Living in an Urban Village

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d’Leedon — Above it all Brought to you by CAPITALAND Singapore

LIVING IN AN URBAN VILLAGE

AMENITIES FROM SUPERMARKETS, RESTAURANTS, CAFÉS, SHOPS, SPAS, MEDICAL AND AESTHETIC CLINICS AT YOUR DOORSTEP EPJ2 • THEEDGE SINGAPORE | JULY 25, 2016

The legacy of the late Zaha Hadid, Pritzker Architecture Prize Laureate, lives on at d’Leedon, her first residential project in Singapore. With its seven 36-storey sculptural towers on a sprawling 840,049 sq ft site, it’s a visually arresting piece of architecture. But Hadid hadn’t forgotten the most important component: amenities for the residents of the 1,715 units at d’Leedon.

eveloped by a CapitaLand-led consortium, d’Leedon is a land- mark in its prime District 10 neighbourhood and is consid- ered one of Singapore’s largest Dcondominiums to date. Since the project’s completion in October 2014, sales have been brisk, and the project has fewer than 100 units available. Working in collaboration with CapitaLand, Zaha Hadid Architects has created an environ- ment that many other condominiums claim to have, but few have succeeded in delivering. In the The 50m lap pool, one of four swimming pools at d’Leedon design of the facilities within the condominium, the architect not only paid attention to aesthetic lines, but also took into consideration Singapore’s tropical weather – the sometimes sweltering heat and sudden showers of rain. The foot path to a side gate that offers residents access to the Farrer Road MRT station is therefore covered, with the scenery along the way enhanced by landscaping and a bamboo maze. All the amenities within the condominium are also accessible via ramps and covered walkways from the various blocks. Apart from being an architectural feature, the ramps also act as sheltered communal decks for residents to enjoy, with The covered walkway leading to the Farrer Road furniture designed by Zaha Hadid. The Holland Village MRT station just one stop from The beauty spa and one of the two supermarkets MRT station and surrounding landscaping with a d’Leedon within d’Leedon bamboo maze GENEROUS FACILITIES SURROUNDING AMENITIES meat direct from Australia, they can visit The is the Orchard Road shopping belt and the CBD With so many amenities within the condominium, Butcher at Chip Bee Gardens. Even if you’re not as well as Marina Bay. By MRT, it’s just a few stops residents need not venture beyond the entrance For residents who drive, what they appreciate into baking or cooking, there’s still something to on the Downtown or Circle Lines. of the compound nor join a private fitness club. most is the dual access – from King’s Road and buy at kitchenware store, Lemon Zest. It’s not surprising why d’Leedon is among Fitness buffs will not be disappointed by the Leedon Heights. For those who don’t drive, the The newly opened Raffles Medical Centre the top-selling condos over the past month. It state-of-the-art gym, a jogging track, fitness areas Farrer Road MRT station is just at the doorstep Holland V will inject a whole suite of medical has all the conveniences literally at its doorstep. spread across the grounds, basketball court, tennis of d’Leedon. amenities into the area. There will be family clinics courts and multi-purpose courts. Children also Just one MRT stop away is Holland Village that provide health screening, dental clinics and have their own play areas. with an eclectic mix of restaurants, bars and cafés even traditional Chinese medicine practices. There are at least four swimming pools at with interesting names and equally interesting There is also a mall with new shops and eateries. d’Leedon – from a 50m lap pool to a gym pool fare such as Bar Bar Black Sheep, Crust Gourmet The new medical complex is located next to the with aquatic fitness equipment and Jacuzzis. Pizza Bar, Everything with Fries and Fat Boy’s entrance of the Holland Village MRT station. Children have their own wet area and play pool. The Burger Bar. A long-standing popular eatery A five-minute drive from d’Leedon is Dempsey For those who want to indulge in a spa haven at Holland Village is the Crystal Jade La Mian Hill, where a whole host of interesting new eateries right within their condominium, there’s a Spa Xiao Long Bao. Korean eateries that have popped have opened, including Greek restaurant Blu Kou- Pavilion with his and hers steam bath and sauna, up there include Gaia Korean Grill and Bar and zina, Open Farm Community with its emphasis massage rooms and other resort-like facilities. Hansang Izakaya & Charcoal Barbeque. on fresh ingredients and Spanish restaurant Don Where other condominiums have one club- There’s also a 24-hour Cold Storage at Holland Quijote. Other popular eateries at Dempsey Hill More than house, d’Leedon is one of the few with two. For Road Shopping Centre, a Guardian pharmacy, are Culina bistro and gourmet food store, Jones 100 units snapped in the convenience of residents, there’s not just one, money changers and almost every bank has a the Grocer, Jumbo Seafood and White Rabbit. just one week! but two supermarkets. branch and ATM facility at Holland Village. The There are also art galleries, boutiques and antique discount For those who want to hold poolside parties, newsstand with its wide selection of newspapers furniture stores at Dempsey Hill. 15% there are three Party Houses available for use. The and magazines has been there for more than two for selected units! Party Houses are air-conditioned, with facilities generations. Other amenities in Holland Village ACCESSIBILITY for food catering and come with an en suite include hair and nail spas, beauty spas and medical With a down payment from as swimming pool. Other venues for hosting events as well as aesthetic clinics. The Singapore Botanic Gardens is also just one low as $250k*, move into your include the event courts and barbeque pavilion. Just across the road from Holland Village is MRT stop from d’Leedon, or a five-minute drive dream home immediately and If you fancy tumbling out of your apartment Chip Bee Gardens, where a new crop of cafes and away. The Singapore Botanic Gardens was listed and wandering straight into a café for a cappuccino restaurants such as Artisan bakery Baker & Cook, as a UNESCO World Heritage site last year. Amid save on loan interest payments or into a restaurant for a bite without having to Sunday Folks, Monocle and Madrinaa Italiano the greenery, one need not worry about hunger for 12 months! dress up, you can do that at d’Leedon. And for have joined the likes of Da Paolo Gastronomia, as there are interesting restaurants within the those who’ve always wanted a PPP (pores, pimples Original Sin and Mai Thai Restaurant. A popular Singapore Botanic Gardens, such as Blue Bali on The CapitaLand Stay Then Pay and pigmentation) laser clinic at their doorstep, new entrant is ice-cream parlour The Daily Scoop. Cluny, Food for Thought and Halia Restaurant. programme is applicable for there’s one opening soon within the condominium. For those who want hormone-free, imported Also within a 10-minute drive from d’Leedon selected units only.

* Based on the selling price of a $2.5M unit (excluding any stamp duties payable)

Visit our sales office at 5 Leedon Heights #01-09 Open daily from 11am to 6pm 6467 1190 | dleedon.com.sg

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The newly opened Raffles Holland V medical centre and mall next to the entrance Holland Village with its wide range of amenities from bars, restaurants and of the Holland Village MRT station cafes to banks, pharmacy and supermarket A PULLOUT WITH

MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)

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Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JULY 25, 2016 | ISSUE 738

Market Talk Property Take Done Deals OUE to launch OUE Options for HDB owners Prices at Gramercy Park Twin Peaks Tower 1 Lessons learnt from recent who have fulﬁ lled MOP hit a high of $2,869 psf EP4&5 EP2 EC launches EP8 EP12&13 HAO YUAN INVESTMENT YUAN HAO

EC: The real deal or just hype? First-hand ECs offer an excellent arbitrage opportunity, but there are exceptions and alternatives that buyers must consider before Dining area of a show making their choices. See our Cover Story on Pages 6 and 7. flat at Northwave EC EP2 • THEEDGE SINGAPORE | JANUARYJULY 25, 2016 XX, 2016 PROPERTY BRIEFS

Bellewaters, Kingsford Waterbay top

EDITORIAL developer sales in June EDITOR | Ben Paul In the absence of a new launch amid the school hol- THE EDGE PROPERTY iday, developers sold 768 units in June, including ex- SECTION EDITOR | ecutive condominiums (ECs). This was 45% lower Cecilia Chow than the 1,392 units sold in May. On a y-o-y basis, HEAD OF RESEARCH | Feily Soﬁ an however, developer sales spiked 58% from 485 units MOHAMMED FYROL/THE EDGE SINGAPORE DEPUTY SECTION EDITOR | EDGE SINGAPORE CHUA/THE SAMUEL ISAAC in the same period last year. Michael Lim Kingsford Waterbay is the top-selling private pro- SENIOR ANALYST | Esther Hoon, Lin Zhiqin ject, with 34 units sold at a median price of $1,185 ANALYST | Tan Chee Yuen psf. Trailing closely are The Glades (32 units sold at a median price of $1,402 psf) and Kingsford Hillview COPY-EDITING DESK | Elaine Lim, Evelyn Tung, for listed companies with a market capitalisation of Peak (31 units sold at a median price of $1,315 psf). Chew Ru Ju, Tan Gim Ean, over $1 billion at the 2016 Singapore Corporate Awards. Desmond Sim, CBRE’s head of research for Sin- Choy Wai Fong Lim was appointed group CEO in 2004. During gapore and Southeast Asia, says the private residen- PHOTO EDITOR | his tenure, the company’s total assets quadrupled tial sales volume in 1H2016 was about 10% higher Samuel Isaac Chua PHOTOGRAPHER | Albert Chua from about $5 billion to over $23 billion, while core than that in 1H2015, at 3,763 units. This is despite EDITORIAL COORDINATOR | earnings grew at a compound annual growth rate of the fact that there have been fewer new launches. In Rahayu Mohamad 10.4% to $544 million in FY2014/15. the sustained absence of new launches, buyers have DESIGN DESK | Tan Siew Ching, According to Frasers Centrepoint, Lim played a cru- been turning to existing projects, he adds. Christine Ong, Monica Lim, cial role in establishing four real estate investment trust In the EC segment, the number of units sold was Mohd Yusry, Tun Mohd Zaﬁ an platforms for the group. The four listed Frasers-brand- down 30.5% m-o-m from 334 units in May to 232 Mohd Za’abah ed REITs cover the company’s retail, commercial, hos- units in June. However, the latest developer sales of ADVERTISING + OUE to launch OUE Twin Peaks Tower 1 pitality and industrial assets. Lim will retire on Sept ECs are double the 110 EC units sold in June last year. MARKETING with new deferred payment scheme 30 after spending 36 years in the real estate industry, Bellewaters is the best-performing EC project, with ADVERTISING SALES OUE is planning to launch Tower 1 of OUE Twin of which 12 were at the helm of Frasers Centrepoint. 43 units sold at a median price of $804 psf. It is fol- DIRECTOR, ADVERTISING & SALES | Cowie Tan Peaks (above) for sale on July 30. It will release 93 lowed by The Vales with 28 units sold at a median ASSOCIATE ACCOUNT of the total 231 units for sale as part of its Phase 1 GKE awards 39 Benoi Road redevelopment price of $779 psf and Sol Acres with 25 units sold at DIRECTOR | Diana Lim launch. Prices will start from $2,450 psf, with 570 sq contract to HPC Builders a median price of $783 psf. ACCOUNT MANAGERS | Ken Tan, Priscilla Wong, Jon Tan ft, one-bedroom units starting from $1.35 million. All Integrated warehousing and logistics solutions provid- Developer sales are expected to rebound in July the units in Tower 1 will be similarly furnished like er GKE Corp has awarded the contract to redevelop its with the launch of Lake Grande near the Lakeside THE EDGE SINGAPORE those in Tower 2, which only has eight unsold units. property at 39 Benoi Road (below) to HPC Builders. The MRT station and two EC projects — Northwave and ADVERTISING + MARKETING ADVERTISING SALES Buyers can opt to pay by normal progressive pay- redevelopment cost for the site is expected to be be- Treasure Crest. The launch of Lake Grande coincides CHIEF MARKETING OFFICER | ment or choose one of the two deferred payment tween $40 million and $50 million. Construction is ex- with the request for a master plan proposal by URA Cecilia Kay schemes available. Those who select the deferred pected to start on Aug 1 and be completed by end-2017. to transform the Jurong Lake District into a distinct SENIOR MANAGERS | payment scheme will have to pay a price that is 5% GKE plans to demolish the existing 200,000 sq ft mixed-use business precinct that is inclusive and Windy Tan, Kevin Sim MANAGERS | higher than those who buy under the normal pro- warehouse and redevelop it into a new 400,000 sq ft sustainable. Elaine Tan, Junda Lin gressive payment scheme. warehouse. It will also add 130,000 sq ft of open yard EVENTS Those who choose the first deferred payment storage space. One storey of the warehousing space Singapore and Malaysia sign high-speed rail MOU SENIOR MANAGER | Sivam Kumar scheme will have to pay a 10% booking fee and an- will be allocated for speciality chemicals or dangerous The governments of Singapore and Malaysia signed MARKETING other 10% a fortnight later upon signing the option goods warehousing. Once completed, GKE will have a memorandum of understanding (MOU) on a high- MANAGER | Cecile Herweg to purchase. A further $1,000 is payable when they an aggregate of about 1.2 million sq ft of warehousing speed rail (HSR) linking Kuala Lumpur and Singa-

EXECUTIVES | Tim Jacobs, receive vacant possession of the unit. This allows the space and 328,000 sq ft of open yard storage space. pore on July 19. Sam Ridzam new owner to move in or rent out the unit immediate- As part of the redevelopment plans, 39 Benoi Road The 350km-long HSR aims to cut the travelling time COORDINATOR | ly. The balance 80% of the purchase price will only and its neighbouring building, 30 Pioneer Road, will between both cities to 90 minutes. The trains will run Nor Aisah Bte Asmain be payable two years after the option exercise date. be connected via vehicular links at every level. The at a top speed of more than 300kph. The two termini

CIRCULATION For those who select the second deferred payment lease for both buildings will expire in February 2037. are located at Jurong East in Singapore and Bandar BUSINESS DEVELOPMENT DIRECTOR | scheme, they will have to pay a 20% down payment On April 15, Viva Industrial Trust acquired 30 Pio- Malaysia in Kuala Lumpur. There are six intermedi- Victor The upon signing the option to purchase. However, they neer Road from GKE Warehousing & Logistics, a sub- ate stations in Malaysia along the HSR line. They are MANAGER ASSISTANT | can defer exercising the option until Dec 30. Upon ex- sidiary of GKE, for $45 million. The warehouse was Putrajaya, Seremban, Ayer Keroh, Muar, Batu Pahat Sandrine Gerber EXECUTIVES | Keith Lee, ercising the option to purchase, they will pay $1,000 leased back to GKE Warehousing & Logistics for five and Iskandar Puteri. Operation is expected to com- Malliga Muthusamy and obtain vacant possession of the unit. The bal- years with rental escalations of 5% in the third and mence by 2026. ance 80% will be due two years later, starting from fifth years of the lease term. There is an option to re- CapitaLand president and group CEO Lim Ming CORPORATE CHIEF EXECUTIVE OFFICER | Ben Paul Dec 30. However, by deferring the date of exercising new for a further five-year term. Yan welcomes the move as it will increase the traf- DIRECTOR | Anne Tong the option to purchase, the buyer will also be defer- fic of business and leisure travellers between the two CORPORATE AFFAIRS ring the date of obtaining vacant possession of the countries. This increase is expected to benefit Capita- DIRECTOR | Ng Say Guan unit to Dec 30. This means the buyer will not be able GKE CORP Land’s portfolio of shopping malls and serviced res- PUBLISHER to move in or rent out the unit until then. idences in both countries, especially those located The Edge Publishing Pte Ltd The 462-unit OUE Twin Peaks comprises twin near the terminals and intermediate stations. 150 Cecil Street #08-01 35-storey towers. The 99-year leasehold condomini- In Singapore, CapitaLand owns and manages 19 Singapore 069543 Tel: (65) 6232 8622 um was completed in February 2015. Towers 1 and 2 malls, including three near the upcoming HSR termi- Fax: (65) 6232 8620 are identical and contain 231 units each. nus in Jurong East — Westgate, JCube and IMM. In Malaysia, CapitaLand has a portfolio of seven shop- PRINTER KHL Printing Co Pte Ltd Lim Ee Seng named best CEO at ping malls and 15 serviced residences under the As- 57 Loyang Drive Singapore Corporate Awards 2016 cott, Citadines and Somerset brands with over 3,000 Singapore 508968 Frasers Centrepoint group CEO Lim Ee Seng (above, units, including those in Kuala Lumpur, Putrajaya and Tel: (65) 6543 2222 right) has been accorded the Best CEO of the Year award Iskandar Puteri. — Compiled by Tan Chee Yuen E Fax: (65) 6545 3333

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Sign up here at http://tinyurl.com/TEPpullout THEEDGE SINGAPORE | JULY 25, 2016 • EP3 EP4 • THEEDGE SINGAPORE | JULY 25, 2016 CITY&COUNTRY New lessons from recent EC launches

| BY CECILIA CHOW | The crowd at Treasure Crest on years ago, you rarely heard about the first weekend of bookings SIM LIAN high vacancy rates in ECs.” he handful of executive There were 2,901 vacant units out condominium (EC) projects of a total stock of 20,351 as at end- launched this year has seen 1Q2016, bringing the vacancy rate to mixed results. On the weekend an all-time high of 14.3%. The higher of July 16 and 17, Sim Lian vacancy rate could be attributed to the TGroup’s Treasure Crest EC opened higher number of new EC projects com- for bookings. It saw 362 (72%) of pleted in 1Q2016, including CityLife@ the 504 units in the project snapped Tampines, Waterbay in Punggol, Twin up over the two days at an average Fountains in Woodlands (adjacent to price of $742 psf. Bellewoods) and The Topiary, which “In the current EC market, sales collectively added 2,015 units to the performance is primarily depend- inventory of completed units. Some ent on two factors — pricing and owners of these newly completed location,” says Ong Teck Hui, JLL projects may not have moved in yet, national director of research. “At which also contributed to the higher Treasure Crest, pricing appears to vacancy rate, explains Sim. be the dominant factor in attract- The high inventory of unsold units ing buyers.” could lead to a new phenomenon: pri- Treasure Crest’s average price of vatisation of units within the same EC $742 psf undercuts the other projects Northern districts — supply upcoming Canberra MRT station. the demand had already been soaked at different dates, notes CBRE’s Sim. launched in the Sengkang-Punggol from earlier launches Some agents reckon the Smart Home up by these earlier launches by the “In the past, ECs tended to be 100% area in late 2014 to 2015. The four The contrasting performances of ECs features also drew buyers. time Parc Life and Northwave made sold prior to completion,” he explains. EC projects launched — Bellewa- launched within a week of each oth- Parc Life and Northwave were the their [respective] debuts recently.” However, if some of the ECs launched ters, The Terrace, The Amore and er was also played out in the Sem- two latest EC launches in the north- recently are not fully sold when the The Vales — averaged $786 to $800 bawang area three months ago. The ern districts of 25 and 27, which in- Double-digit vacancy rate Temporary Occupation Permit (TOP) psf, notes JLL’s Ong. These four pro- third week of April saw the launch clude Sembawang, Woodlands and The main concern now is that the is obtained, then buyers who pur- jects had land costs ranging from of Qingjian Realty’s 632-unit The Yishun. ECs launched in these dis- supply of ECs has outpaced demand, chase after completion will have their $331 to $367 psf per plot ratio (psf Visionaire at the corner of Canber- tricts in 2H2015 still have unsold says Desmond Sim, head of research at minimum occupation period effective ppr) whereas Treasure Crest’s site ra Drive and Sembawang Road. The units, notes Emily Eng, director of CBRE Singapore and Southeast Asia. from their date of purchase. “It will be was secured at $280 psf ppr, giving Visionaire was also positioned as an residential services at OrangeTee. The number of launched and unsold similar to those buying HDB flats unit the price-competitive advantage, EC with Smart Home features. For instance, The Brownstone was EC units across the island was 4,112 der the Sale of Balance Flats Scheme, he points out. The launch of The Visionaire was launched a year ago and is 70% sold. units as at end-June, almost double where the MOP of five years is effective Beyond pricing, the spacious unit followed just a week later by that of Signature at Yishun was launched in the total of 2,232 units a year ago. from the point of purchase,” says Sim. sizes of 958 to 1,345 sq ft were also the 628-unit Parc Life at Sembawang end-September; the neighbouring The spike in the number of un- a main draw, says Sim Lian Group. Crescent by Frasers Centrepoint and The Criterion was launched in early sold units is also due to the higher Silver lining Location was pivotal, as the project Keong Hong Holdings. The project is October. As at end-June, 25% of the number of EC projects launched in There is a silver lining to unsold stock is located in Sengkang New Town adjacent to Canberra Park. units at Signature at Yishun have 1H2016 relative to 1H2015 (see table). in the EC market, as future supply and a short walk from the Cheng As at end-June, 195 units (31%) been sold, while the take-up rate at However, the number of EC units sold has been curbed. Only one EC site Lim LRT station. at The Visionaire were sold at a me- The Criterion was 22%. in 1H2016 was 1,850 compared with has been put up for sale under the The previous weekend, Hao Yuan dian price of $811 psf. Meanwhile, “These ECs were also launched 2,550 units in 2015. “As the absorp- government land sales (GLS) pro- Investment launched its 358-unit Parc Life sold 82 units (13%), with within weeks of each other,” notes tion rate has slowed, there’s now a gramme this year. It was the recent Northwave EC. The project is locat- the latest median price at $759 psf. OrangeTee’s Eng. “There is a larger supply overhang, which is unprec- launch of a 226,199 sq ft site at An- ed at the junction of Woodlands Av- The difference in sales could be due supply pool in the north, and competi- edented,” notes CBRE’s Sim. “ECs chorvale Link in Sengkang, which can enue 12 and Gambas Avenue. to The Visionaire’s proximity to the tion is therefore more intense. Much of used to be sold out at launch. Five be developed into a 635-unit project.

Executive condo launches from 2013 to 2017 CBRE RESEARCH EXECUTIVE CONDOS DEVELOPER LOCATION LAUNCH DATE AVERAGE LAUNCH PRICE ($ PSF) TOP DATE TOTAL UNITS UNITS SOLD* LATEST MEDIAN PRICE ($ PSF)* 2013 Forestville Hao Yuan Investment Woodlands Avenue 5 July 2013 730 April 2016 653 648 770 Ecopolitan Qingjian Realty Punggol Way June 2013 795 2016 512 497 789 Twin Fountains Frasers Centrepoint/Lum Chang Woodlands Avenue 6 May 2013 740 March 2016 418 418 800 Lush Acres City Developments Sengkang West Way August 2013 790 June 2016 380 380 785 Sea Horizon Hao Yuan Investment/Sustained Land Pasir Ris Drive 3 August 2013 820 2016 495 495 763 Waterwoods Sing Holdings Punggol Field Walk November 2013 800 December 2015 373 365 772 SkyPark Residences JBE Holdings Sembawang Crescent October 2013 800 2016 506 499 779 2014 Lake Life Evia Real Estate/BBR/CNH Investment/OKP Land Yuan Ching Road November 2014 870 2017 546 533 890 Bellewoods Qingjian Realty Woodlands Avenue 5 November 2014 800 November 2017 561 331 770 Bellewaters Qingjian Realty Anchorvale Crescent November 2014 810 November 2017 651 529 804 The Terrace Kheng Leong Punggol Drive December 2014 805 March 2018 747 478 796 2015 The Amore Keong Hong/Master Contract/JBE Holdings Punggol Central January 2015 800 July 2017 378 336 820 Westwood Residences Koh Brothers/Heeton Westwood Avenue May 2015 800 August 2018 480 215 812 The Brownstone City Developments Canberra Drive July 2015 810 January 2019 638 449 845 The Vales SingHaiYi Group Anchorvale Crescent July 2015 770 August 2018 517 326 779 Sol Acres MCL Land Choa Chu Kang Grove August 2015 790 March 2019 1,327 483 783 Signature at Yishun JBE Holdings Yishun Street 51 September 2015 770 March 2018 525 131 725 The Criterion City Developments Yishun Street 51 October 2015 800 2019 505 112 794 2016 Wandervale Sim Lian Group Choa Chu Kang Avenue 3 March 2016 770 2019 534 392 760 The Visionaire Qingjian Realty Canberra Drive April 2016 811 2018 632 195 811 Parc Life Frasers Centrepoint Sembawang Crescent April 2016 780 2019 628 82 759 Northwave Hao Yuan Investment Woodlands View July 2016 760 2019 358 26 760 Treasure Crest Sim Lian Group Anchorvale Crescent July 2016 742 2019 504 362 742 NA Qingjian/Suntec Investment/Bohai Investments Choa Chu Kang Avenue 5 2016/2017 2020 490 2017 NA Hoi Hup Realty Yio Chu Kang Early-2017 520 NA Government land site — tender closing Aug 23 Anchorvale Lane 2017 635 * Units sold based on caveats lodged on URA REALIS and downloaded on Jul 19, and URA data for developers’ new home sales for June 2016 THEEDGE SINGAPORE | JULY 25, 2016 • EP5 CITY&COUNTRY

The tender for the site will close on with creative schemes. At The Terrace, holds with a combined monthly in- Aug 23. “URA and HDB are making the developer offered a referral scheme come of $10,000 may opt for “the a concerted effort to cut back on the in which the buyer gets a $10,000 re- safer choice” of buying BTO (built- GLS sites [allocated] for the develop- bate, while the referrer gets a $10,000 to-order) flats instead of ECs. “This HOW YUAN HOW YUAN INVESTMENT ment of ECs,” observes Sim. referral fee. At least 125 units have could further reduce the demand for There are only two other ECs in been sold under the scheme, based ECs,” says Nicholas Mak, executive the pipeline for launch in 2H2016 and on caveats lodged so far. director of SLP International. 1H2017. These are the EC at Choa Chu Kang Avenue 5 by Qingjian Realty in MSR effect ‘EC prices sticky downward’ a joint venture with its investment The total debt servicing ratio (TDSR) Prices of private condos have generally arm Bohai Investments, and Suntect has hurt sales in the private housing softened by about 10%. By comparison, Investment; as well as an EC on Yio market, but the introduction of the JLL’s Ong notes, prices of new EC pro- Chu Kang Road by Hoi Hup. “Going by mortgage servicing ratio (MSR) of 30% jects have been more sticky downward the recent pickup in EC transactions, has had a greater impact on EC buyers. and have fallen just 4% in mid-2016 this will be a window of opportunity The MSR is more restrictive rela- from the peak of $826 psf in 1Q2015. for developers to clear their existing tive to the TDSR. Assuming a couple ECs are still attractive to buyers, stock,” says Eugene Lim, key execu- The 358-unit Northwave is located at the junction of Woodlands Avenue 12 and Gambas Avenue has a housing budget of $700,000, as there is still a 20% to 30% price tive officer of ERA Realty. at 3.5% interest rate and a 25-year gap compared with private condos in With the tender for the EC land “EC buyers are very price-sensi- normal progressive payment scheme home loan, the couple will need to the same area, says PropNex’s Lim. parcel at Anchorvale Link closing on tive, so the 3% premium makes a at The Visionaire because the TOP is have a combined monthly house- EC launches today are priced at $750 Aug 23, the earliest the new project can lot of difference to them,” says Lim still some time away,” says a proper- hold income of at least $9,345 to to $800 psf, and suburban condos in be launched will be 15 months later, Yong Hock, key executive officer of ty agent who requested anonymity. meet the MSR limit to buy an EC of the same area are priced at $1,000 which is end-2017, says OrangeTee’s PropNex Realty. “This is unlike the Conversely, the DPS scheme drew that price. Under a TDSR of 60%, the to $1,200 psf, he estimates. Eng. buyers of the completed prime con- significantly more buyers at Belle- combined household income would Given the price gap, ECs are there- dos that have recently offered DPS waters and Bellewoods. When the only need to be $4,672 a month to fore still relevant in today’s market Deferred payment scheme — they tend to be investors. EC buy- scheme with the 3% waiver for units afford a $700,000 private property, and serve the needs of the sand- Unlike prime condos, ECs cannot be ers are 100% owner-occupiers who purchased under DPS was launched estimates ERA’s Lim. wiched class, says OrangeTee’s Eng. marketed overseas by developers, as want certainty of purchase.” in mid-2015, more than 100 units were The increase in the monthly house- For now, with a supply overhang they are a restricted product. And Qingjian Realty offered to absorb sold in each of the ECs in 3Q2015. hold income ceiling for EC buyers from of more than 4,000 unsold units — even though there is an option for the 3% premium for buyers who took Both projects are substantially sold. $12,000 to $14,000 last August has equivalent to the supply from eight EC buyers to take up a deferred pay- up the DPS for three of its EC projects: “Bellewoods and Bellewaters are ex- also received a mixed response from projects — and slowing demand, the ment scheme (DPS), most opt for the Bellewoods and Bellewaters, which pected to be completed next year,” buyers. While the pool of eligible EC EC market may look bleak. As future normal progressive payment because were launched in late 2014 and early says a property agent. “This gives buyers may now be bigger, those in supply shrinks, however, the unsold there is generally a 3% premium for 2015 respectively; and The Visionaire. buyers greater certainty to plan the the $12,000-to-$14,000 income bracket inventory will eventually be soaked the former, say property agents. This means buyers who opt for the sale of their existing HDB home, as may still eye private property as being up. “Over the long term, EC prices For example, at Treasure Crest, 85% DPS will pay the same price as those they know when they are moving into more attractive, as their prices have tend to be more resilient than those of the buyers are said to have opted under the normal progressive pay- their new EC. The DPS is therefore softened, says JLL’s Ong. of private condos,” says Lim. “There for the normal progressive payment, ment scheme. attractive to buyers in this scenario.” Owing to the uncertainty in the is still demand for ECs, but buyers with only 15% taking up the DPS. “Most people still opted for the Some developers have also come up economy and the job market, house- have a lot more choices.” E EP6 • THEEDGE SINGAPORE | JULY 25, 2016 COVER STORY

EEC:C: TheThe realreal dealdeal oorr justjust hype?hype? First-hand ECs offer an excellent arbitrage opportunity, but there are exceptions and alternatives that buyers must consider before making their choices

| BY FEILY SOFIAN | shows the price performance at other ECs a net rental yield of 2.5% to 3% for private ple, fetched $769 psf on average in 2016, 2% versus comparable private condos.) mass-market condos, the subletting restric- shy of the $781 psf transacted at The Warren. xecutive condominiums, a hybrid of tion would result in a cumulative 13% to 15% Similarly, units at Park Green EC in Sengkang private and public housing, have been A foolproof investment asset? loss in rental yields over five years. Together changed hands at $718 psf this year, 4% be- perceived as a low-cost, high-return in- In the past few months, some market watch- with a construction period of three years, EC low the $747 psf average price at Rio Vista in vestment asset. This is not a baseless ers have vouched for ECs as a foolproof invest- buyers may have to wait up to eight years to Hougang. Both developments were completed proposition. Most of us are aware that ment asset that offers superior investment re- unlock the value of their properties. The up- in 2004, although there could be micro-loca- Enew ECs are typically priced at a 20% to 30% turns compared with private condos. This is front discount, therefore, serves to compensate tional forces at play that cause the difference discount to private condos of similar attributes. true for owner-occupiers because ECs are heav- for these restrictions. This should not impact in their prices. Furthermore, they will attain condo status 10 ily discounted to private condos of compara- buyers who purchase for owner occupation. One possible explanation is that private con- years after they are completed. Intuitively, EC ble age in their vicinity, giving homebuyers a It is also worth noting that EC prices are dos are perceived to offer better-quality products prices would catch up with condo prices to- head start in the race for capital appreciation. somehow still 2% to 5% lower than those of and finishes. However, this is subjective con- wards privatisation, which underscores their However, the downside of buying ECs is the comparable condos even after they are ful- sidering that recent EC developers have upped value proposition. resale and subletting restriction during the five- ly privatised, with the exception of Bishan their game with thematic concepts, strong fa- The most notable example is Bishan Loft EC, year minimum occupation period. Assuming Loft EC. Units at The Quintet EC, for exam- cilities and smart-home features. which was launched in 2001. Prices increased 157% from $422 psf at launch to $1,084 psf Tipping the balance with location this year. The project outperformed the URA The price appreciation for private condos near price index for private non-landed homes, an MRT station may be more significant than which trended up 56% over the same period. that of ECs in their vicinity. This is evidenced It also outshines Rafflesia Condominium in by The Jade, which is located next to the Bukit terms of price performance. Prices at Rafflesia Batok MRT station and West Mall. Prices ap- Condominium appreciated 37% from $760 psf preciated at the same pace as those for The at launch to $1,043 psf this year. Located on Dew EC on Bukit Batok Street 21 between their Bishan Street 21, the condo is less than 400m launch dates and 2016. Separately, well-locat- from the Marymount MRT station and a stone’s ed old condos present an alternative buying throw from Raffles Institution. opportunity. They are cheaper than new con- The example is not unique to Bishan. dos in their vicinity and prices could be on a Prices of ECs in less stellar locations have par with new ECs. also rallied ahead of private condos. Take Most of us are familiar with the 1,006-unit The Quintet EC in Choa Chu Kang, which Mandarin Garden Condominium on Siglap was launched in 2003 at an average price of Road, which is one of the oldest condos in $367 psf. Prices have increased 110% to an Singapore. Two 1,572 sq ft units on the low average of $769 psf this year. In compari- floors were transacted at an average price of son, prices at The Warren, also in Choa Chu $353 psf in 2001. Prices have since more than Kang, increased 76% from $445 psf to $781 doubled to $834 psf, based on comparable psf over the same period. The Warren and transactions in 2016. The Quintet were completed in 2004 and Well-located older condos offer similar entry prices to ECs and an alternative buying opportunity for buyers The entry price of $353 psf and the 136% 2006, respectively. (The table on page EP7 who want flexibility in selling and renting capital appreciation are not inferior to those THEEDGE SINGAPORE | JULY 25, 2016 • EP7 COVER STORY PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

Bishan Loft EC was launched at a 44% discount to Rafflesia Condominium

Price appreciation for ECs that were launched in 2001 URA, THE EDGE PROPERTY URA,

of ECs that were launched in 2001, including price appreciation is more pronounced after Nuovo EC in Ang Mo Kio, The Dew EC in Bukit privatisation (see chart). Batok and The Eden at Tampines EC. At the On the other hand, if the flexibility of sell- same time, the properties are not subject to ing and renting the unit is important, potential the various restrictions associated with public buyers may consider alternative assets such as housing. However, buyers must put up with older condos and new condos that are compet- an obsolete design and higher maintenance itively priced. High Park Residences, for exam- cost owing to wear and tear over the years. ple, was launched in July 2015 at $989 psf. If Not all old condos offer a better invest- such a deal exists in the market and affordabili- ment proposition than ECs. Units at Elias ty is not an issue, a homebuyer would be faced Green in Pasir Ris, for example, were trans- with equally attractive options between an EC To maximise financial returns, homebuy- though we do not account for any factors that acted at an average price of $357 psf in 2001. and a private condo of the same league. How- ers should look for ECs that offer higher dis- might contribute to the price difference, the Prices have since appreciated just 60% to ever, there are limited choices in the market. counts to nearby condos as well as those lo- significant gap in their launch prices would $572 psf this year. The developer of High Park Residences paid less cated near a transit node or growth corridor. have a bearing on the investment returns for than $450 psf ppr for the land parcel in 2014. Entry price has proved to be as important homebuyers. Deal or no deal? Since then, there have not been any sites that as location. Bishan Loft EC was launched at Treasure Crest EC in Sengkang and North- For owner-occupiers, first-hand ECs clearly of- have fetched a price lower than that. As at June, a 44% discount to Rafflesia Condominium, wave EC in Woodlands are currently the most fer an excellent arbitrage opportunity and the there were only 37 unsold units in the project. which was rolled out just one year earlier. Al- competitively priced new ECs in the market if we do not factor in the resale levy exemp- tion and other forms of rebates offered at oth- Price performance of randomly selected ECs versus comparable private condos er projects. Their respective developers, Sim Lian Group and Hao Yuan Investment, paid TYPE PROJECT NAME LOCATION COMPLETED IN LAUNCH PRICE ($ PSF) 2016 PRICE ($ PSF) PRICE GROWTH (%) about $280 psf ppr for the two sites in 2015, Central Region THE EDGE PROPERTY URA, the lowest price for EC land since July 2011. EC Bishan Loft Bishan 2003 422 1,084 157 While private condos are perceived to offer Condo Rafflesia Condominium 2003 760 1,043 37 better-quality products and finishes, some ECs North Region are courting buyers with novel facilities and EC Lilydale Yishun 2003 366 664 81 services that put them closer to private condos Condo Yishun Emerald 2002 471 681 45 in terms of product offerings. Westwood Res- Northeast Region idences EC in Jurong, for example, is the first EC Nuovo Ang Mo Kio 2004 396 847 114 bicycle-themed development in Singapore that Condo Grandeur 8 2005 480 971 102 comes with a sheltered bicycle garage and des- East Region ignated bike maintenance area. Qingjian Real- EC Whitewater Pasir Ris 2005 366 718 96 ty positions The Visionaire EC as the next-gen- Condo Ris Grandeur (freehold) 2005 537 896 67 eration smart home. Its smart-home apps let West Region homeowners control the digital lock that al- EC The Dew Bukit Batok 2003 385 800 108 lows access to the house as well as applianc- Condo The Jade 2004 490 1,024 109 es, from air conditioners and water heaters to washing machines and refrigerators. E EP8 • THEEDGE SINGAPORE | JULY 25, 2016

If you wish to contribute columns, PROPERTY TAKE please write in to [email protected] What’s the next step for HDB owners?

ince the implementation of the This group of buyers are incenti- are only on paper, unless they have How rise in number of sales total debt servicing ratio (TDSR) vised to upgrade or relocate because more than one home. If they sell dur- launches affect resale prices framework in 2Q2013, resale they not only enjoyed the price ap- ing favourable market conditions, Last December, the Ministry of Nation- prices of HDB homes had de- preciation of their flats from 2011 but they have to buy their next home at al Development announced that the clined 10% as at 1Q2016, ac- also the implicit subsidies embedded a much higher price as well. supply of BTO flats would be raised Scording to the HDB Resale Price In- in the prices set by HDB when they Nevertheless, there are anecdotes to 18,000 units. Given that some BTO dex. Although prices have fallen, the purchased their homes. of sellers who decouple the sale and projects saw good response from sec- current market conditions appeal to Prices of flats sold directly by HDB purchase of their homes. They sell ond-time applicants, there were con- HDB homeowners who have met the ranged from $60,000 to $260,000, de- their homes when the market peaks cerns that the increased supply would minimum occupation period and are pending on the room type, location and rent a home or stay with their put more pressure on house prices. looking to buy a private home. This and level (Table 1). Using the me- parents until the market bottoms However, if we consider the de- is because the current prices of HDB dian prices in the resale market in | BY LEE NAI JIA | out. While this option may seem vi- mand for homes each year, the in- flats are still higher than what they 1Q2016 as a proxy (Table 2), the av- able, there are hidden costs — both crease is justifiable. Using the num- were five years ago. Based on the in- erage amount of cash proceeds that monetary and non-monetary. For in- ber of marriages as a proxy for HDB dex, homeowners who bought units HDB owners might receive from sell- for brokerage fees for each property stance, academic literature has sug- flat demand, there were 27,600 mar- in 2Q2011 in the resale market would ing their flats in 2016 is estimated to transacted. gested that children living in owned riages a year in the past five years. enjoy a capital value return of 3.3% if be $188,000. In addition, they would homes have higher maths and read- While not all new couples will buy they were to sell now. In other words, have built up their housing equity Options for homeowners who ing ability, while behavioural prob- an HDB flat, we need to incorporate as long as the homeowners are quali- over time while paying their month- bought their resale flats five lems are 1% to 3% lower. demand from singles aged above 35 fied to sell their homes, they should at ly instalments. This adds to their eq- years ago without subsidies The dilemma of whether to sell who are qualified to purchase a resale least break even, without accounting uity for home purchases. Homeowners under this category or buy a property under current con- flat and Singapore citizens who have for renovation and transaction costs. Armed with the cash proceeds, have less cash proceeds than those ditions is mainly that of stakehold- met the necessary conditions. With For this group of buyers, more op- these homeowners can consider a who bought directly from HDB. Giv- ers who have a more flexible time that in mind, the increase in supply tions are available to them. First, pric- number of options if they were to sell en the current low interest rate en- schedule. On the one hand, pro- is unlikely to affect prices significant- es of both private and public homes now, provided they meet the TDSR vironment, most of the housing eq- spective buyers prefer to wait for ly. This is further corroborated by have become more affordable. Second, and other loan conditions. Based on uity and HDB grants given will be the market to bottom out before en- recent applications for BTO homes there are more choices available to our simple case study, the TDSR im- refunded to their CPF savings upon tering, especially when home pric- in 2015 and 2016 so far. In 2015, the them, especially with the monthly in- posed on buyers tends to be the key sale because the CPF savings rate is es are anticipated to ease further. number of applications for BTO flats come ceiling for executive condomini- factor constraining their housing af- much higher than the ongoing mort- On the other hand, the options — was 42,799, according to HDB. So far ums (ECs) increasing to $14,000 from fordability if they were to purchase gage rates. In some cases, sellers do at least in the secondary market — this year, the two launches have al- $12,000 with effect from August 2015. a private home. If they were to pur- not have sufficient cash proceeds to in a down market will be limited, as ready attracted 27,758 applications, As prices of HDB flats have be- chase an HDB flat or EC, the amount refund their CPF savings. As a result, sellers of better-quality homes tend versus the 18,000 units to be offered come more affordable for owners they can afford is constrained by the they might not have enough cash to have strong holding power and for the whole year. who have met the MOP, the resale 30% loan payment-to-income ra- for renovation works. This group of are less likely to sell at a discount. While the BTO offerings divert some market also saw a pickup in activity, tio. For instance, in our simple case homeowners would need to have Studies have shown that homeown- first-timers away from the resale mar- as the number of resale applications study, our sample couple can afford substantial cash savings if they were ers exhibit “loss aversion” and will ket, the HDB secondary market is still rose to 19,306 from 18,100. That is only an HDB flat of about $750,000 to upgrade their homes. not sell their homes at a price lower supported by permanent residents, despite greater economic uncertain- if they were to apply for an HDB loan than what they purchased for. Even singles and families who want to stay ty as a result of external events. Still, for their resale home, owing to the Should HDB homeowners sell properties auctioned in mortgagee near their parents. This is especially the trade-offs among various options 30% loan payment-to-income ratio their flats now? sales do not have the 20% to 30% so after HDB introduced the Proxim- and the deluge of information for HDB stipulated by HDB. If they purchase The decision to enter the market de- discount that buyers are looking for. ity Housing Grant to homebuyers. homeowners may be overwhelming. a private home, they can afford $1.4 pends largely on the motivation of These stakeholders have to weigh The design and floor area of the million, assuming they have no oth- homebuyers — whether to purchase their investment/owner occupation older flats are also attractive to some Options for homeowners who er debts. The options available to the for owner occupation or investment. motives. If they have stronger owner households. A case in point is execu- bought their flat directly from homebuyers in our case study are Homebuyers who purchase for own- occupation motives, they should not tive flats, which offer a floor area of HDB presented in Table 3. er occupation and have urgent needs wait for the market to bottom out. about 1,500 sq ft. As at 2016, these We will first cover the options for Note that we excluded housing tend to enter the market irrespective Rather, they should start searching units are priced from $650,000 to homeowners who bought directly grants in our computation. These of the conditions. In the context of for the ideal property with a long- $900,000, depending on their loca- from HDB and are qualified to sell grants are given through the Central the HDB resale market, most buyers term horizon. Investors would have tion and furnishings. They offer good their homes in the resale market in Provident Fund accounts, and they are purchasing for owner occupation, to evaluate how the purchase of the value since one has to fork out at 2016. To meet the MOP, these home- will be refunded to CPF with inter- and price movements in the resale investment home affects the perfor- least $1 million for a private home owners must have moved into their est upon sale of the property. We ex- market does not move in tandem mance of their portfolio of assets over of the same size. homes before end-2011. The most cluded stamp duties and legal and with sales. Most of the HDB home their investment horizon. Although recent batch of buyers who qualify brokerage fees for the property pur- sellers have one property, and their residential prices are expected to ease Outlook for HDB market probably purchased flats during the chase. A rule of thumb is 4.5% for sale and purchase decisions are usu- further, it may be more resilient than Sales of HDB resale flats are likely to BTO offerings in 2007. stamp duties and legal fees, and 2% ally tied together. Thus, their gains other assets. ease because of the slower economy. There will be fewer units offered in Table 1 Table 2 the market as sellers are unlikely to upgrade. Accordingly, home prices are Prices of BTO ﬂ ats offered in 2007 Median prices of ﬂ ats offered as at 1Q2016 also likely to ease slightly. We antici- pate the decline in demand and pric- TOWN 2-ROOM ($) 3-ROOM ($) 4-ROOM/TYPE A ($) 5-ROOM/TYPE B ($) TOWN 3-ROOM ($) 4-ROOM/ 5-ROOM/ es to be moderated as the bulk of the Jurong West – – 160,000-205,000 190,000-260,000 TYPE A ($) TYPE B ($) 1Q2016 HDB MEDIAN PRICES sales in the resale market are driven Jurong West – 384,000 480,000 Bukit Panjang – 116,000-143,000 181,000-231,000 – by the desire for homeownership. E Sembawang – – 135,000-200,000 – FOR FY 2007/08 REPORT ANNUAL HDB Bukit Panjang 285,000 356,000 – Sembawang – 366,000 – Yishun 77,000-97,000 118,000-141,000 183,000-253,000 – Yishun 289,000 360,000 – Lee Nai Jia is director, head (South- Punggol 73,000-89,000 117,000-152,000 184,000-259,000 – Punggol 435,000 – east Asia) research at Edmund Tie & Sengkang 60,000-87,000 100,000-143,000 145,000-243,000 – Sengkang 410,000 – Co (SEA) Pte Ltd. He can be reached at [email protected]. Table 3

Available options for homeowners who bought directly from HDB

HDB RESALE DIRECT FROM HDB PRIVATE Amount affordable $740,000 Can afford all types, but need to pay resale levy $1.4 million For EC, resale levy is payable only if units were launched TIE & CO RESEARCH EDMUND before or on Dec 9, 2013 What they can buy • 4-room HDB flat at Commonwealth (public loan) • Every new BTO offering • 3-bedroom, 2-bathroom or smaller, size varies by location • Executive apartment at Bukit Batok/Woodlands (public loan) • 3-bedroom units for EC • For instance, The Glades sold a 3-bedroom unit for • The Visionaire EC (3-bedroom unit, $742,000) $1.33 million • Wandervale EC (3-bedroom unit, $717,000) Excess cash Yes Yes No Note: The computation is based on restrictive assumptions on income, consumption and sale prices of homes THEEDGE SINGAPORE | JULY 25, 2016 • EP9 PROPERTY FINANCING Financing your EC purchase

| BY ADEN PANG | Option to purchase and loan. This will effectively help him tide over project is ready to move in, that is, after hav- sale and purchase agreement any short-term financial needs. The bridging received the Notice of Vacant Possession ith new executive condomini- An EC buyer will pay a 5% booking fee for ing loan amount will be the difference be- or Temporary Occupation Permit. For home ums (ECs) gaining popularity the option to purchase (OTP), to exercise the tween the purchase price or valuation of the owners who are still servicing their exist- among home buyers, there has sale and purchase agreement (HDB approval new property, whichever is lower, and the ing HDB loan, no loan repayment on their been an increase in the num- takes up to six weeks, before the develop- applied home loan amount. new EC purchase is therefore required until ber of enquiries on financing for er issues the S&P agreement in the follow- TOP is served. Wsuch properties. Unlike buying new build-to- ing two weeks), and pay the balance of the Legal work and final payment Depending on the payment scheme the order (BTO) or resale HDB units in the open down payment within nine weeks of the OTP. The lawyer who acts for the EC buyer will EC buyer chooses, the lawyer representing market, there is no HDB concessionary loan advise on the unfinanced portion and the the borrower and the bank will release the available for aspiring EC home buyers. Here Apply for a home loan minimum cash component, as well as on funds to the developer based on the differ- is a guide for purchasers before they embark Upon the payment of the 5% booking fee in the use of CPF. At the end of nine weeks ent stages of completion for those buyers on their new EC purchase. exchange for the OTP from the developer, it from the OTP, when legal checks are com- who are on NPS, unless they have chosen Note that key HDB rules are applicable on is highly recommended that buyers apply for pleted, the lawyer will finalise the mortgage DPS for their EC purchase. new EC purchases and are detailed in HDB’s a home loan before exercising the S&P agree- with the borrowers on key documents such website: ment. The documents required are: as mortgage-in-escrow and deed of assign- Loan-to-value, tenure and minimum • CPF housing grant (for example, $30,000 • OTP document issued by developer; ment. Within two weeks of exercising the S&P cash down payment for EC purchase CPF housing grant for first-time buyers); • Copy of purchaser’s identification docu- agreement at the law firm, the stamp duty For EC home buyers, the maximum loan- • Resale levy (second-timers who apply for ment; will be payable (cash upfront, with subse- to-value ratio is 80% (see Chart 1 on Page new EC projects where the land sale was • Income documents; quent reimbursement from CPF if applicable). EP11 for loan-to-value ratio, tenure as well launched on or after Dec 9, 2013 will have • Latest statements on credit cards and any as minimum cash down-payment require- to pay a resale levy, similar to second-time other home, personal and auto loans; and Loan disbursement ments when taking a bank loan). applicants who are buying BTO flats); • HDB InfoWeb “Financial information” Upon the booking of their new EC from de- • Minimum occupation period (MOP); printout. velopers, purchasers can choose to pay via Total debt servicing ratio (TDSR) and • Ownership on private property; and Once the loan is approved, a letter of offer the Normal Progressive Scheme (NPS) or the mortgage servicing ratio (MSR) • Dual-key EC units. will be sent to the borrower. A lawyer from Deferred Payment Scheme (DPS). For those EC buyers are subject to TDSR and MSR rules the bank’s panel of law firms will be ap- who choose NPS, the developer will instruct (see Chart 2 on Page EP11). Banks will assess Assess affordability pointed to act for the borrower and the bank. the buyer’s lawyer to have the funds released the buyer’s loan application based on both The first step for EC home buyers is to assess whenever a certain stage is completed. Monthly TDSR and MSR computations. Under the TDSR affordability and home loan eligibility by ob- Bridging loan instalments will therefore kick in gradually framework, banks need to review the monthly taining an in-principle approval from the banks. A home buyer who plans to use the cash based on loan disbursements by the bank, total debt obligations and gross monthly in- Banks will require information on income and from the sale of his HDB flat to pay for according to the different stages of the pro- come. The TDSR computation therefore limits debts. This point will be explained in the later the new property can consider the use of a ject completion. Under DPS, the purchaser the amount of loan to borrowers, capped at part of this article. bridging loan (BL) when applying for an EC can defer the 80% loan repayment till the CONTINUES ON PAGE EP11

7(612; EP10 • THEEDGE SINGAPORE | JULY 25, 2016 GROWTH AREAS EC hunting in growth corridors

Woodlands 8 North South Expressway Waterfront 6 Mixed-use and Sembawang station WOODLANDS 7 North Shore 332 358 NORTH COAST Northwave Woodlands Innovation SEMBAWANG The Visionaire 437 632 5 North station precincts The Brownstone 189 638 Parc Life PULAU SELETAR 546 628 Skypark Canberra station Pedestrian mall 4 Residences WOODLANDS CENTRAL Admiralty station Upcoming GLS site 7 506 2 N Woodlands station O Woods Square 1 3 RTH Town Plaza S O Forestville Bellewoods U T Marsiling station H

5 653 230 561

X Yishun station P

R YISHUN E

S PULAU

MANDAI A Y

Khatib station The Criterion 393 505 Signature at Yishun 394 525 SE

Seletar Aerospace Park

PLANNING INITIATIVES IN WOODLANDS REGIONAL CENTRE

7. MIXED-USE AND NORTHSHORE INNOVATON PRECINCTS In addition to office developments, this new business cluster at Woodlands North Coast will house the first business park in the northern region of Singapore. Land has been carved aside for small- and medium-sized enterprises, which stand to benefit from their close proximity to the transport nodes and easy access to Malaysia via 5. WOODLANDS NORTH the future cross-border rail link. INTEGRATED TRANSPORT HUB The integrated transport hub will house offices, shops and restaurants above a bus interchange. Below ground, it will connect to the 1. WOODS SQUARE Woodlands North MRT station and cross-bor- Woodlands Regional Centre’s first office pro- der rail link to Johor, Malaysia. ject, Woods Square, is an integrated de- 3. NEW TOWN PLAZA velopment comprising two office towers, Under its Remaking Our Heartland scheme, two blocks of small office loft office, retail HDB has unveiled a new town plaza in Wood- and F&B spaces, and a childcare centre. The lands for large-scale community activities. 199,875 sq ft Government Land Sales (GLS) site was awarded to a consortium comprising Far East Organization, Tannery Holdings and Sekisui House in April 2014 for $906 psf per plot ratio. Sales of its strata offices, which range from 500 sq ft onwards, are slated to commence from end-July. 8. NORTH SOUTH EXPRESSWAY 6. WOODLANDS WATERFRONT Slated for completion in 2026, Singapore’s The 11ha park is a favourite among residents. 11th expressway aims to support the Cen- 2. UPCOMING It features a large playground and a 1.5km- tral Expressway as traffic increases along the COMMERCIAL SITE long water promenade. An unobstructed and north-south corridor. To encourage people URA has released a 240,950 sq ft mixed-use panoramic view of the Straits of Johor can to cycle, walk or take public transport, the site adjacent to Woods Square for sale un- be seen from the promenade and along the proposed 21.5km expressway from Admi- der the Reserved List of the GLS programme. 4. PEDESTRIAN MALL park’s scenic trail. Plans to spruce up the park ralty Road West to East Coast Parkway will This second commercial GLS land plot at An upcoming pedestrian mall that connects have been unveiled. Woodlands residents can be redesigned as a north-south corridor of- Woodlands Square has a gross plot ratio of the two districts of Woodlands Central and look forward to a revitalised park with more fering a walking path, cycling lane and lane 3.5 and is expected to yield 590,728 sq ft of Woodlands North Coast will serve as a key fo- landscaping, pockets of greenery and shaded carriageway dedicated to an express bus commercial space. cal point for shopping and community events. areas in the near future. lane. THEEDGE SINGAPORE | JULY 25, 2016 • EP11 PROPERTY FINANCING

Executive condominiums Stations Total number of unsold units* TDSR and MSR apply Total number of units in project North South Line HDB, URA REALIS, CBRE RESEARCH, THE EDGE PROPERTY CBRE RESEARCH, URA REALIS, HDB, to ECs purchased North East Line Thomson-East Coast Line from developer Pedestrian mall

FROM PAGE EP9 income documents for gross income com- 60% of gross monthly income less outstanding putation. Do note that a 30% haircut will debt obligations. be applicable for variable income (the table MSR will also apply on ECs purchased below illustrates how the purchase price and directly from the developer, in addition to maximum loan for an EC is derived based TDSR computation. The MSR limits the on both TDSR and MSR ratios). E U PUNGGOL BARAT amount one can borrow on the purchase of the new EC, capped at 30% of the gross Aden Pang is head of mortgage alliance at monthly income. consumer secured lending, OCBC Bank. For 2 The Punggol Settlement In terms of acceptable gross monthly in- further enquiries on EC loan financing, con- PULAU PUNGGOL TIMOR come, the buyer has to furnish acceptable tact OCBC Bank at 6363 3333. 3 Northshore Plaza 1 SIT Campus and Chart 1 Punggol Creative Cluster LETAR Waterway point PULAU SERANGOON (CONEY ISLAND) 15 512 Ecopolitan Punggol station The Terrace 122 651 Bellewaters The Amore 42 378 269 747 Treasure Crest The Vales 142 504 191 517 4 Lorong Halus Sengkang station Waterwoods Wetland SENGKANG 8 373

*Units sold based on caveats lodged on URA Buangkok station Realis and downloaded on July 19, and URA data for developers’ new home sales for June Chart 2

PLANNING INITIATIVES IN PUNGGOL GROWTH CORRIDOR

1. SIT CAMPUS 3. NORTHSHORE PLAZA Singapore’s much anticipated new cam- Singapore’s first seafront neighbourhood cen- pus, the Singapore Institute of Technolo- tre in an HDB estate will feature sheltered pla- gy’s central campus, will be part of Pung- zas for residents to mingle as well as shops, gol’s Learning Corridor. It will be integrated restaurants, food courts, supermarkets and with The Creative Cluster to be built by JTC childcare and enrichment centres. It has a Corp, which will be set aside for innovative gross floor area of over 200,000 sq ft and is new industries. slated for completion in 2020.

2. THE PUNGGOL SETTLEMENT 4. LORONG HALUS WETLAND In the far-flung northeast of Singapore is a & VISITOR CENTRE seafood dining destination that overlooks Just across Halus Bridge from Punggol Prom- the state of Johor, Malaysia. It consists of enade is Lorong Halus Wetland. The former 15 bespoke F&B dining outlets and a bike refuse dumping ground is popular for bird- rental shop. watching owing to its rich biodiversity. EP12 • THEEDGE SINGAPORE | JULY 25, 2016 DONE DEALS Unit at Gramercy Park hits a high of $2,869 psf

| BY TAN CHEE YUEN | on the eighth floor that fetched $5.17 million ($2,438 psf). Another three units were identi- ive units at City Development’s Gramer- cal 1,270 sq ft apartments with two bedrooms cy Park were sold, according to caveats and a study. These were located on the 12th, lodged for the week of July 5 to 12. This 17th and 19th floors, and fetched prices rang- brings the total sales tally in the project ing from $3.47 million ($2,733 psf) to $3.62 over the past two months to 24. Accord- million ($2,854 psf). The last unit sold was a Fing to the developer, the total number of units 1,281 sq ft, two-bedroom-plus-study unit on EDGE SINGAPORE CHUA/THE SAMUEL ISAAC sold is 30 to date. the 20th floor that was sold for $3.67 million More than half the buyers of units at Gramer- ($2,869 psf). cy Park are believed to be Singaporeans. “The Developed by City Developments Ltd (CDL), units are well priced at an average of $2,600 the 174-unit Gramercy Park was designed by psf given its prime location on Grange Road New York-based architectural firm NBBJ, the and its freehold tenure,” says Dominic Lee, same company that designed The Sail @ Ma- branch district director of PropNex, one of rina Bay. Gramercy Park is scheduled to re- the marketing agents marketing the property. ceive its Temporary Occupation Permit some- The five caveats lodged were for a mix of time in 3Q2016. units from the eighth floor to 20th floor of one Under the conditions of the Qualifying of the 22-storey twin towers in the develop- Certificate, the developer has another two ment. The largest unit sold in the week of July years to sell all the units to avoid paying ex- 5 to 12 was a 2,121 sq ft, three-bedroom unit tension charges. E About 30 units at the 174-unit Gramercy Park are said to have been sold to date

LOCALITIES DISTRICTS LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF Singapore — by postal district City & Southwest 1 to 8 PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE Orchard/Tanglin/Holland 9 and 10 GRANGE HEIGHTS Apartment Freehold July 08, 2016 2,659 3,800,000 - 1,429 1975 Resale Newton/Bukit Timah/Clementi 11 and 21 LA CRYSTAL Apartment Freehold July 07, 2016 1,055 1,528,000 - 1,449 1996 Resale Balestier/MacPherson/Geylang 12 to 14 MOUNT SOPHIA SUITES Apartment Freehold July 08, 2016 678 1,106,000 - 1,631 2010 Resale OUE TWIN PEAKS Condominium 99 years July 08, 2016 1,604 3,448,600 - 2,150 2015 Resale East Coast 15 and 16 OUE TWIN PEAKS Condominium 99 years July 05, 2016 1,399 3,847,250 - 2,749 2015 Resale Changi/Pasir Ris 17 and 18 PARC EMILY Condominium Freehold July 05, 2016 603 1,070,000 - 1,775 2008 Resale Serangoon/Thomson 19 and 20 RIVERGATE Apartment Freehold July 12, 2016 2,077 3,500,000 - 1,685 2009 Resale THE LIGHT @ CAIRNHILL Condominium Freehold July 07, 2016 1,561 3,150,000 - 2,018 2004 Resale West 22 to 24 THE PATERSON Condominium Freehold July 05, 2016 1,313 2,390,000 - 1,820 2004 Resale North 25 to 28 VILLE ROYALE Condominium Freehold July 05, 2016 1,044 1,610,000 - 1,542 1993 Resale WATERFORD RESIDENCE Apartment 999 years July 08, 2016 980 1,600,000 - 1,633 2010 Resale District 10 AVALON Condominium Freehold July 05, 2016 1,582 2,430,000 - 1,536 1999 Resale D’LEEDON Condominium 99 years July 08, 2016 1,399 2,308,000 - 1,649 2014 Resale D’LEEDON Condominium 99 years July 08, 2016 786 1,484,000 - 1,889 2014 Resale D’LEEDON Condominium 99 years July 08, 2016 1,399 2,280,000 - 1,629 2014 Resale D’LEEDON Condominium 99 years July 07, 2016 635 1,264,000 - 1,990 2014 Resale D’LEEDON Condominium 99 years July 07, 2016 2,228 2,957,000 - 1,327 2014 Resale DUCHESS AVENUE Detached 999 years July 08, 2016 9,763 11,080,000 - 1,136 Unknown Resale GALLOP PARK Detached Freehold July 06, 2016 16,307 16,800,000 - 1,030 1992 Resale GOODWOOD GRAND Apartment Freehold July 05, 2016 1,227 2,800,000 - 2,282 Uncompleted New Sale GRAMERCY PARK Condominium Freehold July 06, 2016 2,121 5,170,856 - 2,438 2016 New Sale GRAMERCY PARK Condominium Freehold July 09, 2016 1,270 3,471,880 - 2,733 2016 New Sale GRAMERCY PARK Condominium Freehold July 09, 2016 1,270 3,544,800 - 2,791 2016 New Sale GRAMERCY PARK Condominium Freehold July 10, 2016 1,270 3,624,800 - 2,854 2016 New Sale GRAMERCY PARK Condominium Freehold July 10, 2016 1,281 3,674,400 - 2,869 2016 New Sale GREENLEAF VIEW Semi-Detached Freehold July 07, 2016 3,584 6,200,000 - 1,728 1968 Resale MELROSE PARK Condominium 999 years July 11, 2016 1,292 2,230,000 - 1,726 2000 Resale MON JERVOIS Condominium 99 years July 07, 2016 1,410 2,526,000 - 1,791 2016 New Sale NATHAN SUITES Condominium Freehold July 07, 2016 2,067 4,348,667 - 2,104 2014 Resale NATHAN SUITES Condominium Freehold July 08, 2016 1,442 3,000,000 - 2,080 2014 Resale Residential transactions with contracts dated July 5 to 12 PARVIS Condominium Freehold July 07, 2016 2,013 3,623,400 - 1,800 2012 Resale SPRING GROVE Condominium 99 years July 07, 2016 1,389 1,800,000 - 1,296 1996 Resale ST REGIS RESIDENCES LAND AREA/ NETT UNIT SINGAPORE Apartment 999 years July 07, 2016 3,897 8,900,000 - 2,284 2008 Resale FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE MARBELLA Condominium Freehold July 12, 2016 1,582 2,300,000 - 1,454 2005 Resale THE SIXTH AVENUE RESIDENCES Condominium Freehold July 08, 2016 1,582 2,088,000 - 1,320 2009 Resale District 3 THE TESSARINA Condominium Freehold July 08, 2016 990 1,450,000 - 1,464 2003 Resale COMMONWEALTH TOWERS Condominium 99 years July 08, 2016 452 833,600 - 1,844 Uncompleted New Sale URBAN EDGE @ HOLLAND V Apartment Freehold July 08, 2016 1,195 1,540,000 - 1,289 2007 Resale COMMONWEALTH TOWERS Condominium 99 years July 06, 2016 797 1,238,600 - 1,555 Uncompleted New Sale District 11 COMMONWEALTH TOWERS Condominium 99 years July 06, 2016 797 1,292,600 - 1,623 Uncompleted New Sale 6 DERBYSHIRE Condominium Freehold July 05, 2016 1,012 1,877,494 - 1,856 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years July 07, 2016 1,076 1,804,200 - 1,676 Uncompleted New Sale 6 DERBYSHIRE Condominium Freehold July 07, 2016 527 1,095,625 - 2,077 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years July 09, 2016 904 1,640,000 - 1,814 Uncompleted New Sale 6 DERBYSHIRE Condominium Freehold July 07, 2016 732 1,537,200 - 2,100 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years July 07, 2016 506 1,079,100 - 2,133 Uncompleted New Sale JALAN NOVENA SELATAN Semi-Detached Freehold July 08, 2016 2,443 3,800,000 - 1,553 2002 Resale PRINCIPAL GARDEN Condominium 99 years July 09, 2016 506 869,000 861,000 1,702 Uncompleted New Sale NEWTON 18 Apartment Freehold July 07, 2016 926 1,580,000 - 1,707 2002 Resale PRINCIPAL GARDEN Condominium 99 years July 09, 2016 1,195 1,807,000 1,799,000 1,506 Uncompleted New Sale THE SPINNAKER Apartment Freehold July 11, 2016 2,250 2,250,000 - 1,000 1999 Resale PRINCIPAL GARDEN Condominium 99 years July 09, 2016 1,076 1,796,000 1,788,000 1,661 Uncompleted New Sale TRILIGHT Condominium Freehold July 11, 2016 2,099 3,550,000 - 1,691 2012 Resale PRINCIPAL GARDEN Condominium 99 years July 06, 2016 861 1,357,000 1,349,000 1,567 Uncompleted New Sale District 12 PRINCIPAL GARDEN Condominium 99 years July 08, 2016 786 1,297,000 1,289,000 1,640 Uncompleted New Sale GEM RESIDENCES Condominium 99 years July 07, 2016 775 1,124,870 - 1,451 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years July 09, 2016 861 1,382,000 1,374,000 1,596 Uncompleted New Sale GEM RESIDENCES Condominium 99 years July 06, 2016 775 1,143,660 - 1,476 Uncompleted New Sale RIVER PLACE Condominium 99 years July 08, 2016 1,033 1,290,000 - 1,248 2000 Resale District 13 TWIN REGENCY Condominium Freehold July 08, 2016 980 1,620,000 - 1,654 2007 Resale YONG SIAK VIEW Apartment Freehold July 05, 2016 1,066 1,065,000 - 999 Unknown Resale R MAISON Apartment Freehold July 05, 2016 743 918,000 - 1,236 2016 New Sale District 4 SANT RITZ Condominium 99 years July 10, 2016 958 1,320,888 - 1,379 2016 New Sale SANT RITZ Condominium 99 years July 10, 2016 958 1,340,000 - 1,399 2016 New Sale CARIBBEAN AT KEPPEL BAY Condominium 99 years July 07, 2016 1,636 2,388,000 - 1,460 2004 Resale THE POIZ RESIDENCES Apartment 99 years July 07, 2016 538 783,000 - 1,455 Uncompleted New Sale SKYLINE RESIDENCES Condominium Freehold July 12, 2016 484 970,000 - 2,003 2015 Resale THE POIZ RESIDENCES Apartment 99 years July 09, 2016 420 631,000 - 1,503 Uncompleted New Sale THE INTERLACE Condominium 99 years July 08, 2016 2,497 2,764,000 - 1,107 2013 Resale THE VENUE RESIDENCES Apartment 99 years July 06, 2016 1,238 1,700,000 - 1,373 Uncompleted New Sale THE INTERLACE Condominium 99 years July 11, 2016 2,056 2,245,000 - 1,092 2013 Resale District 14 District 5 GROSVENOR VIEW Condominium Freehold July 07, 2016 1,249 1,128,000 - 903 2006 Resale CONDOMINIUM Condominium 99 years July 11, 2016 1,055 1,130,000 - 1,071 2010 Resale SIMS URBAN OASIS Condominium 99 years July 06, 2016 958 1,303,000 - 1,360 Uncompleted New Sale ONE-NORTH RESIDENCES Apartment 99 years July 08, 2016 1,033 1,378,000 - 1,334 2009 Resale SIMS URBAN OASIS Condominium 99 years July 10, 2016 463 702,000 - 1,517 Uncompleted New Sale SPRINGWOOD CRESCENT Terrace Freehold July 05, 2016 2,077 2,690,000 - 1,293 1990 Resale SIMS URBAN OASIS Condominium 99 years July 09, 2016 667 903,000 - 1,353 Uncompleted New Sale THE PARC CONDOMINIUM Condominium Freehold July 08, 2016 1,216 1,480,000 - 1,217 2010 Resale SIMS URBAN OASIS Condominium 99 years July 10, 2016 667 905,000 - 1,356 Uncompleted New Sale THE TRILINQ Condominium 99 years July 10, 2016 915 1,294,000 - 1,414 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 09, 2016 667 915,500 - 1,372 Uncompleted New Sale THE TRILINQ Condominium 99 years July 10, 2016 936 1,294,000 - 1,382 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 07, 2016 786 1,112,000 - 1,415 Uncompleted New Sale THE TRILINQ Condominium 99 years July 06, 2016 936 1,307,000 - 1,396 Uncompleted New Sale STARVILLE Condominium Freehold July 08, 2016 1,216 1,050,000 - 863 2006 Resale THE TRILINQ Condominium 99 years July 10, 2016 538 831,000 - 1,544 Uncompleted New Sale TROPIKA EAST Apartment Freehold July 09, 2016 840 1,008,420 - 1,201 2016 New Sale THE TRILINQ Condominium 99 years July 10, 2016 700 1,120,000 - 1,601 Uncompleted New Sale VACANZA @ EAST Condominium Freehold July 08, 2016 807 980,000 - 1,214 2014 Resale VARSITY PARK CONDOMINIUM Condominium 99 years July 07, 2016 1,421 1,650,000 - 1,161 2008 Resale District 15 VISTA PARK Condominium 99 years July 05, 2016 969 780,000 - 805 1985 Resale VISTA PARK Condominium 99 years July 08, 2016 947 720,000 - 760 1985 Resale D’SUNRISE Apartment Freehold July 08, 2016 667 750,000 - 1,124 2007 Resale District 8 GALLERY 8 Apartment Freehold July 07, 2016 1,163 1,280,000 - 1,101 2004 Resale KOON SENG ROAD Terrace Freehold July 11, 2016 2,551 3,750,000 - 1,472 1965 Resale FORTE SUITES Apartment Freehold July 09, 2016 603 1,015,800 - 1,685 Uncompleted New Sale MANDARIN GARDEN HERTFORD MANSION Apartment Freehold July 05, 2016 1,259 1,240,000 - 985 Unknown Resale CONDOMINIUM Condominium 99 years July 11, 2016 1,572 1,455,000 - 926 1986 Resale KENTISH LODGE Apartment 99 years July 07, 2016 1,249 1,130,000 - 905 1998 Resale MARSHALL ROAD Terrace Freehold July 07, 2016 1,765 2,580,000 - 1,466 1987 Resale STURDEE RESIDENCES Condominium 99 years July 08, 2016 1,044 1,479,200 - 1,417 Uncompleted New Sale MODA Apartment Freehold July 11, 2016 646 850,000 - 1,316 2014 Resale District 9 SIGLAP ROAD Terrace Freehold July 11, 2016 1,830 2,245,000 - 1,230 1998 Resale ASPEN HEIGHTS Condominium 999 years July 12, 2016 1,324 2,180,000 - 1,647 1998 Resale SUNNY PALMS Condominium Freehold July 05, 2016 1,184 1,140,000 - 963 2004 Resale THEEDGE SINGAPORE | JULY 25, 2016 • EP13 DONE DEALS

Residential transactions with contracts dated July 5 to 12

LAND AREA/ NETT UNIT LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE MEYERISE Condominium Freehold July 07, 2016 1,313 2,508,000 - 1,910 2014 Resale HILLION RESIDENCES Apartment 99 years July 09, 2016 474 634,270 - 1,339 Uncompleted New Sale THE MEYERISE Condominium Freehold July 08, 2016 1,270 2,549,000 - 2,007 2014 Resale HILLION RESIDENCES Apartment 99 years July 08, 2016 474 650,650 - 1,374 Uncompleted New Sale TIERRA VUE Condominium Freehold July 08, 2016 1,270 1,800,000 - 1,417 2009 Resale HILLVIEW RESIDENCE Condominium 999 years July 11, 2016 1,690 1,400,000 - 828 2002 Resale UNITED MANSION Apartment Freehold July 05, 2016 1,141 1,020,000 - 894 1968 Resale JALAN INTAN Terrace Freehold July 08, 2016 2,250 2,400,000 - 1,068 Unknown Resale WATER PLACE Condominium 99 years July 07, 2016 1,216 1,485,000 - 1,221 2004 Resale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 05, 2016 1,249 1,550,000 - 1,241 Uncompleted New Sale District 16 KINGSFORD . HILLVIEW PEAK Condominium 99 years July 09, 2016 1,098 1,382,448 - 1,259 Uncompleted New Sale BAYSHORE PARK Condominium 99 years July 07, 2016 936 800,000 - 854 1986 Resale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 05, 2016 1,249 1,580,000 - 1,265 Uncompleted New Sale BREEZE BY THE EAST Condominium Freehold July 12, 2016 1,755 1,930,000 - 1,100 2011 Resale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 05, 2016 1,098 1,400,000 - 1,275 Uncompleted New Sale SENNETT PLACE Terrace Freehold July 11, 2016 1,841 2,580,000 - 1,398 1983 Resale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 05, 2016 549 728,000 - 1,326 Uncompleted New Sale THE BAYSHORE Condominium 99 years July 05, 2016 926 910,000 - 983 1997 Resale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 10, 2016 850 1,108,000 - 1,303 Uncompleted New Sale THE GLADES Condominium 99 years July 07, 2016 581 798,000 - 1,373 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 09, 2016 850 1,100,000 - 1,294 Uncompleted New Sale THE GLADES Condominium 99 years July 09, 2016 452 765,000 - 1,692 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 10, 2016 1,076 1,395,464 - 1,296 Uncompleted New Sale THE GLADES Condominium 99 years July 08, 2016 700 1,015,000 - 1,451 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 05, 2016 549 727,000 - 1,324 Uncompleted New Sale THE GLADES Condominium 99 years July 06, 2016 624 882,000 - 1,413 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 06, 2016 538 721,000 - 1,340 Uncompleted New Sale THE GLADES Condominium 99 years July 05, 2016 1,679 2,008,000 - 1,196 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 08, 2016 527 736,000 - 1,395 Uncompleted New Sale THE SUMMIT Condominium Freehold July 07, 2016 1,249 1,360,000 - 1,089 1991 Resale KINGSFORD . HILLVIEW PEAK Condominium 99 years July 10, 2016 570 765,000 - 1,341 Uncompleted New Sale WATERFRONT GOLD Condominium 99 years July 08, 2016 667 785,000 - 1,176 2014 Resale PALM GARDENS Condominium 99 years July 11, 2016 1,216 845,000 - 695 2000 Resale District 17 REGENT HEIGHTS Condominium 99 years July 11, 2016 1,163 868,000 - 747 1999 Resale AZALEA PARK CONDOMINIUM Condominium 999 years July 05, 2016 829 675,000 - 814 1996 Resale SOL ACRES Executive Condominium 99 years July 10, 2016 1,163 954,000 - 821 Uncompleted New Sale PALM ISLES Condominium 99 years July 07, 2016 1,324 1,080,000 - 816 2015 Sub Sale SOL ACRES Executive Condominium 99 years July 10, 2016 1,163 974,000 - 838 Uncompleted New Sale District 18 SOL ACRES Executive Condominium 99 years July 08, 2016 1,163 990,000 - 852 Uncompleted New Sale RIPPLE BAY Condominium 99 years July 05, 2016 775 800,000 - 1,032 2015 Sub Sale SOL ACRES Executive Condominium 99 years July 06, 2016 1,066 845,000 - 793 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years July 09, 2016 1,765 1,420,000 - 804 Uncompleted New Sale SOL ACRES Executive Condominium 99 years July 06, 2016 1,044 838,000 - 803 Uncompleted New Sale District 19 SOL ACRES Executive Condominium 99 years July 10, 2016 1,184 950,000 - 802 Uncompleted New Sale A TREASURE TROVE Condominium 99 years July 07, 2016 1,044 1,075,000 - 1,030 2015 Sub Sale SOL ACRES Executive Condominium 99 years July 08, 2016 1,184 950,000 - 802 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 06, 2016 1,238 941,870 - 761 Uncompleted New Sale SOL ACRES Executive Condominium 99 years July 10, 2016 926 711,000 - 768 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 09, 2016 1,238 980,000 - 792 Uncompleted New Sale SOL ACRES Executive Condominium 99 years July 06, 2016 926 717,000 - 775 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 05, 2016 1,238 962,240 - 777 Uncompleted New Sale SOL ACRES Executive Condominium 99 years July 09, 2016 1,001 815,000 - 814 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 06, 2016 1,238 965,150 - 780 Uncompleted New Sale SOL ACRES Executive Condominium 99 years July 06, 2016 1,098 854,000 - 778 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 09, 2016 1,238 968,060 - 782 Uncompleted New Sale SOL ACRES Executive Condominium 99 years July 05, 2016 1,098 859,000 - 782 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 09, 2016 1,238 965,500 - 780 Uncompleted New Sale SOL ACRES Executive Condominium 99 years July 06, 2016 1,098 887,000 - 808 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 08, 2016 1,238 970,970 - 784 Uncompleted New Sale SOL ACRES Executive Condominium 99 years July 10, 2016 732 587,000 - 802 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 09, 2016 1,238 1,003,860 - 811 Uncompleted New Sale SOL ACRES Executive Condominium 99 years July 10, 2016 732 617,000 - 843 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 06, 2016 1,270 1,020,690 - 804 Uncompleted New Sale SOL ACRES Executive Condominium 99 years July 06, 2016 872 678,000 - 778 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 06, 2016 1,270 1,003,950 - 790 Uncompleted New Sale THE WARREN Condominium 99 years July 08, 2016 1,044 837,000 - 802 2004 Resale BELLEWATERS Executive Condominium 99 years July 08, 2016 1,238 976,080 - 789 Uncompleted New Sale WANDERVALE Executive Condominium 99 years July 08, 2016 1,087 842,000 - 774 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 08, 2016 1,270 1,033,560 - 814 Uncompleted New Sale WANDERVALE Executive Condominium 99 years July 06, 2016 1,098 846,000 - 771 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 09, 2016 1,238 969,030 - 783 Uncompleted New Sale WANDERVALE Executive Condominium 99 years July 09, 2016 1,130 868,000 - 768 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 08, 2016 1,604 1,132,560 - 706 Uncompleted New Sale WANDERVALE Executive Condominium 99 years July 06, 2016 1,098 830,000 - 756 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 06, 2016 1,453 1,043,460 - 718 Uncompleted New Sale WANDERVALE Executive Condominium 99 years July 09, 2016 958 717,000 - 748 Uncompleted New Sale BELLEWATERS Executive Condominium 99 years July 09, 2016 1,270 962,240 - 758 Uncompleted New Sale District 25 BELLEWATERS Executive Condominium 99 years July 06, 2016 1,195 944,780 - 791 Uncompleted New Sale BELLEWOODS Executive Condominium 99 years July 05, 2016 969 808,980 - 835 Uncompleted New Sale BOTANIQUE AT BARTLEY Condominium 99 years July 10, 2016 1,033 1,410,000 - 1,365 Uncompleted New Sale BELLEWOODS Executive Condominium 99 years July 10, 2016 1,066 881,100 - 827 Uncompleted New Sale BOTANIQUE AT BARTLEY Condominium 99 years July 05, 2016 657 868,000 - 1,322 Uncompleted New Sale BELLEWOODS Executive Condominium 99 years July 06, 2016 1,550 1,151,390 - 743 Uncompleted New Sale BOTANIQUE AT BARTLEY Condominium 99 years July 09, 2016 657 882,000 - 1,343 Uncompleted New Sale BELLEWOODS Executive Condominium 99 years July 09, 2016 1,152 901,890 - 783 Uncompleted New Sale BOTANIQUE AT BARTLEY Condominium 99 years July 06, 2016 657 881,000 - 1,342 Uncompleted New Sale BELLEWOODS Executive Condominium 99 years July 08, 2016 1,152 913,770 - 793 Uncompleted New Sale BRIGHTON CRESCENT Detached Freehold July 05, 2016 8,245 8,980,000 - 1,089 Unknown Resale BELLEWOODS Executive Condominium 99 years July 05, 2016 1,184 934,560 - 789 Uncompleted New Sale CHARLTON LANE Semi-Detached Freehold July 05, 2016 2,153 3,700,000 - 1,716 2015 Resale BELLEWOODS Executive Condominium 99 years July 06, 2016 1,066 831,600 - 780 Uncompleted New Sale CHILTERN PARK Condominium 99 years July 05, 2016 1,518 1,350,000 - 889 1995 Resale NORTHOAKS Executive Condominium 99 years July 08, 2016 1,055 758,000 - 719 2000 Resale COMPASS HEIGHTS Apartment 99 years July 05, 2016 1,324 1,150,000 - 869 2002 Resale NORTHWAVE Executive Condominium 99 years July 09, 2016 1,270 945,000 - 744 Uncompleted New Sale CROWHURST DRIVE Semi-Detached 999 years July 08, 2016 4,198 3,600,000 - 857 Unknown Resale NORTHWAVE Executive Condominium 99 years July 09, 2016 753 585,000 - 776 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years July 06, 2016 678 817,000 - 1,205 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 753 571,000 - 758 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years July 06, 2016 678 658,000 - 970 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 753 587,000 - 779 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years July 06, 2016 689 838,000 - 1,216 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 1,109 779,000 - 703 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years July 07, 2016 678 798,000 - 1,177 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 1,119 841,000 - 751 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years July 07, 2016 484 593,000 - 1,224 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 980 728,000 - 743 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years July 06, 2016 1,249 1,309,000 - 1,048 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 1,119 842,000 - 752 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years July 10, 2016 678 795,000 - 1,172 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 10, 2016 1,722 1,299,000 - 754 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years July 10, 2016 1,066 1,080,000 - 1,013 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 10, 2016 1,464 1,060,000 - 724 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years July 06, 2016 678 845,000 - 1,246 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 990 746,000 - 753 Uncompleted New Sale KOVAN MELODY Condominium 99 years July 08, 2016 1,249 1,320,000 - 1,057 2006 Resale NORTHWAVE Executive Condominium 99 years July 09, 2016 1,464 1,095,000 - 748 Uncompleted New Sale LA FIESTA Condominium 99 years July 05, 2016 1,367 1,541,000 - 1,127 2016 New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 1,593 1,253,000 - 787 Uncompleted New Sale LA FIESTA Condominium 99 years July 08, 2016 1,367 1,550,000 - 1,134 2016 New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 1,109 832,000 - 750 Uncompleted New Sale OASIS GARDEN Condominium Freehold July 12, 2016 1,238 1,260,000 - 1,018 2009 Resale NORTHWAVE Executive Condominium 99 years July 09, 2016 678 483,000 - 712 Uncompleted New Sale PONGGOL SEVENTEENTH NORTHWAVE Executive Condominium 99 years July 09, 2016 678 503,000 - 742 Uncompleted New Sale AVENUE Detached Freehold July 07, 2016 4,370 4,700,000 - 1,075 1996 Resale NORTHWAVE Executive Condominium 99 years July 09, 2016 753 560,000 - 743 Uncompleted New Sale REGENTVILLE Apartment 99 years July 07, 2016 1,744 1,085,000 - 622 1999 Resale NORTHWAVE Executive Condominium 99 years July 09, 2016 753 551,000 - 731 Uncompleted New Sale RIPLEY CRESCENT Semi-Detached 999 years July 07, 2016 4,790 6,105,000 - 1,275 Unknown Resale NORTHWAVE Executive Condominium 99 years July 09, 2016 1,098 812,000 - 740 Uncompleted New Sale RIVER ISLES Condominium 99 years July 08, 2016 441 573,000 - 1,298 2015 Sub Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 1,098 817,000 - 744 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 10, 2016 506 709,700 - 1,403 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 678 515,000 - 759 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 09, 2016 732 1,029,300 - 1,406 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 678 515,000 - 759 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 10, 2016 506 724,740 - 1,433 Uncompleted New Sale NORTHWAVE Executive Condominium 99 years July 09, 2016 1,098 861,000 - 784 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 10, 2016 786 1,007,680 - 1,282 Uncompleted New Sale District 27 STARS OF KOVAN Apartment 99 years July 06, 2016 506 705,940 - 1,395 Uncompleted New Sale JALAN MALU-MALU Semi-Detached 999 years July 12, 2016 3,810 4,500,000 - 1,183 Unknown Resale STARS OF KOVAN Apartment 99 years July 08, 2016 506 711,580 - 1,407 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years July 06, 2016 700 993,240 - 1,420 Uncompleted New Sale STARS OF KOVAN Apartment 99 years July 10, 2016 506 718,160 - 1,420 Uncompleted New Sale PARC LIFE Executive Condominium 99 years July 09, 2016 1,066 817,000 814,000 764 Uncompleted New Sale TERRASSE Condominium 99 years July 08, 2016 1,130 1,300,000 - 1,150 Unknown Resale PARC LIFE Executive Condominium 99 years July 08, 2016 1,001 817,000 814,700 814 Uncompleted New Sale THE AMORE Executive Condominium 99 years July 05, 2016 1,475 1,195,000 - 810 Uncompleted New Sale SIGNATURE AT YISHUN Executive Condominium 99 years July 07, 2016 1,184 875,042 - 739 Uncompleted New Sale THE AMORE Executive Condominium 99 years July 05, 2016 1,475 1,152,000 - 781 Uncompleted New Sale SKYPARK RESIDENCES Executive Condominium 99 years July 09, 2016 1,593 1,180,000 - 741 Uncompleted New Sale THE AMORE Executive Condominium 99 years July 05, 2016 1,475 1,179,000 - 800 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 07, 2016 915 911,000 - 996 Uncompleted New Sale THE AMORE Executive Condominium 99 years July 05, 2016 1,475 1,195,000 - 810 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years July 06, 2016 1,023 1,088,000 - 1,064 Uncompleted New Sale THE AMORE Executive Condominium 99 years July 06, 2016 1,475 1,199,000 - 813 Uncompleted New Sale THE BROWNSTONE Executive Condominium 99 years July 09, 2016 990 803,400 - 811 Uncompleted New Sale THE AMORE Executive Condominium 99 years July 05, 2016 1,302 1,036,000 - 795 Uncompleted New Sale THE BROWNSTONE Executive Condominium 99 years July 06, 2016 732 664,000 - 907 Uncompleted New Sale THE AMORE Executive Condominium 99 years July 06, 2016 1,098 942,000 - 858 Uncompleted New Sale THE BROWNSTONE Executive Condominium 99 years July 07, 2016 883 809,600 - 917 Uncompleted New Sale THE MINTON Condominium 99 years July 08, 2016 980 935,000 - 955 2013 Resale THE BROWNSTONE Executive Condominium 99 years July 05, 2016 732 596,000 - 814 Uncompleted New Sale THE QUARTZ Condominium 99 years July 11, 2016 1,195 1,140,000 - 954 2009 Resale THE BROWNSTONE Executive Condominium 99 years July 06, 2016 753 620,800 - 824 Uncompleted New Sale THE TERRACE Executive Condominium 99 years July 07, 2016 1,076 836,300 826,300 768 Uncompleted New Sale THE CRITERION Executive Condominium 99 years July 10, 2016 1,023 810,400 - 793 Uncompleted New Sale THE VALES Executive Condominium 99 years July 07, 2016 915 760,480 - 831 Uncompleted New Sale THE CRITERION Executive Condominium 99 years July 05, 2016 893 624,000 - 698 Uncompleted New Sale THE VALES Executive Condominium 99 years July 09, 2016 904 731,080 - 809 Uncompleted New Sale THE CRITERION Executive Condominium 99 years July 06, 2016 1,249 1,027,200 - 823 Uncompleted New Sale THE VALES Executive Condominium 99 years July 05, 2016 915 719,740 - 787 Uncompleted New Sale THE ESTUARY Condominium 99 years July 11, 2016 592 633,000 - 1,069 2013 Resale THE VALES Executive Condominium 99 years July 09, 2016 904 730,000 - 807 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 10, 2016 990 742,000 - 749 Uncompleted New Sale THE VALES Executive Condominium 99 years July 09, 2016 764 638,000 - 835 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 09, 2016 1,281 962,500 - 751 Uncompleted New Sale THE VALES Executive Condominium 99 years July 06, 2016 775 626,620 - 809 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 06, 2016 1,206 915,400 - 759 Uncompleted New Sale THE VALES Executive Condominium 99 years July 07, 2016 764 632,440 - 828 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 06, 2016 1,109 826,810 - 746 Uncompleted New Sale District 20 THE VISIONAIRE Executive Condominium 99 years July 10, 2016 1,152 957,000 - 831 Uncompleted New Sale FLAME TREE PARK Condominium Freehold July 05, 2016 1,862 1,800,000 - 967 1989 Resale THE VISIONAIRE Executive Condominium 99 years July 05, 2016 980 865,000 - 883 Uncompleted New Sale SKY VUE Condominium 99 years July 06, 2016 807 1,332,400 - 1,650 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 09, 2016 980 828,000 - 845 Uncompleted New Sale THE PANORAMA Condominium 99 years July 09, 2016 1,163 1,395,692 - 1,201 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 05, 2016 1,023 804,500 - 787 Uncompleted New Sale THE PANORAMA Condominium 99 years July 06, 2016 1,163 1,400,690 - 1,205 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 10, 2016 1,152 855,000 - 742 Uncompleted New Sale THE PANORAMA Condominium 99 years July 09, 2016 1,001 1,265,297 - 1,264 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 10, 2016 1,119 936,500 - 837 Uncompleted New Sale THE PANORAMA Condominium 99 years July 05, 2016 1,163 1,437,550 - 1,237 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 09, 2016 1,109 840,000 - 758 Uncompleted New Sale THE PANORAMA Condominium 99 years July 09, 2016 1,066 1,277,257 - 1,199 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 08, 2016 980 795,000 - 812 Uncompleted New Sale THE PANORAMA Condominium 99 years July 08, 2016 1,012 1,215,228 - 1,201 Uncompleted New Sale THE VISIONAIRE Executive Condominium 99 years July 05, 2016 980 803,500 - 820 Uncompleted New Sale THE PANORAMA Condominium 99 years July 10, 2016 797 961,650 - 1,207 Uncompleted New Sale THE WISTERIA Apartment 99 years July 09, 2016 893 897,638 - 1,005 Uncompleted New Sale THE PANORAMA Condominium 99 years July 08, 2016 1,012 1,198,628 - 1,185 Uncompleted New Sale THE WISTERIA Apartment 99 years July 08, 2016 969 968,600 - 1,000 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years July 07, 2016 732 1,097,500 - 1,499 Uncompleted New Sale THE WISTERIA Apartment 99 years July 06, 2016 893 918,200 - 1,028 Uncompleted New Sale District 21 THE WISTERIA Apartment 99 years July 09, 2016 893 886,900 - 993 Uncompleted New Sale ASTOR GREEN Condominium 99 years July 12, 2016 1,378 1,280,000 - 929 1995 Resale District 28 CAVENDISH PARK Condominium 99 years July 08, 2016 926 1,030,000 - 1,113 1996 Resale HIGH PARK RESIDENCES Apartment 99 years July 08, 2016 667 760,112 - 1,139 Uncompleted New Sale JARDIN Condominium Freehold July 08, 2016 1,701 2,588,000 - 1,522 2012 Resale HIGH PARK RESIDENCES Apartment 99 years July 09, 2016 990 987,112 - 997 Uncompleted New Sale TOH TUCK LODGE Apartment Freehold July 08, 2016 1,346 1,150,000 - 855 2003 Resale JALAN REDOP Semi-Detached 999 years July 12, 2016 4,166 3,300,000 - 793 Unknown Resale District 22 LUXUS HILL AVENUE Terrace 999 years July 05, 2016 1,615 2,940,000 - 1,821 2015 New Sale LAKEVILLE Condominium 99 years July 06, 2016 1,270 1,571,051 1,563,051 1,231 Uncompleted New Sale NERAM CRESCENT Semi-Detached 999 years July 07, 2016 2,454 3,030,000 - 1,234 2007 Resale LAKEVILLE Condominium 99 years July 10, 2016 969 1,210,938 - 1,250 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years July 10, 2016 947 917,000 912,000 963 Uncompleted New Sale LAKEVILLE Condominium 99 years July 09, 2016 1,270 1,572,011 - 1,238 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years July 05, 2016 1,044 949,000 944,000 904 Uncompleted New Sale LAKEVILLE Condominium 99 years July 10, 2016 1,270 1,576,813 1,568,813 1,235 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years July 09, 2016 947 920,000 915,000 966 Uncompleted New Sale LAKEVILLE Condominium 99 years July 09, 2016 1,302 1,696,850 - 1,303 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years July 09, 2016 1,238 1,257,000 1,252,000 1,011 Uncompleted New Sale LAKEVILLE Condominium 99 years July 09, 2016 1,141 1,468,299 - 1,287 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years July 07, 2016 1,044 1,133,000 1,128,000 1,080 Uncompleted New Sale THE LAKESHORE Condominium 99 years July 08, 2016 1,163 1,150,000 - 989 2008 Resale RIVERBANK @ FERNVALE Condominium 99 years July 09, 2016 1,238 1,278,000 1,273,000 1,028 Uncompleted New Sale THE MAYFAIR Condominium 99 years July 05, 2016 1,163 1,060,000 - 912 2000 Resale RIVERBANK @ FERNVALE Condominium 99 years July 06, 2016 1,044 1,172,000 1,167,000 1,118 Uncompleted New Sale WESTWOOD RESIDENCES Executive Condominium 99 years July 10, 2016 1,033 863,379 - 836 Uncompleted New Sale RIVERBANK @ FERNVALE Condominium 99 years July 06, 2016 1,044 1,156,000 1,151,000 1,102 Uncompleted New Sale WESTWOOD RESIDENCES Executive Condominium 99 years July 06, 2016 1,152 940,000 - 816 Uncompleted New Sale DISCLAIMER: District 23 Source: URA Realis. Updated July 19, 2016. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, ECO SANCTUARY Condominium 99 years July 06, 2016 990 1,286,940 - 1,300 Uncompleted New Sale or reliance on, the information provided therein. HILLION RESIDENCES Apartment 99 years July 08, 2016 463 624,260 - 1,349 Uncompleted New Sale EP14 • THEEDGE SINGAPORE | JULY 25, 2016 PERSONALITY MKPL’s Siew Man Kok: The man behind the Bidadari Estate master plan

| BY MICHAEL LIM | train,” he says. “It will be the first MRT station in Singapore where you KPL Architects may be enter via an old train platform. It’s located within a non- also a good reminder of how far Sin- descript office building gapore has come.” on Cecil Street, but the The 54-year-old Siew is a true blue 50-strong firm is the mas- Singaporean. He graduated from the Mter plan architect for two historic sites: EDGE SINGAPORE CHUA/THE SAMUEL ISAAC National University of Singapore in Bidadari Estate, one of Singapore’s 1989 with a degree in architecture. oldest cemeteries that will be trans- He flirted with the idea of becoming formed into a vibrant, green public a pilot once because of the glamour housing estate; and two sections of associated with it. However, his true the Rail Corridor, the land that used love was to be an artist. “I chose to to be owned by Malayan Railways study architecture because it was and where the train tracks ran. the only course at NUS that has a For his firm’s contribution to Sin- drawing and design element in it,” gapore’s urban landscape, Siew Man he says. “My parents told me not to Kok, chairman and co-founder of be an artist because they thought I MKPL, was named Designer of the would end up being a street artist Year at the prestigious President’s and poor.” Design Award in December 2015. After graduation, he joined bou- MKPL and its partner, Toronto-based tique firm Andrew Tan Architects. planning and urban design firm Ur- After six years with the firm, Siew ban Strategies, won the bid for the and his colleague, Cheng Pai Ling, Bidadari Estate master plan in 2012. decided to set up their own archi- Their concept for the 93ha HDB es- tectural practice in 1995. The duo tate was introduced in September called their firm MKPL, using the 2014. Designed as “a community in a initials of their names — Man Kok garden”, the estate has six distinctive and Pai Ling. neighbourhoods that will be integrat- MKPL’s first project was to design ed with parks and communal spac- Siew: I chose to study architecture because it was the only course at NUS that has a drawing and design element in it a double-storey Good Class Bunga- es to create a tranquil urban oasis. low at Bishopsgate. For the first six When completed, it will be the One involves the concept for part of months after they started MKPL, first public housing estate in Singa- the corridor to be transformed into Cheng continued to work at Andrew

pore that allows people to live within MKPL PICTURES: a green belt and integrated with a Tan Architects. “We were relying on a park. The neighbourhoods will in- new affordable housing estate in her salary to keep our business go- corporate features such as multi-level Choa Chu Kang. The other is the pro- ing,” recalls Siew. “We could not green decks with roof gardens above posed adaptive reuse of the former risk both our jobs, especially in the multi-storey car parks and selected Malayan Railways station at Tanjong first few months, when we hadn’t residential blocks, courtyards in be- Pagar. Part of the concept includes secured any contracts.” tween residential blocks as well as a public park in front of the former After 21 years, MKPL now has 50 elevated walkways to enhance con- railway station. The other is to in- staff, of whom 40 are architects. Be- nectivity from one end of the pro- tegrate a new entrance with the up- sides the office in Singapore, the firm ject to another. coming Cantonment MRT station on has a second office in the Philippines Plans include transforming the un- the Circle Line. with 10 staff. The team in the Philip- dulating greenery of the former Bi- Siew was adamant about restor- pines focuses solely on the produc- dadari cemetery into a regional park ing and repurposing the train station of drawings for all their projects. with a man-made lake as the centre- tion as an access point into the MRT While Siew and his team enjoy piece. It is named Alkaff Lake after station. Where the former railway designing master plans for projects one of the vanished landmarks, Alkaff Bidadari Estate has six distinctive neighbourhoods that will be integrated with parks tracks used to be, will now be the such as Bidadari Estate and the Rail Lake Gardens, which used to be lo- and communal spaces to create a tranquil urban oasis entrance and exit into the MRT sta- Corridor, they also design master cated there. It was one of the legacies tion underground. When passengers plans for residential projects — from of the illustrious Alkaff family from Johor, says Siew. A memorial garden bus interchange linked to the Woodle- emerge from the MRT station, they private houses to condominiums. “I Saudi Arabia, who were merchants with headstones of prominent indi- igh MRT station, as well as ameni- will arrive at the former arrival and wish that developers in Singapore and landowners, and made a major viduals from the past will be incor- ties such as a new-age hawker cen- departure platforms of the old rail- will look at the design and concept contribution to the Singapore econ- porated into the park to relate the tre, eateries and shops. way station. “This simple change and not just the price when asking omy. Long before the site opened as history of the place. In December 2015, MKPL was allows people to utilise the old plat- architects to design their projects,” a cemetery in 1908, it was the home Bidadari Estate will also be well chosen by URA to design two por- form to board a train. This time, it he says. “That will really elevate the of one of the wives of the Sultan of connected by public transport, with a tions of the 24km-long Rail Corridor. is the MRT and not the old railway Singapore architectural scene.” E

When passengers emerge from the MRT station, they will arrive at the former arrival and departure The concept of Rail Corridor includes a public park in front of the former Malayan Railways station at platforms of the old railway station Tanjong Pagar