PROPERTY PERSONALISED MCI (P) 136/08/2017 PPS 1519/09/2012 (022805) Visit EdgeProp.sg to ˎ nd properties, research market trends and read the latest news The week of April 30, 2018 | ISSUE 828-49 Portfolio Sale Gains and Losses Done Deals Deal Watch Dairy Farm to sell Seller at Four Seasons Close to 200 new homes Unit at The Ritz-Carlton 7-Eleven shop units Park rakes in $3.3 mil sold in Pasir Panjang Residences on the market worth $48.8 mil EP3 profi t EP9 in April EP10 for $11 mil EP13 BANYAN TREE GROUP Banyan Tree Residences Brisbane (bottom, left) at Kangaroo Point Cliffs, fronting Brisbane River BANYAN TREE sprouts branded residences in Brisbane The Singapore-listed hospitality and property group sees opportunity for more branded residences in major cities around the world. See our Cover Story on Pages 6 and 7. EP2 • EDGEPROP | APRIL 30, 2018 PROPERTY BRIEFS CBRE EDITORIAL EDITOR | Park House launched for en bloc sale Cecilia Chow at $308 mil DEPUTY EDITOR | Lin Zhiqin Park House (right), a 15-storey block at the junction WRITERS | Timothy Tay, Bong Xin Ying, Charlene Chin of Orchard Boulevard and Tomlinson Road, has been DIGITAL WRITER | Fiona Ho put up for sale with a price tag of $308 million. The property occupies a freehold site of 46,084 COPY-EDITING DESK | sq ft and has an allowable plot ratio of 2.8. As the Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi Murugiah baseline plot ratio is equivalent to 3.66, no devel- PHOTO EDITOR | opment charge is payable, says CBRE, the exclusive Samuel Isaac Chua marketing agent. PHOTOGRAPHER | Albert Chua The guide price of $308 million reflects a land EDITORIAL COORDINATOR | Yen Tan rate of $2,387 psf per plot ratio (ppr) — or $2,170 DESIGN DESK | psf ppr, if the 10% bonus balcony area is taken into Tan Siew Ching, consideration. Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah Built in 1970, Park House contains 56 apartments of 1,571 sq ft each, and four ground-floor shops of ADVERTISING + 1,528 sq ft each. At least 81.6% of the owners have MARKETING ADVERTISING SALES signed the collective-sale agreement. DIRECTOR, COMMERCIAL OPERATIONS | If the collective sale is successful, the apartment Cowie Tan owners of Park House will walk away with at least ASSOCIATE ACCOUNT DIRECTOR | Diana Lim $5 million each and each shop owner will receive at SENIOR ACCOUNT MANAGER | least $6.65 million. price of $112 million would translate into a land rate ten permission to develop the site into two 4-storey Janice Zhu Park House is a short walk to the Orchard Road of $1,072 psf ppr. blocks with F&B on the ground floor and offices on MANAGERS ACCOUNT | shopping belt, near Camden Medical Centre and a For the owners of the 16-year-old condo, the sale the upper floors with an approved GFA of 9,694 sq ft. James Chua, Bernard Wong SALES STRATEGIST | four-minute walk from the upcoming Orchard Boule- price will translate into proceeds of $1.38 million to $2 The site is the former entrance to the New World Han YaoGuang vard MRT station. million each, depending on their unit size. The tender Amusement Park, which has been redeveloped into the The public tender will close on May 31. for St Michael’s Condominium will close on May 23. freehold City Square Residences and the eight-storey CIRCULATION DIRECTOR | Dominic Kevin Sim City Square Mall by City Developments. MANAGER | Bryan Kek SLB Development and Oxley JV acquires About 88.2% of developers expect home An underground link connects City Square Mall EXECUTIVE | Pei-Fu Industrial Building for $76.25 mil prices to rise in next six months: NUS-REDAS to the Farrer Park MRT station on the North-East Malliga Muthusamy, Ashikin Kader On April 24, SLB Development’s indirectly owned sub- Some 88.2% of developers anticipate a hike in resi- Line. The site is also near the Lavender MRT station CORPORATE sidiary, Oxley Kyanite, exercised the option to pur- dential property prices in the next six months amid on the East-West Line and the Bendemeer station on CHIEF EXECUTIVE OFFICER | chase Pei-Fu Industrial Building at 24 New Indus trial an increase in the number of new home launches, ac- the Downtown Line. Bernard Tong Road for $76.25 million. Oxley Kyanite is a 51:49 joint cording to the 1Q2018 report by NUS-REDAS Research. After factoring in the development cost, the break- PUBLISHER venture between SLB and Oxley Holdings. Only 5.9% expect residential prices to remain un- even point for the new development is around $1,925 The Edge Property Pte Ltd The building occupies a freehold land area of changed, while another 5.9% expect a fall in prices. psf, says Clemence Lee, JLL associate director of cap- 150 Cecil Street #13-00 5,792.1 sq m (62,346 sq ft). SLB intends to redevelop The research, published every quarter, measures ital markets. The EOI will close on May 30. Singapore 069543 Tel: (65) 6232 8688 the property, subject to obtaining all the necessary the market perception and expectations of members Fax: (65) 6232 8620 approvals from the relevant authorities. in the Real Estate Developers’ Association of Singa- Freehold three-storey terrace house for sale According to SLB, the acquisition is not expected pore (REDAS). at $6.6 mil PRINTER to have material impact on the net tangible assets per Of the developers surveyed, 82.4% said they A freehold three-storey terrace house with attic at 9 KHL Printing Co Pte Ltd 57 Loyang Drive share and earnings per share for the current financial would increase the number of new launches, where- Sturdee Road has been launched for sale by tender Singapore 508968 year ending May 31. as only 2.9% said they would lower that number. at an asking price of $6.6 million, with Colliers In- Tel: (65) 6543 2222 Some 14.7% said they would maintain the number ternational as the sole marketing agent. The price Fax: (65) 6545 3333 St Michael’s Condominium going for en bloc of their launches. works out to $1,200 psf, based on the built-up area PERMISSION AND sale at $112 mil On the development charge for non-landed resi- of about 5,500 sq ft. REPRINTS St Michael’s Condominium (below), a 60-unit pri- dential properties, 62% of the developers believe that Under the 2014 Master Plan, the 1,661 sq ft site Material in The Edge Property vate condo completed in 2002, has been put up for the latest increase — by 22.8% on average — is “un- is zoned “residential”, with a gross plot ratio of 1.6 may not be reproduced in any form without the written en bloc sale with an asking price of at least $112 usually high”, the report states. Still, 65.1% of the and a six-storey height limit. permission of the publisher million. The existing development contains twin total respondents believe that there will be no sig- The property was rebuilt in 2014 and features a 10-storey blocks on a freehold site of 35,665 sq ft. nificant cutback in collective sales over the next six façade inspired by heritage black-and-white bunga- We welcome your comments It is on St Michael’s Road, just off Serangoon Road to nine months. lows in Singapore. and criticism: propertyeditor.sg@ in District 12. Some respondents believe that the recent spate of The site is near the Farrer Park MRT station on the bizedge.com The site is zoned for residential use, with a plot en bloc sales has boosted the demand for homes. “En North-East Line and the Bendemeer MRT station on ratio of 2.8 and maximum height of 36 storeys. The bloc beneficiaries will start to receive proceeds grad- the Downtown Line. The tender will close on May 16. Pseudonyms are allowed but please state your full name, maximum gross floor area (GFA) is therefore 99,863 ually and are likely to re-enter the market and pick address and contact number for sq ft, which means the site can be redeveloped into up replacement homes or reinvest in properties for Singapore’s office market could see 20% us to verify. a new residential project with 132 units, assuming an capital appreciation or rental investment,” a REDAS rental growth by end-2019 average size of 753 sq ft, says Sieow Teak Hwa, man- member writes. Singapore’s office market could be the strongest in aging director of Teak Hwa Real Estate, the sole mar- In terms of potential risks to the real estate mar- Asia for investors, potentially achieving up to 20% keting agent for St Michael’s Condominium. ket, 87.3% of respondents are worried that rising in- rental growth for 2018/19, according to Colliers In- No development charge is payable. Owing to the terest rates and inflation will hamper demand in the ternational’s 1Q2018 report. high baseline GFA, buyers should not be affected by next six months; 50.8% believe there will be an ex- Prime office rents should rise 10% to 12% in 2018, future increases in development charge, says Sieow. cessive supply of new property launches; and 49.2% and 5% to 7% in 2019, following Singapore’s sol- If a 10% bonus balcony space were included, the see the government introducing cooling measures. id economic performance, the report stated. Rents proposed plot ratio would rise to 3.08.