Property Personalised

PROPERTY PERSONALISED

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

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of October 21, 2019 | ISSUE 904-126

CapitaLand’s M&A will give it access to Ascendas-Singbridge’s Changi Business Park EPJ2 • EDGEPROP | OCTOBER 21, 2019

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

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of October 21, 2019 | ISSUE 904-126

Personality Spotlight Market Trends Under the Hammer Khew Sin Khoon: The Iveria: A luxury New home sales up 13% Unit at D’Hillside Loft Sustainability advocate residence inspired by m-o-m to 1,270 units in going for $1.04 mil ep4 New York building ep8 September ep9 ep13 James Koh’s Global Premium Hotels gets Accor boost

Franchise agreement with international brand Accor sees the rebranding of 15 hotels in his privately-held Singapore portfolio. Turn to our Cover Story on Pages 6, 7 & 13.

The 126-room ibis budget Emerald was the former Fragrance Hotel – Emerald, and is one of the 15 hotels in CapitaLand’sGlobal Premium M&A Hotels will give Ltd thatit access have to recently Ascendas-Singbridge’s been rebranded Changiunder the Business franchise Park agreement with Accor SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE CHUA/EDGEPROP ISAAC SAMUEL

EP2 • EDGEPROP | OCTOBER 21, 2019

PROPERTY BRIEFS

HONG LEONG HOLDINGS SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE floor area of 13,839 sq ft and comprises tre frontage along Holland Avenue. Key four en suite bedrooms, an entrance hall, tenants include Cold Storage, UOB, Wat- EDITORIAL editor | a spacious living room, a dining room, sons, and Guardian. The carpark repre- Cecilia Chow an internal landscape courtyard, and a sents 25% of the total strata area in the deputy editor | helper’s room. development. Amy Tan “Investors are well cognisant of the The carpark is a convenient park- senior writers | Charlene Chin premium that Nassim Road commands ing venue for motorists visiting Holland Timothy Tay in the GCB market in Singapore,” says Village and Chip Bee Gardens. It enjoys writer | Angela Lim, senior manager of capital high occupancy and parking turnover as Bong Xin Ying The GCB on Belmont Road is located on a head, copy editing | markets at CBRE, adding that this is an a result of the shortage of parking spac- Pek Tiong Gee Midwood is a 99-year leasehold condo by “exceptional opportunity” to acquire a es, coupled with high patronage in the 16,329 sq ft site Hong Leong Holdings and Hong Realty copy editor | large GCB land plot in the area, espe- F&B and lifestyle enclave. When the house first appeared at the Rachel Heng cially since ownerships are tightly held. The area is expected to become more Colliers International auction in January photo editor | Samuel Isaac Chua Hong Leong previews Midwood Other transactions in the Nassim Road vibrant with the upcoming development 2017, it went under the hammer for $25.5 photographer | Albert Chua condo on Oct 19 GCB area included the sale of 33 Nas- of One Holland Village less than 200 me- million ($1,562 psf). It would be offered editorial coordinator | Hong Leong Holdings will open the pub- sim Road, which went for $230 million tres from Holland Road Shopping Centre. for $25 million ($1,531 psf) at a second Yen Tan designer | lic preview of its 564-unit development ($2,721 psf), and 50 Cluny Road which The mixed-use development will feature Colliers auction a month later. In both Kim Sy Midwood on Saturday, Oct 19. The con- was sold for $45 million ($2,980 psf). 550 residential and serviced apartments, instances, the property did not receive do is jointly developed by Hong Leong “GCBs in Singapore have always been offices, retail shops, and F&B spaces. Up- any bids and was withdrawn from the ADVERTISING + MARKETING Holdings and Hong Realty, and is locat- a unique asset class that is consistently coming residential developments com- auction. The property would later appear ADVERTISING SALES ed in the Hillview Rise enclave. well sought after by ultra-high-net-worth prising 2,400 units are also expected to in the private treaty lists of the various vice-president, sales & Midwood features a pair of 29-storey individuals and prominent families who increase footfall in the area. auction houses. operations | Diana Lim residential blocks that are 120m apart, a are always on the lookout for wealth pres- Swee Shou Fern, executive director of account director | Ivy Hong deputy account director | feature uncommon among high-rise resi- ervation. This asset class has also prov- investment advisory at ET, says: “Strata-ti- Allianz, Alpha Investment Partners Janice Zhu dential developments today. Apartments en to be resilient through market cycles tled carparks are tightly held and rarely JV to acquire stake in Beijing account manager | range from one-bedroom units of 484 sq ft, and hence we anticipate keen interest available for sale. Strategically located in office complex Pang Kai Xin regional business to four-bedroom units of 1,259 sq ft. Ear- from both owner-occupiers and inves- a highly successful lifestyle hub, the car- Allianz Real Estate has formed a joint development manager | Cole Tan ly bird prices start from $750,000 ($1,550 tors,” Lim says. park offers a strong and steady cash flow. venture (JV) with Alpha Asia Macro head of marketing & branding | psf) for a one-bedroom unit, $1.015 mil- The public tender will close on Nov 14. Such an investment opportunity is hard Trends Fund III (AAMTF3) to acquire an Rachel Lim Shuling lion for a two-bedder, $1.42 million for a to come by and we expect keen interest 85% stake in Ronsin Technology Centre, CIRCULATION three-bedder, and $1.99 million ($1,588 Heritage terrace house on Neil from investors who wish to capitalise on a Grade-A office building in Beijing. Al- partnership manager | psf) for a four-bedroom unit. Road going for $4.8 mil the tight supply of parking spaces in this lianz is acting on behalf of several Alli- Jackiera Astley Between the two towers is a six-sto- A two-storey terrace house with attic bustling enclave.” anz companies, while AAMTF3 is a fund manager | Ashikin Kader executive | Malliga Muthusamy rey block that includes a 569-lot car- at 141 Neil Road is up for sale for $4.8 The EOI exercise will close on Nov 20. managed by Alpha Investment Partners, park, a covered link bridge connect- million, which translates to $1,503 psf the private fund management arm of CORPORATE ing the residences, and a clubhouse. It on the land area. The house will be put Penthouse at Mount Faber Lodge Keppel Capital. chief executive officer | Bernard Tong will also feature a 50m rooftop infini- up for sale via an expression of inter- sold for $4.4 mil Allianz will have a 62% share in the ty pool. There will also be a childcare est (EOI) exercise conducted by Knight A triplex penthouse at Mount Faber Lodge JV, with AAMTF3 holding 38%. Ronsin PUBLISHER centre within the site. Frank Singapore. was sold for $4.4 million ($1,188 psf) on Technology Centre has a valuation of The Edge Property Pte Ltd 150 Cecil Street #13-00 The condo is on a 99-year leasehold The house sits on a land area of about Oct 13. The 3,703 sq ft penthouse had about EUR1 billion ($1.51 billion). The Singapore 069543 site that was awarded in a government 3,193 sq ft and has a gross floor area of been marketed by SRI since June this remaining 15% stake in the building will Tel: (65) 6232 8688 land tender last year. The 153,882 sq close to 4,813 sq ft. The property will be year, and was featured by EdgeProp Sin- be retained by the seller, D&J China. The Fax: (65) 6232 8620 ft plot is the first residential site to be sold with vacant possession. It is close gapore in September. The caveat for the sale and purchase agreement, as well as

PRINTER awarded under the two-envelope Con- to Outram Park MRT Station on the East- sale has not yet been lodged. the JV agreement, have been executed, KHL Printing Co Pte Ltd cept-and-Price-Revenue tender approach. West Line, and the upcoming Cantonment When it was on the market, the pent- and the transaction is expected to close 57 Loyang Drive Midwood is accessible by the Bukit Station on the Circle Line. The property house attracted interest from other expa- by year-end. The building will be joint- Singapore 508968 Tel: (65) 6543 2222 Timah Expressway and Pan Island Ex- will also be close to the planned Great- triates because of the unit size, its views ly managed by Alliaz Real Estate, Alpha Fax: (65) 6545 3333 pressway, and is close to amenities such er Southern Waterfront. and location amid the greenery. The buy- Investment Partners, and D&J China. as HillV2, The Rail Mall, and Hillview The property is located in the resi- er is understood to be a South Korean Completed in March 2018, the prop- PERMISSION AND Community Centre. “Given these out- dential historic district of the Blair Plain permanent resident. erty is located above the Laiguangy- REPRINTS Material in The Edge Property standing attributes and attractive pric- Conservation Area in District 2, and it is The previous owner was a British ex- ing subway station in the Wangjing may not be reproduced in any ing, we are confident that Midwood part of a cluster of two- and three-storey patriate family who moved back home sub-district. It comprises six office tow- form without the written will appeal to all home buyers and in- shophouses and residential terrace hous- after living in the penthouse for close to ers and two retail podiums, and has a permission of the publisher vestors looking for opportunities with es. This cluster of buildings features di- eight years. They purchased the pent- total leasable area of about 1.41 million rental potential. It is value for money verse façades, rich ornamentation, and house for $3.98 million ($1,075 psf) in sq ft. The entire development is about We welcome your comments and will make a good home,” says Bet- unique architectural styles. Most house February 2011, and then spent close to 70% occupied. and criticism: propertyeditor.sg@ sy Chng, head of sales and marketing designs are in the early/transitional/late $800,000 on gutting and renovating the Rushabh Desai, Asia-Pacific CEO of bizedge.com at Hong Leong Holdings. shophouse and art deco styles. The area interiors to suit their needs. Allianz Real Estate, says: “This is a con- Pseudonyms are allowed but also has the strictest building conserva- Mount Faber Lodge is perched on the tinuation of Allianz’s investment strate- please state your full name, Conservation GCB on Nassim Road tion guidelines in the district. slope of Mount Faber Hill, and the free- gy to allocate 50-60% of its Asia-Pacific address and contact number for us to verify. for sale at above $175 mil “There has been a dearth of such hold development stands out among the real estate exposure to fast-growing mar- A two-storey conservation Good Class residential heritage houses in the CBD greenery for its red-brick façade. It has kets such as China and India. Beijing is Bungalow (GCB) at 40 Nassim Road is fringe area for sale, as these are likened 20 penthouse units comprising five-bed- demonstrating strong resilience to cur- on the market for more than $175 mil- to collectors’ gems which are very much room triplexes of 3,703 sq ft to 3,724 sq ft. rent volatility in the global markets, while lion, or $2,977 psf on the land area. The sought after. Fully refurbished heritage Wangjing is a well-established sub-mar- property is in the exclusive Nassim Road terrace houses in the Cairnhill vicinity Belmont Road GCB sold for ket for technology and innovation firms, GCB Area and is home to embassies and are currently calling for more than $10 $18.6 mil which is experiencing persistent demand ultra-high-net-worth families. million per building, depending on the A Good Class Bungalow (GCB) on Bel- with tight supply.” The total land area of 58,784 sq ft is land and floor areas,” says Mary Sai, ex- mont Road has finally found a buyer af- This is the second direct office ac- a composite of three adjoining plots of ecutive director of investment and capital ter it was first offered as a mortgagee sale quisition by Allianz in Beijing after it 14,867 sq ft, 15,779 sq ft, and 28,138 sq markets at Knight Frank Singapore. She at a Colliers International auction more acquired a 98% stake in ZLink, another ft. This means the buyer has the flexibili- notes that refurbished heritage houses than two years ago. Located on a 16,329 Grade-A office asset in Zhongguancun ty to redevelop the land to accommodate on Blair Road that each sit on 1,500 sq sq ft site in the exclusive Cornwall Gar- last year. Allianz Real Estate is also the three new GCBs, according to CBRE, the ft plots have asking prices of $5.5 mil- dens GCB area, the property was sold joint asset manager of the office and re- sole marketing agent for the property. lion ($3,666 psf). for $18.6 million ($1,139 psf) on Oct 2. tail components in Duo Tower in Singa- The sprawling grounds feature a lush The EOI exercise will close on Nov 13. According to a source involved in the pore, which it acquired for $1.58 billion manicured garden, a car porch and a ga- transaction, the buyer is Carol Cheng, the in July this year. rage for seven cars. The house has a total Strata-titled carpark in Holland daughter of Wing Tai Holdings chairman Cheng Wai Keung. CBRE Road Shopping Centre going for Loretta Ng joins M&G Investments $32 mil The two-storey house has a built-up as head of Asian business A strata-titled carpark on Holland Avenue area of about 7,200 sq ft with a contem- Loretta Ng will join M&G Investments as is on the market for $32 million. Located porary tropical design with high ceil- the new head of its Asian business from in the basement of Holland Road Shop- ings, skylights, timber frames, and full- Nov 1. She will be based in Singapore ping Centre, the carpark has a strata floor height windows. The house was bought and report to Joffy Willcocks, M&G’s area of 16,178 sq ft and is up for sale by for $13.8 million ($845 psf) in September head of distribution for asset manage- expression of interest (EOI), announced 2007 and rebuilt as its current iteration ment, as well as chief international of- marketing agent Edmund Tie (ET). in 2009. It was then sold for $16 million ficer, Graham Mason. The property has a freehold tenure, ($980 psf) in March 2010. The owners Ng’s hire builds upon M&G’s success- The Nassim Road house is a two-storey and the Holland Road Shopping Centre stayed there for several years until the ful growth of its Asian real estate invest- conservation GCB is a prominent landmark with a 78-me- property was foreclosed. CONTINUES ON PAGE EP14 EDGEPROP | OCTOBER 21, 2019 EP3

CO-WORKING

IWG’s ambitious growth plans

SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE | BY BONG XIN YING |

ondon-listed International Workplace Group (IWG), a global office-space pro- vider, has opened at One Raffles Place, its sixth Spaces location in Singapore. The launch at One Raffles Place on Oct L10 followed Spaces’ openings earlier this year at TripleOne Somerset, Paya Lebar Quarter, and Clarke Quay. This was preceded by the opening of two other Spaces locations, at City Hall and Robinson Road. Spaces is one of the operating brands in IWG’s portfolio, which also comprises Regus, Signature by Regus, HQ, and No18. “Spaces chose to locate at One Raffles Place as it provides our members with a perfectly situated space in the core downtown area of Sin- gapore, with access to great transport links and facilities at the mall that enable users to create their own work-life balance,” says Darren Rog- ers, country sales director, IWG. The six-storey One Raffles Place is situated in the heart of Singapore’s CBD. The mall sits atop the Raffles Place MRT Station, and has undergone asset enhancement works since mid-2018. Spaces One Raffles Place will occu- As one of IWG’s fastest-growing brands, Spaces opened 120 outlets globally last year py four levels, taking up more than 33,723 sq ft of space, including three meeting rooms, 18 dedicated desks, 539 workstations, and five tions with companies in the retail and bank- While the remaining 70% will still be occupied New locations parking spots. ing sector, which “would find value” in the by the traditional buildings, Chopra sees this as According to Rogers, IWG plans to grow all its Businesses can hold corporate events in a flexibility that Spaces One Raffles Place offers, a great opportunity for expansion. brands, and is opening new locations across mall setting at Spaces One Raffles Place, which and set their headquarters in Spaces One Raf- “To give you a sense of the growth trajecto- the globe weekly. has direct access to Raffles Place Park. There fles Place, says Samit Chopra, executive vice ry, right now, Fortune 1000 companies utilise “We’re very aggressive and very quick to is also a selection of F&B outlets on the first president, enterprise & sales, IWG. “Hopeful- flexible space for less than 2% of their corpo- … proactively plan our expansion, especially level of the mall, like Haakon, a Scandinavian ly soon we can announce a few of these com- rate needs. Now, if that 2% has to go to 20% or in big markets like Singapore, Hong Kong and superfoods and juice cafe, and Kipos, which panies which are going to come in,” he adds. 30% over the next 10 years, that’s a hockey stick Shanghai,” adds Chopra. serves up a variety of salads and grain bowls. Constantly looking at ways to offer extra growth curve we would experience,” he adds. As one of IWG’s fastest-growing brands, With its flagship space in a strategic and benefits to members, IWG is also currently That said, Chopra concedes that it is a very Spaces opened 120 outlets globally last year, convenient location, Spaces One Raffles Place in talks with a chiropractor, and the owners competitive market. He estimates that there and Chopra notes that Singapore is “one of the commands the highest membership fees among of beauty shops and cafes located at the One are around 35,000 flexible working spaces tak- cities where we have pretty rapid expansion”. the six Spaces locations. A monthly co-work- Raffles Place mall, for possible collaborations. ing up approximately 500 million sq ft of office He says, “It is already well-favoured by large ing membership at Spaces One Raffles Place space globally. enterprise clients as well as small and medi- costs $477, while a dedicated desk and office Growth trajectory Despite strong growth, he highlights that um enterprises.” space starts from $952 and $1,092 a month, re- According to Chopra, the flexible space market while MNCs and large enterprise clients are In 1Q2020, Spaces will see the opening of spectively. In comparison, monthly co-work- has been growing globally over the last few years looking for consistent office space solutions its seventh space in Singapore. Rogers reveals ing membership fees start from $452 in Spaces at around 15% to 16% annually. In Asia, he that span multiple cities and countries, IWG is that it is in a 20,000 sq ft building with a roof Robinson and City Hall; $428 in Clarke Quay anticipates that the overall flexible space mar- among only a handful of operators that fulfil this garden located in Joo Chiat. and Paya Lebar Quarter; and $404 in TripleO- ket will double in the next three to five years. requirement. It is currently present in almost “We feel that this area is a great commu- ne Somerset. He also notes that in Singapore itself, almost 3,300 locations across more than 110 countries. nity-based location that will suit the Spaces To be sure, Spaces One Raffles Place is al- 45% to 50% of the office space was absorbed “In certain parts of the market we are com- brand,” Rogers explains. He adds that the new ready drawing a crowd. “Since its opening, we by flexible space providers last year. peting with everyone; in other parts of the mar- location provides a flexible working solution for are seeing an increasing demand for this loca- “There are forecasts that 30% of all commer- ket, we have a unique advantage or a pretty individuals and companies based in the east- tion,” says Rogers. cial real estate, which is occupied by [large] cor- high degree of competitive advantage, which ern part of Singapore, which “currently does At present, IWG has been having conversa- porate clients, will be flexible by 2030,” he says. of course we want to leverage,” he observes. not have such a provision”. E

SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE IWG SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE

Chopra: Almost 45% to 50% of the office space in Spaces One Raffles Place is IWG’s sixth Spaces Singapore was absorbed by flexible space providers location in Singapore Businesses can hold corporate events in a mall setting at Spaces One Raffles Place last year EP4 • EDGEPROP | OCTOBER 21, 2019

PERSONALITY

Khew: Sustainability is at the core of what we do here – sustainable building designs and greening projects

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE Khew Sin Khoon: ‘Butterfly Man’ and sustainability advocate

| BY CECILIA CHOW | ture conservation and sustainability. And he vate and throw out a lot of things in their old makes the office environment more liveable believes it ought to begin with his own of- office,” he says. and conducive for creative work.” resident and group CEO of CPG Corp, fice. Almost two years ago, CPG moved from This may be why for the new office, Khew Khew Sin Khoon, is known in some cir- 80,000 sq ft at Novena Square to the same decided to splurge on Herman Miller Sayl er- Evolution from Public Works and cles as the “Butterfly Man” owing to his square footage across five floors at Westgate gonomic chairs, which retail at $1,473 apiece, Convicts Department avid interest in the insect which began Tower in Jurong East. according to ubuy.com. With 1,000 staff in Sin- CPG is able to trace its history back 180 years when he was a boy. He enjoys going At Novena Square, they had to throw out gapore, that meant purchasing 1,000 of these when it started as the Public Works and Con- Pdeep into the nature reserves of Singapore or all their office chairs when they moved. “We chairs. However, Khew says they are likely to victs Department in 1833. It became the Pub- trekking in the jungles of Malaysia, camera in weren’t green in that respect,” he concedes. last at least 10 years. lic Works Department (PWD) of Singapore in hand, hoping to photograph a rare species. Re- “Even the carpet had to be stripped off and This year, CPG’s office at Westgate Tower 1946. PWD was a department of the Ministry of cently, he was up in the mountains and forest discarded when we had to renovate the office won the Green Mark Gold Plus Award for occu- National Development (MND) until its corpo- reserves of Chiang Mai in Thailand, with his at Novena Square back to its original condi- pant-centric schemes. “Sustainability is at the ratisation in April 1999, when it became a gov- fellow butterfly enthusiasts. “We were hunt- tion.” The only consolation was that the glass core of what we do here – sustainable build- ernment-linked entity under Temasek Holdings. ing for butterflies,” he says. panels from the Novena Square office could ing designs and greening projects,” says Khew. The most significant milestone for CPG Khew even started an online group, Butter- be resized and recycled to fit the new office Reflecting that ethos, the CPG office at West- was the corporatisation, reckons Khew. That flyCircle, in 2006, and maintains a blog on the in Westgate Tower. gate Tower has a mossy green feature wall, in- meant a change from being in the civil service study of butterflies. He pioneered free-ranging Khew reckons this is a phenomenon that door hanging plants, clusters of potted plants to a corporate entity, and competing for pro- butterfly trails at Alexandra Hospital, Butterfly happens across Singapore. “Every office-occu- and terrariums of various shapes and sizes. jects like everyone else. “But many civil serv- Hill at Pulau Ubin, Butterfly Garden at Hort- pier that moves into new premises will reno- “I’m also an advocate of plants,” he says. “It ants felt, ‘Why should I leap into the unknown Park, as well as other trails at park connectors and urban gardens. CPG CORP CPG CORP His love of butterflies has also led him to author numerous articles and weighty compen- diums such as A Field Guide to the Butterflies of Singapore (2010) and its second edition pub- lished in 2015; and the Butterfly section in the Singapore Red Data Book 2008. He also co-au- thored Caterpillars of Singapore’s Butterflies (2012). Many photographs in the books were shot and curated by Khew himself. Butterflies may look fragile, but “they are pretty tenacious and adapt very well to climate change. They are insects after all”, Khew says. He recalls a science fiction movie he had watched that has stuck with him over the years: “The premise was that after the human race is extinct, insects will rule the world.”

Sustainable workplace CPG worked with Studio Milou to transform the Butterflies are not the only things that Khew former Supreme Court and City Hall into the is interested in. He is also an advocate of na- Singaporean architect Timothy Seow of CPG Consultants designed the NTU School of Art, Design & Media National Gallery of Singapore EDGEPROP | OCTOBER 21, 2019 EP5

PERSONALITY

PICTURES: CPG CORP

CPG was involved in the design of the Interpol Global Complex for Innovation on Napier Road CPG collaborated with Norman Foster of Foster + Partners to design the new Supreme Court building where I don’t know whether I would survive Yishun, Ng Teng Fong General Hospital and maintenance nightmares for our clients,” re- The conventional wisdom of having win- or not?’” says Khew. Jurong Community Hospital in Jurong East calls Khew. dows out of reach was to prevent prisoners from Of the 1,200 staff at PWD then, only 555 and the upcoming Sengkang General Hospital. Another concern was over plants. When hanging themselves. “But when we visited the people crossed over to the corporatised entity. the Supreme Court was finished, Khew had prisons in the US and Europe, they showed us Khew was one of those who made that leap. Working with international designers suggested putting in some plants in the main how an inmate can hang himself off the back In 2002, PWD Corp was renamed CPG Corp Some significant projects in Singapore that atrium. But Foster felt that the building de- of a chair or a door handle,” says Khew. and a year later, Temasek Holdings sold it to CPG was involved in over the past decade in- sign was already complete without them. “It Therefore, when Khew designed the prison Australia’s public infrastructure company, clude Changi Airport Terminals 1, 2, 3 and 4; was interesting,” says Khew. After the grand at Tanah Merah, he brought the barred win- Downer EDI (now Downer Group), for $131 Gardens by the Bay; the new Supreme Court opening, the plants were added. dows down to eye level. “They increased ven- million. Downer Group in turn sold CPG in 2012 Building; as well as the transformation of the The National Gallery project was a collab- tilation superbly and nobody hanged them- to Chinese state-owned enterprise, China Ar- former Supreme Court and City Hall into the oration with Jean Francois Milou of studioMi- selves,” he says. chitecture Design and Research Group, which National Gallery of Singapore. lou. For Khew, what was interesting was “the As no fans were allowed within the cells, is also an architecture and design institute. For Khew, it was a great opportunity for psychology of space – the dome of the former mechanical ventilation was used in the corri- Throughout all these changes, Khew, who CPG to work with international design firms. Supreme Court building, the high ceilings of dors. “We blow air into the corridor so it can joined PWD in 1984 armed with a degree in For instance, at Gardens by the Bay, the firm the City Hall”. go into the cells and escape through the win- architecture from National University of Sin- worked with landscape architects Grant Asso- dows,” explains Khew. “That helps circulate gapore, stayed the course. “The journey has ciates and architectural firm Wilkinson Eyre ‘Quirky building’ the air and it’s much better.” been very interesting,” he says. “Rather than Architect. Both are UK-based. A quirky, curved building that CPG was involved resigning, like most people do if they want a During the construction period, there were in designing was the Interpol Global Complex Being green change of environment, I stayed on; and the a few heated debates with the architects from for Innovation on Napier Road, which was com- Khew is also a board member of URA. “I gener- environment around me kept changing.” the UK over drains. Instead of the undersized pleted in 2014. It serves as the international po- ally try to get myself involved in the green and drains proposed, CPG’s architects proposed lice headquarters in the “Far East”, says Khew. environmental aspects,” he says. He feels that ‘Singaporean’ at its core higher capacity drains. “We had to bring them It is also where its first digital crime centre and these are important, especially for the master Under Khew’s leadership, CPG has become up to date about our climate, because we are R&D facility are located. plan of big growth areas, for instance the de- a leading professional firm in building, infra- in the tropics,” says Khew. “We know what it The complex is located on the site of the velopment of residential apartments on the for- structure, management, architectural design can be like during a heavy downpour.” former Tanglin Police Station, and opposite the mer Keppel Golf Club site and the Tengah area, and master planning services. The firm has Another challenge was moving 12 giant US Embassy, with the British High Commission which is going to be a new HDB “forest town” 2,000 staff today, with offices in China, India, African Baobab trees into the Flower Dome, and the Chinese embassy further up on Tanglin the size of Bishan. Dubai, Macau and Vietnam. The headquarters the larger of the two domes at Gardens by the Road. “The sad part was that after we handed “I think, today, the government agencies is in Singapore. “CPG is still Singaporean in Bay. “Because of the height of the trees, you over the Interpol building, my architect says are more sensitive to such environmental is- terms of its core values,” says Khew. “And we can’t put them in small trucks,” relates Khew. we can’t go into the secure parts of the build- sues and how they affect our overall liveabili- market ourselves as a Singapore firm.” “They were put on a flatbed container trailers ing anymore,” says Khew. ty in Singapore,” he says. In Singapore, CPG was involved in public and moved at 4am, with traffic police guiding Having been personally involved in the de- Being a nature conservationist, Khew – and conservation projects such as the Central Fire the vehicles. We had to plan the route careful- sign of Changi Prison – both the men’s and CPG – was involved in the Singapore Botanic Station, the Asian Civilisation Museum and ly so that the container trailers could navigate women’s complex – Khew understands what Gardens master plan, East Coast Lagoon Food the National Museum of Singapore; and edu- and bring the plants in.” it is like being in a building with tight security. Village, Sungei Buloh Wetland Reserve and Chek cational institutions including Nanyang Tech- For the new Supreme Court building with He even spent several hours in a prison cell to Jawa Wetlands in Pulau Ubin. nological University School of Art, Design & the “flying saucer” at the top, it was an op- experience what it was like. CPG also won the tender for the first phase Media – where Timothy Seow of CPG Con- portunity for CPG to work with British archi- “When watching shows on prisons, two things of Jurong Lake Gardens, which comprises sultants was the design architect – and NTU tect Norman Foster of Foster + Partners. Fos- that don’t come across on screen are the human Lakeside Garden, Chinese and Japanese Gar- Learning Hub, which was designed by British ter had proposed using sandstone floor tiles, odour because of the terrible ventilation; and dens. The first phase of Jurong Lake Gardens architect Thomas Heatherwick. which he had used for the British Museum. the noise, the ‘bam’ that echoes on when they is the 53ha Lakeside Gardens, which opened CPG also had a hand in almost all the gen- “But we were concerned that given Singa- slam the doors. Everything is hard and ‘echo- in April this year. eral hospitals in Singapore, from Tan Tock pore’s climate, it could be too humid, and ey’ because of the solid walls and the tiny win- It looks like Khew will have more places in Seng Hospital to Khoo Teck Puat Hospital in there could be stains and this could cause dows high up near the ceiling,” he describes. Singapore to hunt for butterflies. E

Some of the nature reserves that CPG was involved in included the Sungei Buloh Wetlands CPG designed the first phase of Jurong Lake Gardens, the 53ha Lakeside Gardens, which opened this April EP6 • EDGEPROP | OCTOBER 21, 2019

COVER STORY

James Koh, chairman of Global Premium Hotels, with his sister, Ko Lee Meng, deputy chairman and CEO of the firm

PICTURES: SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE James Koh’s Global Premium Hotels gets Accor boost Franchise agreement with international brand Accor sees the rebranding of 15 hotels in his privately-held Singapore portfolio

| STORIES BY CECILIA CHOW & AMY TAN | “I don’t know why, but I prefer to drive ly into his shirt pocket; and he just needs to It also marks the debut of Accor’s ibis budget myself,” says the 56-year-old chairman of the whip it out, punch in some numbers, do some brand in Singapore. taff at James Koh’s hotels know their privatised Global Premium Hotels Ltd (GPH), quick calculations and within minutes, pro- “Boss” has arrived as soon as they see as well as executive chairman and CEO of list- nounce whether a property or a site for sale REBRANDING, REFURBISHMENTS his dark grey and silver Rolls Royce ed Fragrance Group Ltd. is a “yes” or a “no” for him. Six of the 13 Fragrance hotels that are rebrand- Ghost pull up and park at the side of Most people can’t leave home without their A recent deal that probably took longer ed ibis budget are located in Geylang. As part the building. Koh is not chauffeur-driv- mobile phone these days. For Koh, who carries than a yes-or-no response was a franchise of the rebranding exercise, the 13 GPH proper- Sen in his Rolls Royce as one would expect. a Nokia flip phone (the non-smartphone ver- agreement between Koh’s GPH and Accor. As ties are being refurbished to be in keeping with After all, he is a billionaire hotelier and prop- sion), it is his pocket calculator that he can’t part of the deal, 13 Fragrance hotels in GPH’s Accor’s brand standards for such hotels. Refur- erty tycoon who is consistently ranked among do without, he says. It is a useful tool, and he portfolio will be rebranded ibis budget, accord- bishment works at nine of the 13 hotels have al- Singapore’s richest. demonstrates just how: First, it fits perfect- ing to an announcement by Accor on Oct 7. ready been completed as part of the first phase.

The biggest room in ibis budget Crystal has a 270-degree corner view, and it has been dubbed “The One of the 74 rooms at the ibis budget Imperial (formerly Fragrance Hotel – Imperial) that was recently Orchard Road of Geylang” refurbished EDGEPROP | OCTOBER 21, 2019 EP7

COVER STORY

SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE

The 296-room ibis Styles Hobart is Fragrance Group’s flagship hotel in Australia and is managed by Accor. It marked the start of the relationship between the Singapore-based developer and the French hospitality group. PICTURES: FRAGRANCE GROUP FRAGRANCE PICTURES: Fragrance Group expands hotel footprint in Singapore, spreads its wings overseas

ames Koh, executive chairman and CEO he decided to take it private. of Singapore-listed Fragrance Group, is Under its listed entity, Fragrance Group, making big bets on the hotel sector. Last Koh has a second hotel in Australia opening month, the group purchased Min Yuan in early 2020, with four more in the pipeline Apartments en bloc for $141 million. for completion in the next two to three years, The auspicious yellow façade of the 125-room ibis budget Crystal at Lorong 18 Geylang JThe 999-year leasehold site of 14,629 sq in Melbourne, Perth and Hobart. ft is located next to Waterloo Apartments, Fragrance Group also ventured into the The second phase of the franchise agree- He ventured into the property business when another 999-year leasehold site of 14,369 UK in 2017. Koh’s first purchase there under ment with Accor involves the rebranding of he took over his family’s investment compa- sq ft which Fragrance Group purchased for the listed entity was the 180-room Imperial two of GPH’s Parc Sovereign Hotels: the 270- ny in the mid-1990s. His first hotel was a 45- $131.1 million last November. hotel in Blackpool; followed by the 141-bedroom Parc Sovereign Hotel – Tyrwhitt, the big- room block on Lorong 10 Geylang. He built it in The plan is to amalgamate the two sites room Palace hotel in Torquay; the 85-gues- gest in GPH’s portfolio, will be rebranded a 1995 and sold it two years later for more than on Waterloo Street and build a new 14-storey troom Townhouse Hotel in Manchester in Mercure hotel; and the 172-room Parc Sover- double his original investment, he reckons. hotel of some 500 rooms, says Koh. early September; the 115-guestroom Crown eign Hotel – Albert Street, will be rebranded Fragrance Group also purchased Tower Hotel in North Yorkshire; along with the ibis Styles. The rebranding and refurbishment ‘FLYING DRAGON’ 15, a 29-storey office tower on Hoe Chiang 141-guestroom Lyndene Hotel in Blackpool. works will start towards the end of this year Even before that first hotel was sold, he pur- Road, for $360 million in 2012. The proper- In 2018, Fragrance Group’s Koh also pur- and is scheduled for completion by mid-2020. chased a bigger site on Lorong 20 Geylang to ty has the potential to be redeveloped into a chased a Grade-II listed hospital, the Royal Koh estimates the refurbishment costs for build the 168-room Fragrance Hotel – Ruby, hotel with more than 800 rooms, adds Koh. Mineral Water Hospital in Bath. In July this all 15 hotels to be in the region of $15 million. which opened in 1998. He has developed In Australia, the Singapore-listed group’s year, he announced plans to convert the The 15 hotels under the franchise agree- nearly 30 residential projects and more than flagship hotel is the 296-room ibis Styles in property into a luxury hotel. ment have a total of 1,621 rooms. Their addi- 20 hotels in Geylang over the course of more Hobart, Tasmania, which opened two years The construction of his first hotel develop- tion will make Accor the biggest hotel opera- than 25 years. Over time, he has sold some ago. Although Fragrance Group has experi- ment in the UK is expected to commence in tor in Singapore with total inventory of 7,625 of his hotels there and currently owns just ence managing hotels in Singapore for the a fortnight. “We have already secured three rooms across 30 hotels: 3,357 in the luxury six, he adds. past 23 years, Koh felt it was “a bit tedious” planning approvals,” says Koh. “Planning ap- and premium space; 1,840 rooms in the mid- Koh coined the name “Fragrance”, which to set up a team in Australia just to man- provals are not easy to come by in the UK.” scale segment; and another 2,428 rooms in is the transliteration of its Chinese name, “Fly- age one hotel then. Accor was therefore en- He reckons that by end of this year, he the economy range. ing Dragon”. “So, the Chinese name came gaged to manage the hotel in Hobart under will be able to secure planning approval for first,” he says. the ibis Styles brand. five of his six hotel developments, with the ‘GEYLANG – VERY CLEAN NOW’ Even though he has developed so many “The hotel has run smoothly for two years sixth projected to get approval sometime Prior to the deal, the staff from Accor came to hotels since, Koh knows off the top of his now,” says Koh. “In that time, we have de- in 1H2020. inspect the hotels under GPH, including those head, the exact number of rooms in most of veloped a relationship with Accor. They ex- Compared to Singapore, “development in Geylang. They were impressed by how clean his properties. At the 125-room Fragrance Ho- pressed keen interest in exploring some op- in the UK is a bit slower”, admits Koh. “For and well-maintained the properties were, re- tel – Crystal, is what is considered one of the portunities with us in Singapore, so that’s new developments, the most important is lates Koh. “They came back and told me, ‘Even biggest hotel rooms among Koh’s hotels in how we started talking.” the layout of the building. To get the layout your dustbin area is so clean.’” Geylang. The room offers a 270-degree city The talks led to the recent deal struck in right, as the owner, I must be involved. You With the rebranding, Koh has also given view and Koh has dubbed it, “The Orchard early October, which saw 13 of 15 Fragrance cannot entrust the design and layout to the the exteriors of the hotels a fresh coat of yel- Road of Geylang”. hotels under Koh’s privatised Global Premi- architect alone.” low paint. That is his trademark colour for He initially named his Fragrance hotels af- um Hotels Ltd (GPH) rebranded ibis budget As he has an experienced project man- all the Fragrance hotels – because it is “wang ter gemstones – Ruby, Sapphire, Emerald and under a franchise agreement. Another two ager in the UK to oversee his develop- wang” – very bright, very auspicious colour, Crystal – inspired by his family’s jewellery Parc Sovereign hotels will be rebranded ibis ments, it is almost “on auto pilot”, says he says in Mandarin. business, which is now managed by young- Styles and Mercure, respectively, by next year. Koh. He makes it a point to visit twice a According to Ko Lee Meng, deputy chair- er brother, Wee Seng, CEO of Singapore-list- Koh had spun off GPH, a portfolio of 23 year and was last there in March. “UK is man and CEO of GPH, who is also Koh’s sister, ed Aspial Corp. hotels which he owns and manages, as a list- a nice place to visit, especially in the sum- Geylang has lost much of its notoriety and the When he ran out of names of gemstones, ed company in 2012. About five years later, mer,” he says. E stigma attached to being Singapore’s foremost he switched to naming his Fragrance hotels red-light district. “Compared to 10-15 years ago, after their locations, for instance Fragrance Geylang is very clean now,” she says. Hotel – Selegie, Fragrance Hotel – Balestier, Koh agrees. Even the most notorious street and The Fragrance Hotel – Joo Chiat. in Geylang, which Koh says is Lorong 18, Some of the Fragrance hotels in Geylang has been cleaned up. He points out where that now carry the Ibis budget flag include the most notorious building once stood on the 126-room Fragrance Hotel – Emerald (re- Lorong 18: it is now a vacant site. Koh says named ibis budget Emerald); the 129-room it will be redeveloped into a new building Fragrance Hotel – Pearl (ibis budget Pearl); for commercial or institutional use, which and the 60-room Fragrance Hotel – Sapphire is in line with the changes in land use for (ibis budget Sapphire). Lorong 4 to 22 proposed by the URA in Jan- Across the road from the ibis budget Sap- uary 2015. phire on Lorong 10 is an empty plot where Geylang is an area Koh knows well, having Koh intends to build a new 38-room hotel, Fragrance Group’s first purchase in the UK is the 180-room Imperial hotel in Blackpool built the foundation for his hotel empire there. CONTINUES ON PAGE EP13 EP8 • EDGEPROP | OCTOBER 21, 2019

SPOTLIGHT

Chang: We want to provide what is necessary so that the homeowners don’t end up paying exorbitant conservancy fees

PICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE The Iveria: A luxury residence inspired by New York’s Flatiron Building

| BY TIMOTHY TAY | ette is monochromatic. While the flooring is of marble, the feature wall in the living room he Iveria, a redevelopment of the for- and master bedroom is of textured, concrete mer Riviera Point on Kim Yam Road, panels. The kitchen has cabinets with a me- is expected to preview next month. tallic sheen, a quartz countertop, and appli- The 51-unit, freehold, boutique de- ances by top-end German brand Gaggenau. velopment is jointly developed by Even the wardrobes in the bedrooms with Tniche property developer Macly Group and glass panels are customised and imported construction firm, Lim Wen Heng Holdings. from Germany. Similarly, the bathrooms fea- However, the concept for The Iveria is ture made-in-Germany designer taps, shower, the brainchild of Joan Chang, marketing di- and other sanitary fittings. “These are similar rector of Macly Group. She is also the eldest to those used at the Ritz-Carlton Residences,” daughter of the firm’s founder and manag- says Chang. ing director, Herman Chang. According to the “second-generation Chang” Luxe for a new generation who is also the director of Macly Iveria Pte In her own way, Chang believes she is rede- Ltd, she came up with the concept for The fining luxury and creating a new line of lux- Iveria after a weeklong holiday in New York ury homes that will appeal to her generation City, where she immersed herself in the life- of home buyers. style and feel the vibe of the city. As such, the 28-year-old is concurrent- ly launching a new lifestyle brand, The Ove Modern interpretation Collection, where The Iveria will be its flag- The building that inspired Chang most was ship project. “The word ‘Ove’ is derived from the Flatiron Building, a 22-storey, triangular- ‘alcove’, which is a small recessed area of shaped, steel structure. Constructed in 1902, a room or garden,” she explains. “It means it is a designated National Historic Landmark home, a space you can call your own.” in New York City. Only premium projects with suitable life- As the site on Kim Yam Road is triangu- style elements will be included in The Ove lar-shaped too, her concept for The Iveria Collection, adds Chang. “The idea is that lux- was “a modern interpretation of the Flati- ury doesn’t have to mean ‘over the top’ ma- ron Building”, says Chang. The 19-storey, terials or all the bells and whistles usually wedge-shaped building was designed by JGB associated with it.” Architects. The project features exclusively Chang is confident the concept of The three-bedroom and three-bedroom-plus-study Iveria will appeal to her generation of home apartments with an average size of 915 sq ft. buyers. After all, six of her friends have al- But the three units on the topmost level are ready expressed interest in taking up units likely to be the most coveted, owing to the in the project. “All my friends who have seen views they offer, says Chang. it, even the 30-somethings, say they like it,” Attention has also been paid to the interi- she says. The Iveria is a 51-unit, freehold development jointly developed by Macly Group and Lim Wen Heng Holdings ors of the apartments, where the colour pal- Given that her target audience is primari- EDGEPROP | OCTOBER 21, 2019 EP9

MARKET TRENDS New home sales up 13% m-o-m to 1,270 units in September

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE | BY TIMOTHY TAY |

ccording to the latest statistics by the URA, developers sold 1,270 new private residential units (excluding executive condos) in the month of September, up by 13.1% m-o-m from A1,123 units sold in August. It is the third consecutive month that new private home sales have surpassed 1,000 units. The 1,270 figure is also the highest so far this year, as well as the highest September sales numbers on record since 2012 when developers sold 2,621 units. “However, demand is diluted across multiple launches and competition for buyers remains keen. Developers have to be strategic about pricing and offer buyers incentives or increase agent commissions,” says Wong Xian Yang, senior manager of research, Singapore and Southeast Asia, at Cushman & Wakefield. Avenue South Residences led the pack after launching on Sept 7, and the 1,074-unit de- It is premature to implement more cooling measures because there are no signs that the market is over-heating, says Nicholas Mak of ERA Realty velopment sold 361 units at a median price of $1,941 psf, accounting for 28.4% of all new “September’s sales performance has ex- ing measures because there are no signs that tial projects, and the market needs time to home sales during the month. The other top- ceeded market expectations given the back- the market is over-heating, says Nicholas Mak, digest this supply. “Any additional market selling projects were Parc Clematis which sold drop of continued global uncertainty and on- head of research and consultancy at ERA Realty. curbs would reduce buying demand, result- 119 units at $1,620 psf, and Parc Botannia going trade tensions. The strong local support He notes that it is “very typical” for higher ing in a glut that would drag down not only which sold 71 units at $1,311 psf. indicates that many Singaporeans remain con- sales in the primary market to correlate posi- the property market, but the banking sector The number of purchases by locals rose fident about the long-term prospects of private tively with higher launch volumes. While the as well,” he says. 29.3% to 1,078 units in September compared properties here,” says Christine Sun, head of private residential property price index also This was already seen in September when the to 834 units in August. This is the highest num- research and consultancy at OrangeTee & Tie. grew 0.9% q-o-q in 3Q2019, the rate of growth sales-to-launch take-up rate slipped to 74.1%, ber of new homes purchased by Singaporeans But despite strong sales and the URA flash is decelerating, he says. which is weaker than the three months from since July last year when they bought 1,250 estimates increasing in 3Q2019, it is premature Lastly, there is a large supply of unsold June to August, when the take-up rate ranged

units, according to URA caveats. for the authorities to implement more cool- units in launched and launch-ready residen- from 110% to 130% per month. E

SPOTLIGHT

PICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE ly millennials like her, Chang has dispensed es purchased by the group in January 2018 with the services and features associated with for $20.55 million. The second is Tedge on luxury condos, such as the concierge service Telok Kurau Road, which is a redevelopment or even a gym, as most people already have of a row of nine shophouses which Macly gym memberships. “The modern home buy- Group purchased for $35.5 million also in er doesn’t need those,” she adds. “We want to January last year. provide what is necessary so that the home- Macly Group is also a joint-venture part- owners don’t end up paying exorbitant con- ner with Roxy-Pacific Holdings and Lim Wen servancy fees. We want to provide something Heng Holdings for NEU at Novena, an 87-unit, that people can afford and appreciate.” freehold development on Moulmein Rise. It is scheduled for launch on Oct 19 at prices Upcoming projects starting from $2,450 psf. The freehold pro- Two more projects are in the pipeline for ject is located in prime District 11. launch next year, says Ken Yeo, Macly Group’s Meanwhile, Chang says of The Iveria: “I’m regional director for developments. One is glad my dad entrusted me with the concept the upcoming 39-unit Noma on Guillemard and design of the new lifestyle brand for this Chang believes she is redefining luxury and creating a new line of luxury homes that will appeal to her genera- Road, a redevelopment of five terraced hous- premium project.” E tion of home buyers

The Iveria features exclusively three-bedroom and three-bedroom-plus-study apartments Wardrobes in the bedrooms with glass panels are customised and imported from Germany EP10 • EDGEPROP | OCTOBER 21, 2019

DONE DEALS

Residential transactions with contracts dated Oct 1 to 8 Singapore — by postal district LOCALITIES DISTRICTS City & Southwest 1 to 8 SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION Orchard/Tanglin/Holland 9 and 10 PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE Newton/Bukit Timah/Clementi 11 and 21 UPTOWN @ FARRER Apartment 99 years Oct 6 538 1,017,331 - 1,890 Uncompleted New Sale Balestier/MacPherson/Geylang 12 to 14 District 9 8 SAINT THOMAS Condominium Freehold Oct 2 506 1,566,000 - 3,095 2018 Resale East Coast 15 and 16 ASPEN HEIGHTS Condominium 999 years Oct 3 1,119 1,840,000 - 1,644 1998 Resale Changi/Pasir Ris 17 and 18 HAUS ON HANDY Condominium 99 years Oct 4 969 2,821,600 - 2,913 Uncompleted New Sale Serangoon/Thomson 19 and 20 HAUS ON HANDY Condominium 99 years Oct 6 743 2,128,000 - 2,865 Uncompleted New Sale HILLTOPS Condominium Freehold Oct 4 2,379 7,847,000 - 3,299 2011 Resale West 22 to 24 MARTIN MODERN Condominium 99 years Oct 2 1,087 3,092,000 - 2,844 Uncompleted New Sale North 25 to 28 MARTIN MODERN Condominium 99 years Oct 4 764 1,922,800 - 2,516 Uncompleted New Sale MARTIN MODERN Condominium 99 years Oct 5 764 1,986,100 - 2,599 Uncompleted New Sale MARTIN NO 38 Apartment Freehold Oct 3 1,130 2,898,000 - 2,564 2011 Resale PATERSON SUITES Condominium Freehold Oct 7 1,776 4,380,000 - 2,466 2010 Resale SCOTTS SQUARE Apartment Freehold Oct 7 635 2,370,000 - 3,732 2011 Resale SCOTTS SQUARE Apartment Freehold Oct 8 635 2,180,000 - 3,433 2011 Resale THE MARQ ON PATERSON HILL Condominium Freehold Oct 7 6,232 25,000,000 - 4,011 2011 Resale THE MARQ ON PATERSON HILL Condominium Freehold Oct 7 6,232 25,500,000 - 4,092 2011 Resale TWENTYONE ANGULLIA PARK Condominium Freehold Oct 2 7,718 32,000,000 - 4,146 2014 Resale District 10 3 CUSCADEN Apartment Freehold Oct 5 764 2,996,907 - 3,921 Uncompleted New Sale BELLERIVE Apartment Freehold Oct 2 3,735 5,550,000 - 1,486 2011 Resale BOULEVARD 88 Apartment Freehold Oct 3 2,777 10,567,200 - 3,805 Uncompleted New Sale BOULEVARD 88 Apartment Freehold Oct 4 2,799 10,248,000 - 3,662 Uncompleted New Sale CHATEAU LE FAME Apartment Freehold Oct 2 1,119 1,680,000 - 1,501 2000 Resale CUSCADEN RESIDENCES Condominium Freehold Oct 3 1,485 3,350,000 - 2,255 2002 Resale CYAN Condominium Freehold Oct 3 980 2,020,000 - 2,062 2014 Resale D’LEEDON Condominium 99 years Oct 2 1,733 2,700,000 - 1,558 2014 Resale FOURTH AVENUE RESIDENCES Apartment 99 years Oct 3 1,109 2,706,000 - 2,441 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years Oct 5 689 1,600,000 - 2,323 Uncompleted New Sale MONTVIEW Condominium Freehold Oct 2 1,227 2,050,000 - 1,671 2008 Resale BELMONT ROAD Detached Freehold Oct 2 16,329 18,600,000 - 1,139 2009 Resale RV EDGE Apartment Freehold Oct 4 904 1,350,000 - 1,493 2013 Resale STEVENS SUITES Apartment Freehold Oct 4 1,130 1,960,000 - 1,734 2013 Resale SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION THE TRIZON Condominium Freehold Oct 7 1,012 1,700,000 - 1,680 2012 Resale PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE THREE THREE ROBIN Apartment Freehold Oct 4 1,367 2,750,000 - 2,012 2005 Resale District 11 District 1 ADRIA Apartment Freehold Oct 4 1,206 2,020,000 - 1,676 2013 Resale MARINA ONE RESIDENCES Apartment 99 years Oct 1 1,163 3,157,110 - 2,716 2017 New Sale BUCKLEY CLASSIQUE Condominium Freehold Oct 2 1,410 2,720,000 - 1,929 2014 Resale MARINA ONE RESIDENCES Apartment 99 years Oct 1 1,163 3,241,260 - 2,788 2017 New Sale HILLCREST ARCADIA Condominium 99 years Oct 4 1,798 1,868,000 - 1,039 1980 Resale MARINA ONE RESIDENCES Apartment 99 years Oct 1 1,163 3,078,900 - 2,648 2017 New Sale MORIMASA GARDENS Condominium Freehold Oct 3 2,131 3,310,000 - 1,553 1993 Resale District 2 MOULMEIN ROAD Apartment 999 years Oct 3 1,464 1,715,000 - 1,172 Unknown Resale SPOTTISWOODE 18 Apartment Freehold Oct 2 388 850,000 - 2,194 2014 Resale ORCHID APARTMENTS Apartment Freehold Oct 2 1,356 1,650,000 - 1,217 1977 Resale SPOTTISWOODE PARK Apartment 93 years Oct 8 850 762,800 - 897 Unknown Resale SKY@ELEVEN Condominium Freehold Oct 8 2,713 4,500,000 - 1,659 2010 Resale SPOTTISWOODE RESIDENCES Condominium Freehold Oct 2 624 1,300,000 - 2,082 2013 Resale STRATA Apartment Freehold Oct 3 1,066 1,735,000 - 1,628 2006 Resale District 3 THE ARCADIA Condominium 99 years Oct 4 3,714 3,150,000 - 848 1983 Resale ARTRA Apartment 99 years Oct 2 1,044 2,120,800 - 2,031 Uncompleted New Sale THE GLYNDEBOURNE Condominium Freehold Oct 7 1,475 3,200,000 - 2,170 2013 Resale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 1 1,109 2,196,000 - 1,981 Uncompleted New Sale THE LINCOLN RESIDENCES Condominium Freehold Oct 2 1,432 2,750,000 - 1,921 2011 Resale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 1 732 1,319,000 - 1,802 Uncompleted New Sale THE SPRINGS Apartment Freehold Oct 4 990 1,580,000 - 1,595 2003 Resale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 4 527 1,124,000 - 2,131 Uncompleted New Sale TRILIGHT Condominium Freehold Oct 4 2,099 3,838,000 - 1,829 2012 Resale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 5 657 1,383,000 - 2,106 Uncompleted New Sale District 12 AVENUE SOUTH RESIDENCE Apartment 99 years Oct 5 1,109 2,175,000 - 1,962 Uncompleted New Sale BLISS LOFT Apartment Freehold Oct 2 1,399 1,100,000 - 786 2012 Resale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 6 657 1,290,000 - 1,965 Uncompleted New Sale CRADELS Apartment Freehold Oct 4 441 658,000 - 1,491 2015 Resale AVENUE SOUTH RESIDENCE Apartment 99 years Oct 6 527 1,160,000 - 2,199 Uncompleted New Sale EIGHT RIVERSUITES Condominium 99 years Oct 1 441 690,000 - 1,563 2016 Resale ENG HOON MANSIONS Apartment Freehold Oct 7 1,421 1,605,000 - 1,130 2005 Resale JUI RESIDENCES Apartment Freehold Oct 6 700 1,277,000 - 1,825 Uncompleted New Sale ONE PEARL BANK Apartment 99 years Oct 1 700 1,646,000 - 2,353 Uncompleted New Sale LE SHANTIER Apartment Freehold Oct 4 1,690 1,780,000 - 1,053 1997 Resale ONE PEARL BANK Apartment 99 years Oct 6 431 1,062,000 - 2,467 Uncompleted New Sale NEEM TREE Apartment Freehold Oct 4 420 690,000 - 1,644 2018 Sub Sale STIRLING RESIDENCES Apartment 99 years Oct 2 980 1,771,000 - 1,808 Uncompleted New Sale REGENT RESIDENCES Apartment Freehold Oct 1 807 1,110,000 - 1,375 2015 Resale STIRLING RESIDENCES Apartment 99 years Oct 2 980 1,725,000 - 1,761 Uncompleted New Sale REGENT RESIDENCES Apartment Freehold Oct 2 689 938,000 - 1,362 2015 Resale STIRLING RESIDENCES Apartment 99 years Oct 3 980 1,777,000 - 1,814 Uncompleted New Sale District 13 STIRLING RESIDENCES Apartment 99 years Oct 4 657 1,216,000 - 1,852 Uncompleted New Sale AVON PARK Condominium Freehold Oct 2 1,281 1,751,000 - 1,367 1991 Resale STIRLING RESIDENCES Apartment 99 years Oct 5 635 1,229,000 - 1,935 Uncompleted New Sale MULBERRY AVENUE Terrace Freehold Oct 1 2,982 2,888,000 - 967 Unknown Resale STIRLING RESIDENCES Apartment 99 years Oct 5 980 1,713,000 - 1,749 Uncompleted New Sale PARK COLONIAL Condominium 99 years Oct 1 1,066 2,010,000 - 1,886 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Oct 5 980 1,795,000 - 1,833 Uncompleted New Sale SENNETT RESIDENCE Condominium 99 years Oct 1 915 920,000 - 1,006 2016 Resale STIRLING RESIDENCES Apartment 99 years Oct 5 980 1,695,000 - 1,730 Uncompleted New Sale THE TRE VER Condominium 99 years Oct 3 1,098 1,798,000 - 1,638 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Oct 6 441 894,000 - 2,026 Uncompleted New Sale THE TRE VER Condominium 99 years Oct 5 495 835,000 - 1,686 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Oct 6 980 1,719,000 - 1,755 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Oct 6 667 1,260,000 - 1,888 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Oct 6 980 1,789,000 - 1,826 Uncompleted New Sale District 14 STIRLING RESIDENCES Apartment 99 years Oct 6 980 1,783,000 - 1,820 Uncompleted New Sale EDENZ LOFT Apartment Freehold Oct 2 441 575,000 - 1,303 2015 Resale District 4 PARC ESTA Apartment 99 years Oct 2 710 1,268,000 - 1,785 Uncompleted New Sale CARIBBEAN AT KEPPEL BAY Condominium 99 years Oct 1 1,270 1,910,000 - 1,504 2004 Resale PARC ESTA Apartment 99 years Oct 2 743 1,243,000 - 1,674 Uncompleted New Sale CARIBBEAN AT KEPPEL BAY Condominium 99 years Oct 3 6,135 6,300,000 - 1,027 2004 Resale PARC ESTA Apartment 99 years Oct 2 743 1,245,000 - 1,676 Uncompleted New Sale CORALS AT KEPPEL BAY Condominium 99 years Oct 1 990 2,556,000 - 2,581 2016 Resale PARC ESTA Apartment 99 years Oct 2 926 1,468,000 - 1,586 Uncompleted New Sale CORALS AT KEPPEL BAY Condominium 99 years Oct 1 689 1,576,000 - 2,288 2016 Resale PARC ESTA Apartment 99 years Oct 2 700 1,244,000 - 1,778 Uncompleted New Sale CORALS AT KEPPEL BAY Condominium 99 years Oct 3 1,302 2,771,010 - 2,128 2016 Resale PARC ESTA Apartment 99 years Oct 3 721 1,253,000 - 1,737 Uncompleted New Sale REFLECTIONS AT KEPPEL BAY Condominium 99 years Oct 8 1,625 2,100,000 - 1,292 2011 Resale PARC ESTA Apartment 99 years Oct 3 1,076 1,572,000 - 1,460 Uncompleted New Sale THE PEARL @ MOUNT FABER Condominium 99 years Oct 4 1,163 1,410,000 - 1,213 2005 Resale PARC ESTA Apartment 99 years Oct 4 840 1,340,000 - 1,596 Uncompleted New Sale District 5 PARC ESTA Apartment 99 years Oct 5 926 1,458,000 - 1,575 Uncompleted New Sale BLUE HORIZON Condominium 99 years Oct 4 936 965,000 - 1,030 2005 Resale PARC ESTA Apartment 99 years Oct 6 1,227 2,096,000 - 1,708 Uncompleted New Sale DOVER PARKVIEW Condominium 99 years Oct 7 1,249 1,336,000 - 1,070 1997 Resale PARC ESTA Apartment 99 years Oct 6 926 1,535,000 - 1,658 Uncompleted New Sale HERITAGE VIEW Condominium 99 years Oct 4 2,583 2,900,000 - 1,123 2000 Resale PARC ESTA Apartment 99 years Oct 6 926 1,550,000 - 1,674 Uncompleted New Sale HUNDRED TREES Condominium 956 years Oct 3 1,475 1,930,000 - 1,309 2013 Resale PARC ESTA Apartment 99 years Oct 6 527 910,000 - 1,725 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Oct 1 517 932,315 - 1,804 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 6 635 1,085,000 - 1,708 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Oct 1 517 917,390 - 1,776 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 6 635 1,083,000 - 1,705 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Oct 2 484 844,000 - 1,742 Uncompleted New Sale PARC ESTA Apartment 99 years Oct 6 1,227 2,048,000 - 1,669 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Oct 5 603 898,000 - 1,490 Uncompleted New Sale REZI 24 Apartment Freehold Oct 1 570 847,600 - 1,486 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Oct 5 517 919,000 - 1,779 Uncompleted New Sale REZI 24 Apartment Freehold Oct 2 452 720,000 - 1,593 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Oct 6 517 952,000 - 1,843 Uncompleted New Sale REZI 24 Apartment Freehold Oct 4 570 898,200 - 1,574 Uncompleted New Sale KENT RIDGE HILL RESIDENCES Apartment 99 years Oct 6 474 827,000 - 1,746 Uncompleted New Sale SIMSVILLE Condominium 99 years Oct 4 1,249 1,288,000 - 1,032 1998 Resale JALAN MAS PUTEH Apartment 999 years Oct 3 915 710,000 - 776 Unknown Resale WINDY HEIGHTS Condominium Freehold Oct 7 2,476 2,460,000 - 994 1983 Resale JUBILEE ROAD Terrace Freehold Oct 4 2,594 3,480,000 - 1,339 1983 Resale District 15 PALM MANSIONS Apartment Freehold Oct 2 1,098 1,200,000 - 1,093 1998 Resale AMBER PARK Condominium Freehold Oct 5 743 1,819,260 - 2,449 Uncompleted New Sale PARC CLEMATIS Terrace 99 years Oct 1 2,659 2,768,888 - 1,041 Uncompleted New Sale CAYMAN RESIDENCES Terrace Freehold Oct 2 1,744 4,200,000 - 2,409 2019 New Sale PARC CLEMATIS Apartment 99 years Oct 1 710 1,133,000 - 1,595 Uncompleted New Sale CAYMAN RESIDENCES Terrace Freehold Oct 5 1,733 4,508,000 - 2,601 2019 New Sale PARC CLEMATIS Apartment 99 years Oct 1 904 1,436,000 - 1,588 Uncompleted New Sale COASTLINE RESIDENCES Apartment Freehold Oct 1 452 1,179,000 - 2,608 Uncompleted New Sale PARC CLEMATIS Apartment 99 years Oct 1 883 1,453,000 - 1,646 Uncompleted New Sale FINLAND GARDENS Condominium Freehold Oct 8 1,722 2,180,000 - 1,266 1984 Resale PARC CLEMATIS Apartment 99 years Oct 5 743 1,235,000 - 1,663 Uncompleted New Sale JUPITER 18 Apartment Freehold Oct 3 388 500,000 - 1,290 2014 Resale SEAHILL Condominium 99 years Oct 2 1,044 1,430,000 - 1,370 2016 Resale BRANKSOME ROAD Detached Freehold Oct 7 15,113 18,800,000 - 1,244 1991 Resale THE PEAK@BALMEG Condominium Freehold Oct 3 1,507 2,150,000 - 1,427 2011 Resale LORONG STANGEE Terrace Freehold Oct 8 1,485 2,550,000 - 1,717 1963 Resale THE SORRENTO Condominium Freehold Oct 7 721 1,060,000 - 1,470 2015 Resale OLLOI Apartment Freehold Oct 5 1,023 1,765,170 - 1,726 Uncompleted New Sale THE STELLAR Condominium Freehold Oct 1 1,389 1,750,000 - 1,260 2008 Resale OPERA ESTATE Terrace Freehold Oct 4 1,604 2,550,000 - 1,594 1997 Resale WEST BAY CONDOMINIUM Condominium 99 years Oct 2 1,356 1,100,000 - 811 1994 Resale RIVEREDGE Condominium 99 years Oct 8 1,335 1,850,000 - 1,386 2008 Resale WHISTLER GRAND Apartment 99 years Oct 2 441 695,360 - 1,576 Uncompleted New Sale TANJONG RIA CONDOMINIUM Condominium 99 years Oct 4 807 880,000 - 1,090 1997 Resale WHISTLER GRAND Apartment 99 years Oct 2 614 882,290 - 1,438 Uncompleted New Sale THE LINE @ TANJONG RHU Condominium Freehold Oct 1 581 1,410,000 - 2,426 2016 Resale WHISTLER GRAND Apartment 99 years Oct 6 614 896,260 - 1,461 Uncompleted New Sale District 16 WHISTLER GRAND Apartment 99 years Oct 6 958 1,366,940 - 1,427 Uncompleted New Sale BAYSHORE PARK Condominium 99 years Oct 1 936 950,000 - 1,014 1986 Resale District 7 BAYSHORE PARK Condominium 99 years Oct 2 936 895,000 - 956 1986 Resale MIDTOWN BAY Apartment 99 years Oct 5 743 1,865,000 1,829,000 2,463 Uncompleted New Sale CHANGI COURT Condominium Freehold Oct 1 840 945,000 - 1,126 1997 Resale MIDTOWN BAY Apartment 99 years Oct 5 743 1,890,000 1,854,000 2,496 Uncompleted New Sale KEW GREEN Condominium 99 years Oct 7 2,917 1,800,000 - 617 1997 Resale MIDTOWN BAY Apartment 99 years Oct 5 409 1,260,000 1,224,000 2,992 Uncompleted New Sale JALAN SEGAM Semi-Detached 99 years Oct 2 3,854 1,450,000 - 376 Unknown Resale MIDTOWN BAY Apartment 99 years Oct 5 409 1,290,400 1,254,400 3,067 Uncompleted New Sale TANAMERA CREST Condominium 99 years Oct 2 1,206 990,000 - 821 2004 Resale MIDTOWN BAY Apartment 99 years Oct 5 463 1,342,100 1,306,100 2,822 Uncompleted New Sale WATERFRONT ISLE Condominium 99 years Oct 1 1,076 1,140,000 - 1,059 2015 Resale MIDTOWN BAY Apartment 99 years Oct 5 463 1,330,000 1,294,000 2,796 Uncompleted New Sale WATERFRONT ISLE Condominium 99 years Oct 1 947 1,148,000 - 1,212 2015 Resale MIDTOWN BAY Apartment 99 years Oct 5 463 1,354,300 1,318,300 2,848 Uncompleted New Sale WATERFRONT KEY Condominium 99 years Oct 1 1,227 1,420,000 - 1,157 2012 Resale MIDTOWN BAY Apartment 99 years Oct 5 463 1,300,300 1,264,300 2,732 Uncompleted New Sale District 17 MIDTOWN BAY Apartment 99 years Oct 5 463 1,366,400 1,330,400 2,874 Uncompleted New Sale DAHLIA PARK CONDOMINIUM Condominium Freehold Oct 7 1,066 940,000 - 882 2003 Resale MIDTOWN BAY Apartment 99 years Oct 5 463 1,318,600 1,282,600 2,771 Uncompleted New Sale PARC KOMO Apartment Freehold Oct 4 1,410 2,214,000 - 1,570 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Oct 5 452 1,280,600 1,244,600 2,753 Uncompleted New Sale PARC OLYMPIA Condominium 99 years Oct 2 646 635,000 - 983 2015 Resale MIDTOWN BAY Apartment 99 years Oct 5 452 1,346,700 1,310,700 2,899 Uncompleted New Sale THE JOVELL Condominium 99 years Oct 4 904 1,108,000 - 1,225 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Oct 5 452 1,322,400 1,286,400 2,845 Uncompleted New Sale TOH ESTATE Semi-Detached Freehold Oct 7 3,229 3,550,000 - 1,101 2007 Resale MIDTOWN BAY Apartment 99 years Oct 5 732 2,116,600 2,080,600 2,843 Uncompleted New Sale District 18 MIDTOWN BAY Apartment 99 years Oct 5 732 2,536,100 2,500,100 3,416 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Oct 5 1,324 3,510,400 3,438,400 2,597 Uncompleted New Sale CHANGI RISE CONDOMINIUM Condominium 99 years Oct 1 1,259 990,000 - 786 2004 Resale MIDTOWN BAY Apartment 99 years Oct 5 484 1,498,700 1,462,700 3,020 Uncompleted New Sale EASTPOINT GREEN Condominium 99 years Oct 8 2,314 1,575,000 - 681 1999 Resale MIDTOWN BAY Apartment 99 years Oct 5 484 1,818,600 1,782,600 3,680 Uncompleted New Sale NV RESIDENCES Condominium 99 years Oct 2 904 828,000 - 916 2013 Resale MIDTOWN BAY Apartment 99 years Oct 5 1,023 2,830,200 2,758,200 2,697 Uncompleted New Sale OASIS @ ELIAS Condominium 99 years Oct 7 1,475 1,050,000 - 712 2011 Resale MIDTOWN BAY Apartment 99 years Oct 5 1,023 2,920,600 2,848,600 2,786 Uncompleted New Sale Q BAY RESIDENCES Condominium 99 years Oct 7 517 590,000 - 1,142 2016 Resale MIDTOWN BAY Apartment 99 years Oct 5 484 1,528,300 1,492,300 3,081 Uncompleted New Sale Q BAY RESIDENCES Condominium 99 years Oct 7 883 870,000 - 986 2016 Resale MIDTOWN BAY Apartment 99 years Oct 5 753 2,160,600 2,124,600 2,820 Uncompleted New Sale SAVANNAH CONDOPARK Condominium 99 years Oct 8 1,227 970,000 - 790 2005 Resale MIDTOWN BAY Apartment 99 years Oct 5 753 2,044,400 2,008,400 2,665 Uncompleted New Sale SEA ESTA Condominium 99 years Oct 1 904 910,000 - 1,006 2015 Resale MIDTOWN BAY Apartment 99 years Oct 6 409 1,302,600 1,266,600 3,097 Uncompleted New Sale SEA ESTA Condominium 99 years Oct 7 646 692,000 - 1,071 2015 Resale MIDTOWN BAY Apartment 99 years Oct 6 463 1,378,600 1,342,600 2,901 Uncompleted New Sale THE TAPESTRY Condominium 99 years Oct 4 603 766,090 - 1,271 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Oct 6 452 1,334,500 1,298,500 2,872 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 1 581 808,000 - 1,390 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Oct 6 452 1,358,100 1,322,100 2,924 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 1 463 649,000 - 1,402 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Oct 6 452 1,310,200 1,274,200 2,818 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 3 592 828,000 - 1,399 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Oct 6 527 1,518,400 1,482,400 2,811 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 4 1,033 1,372,000 - 1,328 Uncompleted New Sale MIDTOWN BAY Apartment 99 years Oct 6 474 1,403,700 1,367,700 2,888 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 5 463 678,000 - 1,465 Uncompleted New Sale SOUTH BEACH RESIDENCES Apartment 99 years Oct 1 1,313 4,248,000 - 3,235 2016 Resale TREASURE AT TAMPINES Condominium 99 years Oct 5 1,033 1,306,000 - 1,264 Uncompleted New Sale SUNSHINE PLAZA Apartment 99 years Oct 7 893 1,132,000 - 1,267 2001 Resale TREASURE AT TAMPINES Condominium 99 years Oct 5 678 934,000 - 1,377 Uncompleted New Sale District 8 TREASURE AT TAMPINES Condominium 99 years Oct 5 915 1,142,000 - 1,248 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Oct 5 592 821,000 - 1,387 Uncompleted New Sale OXFORD SUITES Apartment Freehold Oct 1 893 1,280,000 - 1,433 2010 Resale TREASURE AT TAMPINES Condominium 99 years Oct 6 1,033 1,372,000 - 1,328 Uncompleted New Sale EDGEPROP | OCTOBER 21, 2019 EP11

DONE DEALS

Residential transactions with contracts dated Oct 1 to 8

SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION SALE DATE LAND AREA/ TRANSACTED NETT PRICE UNIT PRICE COMPLETION PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) ($ PSF) DATE TYPE OF SALE TREASURE AT TAMPINES Condominium 99 years Oct 6 1,238 1,587,000 - 1,282 Uncompleted New Sale District 21 TREASURE AT TAMPINES Condominium 99 years Oct 6 915 1,163,000 - 1,271 Uncompleted New Sale ASTOR GREEN Condominium 99 years Oct 3 1,087 1,295,000 - 1,191 1995 Resale TREASURE AT TAMPINES Condominium 99 years Oct 6 592 812,000 - 1,372 Uncompleted New Sale MAYFAIR MODERN Condominium 99 years Oct 5 624 1,350,000 - 2,162 Uncompleted New Sale WATERVIEW Condominium 99 years Oct 3 1,184 1,235,000 - 1,043 2014 Resale MAYFAIR MODERN Condominium 99 years Oct 6 1,044 2,261,000 - 2,165 Uncompleted New Sale WATERVIEW Condominium 99 years Oct 8 1,184 1,216,000 - 1,027 2014 Resale PARC PALAIS Condominium Freehold Oct 4 1,249 1,550,000 - 1,241 1999 Resale District 19 SIGNATURE PARK Condominium Freehold Oct 3 1,033 1,388,000 - 1,343 1998 Resale AFFINITY AT SERANGOON Apartment 99 years Oct 1 538 780,000 - 1,449 Uncompleted New Sale SPRINGDALE CONDOMINIUM Condominium 999 years Oct 8 926 1,010,000 - 1,091 1998 Resale AFFINITY AT SERANGOON Apartment 99 years Oct 5 1,076 1,582,000 - 1,470 Uncompleted New Sale SYMPHONY HEIGHTS Condominium Freehold Oct 1 1,346 1,670,000 - 1,241 1998 Resale AFFINITY AT SERANGOON Apartment 99 years Oct 5 732 1,116,000 - 1,525 Uncompleted New Sale THE HILLFORD Apartment 60 years Oct 4 657 720,000 - 1,097 2016 Resale AFFINITY AT SERANGOON Apartment 99 years Oct 6 850 1,314,720 - 1,546 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Oct 3 689 1,166,000 - 1,693 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Oct 6 775 1,118,000 - 1,443 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Oct 6 883 1,495,000 - 1,694 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Oct 6 560 781,000 - 1,395 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Oct 6 689 1,146,000 - 1,664 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Oct 6 1,076 1,552,000 - 1,442 Uncompleted New Sale VIEW AT KISMIS Apartment 99 years Oct 6 592 1,059,000 - 1,789 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years Oct 6 1,572 2,412,630 - 1,535 Uncompleted New Sale District 22 AFFINITY AT SERANGOON Apartment 99 years Oct 6 560 766,000 - 1,369 Uncompleted New Sale LAKEHOLMZ Condominium 99 years Oct 1 1,572 1,370,000 - 872 2005 Resale AUSTVILLE RESIDENCES EC 99 years Oct 1 1,033 860,000 - 832 2014 Resale LAKEHOLMZ Condominium 99 years Oct 3 1,238 1,147,000 - 927 2005 Resale AUSTVILLE RESIDENCES EC 99 years Oct 2 1,033 918,000 - 888 2014 Resale PARC OASIS Condominium 99 years Oct 7 1,227 1,170,000 - 953 1994 Resale AUSTVILLE RESIDENCES EC 99 years Oct 4 1,023 885,000 - 865 2014 Resale District 23 AUSTVILLE RESIDENCES EC 99 years Oct 4 786 748,000 - 952 2014 Resale BLOSSOM RESIDENCES EC 99 years Oct 4 753 710,000 - 942 2014 Resale BARTLEY RESIDENCES Apartment 99 years Oct 1 1,076 1,280,000 - 1,189 2015 Resale BUKIT 828 Apartment Freehold Oct 2 506 795,000 - 1,571 Uncompleted New Sale BOATHOUSE RESIDENCES Condominium 99 years Oct 2 657 685,000 - 1,043 2015 Resale CASHEW HEIGHTS CONDOMINIUM Condominium 999 years Oct 7 1,658 1,950,000 - 1,176 1992 Resale BOATHOUSE RESIDENCES Condominium 99 years Oct 3 840 920,000 - 1,096 2015 Resale GUILIN VIEW Condominium 99 years Oct 8 1,281 1,028,000 - 803 2000 Resale CHUAN GREEN Terrace 99 years Oct 3 1,755 2,100,000 - 1,195 2003 Resale HAZEL PARK CONDOMINIUM Condominium 999 years Oct 3 1,518 1,800,000 - 1,186 2000 Resale ESPARINA RESIDENCES EC 99 years Oct 2 1,066 1,250,000 - 1,173 2013 Resale HAZEL PARK CONDOMINIUM Condominium 999 years Oct 4 1,324 1,420,000 - 1,073 2000 Resale ESPARINA RESIDENCES EC 99 years Oct 8 829 938,000 - 1,132 2013 Resale HILLSTA Condominium 99 years Oct 1 527 620,000 - 1,175 2016 Resale JEWEL @ BUANGKOK Condominium 99 years Oct 1 721 915,000 - 1,269 2016 Resale HILLVISTA Condominium Freehold Oct 3 1,141 1,438,000 - 1,260 2010 Resale KOVAN RESIDENCES Condominium 99 years Oct 8 1,647 1,518,000 - 922 2011 Resale MERAWOODS Condominium 999 years Oct 8 1,001 1,000,000 - 999 1999 Resale SURIN AVENUE Terrace Freehold Oct 1 1,711 1,900,000 - 1,109 Unknown Resale PALM GARDENS Condominium 99 years Oct 2 1,938 1,317,000 - 680 2000 Resale EE TEOW LENG ROAD Terrace Freehold Oct 2 2,067 3,220,000 - 1,560 Unknown Resale THE QUINTET EC 99 years Oct 4 1,572 1,190,000 - 757 2006 Resale PARC CENTROS Condominium 99 years Oct 2 474 600,000 - 1,267 2016 Resale VILLA VERDE Terrace 99 years Oct 2 1,615 1,600,000 - 991 2000 Resale PARK GREEN EC 99 years Oct 3 1,528 1,200,000 - 785 2004 Resale District 25 PIERMONT GRAND EC 99 years Oct 1 1,335 1,478,400 - 1,108 Uncompleted New Sale LA CASA EC 99 years Oct 7 872 700,000 - 803 2008 Resale PIERMONT GRAND EC 99 years Oct 2 1,507 1,680,200 - 1,115 Uncompleted New Sale WOODSVALE EC 99 years Oct 3 1,292 770,000 - 596 2000 Resale PIERMONT GRAND EC 99 years Oct 4 969 1,012,000 - 1,045 Uncompleted New Sale District 26 PIERMONT GRAND EC 99 years Oct 6 1,302 1,372,800 - 1,054 Uncompleted New Sale FOREST HILLS CONDOMINIUM Condominium 99 years Oct 2 1,044 820,000 - 785 2003 Resale PIERMONT GRAND EC 99 years Oct 6 840 961,700 - 1,145 Uncompleted New Sale District 27 PRIVE EC 99 years Oct 4 1,442 1,430,000 - 991 2013 Resale RIVERFRONT RESIDENCES Apartment 99 years Oct 1 1,410 1,699,320 - 1,205 Uncompleted New Sale EIGHT COURTYARDS Condominium 99 years Oct 3 861 890,000 - 1,034 2014 Resale RIVERFRONT RESIDENCES Apartment 99 years Oct 2 721 968,000 - 1,342 Uncompleted New Sale THE ESTUARY Condominium 99 years Oct 2 1,119 1,052,500 - 940 2013 Resale RIVERFRONT RESIDENCES Apartment 99 years Oct 4 915 1,205,000 - 1,317 Uncompleted New Sale District 28 RIVERFRONT RESIDENCES Apartment 99 years Oct 5 517 739,000 - 1,430 Uncompleted New Sale BELGRAVIA GREEN Terrace Freehold Oct 3 3,455 3,044,420 - 881 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Oct 6 915 1,224,000 - 1,338 Uncompleted New Sale HIGH PARK RESIDENCES Apartment 99 years Oct 3 592 750,000 - 1,267 2019 Sub Sale RIVERFRONT RESIDENCES Apartment 99 years Oct 6 1,109 1,368,000 - 1,234 Uncompleted New Sale MIMOSA PARK Condominium Freehold Oct 2 2,164 2,088,888 - 965 1979 Resale RIVERPARC RESIDENCE EC 99 years Oct 2 1,076 995,000 - 924 2014 Resale MIMOSA TERRACE Terrace Freehold Oct 4 1,615 2,500,000 - 1,548 2006 Resale RIVERPARC RESIDENCE EC 99 years Oct 8 990 875,000 - 884 2014 Resale NIM GARDENS Condominium Freehold Oct 8 1,830 1,488,000 - 813 1986 Resale RIVERSAILS Condominium 99 years Oct 4 883 940,000 - 1,065 2016 Resale PARC BOTANNIA Condominium 99 years Oct 1 667 932,960 - 1,398 Uncompleted New Sale TERRASSE Condominium 99 years Oct 4 850 970,000 - 1,141 2014 Resale PARC BOTANNIA Condominium 99 years Oct 2 667 937,000 - 1,404 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Oct 2 484 743,000 - 1,534 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Oct 2 980 1,284,780 - 1,312 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Oct 3 484 785,000 - 1,621 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Oct 4 872 1,160,000 - 1,330 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Oct 6 936 1,328,000 - 1,418 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Oct 4 861 1,085,000 - 1,260 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Oct 3 452 713,900 - 1,579 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Oct 4 1,507 1,713,020 - 1,137 Uncompleted New Sale THE MINTON Condominium 99 years Oct 2 1,658 1,780,000 - 1,074 2013 Resale PARC BOTANNIA Condominium 99 years Oct 4 667 887,000 - 1,329 Uncompleted New Sale THE MINTON Condominium 99 years Oct 7 1,346 1,300,000 - 966 2013 Resale PARC BOTANNIA Condominium 99 years Oct 5 980 1,372,000 - 1,401 Uncompleted New Sale District 20 WASHINGTONIA VILLA Semi-Detached Freehold Oct 1 4,984 4,200,000 - 843 1976 Resale BISHAN LOFT EC 99 years Oct 8 1,378 1,650,000 - 1,198 2003 Resale Source: URA Realis. Updated Oct 15, 2019. FAR HORIZON GARDENS Condominium 99 years Oct 2 1,152 950,000 - 825 1986 Resale EC stands for executive condominium JADESCAPE Condominium 99 years Oct 3 764 1,270,100 - 1,662 Uncompleted New Sale JADESCAPE Condominium 99 years Oct 3 764 1,288,300 - 1,686 Uncompleted New Sale DISCLAIMER: JADESCAPE Condominium 99 years Oct 4 1,259 2,014,000 - 1,599 Uncompleted New Sale The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly THE PANORAMA Condominium 99 years Oct 4 1,141 1,680,000 - 1,472 2017 Resale or indirectly from the use of, or reliance on, the information provided therein.

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S bit.ly/readtheedge T EP12 • EDGEPROP | OCTOBER 21, 2019

GAINS AND LOSSES Resale unit at Sky@Eleven reaps $1.72 mil profit

PICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE | BY CHARLENE CHIN | Station on the North-East and Circle Lines. A unit sold at The Arcadia, along Arca- he seller of a unit at Sky@Eleven made dia Road in District 11, made the third most the top gain of $1.72 million over the profitable transaction over the week, netting week of Oct 1 to 8. The 2,713 sq ft unit a 99% profit of $1.57 million. This 3,714 sq on the 39th floor was purchased for ft unit on the eighth floor was bought in Au- $2.78 million ($1,024 psf) in March gust 2005 for $1.59 million ($427 psf), and T2007 and sold for $4.5 million ($1,659 psf) on sold for $3.15 million ($848 psf) on Oct 4. Oct 8. The seller made a 62% profit, or an an- The seller thus made an annualised profit of nualised profit of 4% over 13 years. 5% over 14 years. Located in District 11, Sky@Eleven was Completed in 1983, The Arcadia compris- completed in 2010 and comprises 273 freehold es 164 units on a 99-year leasehold. It is 18 units across 42 floors. It is a 17-minute walk minutes by bus to Tan Kah Kee MRT Station to Caldecott MRT Station on the Circle Line. on the Downtown Line. The second top gain made over the week Meanwhile, the greatest loss incurred over – a 35% profit of $1.65 million – was at Car- the week was from the resale of a 6,232 sq ft ibbean at Keppel Bay. unit at The Marq on Paterson Hill in District Located on Keppel Bay Drive in District 4, 9. Having sold the property for $25 million the 6,135 sq ft unit on the fourth floor was ($4,011 psf) on Oct 7, the seller sustained a purchased for $4.65 million ($758 psf) in July 9% loss of $2.49 million. 2006 and sold for $6.3 million ($1,027 psf) on The unit was purchased in July 2007 for Oct 3. This means that the seller made an an- $27.49 million ($4,410 psf). Over a holding nualised profit of 2% over 13 years. period of 12 years, this translates into an an- Caribbean at Keppel Bay comprises 969 nualised loss of 1%. units across 10 storeys. The 99-year leasehold The 66-unit, freehold project was completed The 2,713 sq ft unit at Sky@Eleven was bought for The greatest loss incurred over the week was from development was completed in 2004 and is a in 2011 and is a six-minute walk from Orchard $2.78 million ($1,024 psf) in March 2007 and sold the resale of a 6,232 sq ft unit at The Marq on 10-minute walk from Harbourfront Interchange MRT Station on the North-South Line. E for $4.5 million ($1,659 psf) on Oct 8 Paterson Hill in District 9

Top 15 gains and losses from Oct 1 to 8 Most profitable deals PROJECT DISTRICT AREA SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (SQ FT) (2019) ($ PSF) (YEARS) 1 SKY@ELEVEN 11 2,713 Oct 8 1,659 Mar 8, 2007 1,024 1,722,000 62 4 13 2 CARIBBEAN AT KEPPEL BAY 4 6,135 Oct 3 1,027 Jul 3, 2006 758 1,650,000 35 2 13 3 THE ARCADIA 11 3,714 Oct 4 848 Aug 17, 2005 427 1,565,000 99 5 14 4 FINLAND GARDENS 15 1,722 Oct 8 1,266 Dec 2, 1998 413 1,460,000 203 5 21 5 CASHEW HEIGHTS 23 1,658 Oct 7 1,176 Jan 26, 2006 401 1,285,000 193 8 14 CONDOMINIUM 6 MONTVIEW 10 1,227 Oct 2 1,671 Aug 25, 2005 777 1,096,960 115 6 14 7 LE SHANTIER 12 1,690 Oct 4 1,053 Jun 27, 2006 450 1,020,000 134 7 13 8 THE LINCOLN RESIDENCES 11 1,432 Oct 2 1,921 May 8, 2009 1,238 977,000 55 4 10 9 CHATEAU LE FAME 10 1,119 Oct 2 1,501 Dec 30, 2002 652 950,000 130 5 17 10 ENG HOON MANSIONS 3 1,421 Oct 7 1,130 Jun 27, 2006 528 855,000 114 6 13 11 BELLERIVE 10 3,735 Oct 2 1,486 Oct 4, 2011 1,258 850,000 18 2 8 12 MORIMASA GARDENS 11 2,131 Oct 3 1,553 Dec 11, 1996 1,173 810,000 32 1 23 13 HAZEL PARK CONDOMINIUM 23 1,518 Oct 3 1,186 May 11, 2000 659 799,960 80 3 19 14 NIM GARDENS 28 1,830 Oct 8 813 Sep 25, 2001 383 788,000 113 4 18 15 THE SPRINGS 11 990 Oct 4 1,595 Apr 11, 2002 889 690,000 78 3 17 Non-profitable deals PROJECT DISTRICT AREA SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (SQ FT) (2019) ($ PSF) (YEARS) 1 THE MARQ ON PATERSON HILL 9 6,232 Oct 7 4,011 Jul 3, 2007 4,410 2,485,587 9 1 12 2 THE MARQ ON PATERSON HILL 9 6,232 Oct 7 4,092 Jul 3, 2007 4,379 1,460,587 5 0.5 12 3 BLISS LOFT 12 1,399 Oct 2 786 May 4, 2010 1,048 367,000 25 3 9 4 REFLECTIONS AT KEPPEL BAY 4 1,625 Oct 8 1,292 Aug 10, 2011 1,489 320,796 13 2 8 5 STEVENS SUITES 10 1,130 Oct 4 1,734 Sep 28, 2010 1,988 287,000 13 2 9 6 THREE THREE ROBIN 10 1,367 Oct 4 2,012 Jul 24, 2007 2,195 250,000 8 1 12 7 BUCKLEY CLASSIQUE 11 1,410 Oct 2 1,929 Jul 26, 2011 2,025 134,800 5 1 8 8 BAYSHORE PARK 16 936 Oct 2 956 Aug 3, 2018 1,055 93,000 9 8 1 9 RV EDGE 10 904 Oct 4 1,493 Feb 19, 2010 1,580 78,400 5 1 10 10 THE TRIZON 10 1,012 Oct 7 1,680 Jan 18, 2013 1,749 70,000 4 1 7 11 PATERSON SUITES 9 1,776 Oct 7 2,466 May 4, 2012 2,500 60,000 1 0.2 7 12 DAHLIA PARK CONDOMINIUM 17 1,066 Oct 7 882 Mar 18, 2013 924 45,000 5 1 7 13 Q BAY RESIDENCES 18 517 Oct 7 1,142 Feb 19, 2013 1,219 39,630 6 1 7 14 JUPITER 18 15 388 Oct 3 1,290 Oct 13, 2010 1,341 19,500 4 0.4 9 15 CRADELS 12 441 Oct 4 1,491 Apr 4, 2012 1,519 12,500 2 0.3 8 Source: URA, EdgeProp Note: Computed based on URA caveat data as at Oct 15 for private non-landed houses transacted between Oct 1 and 8 The profit and loss computation excludes transaction costs such as stamp duties. EDGEPROP | OCTOBER 21, 2019 EP13

UNDER THE HAMMER

Unit at D’Hillside Loft going for $1.04 mil

| BY BONG XIN YING | The previous owner purchased it for $455,000 ground floor units, people would not be able and is a six- to 10-minute drive from One@ ($509 psf) in Sept 2005, according to a caveat to peer into this particular one. Kentridge, Rochester Mall, and The Star Vista. 893 sq ft, one-bedroom unit at D’Hill- lodged with URA Realis. Originally a one-plus-study unit, the wall be- Nearby educational institutions include Na- side Loft – located along Pasir Panjang Located off South Buona Vista Road, D’Hill- tween the bedroom and study room has since tional University of Singapore, Anglo Chinese Hill in District 5 – will be put up for its side Loft is a freehold apartment by Acg De- been hacked away to create a more spacious Junior College, and Singapore Polytechnic. The second auction on Oct 23, at a guide velopment completed in 2005. The five-sto- ensuite bedroom. Both the bedroom and the property is also accessible via the West Coast price of $1.04 million ($1,164 psf). rey development comprises 20 units, ranging living and dining area enjoy a high ceiling of Highway and Ayer Rajah Expressway and is suit- AAccording to the auctioneer at real estate from 807 sq ft one-bedders to penthouses of about 4m. The unit comes with an open-con- able for those who work at Mapletree Business consulting firm Edmund Tie, the property is 2,454 sq ft. cept kitchen, a storage room, and also “a very City or Fusionopolis. Most of all, Tan reckons a mortgagee sale and was first put up for auc- Even though the loft is located on the ground unique airwell” in the centre which “offers bet- that the property is also poised to benefit from tion last month at $1.048 million ($1,173 psf). floor, the corner unit is private and quiet, ter air circulation,” adds Tan. the upcoming Greater Southern Waterfront de- The ground floor unit will be sold with va- says Edmund Tie’s head of auction and sales D’Hillside Loft is a 10-minute walk from velopments nearby and thus “provides for good cant possession, on an “as is where is” basis. Joy Tan. She also adds that unlike the typical Haw Par Villa MRT Station on the Circle Line, investment opportunities”. E

PICTURES: EDMUND TIE

A 893 sq ft, one-bedroom unit at D’Hillside Loft will be up for its The unit comes with an air well in the centre, which provides ventila- The living area has a high ceiling of 4m second auction tion

COVER STORY

FROM PAGE EP7 city fringe, and include the 57-room ibis budget still under the Fragrance brand. However, ho- about $100 a night, adds GPH’s Ko. which will be branded ibis budget Ivory. Koh West Coast (formerly Fragrance Hotel – Water- tels in Singapore are enjoying high occupan- Besides the 23 hotels in Singapore, Koh also says he expects to open the hotel next year. front on Pasir Panjang Road); the 32-room ibis cy, averaging 86% in August and 93% in July, owns a 48-room hotel in Queensland under the budget Mount Faber (formerly Fragrance Hotel according to Singapore Tourism Board’s latest privately held GPH. The hotel, purchased three PART OF GLOBAL NETWORK – Royal on Telok Blangah Road); the 95-room figures. GPH’s Koh is therefore fielding pro- years ago, is leased to an independent party. With an international brand like ibis budget, ibis budget Selegie (formerly Fragrance Hotel posals from other international operators in Koh is also developing three hotels in Aus- the GPH hotels under the franchise scheme – Selegie); and the 101-room ibis budget Clarke Singapore, especially those with new-to-mar- tralia under GPH. The first hotel is in Hobart, will benefit from being part of Accor’s global Quay (formerly Fragrance Hotel – Riverside on ket brands. Tasmania, and scheduled to open in 1Q2020; distribution network and reservation system. Hong Kong Street). two more are in the pipeline – one in Perth and The most visible difference is in the hotel All in, GPH has a portfolio of 23 hotels, OVERSEAS FORAY the other in Launceston, Tasmania. clientele, as Accor’s clientele includes many valued at about $1.4 billion earlier this year. According to Koh, his Fragrance hotels have However, demand for hotels remains strong more international tourists. Those who are Out of the 23 hotels, 21 sit on freehold sites, always been popular among tour groups from in Singapore. On Oct 7, Hoi Hup paid $475 mil- members of LeClub Accor Hotels can also earn while the other two are of 99-year leasehold China and countries in Southeast Asia. There lion for the 342-room Andaz hotel at integrat- loyalty points through their stays at the new tenure, namely the ibis budget Clarke Quay are also a lot of MICE visitors and business ed development DUO by M+S. It is consid- ibis budget hotels in Singapore. (former Fragrance Hotel – Riverside) and the travellers. “That’s why Accor saw us as a per- ered a record-breaking price for a standalone Besides the six Fragrance hotels in Geylang, Parc Sovereign Hotel – Albert Street, and will fect fit for midscale and economy brands,” he hotel and translates to $1.39 million per key. another seven Fragrance hotels sitting within be rebranded ibis Styles. says. “We are enjoying over 90% occupancy “Singapore is still a good place to invest in,” the GPH portfolio are included in the franchise With 15 properties under the franchise at most of our hotels.” says Koh. “The rich still need to find a place agreement with Accor. They are located in the agreement with Accor, that leaves eight more The hotels enjoy average room rates of to put their money.” E

PICTURES: SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE

The garden wing of the Parc Sovereign Hotel, which will be refurbished and rebranded Mercure by next year One of the 270 rooms at Parc Sovereign Hotel, which is the biggest hotel in Global Premium Hotels’ portfolio

EP14 • EDGEPROP | OCTOBER 21, 2019

PROPERTY BRIEFS

CBRE SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE FROM PAGE EP2 platform will ensure we will continue don and Singapore, as well as within ment portfolio, the company says in to deliver outstanding results for our Southeast Asia. In her new role with a press release. clients,” says Hyland. Benham and Reeves, Tan will focus Mason says: “This is a great step He has more than 18 years of real on growing the sales division, spe- forward for our business in Asia as we estate experience and specialises in cifically helping Singapore investors continue to invest for long-term stra- markets in China, Singapore, and looking to expand their London prop- tegic growth in the markets of Hong Australia. Over the past five years, he erty portfolios. Kong, Singapore, Taiwan, Japan, South has also advised on over US$10 bil- Anita Mehra, managing director of Korea and China.” lion worth of real estate transactions. Benham and Reeves, says: “Our lat- Ng was CEO of Eastspring Taiwan Hyland was recently head of capital est hire is a real show of intent where for eight years and held other exec- markets Singapore for JLL, and held Benham and Reeves is concerned and utive roles including chief marketing Greg Hyland is now managing director other executive roles there, including Doris Tan has joined Benham and Reeves one that highlights our commitment officer of Eastspring Taiwan, and head of capital markets, Asia-Pacific, at CBRE regional director of Asia capital mar- as a regional director in the company’s to our current and future plans across of product for marketing and business kets in Singapore, and head of invest- Singapore operations the London property investment mar- operations for Eastspring Singapore. be based in Singapore. He is responsi- ment in Shanghai. ket in South East Asia. Despite wider She also served on the board of East- ble for the consultancy’s capital mar- es in prime residential locations in market conditions causing a market spring’s asset management joint ven- kets businesses across the Asia-Pacif- Doris Tan joins London firm London, as well as five international slowdown across more general tiers of ture in China for three years. ic region. Benham and Reeves as regional offices in China, Hong Kong, India, the UK property market, we’ve seen a “CBRE is recognised as the global director Malaysia, and Singapore. sustained interest in London’s prime Greg Hyland joins CBRE as head leader in real estate capital markets Property agent Doris Tan has joined Prior to her move, Tan worked market from overseas investors and of capital markets Asia-Pacific services and I’m delighted to be join- London estate agent Benham and with property group Strawberry Star we want to ensure that we have the Greg Hyland has started a new role ing. Investors increasingly demand Reeves as a regional director within as well as JLL. She also has extensive best team possible to enable our cus- as managing director of capital mar- seamless and innovative services, and the company’s Singapore operations. experience working in internation- tomers to invest correctly.” — Com- kets, Asia-Pacific, at CBRE, and will CBRE’s commitment to investing in the The family-run agency has 17 branch- al investment consultancies in Lon- piled by Timothy Tay E

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