCES Apartment 99 years Nov 7 463 672,000 - 1,452 Uncompleted New Sale THE GREENWICH Condominium 99 years Nov 7 904 898,000 - 993 2014 Resale RIVERFRONT RESIDENCES Apartment 99 years Nov 8 915 1,227,000 - 1,341 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Nov 9 721 980,000 - 1,359 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Nov 10 915 1,249,000 - 1,365 Uncompleted New Sale Source: URA Realis. Updated Nov 19, 2019. RIVERPARC RESIDENCE EC 99 years Nov 8 1,227 1,068,000 - 870 2014 Resale EC stands for executive condominium SENGKANG GRAND RESIDENCES Apartment 99 years Nov 5 474 846,400 - 1,787 Uncompleted New Sale DISCLAIMER: SENGKANG GRAND RESIDENCES Apartment 99 years Nov 5 624 1,183,200 - 1,895 Uncompleted New Sale The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly SENGKANG GRAND RESIDENCES Apartment 99 years Nov 7 624 1,105,600 - 1,771 Uncompleted New Sale or indirectly from the use of, or reliance on, the information provided therein. SENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 624 1,110,400 - 1,779 Uncompleted New Sale SENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 1,033 1,747,200 - 1,691 Uncompleted New Sale SENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 1,324 2,276,000 - 1,719 Uncompleted New Sale SENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 1,324 2,265,600 - 1,711 Uncompleted New Sale SENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 1,324 2,255,200 - 1,703 Uncompleted New Sale SENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 474 828,000 - 1,748 Uncompleted New Sale SERANGOON GARDEN ESTATE Semi-Detached 999 years Nov 5 4,219 5,980,000 - 1,419 Unknown Resale SERANGOON GARDEN ESTATE Terrace 999 years Nov 5 2,702 4,700,000 - 1,740 2019 Resale SERANGOON GARDEN ESTATE Terrace 999 years Nov 6 1,841 3,300,000 - 1,794 Unknown Resale SUNGLADE Condominium 99 years Nov 5 1,023 1,170,000 - 1,144 2003 Resale THE CHUAN Condominium 999 years Nov 6 1,658 2,488,000 - 1,501 2007 Resale THE FLORENCE RESIDENCES Apartment 99 years Nov 5 484 713,000 - 1,472 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Nov 6 667 1,028,000 - 1,540 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Nov 6 527 808,000 - 1,532 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Nov 6 474 734,000 - 1,550 Uncompleted New Sale EP14 • EDGEPROP | NOVEMBER 25, 2019

GAINS AND LOSSES

Resale unit at Tanglin Residences reaps $1.5 mil profit

| BY BONG XIN YING | spread over four storeys. The development is Leong Developments. The condo is a four- Station on the North-East Line. a nine-minute walk from the future Orchard minute walk from Lorong Chuan MRT Station On the other hand, the biggest loss incurred he seller of a unit at Tanglin Residences Boulevard MRT Station on the Thomson-East on the Circle Line. over the week was from the resale of a 2,271 made the top gain of $1.5 million over Coast Line. Meanwhile, a unit sold at Woodsville Man- sq ft unit at The Ladyhill, in prime District 10. the week of Nov 5 to 12. The 1,819 sq The second biggest gain made over the week sions, on Woodsville Close in District 13, made The property was sold for $5.6 million ($2,466 ft unit on the second floor was bought – a 96% profit of $1.22 million – was at The the third most profitable transaction over the psf) on Nov 11, at a 12% loss of $780,000. The for $2.45 million ($1,347 psf) in Sep- Chuan, located along Chuan Lane in District period, netting a 118% profit of $1.04 million unit was purchased in February 2010 for $6.38 Ttember 2005, and sold for $3.95 million ($2,171 19. The 1,658 sq ft unit on the ninth floor was for the seller. The 1,916 sq ft unit on the fourth million ($2,809 psf). Over a holding period of psf) on Nov 7. The seller made a 61% prof- purchased for $1.27 million ($767 psf) in April floor was bought in June 2007 for $880,000 close to 10 years, this translates into an annu- it, or an annualised profit of 3% over more 2007, and sold for $2.49 million ($1,501 psf) on ($459 psf), and sold for $1.92 million ($1,002 alised loss of 1%. than 14 years. Nov 6. This means that the seller made an an- psf) on Nov 6. The seller therefore made an an- The Ladyhill, a freehold development by SC Located on St Martin’s Drive in prime Dis- nualised profit of 5% over 12½ years. nualised profit of 6% over more than 12 years. Global Developments, was completed in 2002. It trict 10, the freehold condo was completed in Completed in 2007, the 106-unit, 999-year Woodsville Mansions, completed in 1987, is a 55-unit boutique luxury condo located just 2005. Developed by CapitaLand, it has 43 units leasehold The Chuan was developed by Kheng is a five-minute walk from Potong Pasir MRT off Orange Grove Road. E

THE EDGE SINGAPORE SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE

The 1,819 sq ft unit on the second floor of Tanglin Residences was bought for $2.45 million ($1,347 psf) in September 2005, and sold for $3.95 million ($2,171 psf) on Nov 7 A unit at The Ladyhill sustained a 12% loss of $780,000 after it was sold for $5.6 million ($2,466 psf) on Nov 11

Top gains and losses from Nov 5 to 12 Most profitable deals PROJECT DISTRICT AREA SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD ( SQ FT) (2019) ($ PSF) (YEARS) 1 TANGLIN RESIDENCES 10 1,819 Nov 7 2,171 Sep 16, 2005 1,347 1,500,000 61 3 14.2 2 THE CHUAN 19 1,658 Nov 6 1,501 Apr 18, 2007 767 1,217,000 96 5 12.6 3 WOODSVILLE MANSIONS 13 1,916 Nov 6 1,002 Jun 8, 2007 459 1,040,000 118 6 12.4 4 THE PEARL @ MOUNT FABER 4 1,389 Nov 6 1,188 Apr 21, 2004 547 890,000 117 5 15.6 5 TANGLIN HILL CONDOMINIUM 10 2,917 Nov 7 1,440 Feb 2, 2007 1,148 850,000 25 2 12.8 6 COUNTRY ESQUIRE 20 1,270 Nov 6 1,274 Apr 1, 1995 673 763,000 89 3 24.6 7 BOTANNIA 5 1,249 Nov 8 1,304 Aug 2, 2007 738 705,960 77 5 12.3 8 BALMORAL HILLS 10 1,389 Nov 6 2,117 Sep 11, 2009 1,635 670,000 30 3 10.2 9 THE PATERSON EDGE 9 840 Nov 12 2,296 Oct 14, 1997 1,517 654,500 51 2 22.1 10 TEN @ SUFFOLK 11 1,087 Nov 7 1,407 Sep 22, 2006 828 630,000 70 4 13.1 11 OLEANAS RESIDENCE 9 1,636 Nov 7 1,895 Oct 31, 2014 1,552 561,200 22 4 5.0 12 NEWTON SUITES 11 1,238 Nov 12 2,108 Apr 23, 2010 1,656 560,000 27 3 9.6 13 THE TRIZON 10 7,083 Nov 8 1,002 Sep 29, 2009 932 498,400 8 1 10.1 14 SPRINGDALE CONDOMINIUM 21 926 Nov 12 1,210 Jun 4, 2007 702 470,000 72 4 12.4 15 WILKIE 48 9 1,292 Nov 11 1,446 Dec 20, 2010 1,100 446,800 31 3 8.9

Non-profitable deals PROJECT DISTRICT AREA SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (SQ FT) (2019) ($ PSF) (YEARS) 1 THE LADYHILL 10 2,271 Nov 11 2,466 Feb 3, 2010 2,809 780,000 12 1 9.8 2 THE LAURELS 9 1,001 Nov 6 2,697 Jun 29, 2010 3,285 588,000 18 2 9.4 3 D'LEEDON 10 1,679 Nov 11 1,536 Jan 25, 2013 1,666 217,900 8 1 6.8 4 STELLAR RV 10 581 Nov 8 1,686 Jul 18, 2012 2,051 211,900 18 3 7.3 5 SUITES@CHANGI 14 409 Nov 12 1,284 Jan 29, 2013 1,594 127,000 19 3 6.8 6 THE CALYPSO 16 764 Nov 7 1,060 Sep 4, 2013 1,222 123,888 13 2 6.2 7 THE PROMONT 9 2,013 Nov 8 1,987 Sep 9, 2011 2,037 101,000 2 0.3 8.2 8 VISTA RESIDENCES 12 646 Nov 12 1,538 Dec 11, 2014 1,641 67,000 6 1 4.9 9 CORONATION ARCADE 10 1,281 Nov 6 1,218 Nov 28, 2012 1,265 60,000 4 1 6.9 10 MARINA ONE RESIDENCES 1 678 Nov 11 2,138 Nov 6, 2014 2,147 5,894 0.4 0.1 5.0 11 THE CENTRIS 22 1,335 Nov 6 1,071 Jul 4, 2011 1,075 5,000 0.3 0.04 8.3 12 ECHELON 3 1,313 Nov 11 1,645 Jun 12, 2013 1,647 2,980 0.1 0.02 6.4

Source: URA, EdgeProp Note: Computed based on URA caveat data as at Nov 19 for private non-landed houses transacted between Nov 5 and 12 The profit and loss computation excludes transaction costs such as stamp duties. EDGEPROP | NOVEMBER 25, 2019 • EP15

UNDER THE HAMMER Freehold semi-detached house at Clementi Crescent on the block for $7 mil

| BY TIMOTHY TAY | The property has only been on the market bedrooms that can each fit a king-sized bed “Parents living in Clementi do not need to for three months and the owner is prepared and has an en-suite bathroom. As the prop- worry about meeting their children’s educa- freehold two-storey semi-detached to hear all reasonable offers, says Tricia Tan, erty sits on elevated land, the view from the tional needs from primary all the way to the house at the end of a cul-de-sac at associate director with the Auction Team at roof terrace overlooks most of neighbouring tertiary level,” adds Tan. Clementi Crescent has been put on Knight Frank. houses as well as the surrounding greenery. Having a central location also means that the block by its owner. The expression of interest exercise will Tan says families with school-going chil- it is convenient to travel to the city centre and Marketed by the Auction Team close on Dec 4 while the auction will be con- dren should find the house attractive as there other parts of the island by the Pan-Island Aat Knight Frank Singapore, the property has ducted separately on Dec 9. are several tertiary educational institutes in Expressway and the Ayer Rajah Expressway. a guide price of between $7 million and $7.5 Located off Clementi Road in District 21, the Clementi area. “Lately, many landed home buyers have million. This translates to between $1,465 psf the house sits in a three-storey mixed land- The property is close to Singapore Univer- started house hunting in Districts 9 and 10, and $1,570 psf on the land area. ed estate. The property is also close to the sity of Social Sciences and Ngee Ann Poly- but they are gradually discovering District The house sits on a 4,778 sq ft land plot bungalow estate and mixed landed estate on technic. There are also many popular schools 21 and the many merits of residing there. In and has a built-up area of 3,831 sq ft. Based Sunset Way. in the neighbourhood including Pei Tong Pri- addition, there is a limited supply of avail- on URA Realis, the property was purchased Having been renovated way back in 2000, mary School, Henry Park Primary School, An- able landed houses in the district, which for $2.55 million ($534 psf) back in 1999 and the owner recently carried out new addition glo-Chinese School (Independent), and Nan makes this a valuable buying opportuni- has not changed hands since. and alteration works. The house comprises five Hua High School. ty,” says Tan. E

PICTURES: KNIGHT FRANK

The two-storey house is being sold through an expression of interest Each of the five-bedrooms in the house has space for a king-sized bed Built on elevated land, the house overlooks the landed estate and sur- exercise and an en-suite bathroom rounding greenery EP16 • EDGEPROP | NOVEMBER 25, 2019

OFFSHORE Mapletree Reit hit by Hong Kong protests

REUTERS | BY CHERYL ARCIBAL | to withdraw from some locations as business travellers and tourists alike gave the city a miss. hen anti-government protesters Temasek does not have any comment on the rampaged through the Festival matter, a spokesman said in an email in response Walk in Kowloon, Hong Kong, to a query from the South China Morning Post on Nov 12, they smashed glass on its investments in Hong Kong. panels and some of the 200-odd The Singapore state investment firm is not Wstores in the sprawling mall. They also inad- alone in bearing the brunt of Hong Kong’s po- vertently dented one of Singapore’s biggest in- litical crisis. Restaurant operator Fulum Group vestments in the region. has put up eight properties worth some HK$2.57 Acquired by Temasek Holdings’ wholly billion ($480 million) for sale. Snack food chain owned Mapletree Investments unit in 2011 for Best Mart 360, and Genki Sushi, whose Hong HK$18.8 billion, the retail and office property Kong operations are run by Maxim’s Group, are is now part of the assets in Mapletree North rethinking their store leases. Asia Commercial Trust after a reorganisation “Demonstrations are just amplifying a more in 2013. The price of the real estate investment profound problem, which is that Hong Kong is trust tumbled to a 10-month low in Singapore not as attractive a retail destination as it used after the news. to be,” said Pascal Martin, a partner at OC&C The “extensive damage” reflects how the Strategy Consultants who is based in Hong Kong. situation has taken a turn for the worst as vio- “Brands have dramatically cut down price dif- lence escalates after more than five months of ferences between markets which were favour- anti-government protests, deepening the slump able to Hong Kong.” in retail sales and crashing property values. It To be sure, the value of Festival Walk’s 1.2 is also turning Hong Kong into an investment million sq ft of retail and office space in Kow- landmine for investors as the Kowloon district loon Tong has soared since Mapletree bought became the latest fiery battleground. it from Swire Properties in 2011. The price tag “What is happening in Hong Kong at the is HK$28.75 billion, based on the most recent moment is that we haven’t seen the end of the valuation on March 31. Tenant sales amount- tunnel yet,” said Louis Tse Ming-kwong, man- ed to HK$2.4 billion in the six months to Sept aging director of VC Asset Management in Hong 30, it said in an email reply. Kong. “We now, inter alia, have to take the state A protester is seen through broken glass after protesters vandalised Festival Walk mall in Kowloon “Recovery works including cleaning up of Tong, Hong Kong, on Nov 12 of the local economy into our consideration and the debris and the assessment of repair works, that’s a bit of a challenge. Investors have too are ongoing,” the manager of the Mapletree Reit many variables at play to evaluate now to get said in an update on Nov 19. “The insurers have a satisfactory return, not just for us but for oth- masek’s pool of investments in the region. Rad- A botched initial public offering of New York- been notified, and the assessment of claims is ers like Temasek.” ical protesters have vandalised retail stores with based WeWork, an office co-working space op- under way.” The mall will remain closed until Like other global money managers, Temasek links to mainland business groups, while bank erator, prompted a US$9.5 billion ($12.9 billion) further notice, it added. has raised its stake in the region in recent years branches have become frequent targets in run- rescue by SoftBank group last month after a “I view shopping malls as an ongoing busi- to latch on to China’s economic boom. About ning battles with police. slump in valuations. ness and for long-term investment,” said Thom- 10% of Temasek’s $313 billion of assets is de- Among Hong Kong-listed entities, Te- Temasek is also one of the major backers as Lam, executive director and head of valua- nominated in the local dollar, the third largest masek held a stake in China Construction of WeWork China, seeding the unit that op- tion and advisory at Knight Frank. The value by currency exposure, according to its 2019 an- Bank Corp (3%), Industrial and Commercial erates such offices in cities across the coun- of Festival Walk should be higher than the 2011 nual review. Bank of China (2%) and AIA Group (3%) as try, where vacancy rates have risen amid the price as the rental and cash flow have increased The Festival Walk, which will shut down of March 31, according to its annual review slowest economic growth since at least 1992. over the past few years, he added. – South through Dec 1, is not the first casualty in Te- published in July. In Hong Kong, WeWork is reportedly seeking China Morning Post E

PROP HUNT CLASSIFIEDS Properties for Sale  Scan QR code for more details  To be featured, email [email protected] or call 8822-2997

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RARE Gallop Park bungalow, huge land size. Elevated Awesome 2 storey + attic + basement bungalow by Award winning design home in the heart of Orchard Rare large office unit for sale. Great corporate 2 storey corner home. Large car porch, swimming an Award-winning developer who has many projects Road. A 3 storey high home with a rooftop terrace image. Tenanted till 2022 @ $5.90psf. High floor pool and outhouse. Potential to build dream home in published in magazines, architectural journals & offering unblocked views of the area. Located behind and column-free. Great for own use/ investment. this prestigious district. Mins drive to Orchard Road. books. Infinite-edge pool. 2 extremely large master Paragon Mall, minutes walk to Orchard Road. High Centrally located & next to Tanjong Pagar MRT. Located within 1km of Nanyang Primary School. bedrooms. Roof top fish pond and garden. 3 cars rental potential. Parking space for 2 cars. Plenty of rental demand. covered garage. Quality built.

Elaine SC Tan Kent Tan Elaine SC Tan Alex Chong ERA REALTY NETWORK PTE LTD HOME GURU PTE LTD ERA REALTY NETWORK PTE LTD ORANGETEE & TIE PTE LTD R051086Z R023645H R051086Z R046782D  65 9367 2242  65 9777 6777  65 9367 2242  65 9026 8168