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Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF FEBRUARY 27, 2017 | ISSUE 768

Offshore Under the Hammer Your Neighbourhood Done Deals Hatten Land takes RTO Estate sales of Lakefront living Sales pick up at route for SGX listing landed homes in Jurong Ardmore Park EP4 EP8 EP14&15 EP18&19 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

Orchard Road’s latest landmark CapitaLand to showcase Cairnhill Nine’s unsold units in Singapore and Jakarta following the project’s completion last October. See our Cover Story on Pages 10 and 11. EP2 • THEEDGE SINGAPORE | FEBRUARY 27, 2017

PROPERTY BRIEFS C&W EDITORIAL EDITOR | Ben Paul

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR | Samuel Isaac Chua PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | Rahayu Mohamad DESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zaﬁ an Mohd Za’abah 42-room boutique hotel up for sale dence began on the same day and will close ADVERTISING + MARKETING Chinatown Hotel (above), a 42-room on March 5. The 497-unit iNz Residence ADVERTISING SALES boutique hotel located on Teck Lim will have a mix of two- to four-bedroom CHIP ENG SENG DIRECTOR, ADVERTISING & SALES | Road, has been put up for sale by ex- apartments of 689 to 1,378 sq ft, and five- Cowie Tan pression of interest (EOI). The indica- bedroom maisonettes of 1,690 to 1,711 sq ASSOCIATE ACCOUNT DIRECTOR | Diana Lim tive price for the hotel is $40 million, ft. The units are spread across nine 15- and ACCOUNT MANAGERS | or about $952,000 per room. 16-storey blocks, with landscaped deck, Priscilla Wong, James Chua The hotel occupies three 3½-storey sky terrace, communal facilities and one

THE EDGE SINGAPORE adjoining shophouses and is located with- common basement car park floor. ADVERTISING + MARKETING in the Chinatown-Bukit Pasoh Conser- Separately, Qingjian has tied up with ADVERTISING SALES vation Area and Keong Saik Road area. Singapore Telecommunications (Singtel) CHIEF MARKETING OFFICER | According to Cushman & Wakefield, the and smart home solutions provider HiLife Cecilia Kay SENIOR MANAGERS | marketing agent for the sale, the new Interactive to provide internet-ready smart Windy Tan, Garry Lo owner has the option to continue to op- home solutions. With this collaboration, MANAGER | erate Chinatown as a hotel, which is Qingjian hopes to make iNz Residence Elaine Tan EVENTS the “highest and best use”, or convert the first internet-ready smart EC. SENIOR MANAGER | it to F&B use on the ground floor, with The collaboration means that all resi- of Grandeur Park Residences (above) over director Chng Chee Beow. He reckons Sivam Kumar offices on the upper floors, subject to dential units in iNz Residence will come the weekend of Feb 18 and 19. the response was fuelled by the price MARKETING approval from the relevant authorities. fitted with 1Gbps Singtel fibre broadband. The 99-year leasehold condo by CEL quantum and pent-up demand as there EXECUTIVE | Tim Jacobs The EOI closes on March 28. Singtel will also provide WiFi services to Development, the property development has been no new launch in the area for COORDINATOR | the other facilities and common spaces arm of listed construction group Chip the past three years. Syazana Jumari Qingjian unveils first EC within iNz Residence, such as the club- Eng Seng Corp, is located next to the Sales of the 720-unit Grandeur Park CIRCULATION for 2017, iNz Residence house, fitness gym and poolside. Tanah Merah MRT station, at the corner Residences will start on March 4. The BUSINESS DEVELOPMENT DIRECTOR | On Feb 24, Qingjian Realty unveiled the of New Upper Changi Road and Bedok units will be priced at an average of $1,350 Victor The first Executive Condominium (EC) for Overwhelming crowd at South Avenue 3. psf, says Raymond Chia, Chip Eng Seng’s EXECUTIVES | Malliga Muthusamy, Ashikin Kader, 2017, iNz Residence (top, right) in Choa Grandeur Park preview “We expected a good response, but it executive chairman and group CEO. — Winnie Lim Chu Kang. E-applications for iNz Resi- About 10,000 people attended the preview was overwhelming,” says CEL executive Compiled by Michael Lim E

CORPORATE CHIEF EXECUTIVE OFFICER | Ben Paul DIRECTOR | Anne Tong

PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore 069543 UK set to give limited rates relief Tel: (65) 6232 8622 Fax: (65) 6232 8620 PRINTER to beleaguered retailers KHL Printing Co Pte Ltd 57 Loyang Drive Singapore 508968 | BY SAM CHAMBERS & Tel: (65) 6543 2222 ative Party have been vocal in Fax: (65) 6545 3333 SVENJA O’DONNELL | their support for the campaign. BLOOMBERG Store-based retailers say they ritain’s Chancellor of the are being unfairly discriminated We welcome your comments and criticism: propertyeditor.sg@ Exchequer Philip Hammond against because business rates bizedge.com Bwill not be able to offer sig- have little impact on online- nificant concessions to retailers only retailers such as Amazon. Pseudonyms are allowed but please state your full name, facing a hike in taxes on their com. Online sales account for address and contact number for stores in his Budget next month, over 12% of all retail sales in us to verify. according to an official familiar the UK, the highest proportion with his plans. globally, according to market There is little room to help research firm Mintel. high-street retailers on March 8 The Treasury official acknow- as the scale of reform needed ledges that the current system is is too broad, the official says. out of step with the rise of the dig- With Article 50 set to be trig- ital economy, saying Hammond gered by end-March, Hammond An American Apparel fashion retail store on Carnaby Street, London. The UK government earns about £26 billion is in “listening mode”. Changes has limited capacity for give- a year from business rates, according to Colliers International. to the tax system could be in- aways, according to the official, troduced in the autumn Budget, who asked not to be identified the site, is set to come into ef- because it’s a great revenue more than 200%, according to which will become the chan- because the talks are private. fect in England, Scotland and generator. From the Treasury’s Colliers. cellor’s main fiscal event of the Business rates, a tax on com- Wales in April. point of view, it’s a lovely tax.” UK retailers — from multi- year, the official says. mercial properties, earn the UK “The business rates system is A boom in property prices, billion-pound businesses such Business rates are typically government about £26 billion out of line with any other devel- particularly across London and as J Sainsbury to small inde- revalued every five years. The ($46 billion) a year, according oped country; it’s no longer fit the southeast of England, means pendents — have pressured the government delayed this year’s to real estate advisers Colliers for purpose,” Helen Dickinson, many businesses will suffer dra- government to reform a system review by two years, claiming it International. A revalua tion of CEO of the British Retail Con- matic increases to one of their which they claim does not re- would create uncertainty among the levy, determined by the rent- sortium, says in a telephone largest outgoings. The rental flect their industry in the 21st businesses, in the process making al value of the premises rath- interview. “The government value on shops in some central century. Lawmakers from Prime this year’s increases more dra- er than the sales generated by is persisting with this system London districts has jumped by Minister Theresa May’s Conserv- matic. — Bloomberg LP E THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP3 EP4 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 OFFSHORE SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

Tan: As a developer, we want to create quality and iconic projects. And people don’t just want a property — they want quality amenities with healthcare, wellness or lifestyle facilities.

Hatten Land’s Tan brothers make their mark in Singapore with reverse takeover

| BY CECILIA CHOW | Corp, formerly known as sporting goods SGX listing Hatten Land’s initial portfolio of four de- chain World of Sports, acquired privately On completion of the acquisition of Sky Win velopment projects in Melaka are three mixed- hen Colin Tan took over a com- held Sky Win Management Consultancy in Management, VGO Corp was renamed Hatten use projects (Hatten City Phases 1 and 2 and pany called Lianbang Ventures June last year. Land on Jan 26. Assuming the 123.1 million Harbour City on Pulau Melaka) and the Vedro in 2005 in order to revive an Sky Win Management Consultancy was in new shares are fully placed out, the indicative by the River mall. abandoned shopping mall pro- turn a company controlled by the Tans and market capitalisation for Hatten Land will be Hatten City Phases 1 and 2 are located in ject in Melaka, his friends used owned a portfolio of four development pro- $393 million. the city centre fronting the Malacca Straits. The Wto tease him about the firm’s name. That was jects in Melaka. The acquisition cost of Sky Trading of Hatten Land shares on the Catalist RM628 million ($200 million) Phase 1 was com- when Tan decided to choose a company name Win Management Consultancy totalled $386 board of the SGX will start on Feb 28. Tan has pleted in March 2016. Within the complex are that will endure. million, and would be made via the issue of been appointed executive chairman and manag- Elements Mall, with 1,530 strata shops; the 745- “I’ve always liked the name ‘Hilton’, and close to 1.188 billion consideration shares at ing director of Hatten Land, while Edwin is ex- unit SilverScape Residences; Hatten Suites, with I’m also an admirer of Japanese culture,” says 32.5 cents a share. ecutive director and deputy managing director. 589 serviced apartments; and the 277-room Dou- the 33-year-old. It was fortuitous that the word bleTree by Hilton, which is managed by Hilton “hatten” means growth and development in Jap- Worldwide. As at end-June last year, 34% of the anese. He therefore decided to name the com- strata shops at Elements Mall were sold, while pany he co-founded with his brother, 34-year- LAND HATTEN 85% of units at SilverScape Residences and old Edwin, Hatten Group. 93% of Hatten Suites were taken up. Over the past decade, Hatten Group has Hatten City Phase 2 is scheduled for com- become a leading property player in Melaka, pletion in 2H2017. The project was valued at where it is headquartered. Hatten Group’s core RM363 million last June, and is made up of businesses range from property development Imperio Mall, with 786 shops; and the 950- and investment to hospitality, retail and edu- unit Imperio Residences. The building has cation. The group has a landbank of 215 acres, a stepped façade, with the cascading terrac- mainly in Melaka, with some parcels in Cyber- es providing a jogging path with views of the jaya, Selangor and Seremban. coast and the city. Imperio Residences is said As the developments became increasingly to feature 10 cabana villas, each spanning three large-scale and mixed-use, the Tan brothers levels, with a floor area of 3,930 sq ft, private decided to spin off their development arm swimming pool, private lift lobby and private into a separate Singapore-listed entity called parking space for two cars. As at June 2016, Hatten Land. “We are seeking to expand about half of the residences were sold, while through mergers and acquisitions, joint ven- 60% of the shops were taken up. tures or strategic alliances with internation- Under development is Harbour City on the al business partners as we want to grow at reclaimed island of Pulau Melaka, fronting the a faster pace,” says Tan. Malacca Straits. The RM849 million mixed- This was done via a reverse takeover of use development sits on a six-acre site and the Singapore Exchange-listed VGO Corp. Scheduled for completion in 2H2017, Hatten City Phase 2 comprises Imperio Mall, with 786 shops; comprises the Harbour City Mall, with 1,831 The RTO process was kick-started when VGO and the 950-unit Imperio Residences CONTINUES ON PAGE EP6 THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP5 EP6 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 OFFSHORE

Hatten Land to develop iconic projects to attract tourists

FROM PAGE EP4 shops; a water-theme park; and three hotel blocks — the 648-unit Harbour City Suites, the 637-unit Harbour City Resort and a 325-room PICTURES: HATTEN LAND HATTEN PICTURES: luxury hotel. The development is targeted for completion in phases from 2H2019 to 1H2020. The fourth development, Vedro by the Riv- er, was last valued at RM65 million. The mall sits on two acres of land and will have a gross floor area of 213,547 sq ft when completed in 1H2017. So far, 65% of the 736 shops in the mall have been snapped up.

Development land pipeline Hatten Land has the right of first refusal when it comes to acquiring development parcels from the privately held Hatten Group, which is also controlled by the Tans. On Feb 10, Hatten Land announced that it had signed a memorandum of understanding with the Tans to exercise the Harbour City will sit on close to 100 acres of reclaimed land on the island of Completed in March 2016, Hatten City Phase 1 comprises Elements Mall, with call option for the acquisition of five develop- Pulau Melaka, fronting the Malacca Straits 1,530 strata shops; the 745-unit SilverScape Residences; Hatten Suites, with ment sites, of which four are 99-year leasehold 589 serviced apartments; and the 277-room DoubleTree by Hilton sites in Daerah Melaka Tengah. The fifth is a freehold site in Cyberjaya. 750,000, recounts Tan. Melaka is a small state Dataran Pahlawan Melaka Megamall, which total transacted value saw a moderate increase One of the leasehold sites in Melaka is a and its population was estimated to be around was the abandoned mall that the Tans revived of 1.7%, from RM1.94 billion in 2014 to RM1.97 2.05-acre land parcel with a plot ratio of 5.8. 900,000 as at 2016. when they first took over Lianbang Ventures 12 billion in 2015. This reflects the 8.4% y-o-y in- It is slated for the development of an integrat- Tourist arrivals in Melaka increased sig- years ago, is still the biggest and most visited crease in the House Price Index in 4Q2015. ed project with a hotel and serviced apartment nificantly following its inclusion in the list of mall in Melaka today. Those who purchased block called Thea Wellness. The second site Unesco’s World Heritage Sites in 2008. Tour- the strata shop units at RM1,800 psf in 2006 Future growth is a 9.34-acre parcel at Kawasan Bandar I that ist arrivals hit a new high of 15.7 million in were able to sell them for about RM3,000 psf With the upcoming Kuala Lumpur-Singapore will be used for a mixed-use project called 2015, with tourism receipts up 39.5% y-o-y, in the resale market, according to Tan. Most High Speed Rail having a stop at Ayer Keroh, MICC. The project will comprise a mall, cine- the highest annual growth since 2010. of the upcoming malls developed by Hatten Melaka, sites in the area are likely to benefit plex, convention hall and auditorium, meet- According to Tan, the developer is developing Group are also strata malls. Generally, the sell- from their proximity to the train station, says ing rooms, a hotel block and a serviced apart- iconic projects that will put the state on the in- ing prices of these strata retail units in Melaka Tan. Incidentally, Hatten Group’s landbank in- ment block, with a plot ratio of 4.0. Both Thea ternational tourist map. He sees the target audi- range from RM1,500 to RM3,500 psf. cludes several prime sites in Ayer Keroh. Wellness and MICC have obtained develop- ence for Hatten Land’s developments being wid- The expansion of the Malacca International ment approval. er than just the residents in Melaka. “If you look Residential supply and demand Airport and the introduction of weekly sched- The third site is a 66-acre land parcel with at a 200km radius, that includes Indonesia, Kua- Besides the retail segment, Tan believes that uled flights between Guangzhou and Mela- a plot ratio of 6.0 located on six parcels of land la Lumpur and Singapore, which means a pop- the other real-estate sectors, ranging from resi- ka are likely to boost the number of Chinese at Kawasan Bandar XL. The land parcel is still ulation of 15 million,” he estimates. dential to serviced apartments and hotels, have tourists. In fact, mainland China is already the at the reclamation stage. The fourth site — also The current buyer profile for Hatten Land’s also benefited from Melaka’s elevated profile top contributor of foreign tourists to Melaka, at Kawasan Bandar XL — is made up of three properties is 69% Malaysians, with Singapore- following its inclusion on the list of Unesco with 29.3%, followed by Singapore (26.7%), leasehold sites totalling 17.69 acres with a plot ans making up 15%, while Chinese and Taiwan- World Heritage Sites. Indonesia (14.8%), Taiwan (3.2%) and Japan ratio of 6.0, which can be amalgamated and de- ese make up 3% each. Based on the latest figures from the National (2.8%), based on 2015 tourist arrival figures. veloped into a mixed-use project with a “Mov- Property Information Centre, as at 3Q2016, Mel- However, what has really grabbed every- ie Town” theme, comprising retail, residential Retail supply aka had an existing housing stock of 167,676 one’s attention is the announcement last Sep- and hospitality components. Concept planning The retail scene in Melaka had been relative- units, of which condominiums and apartments tember of the RM30 billion Melaka Gateway is still underway. ly stagnant, hovering between 3.7 million and accounted for 10,060 units (6%). However, in project. The land reclamation project is a joint The fifth site at Cyberjaya is a 25.55-acre 3.9 million sq ft between 2010 and 2013. It was terms of residences under construction, the to- venture between Malaysian master develop- freehold land parcel with a plot ratio of 5.2. It only in 2014 that several new malls opened, tal number of units was 30,326, with condos er KAJ Development, which will hold a 51% will be developed in three phases, with a mix including The Shore Shopping Gallery in Mel- and apartments making up 1,980 units (6.5%). stake, and Powerchina International, which of retail, office, residential, hospitality units aka city centre and Freeport A’Famosa Outlet In the planning stage are another 13,542 units, will take the lead in bringing in investors and and a hospital. The project’s concept plan is in Alor Gajah. Today, Melaka is said to have of which 2,329 units are condos and apartments handling the construction of the project. Con- still in progress. The acquisition will be made 19 shopping centres and eight hypermarkets, (17.2%). Notable upcoming developments in- struction is reportedly underway, and slated through the purchase of the entire issued and with total retail space of 4.7 million sq ft. clude Impression City, Melaka Gateway, Cheng for completion by 2025. paid-up capital of Admiral Merger Sdn Bhd, Of the 19 shopping centres, 14 are located Ho City and Eco Marine Theme Park. Melaka Gateway is a mixed-use develop- which owns the development rights to the land. within the city. The increase in retail space, For the first nine months of 2016, about ment off the coast of the city centre, with three coupled with sluggish sales, however, has con- 6,720 residential units were sold in Melaka, reclaimed islands and one natural island oc- Large-scale, distinctive projects tributed to a decline in average occupancy rate, just 1.5% lower than the 6,824 units record- cupying a total area of 5.52 sq km. The first Each project has a distinctive theme, says from 83% in 2014 to 80% in 2015. Nevertheless, ed over the same period in 2015. The whole of three islands will be used for tourism, com- Tan. The developer is able to secure relative- major malls in Melaka, such as Dataran Pahla- 2015 saw total transactions of 8,914 residential mercial, property and maritime developments. ly high plot ratios for its large-scale, mixed- wan Melaka Megamall and Aeon Mall, contin- units, 3% fewer than the 9,187 units in 2014. The fourth island, Pulau Melaka, has been use projects. “We have an established track ue to have an occupancy rate of 90% to 100%. Despite the contraction in home sales in 2015, earmarked for a maritime activities centre with record,” he adds. “As a developer, we want to a container and bulk terminal, shipbuilding create quality and iconic projects. And people and ship-repair services, as well as a maritime don’t just want a property — they want quali- industrial park to be developed by KAJ Devel- ty amenities with healthcare, wellness or life- opment, China’s Guangdong state government style facilities.” and Chief Minister Incorporated (CMI), an en- In hindsight, his foray as a developer into tity wholly-owned by the state. Melaka was an opportune one as being a developer in the state is not as capital-intensive Expansion plans as it is in Singapore, says Tan, who is a Singa- Pulau Melaka is where Hatten Land will be devel- pore citizen. “There was also very little com- oping its 99-year leasehold Harbour City project. petition then.” Tan is also open to partnerships and joint According to Tan, the main guiding force ventures with other developers for his upcom- behind the brothers’ venture into the proper- ing projects. “We have had Chinese developers ty business is their father, Eric Tan Eng Huat, with similar interests coming to discuss with who remains an adviser and mentor at Hatten us,” he says. “And that is why we want to list Group. Eric Tan shot to fame in Singapore in Hatten Land, as it will give us a greater plat- the mid-1990s when he acquired more than 30 form to collaborate with more international properties and sites in Geylang, earning him business partners in our future developments.” the moniker “Geylang king”. While Melaka remains Hatten Land’s main When Hatten Group first started developing Vedro by the River, which sits on two acres of land, will have a gross floor area of 213,547 sq ft when focus for now, Tan is also interested in expand- projects in Melaka, the population was around completed in 1H2017 ing the company’s presence in Southeast Asia. E THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP7 EP8 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 UNDER THE HAMMER PIC TURES: PIC TURES: JLL SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

This detached house at One Tree Hill sits on a regular-shaped site of 4,520 sq ft that can be redeveloped into two semi-detached houses Estate sales of landed homes

| BY CECILIA CHOW |

p for auction are several landed homes, one of which is a detached house at One Tree Hill. The double-storey detached house, believed Uto have been built in 1963, sits on a EDGE SINGAPORE CHUA/THE SAMUEL ISAAC freehold regular-shaped site of 4,520 sq ft. An executor’s sale, the property has a guide price of $12.8 million ($2,832 psf). According to Mok Sze Sze, JLL head of auction, an executor’s sale is similar to an estate sale. The detached house at One Tree Hill made This semi-detached house on Farleigh Avenue was put up for auction with a guide This three-storey detached house at Eng Kong Garden was put up for auction by JLL its debut at JLL’s auction on Feb 23. price of $3.85 million for the sixth time on Feb 23, with an indicative price of $4.5 million The site has been seeing “intense interest” from owner-occupiers giv- $9.38 million ($2,086 psf), accord- developer demolished the house and Serangoon Garden, another popular up area of 5,167 sq ft and sits on a en its location in prime District 10 ing to a caveat lodged in June 2015. built a detached house on the site af- landed housing estate. freehold land area of 4,316 sq ft. The and the rarity of a landed housing ter obtaining rezoning approval. Wah The semi-detached house was put indicative price for the property in estate accessible via Grange, Tom- Redevelopment potential Khiaw was able to do that as the land up for sale by the estate for the first the JLL auction on Feb 23 was $4.5 linson and Paterson Roads, just off The latest transaction of a detached area was bigger than 400 sq m (4,306 time at Colliers International’s prop- million ($1,043 psf). Orchard Boulevard, adds Mok. The house at One Tree Hill, based on ca- sq ft). Based on URA guidelines, a erty auction on Feb 22. The indica- The indicative price for the house estate has mainly semi-detached and veats lodged so far, was in October site for a semi-detached house can tive price for the house is said to be reflects a downward adjustment of detached houses. 2014, when a newly built detached be rezoned for a detached house if $3.85 million ($916 psf). $1 million from the opening price of The detached house is also attract- house sitting on a freehold site of the land area is at least 400 sq m. $5.5 million when the property was ing interest as it is zoned for rede- 4,499 sq ft was sold by niche de- Another semi-detached house that Mortgagee sale first put up for auction by JLL last velopment into a pair of double-sto- veloper Wah Khiaw Developments is up for estate sale is one where the Meanwhile, up for auction for the September. rey semi-detached houses, subject for $17.2 million ($3,826 psf). A land area is just 10 sq m short of the sixth time by JLL on Feb 23 was a Unlike the house at One Tree Hill to approval by the relevant authori- caveat lodged earlier showed that minimum 400 sq m required before detached house at Eng Kong Garden and Farleigh Avenue that are execu- ty, says Mok. Wah Khiaw had paid $3.86 million the property can be rezoned for a de- in the Upper Bukit Timah neighbour- tor’s and estate sales, the house at The most recent sale of a semi- for the site in February 2006, when tached house. The 1960s single-sto- hood of District 21. The three-storey Eng Kong Garden is a mortgagee sale. detached house at One Tree Hill was a semi-detached house occupied the rey semi-detached house sits on a detached house was built in 1997, but Word on the street is that the house for a property sitting on a 4,499 sq ft land parcel. 999-year leasehold site of 4,201 sq has been renovated over the years. was previously owned by Ivy Lee, one freehold plot. The property fetched Subsequent to the purchase, the ft (390 sq m) on Farleigh Avenue in The six-bedroom house has a built- of Singapore’s top realtors. E

OFFSHORE

CapCo writes down value of London Earls Court land by 20%

| BY JACK SIDDERS | ($1.94 billion) from £1.4 billion a year earlier, Home values in London’s best districts fell dend of one pence a share, in line with a Bloomb- according to a statement on Feb 22. JPMorgan an average of 6.7% in the 12 months through erg dividend forecast. The firm says it expects the apital & Counties Properties plc wrote Chase & Co had estimated a write-down of 30%. January as successive sales tax increases open market rents at its Covent Garden holdings down the value of its land holdings in “The reduction in Earls Court was driven main- dampened demand, broker Knight Frank LLP to reach £125 million a year by December 2020 Cwest London by 20%, less than expect- ly by a higher assumed developer’s margin for says in a report this month. The government compared with £96 million at end-2016. ed by some analysts, as higher taxes and po- consented development land, trimming of sales brought in a 3% levy on second-home pur- Buyers have now purchased or reserved litical uncertainty weaken sentiment in the UK values as well as some cost inflation,” JPMor- chasers and landlords in April 2016, having 59 homes in the second phase of the Lillie capital’s housing market. gan analyst Neil Green writes in a note to clients. earlier increased charges for all luxury-home Square project at Earls Court compared with The company, which plans to build 10,000 CapCo’s shares climbed as much as 4.2% to buyers in December 2014. 41 apartments in July, with pricing at a “mod- homes at Earls Court with venture partners, cut the highest since the day after the Brexit vote, and CapCo’s net asset value fell 5.9% to 340 pence est premium” to sales in the first phase. — the value of its sites in the district to £1.1 billion were up 2.8% at 8.30am in London on Feb 22. a share. The company intends to pay a final divi- Bloomberg LP E THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP9 EP10 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 COVER STORY

The newly completed Ascott Orchard serviced residences (left) and Cairnhill Nine apartment block on Cairnhill Road PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

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CapitaLand to showcase Cairnhill Nine’s unsold units in Singapore and Jakarta following the project’s completion last October

| STORIES BY FEILY SOFIAN | As at end-January, there were eight rental contracts for one-bedroom units in Cairnhill nterest in luxury homes typically picks up Nine ranging from $3,700 to $5,500 a month. once they are completed as well-heeled buy- There were four rental contracts for two-bedroom ers can personally inspect the design and units at between $5,900 and $6,850 a month. quality of the project. For Cairnhill Nine, Facilities in the project include a 50m lap an integrated development by CapitaLand, pool, children’s pool, spa pods, barbecue areas, Iit also means aspiring buyers can experience cabanas as well as two clubhouses that house a for themselves the project’s proximity to Par- gymnasium, golf simulator room, music room, agon, a luxury shopping mall in the Orchard function room, wine room, spa room and read- Road shopping belt. ing room. Ascott Orchard has a separate range Only 48 units have remained unsold at Cairn- of facilities for its guests. hill Nine since the project was launched a year ago. Following the project’s completion in Oc- Homes for the global rich tober, CapitaLand will showcase these units in CapitaLand has an established footprint in the Singapore and Jakarta starting from Feb 25. Cairnhill area, having developed Urban Suites The robust sales at Cairnhill Nine were pri- and Urban Resort Condominium, located just marily driven by its prime location. The devel- across Cairnhill Nine. Unlike Cairnhill Nine, opment is directly linked to Paragon via a cov- The show suite of a 1,066 sq ft, two-bedroom-plus-study unit with a TV swivel panel between the which comprises predominantly one- and ered overhead bridge. Cairnhill Nine is part of living room and study two-bedroom apartments, units start from 1,044 an integrated development that includes As- sq ft at Urban Suites for two-bedroom apart- cott Orchard Singapore, a 20-storey luxury ser- donesia, according to a CapitaLand spokes- vices. Each unit comes fully fitted with marble ments and 2,121 sq ft at Urban Resort Condo- viced residence with 220 units. person. This is not surprising as the Orchard flooring and Miele kitchen appliances, includ- minium for three-bedroom apartments. The In addition to the one-bedroom units, Road micro-market has traditionally been pop- ing a coffee machine, microwave oven, slim- freehold developments were completed in 2013. buyers have also snapped up all the 22 four- ular with Indonesian buyers. line hood, induction/gas hob and concealed Both Urban Suites and Urban Resort Con- bedroom units and eight penthouse units within “For them, the main draw is the conven- refrigerator, as well as a Bosch washer-dryer. dominium were designed by Kerry Hill Archi- the first two months of launch. Prices ranged ient location — with shopping, food and The two-bedroom-plus-study unit features a tects, whose portfolio includes Aman Tokyo, from $1.3 million for a one-bedroom unit to medical facilities at the doorstep,” says Jerry swivel TV panel that can pivot to face the liv- dubbed Aman’s first city retreat. More than $6.7 million for a 3,864 sq ft penthouse unit. Tan, founder and managing director of JTR- ing room or the study. Meanwhile, the smart half of the buyers at the condo projects were The remaining 48 units are mainly two-bed- esi, a marketing agent specialising in luxu- home system allows residents to remotely con- foreign nationals, including Singapore perma- room units of 1,033 sq ft, with prices ranging ry property. The site’s leasehold tenure, as a trol home devices such as the air-condition- nent residents and non-PRs. from $2.5 million to $2.9 million. This works out result, took a backseat in their purchase de- ing, digital lock with biometric access and se- The latest transaction at Urban Suites was to $2,400 to $2,750 psf. A majority of the units cision, he notes. curity camera. for a 2,045 sq ft unit that fetched $5.2 million, are above the 14th floor, although there are still Unlike in most projects, Cairnhill Nine units or $2,518 psf. Meanwhile, the latest transac- a handful of lower-floor units available. High- Luxury finishes will be fitted with LED lighting and cove light- tion for a 1,044 sq ft, two-bedroom unit was floor two-bedroom units sold over the past six Residents at Cairnhill Nine will be able to enjoy ing in the living area. Homeowners therefore in January 2015. The unit on the 13th floor months have ranged from $2,513 psf for a 14th- hospitality services provided by the adjoining need only buy soft furnishings before moving changed hands at $2.9 million, or $2,758 psf. floor unit to $2,915 psf for a 27th-floor unit. Ascott Orchard, including concierge, housekeep- in while investors can rent out the units im- The last two penthouses in Urban Resort More than 20% of the buyers are from In- ing, laundry and even grocery shopping ser- mediately. Condominium were snapped up in February THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP11 COVER STORY

Ascott The Residence returns to Orchard Road The soft opening of Ascott Orchard Singapore on Dec 1, 2016 marked the return of the Ascott The Residence brand to Orchard Road after a decade-long hiatus. The 20-storey serviced residence comprises 220 luxury units ranging from 323 sq ft studios to 861 sq ft two-bedroom units. With a hotel licence, Ascott Orchard offers both short- and long- term stays. The online rates for a studio unit for a one-night stay on May 6 start from $352 a night, excluding taxes. Meanwhile, the two-bedroom penthouse suite is going for $1,224 a night. The eight penthouse suites on the top floor are furnished and fitted out by Fendi Casa, the lifestyle living subsidiary of the Italian high fashion house. Ascott Orchard is currently running at about 50% occupancy, two months into operations, according to Norman Lim, country general manager for Singapore The facilities deck at The Ascott Ltd. “There is an equal mix of short- and of Ascott Orchard long-term guests. With its proximity to Orchard Road and (right) and the world-class medical facilities at Paragon Medical Singapore adjacent Cairnhill and Mount Elizabeth Orchard, all less than five minutes Nine (left) away, this serviced residence is ideal for business, leisure and medical travellers,” he says. Facilities at Ascott Orchard include a gymnasium, swimming pool and residents’ lounge. Breakfast is served at Kith Café, a favourite haunt among foodies and brunch enthusiasts. Ascott The Residence ceased its Orchard Road operations about a decade ago. In 2004, The Ascott Group entered into a conditional agreement with Wheelock Properties, formerly known as Marco Polo Developments, to sell its Scotts Shopping Centre and The Ascott Singapore serviced residence located above the mall. The site is now occupied by Scotts Square, a luxury mixed-use development comprising a four-storey retail Orchard Road’s latest landmark mall and 338-unit freehold apartments. Residents’ lounge at Ascott Orchard A penthouse unit at Ascott Orchard

Show suite of a 1,033 sq ft, two-bedroom unit at Cairnhill Nine

last year, by a Singaporean and a Chinese national. The 4,715 sq ft penthouse on the 17th floor was sold for $8.5 million, or $1,803 psf, according to a caveat lodged on Feb 25, 2016. The 6,857 sq ft penthouse on the 19th floor went for $12.2 million, or $1,779 psf, according to a caveat lodged on Feb 17, 2016. Aside from Cairnhill Nine, CapitaLand also launched two luxury residences — Vic- toria Park Villas and The Nassim — in 2016. Victoria Park Villas comprises 106 semi-detached houses and three bungalows on a 403,000 sq ft, 99-year leasehold site. The project’s main appeal lies in its location at the junction of Coronation Road and Victo- ria Park Road, flanked by Good Class Bun- galow areas in prime District 10. The swimming pool and corridor leading to the entertainment rooms on the right Mok Wei Wei of W Architects was the master planner for Victoria Park Villas. Mok col- sioned W Architects’ Mok to deliver this vision. the remaining 45 unsold units at The Nassim. laborated with AR43, HYLA Architects and The development made headlines last The purchase consideration was $411.6 mil- Studio Wills + Architects, which designed June when an Indonesian family picked up lion. The 10 units that were sold to individu- the individual houses. Transacted prices at two units at $20.3 million and $13.7 million. al buyers fetched prices ranging from $2,248 Victoria Park Villas ranged from $4.2 million In September, a Singaporean buyer shelled psf for the $20.3 million unit to $3,260 psf for to $5.1 million, based on caveats lodged. out $14 million, or $3,204 psf, for a 4,370 a 1,927 sq ft unit, based on caveats lodged. The Nassim is a luxury condo compris- sq ft unit in the project. The Nassim was completed in 3Q2015 ing only 55 units on a sprawling 122,600 sq Earlier this year, CapitaLand announced and CapitaLand would have had to pay ex- ft freehold site. CapitaLand had envisioned that its wholly-owned subsidiary, CRL Realty tension charges if had failed to sell all the a project reminiscent of the black-and-white Pte Ltd, had sold its 100% stake in Nassim units by 3Q2017, that is, two years from the bungalows of the early 1900s and commis- Hill Realty to Kheng Leong Co. NHR owned date of completion. E The overhead bridge linking Cairnhill Nine with Paragon EP12 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 OFFSHORE

New listings in Toronto fell 17% in January from a month earlier,

the biggest one-month decline BLOOMBERG PICTURES: China home prices since 2002 rise in fewest cities in a year amid curbs

hina home prices increased city governments stepped up last month in the fewest existing buying curbs since De- Ccities in a year, signalling cember, he adds. property curbs to deflate a po- Early private data shows resi- tential housing bubble are tak- dential transactions are recover- ing effect. ing slightly in February in large New-home prices, excluding cities. New-home sales in key cit- government-subsidised hous- ies tracked by China Internation- ing, gained last month in 45 of al Capital Corp rose to a three- the 70 cities tracked by the gov- month high in mid-February. ernment, down from 46 in De- China’s central bank vowed to cember, the National Bureau of “strictly limit” the flow of credit Statistics said on Feb 22. Pric- into speculative housing purchases fell in 20 cities and were un- es in its fourth-quarter monetary changed in five. policy report on Feb 18. Apart Chinese authorities have ex- from adopting prudent monetary panded curbs on home purchas- policies, it encourages “city-spe- es and tightened restrictions on cific” credit conditions to ensure property lending in an attempt to “reasonable” growth in housing avoid a housing bubble and re- mortgages, the report says. Toronto facing a speculative duce financial risks. Some bank The wording is “a clear mes- branches in Beijing, Guangzhou sage” that China’s central bank and Chongqing have raised mort- will roll out more policy tools tar- real estate dilemma gage rates for first-time buyers, geting developers and households people familiar with the matter to prevent a potential property said earlier this month. bubble, David Yang, a Shang- New-home prices in Shen- hai-based analyst at UOB Kay zhen, the nation’s hottest mar- Hian Investment Co, wrote in a | BY THEOPHILOS ARGITIS | most half of all construction. particularly hit first-time buyers — ket early last year, fell 0.5% in report on Feb 21. Supply constraints do not explain have done little to curtail the re- January from December, the oronto’s housing boom is the price gains for condominiums, cent run-up. fourth straight monthly decline, Land prices unrelenting. which have seen a flood of new com- “If it’s not sellers, if it’s not first- data shows. Prices in Shanghai Curbs have been tightened on Prices in Canada’s largest pletions. The average sale price of a time buyers, then who is buying?” declined 0.1%, a third month- developer financing amid con- city surged more than 20% condo is up 15% y-o-y. That is af- asks Robert Hogue, an economist at ly decline, and were unchanged cern easy credit helped send land over the past year, the fast- ter builders completed more than Royal Bank of Canada. “We can’t say in Beijing. Values continued to prices to record highs last year. Test pace in three decades, data re- 54,000 apartment units over the for sure, but by deduction it’s got increase in the southern city of Some property bond sales were cently released shows. Some of the past two years, easily a record sup- to be probably investors are buying Guangzhou, gaining 0.6%. halted on mainland exchanges in city’s neighbouring towns are post- ply for Toronto. quite a bit.” A drop in land releases this October; this month, private eq- ing even bigger gains. Canada’s recent census results, year may keep pressure on pric- uity investments in property pro- It has become a matter of con- released this month, also provide Policy response es in the capital. jects were banned in key cities. siderable alarm. Stability is one some evidence against the shortage If speculators are the cause of Toron- Beijing plans to supply just “Land prices are an expecta- concern — if the market tumbles, argument. Occupied private dwell- to’s stratospheric home-price gains, 260ha of residential land, exclud- tion for where property prices so will Canada’s economy. Pricier ings have risen by 7.2% in Toronto it makes it difficult for the federal ing government subsidised hous- will be going,” says James Mac- real estate also drives away less-af- over the past five years, faster than government to intervene, since its ing, this year, down from 850ha donald, Shanghai-based head fluent, younger people and boosts population growth. primary tool is mortgage insurance last year, Beijing News reports, of China research for Savills. the cost of doing business, eroding The census, however, does not rules that do not apply as much to citing a government document. “Cooling the residential market competitiveness. say what type of homes are being investors. through restrictions on hous- “I don’t think anybody is cheer- built. Plus, there is also the recent One possibility may be to clamp Cooling measures ing purchases was not sustain- ing,” says Doug Porter, the Toron- puzzle of disappearing listings. down on the country’s unregulated While the statistics bureau said able, as we saw last year. So the to-based chief economist of Bank New listings in Toronto fell 17% private mortgage industry — so- home values “stabilised further” government went to cool down of Montreal, who used the dread- in January from a month earli- called shadow banking. There may in mega and midsize cities due competition for land to have a ed “bubble” word to describe the er, the biggest one-month decline also be other avenues, such as curb- to curbs, the government is like- bigger impact.” market. “I don’t see who benefits since 2002. Sales as a share of new ing foreign investment. But Prime ly to hold steadfast on cooling There are signs that the curbs other than real estate agents. It’s listings rose above 90%, smashing Minister Justin Trudeau’s govern- measures this year, says Bloomb- are biting. Three plots of residen- trapped wealth.” the record. ment has not shown much interest erg Intelligence senior analyst tial land in Shanghai a couple of So, what is driving the boom? Is this a sign of a bubble? Are sell- in such a move, partly because it Patrick Wong. Further tighten- weeks ago sold at a small pre- The housing industry — builders ers holding off putting their homes would affect the national market, ing of mortgage lending could mium to the starting offer pric- and brokers — claim lack of supply on the market to see where prices not just Toronto. come after at least seven local es. — Bloomberg LP E is the main culprit. Others, Porter settle? Has supply become so tight In fact, the only place where gov- included, see demand as the prob- that potential sellers are pulling out ernment steps to rein in prices seems lem. Lately, evidence is mounting of the market altogether since they to have worked has been in British that speculation is behind the jump. have nowhere to move to? Columbia, which introduced a 15% “The market is thinning out basi- tax on foreign buyers in August. Van- Supply constraints cally — you know what that means,” couver home prices are down 3.7% Builders say they are being held back David Madani, an economist at Cap- over the past six months. Still, that by everything from regulations to pro- ital Economics in Toronto, says in a is a paltry retreat in a market that hibitive taxes and land restrictions. telephone interview. long ago ceased to be affordable for Ontario’s green-belt region around most Canadians. Toronto is one example. First-timers The British Columbia experi- This is no doubt true for one seg- So, if home sellers are not driving ence shows that while stability of ment of the market: single-detached demand, is it first-time homebuyers? the market may be an achievable homes. Just over one-quarter of the It is tough to argue yes. The fed- goal, affordability is a more daunt- 176,000 homes built in Toronto over eral government has been tighten- ing challenge. the past five years were single-de- ing mortgage rules for a decade, “If policy success is measured by Chinese authorities have expanded curbs on home purchases and tightened tached. That is well down from the and took some significant steps in affordability, not sure we’re quite there restrictions on property lending 1990s, when they accounted for al- October. But the moves — which yet,” Hogue says. — Bloomberg LP E THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP13 EP14 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 YOUR NEIGHBOURHOOD

View of the Jurong Lake area with Lakefront Residences on the right PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

Lakefront living in Jurong

| BY MICHAEL LIM | Lake, the Chinese Garden and Japanese Gar- townhouses of 2,486 to 3,401 sq ft. to hold on to the unit and wait for en-bloc.” den, enjoying the fresh air and tranquillity of Despite having just 65 years left on its lease, He reckons that owners of Lakepoint will he picturesque Jurong Lake area is turn- the lake and its surrounding area.” this development remains popular among buy- start the en-bloc process once the property ing into the residential area of choice The area in focus is bordered by Corpo- ers. Based on caveats lodged with Realis, there market improves because it is an ageing de- for those staying in the western part of ration Road and Jurong Canal and is served have been on average six transactions a year velopment with no facilities. Singapore. Not only do the residents of by the Lakeside MRT Station. There are eight over the past three years. The latest transaction The two newest additions to the area are the condominiums surrounding Jurong 99-year leasehold condos within a 10-minute was for a 2,217 sq ft, four-bedroom unit that Lakeville and Lake Grande. The 696-unit Lake- TLake enjoy a scenic view, the serene neighbour- walk of the Lakeside MRT station. They range was sold in January for $1.23 million ($555 psf). ville, located on Jurong Lake Link, is expected hood also provides them with respite from the from the latest developments by MCL Land — “Most of the new buyers are cash-rich in- to be completed by 1Q2017. The development hustle and bustle of city life. Lakeville and Lake Grande — to the oldest, vestors who are buying because of its en-bloc consists of one- to five-bedroom units of 560 to “The area’s biggest draw is that it is the Lakepoint, a 34-year-old project by JTC Corp. potential,” says Ryan Yeo, associate deputy di- 1,862 sq ft. There are also four- and five-bed- only lakefront residential area in the western vision director with Knight Frank Property Net- room penthouses of 1,981 to 2,680 sq ft. part of Singapore,” says Alice Tan, head of re- Strong demand for new and old condos work, who specialises in marketing residential Lakeville was launched for sale in April search with Knight Frank and a Jurong West The 304-unit Lakepoint was completed in developments in the western part of Singapore. 2014 and about 180 units were snapped up resident for more than 30 years. “On week- 1983. It comprises two-bedroom units of 915 “I know of a few owners who have bought on the first day at an average price of $1,300 ends, you can see children playing as well as to 1,044 sq ft, maisonettes of 1,884 to 2,217 and are not concerned whether they are able psf. According to MCL Land, most of the units adults exercising and jogging around Jurong sq ft, penthouses of 2,734 to 3,261 sq ft and to rent the unit out because their intention is sold then were one- and two-bedroom apartments and almost 90% of the buyers were Singaporeans, with HDB upgraders account- ing for the bulk of the purchasers. According to the latest January developers’ sales data compiled by the URA, 689 out of the total 696 units were sold at a median price of $1,174 psf. The most recent unit sold was a 1,423 sq ft, four-bedroom unit. It changed hands in January for $1.65 million ($1,156 psf), according to caveats lodged with Realis. Located just directly across from Lakeville is Lake Grande, which is expected to be completed by 2019. The 710-unit, 99-year leasehold condo was launched for sale last July and 436 units of the development, or 61%, were sold during the launch weekend at an average price of $1,368 psf. According to MCL Land, two-bedroom units at Lake Grande were the most popular, with 260 such units sold. The average two-bedder is about 660 sq ft and was sold at $1,365 psf, or around $900,000. Some 85% of the buyers were Singaporeans, while 12% were permanent residents and the remainder, foreigners, says MCL Land. From left: The 629-unit Lakefront Residences by Keppel Land, 712-unit Caspian by Frasers Centrepoint and 369-unit Lakeholmz by Frasers Centrepoint According to the January developers’ sales THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP15 YOUR NEIGHBOURHOOD

The 638-unit Parc Vista (right) by Far East Organization was completed in 1997 The 304-unit Lakepoint by JTC Corp was completed in 1983 data, 559 out of the total 710 units were sold at a median price of $1,302 psf. The latest transaction was for a 980 sq ft, three-bedroom unit that was sold in February for $1.17 million ($1,195 psf), based on caveats lodged with Realis. Both Lakeville and Lake Grande are ideal for young families with children, given their close proximity to Rulang Primary School, one of the top three primary schools in the west of Singapore, says Knight Frank’s Tan.

Other developments Besides Lakepoint, there are three other 99- year leasehold developments in the area that are 10 years old or older: Parc Vista, Lakeholmz and The Lakeshore. Demand for all three developments remains high; at The Lakeshore, 28 units changed hands in 2016, while at Parc Vista and Lakeholmz, 19 and 14 units were The 848-unit The Lakeshore by Far East Organization was completed in 2007 transacted respectively. Yeo notes that there is a growing number of in June 2009 for $645,000 ($689 psf). non-resident Indian professionals with perma- Two slightly newer developments, Caspian nent resident status renting or buying in the and Lakefront Residences, were completed less area, owing to its close proximity to the Inter- than five years ago. The 712-unit Caspian by national Business Park. Many of these profes- Frasers Centrepoint is fully sold and was com- sionals are in the IT industry and like to live pleted in 2013. Units in the project are spread near their workplace, he says. across six 17-storey blocks and comprise two- As many of these Indians have extended to four-bedroom apartments of 872 to 1,593 sq families, they tend to favour big units, espe- ft. The latest transaction was for a 1,302 sq ft, cially those at Parc Vista, The Lakeshore and three-bedroom unit that was sold in January Lakepoint, where three-bedroom units start for $1.37 million ($1,052 psf). from 1,100 sq ft compared with the newer con- The 629-unit Lakefront Residences by Keppel dos, explains Yeo. “Most of these older condos Land was completed in 2014 and is fully sold. are going for less than $1,000 psf and this is a It is made up one- to four-bedders of 484 to key pull factor,” he says. 1,938 sq ft and penthouses of 2,000 to 3,186 The 638-unit Parc Vista by Far East Organi- sq ft. The latest transaction was for a 1,389 sq zation was completed in 1997. Units are a mix ft, four-bedroom unit that was sold in January MCL Land’s 710-unit Lake Grande is under construction, with Lakeville on its left and Lakeshore Residences of two- to four-bedders of 1,044 to 1,636 sq ft for $1.65 million ($1,188 psf). on its right and maisonettes of 1,938 to 2,379 sq ft. The latest transaction was for a 1,076 sq ft, two-bed- Jurong Lake Gardens room unit in December that fetched $850,000 The park around Jurong Lake will get a make- ($790 psf). The seller had purchased it in Jan- over under the Jurong Lake District master plan uary 1996 for $687,000 ($639 psf). and will be renamed Jurong Lake Gardens. The 369-unit Lakeholmz was developed by According to Tan, the government is looking Frasers Centrepoint and completed in 2005. at redesigning and revamping the park through Lakeholmz consists of two- to four-bedroom landscaping, adding new paths and exercise units of 1,001 to 2,616 sq ft. The latest trans- areas as well as clusters of commercial space. action was for a 1,249 sq ft, three-bedroom Residents at all eight developments will be unit that was sold in February for $1.04 mil- able to look forward to the new and revamped lion ($831 psf). The seller had bought it in Sep- Jurong Lake Gardens when it is unveiled sec- tember 2005 for $567,000 ($454 psf). tion by section starting from next year with the The 848-unit The Lakeshore by Far East Jurong Lake West Garden on Yuan Ching Road. Organization was completed in 2007. It is “Once the transformation of the Jurong Lake made up of two- to four-bedroom apartments area is completed, not only will residents be of 861 to 1,900 sq ft. A 936 sq ft, two-bedroom- able to experience a new lakefront lifestyle, plus-study unit changed hands in February for they are also likely to see the value of their $995,000 ($1,063 psf). The seller had bought it properties rise,” says Tan. E The 696-unit Lakeville, located on Jurong Lake Link, is expected to be completed by 1Q2017 EP16 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 GAINS AND LOSSES Ardmore Park unit makes $4.6 mil profit

| BY LIN ZHIQIN |

n Feb 9, a 2,885 sq ft unit at Ardmore Park in prime District 10 was sold at a $4.6 million profit. The gain works out to 94%, or 5% Oa year over 14 years. The previous owner bought it at $4.9 million, or $1,699 psf, in September 2002 and EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: sold it at $9.5 million, or $3,293 psf. This was the first transaction at Ardmore Park this year. The next most recent transaction, in Decem- ber 2016, resulted in a $3.18 million profit for the seller. The 2,885 sq ft unit was bought at $6.4 million, or All seven units transacted at Orchard Scotts since 2015 were sold at a loss. Find the $2,219 psf, in August 2006 and sold most affordable unit in the project at bit.ly/OrchardScottsEdge. at $9.58 million, or $3,321 psf. The profit works out to 50%, or 4% a a 3% gross rental yield for the re- For private non-landed homes year over 10 years. cently transacted unit. sold in the week of Feb 7 to 14, the There were 58 rental contracts for Based on the matching of URA second-biggest loss of $980,000 was units of 2,800 to 2,900 sq ft at Ard- caveat data, both units transact- incurred by the seller of a 2,088 sq ft more Park in 2H2016, with month- ed at Scotts Square so far this year unit at Orchard Scotts in prime District ly rents averaging $14,598. This im- were sold at a loss. A week earlier, 9. The unit was bought at $3.88 mil- plies a 2% gross rental yield for the on Feb 3, a 1,249 sq ft unit was sold lion, or $1,858 psf, in February 2012 recently transacted unit. Completed at a $1.56 million loss, the biggest and sold at $2.9 million, or $1,389 in 2001, Ardmore Park is a freehold at Scotts Square so far. The seller psf, on Feb 10. The loss works out to condominium comprising 330 units. bought the unit at $5.2 million, or 25%, or 6% a year over five years. For private non-landed homes $4,171 psf, from the developer in Au- There were two rental contracts sold in the week of Feb 7 to 14, the gust 2007 and sold it at $3.65 mil- for units of 2,000 to 2,100 sq ft at Or- biggest loss of $1.16 million was in- lion, or $2,923 psf. chard Scotts in 2H2016, with monthly curred by the seller of a 947 sq ft unit All seven units at Scotts Square rents at $9,200 and $12,000. at Scotts Square in prime District 9. transacted last year, whose previ- Based on the matching of URA The unit was bought from the devel- ous caveats could be traced, were caveat data, all seven units transact- oper at $3.96 million, or $4,184 psf, also sold at a loss. The sellers sus- ed at Orchard Scotts since 2015 were in September 2007 and sold at $2.8 tained losses ranging from $647,088 sold at a loss. The sellers sustained million, or $2,956 psf, on Feb 7. The to $1.2 million, with an average loss losses ranging from $823,923 to $2.4 loss works out to 29%, or 4% a year of $910,579, or 24%. Scotts Square million, with an average loss of $1.6 over nine years. is a mixed-use development com- million, or 35%. Orchard Scotts is a There were 19 rental contracts for pleted in 2011. It has 338 freehold 99-year leasehold condo completed units of 900 to 1,000 sq ft at Scotts residential units and is located within 2008. It comprises 387 units and Ardmore Park is a freehold condominium completed in 2001. Find the most affordable Square in 2H2016, with monthly in walking distance of the Orchard is located within walking distance of unit in the project at bit.ly/ArdmoreParkEdge. rents averaging $6,511. This implies MRT station. the Newton MRT station. E

Residential transactions with contracts dated Feb 7 to 14

Most proﬁ table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Ardmore Park 10 2,885 Feb 9 3,293 Sept 9, 2002 1,699 4,600,000 94 5 14.4 URA, THE EDGE PROPERTY URA, 2 Goldenhill Park Condominium 20 1,335 Feb 9 1,371 April 10, 2001 732 853,500 87 4 15.8 3 Costa Rhu 15 1,765 Feb 14 1,146 May 1, 1995 733 729,480 56 2 21.8 4 Mera Springs 8 1,292 Feb 8 1,215 June 29, 2006 687 682,000 77 6 10.6 5 Duchess Crest 10 1,711 Feb 9 1,208 July 22, 2009 830 648,000 46 5 7.6 6 Pebble Bay 15 1,894 Feb 8 1,161 May 11, 1996 822 643,000 41 2 20.8 7 Amaryllis Ville 11 1,259 Feb 9 1,294 April 19, 2002 853 556,000 52 3 14.8 8 Limau Park 16 1,270 Feb 8 875 Sept 1, 2006 450 540,000 94 7 10.4 9 The Lucent 15 1,324 Feb 14 1,114 Jan 23, 2009 750 482,000 49 5 8.1 10 The Tate Residences 9 3,218 Feb 9 2,424 Oct 10, 2006 2,276 476,000 6 1 10.3

Non-proﬁ table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Scotts Square 9 947 Feb 7 2,956 Sept 3, 2007 4,184 1,163,195 29 4 9.4 2 Orchard Scotts 9 2,088 Feb 10 1,389 Feb 13, 2012 1,858 980,000 25 6 5.0 3 The Arcadia 11 3,778 Feb 8 810 Oct 20, 2009 1,006 740,000 19 3 7.3 4 Jewel Of Balmoral 10 2,411 Feb 13 1,410 Dec 10, 2007 1,667 620,000 15 2 9.2 5 The Arcadia 11 3,735 Feb 7 904 July 24, 2007 1,031 475,000 12 1 9.6 6 St Martin Residence 10 603 Feb 8 2,148 Sept 12, 2012 2,488 205,000 14 3 4.4 7 8 @ Mount Sophia 9 1,464 Feb 9 1,455 Aug 14, 2007 1,560 153,000 7 1 9.5 8 Rivergate 9 1,507 Feb 13 1,891 March 14, 2011 1,980 133,860 4 1 5.9 9 Laguna Park 15 1,615 Feb 8 879 Jan 10, 2011 929 80,000 5 1 6.1 10 D’Leedon 10 1,389 Feb 8 1,440 Jan 24, 2013 1,496 77,910 4 1 4.0

Note: The profit and loss computation excludes transaction costs such as stamp duties URA caveat record downloaded on Feb 17 and 21 THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP17 BUDGET 2017 Help for first-timers buying resale HDBs, but no easing of cooling measures

| BY LIN ZHIQIN | those who need to dispose of resale flats after they have taken possession of new BTOs, n Feb 20, Finance Minister Heng executive condominiums and private proper- Swee Keat announced in his Budget ties,” says Li. statement that, with immediate ef- RHB Research expects the move to trans- fect, the Central Provident Fund’s late into a slight boost in demand for resale (CPF) Housing Grant had been raised HDB units and help stabilise resale prices. It Oto $50,000 for first-timer couples buying four- will also alleviate demand pressure on new EDGE SINGAPORE CHUA/THE SAMUEL ISAAC room or smaller HDB flats from the resale mar- BTO launches, especially in mature estates. ket. For those who purchase five-room or big- ERA key executive officer Eugene Lim agrees. ger flats, the grant has been raised to $40,000. He expects resale HDB transaction volume “to The CPF Housing Grant was previously receive a good boost, as resale flats are now capped at $30,000. Including the Addition- cheaper, and this might swing more purchas- al CPF Housing Grant, capped at $40,000, ers towards a resale flat instead of having to and the Proximity Housing Grant, capped at wait three years or so for a BTO flat”. $20,000, first-timer couples can now receive The Budget did not include the easing of up to $110,000 in subsidies. property cooling measures. According to Cushman & Minister for National Develop- Wakefield Research director ment Lawrence Wong signalled Christine Li, the move is time- in an interview with Bloomb-

ly, as a large volume of build- THE EDGE SINGAPORE erg TV on Feb 21 that the res- to-order HDB units, totalling idential property curbs were First-timer couples buying resale HDBs can now receive up to $110,000 in subsidies about 18,000 units, reached the expected to stay for some time. end of their Minimum Occu- Wong said the cooling taxes, to help ease pressure on the budget as ling reason for the government to make major pation Period as at end-2016. measures had “helped achieve spending increases. changes at this point,” he said. This is 80% higher than the a soft landing in the property Earlier this month, president and CEO of Private-home prices declined 3% in 2016, number of units that reached market” and demand remained CapitaLand Lim Ming Yan said the cooling in a third consecutive year of decline. As no MOP in 2015. “very resilient”. He also add- measures are expected to stay in place for at changes were introduced to the existing proper- “The grant can therefore The Budget delivered by Heng did ed that the government was least another year. “We see volume picking up ty cooling measures, RHB Research maintains help soak up additional HDB not include any easing of property studying measures to boost and price declines have slowed. We see this its expectation of a 3%-to-7% decline in resi- resale supply, particularly for cooling measures revenue, including higher trend continuing for 2017. There is no compel- dential property prices this year. E EP18 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 DONE DEALS Sales pick up at Ardmore Park area

| BY TAN CHEE YUEN | At Ardmore Park, a 2,885 sq ft, four-bedroom unit on the 25th ver the past couple of weeks, floor changed hands for $9.5 mil-

sales activities at the pres- THE EDGE SINGAPORE lion ($3,293 psf). The seller bought tigious Ardmore Park neigh- the unit for $4.9 million ($1,699 psf) bourhood have been brisk. in September 2002. Last December, Ardmore Three, a freehold an adjacent unit was sold for $9.58 Odevelopment by Wheelock Proper- million ($3,321 psf). ties, registered the sale of a fourth “Despite its age, Ardmore Park unit in as many weeks. The latest EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: remains a highly sought-after free- transaction, on Feb 13, was for the hold development among the well- sale of a 1,787 sq ft, three-bedroom heeled because of the size of the unit on the 23rd floor for $6.1 mil- units and the surrounding grounds; lion ($3,412 psf). buyers realise such a development The renewed interest in Ardmore is very hard to find, especially in Three came after Wheelock Proper- a prime residential district,” says ties launched its deferred payment Samuel Eyo, managing director at scheme towards end-January. Un- Singapore Christie’s International der the DPS, buyers need only pay Real Estate. The 330-unit project a 1% booking fee, followed by 4% a was completed in 2001 and contin- fortnight later and another 15% four ues to be held as the standard for weeks later, with the remainder only Wheelock Properties launched a new DPS A 2,885 sq ft, four-bedroom unit on the A 2,024 sq ft, four-bedroom unit on the luxury projects to emulate. due two years from the date of sign- at Ardmore Three towards end-January 25th floor of Ardmore Park changed 14th floor at Ardmore II was sold for At the neighbouring The Tate ing the option to purchase. However, and since then, four units have been sold hands for $9.5 million ($3,293 psf) $4.9 million ($2,421 psf) in February Residences, a prime freehold condo there is a catch for those who opt for project located on Claymore Road, a the DPS, as they will receive only a Besides Ardmore Three, two oth- II was in December, when a unit on gust 2007, a year before the collapse 3,218 sq ft, four-bedroom unit on the 12% additional buyer’s stamp duty er luxury condominiums in Whee- the 30th floor was sold for $5.3 mil- of Lehman Brothers, when a unit on 21st floor of one of the twin 36-sto- (ABSD) rebate instead of 15% under lock Properties’ Ardmore series have lion ($2,619 psf). the 26th floor fetched $7.28 million rey towers was sold in February the normal payment scheme. also seen some renewed interest re- Ardmore II is a freehold devel- ($3,599 psf). Since then, owing to for $7.8 million ($2,424 psf). The Wheelock Properties has been cently. At Ardmore II, a unit on the opment with 118 identical four-bed- the property cooling measures, prices unit was purchased for $7.32 mil- offering a 15% discount and a 15% 14th floor was sold for $4.9 million room units of 2,024 sq ft each in have softened to between $2,483 and lion ($2,276 psf) in October 2006. ABSD assistance package to buyers ($2,421 psf), according to a caveat two 36-storey towers. The project $2,619 psf in 2016. The last time a unit The 85-unit project by Hong Leong of Ardmore Three since last April. So lodged with Realis on Feb 13. It is was launched in mid-2006, a dec- at Ardmore II changed hands above Holdings was completed in 2009 and far, the developer has sold about 60 the first unit transacted at the de- ade after the launch of the Ardmore the $3,000 psf mark was in April 2010 comprises three-bedroom units of at units at the 84-unit freehold project velopment this year. The last time Park condo. when a unit on the 29th floor was least 1,895 sq ft and four-bedroom that was completed in 2014. a unit changed hands at Ardmore Prices at Ardmore II peaked in Au- sold for $6.19 million ($3,061 psf). units that start from 3,200 sq ft. E

LAND AREA/ NETT UNIT Singapore — by postal district LOCALITIES DISTRICTS SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF City & Southwest 1 to 8 PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE Orchard/Tanglin/Holland 9 and 10 QUEENS PEAK Condominium 99 years Feb 12, 2017 947 1,361,000 - 1,437 Uncompleted New Sale Newton/Bukit Timah/Clementi 11 and 21 QUEENS PEAK Condominium 99 years Feb 12, 2017 495 826,000 - 1,668 Uncompleted New Sale Balestier/MacPherson/Geylang 12 to 14 THE CREST Condominium 99 years Feb 10, 2017 797 1,340,000 - 1,682 Uncompleted New Sale THE CREST Condominium 99 years Feb 11, 2017 915 1,540,000 - 1,683 Uncompleted New Sale East Coast 15 and 16 District 4 Changi/Pasir Ris 17 and 18 SEASCAPE Condominium 99 years Feb 7, 2017 4,069 6,200,000 - 1,524 2011 Resale Serangoon/Thomson 19 and 20 THE COAST AT SENTOSA COVE Condominium 99 years Feb 9, 2017 2,820 4,880,000 - 1,730 2009 Resale West 22 to 24 THE COAST AT SENTOSA COVE Condominium 99 years Feb 10, 2017 2,357 3,720,000 - 1,578 2009 Resale North 25 to 28 District 5 THE TRILINQ Condominium 99 years Feb 7, 2017 1,356 1,615,000 - 1,191 Uncompleted New Sale THE TRILINQ Condominium 99 years Feb 7, 2017 1,055 1,405,000 - 1,332 Uncompleted New Sale THE TRILINQ Condominium 99 years Feb 9, 2017 538 804,000 - 1,494 Uncompleted New Sale THE TRILINQ Condominium 99 years Feb 10, 2017 538 815,000 - 1,514 Uncompleted New Sale VILLAGE @ PASIR PANJANG Condominium Freehold Feb 8, 2017 1,410 1,700,000 - 1,206 2016 New Sale District 8 MERA SPRINGS Condominium Freehold Feb 8, 2017 1,292 1,570,000 - 1,215 2008 Resale STURDEE RESIDENCES Condominium 99 years Feb 10, 2017 657 1,114,300 - 1,697 Uncompleted New Sale District 9 8 @ MOUNT SOPHIA Condominium 103 years Feb 7, 2017 861 1,110,000 - 1,289 2007 Resale 8 @ MOUNT SOPHIA Condominium 103 years Feb 9, 2017 1,464 2,130,000 - 1,455 2007 Resale ESPADA Apartment Freehold Feb 8, 2017 721 1,650,000 - 2,288 2013 Resale ORCHARD SCOTTS Condominium 99 years Feb 10, 2017 2,088 2,900,000 - 1,389 2007 Resale OUE TWIN PEAKS Condominium 99 years Feb 7, 2017 1,399 3,533,340 - 2,525 2015 Resale OUE TWIN PEAKS Condominium 99 years Feb 7, 2017 1,399 3,491,400 - 2,495 2015 Resale OUE TWIN PEAKS Condominium 99 years Feb 8, 2017 549 1,508,800 - 2,748 2015 Resale OUE TWIN PEAKS Condominium 99 years Feb 8, 2017 570 1,227,650 - 2,152 2015 Resale OUE TWIN PEAKS Condominium 99 years Feb 14, 2017 549 1,618,300 - 2,948 2015 Resale Residential transactions with contracts dated Feb 7 to 14 RIVERGATE Apartment Freehold Feb 13, 2017 1,507 2,850,000 - 1,891 2009 Resale SCOTTS SQUARE Apartment Freehold Feb 7, 2017 947 2,800,000 - 2,956 2011 Resale SOPHIA HILLS Condominium 99 years Feb 9, 2017 700 1,416,000 - 2,024 Uncompleted New Sale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF SOPHIA HILLS Condominium 99 years Feb 9, 2017 700 1,361,000 - 1,945 Uncompleted New Sale PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE SOPHIA HILLS Condominium 99 years Feb 11, 2017 700 1,403,000 - 2,005 Uncompleted New Sale District 1 SOPHIA HILLS Condominium 99 years Feb 11, 2017 700 1,355,000 - 1,937 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years Feb 7, 2017 1,119 2,765,070 - 2,470 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Feb 12, 2017 700 1,354,000 - 1,935 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years Feb 7, 2017 1,119 2,729,331 - 2,438 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Feb 12, 2017 700 1,329,000 - 1,899 Uncompleted New Sale V ON SHENTON Apartment 99 years Feb 9, 2017 689 1,450,000 - 2,105 Uncompleted Sub Sale SOPHIA HILLS Condominium 99 years Feb 12, 2017 700 1,336,000 - 1,909 Uncompleted New Sale District 3 THE RISE @ OXLEY - RESIDENCES Apartment Freehold Feb 9, 2017 646 1,550,000 - 2,400 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years Feb 8, 2017 1,044 1,821,848 - 1,745 Uncompleted New Sale THE RISE @ OXLEY - RESIDENCES Apartment Freehold Feb 10, 2017 646 1,510,000 - 2,338 Uncompleted New Sale ASCENTIA SKY Condominium 99 years Feb 10, 2017 1,475 2,198,000 - 1,491 2013 Resale THE TATE RESIDENCES Condominium Freehold Feb 9, 2017 3,218 7,800,000 - 2,424 2009 Resale COMMONWEALTH TOWERS Condominium 99 years Feb 7, 2017 1,076 1,642,000 - 1,525 Uncompleted New Sale District 10 COMMONWEALTH TOWERS Condominium 99 years Feb 8, 2017 904 1,539,100 - 1,702 Uncompleted New Sale ARDMORE II Condominium Freehold Feb 13, 2017 2,024 4,900,000 - 2,421 2010 Resale COMMONWEALTH TOWERS Condominium 99 years Feb 10, 2017 463 808,000 - 1,746 Uncompleted New Sale ARDMORE PARK Condominium Freehold Feb 9, 2017 2,885 9,500,000 - 3,293 2001 Resale HIGHLINE RESIDENCES Condominium 99 years Feb 12, 2017 700 1,313,400 - 1,877 Uncompleted New Sale ARDMORE THREE Condominium Freehold Feb 13, 2017 1,787 6,096,285 - 3,412 2014 Resale PRINCIPAL GARDEN Condominium 99 years Feb 8, 2017 807 1,337,000 - 1,656 Uncompleted New Sale BELMOND GREEN Condominium Freehold Feb 10, 2017 1,550 2,150,000 - 1,387 2004 Resale PRINCIPAL GARDEN Condominium 99 years Feb 8, 2017 1,076 1,889,000 - 1,755 Uncompleted New Sale D’LEEDON Condominium 99 years Feb 8, 2017 1,389 2,000,000 - 1,440 2014 Resale PRINCIPAL GARDEN Condominium 99 years Feb 8, 2017 764 1,193,000 1,188,000 1,554 Uncompleted New Sale DUCHESS CREST Condominium 99 years Feb 9, 2017 1,711 2,068,000 - 1,208 1998 Resale PRINCIPAL GARDEN Condominium 99 years Feb 9, 2017 506 897,000 892,000 1,763 Uncompleted New Sale HOLLAND RESIDENCES Condominium Freehold Feb 8, 2017 1,356 2,550,000 - 1,880 2012 Resale PRINCIPAL GARDEN Condominium 99 years Feb 9, 2017 484 785,000 - 1,621 Uncompleted New Sale JEWEL OF BALMORAL Apartment Freehold Feb 13, 2017 2,411 3,400,000 - 1,410 2000 Resale PRINCIPAL GARDEN Condominium 99 years Feb 9, 2017 1,076 1,833,000 1,828,000 1,698 Uncompleted New Sale LEEDON RESIDENCE Condominium Freehold Feb 8, 2017 4,704 10,550,000 - 2,243 2015 Resale PRINCIPAL GARDEN Condominium 99 years Feb 11, 2017 797 1,270,000 - 1,594 Uncompleted New Sale LEEDON RESIDENCE Condominium Freehold Feb 13, 2017 4,704 8,800,000 - 1,871 2015 Resale QUEENS PEAK Condominium 99 years Feb 8, 2017 495 822,000 - 1,660 Uncompleted New Sale SHAMROCK PARK Semi-Detached Freehold Feb 10, 2017 4,080 5,960,000 - 1,460 1992 Resale QUEENS PEAK Condominium 99 years Feb 10, 2017 840 1,443,000 - 1,719 Uncompleted New Sale ST MARTIN RESIDENCE Condominium Freehold Feb 8, 2017 603 1,295,000 - 2,148 2001 Resale QUEENS PEAK Condominium 99 years Feb 11, 2017 624 966,000 - 1,547 Uncompleted New Sale THE TRIZON Condominium Freehold Feb 10, 2017 1,044 1,690,000 - 1,619 2012 Resale THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP19 DONE DEALS

Residential transactions with contracts dated Feb 7 to 14

LAND AREA/ NETT UNIT LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE YGK GARDEN Condominium Freehold Feb 13, 2017 2,067 2,900,000 - 1,403 2008 Resale THE VALES EC 99 years Feb 12, 2017 904 741,000 - 820 Uncompleted New Sale District 11 TRILIVE Condominium Freehold Feb 11, 2017 549 882,000 - 1,607 Uncompleted New Sale 6 DERBYSHIRE Condominium Freehold Feb 10, 2017 732 1,532,755 - 2,094 2017 New Sale District 20 AMARYLLIS VILLE Condominium 99 years Feb 9, 2017 1,259 1,630,000 - 1,294 2004 Resale GOLDENHILL PARK Condominium Freehold Feb 9, 2017 1,335 1,830,000 - 1,371 2004 Resale SKY@ELEVEN Condominium Freehold Feb 8, 2017 2,271 3,100,000 - 1,365 2010 Resale CONDOMINIUM THE ARCADIA Condominium 99 years Feb 7, 2017 3,735 3,375,000 - 904 1983 Resale ISLAND COUNTRY VILLAS Semi-Detached 99 years Feb 8, 2017 2,411 2,150,000 - 892 1999 Resale THE ARCADIA Condominium 99 years Feb 8, 2017 3,778 3,060,000 - 810 1983 Resale SKY HABITAT Condominium 99 years Feb 10, 2017 1,399 2,078,900 - 1,486 2015 Resale District 12 THE PANORAMA Condominium 99 years Feb 9, 2017 1,066 1,277,257 - 1,199 Uncompleted New Sale AVA TOWERS Apartment Freehold Feb 8, 2017 1,281 1,150,000 - 898 1993 Resale THE WINDSOR Condominium Freehold Feb 8, 2017 2,174 2,050,000 - 943 1989 Resale BEACON HEIGHTS Condominium 999 years Feb 8, 2017 1,076 1,130,000 - 1,050 2012 Resale THOMSON IMPRESSIONS Apartment 99 years Feb 7, 2017 1,055 1,425,700 - 1,352 Uncompleted New Sale CALARASI Apartment Freehold Feb 8, 2017 1,184 1,250,000 - 1,056 2004 Resale THOMSON IMPRESSIONS Apartment 99 years Feb 9, 2017 463 754,300 - 1,630 Uncompleted New Sale CHELSEA GROVE Apartment Freehold Feb 9, 2017 980 1,080,000 - 1,103 2007 Resale District 21 EIGHT RIVERSUITES Condominium 99 years Feb 7, 2017 700 1,050,000 - 1,501 2016 Sub Sale CAVENDISH PARK Condominium 99 years Feb 8, 2017 958 1,066,000 - 1,113 1996 Resale GEM RESIDENCES Condominium 99 years Feb 11, 2017 452 750,000 - 1,659 Uncompleted New Sale JALAN KAMPONG CHANTEK Detached Freehold Feb 10, 2017 27,502 27,588,888 - 1,003 Unknown Resale GEM RESIDENCES Condominium 99 years Feb 12, 2017 1,055 1,553,000 - 1,472 Uncompleted New Sale PANDAN VALLEY Condominium Freehold Feb 7, 2017 2,024 1,800,000 - 889 1978 Resale REGENT RESIDENCES Apartment Freehold Feb 10, 2017 1,615 1,700,000 - 1,053 2015 Resale SIGNATURE PARK Condominium Freehold Feb 9, 2017 1,421 1,350,000 - 950 1998 Resale TREVISTA Condominium 99 years Feb 8, 2017 915 1,200,000 - 1,312 2011 Resale SUMMERHILL Condominium Freehold Feb 7, 2017 1,259 1,360,000 - 1,080 2002 Resale District 13 THE CREEK @ BUKIT Condominium Freehold Feb 8, 2017 969 1,500,000 - 1,548 Uncompleted New Sale E MAISON Apartment Freehold Feb 9, 2017 936 1,329,000 - 1,419 2016 New Sale THE CREEK @ BUKIT Condominium Freehold Feb 10, 2017 936 1,610,129 - 1,719 Uncompleted New Sale MACPHERSON GARDEN ESTATE Terrace Freehold Feb 13, 2017 883 1,550,000 - 1,754 Unknown Resale THE CREEK @ BUKIT Condominium Freehold Feb 12, 2017 1,206 1,645,000 - 1,365 Uncompleted New Sale SUITES@BRADDELL Apartment Freehold Feb 10, 2017 420 560,000 - 1,334 2015 Resale District 22 THE POIZ RESIDENCES Apartment 99 years Feb 7, 2017 538 786,000 - 1,460 Uncompleted New Sale LAKE GRANDE Condominium 99 years Feb 7, 2017 818 1,061,000 - 1,297 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Feb 9, 2017 592 692,000 - 1,169 Uncompleted New Sale LAKE GRANDE Condominium 99 years Feb 12, 2017 980 1,171,000 - 1,195 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 7, 2017 861 1,060,605 - 1,232 Uncompleted New Sale LAKEHOLMZ Condominium 99 years Feb 10, 2017 1,249 1,038,000 - 831 2005 Resale THE VENUE RESIDENCES Apartment 99 years Feb 9, 2017 850 1,163,000 - 1,368 Uncompleted New Sale LAKEPOINT CONDOMINIUM Condominium 99 years Feb 13, 2017 1,001 790,000 - 789 Unknown Resale THE VENUE RESIDENCES Apartment 99 years Feb 9, 2017 850 1,140,720 - 1,341 Uncompleted New Sale PARC OASIS Condominium 99 years Feb 8, 2017 1,076 820,000 - 762 1994 Resale THE VENUE RESIDENCES Apartment 99 years Feb 10, 2017 1,238 1,770,615 - 1,430 Uncompleted New Sale THE LAKESHORE Condominium 99 years Feb 10, 2017 936 995,000 - 1,063 2007 Resale THE VENUE RESIDENCES Apartment 99 years Feb 10, 2017 850 1,148,805 - 1,351 Uncompleted New Sale THE MAYFAIR Condominium 99 years Feb 7, 2017 1,227 1,030,000 - 839 2000 Resale THE VENUE RESIDENCES Apartment 99 years Feb 11, 2017 840 1,148,070 - 1,367 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 7, 2017 1,152 881,892 - 766 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 11, 2017 840 1,150,000 - 1,370 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 7, 2017 1,033 837,400 - 810 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 11, 2017 1,270 1,585,000 - 1,248 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 8, 2017 1,033 860,000 - 832 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Feb 12, 2017 840 1,158,000 - 1,379 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 9, 2017 1,238 998,217 - 806 Uncompleted New Sale District 14 WESTWOOD RESIDENCES EC 99 years Feb 10, 2017 1,152 949,600 - 824 Uncompleted New Sale # 1 SUITES Apartment Freehold Feb 9, 2017 614 630,000 - 1,027 2016 New Sale WESTWOOD RESIDENCES EC 99 years Feb 11, 2017 1,238 984,300 - 795 Uncompleted New Sale EUHABITAT Condominium 99 years Feb 10, 2017 1,270 1,345,000 - 1,059 2015 Sub Sale WESTWOOD RESIDENCES EC 99 years Feb 11, 2017 1,475 1,129,491 - 766 Uncompleted New Sale REZI 3TWO Apartment Freehold Feb 7, 2017 818 1,120,000 - 1,369 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 12, 2017 990 728,900 - 736 Uncompleted New Sale REZI 3TWO Apartment Freehold Feb 7, 2017 463 729,000 - 1,575 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 12, 2017 1,152 961,200 - 835 Uncompleted New Sale REZI 3TWO Apartment Freehold Feb 11, 2017 818 1,140,000 - 1,394 Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years Feb 12, 2017 1,475 1,160,500 - 787 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years Feb 7, 2017 484 728,757 - 1,505 Uncompleted New Sale District 23 SIMS URBAN OASIS Condominium 99 years Feb 7, 2017 657 822,000 - 1,252 Uncompleted New Sale CASHEW HEIGHTS Condominium 999 years Feb 8, 2017 1,658 1,520,000 - 917 1992 Resale SIMS URBAN OASIS Condominium 99 years Feb 12, 2017 1,033 1,367,432 - 1,323 Uncompleted New Sale CONDOMINIUM VACANZA @ EAST Condominium Freehold Feb 9, 2017 1,119 1,080,000 - 965 2014 Resale GLENDALE PARK Condominium Freehold Feb 7, 2017 1,216 1,249,000 - 1,027 2000 Resale District 15 HILLION RESIDENCES Apartment 99 years Feb 10, 2017 463 641,240 - 1,385 Uncompleted New Sale COSTA RHU Condominium 99 years Feb 14, 2017 1,765 2,023,000 - 1,146 1997 Resale HILLVIEW REGENCY Condominium 99 years Feb 8, 2017 1,130 920,000 - 814 2006 Resale FLAMINGO VALLEY Condominium Freehold Feb 8, 2017 1,636 2,165,000 - 1,323 2014 Resale MAYSPRINGS Apartment 99 years Feb 7, 2017 1,410 960,000 - 681 1998 Resale LAGUNA PARK Apartment 99 years Feb 8, 2017 1,615 1,420,000 - 879 1978 Resale PALM GARDENS Condominium 99 years Feb 8, 2017 958 720,000 - 752 2000 Resale STILL LANE Terrace Freehold Feb 10, 2017 2,540 2,800,000 - 1,100 Unknown Resale SOL ACRES EC 99 years Feb 7, 2017 1,184 875,000 - 739 Uncompleted New Sale ONE AMBER Condominium Freehold Feb 7, 2017 570 990,000 - 1,735 2010 Resale SOL ACRES EC 99 years Feb 7, 2017 614 502,000 - 818 Uncompleted New Sale PEBBLE BAY Condominium 99 years Feb 8, 2017 1,894 2,200,000 - 1,161 1997 Resale SOL ACRES EC 99 years Feb 8, 2017 926 714,000 - 771 Uncompleted New Sale SANCTUARY GREEN Condominium 99 years Feb 7, 2017 1,119 1,230,000 - 1,099 2004 Resale SOL ACRES EC 99 years Feb 9, 2017 614 476,000 - 776 Uncompleted New Sale THE LUCENT Apartment Freehold Feb 14, 2017 1,324 1,475,000 - 1,114 2011 Resale SOL ACRES EC 99 years Feb 11, 2017 1,044 797,000 - 763 Uncompleted New Sale District 16 SOL ACRES EC 99 years Feb 11, 2017 1,044 809,000 - 775 Uncompleted New Sale LIMAU PARK Condominium Freehold Feb 8, 2017 1,270 1,112,000 - 875 1991 Resale SOL ACRES EC 99 years Feb 12, 2017 1,066 810,000 - 760 Uncompleted New Sale THE CLEARWATER Condominium 99 years Feb 8, 2017 1,442 1,200,000 - 832 2001 Resale SOL ACRES EC 99 years Feb 12, 2017 1,066 809,000 - 759 Uncompleted New Sale THE GLADES Condominium 99 years Feb 7, 2017 990 1,398,000 - 1,412 2016 New Sale SOL ACRES EC 99 years Feb 12, 2017 926 690,000 - 745 Uncompleted New Sale THE GLADES Condominium 99 years Feb 12, 2017 484 696,800 - 1,439 2016 New Sale SOL ACRES EC 99 years Feb 12, 2017 732 596,000 - 814 Uncompleted New Sale WATERFRONT WAVES Condominium 99 years Feb 10, 2017 1,378 1,300,000 - 944 2011 Resale WANDERVALE EC 99 years Feb 7, 2017 1,098 830,000 - 756 Uncompleted New Sale District 17 WANDERVALE EC 99 years Feb 10, 2017 1,098 855,000 - 779 Uncompleted New Sale BALLOTA PARK CONDOMINIUM Condominium Freehold Feb 9, 2017 1,249 840,000 - 673 2000 Resale WANDERVALE EC 99 years Feb 11, 2017 1,098 830,000 - 756 Uncompleted New Sale District 18 YEWTEE RESIDENCES Apartment 99 years Feb 13, 2017 1,119 1,010,000 - 902 2008 Resale CHANGI RISE CONDOMINIUM Condominium 99 years Feb 8, 2017 1,259 950,000 - 754 2004 Resale District 25 COCO PALMS Condominium 99 years Feb 7, 2017 1,098 1,124,000 - 1,024 Uncompleted New Sale BELLEWOODS EC 99 years Feb 7, 2017 1,227 958,000 - 781 Uncompleted New Sale COCO PALMS Condominium 99 years Feb 10, 2017 1,744 1,819,200 - 1,043 Uncompleted New Sale BELLEWOODS EC 99 years Feb 12, 2017 1,249 982,000 - 786 Uncompleted New Sale D’NEST Condominium 99 years Feb 10, 2017 1,410 1,329,900 - 943 Uncompleted New Sale District 26 D’NEST Condominium 99 years Feb 11, 2017 1,270 1,299,480 - 1,023 Uncompleted New Sale LENTOR VILLAS Terrace Freehold Feb 9, 2017 4,736 3,400,000 - 719 1997 Resale THE ALPS RESIDENCES Condominium 99 years Feb 7, 2017 689 727,000 - 1,055 Uncompleted New Sale THE SPRINGSIDE Terrace Freehold Feb 11, 2017 1,711 3,008,000 - 1,756 2016 New Sale THE ALPS RESIDENCES Condominium 99 years Feb 7, 2017 700 743,000 - 1,062 Uncompleted New Sale THE SPRINGSIDE Terrace Freehold Feb 12, 2017 3,369 3,458,000 - 1,026 2016 New Sale THE ALPS RESIDENCES Condominium 99 years Feb 7, 2017 700 749,000 - 1,071 Uncompleted New Sale District 27 THE SANTORINI Condominium 99 years Feb 7, 2017 753 792,000 - 1,051 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Feb 8, 2017 700 938,080 - 1,341 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 7, 2017 743 792,000 - 1,066 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Feb 8, 2017 700 950,400 - 1,358 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 8, 2017 753 784,000 - 1,041 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Feb 9, 2017 700 974,160 - 1,392 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 8, 2017 753 805,000 - 1,068 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years Feb 9, 2017 700 943,360 - 1,348 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 10, 2017 753 793,000 - 1,052 Uncompleted New Sale PARC LIFE EC 99 years Feb 7, 2017 1,066 855,000 852,700 800 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 11, 2017 753 779,130 - 1,034 Uncompleted New Sale PARC LIFE EC 99 years Feb 9, 2017 1,550 1,214,100 1,211,800 782 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 11, 2017 753 760,320 - 1,009 Uncompleted New Sale PARC LIFE EC 99 years Feb 10, 2017 1,001 785,650 783,350 783 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 11, 2017 764 771,200 - 1,009 Uncompleted New Sale PARC LIFE EC 99 years Feb 12, 2017 1,066 829,350 827,050 776 Uncompleted New Sale THE SANTORINI Condominium 99 years Feb 12, 2017 753 779,000 - 1,034 Uncompleted New Sale SEMBAWANG SPRINGS ESTATE Semi-Detached 999 years Feb 9, 2017 3,972 2,722,000 - 685 Unknown Resale THE SANTORINI Condominium 99 years Feb 12, 2017 1,109 1,196,910 - 1,080 Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years Feb 12, 2017 1,184 898,000 - 758 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 7, 2017 2,239 1,900,000 - 849 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Feb 7, 2017 797 838,000 - 1,052 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 9, 2017 700 785,000 - 1,122 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Feb 9, 2017 786 876,000 - 1,115 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 11, 2017 797 865,000 - 1,086 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Feb 12, 2017 786 871,000 - 1,108 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 12, 2017 1,346 1,265,000 - 940 Uncompleted New Sale THE BROWNSTONE EC 99 years Feb 12, 2017 883 725,600 - 822 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 12, 2017 700 786,000 - 1,123 Uncompleted New Sale THE CRITERION EC 99 years Feb 7, 2017 1,023 796,000 - 778 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Feb 12, 2017 1,464 1,193,500 - 815 Uncompleted New Sale THE CRITERION EC 99 years Feb 8, 2017 1,378 1,138,400 - 826 Uncompleted New Sale WATERVIEW Condominium 99 years Feb 13, 2017 786 818,888 - 1,042 2014 Resale THE VISIONAIRE EC 99 years Feb 8, 2017 1,152 947,700 - 823 Uncompleted New Sale District 19 THE VISIONAIRE EC 99 years Feb 9, 2017 1,152 826,000 - 717 Uncompleted New Sale BOTANIQUE AT BARTLEY Condominium 99 years Feb 11, 2017 1,130 1,481,760 - 1,311 Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 10, 2017 980 805,000 - 822 Uncompleted New Sale FOREST WOODS Condominium 99 years Feb 9, 2017 969 1,376,000 - 1,420 Uncompleted New Sale THE VISIONAIRE EC 99 years Feb 10, 2017 1,119 858,000 - 766 Uncompleted New Sale LA FIESTA Condominium 99 years Feb 7, 2017 452 620,000 - 1,371 2016 Sub Sale THE VISIONAIRE EC 99 years Feb 10, 2017 958 786,000 - 820 Uncompleted New Sale ONE SURIN Terrace Freehold Feb 8, 2017 4,004 2,600,000 - 649 2017 New Sale THE VISIONAIRE EC 99 years Feb 11, 2017 1,023 845,000 - 826 Uncompleted New Sale ONE SURIN Terrace Freehold Feb 9, 2017 4,004 2,550,000 - 637 2017 New Sale THE VISIONAIRE EC 99 years Feb 11, 2017 980 782,000 - 798 Uncompleted New Sale PARK RESIDENCES KOVAN Apartment Freehold Feb 14, 2017 355 583,000 - 1,641 2014 Resale THE VISIONAIRE EC 99 years Feb 11, 2017 980 816,000 - 833 Uncompleted New Sale RIO VISTA Condominium 99 years Feb 8, 2017 1,249 815,000 - 653 2004 Resale THE VISIONAIRE EC 99 years Feb 12, 2017 1,152 972,000 - 844 Uncompleted New Sale RIVERSAILS Condominium 99 years Feb 9, 2017 1,184 1,262,000 - 1,066 2016 Resale THE WISTERIA Apartment 99 years Feb 7, 2017 969 965,000 - 996 Uncompleted New Sale THE QUARTZ Condominium 99 years Feb 8, 2017 1,367 1,150,000 - 841 2009 Resale THE WISTERIA Apartment 99 years Feb 12, 2017 893 959,000 - 1,073 Uncompleted New Sale THE SCALA Apartment 99 years Feb 8, 2017 1,550 1,577,900 - 1,018 2013 Resale THE WISTERIA Apartment 99 years Feb 12, 2017 1,173 1,280,100 - 1,091 Uncompleted New Sale THE TEMBUSU Condominium Freehold Feb 7, 2017 1,464 2,098,500 - 1,433 2016 New Sale THE WISTERIA Apartment 99 years Feb 12, 2017 969 1,029,612 - 1,063 Uncompleted New Sale THE TERRACE EC 99 years Feb 7, 2017 1,001 814,600 - 814 Uncompleted New Sale THE WISTERIA Apartment 99 years Feb 12, 2017 893 941,888 - 1,054 Uncompleted New Sale THE TERRACE EC 99 years Feb 10, 2017 1,001 814,600 - 814 Uncompleted New Sale District 28 THE TERRACE EC 99 years Feb 10, 2017 1,001 791,700 - 791 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Feb 10, 2017 1,044 1,067,000 - 1,022 Uncompleted New Sale THE TERRACE EC 99 years Feb 11, 2017 1,001 798,600 - 798 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 947 920,000 - 971 Uncompleted New Sale THE TERRACE EC 99 years Feb 11, 2017 1,001 810,600 - 810 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 1,012 970,000 - 959 Uncompleted New Sale THE TERRACE EC 99 years Feb 11, 2017 1,001 806,600 - 806 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 1,012 1,021,000 1,016,000 1,004 Uncompleted New Sale THE TERRACE EC 99 years Feb 11, 2017 1,001 802,600 - 802 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 1,055 970,000 - 920 Uncompleted New Sale THE TERRACE EC 99 years Feb 12, 2017 1,001 766,600 - 766 Uncompleted New Sale THE TERRACE EC 99 years Feb 12, 2017 1,001 790,600 - 790 Uncompleted New Sale THE TERRACE EC 99 years Feb 12, 2017 1,001 766,600 - 766 Uncompleted New Sale DISCLAIMER: Source: URA Realis. Updated Feb 21, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, THE VALES EC 99 years Feb 7, 2017 753 685,020 - 909 Uncompleted New Sale or reliance on, the information provided therein. THE VALES EC 99 years Feb 12, 2017 753 650,888 - 864 Uncompleted New Sale EC stands for executive condominium EP20 • THEEDGE SINGAPORE | FEBRUARY 27, 2017 DEAL WATCH

A 1,690 sq ft unit at The View @ Meyer is on the market for $2.7 million ($1,598 psf) The View @ Meyer unit SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC selling at $1,598 psf

| BY TAN CHEE YUEN | 1,690 sq ft three-bedroom unit on tong Park in District 15. The single the 13th floor was sold for $2.77 23-storey tower with 45 apartments 1,690 sq ft unit at The View million ($1,638 psf). was developed by GuocoLand and @ Meyer is on the market That year also saw the sale of completed in 2010. Buyers of the for $2.7 million ($1,598 two four-bedroom units at the de- property will benefit from the up- psf). The three-bedroom velopment: a 1,798 sq ft unit on the coming Katong Park MRT station unit is currently vacant, 19th floor changed hands for $2.97 of the Thomson-East Coast Line, Aaccording Javier Koh, a property million ($1,652 psf), while a 1,851 which is scheduled to be complet- agent from ERA Realty who is mar- sq ft unit on the 20th floor was sold ed by 2023. keting the property. The unit is very for $3 million ($1,620 psf). There was one rental contract for well-maintained and retains most of The last time prices for a three- a 1,600-to-1,700 sq ft, three-bedroom its original fittings, he adds. bedroom unit fell below the $1,600 unit in April 2016. The monthly rent No transactions have taken place psf mark was in April 2014 when a was $6,200, which translates into a at the development since October 1,690 unit on the 11th floor changed potential gross rental yield of 2.8% 2015. The latest comparable trans- hands for $2.68 million ($1,586 psf). based on the asking price. action of a similar-sized unit was The View @ Meyer is a freehold Visit tinyurl.com/DealWatch-S768 in September 2015 when another apartment across the road from Ka- for more information. E

Recent rental contract Recent transactions at The View @ Meyer for a 1,600 to 1,700 sq CONTRACT DATE AREA ((SQSQ FTFT)) PRICE ($ MIL) PRICE ($($ PSF)PSF) ft unit at The View @ Oct 8, 2015 1 1,798,798 2.970 1 1,652,652

Meyer THE EDGE PROPERTY URA, TABLES: Sept 25, 2015 1,690 2.768 1,638

LEASE DATE MONTHLY RENT July 7, 2015 1,851 3.000 1,62 1,6200 $ $ PSF April 11, 2014 1,690 2.680 1,58 1,5866 April 2016 6,200 3.80 March 3, 2014 1,690 2.750 1,627

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