Demand for Prime Office Space Lifts

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MCI (P) 136/08/2017 PPS 1519/09/2012 (022805)

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Market Trends Spotlight Done Deals Gains and Losses New-home sales Terraced house on Watten Interest picks up in Helios Residences unit highest since 2013 Drive going for $5.68 mil Robertson Quay sold at $1.39 mil loss EP4 EP6 EP14 EP16 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

Demand for prime office space lifts off Brighter economic prospects have led to increased demand for premium ofﬁ ce space, with giant schemes such as Marina One, DUO, Paya Lebar Quarter and Frasers Tower beneﬁ ting from a pickup in activity. See our Cover Story on Pages 10 to 12. Marina One

EP2 • EDGEPROP | JANUARY 22, 2018 EN BLOC WATCH

EDITORIAL Hollandia up for collective sale at $163 mil EDITOR | The 48-unit Hollandia (right) was put up for collec- Cecilia Chow tive sale by tender on Jan 17 for $163.15 million. The KNIGHT FRANK SAVILLS SINGAPORE SAVILLS HEAD OF RESEARCH | price translates into a land rate of $1,515 psf per plot Feily Soﬁ an ratio (ppr), according to sole marketing agent Sav- DEPUTY EDITOR | Lin Zhiqin WRITERS | Angela Teo, Timothy Tay ills Singapore. DIGITAL WRITER | Fiona Ho Built in the 1980s, the development in prime District 10 sits on a 53,505 sq ft, freehold site at the junction COPY-EDITING DESK | Elaine Lim, Evelyn Tung, of Holland Road and Queensway. The site is zoned Chew Ru Ju, Shanthi Murugiah for residential use under the 2014 Master Plan, and PHOTO EDITOR | has a gross plot ratio of 1.6 with a 12-storey height Samuel Isaac Chua limit. The site can therefore be redeveloped into a PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | new development with a gross floor area of 107,688 Yen Tan sq ft. Owing to the high development baseline, no de- DESIGN DESK | velopment charge is payable even for the additional Tan Siew Ching, Christine Ong, Monica Lim, 10% GFA for balconies, says Savills. All the owners have given their approval for the cony GFA and a proposed plot ratio of 3.08, the land Tun Mohd Zaﬁ an Mohd Za’abah The tender for Hollandia closes on Feb 28. sale, thus, the sale need not obtain Strata Titles rate works out to $1,861 psf ppr, subject to approval. Board approval. A successful purchaser can take The high-rise development is situated on a 95,442 ADVERTISING + MARKETING En-bloc sale of Balmoral Gardens at $92 mil possession of the site upon the end of the vacant sq ft site, and comprises three adjoining residential ADVERTISING SALES The 37-year-old Balmoral Gardens, located on Balmoral possession period to market and build the new de- blocks. The existing units at Dunearn Gardens range DIRECTOR, COMMERCIAL OPERATIONS | Road, has been put up for collective sale by tender, velopment, according to Huttons. The tender clos- from 807 sq ft for a two-bedder to 3,294 sq ft for a Cowie Tan with Huttons Asia as the exclusive marketing agent. es on Feb 7. penthouse. The Land Transport Authority has con- ASSOCIATE ACCOUNT DIRECTOR | Diana Lim The owners of Balmoral Gardens are expecting of- firmed that a Pre-Application Feasibility Study on ACCOUNT MANAGER | fers of above $92 million. The price translates into a Dunearn Gardens on the market for $489 mil traffic impact will not be required for the site. James Chua land rate of $1,872 psf ppr and includes an estimat- The 114-unit Dunearn Gardens (above, right) was put “We believe [Dunearn Gardens] is one of the last CIRCULATION ed $18.1 million development charge for inten sifying up for collective sale by tender on Jan 15 for $488.8 freehold high-rise residential development sites with- DIRECTOR | Victor The the land use to the maximum GFA. An application to million. Including a development charge of $35.7 in 100m of the Newton MRT station,” says Ian Loh, EXECUTIVE | URA has been submitted to establish the amount of million, this translates into a land rate of $1,962 psf executive director and head of investment and capital Malliga Muthusamy, Ashikin Kader development charge payable. ppr, according to sole marketing agent Knight Frank. markets at Knight Frank Singapore. With the current CORPORATE The existing Balmoral Gardens is a freehold 40- Under the 2014 Master Plan, the site is zoned for limited supply of new luxury residential projects, the CHIEF EXECUTIVE OFFICER | unit condominium occupying a 36,752 sq ft plot. The residential use with a gross plot ratio of 2.8. The re- new development is likely to be highly sought after Bernard Tong site has a plot ratio of 1.6 and a height limit of up to developed site may have a maximum permissible GFA by homebuyers and investors, says Loh. PUBLISHER 12 storeys. It is zoned for residential use under the of 267,239 sq ft, yielding 354 new residential units of The tender closes on Feb 13. — Compiled by The Edge Property Pte Ltd 2014 Master Plan. 753 sq ft each. With the inclusion of a 10% bonus bal- Timothy Tay E 150 Cecil Street #13-00 Singapore 069543 Tel: (65) 6232 8688 Fax: (65) 6232 8620

PRINTER PROPERTY BRIEFS KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 Tel: (65) 6543 2222 Fax: (65) 6545 3333 City Developments not extending development at the site of the former Shunfu Ville are PERMISSION AND Jan 26 deadline for Millennium & expected to be launched this year. REPRINTS Copthorne Hotels offer Material in The Edge Property City Developments says it is not extending its may not be reproduced in any form without the written Jan 26 deadline for its offer to privatise Millennium

permission of the publisher & Copthorne Hotels. The acceptance is conditioned KNIGHT FRANK on CDL’s receiving acceptances of the final offer of SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC We welcome your comments more than 50% of M&C shares. and criticism: propertyeditor.sg@ Given that it already owns 65.2% of M&C, CDL bizedge.com believes there is little possibility of any third-party

Pseudonyms are allowed but offeror emerging. “Thus, the final offer is likely to be please state your full name, the only liquidity event that offeree shareholders will address and contact number for have the opportunity to benefit from in the near to us to verify. medium term in an illiquid stock,” it says. CDL adds that the final offer creates a period of uncertainty, which is in the interests of neither the offeree nor the group. In particular, CDL believes that the full offeree board should be given time to consider the offeree’s medium-term investment needs and capital distribution policy before announcing its pre- Manhattan project 125 Greenwich Street liminary results for the year ended Dec 31, 2017, due launches in Singapore to be released in February 2018, with clarity on the Knight Frank Singapore will be exhibiting 125 Green- ownership structure and listing status. wich Street (above), a new 88-storey project in lower This is because M&C faces multiple challenges and Manhattan, New York City, at the Hilton Singapore a competitive landscape, requiring significant capital over the weekend of Jan 20 and 21. investment. Last December, CDL raised its offer price Located one block from One World Trade Centre to 620 pence a share, up from 552.5 pence earlier. The and the Oculus train station, the development is sur- Far East H-REIT to acquire Oasia Hotel final offer represents a premium of 36.3% to the clos- rounded by panoramic views of the Hudson River, the Downtown for $210 mil ing price of M&C shares of 455 pence on Oct 6, the Statue of Liberty and the World Trade Centre Com- Far East Hospitality Real Estate Investment Trust (Far last business day before the start of the offer period. plex, says Knight Frank. The 273-unit condo at 125 East H-REIT) has announced its intention to acquire The first closing date remains 1pm (London time) Greenwich Street has a mix of studios and three-bed- Oasia Hotel Downtown (above) for $210 million. The on Jan 23. — By Lee Pang Chuan room apartments, as well as penthouses. Prices of seller is Far East SOHO, a member of the Far East Or- units range from US$1.22 million ($1.69 million) for ganization group of companies. The purchase con- Qingjian Realty tops developer sales in 2017 a 418 sq ft studio to US$12.75 million for a 3,150 sq sideration was negotiated on a willing buyer-willing Among property developers, Qingjian Realty (South ft penthouse. seller basis. The amount is at the lower end of two Pacific) Group is said to have sold the highest num- The condo features an exposed concrete column independent valuations by Knight Frank and Savills ber of new homes, recording a total of 1,216 units. that runs throughout the height of the building, as Valuation, says Far East H-REIT. The property has 65 The figure includes both executive condos and private well as a curved glass façade. This structural solution years left on its lease. residential projects. Last year, Qingjian also chalked facilitates a nearly column-free interior for flexible The 314-room Oasia Hotel is part of a 27-storey up the highest sales of ECs, with a total of 923 units. residential configurations and sweeping views of the hotel-and-office development in downtown Tanjong The Visionaire by Qingjian was fully sold in 2017, city. A 15,000 sq ft private club is located on the top Pagar. It is within walking distance of the Tanjong and the 497-unit iNZ Residence is almost fully sold, three floors, fitted with lifestyle and wellness amen- Pagar MRT station and boasts a roof terrace, infinity with a total of 480 units sold by end-2017. Last Au- ities. It has a screening room and a 10-seater private and rooftop pools, a club lounge and meeting rooms. gust, Qingjian launched its first mixed-use development dining room with fireplace and catering kitchen. In Oasia commenced operations in 2016. Upon comple- in Singapore, the 516-unit Le Quest in Bukit Batok. addition, there is a 50ft lap pool, spa and sauna fa- tion of the acquisition, the property will be leased to A total of 284 units were sold at the launch of the cilities, fitness centre and yoga studio. Far East SOHO for an initial term of 20 years. first phase. The second phase of Le Quest and the new CONTINUES ON PAGE EP4 EDGEPROP | JANUARY 22, 2018 • EP3 EP4 • EDGEPROP | JANUARY 22, 2018 MARKET TRENDS New-home sales highest since 2013

| BY ANGELA TEO |

or the whole of 2017, develop- GEM RESIDENCES ers sold a total of 10,682 private homes, according to various analysts and URA data released on Jan 15. This marks a 34% Fincrease from the 7,972 units sold in 2016. According to Tricia Song, Col- liers International head of research for Singapore, the new-home sales achieved last year were the highest since 2013. In the traditionally slow month of December, the school holidays and year-end festive season, only 231 new units were released for sale compared with 450 units in November, says Nicholas Mak, executive director at ZACD Group. Meanwhile, new- home sales last month rang in at 431 units, a 45% drop m-o-m compared with the 788 units sold in November. Malaysian property developer Gamuda Land and its partners, Evia Real Estate and Maxdin, moved 21 units at GEM Residences in December at a median price of $1,501 psf The take-up rate in December, which is almost double the number dian price of $1,027 psf, while Parc an fund and property management Perumal Road at Farrer Park; MCL For the whole of 2017, units in of units launched for sale (187%), Riviera saw 44 units snapped up at a firm Evia Real Estate and Singapore Land’s 99-year leasehold, 275-unit the suburbs, or Outside Central Re- has led to “faster clearance of de- median price of $1,223 psf. Both pro- engineering and construction firm residential development on Margaret gion (OCR), accounted for 58% of velopers’ inventory of launched and jects were launched earlier — Sym- United Engineers, moved 21 units at Drive; and City Developments’ 124- total developer sales, while the city- unsold units”, adds Mak. This ex- phony Suites in February 2015 and GEM Residences at a median price of unit New Futura, a freehold condo fringe areas known as Rest of Cen- plains why developers’ inventory Parc Riviera in November 2016. Sing $1,501 psf. GEM Residences ranked on Leonie Hill Road, where private tral Region (RCR) made up 33%. of launched and unsold uncomplet- Holdings and Wee Hur Holdings’ Parc fifth in terms of sales volume for De- preview by invitation only will be The prime districts, or Core Central ed private housing units (exclud- Botannia in Sengkang ranked third cember 2017. held on Jan 18. Region (CCR), made up just 8% of ing executive condominiums) de- for the month of December; the de- “Developers might be holding “We would be watchful of such total developer sales, according to creased further from 2,190 units in veloper moved 32 units at a median back property launches in anticipa- key new project launches as well as Credit Suisse (see Table 2). November to 2,073 units in Decem- price of $1,283 psf. tion of a further increase in prices the close of tender of four Govern- However, it was the CCR that ber, notes Mak. In fourth place was Hao Yuan this year,” says Christine Li, Cush- ment Land Sales sites on Jan 30,” says saw the strongest y-o-y growth in EL Development’s Symphony Investment’s Queens Peak, with 24 man & Wakefield’s head of research Louis Chua, equity research analyst sales volume, with developers sell- Suites in Yishun and Parc Riviera units sold in December 2017 at a me- for Singapore. According to her, ex- at Credit Suisse. They would be used ing 67% more units in 2017 com- topped new-home sales in Decem- dian price of $1,679 psf. Meanwhile, pected launches in 1H2018 include as a gauge for signs of a continued pared with 2016. Sales volume in ber (see Table 1). At Symphony Malaysian property developer Gamu- Low Keng Huat’s 99-year lease- rise in sentiment among developers RCR and OCR rose 34% and 4% Suites, 50 units were sold at a me- da Land and its partners, Singapore- hold, mixed-use development on and buyers, he adds. y-o-y respectively. E

Table 1 Table 2

Private projects with most units sold in December 2017 Number of private residential units sold by region

PROJECT NAME REGION TOTAL SOLD IN SOLD SO TOTAL MEDIAN PRICE in December 2017 UNITS DECEMBER 2017 FAR SOLD (%) ($ PSF) TABLES: CREDIT SUISSE, URA CREDIT SUISSE, TABLES: Symphony Suites OCR 660 50 591 90 1,027 UNITS SOLD Y-O-Y SALES % COMPOSITION Parc Riviera OCR 752 44 729 97 1,223 DECEMBER NOVEMBER 2017 INCREASE DECEMBER NOVEMBER Parc Botannia OCR 735 32 265 36 1,283 2017 2017 (COMPARED 2017* 2017* WITH 2016) Queens Peak RCR 736 24 575 78 1,679 Core Central Region (CCR) 40 57 893 67 9 7 GEM Residences RCR 578 21 496 86 1,501 Rest of Central Region (RCR) 150 243 3,554 34 35 31 Sims Urban Oasis RCR 1,024 16 962 94 1,397 Outside Central Region (OCR) 241 488 6,234 4 56 62 Sturdee Residences RCR 305 16 291 95 1,587 Total 431 788 10,681** 17 100 100 Kingsford Waterbay OCR 1,165 15 975 84 1,351 Seaside Residences OCR 841 15 564 67 1,747 *Sum of percentages may not total 100%, owing to rounding Sophia Hills CCR 493 14 469 95 2,127 **Credit Suisse arrived at a figure of 10,681 private homes sold in 2017, a negligible difference from the 10,682 homes estimated by various analysts

PROPERTY BRIEFS

FROM PAGE EP2 utes away from Senai International Airport — Investors set to increase allocations the region. It is closely followed by Melbourne Capital World launches Malaysia’s the theme park will include attractions such to real estate in 2018 (65.8%). Tier-1 cities in China and Tokyo tied largest indoor theme park in Johor as Movie Planet, Cartoon Planet and Music According to a joint survey report by the Asian for third (55.3%). On Jan 15, developer Capital World announced Planet. The group has also signed a number Association for Investors in Non-Listed Real Sydney and Melbourne’s office sectors and the launch of its Capital City Project in Johor, of lease agreements with international and Estate Vehicles, the European Association for industrial and logistics sectors were also ranked featuring Malaysia’s biggest theme park con- local brands, ranging from F&B to consum- Investors in Non-Listed Real Estate Vehicles, among the top four preferred sector combina- cept. Expected to commence operations this er products. and the Pension Real Estate Association, 56% tions in the region, the report says. It cautioned year, the indoor theme park will also be one With Johor’s economy shifting from man- of global investors plan to increase their expo- that while interest in real estate investment is of the world’s top five largest indoor theme ufacturing to services in recent years, Capi- sure to real estate in the next 24 months. At booming, 60% of Asia-Pacific investors describe parks. The project, which will also include a tal World says the state government is keen least 17.1% of the total amount planned to be the availability of suitable products as a barrier shopping mall, will occupy a gross floor area to further grow the tourism industry in Johor invested will come from Asia-Pacific investors. to investing in non-listed real estate. Sixty-eight of 1.2 million sq ft in total. by leveraging its strategic location and trans- Australia appears to be the favoured desti- per cent of North American respondents viewed Located on Jalan Tampoi — a 15-minute forming Johor Baru into a family-friendly travel nation among investors, with 76% of respond- currency risk exposure as the main obstacle. — drive from Woodlands Causeway and 30 min- destination. ents viewing Sydney as their top pick within Compiled by Timothy Tay E EDGEPROP | JANUARY 22, 2018 • EP5 EP6 • EDGEPROP | JANUARY 22, 2018 SPOTLIGHT

The living and dining area with dry kitchen has two doorways — one leading to the guest bedroom and the other to the wet kitchen and utility area PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

Award-winning terraced house on Watten Drive going for $5.68 mil

| BY CECILIA CHOW |

n intermediate terraced house on Watten Drive has been put on the market for sale by private treaty. The house is owned by the ar- Achitect who designed and rebuilt the old house for his family a decade ago. He continues to live there with his wife, a private banker and their daughter. “While it’s a terraced house, we have designed it in such a way that it feels like a semi-detached house,” says the architect, who declined to be named. One of the walls of the house was tilted slightly, resulting in a wedge-shaped gap between the house and the common wall shared with the neighbouring house. The gap allows the architect to have windows on that wall, allowing natural light The living room has sliding glass doors and a view of the lap pool and fresh air into the house. A lap pool was also slotted into the space. Clean, white palette height bookcase” starting from the are also a helper’s room and an ad- “Most terraced houses tend to be The house was deliberately designed first floor and ending at the attic. The jacent bathroom as well as a gran- long and dark, with the interiors lit with a clean, white palette so that first floor of the house is an open ny’s room or guest bedroom at the mainly by artificial light,” explains the architectural lines stand out. plan with living and dining area lead- rear of the house. the architect. “Rather than introduce And it has several other interesting ing to a dry kitchen. The space is a courtyard, which would have been features. A sculptural “floating spi- even big enough to fit a grand piano Bedrooms with views and predictable, we decided to bend the ral staircase” surrounded by water comfortably. ample wardrobe space wall slightly, prying it away from stands next to a powder room that The wet kitchen is spacious for a The second level is where the fami- The wall that has been bent slightly and the common wall so that slivers of leads directly to the lap pool. terraced house, with generous stor- ly’s bedrooms are. The master bed- pried away from the common wall, with light could illuminate the interiors.” There is also a built-in “triple-storey- age space and a bomb shelter. There CONTINUES ON PAGE EP8 the swimming pool slotted in the space EDGEPROP | JANUARY 22, 2018 • EP7 BROUGHT TO YOU BY GUOCOLAND

Sims Urban Oasis well positioned for growth

Sims Urban Oasis received its TOP in 4Q2017 and is ready

for immediate occupation GUOCOLAND PICTURES:

Sims Urban Oasis has more than 50 facilities, including two Olympic-length pools and a Sky Park that offers views of the Sports Hub and Marina Bay

THE recent bullish land bids by de- MRT station, was one of the top five and is renowned for its track record. velopers are boosting sentiment in best-selling projects in November GuocoLand’s luxury development, the residential market. Higher land 2017. The median price of $1,508 Leedon Residence, received its Tem- prices translate into higher sale pric- psf for the 35 units sold that month porary Occupation Permit (TOP) in es and the price gap represents cap- is about 6% lower than the project- June 2015 and won the Develop- ital growth upside for the surrounding ed launch price for the Eunosville ment Excellence award at last year’s projects that are priced more compet- redevelopment project. inaugural EdgeProp Singapore Excel- itively, particularly those that are also Sitting on a 2.4ha site, Sims Urban lence Awards. new developments. Oasis offers generously sized units, in- Another luxury development by On the Reserve List of the 1H2018 cluding larger unit-types that are ideal GuocoLand is Martin Modern, in prime Government Land Sales programme for growing and multi-generational District 9. According to Colliers’ Song, The spacious five-bedroom units are ideal for multi-generational and announced by the Ministry of National families. There is also ample space the project was a contributing factor to growing families Development is a 1.7ha site on Sims for its facilities, which number more the 1.6% increase in prices in the Core Drive. According to Tricia Song, head than 50, including two Olympic-length Central Region in 4Q2017. GuocoLand reside in the larger apartment and of research for Singapore at Colliers swimming pools, a Sky Park that of- was also awarded the Landmark De- lease out the smaller one. There are International, the site is attractive and fers views of the Sports Hub and Mari- velopment Leadership Award by BEI also landlords who prefer dual-key likely to be triggered. “The site is within na Bay, shops and a childcare centre. Asia 2017 for its exemplary contribu- units over regular units as they can walking distance of the Aljunied MRT Sims Urban Oasis is located in tion to Singapore’s built environment be rented out to two different sets of station, which is five stations away the city-fringe area, within a 10-min- with the completion of Singapore’s tenants. They are also popular with from town,” says Song. The parcel is ute drive of the CBD and a 15-min- tallest building, Tanjong Pagar Centre. married couples who wish to live also beside the 1,024-unit Sims Urban ute drive of Changi Airport. The Nex- with their parents and desire privacy. Oasis by GuocoLand, which was 94% us International School is constructing THOUGHTFUL HOMES THAT Owing to their unique configuration, sold as at December 2017. a $232 million campus within walking OFFER FLEXIBILITY dual-key units offer a unique value Last June, Eunosville, a 330-unit distance of Sims Urban Oasis. When If you are looking at an investment proposition for buyers. privatised HUDC development, was completed in 2020, it will be the sec- that offers ﬂ exibility, consider the The five-bedroom units are ideal sold en bloc for $765.78 million. The ond international school in the area, four-bedroom dual-key units and for multi-generational and growing estimated break-even price for the new with the other being James Cook Uni- ﬁ ve-bedroom units at Sims Urban families.The ample space meets the project is $1,400 psf and the launch versity. The students and faculty mem- Oasis that range from 1,442 to needs of various members of the price could be close to $1,600 psf, bers could be a source of tenants for 2,034 sq ft. fam ily. And you can finally get to de- according to a report by DBS ana- those looking to rent out their units at The dual-key units comprise a sign that man cave of yours, an en- lysts Rachel Tan and Derek Tan. Eu- Sims Urban Oasis. studio apartment and a larger apart- tertainment room or an office suite. nosville is located close to the Eunos ment. They are considered one unit Sims Urban Oasis received its TOP REPUTABLE DEVELOPER WITH MRT station, which is two stops fur- and share a common entryway, but in 4Q2017 and is ready for immedi- For enquiries, please PROVEN TRACK RECORD ther away from Raffles Place than the each apartment has its own door ate occupation. With limited choice call 6225 9000 or visit Aljunied MRT station. The developer of Sims Urban Oa- and can effectively be separated into units and prices starting from $1,450 simsurbanoasis.com.sg Sims Urban Oasis, located with- sis, GuocoLand, has been listed on two units. Dual-key units are popu- psf, the development is expected to in walking distance of the Aljunied the Singapore Exchange since 1978 lar with rental investors who could sell out soon. EP8 • EDGEPROP | JANUARY 22, 2018 SPOTLIGHT ‘A terraced house with a semi-detached feel’

FROM PAGE EP6 room comes with a walk-in wardrobe leading to the master bathroom, with shower and free-standing bath- tub and an adjacent garden. Within the bedroom is additional storage, including a concealed vanity area. The daughter’s bedroom is equal- ly spacious and comes with a high ceiling as well as skylight. It also EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: has an en-suite bathroom and private garden space. On the third level is another en- suite bedroom that has been turned into a study. The room has built-in wardrobe space with sliding doors that open on both sides. On this level, there is also a spacious family room that leads to an open terrace.

Multiple awards The house on Watten Drive has won several awards, including both the Singapore Institute of Architects’ Ar- chitectural Design Awards and the premier award for architecture in Malaysia, the PAM Awards in 2011. The house sits on a 2,250 sq ft The living room with sliding doors leading to the swimming pool site and has a built-up area of 3,540 sq ft (excluding the lap pool) across three floors. The house was designed in 2007 and completed in 2008. Today, the house is on the market for sale by private treaty with Knight Frank as the marketing agent. “This is a very interesting and unique terraced house with the feel of a semi-detached house, and comes with a swimming pool,” says Sharon Lee, Knight Frank head of auction, who is marketing the property. “I haven’t seen such a house in my 25 years of marketing property.” The house was designed to be “flexible”, with plenty of wardrobe space in the bedrooms and built-in The family room on the attic level can be converted into a bedroom storage space in the wet kitchen. “Condos and houses today under- provide when it comes to storage,” says the architect. For those who want more bedrooms, the family room on the attic level can be converted into an additional bedroom, says Lee. For older folk, there is provision for a home lift within the property. The spiral staircase is a signature of most As the house has been well de- of the architect’s projects signed, “most of the potential buyers are interested in retaining the origi- nal character of the house, but just want to do minor updates”, adds Lee. The price tag on the house is $5.68 million.

Prime address The house is also in a desirable res- The master bedroom with outdoor garden and a view of the greenery The reading area of the master bedroom idential address. Located in the coveted Watten Estate, in prime District 11, it is just a short distance from top schools such as Raffles Girls’ Primary School, Hwa Chong Institution and National Junior College. Nanyang Primary School is about 1km away. The Tan Kah Kee MRT station on the Downtown Line is also within walking distance. Popular eateries in the vicinity include The Greenwood Fishmarket and Bistro for those who want fresh seafood, local favourite cake shop Lana Cakes, Peperoni piz- zeria, Italian restaurant Rubato Kitch- en & Bar, and Baker & Cook Artisan Bakery. The Singapore Botanic Gar- dens and Singapore Island Country Club are also nearby. E The master bathroom A bedroom with a skylight EDGEPROP | JANUARY 22, 2018 • EP9 BROUGHT TO YOU BY KEPPEL LAND

The view from Highline Residences that overlooks

the SIT flats is likely to be preserved, owing to the KEPPEL LAND conservation status of the flats

Coveted new condo in historic Tiong Bahru

TIONG BAHRU was developed in the 1920s as Singapore’s first public housing estate by the Sin- gapore Improvement Trust (SIT), the predecessor of the Housing and De- velopment Board. It is still a coveted location today, as evidenced by the strong sales at Keppel Land’s High- line Residences, the newest condo- PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: minium in Tiong Bahru. Homebuyers snapped up more than 200 of the 270 units that were released when Highline Residences was officially launched in 2Q2016, according to Keppel Land. Within a five-minute walk of Highline Residences is the Tiong Bahru MRT station, Since then, the 500-unit condo has which is connected to retail mall Tiong Bahru Plaza seen strong demand, with less than 40 units still available. Tiong Bahru has been named one of the coolest neighbourhoods in the world by American fashion and lifestyle magazine Vogue and travel web- sites Skyscanner and Traveller. It was also one of the stops on the itinerary of Britain’s Prince Charles and his wife Camilla, the Duchess of Cornwall, during their official visit to Singapore last month, when they visited places related to their interests in the arts and heritage conservation. Within the estate, the royal couple also visited the Tiong Bahru Community Centre and Tiong Bahru Market, which are close to Highline Residences by Keppel Land, the newest condo in the estate. In 2003, URA gazetted 20 blocks of pre-war flats and 36 units of shophouses built by SIT in Tiong Bahru for conservation. “This is possibly the only Designed by renowned architect Mok Wei Wei, Highline Residences is expected to intact public housing scheme from the receive its Temporary Occupation Permit in 1Q2018 [pre-war] period to be found in South- east Asia today,” according to URA. Ow- of $16.8 million about a decade ago. after a $90 million refurbishment and ing to its conservation status, the area is This year, it underwent a three-month has 155 shops across its five sto- expected to retain its low-density char- renovation that was completed on May reys. It is integrated with Central Pla- Tiong Bahru is famed for the food at Tiong Bahru Market and its trendy cafés and eateries acter. This means the view from Highline 20, and houses 259 market stalls and za, an office tower, via an air-condi- Residences that overlooks the pictur- 83 hawker stalls. In addition to pop- tioned linkway. Bahru. Therefore, the units still availa- can also enjoy lifestyle privileges such esque SIT flats is likely to be preserved. ular food stalls at the market, such As Highline Residences is close to ble for sale at Highline Residences are as complimentary games and special The Tiong Bahru Community Cen- as Tiong Bahru Hainanese Boneless Outram, which is located beside Sin- the last in the limited supply of new rates for golf, limousine services and tre is located within the conservation Chicken Rice and Hong Heng Fried gapore’s downtown, the commute to homes in the coveted Tiong Bahru es- yacht charter, as well as discounts at area, across the street from Highline Sotong Prawn Mee, which have re- the CBD by car takes just minutes. The tate. Three-bedroom units starting from selected F&B outlets*. Residences. It was originally built in ceived the Michelin Bib Gourmand, Outram Park MRT interchange current- $2.05 million are still available, as are 1951 and was Singapore’s first com- the trendy cafés and eateries in Tiong ly serves the East-West Line and the four-bedroom units from $2.37 million For more information on munity centre. It reopened on July 23 Bahru such as Creamier, PS Café, Forty North-East Line. It will also serve the and penthouses from $4.26 million. Highline Residences, call 6273 3363. after a two-year facelift with new fea- Hands as well as PoTeaTo bistro and upcoming Thomson-East Coast Line, The architect for Highline Resi- Sales gallery at 1 Kim Tian Road tures and activities, including zum- café are also popular with foodies. which is slated to open in stages start- dences is Mok Wei Wei of W Archi- open from 10am to 6pm. ba and trampoline classes for fitness Highline Residences is also within ing from 2019. The TEL will connect tects, a practice famed for its inno- buffs and coding classes for children. a five-minute walk of the Tiong Bahru Outram Park to Orchard station, and its vative and contemporary designs. Located beside the conservation MRT station, which is just three sta- famed shopping belt, in just two stops. Highline Residences is expected to re- area and within a five-minute walk tions away from Raffles Place. The While developers have snapped up ceive its Temporary Occupation Permit of Highline Residences is the Tiong Tiong Bahru station is directly con- more than 30 collective sale and Gov- in 1Q2018. In addition to a designer Bahru Market, which first opened in nected to Tiong Bahru Plaza. The ernment Land Sales sites since 2016, home in one of Singapore’s most his- *Terms and conditions apply to all 1951 and was redeveloped at a cost 215,000 sq ft mall reopened last year none of the sites have been in Tiong toric and popular estates, residents privileges stated above EP10 • EDGEPROP | JANUARY 22, 2018 COVER STORY PICTURES: M+S PICTURES:

Marina One’s light-up during its official opening ceremony on Jan 15 Demand for prime office space lifts off Brighter economic prospects have led to increased demand for premium office space, with giant schemes such as Marina One, DUO, Paya Lebar Quarter and Frasers Tower benefiting from a pickup in activity

| BY CECILIA CHOW & TIMOTHY TAY | ‘Phenomenal take-up’ The Marina One integrated development are still the biggest occupiers of Grade-A office “The take-up rate of these new projects has features Southeast Asia’s biggest premium of- space, says Archibold. t could have been sheer coincidence, but been phenomenal,” says Christine Li, direc- fice floor plates. They span 100,000 sq ft across “Over time, there is definitely more room Jan 15 turned out to be an auspicious tor of research at Cushman & Wakefield, with the 28th and 29th floors of the twin 30-storey for tech companies to grow bigger in the CBD, date for marking significant milestones Marina One and DUO achieving close to 80% office towers. One of the 100,000 sq ft plates especially when they tend to significantly in- at landmark developments. It was the occupancy rates, while Frasers Tower is more has already been taken up by Swiss private crease their space requirement every two years, day Marina One and DUO — two newly than 70% taken up and PLQ is 50% pre-commit- banking group, Bank Julius Baer. Social media going by the historical trend,” notes Cushman Icompleted integrated developments with a ted. “These projects are likely to reach almost giant Facebook has taken up the other floor, & Wakefield’s Li. With the dwindling CBD combined value of $11 billion — were offi- full occupancy by the end of 2018,” she adds. in addition to several other floors to occupy a supply and tight vacancy over the next three cially opened by Malaysian Prime Minister The events tell a bigger story about Singa- grand total of about 250,000 sq ft. years, some of these tech giants might run out Najib Razak and Singapore Prime Minister pore’s strong fundamentals and its growth as of space to expand in the micro-market, she Lee Hsien Loong. a major international business destination, Tech companies growing adds. That is when the possibility of moving It was also the day Australian property group notes Moray Armstrong, CBRE managing di- office footprint to decentralised locations opens up. “Current- Lendlease held its topping-out ceremony for the rector — advisory & transactions. “All indica- “While all sectors have seen expansion, the ly, there is no tech cluster in the CBD as well,” first office tower at the $3.2 billion integrated tors are pointing to stronger leasing activity, as most rapid growth has been in the tech sector,” she observes. “The risk of losing some of these development, Paya Lebar Quarter (PLQ), with both existing and pipeline projects are record- says Chris Archibold, JLL head of leasing. “As players is quite real.” Minister for National Development Lawrence ing notable increases in commitment levels, for financial institutions, the shrinking of of- Wong as guest of honour. as evidenced by the swift take-up of space in fice space prevalent in 2016 has abated. Most Rents to rise 15% to 20% Singapore-listed property group Frasers Cen- Frasers Tower and Paya Lebar Quarter,” he of the moves are now expansionary.” Since economic prospects brightened, prime trepoint celebrated the topping-out of its 38-sto- says. “There is increasing realisation that the Although tech companies have been grow- Grade-A office has firmed up, with rents start- rey Frasers Tower on Cecil Street on Jan 15 too. market could be turning faster than expected.” ing their footprint rapidly, financial institutions ing to recover from 3Q2017, says Credit Su- EDGEPROP | JANUARY 22, 2018 • EP11 COVER STORY SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

Azman: [For Marina One,] we felt that there were two types of buyers — those who want to buy off-plan and those who want to buy a completed project DUO’s light-up during its official opening ceremony on Jan 15

Network Express (an alliance between Mitsui one tower off-plan, and hold the second tow- OSK, K Lines and NYK Lines) has also taken er until completion. up 50,000 sq ft in the building. Today, the 1.88 million sq ft of premium DUO Tower — more than 70% leased office space at Marina One is more than 70% Another integrated development by M+S is taken up, with some tenants signing options to DUO on Beach Road. Completed last year, the expand within the development, says Azman $4 billion DUO contains the 660-unit DUO Res- Yahya, chairman of M+S, the special-purpose idences, the 570,000 sq ft Grade-A office space vehicle of sovereign wealth funds Khazanah at DUO Tower and Andaz Hotel. Nasional of Malaysia and Temasek Holdings DUO Tower is more than 70% leased, says of Singapore, which developed the $7 billion Azman. Anchor tenants include US pharma- integrated development. ceutical company Abbot, global payments firm MasterCard and giant US energy group Chevron. Marina One’s retail and residences Activity is picking up, with Sumitomo Chem- In addition to the office towers, Marina One icals taking up 30,000 sq ft in the building. contains twin 34-storey residential towers with DUO has about 56,000 sq ft of retail space, 1,042 units. All four towers are centred around and it is also more than 80% leased. a lush, “green heart” with more than 160,000 With the generally more upbeat market sen- Najib Razak, Prime Minister of Malaysia, and Lee Hsien Loong, Prime Minister of Singapore, at the official plant species. timent, Azman expects the commercial spaces opening of Marina One and DUO by M+S The first four floors of Marina One com- in both Marina One and DUO to achieve full prise about 140,000 sq ft of retail space, more occupancy by year-end. isse in a report dated Jan 15. Big-ticket trans- most active. According to Corporate Locations than 80% of which has been taken up primar- actions such as the sale of Asia Square Tower in its September market report, some compa- ily by F&B operators, says Kemmy Tan, CEO Frasers Tower — more than 2 for $2.09 billion last September and bullish nies that had signed five-year leases at histor- of M+S. Signature restaurants on the fourth 70% taken up bids at government land sales have allowed ically high rents at the “mini-peak of 2011/12” floor are Japanese restaurant Wakanui Grill Frasers Tower, the 38-storey office tower sched- for cap rate compression, with a strong rental realised that they were able to move to more and Majestic Chinese restaurant. On the third uled for completion by year-end, is more than rate recovery of 20% priced in, say Nicholas efficient, newer office space while paying less floor, Virgin Active will open its biggest gym 70% leased; its retail podium has a take-up Teh, Louis Chua and Daniel Lim, research ana- than their current overheads. “With the pros- in Singapore, with a rock climbing wall and rate of close to 50%. Frasers Tower’s first ma- lysts at Credit Suisse. pect of limited medium-term supply, the larg- swimming pool. There is also a Cold Stor- jor anchor tenants are Microsoft and French oil During 2017, the overall Grade-A CBD of- er space users are also aware of the need to age supermarket and Cookhouse by Koufu. and gas company Total Oil, which will take up fice rent grew by 6.6% to $9.20 psf per month, make the decision to move within the next “The retail tenants cater for both the people a combined total of 232,200 sq ft. Other ten- says Cushman & Wakefield’s Li, compared with 12 months or wait another four years for the working at Marina One as well as the resi- CONTINUES NEXT PAGE a decline of 6.9% in 2016. next batch of new developments to come on- dents,” says Tan. JLL’s projection is that premium office rents stream,” says Douglas Dunkerley, director of M+S launched the first tower of 521 units should increase about 15% over the next 12 Corporate Locations. at Marina One Residences in October 2014 and months and could see further increases of 2% Many of the large occupiers decided not to it is more than 80% sold.

to 3% a quarter next year. Historically, among wait until 2021, and this is one of the reasons The second tower at Marina One Residences FRASERS CENTREPOINT the main real estate sectors, office has been the Marina One has been so successful, points out will be launched this year, says Azman of most volatile. “Rents are never up just 2% to Dunkerley. Besides Facebook and Bank Julius M+S. “We felt that there are two types of 3% a year,” says Archibold. “They tend to go Baer, some of the biggest tenants at Marina One buyers — those who want to buy off-plan and up relatively quickly in an upturn, and come are The Bank of Tokyo Mitsubishi, BP, Pruden- those who want to buy a completed project.” down relatively quickly too in a downturn.” tial Assurance and PwC. Shipping group Ocean Thus, it was a deliberate strategy to launch Generally, demand for office space averages a million sq ft annually, notes Archibold. “We were back to that figure in 2017,” he adds. His expectation is that office demand in 2018 will

be around a million sq ft as well. In 2016, of- FRASERS CENTREPOINT fice demand totalled just half a million sq ft, he says. An estimated 1.65 million sq ft of new Grade-A office space is expected to be completed by year-end, says JLL. In the CBD, they include Frasers Tower (663,000 sq ft) and 18 Robinson, a redevelopment of Robinson Tower into a new 137,000 sq ft of Grade-A office tower. PLQ’s three office towers are also on track to be completed by year-end, introduc- The topping-out ceremony of Frasers Tower was ing 850,000 sq ft Grade-A office space to the officiated by (from left) Tang; Panote; Kim Jung new commercial hub at Paya Lebar Central. Chul, chief operating officer of the building works division at Hyundai Engineering & Construction; and Marina One — major beneficiary Kwak Im Koo, project director of Hyundai Engineer- These new developments have been among the The Oasis at Frasers Tower will feature a three-storey retail podium and greenery ing & Construction EP12 • EDGEPROP | JANUARY 22, 2018 COVER STORY Frasers Tower, PLQ filling up ahead of completion LENDLEASE ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT

Artist’s impression of Paya Lebar Quarter by Lendlease, with three office towers, three residential towers The topping-out ceremony of Paya Lebar Quarter’s first office tower was officiated by (from left) Paine; and a mall linked to the Paya Lebar MRT interchange station Fatimah Lateef, member of parliament for Marine Parade; Wong; and Lendlease’s Lombardo and Ng

FROM PREVIOUS PAGE ed into the wider Park Connector Network (PCN) Designing the future workplace ciency is still a key consideration, attracting ants at Frasers Tower include Sumitomo Corp, and end-of-trip facilities including showers, towel “The workplace of the future is going to be and retaining talent as well as staff productiv- Arup, Fonterra, Pacific Life and serviced of- service and secure lockers. To enable the future more mobile, flexible and wellness-centric,” ity have become increasingly more important. fice provider The Executive Centre. CBRE and 10,000 workforce at the three office towers to says Ng Hsueh Ling, Lendlease chief invest- To have high productivity, you need a happy, JLL were appointed joint marketing agents at stay connected at PLQ outside their offices, the ment officer for Asia. “To attract and retain the healthy workforce.” Frasers Tower. landscaped green spaces will be WiFi enabled. best talent, progressive companies will require Cushman & Wakefield’s Li agrees. “Compa- “We are encouraged by the pre-commit- sustainable modern workplaces that leverage nies are therefore willing to shell out extra for ment of over 70% as a testament to Frasers Beyond office technology to benefit its employees and en- prime office space with plush fit-outs to secure Tower’s being the top-of-mind choice for estab- The PLQ mall will have a total retail area of hance productivity.” top talent and boost their productivity,” she lished organisations to grow their business,” 340,00 sq ft, and will contain more than 200 To address the growing demand for flex- says. “These relocations are often expansion- says Christopher Tang, CEO of Frasers Centre- shops with retail, entertainment and F&B of- ible spaces in Singapore, up to 15% of the ary, owing to the increasing trend of provid- point Singapore. ferings, including a range of al fresco dining available office space across PLQ’s three of- ing large breakout areas and leisure amenities, Located in the CBD and adjacent to the Tan- options. Anchor tenants include a 22,000 sq fice towers will be allocated to co-working which enable their staff to rejuvenate and re- jong Pagar MRT station, Frasers Tower is near ft NTUC Fairprice Finest supermarket and a facilities designed to cater for both smaller sume work with heightened focus and clarity.” the upcoming Greater Southern Waterfront area. 15,000 sq ft Kopitiam food court. The mall space users such as start-ups and established When completed, Frasers Tower will have is scheduled for completion later this year. small and medium-sized enterprises with larg- Transport links 663,000 sq ft in total net lettable area. The More than 40% of the space has already er headcount requirements. “This approach is Proximity to transport hubs is also becoming 38-storey office tower will have “community been pre-committed — either leased or un- designed to support the agility of businesses increasingly important to people. PLQ is linked zones” called The Sky, The Terrace and The der final offer. within a flexible co-working and business en- to the Paya Lebar MRT interchange for the East- Park. Numazu, a sushi and sake bar from Ja- Park Place Residences, the residential ele- vironment,” adds Richard Paine, PLQ manag- West and Circle Line, a 10-minute drive to the pan, will be located at The Park. ment in PLQ, has residential towers with 429 ing director at Lendlease. CBD and a 15-minute drive to Changi Airport. Frasers Tower has a three-storey retail po- units. The first phase of 215 units was launched The bigger trend around health and well- Frasers Centrepoint’s Frasers Tower is located dium with a roof garden called The Oasis. It last March and sold in a single day at an aver- ness is related to companies wanting to increase just across the street from the entrance to the will have an eclectic mix of F&B outlets, from age of $1,801 psf, setting a new price bench- staff productivity. “A couple of years ago, one Tanjong Pagar MRT station on the East-West new-to-market concept Ocha Fresh Thai to mark for the area. The second phase is antic- of the key drivers was centred around cost and Line, which is just one stop from the Raffles perennial favourite Cedele. Cedele Group will ipated to be released in 1H2018. efficiency,” says JLL’s Archibold. “While effi- Place MRT interchange station for the North- also bring in its other F&B concepts such as South and East-West Lines. Frasers Tower is Chiak, Cedele Bakery, Workspace Espresso also just a five- to seven-minute walk to the and Grain Bowl. Grade-A ofﬁ ce schemes to be completed in 2018 Telok Ayer MRT station on the Downtown Line. Standing 235m tall, Frasers Tower will have When the Thomson-East Coast Line is com- floor plates of 20,000 to 22,000 sq ft that are PROJECT DEVELOPER ESTIMATED FLOOR pleted, Marina One will be linked to four MRT PLACE (SQ FT) regular shaped and free of interior columns lines, says M+S’s Azman. Meanwhile, DUO is Frasers Tower (former Telok Ayer Performing Arts Centre) Frasers Centrepoint 663,000 for greater workspace efficiency. The develop- linked directly to the Bugis MRT Interchange ment has received the BCA Green Mark Plati- 18 Robinson (redevelopment of Robinson Tower) Tuan Sing Holdings 137,000 DEVELOPERS CONSULTANTS, PROPERTY for the Downtown and East-West Lines. num Award, in recognition of its environmen- Paya Lebar Quarter Lendlease 850,000 tally friendly features. Total 1,650,000 ‘Shadow space’ People generally worry about the emerging “shad- Paya Lebar Quarter — more than 50% ow space” in older office buildings when big leased tenants move to newer premises. According to At PLQ’s topping-out ceremony of the first of Ofﬁ ce potential supply (Grade-A CBD) C&W Research, there was 172,000 sq ft of shad- three office towers, Lendlease said more than ow space in 2017, compared with an average half of the total office space of close to a mil- ‘000 sq ft of 112,000 sq ft from 2014 to 2016. “Neverthe- lion sq ft is either leased, under final offer less, we believe these older spaces will eventu- Shenton Way/Tanjong Pagar WAKEFIELD CUSHMAN & URA, or in advanced negotiations. Prospective tenants ally be taken up by cost-conscious tenants who 2000 Orchard include MNCs in the financial services, tech, City Hall/Marina Centre are unable to afford prime office rents,” says Li. infrastructure and real estate sectors and Golden Raffles Place She sees these “backfill tenants” of older co-working providers as well as a premium Shoe Marina Bay office spaces having a diversified profile, and 1500 Bugis gym, says Tony Lombardo, Lendlease CEO, include small finance, tech and professional Asia. “We hope to get a mix of local and inter- 79 Robinson Road/ Central services companies. Co-working operators are national firms.” 1000 Frasers Tower/ Afro Asia Building/ Boulevard also a significant occupier, with Distrii taking 18 Robinson Hub Synergy Point The office towers at PLQ are expected to be Beach up space in Republic Plaza and WeWork leas- completed and occupied from September this Road ing three floors at 71 Robinson Road and Beach 500 year. Average asking rents for the office space Park Mall Centre respectively. at PLQ range from $7 to $8 psf per month. And as “shadow space” gets filled, along Funan PLQ is focused on health and wellness too. 0 with the new office spaces, the outlook for the There will be 100,000 sq ft of public landscaped 2018 2019 2020 2021 2022 office market is expected to brighten over the green spaces, walking and cycling paths integrat- next two years, says JLL’s Archibold. E EDGEPROP | JANUARY 22, 2018 • EP13 OFFSHORE Dalian Wanda sells its London towers

illionaire Wang Jianlin has reaching an agreement to sell two agreed to sell one of the larg- Australian luxury property projects est luxury residential projects — one in Sydney and one on the na-

under development in London BLOOMBERG PICTURES: tion’s Gold Coast, according to peo- as his Beijing-based Dalian ple familiar with the matter. BWanda Group Co continues to shed The buyer is of Chinese origin, assets acquired in a spree that once said two of the people, who asked made the founder China’s richest man. not to be identified because discus- Two of the company’s units sold sions are private. A deal could be their interests in the One Nine Elms announced in the coming days, they project on the south bank of London’s said. Dalian Wanda declined to com- River Thames for about £59 million ment on Jan 18. ($108 million), according to a filing Last August, the group had said on Jan 16 in Hong Kong. Guangzhou that it was not in talks to sell its Aus- R&F Properties Co is the buyer, accord- tralian projects, following a report in ing to two people with knowledge of the Australian Financial Review that the matter who asked not to be iden- parties were discussing a sale of the tified discussing private information. Circular Quay tower and Jewel re- The sale of a project billed as worth sort projects. £700 million at completion adds to Shares in Wanda Hotel surged as more than US$9 billion ($12 billion) much as 15% in Hong Kong trading worth of disposals over the past 12 before closing at HK$1.38, up 3.8%, months as the real estate-to-enter- on Jan 18. Wanda Hotel owns 60% tainment group responds to govern- After relinquishing the Nine Elms Square site last August, Wanda Dalian is now selling its interests in the adjacent One Nine Elms project stakes in each of the Australian pro- ment pressure to pare debt and fo- jects, a regulatory filing shows. cus overseas investments on assets unit’s credit rating to junk over the nancing for the conglomerate’s sale Construction has begun on the The group agreed in 2015 to buy considered strategically important to past few months. of its tourism and theme park pro- plot, which has planning approval for Gold Fields House at Sydney’s Cir- China. Wang’s Wanda Hotel Develop- Under the One Nine Elms sale jects to rival developer Sunac Chi- an apartment tower of about storeys cular Quay for A$414.7 million and ment Co said last November that it agreement, the purchaser will also as- na Holdings. and a five-star hotel. The developer nearby Fairfax House for A$73 mil- was doing a strategic review of its pro- sume a £159.5 million loan owed by Last August, R&F and C C Land Hold- sought approval earlier this month to lion. Plans had included a 185m jects stretching from Sydney to Chi- Wanda Hotel, according to the state- ings, the owner of London’s Cheese- enlarge the hotel into space previous- tower and a 160-room five-star ho- cago and would consider opportuni- ment. A representative for R&F de- grater tower, partnered to replace Dali- ly planned as offices, according to a tel. Development costs are A$1.2 bil- ties that create value for shareholders. clined to comment. an Wanda as the buyers of the adjacent filing to the borough. lion ($1.27 billion) for the Circular Pressure has mounted on Wang In July, R&F, one of China’s top 20 10-acre Nine Elms Square land. New- Dalian Wanda paid £88.8 million Quay project and A$900 million for to raise cash and cut debt after Fitch, developers by contracted sales, agreed home values have been slipping in the for the plot in 2013, a Land Registry the Jewel complex on the Gold Coast, Standard & Poor’s and Moody’s Inves- to pay about US$3 billion for the 77 district as developers compete to sell filing shows. according to the group’s website. — tors Service cut the flagship property Wanda hotels, stepping in to ease fi- apartments to overseas buyers. Meanwhile, the group is close to Bloomberg LP E

A guide to real estate in the priciest city on earth

| BY FREDERIK BALFOUR | up paying three to four times more in rent than with a terrace overlooking the beach and with- Abraham, head of residential leasing and reloca- what you are used to in your home country.” in walking distance of the ferry pier, according tion services at Jones Lang LaSalle. She says the or the eighth year in a row, Hong Kong holds Nowhere is this more apparent than on the to Savills Hong Kong. Expatriate families make Drake, a new development by the Manhattan the dubious distinction of being the world’s Peak, the highest point on Hong Kong Island, up half of the enclave’s residents. Group in the Tuen Mun district of the New Terri- Fleast affordable city to buy a home. And yet, which comes with cooling maritime breezes Another escape is Repulse Bay on the south tories, appeals to families with children enrolled as locals clamour to get a foothold on the prop- and city views. Sun Hung Kai Properties recent- side of Hong Kong Island. A 20- minute ride from in the nearby Harrow International School. Rents erty ladder and wealthy Chinese seeking an off- ly rented a 3,537 sq ft, three-storey, five-bedroom downtown, it is favoured by expatriates because range from US$5,500 a month for a 1,934 sq ft shore haven keep buying into the top end of the villa complete with a pool and an elevator for of its proximity to the Hong Kong Internation- apartment to US$14,700 a month for a 4,510 sq market, demand for real estate continues to rise. US$57,725 a month. al School, beaches and panoramic views of the ft house with a small garden. Prices of homes in the secondary market rose Less lofty, but immensely popular, are apart- South China Sea. At the Lily, prices range from There is a natural limit to how far one can 14.4% in 2017 and could climb as much as 20% ments in Mid-Levels. Perched on the city’s steep US$21,850 a month for a 2,602 sq ft, three-bed- move in search of more space. The Drake is al- this year if the stock market keeps roaring, says slopes, these high-rises are only minutes from room apartment on the 12th floor to US$58,500 ready closer to the mainland than it is to down- Denis Ma, head of Hong Kong research at con- downtown but also have access to nearby na- for a penthouse duplex, according to Jones town, and the opening of a new bridge to Ma- sulting firm Jones Lang LaSalle. In November, ture trails. Prices range from US$18,855 a month Lang LaSalle, the property’s sole leasing agent. cau and China, expected later this year, will a four- bedroom house at the Mount Nicholson for a 1,741 sq ft, three-bedroom apartment on For many, access to good schools is more bring more competition from those looking to development in the city’s Peak neighbourhood the 30th floor at Kerry Properties’ Branksome important than the commute time, says Stella live close to the border. — Bloomberg LP E sold for about US$148 million ($195.7 million), Crest to US$23,000 for a 2,200 sq ft duplex at or US$16,211 psf, a record sum in Asia. The Sun Hung Kai’s Dynasty Court. 9,178 sq ft property has an elevator, pool, gar- For those who prefer a nostalgic taste of the den and unobstructed views of Hong Kong and colonial era, the height of elegance is to rent Victoria Harbour. a Kadoorie Estates villa in Kowloon. The neigh- For most foreigners, buying is not an op- bourhood is in such demand that on average only tion because of a 30% tax levied on purchases one of its 86 houses becomes vacant each year, by non-permanent residents as part of the gov- says general manager Raymond Ho. This year’s ernment’s attempt to rein in prices. Overseas property, a 3,000 sq ft house with a walled gar- hopefuls must live in the city for seven years den, just rented for US$31,950 a month. to satisfy the residency requirement; the stamp A more vacation vibe awaits those who rent duty levied on home purchases for locals is a at the 1,604-acre resort-style project called Dis- much lower 4.25%. covery Bay on Lantau Island, which is also home Even renters accustomed to high prices to Hong Kong Disneyland. The project, a 25-min- should brace for serious sticker shock. “If you ute ferry ride into the city, was built by HKR bring your family from London or Sydney, you International and has a 27-hole golf course, an are going to have to accept a different reality,” international school and a 263-berth marina. says Steven McCrindle, partner in charge of Hong Private cars are banned — it is served only by Kong at executive search company Heidrick & golf carts and buses. Prices can reach as high Struggles International. “You will probably end as US$12,800 a month for a 1,995 sq ft duplex Residential developments in Discovery Bay EP14 • EDGEPROP | JANUARY 22, 2018 DONE DEALS Interest picks up in Robertson Quay

| BY TIMOTHY TAY | Rivergate have changed hands at prices above $2,000 psf. The last transaction of a similar-sized three-bed- obertson Quay, the enclave on the Singapore der at Rivergate was last October. The unit was sold River, has traditionally been more idyllic for $2.9 million ($1,897 psf), according to a caveat and residential compared with Clarke Quay lodged on Oct 26. and Boat Quay, which are more commercial, Nearby on Martin Road is a boutique nine-unit with bars, clubs and restaurants. development, Martin Edge, developed by Macly SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC RThe opening of new F&B concepts, including those Group and completed in 2006. The latest transac- at RB Capital’s revamp of the former Quayside retail tion at Martin Edge was that of a 517 sq ft, one-bed- podium, has brought a livelier buzz to the area. The room unit that changed hands for $850,000 ($1,645 latest debut is Intercontinental Singapore Robertson psf) on Jan 2. The last transaction prior to that was Quay last December. that of a 936 sq ft, one-bedroom unit located on the When URA announced that it was going to launch sixth floor that was sold for $1.46 million ($1,555 the former Zouk site on Jiak Kim Street, it stirred psf) in November 2012. further interest. The site, which is zoned for a new On Tong Watt Road, just off Mohamed Sultan residential development, was sold to Frasers Centre- Road is The Wharf Residence, a 186-unit, 999-year point, which submitted the highest bid of $955.4 mil- leasehold development by CapitaLand. Completed in lion, or $1,733 psf per plot ratio, beating nine others 2012, the development contains 13 retrofitted terraced to win the site. houses and four 10- to 23-storey condominium blocks. The Jiak Kim Street site is “a rare location”, ac- Two units at The Wharf Residence changed hands cording to Frasers Centrepoint Singapore CEO Chris- recently. One was a 1,475 sq ft, three-bedder on the topher Tang, upon winning the site. It sits right on 10th floor that fetched $2.78 million ($1,885 psf) the edge of the Singapore River. when it was sold on Jan 3. The other unit sold was It is not just GuocoLand’s 450-unit Martin Mod- a 1,066 sq ft, two-bedder for $2.11 million ($1,975 ern located at Martin Place across the road that has psf) on Jan 8. benefited. The sale of the site has also stoked interest On the other side of the Singapore River is Kim in other condominiums in the Robertson Quay area. Seng Road. The Trillium, a 237-unit freehold con- The week of Jan 2 to 9 saw a 1,507 sq ft, three-bed- do by Lippo Realty, was completed in 2010. Located room unit on the 19th floor at the Rivergate condo- just across the road from Great World City mall, the minium sold for $3.06 million ($2,029 psf) on Jan 5. development is also popular with potential buyers, The 545-unit, freehold condo developed by Capita- as it will be directly across the road from the upcom- Land and Hwa Hong Corp was completed in 2009. ing Great World MRT station as well. Rivergate is the only high-rise condo in the Robertson A 1,399 sq ft, two-bedroom unit on the 21st floor Quay area fronting the Singapore River and contains of one of the three towers at The Trillium was sold for three 43-storey towers, dwarfing the shorter towers, $2.88 million ($2,055 psf) on Jan 4. The unit fetched The condos in the Robertson Quay area have seen a jump in interest with the surge in real which that are typically 10 storeys. $2.55 million ($1,821 psf) when it was launched by estate activity in the vicinity, including the opening of two hotels Since October, two- and three-bedroom units at the developer in May 2007. E

LOCALITIES DISTRICTS LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF Singapore — by postal district City & Southwest 1 to 8 PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE Orchard/Tanglin/Holland 9 and 10 District 4 Newton/Bukit Timah/Clementi 11 and 21 REFLECTIONS AT KEPPEL BAY Condominium 99 years Jan 05, 2018 2,928 8,000,000 - 2,732 2011 Resale Balestier/MacPherson/Geylang 12 to 14 District 5 East Coast 15 and 16 BLUE HORIZON Condominium 99 years Jan 03, 2018 1,152 1,195,000 - 1,038 2005 Resale Changi/Pasir Ris 17 and 18 CHELSEA VILLAGE Terrace Freehold Jan 08, 2018 2,013 2,950,000 - 1,464 1993 Resale Serangoon/Thomson 19 and 20 LE HILL CONDOMINIUM Condominium Freehold Jan 05, 2018 1,012 1,070,000 - 1,058 1999 Resale West 22 to 24 PARC RIVIERA Condominium 99 years Jan 06, 2018 603 811,000 - 1,345 Uncompleted New Sale North 25 to 28 PARC RIVIERA Condominium 99 years Jan 04, 2018 1,184 1,376,430 - 1,162 Uncompleted New Sale PARC RIVIERA Condominium 99 years Jan 03, 2018 990 1,141,000 - 1,152 Uncompleted New Sale PARC RIVIERA Condominium 99 years Jan 02, 2018 1,152 1,348,000 - 1,170 Uncompleted New Sale PASIR PANJANG COURT Apartment Freehold Jan 09, 2018 1,346 1,635,000 - 1,215 Unknown Resale THE CLEMENT CANOPY Apartment 99 years Jan 02, 2018 990 1,462,000 - 1,476 Uncompleted New Sale THE TRILINQ Condominium 99 years Jan 04, 2018 1,109 1,466,000 - 1,322 2017 New Sale District 7 DUO RESIDENCES Apartment 99 years Jan 02, 2018 1,528 3,809,520 - 2,492 2017 New Sale District 8 CITYLIGHTS Condominium 99 years Jan 09, 2018 1,442 1,880,000 - 1,303 2007 Resale CITYLIGHTS Condominium 99 years Jan 02, 2018 893 1,310,000 - 1,466 2007 Resale FORTE SUITES Apartment Freehold Jan 07, 2018 678 1,305,100 - 1,925 2016 New Sale KENTISH LODGE Apartment 99 years Jan 05, 2018 1,184 950,000 - 802 1998 Resale KERRISDALE Condominium 99 years Jan 02, 2018 1,281 1,500,000 - 1,171 2005 Resale RESIDENCES @ SOMME Apartment Freehold Jan 02, 2018 635 780,000 - 1,228 2008 Resale STURDEE RESIDENCES Condominium 99 years Jan 04, 2018 947 1,459,800 - 1,541 Uncompleted New Sale District 9 HELIOS RESIDENCES Apartment Freehold Jan 08, 2018 1,701 3,980,000 - 2,340 2011 Resale MARTIN EDGE Apartment Freehold Jan 02, 2018 517 850,000 - 1,645 2006 Resale Residential transactions with contracts dated Jan 2 to 9 NEWTON EDGE Apartment Freehold Jan 08, 2018 463 935,000 - 2,020 2011 Resale RESIDENCES @ KILLINEY Apartment Freehold Jan 05, 2018 1,076 2,080,000 - 1,932 2012 Resale LAND AREA/ NETT UNIT RIVERGATE Apartment Freehold Jan 05, 2018 1,507 3,056,888 - 2,029 2009 Resale FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF SOPHIA HILLS Condominium 99 years Jan 05, 2018 1,023 2,025,000 - 1,980 Uncompleted New Sale PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE INSPIRA Condominium Freehold Jan 03, 2018 1,249 2,380,000 - 1,906 2009 Resale District 1 THE TRILLIUM Condominium Freehold Jan 04, 2018 1,399 2,875,000 - 2,055 2010 Resale MARINA ONE RESIDENCES Apartment 99 years Jan 04, 2018 1,507 3,616,770 - 2,400 2017 New Sale THE WHARF RESIDENCE Condominium 999 years Jan 08, 2018 1,066 2,105,000 - 1,975 2012 Resale MARINA ONE RESIDENCES Apartment 99 years Jan 02, 2018 1,507 3,831,525 - 2,543 2017 New Sale THE WHARF RESIDENCE Condominium 999 years Jan 03, 2018 1,475 2,780,000 - 1,885 2012 Resale V ON SHENTON Apartment 99 years Jan 04, 2018 484 1,180,000 - 2,436 2017 Sub Sale URBANA Condominium Freehold Jan 05, 2018 1,475 2,750,000 - 1,865 2007 Resale District 2 WILKIE 87 Apartment Freehold Jan 03, 2018 1,227 1,620,000 - 1,320 2004 Resale SPOTTISWOODE 18 Apartment Freehold Jan 03, 2018 506 960,000 - 1,898 2014 Resale District 10 District 3 AVALON Condominium Freehold Jan 05, 2018 2,239 3,930,000 - 1,755 1999 Resale ARTRA Apartment 99 years Jan 04, 2018 1,044 1,947,500 - 1,865 Uncompleted New Sale D’LEEDON Condominium 99 years Jan 03, 2018 5,134 6,800,000 - 1,324 2014 Resale ASCENTIA SKY Condominium 99 years Jan 08, 2018 1,475 1,930,000 - 1,309 2013 Resale DRAYCOTT DRIVE Apartment Freehold Jan 04, 2018 1,507 3,080,000 - 2,044 2000 Resale HIGHLINE RESIDENCES Condominium 99 years Jan 07, 2018 1,292 2,625,000 - 2,032 Uncompleted New Sale FOUR SEASONS PARK Condominium Freehold Jan 05, 2018 2,260 6,682,820 - 2,956 1994 Resale HIGHLINE RESIDENCES Condominium 99 years Jan 07, 2018 1,292 2,587,500 - 2,003 Uncompleted New Sale GALLOP GABLES Condominium Freehold Jan 04, 2018 1,733 3,000,000 - 1,731 1997 Resale HIGHLINE RESIDENCES Condominium 99 years Jan 06, 2018 1,227 2,245,000 - 1,830 Uncompleted New Sale GALLOP GREEN Condominium Freehold Jan 03, 2018 3,261 5,660,000 - 1,735 2002 Resale HIGHLINE RESIDENCES Condominium 99 years Jan 06, 2018 1,152 2,301,750 - 1,998 Uncompleted New Sale GOODWOOD RESIDENCE Condominium Freehold Jan 02, 2018 2,831 5,200,000 - 1,837 2013 Resale HIGHLINE RESIDENCES Condominium 99 years Jan 05, 2018 1,292 2,362,500 - 1,829 Uncompleted New Sale HOLLAND ROAD Detached 947 years Jan 02, 2018 12,110 12,400,000 - 1,024 Unknown Resale HIGHLINE RESIDENCES Condominium 99 years Jan 05, 2018 1,292 2,662,500 - 2,061 Uncompleted New Sale JAYA TOWER Apartment Freehold Jan 08, 2018 2,142 3,350,000 - 1,564 1979 Resale LANDMARK TOWER Apartment 99 years Jan 02, 2018 1,033 1,035,000 - 1,002 1985 Resale LE NOUVEL ARDMORE Condominium Freehold Jan 04, 2018 3,821 15,660,100 - 4,098 2014 Resale PRINCIPAL GARDEN Condominium 99 years Jan 05, 2018 764 1,418,000 1,413,000 1,849 Uncompleted New Sale ONE JERVOIS Condominium Freehold Jan 08, 2018 990 1,665,000 - 1,681 2009 Resale THE CREST Condominium 99 years Jan 02, 2018 1,216 2,488,000 - 2,045 2017 Resale ORCHARD BEL AIR Condominium 99 years Jan 05, 2018 3,208 4,300,000 - 1,341 1984 Resale EDGEPROP | JANUARY 22, 2018 • EP15 DONE DEALS

Residential transactions with contracts dated Jan 2 to 9

LAND AREA/ NETT UNIT LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

THE SIERRA Apartment 947 years Jan 03, 2018 1,206 1,648,000 - 1,367 1998 Resale RIVERSAILS Condominium 99 years Jan 04, 2018 1,184 1,120,000 - 946 2016 Resale THE SOLITAIRE Condominium Freehold Jan 02, 2018 2,164 3,600,000 - 1,664 2009 Resale RIVERSAILS Condominium 99 years Jan 04, 2018 980 950,000 - 970 2016 Resale District 11 RIVERSAILS Condominium 99 years Jan 03, 2018 517 630,000 - 1,219 2016 Resale AMARYLLIS VILLE Condominium 99 years Jan 04, 2018 657 1,010,000 - 1,538 2004 Resale SERANGOON GARDEN ESTATE Terrace 999 years Jan 04, 2018 2,153 2,600,000 - 1,208 Unknown Resale JALAN BAHASA Detached Freehold Jan 04, 2018 8,913 14,000,000 - 1,571 2014 Resale STARS OF KOVAN Apartment 99 years Jan 07, 2018 969 1,527,000 - 1,576 Uncompleted New Sale NINETEEN SHELFORD ROAD Condominium Freehold Jan 09, 2018 947 1,480,000 - 1,562 1997 Resale STARS OF KOVAN Apartment 99 years Jan 06, 2018 743 1,083,600 - 1,459 Uncompleted New Sale NINETEEN SHELFORD ROAD Condominium Freehold Jan 08, 2018 861 1,350,000 - 1,568 1997 Resale THE FLORIDA EC 99 years Jan 03, 2018 1,313 950,000 - 723 2000 Resale NINETEEN SHELFORD ROAD Condominium Freehold Jan 03, 2018 1,561 1,920,000 - 1,230 1997 Resale THE MORNING GLORY Apartment Freehold Jan 09, 2018 1,033 930,000 - 900 2003 Resale PARK INFINIA AT WEE NAM Condominium Freehold Jan 05, 2018 1,130 2,223,000 - 1,967 2008 Resale THE MORRIS RESIDENCES Terrace Freehold Jan 04, 2018 3,692 2,750,000 - 745 2016 Resale SHELFORD 23 Apartment Freehold Jan 03, 2018 1,346 2,120,000 - 1,576 2011 Resale UPPER PAYA LEBAR ROAD Detached Freehold Jan 08, 2018 5,038 4,300,000 - 854 1959 Resale SOLEIL @ SINARAN Condominium 99 years Jan 05, 2018 1,722 3,250,000 - 1,887 2011 Resale District 20 SUITES @ NEWTON Apartment Freehold Jan 03, 2018 484 950,000 - 1,961 2016 Resale GRANDEUR 8 Condominium 99 years Jan 05, 2018 1,195 1,300,000 - 1,088 2005 Resale THE RESIDENCES AT BARKER Detached Freehold Jan 03, 2018 4,338 7,300,000 - 1,684 2004 Resale ISLAND COUNTRY VILLAS Semi-Detached 99 years Jan 02, 2018 2,411 2,080,000 - 863 1999 Resale District 12 SEMBAWANG HILLS ESTATE Terrace Freehold Jan 09, 2018 1,808 2,832,888 - 1,565 1998 Resale GEM RESIDENCES Condominium 99 years Jan 06, 2018 1,249 1,760,000 - 1,410 Uncompleted New Sale SKY VUE Condominium 99 years Jan 03, 2018 807 1,310,000 - 1,623 2016 Resale GEM RESIDENCES Condominium 99 years Jan 05, 2018 980 1,538,460 - 1,571 Uncompleted New Sale THOMSON GARDEN ESTATE Terrace Freehold Jan 04, 2018 893 1,500,000 - 1,687 Unknown Resale GEM RESIDENCES Condominium 99 years Jan 05, 2018 1,313 1,987,000 - 1,513 Uncompleted New Sale District 21 GEM RESIDENCES Condominium 99 years Jan 02, 2018 980 1,468,000 - 1,499 Uncompleted New Sale BUKIT REGENCY Condominium Freehold Jan 05, 2018 1,399 1,488,889 - 1,064 1995 Resale GEM RESIDENCES Condominium 99 years Jan 02, 2018 936 1,395,000 - 1,490 Uncompleted New Sale BUKIT REGENCY Condominium Freehold Jan 04, 2018 1,432 1,450,000 - 1,013 1995 Resale REGENT RESIDENCES Apartment Freehold Jan 09, 2018 409 688,888 - 1,684 2015 Resale ENG KONG PLACE Terrace Freehold Jan 03, 2018 1,981 2,550,000 - 1,290 Unknown Resale VISTA RESIDENCES Condominium Freehold Jan 02, 2018 1,335 2,000,000 - 1,498 2013 Resale HIGH OAK CONDOMINIUM Condominium 99 years Jan 05, 2018 1,216 1,060,000 - 871 1999 Resale District 13 PANDAN VALLEY Condominium Freehold Jan 08, 2018 3,089 2,800,000 - 906 1978 Resale BARTLEY RIDGE Condominium 99 years Jan 09, 2018 980 1,310,000 - 1,337 2016 Resale PANDAN VALLEY Condominium Freehold Jan 04, 2018 1,668 1,900,000 - 1,139 1978 Resale BLOSSOMS @ WOODLEIGH Condominium Freehold Jan 02, 2018 1,206 1,638,000 - 1,359 2007 Resale SIAN TUAN AVENUE Semi-Detached 999 years Jan 05, 2018 3,434 7,250,000 - 2,113 2017 Resale HAPPY AVENUE EAST Terrace Freehold Jan 08, 2018 2,067 2,250,000 - 1,087 1958 Resale SUNSET WAY Semi-Detached Freehold Jan 04, 2018 4,446 5,500,000 - 1,237 Unknown Resale District 14 THE BEVERLY Apartment Freehold Jan 03, 2018 3,660 2,850,000 - 779 2012 Resale ASTORIA PARK Condominium 99 years Jan 09, 2018 958 958,000 - 1,000 1995 Resale District 22 ATRIUM RESIDENCES Apartment Freehold Jan 04, 2018 1,023 1,008,888 - 987 2008 Resale LAKE GRANDE Condominium 99 years Jan 02, 2018 1,152 1,595,000 - 1,385 Uncompleted New Sale CENTRAL GROVE Condominium 99 years Jan 04, 2018 1,259 1,350,000 - 1,072 2001 Resale LAKE GRANDE Condominium 99 years Jan 02, 2018 1,152 1,600,000 - 1,389 Uncompleted New Sale EUHABITAT Condominium 99 years Jan 04, 2018 635 669,000 - 1,053 2015 Resale PARC OASIS Condominium 99 years Jan 02, 2018 1,507 1,325,000 - 879 1994 Resale EUHABITAT Condominium 99 years Jan 02, 2018 549 640,000 - 1,166 2015 Resale SUMMERDALE EC 99 years Jan 02, 2018 1,270 828,000 - 652 2000 Resale IDYLLIC SUITES Apartment Freehold Jan 09, 2018 441 570,000 - 1,292 2014 Resale THE CENTRIS Apartment 99 years Jan 03, 2018 1,087 1,050,000 - 966 2009 Resale IDYLLIC SUITES Apartment Freehold Jan 09, 2018 441 560,000 - 1,269 2014 Resale THE LAKEFRONT RESIDENCES Condominium 99 years Jan 05, 2018 1,001 1,310,000 - 1,309 2014 Resale JALAN KEMBANGAN Terrace Freehold Jan 04, 2018 2,659 4,000,000 - 1,503 2017 Resale WESTVILLE Terrace 99 years Jan 02, 2018 1,647 1,272,180 - 772 1998 Resale LORONG MARZUKI Terrace Freehold Jan 04, 2018 2,153 2,630,000 - 1,220 1974 Resale District 23 MALAYSIA PARK Terrace Freehold Jan 09, 2018 3,423 3,720,000 - 1,085 1971 Resale CHESTERVALE EC 99 years Jan 04, 2018 1,410 840,000 - 596 1999 Resale PARK 1 SUITES Apartment Freehold Jan 03, 2018 1,098 1,373,000 - 1,251 2017 New Sale GUILIN VIEW Condominium 99 years Jan 04, 2018 1,259 875,000 - 695 1999 Resale REZI 35 Apartment Freehold Jan 04, 2018 850 1,196,500 - 1,407 Uncompleted New Sale HILLBROOKS Condominium Freehold Jan 02, 2018 1,098 1,100,000 - 1,002 1999 Resale SIMS URBAN OASIS Condominium 99 years Jan 04, 2018 1,033 1,500,700 - 1,452 2017 New Sale HILLVIEW REGENCY Condominium 99 years Jan 04, 2018 904 785,000 - 868 2005 Resale SIMS URBAN OASIS Condominium 99 years Jan 03, 2018 1,033 1,605,600 - 1,554 2017 New Sale HILLVIEW REGENCY Condominium 99 years Jan 04, 2018 1,119 880,000 - 786 2006 Resale SIMS URBAN OASIS Condominium 99 years Jan 02, 2018 1,033 1,592,100 - 1,541 2017 New Sale INZ RESIDENCE EC 99 years Jan 07, 2018 1,012 870,000 - 860 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Jan 02, 2018 1,033 1,585,500 - 1,534 2017 New Sale INZ RESIDENCE EC 99 years Jan 06, 2018 1,012 826,000 - 816 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Jan 02, 2018 1,033 1,598,900 - 1,547 2017 New Sale INZ RESIDENCE EC 99 years Jan 06, 2018 990 858,000 - 866 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Jan 02, 2018 1,033 1,635,800 - 1,583 2017 New Sale INZ RESIDENCE EC 99 years Jan 05, 2018 990 839,000 - 847 Uncompleted New Sale THE NAVIAN Apartment Freehold Jan 07, 2018 667 1,022,000 - 1,531 Uncompleted New Sale INZ RESIDENCE EC 99 years Jan 03, 2018 1,012 866,000 - 856 Uncompleted New Sale WING FONG MANSIONS Apartment Freehold Jan 02, 2018 1,238 860,000 - 695 1997 Resale MAYSPRINGS Apartment 99 years Jan 05, 2018 915 820,000 - 896 1998 Resale District 15 SOL ACRES EC 99 years Jan 03, 2018 1,098 875,000 - 797 Uncompleted New Sale 11 AMBER ROAD Apartment Freehold Jan 05, 2018 1,507 2,088,000 - 1,386 2004 Resale THE DEW EC 99 years Jan 03, 2018 1,206 1,037,000 - 860 2003 Resale AMBER RESIDENCES Condominium Freehold Jan 04, 2018 1,249 1,700,000 - 1,361 2011 Resale THE HILLIER Apartment 99 years Jan 02, 2018 517 770,000 - 1,490 2016 Resale CANTIZ @ RAMBAI Apartment Freehold Jan 03, 2018 850 1,000,000 - 1,176 2010 Resale District 25 CARPMAEL THIRTY-EIGHT Apartment Freehold Jan 07, 2018 1,076 1,785,600 - 1,659 Uncompleted New Sale BEECHWOOD TERRACE Terrace 99 years Jan 02, 2018 2,196 1,950,000 - 886 1997 Resale CASTLE LOFT Apartment Freehold Jan 05, 2018 657 700,000 - 1,066 1996 Resale NORTHWAVE EC 99 years Jan 06, 2018 990 727,500 - 735 Uncompleted New Sale COSTA RHU Condominium 99 years Jan 08, 2018 1,012 1,168,000 - 1,154 1997 Resale ROSEWOOD Condominium 99 years Jan 08, 2018 1,173 860,000 - 733 2003 Resale FLAMINGO VALLEY Condominium Freehold Jan 05, 2018 1,238 1,862,189 - 1,504 2014 Resale District 26 HAIG 162 Apartment Freehold Jan 09, 2018 484 680,000 - 1,404 2013 Resale FOREST HILLS CONDOMINIUM Condominium 99 years Jan 05, 2018 1,227 945,000 - 770 2003 Resale HAIG 162 Apartment Freehold Jan 04, 2018 2,056 1,680,000 - 817 Unknown Resale HONG HENG MANSIONS Apartment Freehold Jan 05, 2018 926 760,000 - 821 1996 Resale PARK EAST Condominium Freehold Jan 08, 2018 1,722 1,880,000 - 1,092 1994 Resale SEASONS PARK Condominium 99 years Jan 02, 2018 1,292 1,110,000 - 859 1997 Resale SEASIDE RESIDENCES Apartment 99 years Jan 07, 2018 1,087 1,970,000 - 1,812 Uncompleted New Sale THE CALROSE Condominium Freehold Jan 02, 2018 1,410 1,810,000 - 1,284 2007 Resale SEASIDE RESIDENCES Apartment 99 years Jan 06, 2018 1,259 2,007,000 - 1,594 Uncompleted New Sale District 27 SEASIDE RESIDENCES Apartment 99 years Jan 06, 2018 1,259 2,018,000 - 1,602 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Jan 07, 2018 1,098 1,445,320 - 1,316 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Jan 02, 2018 1,023 1,588,000 - 1,553 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Jan 06, 2018 1,098 1,490,400 - 1,357 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years Jan 02, 2018 1,259 2,041,000 - 1,621 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Jan 06, 2018 1,152 1,455,440 - 1,264 Uncompleted New Sale SILVERSEA Condominium 99 years Jan 08, 2018 980 1,420,000 - 1,450 2014 Resale NORTH PARK RESIDENCES Apartment 99 years Jan 04, 2018 1,098 1,456,360 - 1,326 Uncompleted New Sale SPRINGVALE Apartment Freehold Jan 02, 2018 969 1,088,000 - 1,123 1995 Resale NORTH PARK RESIDENCES Apartment 99 years Jan 03, 2018 1,163 1,529,040 - 1,315 Uncompleted New Sale THE SHORE RESIDENCES Condominium 103 years Jan 02, 2018 1,378 2,200,000 - 1,597 2014 Resale PARC LIFE EC 99 years Jan 07, 2018 1,001 824,670 - 824 Uncompleted New Sale VILLA MARINA Condominium 99 years Jan 03, 2018 1,496 1,220,000 - 815 1999 Resale PARC LIFE EC 99 years Jan 05, 2018 1,109 840,510 - 758 Uncompleted New Sale WATER PLACE Condominium 99 years Jan 03, 2018 1,216 1,505,000 - 1,237 2004 Resale PARC LIFE EC 99 years Jan 04, 2018 1,066 940,500 - 883 Uncompleted New Sale District 16 SIGNATURE AT YISHUN EC 99 years Jan 06, 2018 1,184 957,000 - 808 2017 New Sale CASA FLORA Condominium Freehold Jan 02, 2018 1,808 1,540,000 - 852 1987 Resale SIGNATURE AT YISHUN EC 99 years Jan 04, 2018 764 599,000 - 784 2017 New Sale EAST MEADOWS Condominium 99 years Jan 04, 2018 1,378 1,300,000 - 944 2001 Resale SYMPHONY SUITES Condominium 99 years Jan 07, 2018 1,023 1,033,900 - 1,011 Uncompleted New Sale ECO Condominium 99 years Jan 04, 2018 840 1,150,000 - 1,370 2017 Sub Sale SYMPHONY SUITES Condominium 99 years Jan 07, 2018 1,023 1,044,000 - 1,021 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years Jan 02, 2018 624 998,000 - 1,599 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Jan 07, 2018 1,023 1,087,000 - 1,063 Uncompleted New Sale IDYLLIC EAST Apartment Freehold Jan 02, 2018 1,927 1,950,000 - 1,012 2010 Resale SYMPHONY SUITES Condominium 99 years Jan 06, 2018 1,023 1,155,000 - 1,129 Uncompleted New Sale RICH EAST GARDEN Condominium Freehold Jan 08, 2018 2,443 2,160,000 - 884 1983 Resale SYMPHONY SUITES Condominium 99 years Jan 05, 2018 786 886,000 - 1,128 Uncompleted New Sale THE BAYSHORE Condominium 99 years Jan 09, 2018 1,238 1,180,000 - 953 1997 Resale SYMPHONY SUITES Condominium 99 years Jan 05, 2018 915 973,000 - 1,063 Uncompleted New Sale WATERFRONT ISLE Condominium 99 years Jan 05, 2018 592 725,000 - 1,225 2015 Resale SYMPHONY SUITES Condominium 99 years Jan 04, 2018 1,023 1,059,000 - 1,036 Uncompleted New Sale WATERFRONT ISLE Condominium 99 years Jan 02, 2018 1,152 1,255,000 - 1,090 2015 Resale SYMPHONY SUITES Condominium 99 years Jan 03, 2018 915 973,000 - 1,063 Uncompleted New Sale District 17 SYMPHONY SUITES Condominium 99 years Jan 03, 2018 1,023 1,044,000 - 1,021 Uncompleted New Sale LOYANG VALLEY Condominium 99 years Jan 08, 2018 1,001 730,000 - 729 1985 Resale SYMPHONY SUITES Condominium 99 years Jan 03, 2018 893 991,000 - 1,109 Uncompleted New Sale LOYANG VALLEY Condominium 99 years Jan 05, 2018 1,873 1,200,000 - 641 1985 Resale SYMPHONY SUITES Condominium 99 years Jan 03, 2018 1,023 1,069,000 - 1,045 Uncompleted New Sale District 18 SYMPHONY SUITES Condominium 99 years Jan 02, 2018 1,023 1,015,000 - 993 Uncompleted New Sale D’NEST Condominium 99 years Jan 05, 2018 936 950,000 - 1,014 2017 Sub Sale SYMPHONY SUITES Condominium 99 years Jan 02, 2018 915 1,000,000 - 1,093 Uncompleted New Sale EASTPOINT GREEN Condominium 99 years Jan 04, 2018 969 800,000 - 826 1999 Resale THE BROWNSTONE EC 99 years Jan 07, 2018 915 756,000 - 826 2017 New Sale LIVIA Condominium 99 years Jan 05, 2018 1,539 1,330,000 - 864 2011 Resale THE BROWNSTONE EC 99 years Jan 07, 2018 969 796,800 - 822 2017 New Sale LIVIA Condominium 99 years Jan 03, 2018 1,410 1,230,000 - 872 2011 Resale THE BROWNSTONE EC 99 years Jan 04, 2018 936 754,400 - 806 2017 New Sale THE ALPS RESIDENCES Condominium 99 years Jan 06, 2018 1,066 1,191,000 - 1,118 Uncompleted New Sale THE CRITERION EC 99 years Jan 07, 2018 1,249 992,800 - 795 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Jan 06, 2018 1,087 1,196,000 - 1,100 Uncompleted New Sale THE CRITERION EC 99 years Jan 04, 2018 1,098 844,000 - 769 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years Jan 06, 2018 1,087 1,174,000 - 1,080 Uncompleted New Sale YISHUN EMERALD Condominium 99 years Jan 03, 2018 1,335 850,000 - 637 2002 Resale THE TROPICA Condominium 99 years Jan 04, 2018 1,238 965,000 - 780 2000 Resale YISHUN SAPPHIRE Condominium 99 years Jan 04, 2018 1,356 971,000 - 716 2001 Resale District 19 District 28 BEAUTY GARDEN Terrace 999 years Jan 05, 2018 2,519 2,250,000 - 893 Unknown Resale BELGRAVIA VILLAS Semi-Detached Freehold Jan 05, 2018 3,961 3,600,000 - 909 Uncompleted New Sale BOATHOUSE RESIDENCES Condominium 99 years Jan 04, 2018 1,109 970,000 - 875 2015 Resale PARC BOTANNIA Condominium 99 years Jan 07, 2018 506 670,000 - 1,324 Uncompleted New Sale CENTRAL VIEW Condominium 99 years Jan 04, 2018 1,292 1,100,000 - 852 2002 Resale PARC BOTANNIA Condominium 99 years Jan 07, 2018 506 668,000 - 1,320 Uncompleted New Sale CENTRAL VIEW Condominium 99 years Jan 02, 2018 1,259 1,060,000 - 842 2002 Resale PARC BOTANNIA Condominium 99 years Jan 06, 2018 581 778,000 - 1,338 Uncompleted New Sale EDEN GROVE Terrace Freehold Jan 03, 2018 1,873 2,000,000 - 1,070 Unknown Resale PARC BOTANNIA Condominium 99 years Jan 05, 2018 581 771,000 - 1,326 Uncompleted New Sale FOREST WOODS Condominium 99 years Jan 07, 2018 947 1,438,000 - 1,518 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jan 03, 2018 667 857,000 - 1,284 Uncompleted New Sale FOREST WOODS Condominium 99 years Jan 06, 2018 915 1,365,000 - 1,492 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jan 03, 2018 1,281 1,585,000 - 1,237 Uncompleted New Sale GOLDEN HILL ESTATE Terrace Freehold Jan 08, 2018 1,679 2,530,000 - 1,503 1976 Resale SELETAR HILLS ESTATE Terrace 999 years Jan 08, 2018 2,486 2,020,000 - 813 Unknown Resale KENSINGTON PARK SELETAR HILLS ESTATE Semi-Detached Freehold Jan 05, 2018 3,401 2,800,000 - 822 Unknown Resale CONDOMINIUM Condominium 999 years Jan 02, 2018 1,658 1,780,000 - 1,074 1990 Resale THE GREENWICH Condominium 99 years Jan 02, 2018 603 635,000 - 1,053 2014 Resale LANGE ROAD Terrace 999 years Jan 02, 2018 1,884 2,800,000 - 1,489 Unknown Resale ONE ROSYTH Apartment 999 years Jan 08, 2018 2,024 1,800,000 - 889 2011 Resale DISCLAIMER: PARK GREEN EC 99 years Jan 04, 2018 1,356 930,000 - 686 2004 Resale Source: URA Realis. Updated Jan 16, 2018. The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, PARK GREEN EC 99 years Jan 02, 2018 2,164 1,545,000 - 714 2004 Resale or reliance on, the information provided therein. PARRY AVENUE Semi-Detached 999 years Jan 02, 2018 2,443 2,320,000 - 949 1994 Resale EC stands for executive condominium EP16 • EDGEPROP | JANUARY 22, 2018 GAINS AND LOSSES

Helios Residences unit sold at $1.39 mil loss PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

| BY ANGELA TEO | and with its cantilevered swimming a gain of $1.07 million, or 61.84%. pool and cascading greenery, it is The recent sale at Pandan Valley 1,701 sq ft, three-bed- one of the most outstanding de- was considered the most profit- room unit at Helios Res- velopments in the prime Cairn- able deal between Jan 2 and 9. idences changed hands hill area in District 9. The prop- Pandan Valley is a 623-unit de- for $3.98 million ($2,340 erty is within walking distance of velopment completed in 1977 and psf), according to a ca- Paragon shopping centre and oth- sits on a sprawling 871,884 sq ft Aveat lodged with URA Realis on er malls along the Orchard Road site. There has been speculation Jan 8. The seller registered a $1.39 shopping belt. as to whether the owners of Pan- million loss, as the unit was pur- Meanwhile, at Pandan Valley in dan Valley would embark on a col- chased for $5.37 million ($3,158 District 21, a 3,089 sq ft, three-bed- lective sale, as the owners at the psf) in July 2007, a month after room unit on the fifth floor of the neighbouring Ridgewood Condo Helios Residences was launched. freehold condominium changed are now mulling over theirs. This transaction accounted for hands for $2.8 million ($906 psf), According to the matching of the highest loss among non-land- according to a caveat lodged with URA caveat data as at Jan 16, most ed units sold between Jan 2 and URA Realis on Jan 8. of the 23 transactions at Pandan 9. The recent buyer of the unit at The three-bedroom unit was last Valley last year were sold at a prof- Helios Residences is a Singapore- sold for $1.73 million ($560 psf) it; only one registered a slight loss. an, according to URA caveat data. more than 20 years ago, accord- Developed by DBS Land, Pandan The 140-unit freehold Helios ing to a caveat lodged in August Valley comprises 606 residential Residences was completed in 2011, 1997. Therefore, the seller realised and 17 commercial units. E

A 3,089 sq ft unit on the fifth floor of Pandan Valley condominium was sold at a $1.07 million (62%) profit. The freehold Helios Residences at Cairnhill Circle was completed in 2011. Find the most Find the most affordable listing in the project at edgepr.link/PandanValley. affordable listing in the project at edgepr.link/HeliosResidences.

Top 10 gains and losses from Jan 2 to 9

Most proﬁ table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) URA, EDGEPROP URA, 1 Pandan Valley 21 3,089 Jan 8 906 Aug 14, 1997 560 1,070,000 62 2 20.4 2 The Wharf Residence 9 1,475 Jan 3 1,885 June 11, 2009 1,221 980,000 54 5 8.6 3 11 Amber Road 15 1,507 Jan 5 1,386 July 7, 2006 772 925,000 80 5 11.5 4 Park Infinia At Wee Nam 11 1,130 Jan 5 1,967 Aug 1, 2008 1,212 853,000 62 5 9.4 5 Nineteen Shelford Road 11 1,561 Jan 3 1,230 March 23, 2000 705 820,000 75 3 17.8 6 Joo Chiat Apartment 15 2,056 Jan 4 817 March 15, 1996 427 802,000 91 3 21.8 7 Urbana 9 1,475 Jan 5 1,865 March 27, 2007 1,356 750,000 38 3 10.8 8 Villa Marina 15 1,496 Jan 3 815 May 30, 2003 370 670,000 122 6 14.6 9 Gallop Gables 10 1,733 Jan 4 1,731 July 10, 2009 1,380 608,460 25 3 8.5 10 Pasir Panjang Court 5 1,346 Jan 9 1,215 Aug 10, 2010 769 600,000 58 6 7.4

Non-proﬁ table deals

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018)(2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LLOSSOSS (%)(%) HOLDING PERIOD (YEARS) 1 Helios Residences 9 1,701 Jan 8 2,340 July 30, 2007 3,158 1,390,000 26 3 10.5 2 Goodwood Residence 10 2,831 Jan 2 1,837 April 21, 2010 1,964 360,000 6 1 7.7 3 The Greenwich 28 603 Jan 2 1,053 Oct 4, 2010 1,333 168,585 21 3 7.3 4 One Jervois 10 990 Jan 8 1,681 Aug 27, 2017 1,818 135,000 8 19 0.4 5 Residences @ Killiney 9 1,076 Jan 5 1,932 July 23, 2009 2,048 124,918 6 1 8.5 6 Amaryllis Ville 11 657 Jan 4 1,538 Oct 29, 2012 1,652 75,000 7 1 5.2 7 V On Shenton 1 484 Jan 4 2,436 Oct 10, 2012 2,554 57,000 5 1 5.2 8 Ascentia Sky 3 1,475 Jan 8 1,309 May 30, 2011 1,345 53,400 3 0.4 6.6 9 Haig 162 15 484 Jan 9 1,404 Aug 31, 2012 1,476 35,000 5 0.9 5.4 10 Costa Rhu 15 1,012 Jan 8 1,154 March 14, 2013 1,186 32,000 3 1 4.8

Note: Computed based on URA caveat data as at Jan 16 for private non-landed houses transacted between Jan 2 and 9. The profit-and-loss computation excludes transaction costs such as stamp duties. EDGEPROP | JANUARY 22, 2018 • EP17 DEAL WATCH Shophouse near Farrer Park going for $6.8 mil

| BY ANGELA TEO | currently leased to a hostel operator at a der the 2014 Master Plan, the buyer will monthly rental rate of $12,000 for a five- be subject to the additional buyer’s stamp four-storey conservation shop- year period. As two years have gone by, duty (ABSD). The interiors of the property house near Farrer Park has been the lease will expire in three years. have been refurbished, and it also sports put on the market for $6.8 mil- The property sits on a freehold land area a roof terrace. lion (about $1,700 psf). “Ap- of about 1,800 to 1,900 sq ft with an esti- The latest rental transactions of com- ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT proval was given for a hostel mated built-up area of about 4,000 sq ft. parable shophouses in the same location Ato operate within the shophouse,” says It comes with parking space for one vehi- off Rangoon Road were done in February marketing agent Van, associate division cle. As the shophouse is zoned “residen- and July last year, according to URA Realis director at ERA Realty. The property is tial with commercial at first storey” un- data downloaded on Jan 16. The monthly rental rate in the February transaction was $5,632 ($4.80 psf) while the one in July was $14,000 ($4.53 psf). Recent rental contracts for shophouses The last transaction in the vicinity in the vicinity of the property was in July 2014, when two freehold shophouses zoned “residential with TABLES: URA, EDGEPROP URA, TABLES: LEASE DATE MONTHLY RENT commercial at first storey” under the $ $ PSF 2014 Master Plan were sold for $6.16 July 2017 14,000 4.53 million ($2,079 psf), according to cave- February 2017 5,632 4.80 ats lodged with URA Realis as at Jan 16. December 2015 13 13,000,000 2.74 The shophouses had a combined land area of 2,960 sq ft. Located within walking distance of the Farrer Park MRT station, the shophouse that Recent transactions of conservation shophouses is currently on the market is also within in the area off Rangoon Road walking distance of City Square Mall, which has tenants such as Decathlon, NTUC Fair- According to ERA Realty’s Van, the property is currently leased out CONTRACT DATE LAND AREA (SQ FT) PRICE ($) PRICE ($ PSF) price and Golden Village. to a hostel operator at $12,000 a month July 14, 2014* 2,960 6,160,000 2,079 Nearby is Connexion, an integrated May 28, 2012 1,496 3,300,000 2,201 healthcare and hospitality complex with Sept 23, 2009 1,722 2,000,000 1,161 medical, specialist and preventive medi- *Caveat lodged for two shophouses cine centres as well as the 250-room One Farrer Hotel & Spa. E EP18 • EDGEPROP | JANUARY 22, 2018 EDGEPROP | JANUARY 22, 2018 • EP19 EP20 • EDGEPROP | JANUARY 22, 2018