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Eye on Property Focus on Indonesia Property Take Gains and Losses Investing in medical Samator Land offers Ofﬁ ce market ins More District 9 sellers suites from a doctor’s foreigners a chance to and outs in the red perspective EP5 invest in Indonesia EP7 EP12 EP15 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment ﬁ rm and integrated service provider with a whole suite of ﬁ nancial and real-estate services. See our Cover Story on Pages EP8 and EP9.

ZACD group managing director Ryan Gwee EP2 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

PROPERTY BRIEFS JLL

EDITORIAL Development charge rates for CAPITALAND EDITOR | Ben Paul three sectors raised THE EDGE PROPERTY The government has increased the development SECTION EDITOR | charge (DC) rates for three sectors — commercial, Cecilia Chow non-landed residential and hotel/hospital — with ef- HEAD OF RESEARCH | Feily Soﬁ an fect from September. DEPUTY SECTION EDITOR | Among the three sectors, the non-landed resi- Michael Lim dential use saw the biggest increase of an average SENIOR ANALYST | Esther Hoon, Lin Zhiqin of 2.7%. The largest increase of 12% applies to sec- ANALYST | Tan Chee Yuen tor 48, which covers River Valley Road/River Valley Close/Kim Yam Road/Martin Road/Martin Place/ COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Mohamed Sultan Road. In June, a unit of Guoco- Chew Ru Ju, Tan Gim Ean Land submitted the top bid of $1,239 psf per plot PHOTO EDITOR | ratio (ppr) for a 99-year leasehold condominium Samuel Isaac Chua site at Martin Place/River Valley Close. It was the PHOTOGRAPHER | Albert Chua EDITORIAL COORDINATOR | highest psf price fetched for a pure residential site Rahayu Mohamad sold at a state tender. The site attracted 13 bids. DESIGN DESK | The upward revision reflects the more upbeat Tan Siew Ching, Christine Ong, Monica Lim, market sentiment. In 2Q2016, the URA price index Mohd Yusry, Tun Mohd Zaﬁ an for private non-landed homes slipped 0.1% q-o-q, Mohd Za’abah the smallest decline seen in 11 consecutive quarters.

ADVERTISING + Meanwhile, the price index for non-landed private MARKETING homes in the Core Central Region rose for the second ADVERTISING SALES straight quarter in 2Q2016. DC rates for the landed , ADVERTISING DIRECTOR home segment remain unchanged. & SALES | Cowie Tan ASSOCIATE ACCOUNT The commercial sector saw a smaller increase in DIRECTOR | Diana Lim DC rates, averaging 0.6% on average. The revision der. According to JLL, the appointed marketing agent sha Pilot Investment Holdings Group to manage the ACCOUNT MANAGERS | Ken Tan, was likely driven by several big-ticket investment for the collective sale, the minimum guide price for retail component of Fortune Finance Center (above, Priscilla Wong deals that took place recently, including the sale of Raintree Gardens is in excess of $315 million. The right) in Changsha, China. This marks the start of THE EDGE SINGAPORE Asia Square Tower 1 and Straits Trading Building. guide price translates into $759 psf ppr, inclusive of CapitaLand’s asset-light strategy to grow its mall ADVERTISING + MARKETING Lastly, the DC rates for the hotel/hospital segment differential premium payable to the government to network through third-party management contracts. ADVERTISING SALES have been raised by 1.4% on average. top up the lease to 99 years and for intensification CapitaLand will be involved in asset planning, CHIEF MARKETING OFFICER | Cecilia Kay of site. According to JLL, more than 80% of Raintree pre-opening and retail management for a total GFA, SENIOR MANAGERS | Central Boulevard white site Gardens’ owners have agreed to the collective sale. excluding car park, of about one million sq ft. The Windy Tan, Kevin Sim launched for sale The development comprises two 12-storey mai- mall is currently under construction and scheduled MANAGER | Elaine Tan URA has launched the white site at Central Boulevard sonette blocks and one 7-storey maisonette block. It to be completed by end-2018. EVENTS (below, left) for sale by public tender. The site was was completed in the late 1980s. The property sits Fortune Finance Center is located in Binjiang SENIOR MANAGER | reportedly triggered for sale by a Chinese developer on a land area of 201,405 sq ft with a gross plot ra- New Area, the new CBD in western Changsha. Sivam Kumar MARKETING in August. The developer had committed to bid at a tio of 2.8, based on URA’s Master Plan 2014. JLL es- It comprises a seven-storey shopping mall, a Grade EXECUTIVES | Tim Jacobs, price of not less than $1.54 billion, which works out timates that up to 748 units could be built on the A office building, a residential tower and Changsha’s Sam Ridzam to $1,010 psf ppr. The white site was on the reserved site, with the break-even cost coming in at $1,250 first JW Marriott hotel. The property is owned and list of the 2H2016 Government Land Sales programme. psf. The new units are expected to be priced in the developed by Changsha Pilot Investment Holdings. COORDINATOR | Nor Aisah Bte Asmain “The tender for the Central Boulevard site is ex- $1,450 psf region. pected to garner keen interest, given the scarcity of The tender exercise for Raintree Gardens clos- Astaka unveils masterplan for CIRCULATION vacant plots available for the development of good- es on Oct 5. One Bukit Senyum BUSINESS DEVELOPMENT DIRECTOR | Victor The grade modern offices in the city centre,” says Tay Huey Singapore-listed Astaka Holdings unveiled the ASSISTANT MANAGER | Ying, head of research, Singapore, JLL. Compass One reopens on Sept 1 masterplan for its mixed-use development One Sandrine Gerber The 116,990 sq ft plot is located opposite the Lau Compass One (below, right), formerly known as Com- Bukit Senyum (OBS), located in Johor Baru’s new

EXECUTIVES | Keith Lee, Pa Sat food centre and within the Marina Bay area. It pass Point mall, located in Sengkang, reopened on CBD. Malliga Muthusamy is also located close to the Downtown MRT station, Sept 1. The mall was closed in October 2015 for a The OBS development sits on a 516,186 sq ft free- CORPORATE Raffles Place interchange station and the upcoming major upgrading exercise. hold site with a GFA of 6.3 million sq ft. It will be CHIEF EXECUTIVE OFFICER | Ben Paul Shenton Way MRT station. M&G Real Estate, a fund owned by insurance gi- developed in two phases. The first phase comprises DIRECTOR | Anne Tong CORPORATE AFFAIRS At least 1.08 million sq ft, or 71%, of the 1.52 ant Prudential, says Compass One will reopen with The Astaka @ OBS, which contains two residential DIRECTOR | Ng Say Guan million sq ft maximum allowable gross floor area is 95% of its retail space taken up. According to M&G, towers — 65 and 70 storeys — with a total of 438 dedicated for office use. The successful bidder is also the mall will feature a wider range of shops and ser- units. Meanwhile, phase two will include Menara PUBLISHER allowed to develop retail units, a hotel, serviced apart- vices, including more than 50 new retailers. At least MBJB, the new headquarters of the Johor Baru City The Edge Publishing Pte Ltd 150 Cecil Street #08-01 ments and residential units on the remaining GFA. 80% of the tenants were expected to operate from day Council (MBJB); a five-star hotel with 450 rooms; Singapore 069543 “With the substantial investment outlay involved, one of its reopening. The upgrading works include 1,012 residential units; 254 serviced apartments; a Tel: (65) 6232 8622 interested parties are likely to form consortiums to improved access from the MRT station and more con- 1.5 million sq ft shopping mall; and a Grade A of- Fax: (65) 6232 8620 pool together resources, including market knowledge, venient passages between levels. fice building. PRINTER experience and expertise, and to share the develop- In December 2015, Frasers Centrepoint sold its Astaka held its groundbreaking ceremony on Aug KHL Printing Co Pte Ltd ment risk,” adds Tay. 18.99% stake in the mall to its joint-venture partner 28 for MBJB’s new headquarters. The ceremony also 57 Loyang Drive Singapore 508968 The tender for the site closes on Nov 8. M&G Real Estate for $19.6 million. M&G Real Estate, marks the start of the construction of phase two of the Tel: (65) 6543 2222 which had owned a majority stake since 2002, took OBS development. Menara MBJB will have a GFA of Fax: (65) 6545 3333 Raintree Gardens launched for full ownership of the mall in February 2016. 445,848 sq ft and 558 car parks. Once it is complet- collective sale at $315 mil ed at end-2019, about 800 employees will relocate to We welcome your comments Raintree Gardens (above, left), a 175-unit former CapitaLand to manage retail podium the new MBJB headquarters. and criticism: propertyeditor.sg@ HUDC residential development fronting Kallang Riv- of Fortune Finance Center The entire OBS development is expected to be bizedge.com er in Potong Pasir, has been launched for sale by ten- CapitaLand has inked a contract with Chang- completed by 2021. — Compiled by Tan Chee Yuen E

Pseudonyms are allowed but please state your full name, address and contact number for us to verify. M&G REAL ESTATE SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP3

A Special Feature by Perennial Real Estate Holdings and CBRE

Artist’s impression of the revamped TripleOne Somerset A NEW LANDMARK IN THE MAKING TRIPLEONE SOMERSET

The consortium led by Perennial Real Estate Holdings is undertaking an extensive asset enhancement exercise at TripleOne Somerset, offering strata office units and a limited edition of medical suites for sale here hasn’t been a launch of new as medical groups who want an Orchard Road strata office units and medical suites address, says CBRE’s Lim. With monthly office for sale in Singapore’s prime Orchard rents at TripleOne Somerset hovering in the range Road precinct in over three decades. of $8 to $8.50 psf, gross rental yields are close to Only units in the secondary market 4%, which is also attractive to investors, she adds. Tare available, and they are typically in ageing Medical suites at TripleOne Somerset will buildings that are in need of a makeover. Owing start from $4,500 psf. “The price is very attractive to scarcity, even units in these properties are as compared with Mount Elizabeth Orchard, trading at premium prices. where medical suites are trading in the secondary Revolutionising the market is a consortium market for $8,000 to $10,000 psf,” says Lim. “It’s led by Perennial Real Estate Holdings Limited all a matter of demand and supply.” (“Perennial Real Estate Holdings’), an integrated The main lobby and concierge service counter of the office tower after the revamp real estate and healthcare company headquartered and listed in Singapore. The consortium bought renowned restaurants and shops relating to health, The efficient and regular unit layout makes it TripleOne Somerset for S$970 million in 2013, wellness and beauty will be introduced. easy and flexible to configure larger spaces when and is pumping another S$150 million for an TripleOne Somerset enjoys dual frontage required. Following the asset enhancement works, extensive asset enhancement exercise. along Devonshire Road and Somerset Road as the office lobby will host a concierge service The transformation of TripleOne Somerset well as dual drop–off and access. The building counter. The common corridors and lift lobbies will be managed by Perennial Real Estate Holdings, already has a sheltered seamless walkway to the on every level of both Somerset and Devonshire the catalyst behind a string of successful mall re- Somerset MRT station on Devonshire Road. A Towers will also be completely refreshed. vamps including CHIJMES and Chinatown Point. second linkway to the MRT station will come A new stretcher lift will be installed to facilitate TripleOne Somerset has two 17-storey tow- up on Somerset Road. the medical business from Basement 1 to Level 4. Strata office show suite at TripleOne Somerset ers containing premium office space of close to In addition, the vertical connectivity between the ‘THE EQUIVALENT OF A NEW PRODUCT’ 500,000 sq ft; two levels of retail space of more car park, retail podium and medical suites will Interested parties are encouraged to visit than 72,000 sq ft and basement parking for more The offices in both Devonshire and Somerset be improved with the introduction of escalators the showroom at TripleOne Somerset than 400 cars — a luxury compared with most Towers now houses established lifestyle and from Basement 2 to Level 4. shopping malls in the Orchard Road precinct luxury brands including Gucci, Bottega Veneta Medical suites will also be fitted with their Sales gallery is located on the ground floor which suffer from a lack of parking space. and Samsonite. Currently, only selected levels with own individual fan coil units, floor trap and water of TripleOne Somerset leases already expired or due to expire soon will points. “When the strata office and medical units be offered for sale at the Somerset Tower. They are handed over to buyers, they will be getting the Open daily: 11am to 6pm include the medical suites and strata office units equivalent of a new product,” says Sammi Lim, Tel: 9852 3687 | 9841 0006 on Levels 3 and 4. director of investment properties at CBRE, the 9878 2372 | 9368 9803 The sizes of the strata office units range from sole marketing agent for the project. www.111somerset.com.sg 366 sq ft for a unit to 20,000 sq ft for an entire For now, units on Levels 8 and 15 of the floor. There are only 31 medical suites available Somerset Tower are ready for occupancy. Selling with supply being very limited in this prestig- For private viewing, please contact price will range from $2,700 psf to $3,300 psf. TripleOne Somerset at: ious location, which has gained popularity as a CBRE is seeing interest from a good mix of Artist’s impression of the revamped office corridor destination for medical tourists from the region business occupiers and investors. Business own- Sammi Lim: +65 9368 9803 and beyond. ers include fashion and lifestyle brands as well CEA No.: R003899J EXTENSIVE MAKEOVER When the asset enhancement works at TripleOne Yap Hui Yee: +65 9852 3687 Somerset are completed, the building will have a CEA No.: R041545Z shimmery new gold facade, transforming it into Owned By: a new landmark. TripleOne Somerset will also be Perennial (Somerset) Pte Ltd revamping its retail podium to add new excite- ment and vibrancy through its introduction of a Managed By: Sole Marketing Agency: luxurious “Market Place” concept which offers a wide array of specialty food as well as food and beverage stalls with communal seating at Level 1. At Level 2, a vast diversity of established and The new retail offering will include a wide array of specialty food as well as food and beverage stalls with communal seating EP4 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016 PROPERTY PICKS Singapore’s highest-yielding freehold and 999-year leasehold condos

| BY YONG YUN LIN & MICHAEL LIM | Rental yield for Singapore condos generally range from because it is difficult to rent a unit out when there is no 1.5% to 12%. Although there are a handful (20 to be precise) available unit for rent or demand in those developments. oday’s average rental yield of 3.2% for condominiums of properties that offer yields of above 5%, most of these are We have also removed developments in which there are a is arguably at its all-time low. Some of the reasons that older, 99-year leasehold projects located in the mass-market limited number of units available for sale. could have contributed to the decline in rental yield are residential enclaves. The key in the hunt for yield is to find To compute rental yield, we took an average of the rent- low interest rates, falling home prices, retrenchment condos that can give you reasonable rental while preserving al values divided by transacted prices over one year. Finally, in the financial sector, and competition from public your capital values in the long run. we looked at the different market segments: Core Central Re- Thousing. Nonetheless, if you are on the hunt for yield, real es- In our analysis, we looked only at freehold or 999-year gion (CCR), Rest of Central Region (RCR) and Outside Cen- tate continues to be an attractive investment class, consider- leasehold condos to ensure preservation of capital values. tral Region (OCR). ing fixed deposits are less than 1% and the average dividend We excluded condos with fewer than half a dozen rental Below are our findings and the top 10 condos for each yield for equities is in the 3%-to-4% range. contracts and sales transactions over the last 12 months market segment. E THE EDGE SINGAPORE ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT

A 388 sq ft, one-bedroom unit at Alexis can achieve a gross rental yield of 4.34%

Core Central Region The development that offers the highest PROJECTS RENTAL YIELD (%) rental yield is Alexis. The 293-unit freehold Alexis 4.09 A 398 sq ft, one-bedroom unit at Parc Imperial can achieve a gross rental yield of 4.13% condo, jointly developed by boutique de- Visioncrest 3.56

velopers Fission Group and Yi Kai Group, Martin Place Residences 3.45 THE EDGE PROPERTY TABLES: was completed in 2012. On the first level of Parc Emily 3.39 Rest of Central Region the project are 18 shop units, which have City Square Residences 3.37 Of the developments we identified across the PROJECTS RENTAL YIELD (%) been fully sold. RV Residences 3.37 three regions, Parc Imperial offers the highest Parc Imperial 4.40 When Alexis was launched for sale in 2009, Watermark rental yield of 4.4%, based on data available Riverbay 3.96 the average price achieved was between $850 Robertson Quay 3.23 on TheEdgeProperty.com.sg. Parc Imperial is Prestige Heights 3.89 and $1,100 psf. The apartments are mainly Cube 8 3.21 a 138-unit freehold condo on Pasir Panjang Melosa 3.67 Starlight Suites 3.17 shoebox units, with one-bedders starting from Road. Developed by Fragrance Properties, the The Sunny Spring 3.65 Park Infinia at Wee Nam 3.14 388 sq ft and two-bedders from 527 sq ft. The project was completed in 2010. The units at The Infiniti 3.37 absolute prices of these one- and two-bed- Parc Imperial range from 366 sq ft for a stu- The Cascadia 3.36 room units range from $420,000 to $840,000, dio unit to 2,303 sq ft for a four-bedroom du- Katong Regency 3.27 which made them attractive to investors and the fact that it was the first significant pro- plex penthouse. Clementi Park 3.25 explained why all the units were snapped up ject launch made up exclusively of such When the project was launched for sale in Amber Residences 3.25 within three days of their launch. compact apartments. It is also located on July 2009, a 398 sq ft, one-bedroom unit was In June, a 388 sq ft unit was sold for Alexandra Road, within walking distance sold for $490,000 ($1,200 psf). Based on the $690,000 ($1,781 psf), according to the latest of the Queenstown MRT station and close latest caveats lodged with Realis, a 398 sq ft caveats lodged with Realis. In August, a simi- to malls such as IKEA, Anchorpoint Shop- unit was sold in May for $633,000 ($1,589 psf). Parc Imperial is located near the Haw Par lar-sized unit was leased for $2,500 a month. ping Centre, Alexandra Central and Queen- In July, nine similar-sized units were leased for Villa MRT station, Icon @ Pasir Panjang and The popularity of Alexis is partly due to sway Shopping Centre. an average monthly rent of $2,180. the Viva Vista mixed-use development.

Outside Central Region Flamingo Valley is a 393-unit freehold condo PROJECTS RENTAL YIELD (%) developed by Frasers Centrepoint and complet- Flamingo Valley 3.46 ed in 2014. Ris Grandeur 3.35 Located on a hillslope in the prime Siglap area Bullion Park 3.20 in District 15, Flamingo Valley commands pan- The Linear 3.04 oramic views of the landed homes in the Opera Park Natura 2.98 SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC and Frankel estates. Unit sizes range from 517 Hillington Green 2.94 sq ft for a one-bedroom unit to 3,111 sq ft for a The Summit 2.92 three-bedroom penthouse with roof terrace. Meadow @ Pierce 2.76 When Flamingo Valley was launched for sale Grande Vista 2.73 in 2010, the average price achieved was $1,300 Glendale Park 2.64 psf. In July, a 517 sq ft, one-bedroom unit was leased for $2,400 a month. Meanwhile, the most recent sale of a similar-sized unit was in May last year, and the price was $880,000 ($1,700 psf). kolah Indonesia (Indonesian School), Global The condo is located in the vicinity of Se- Indian School and Victoria Junior College. A 517 sq ft, one-bedroom unit at Flamingo Valley can achieve a gross rental yield of 3.3% THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP5 EYE ON PROPERTY Investing in medical suites from a doctor’s perspective

ingapore is said to be losing its lustre as a medical hub as the strong Singa- pore dollar and high healthcare costs are causing medical tourists to flock to cheaper places such as Thailand and SMalaysia. Yet, a prominent Malaysian medical group, HSC Healthcare, is opening a medical

facility in the city state next April. EDGE SINGAPORE CHUA/THE ALBERT PICTURES: The group, together with eight established doctors in Singapore, has purchased three levels of medical suites at the Farrer Square project in Little India. Farrer Square is a mixed- use development by RB Capital. The Edge | BY FEILY SOFIAN & ESTHER HOON | Property recently spoke with HSC’s group CEO Derrick Chan to gauge market sentiment on maintain a presence at Mount Elizabeth Orchard medical suites. or Paragon Medical Singapore. Paradoxically, it was Singapore’s high health- Chan also highlights that Farrer Square is care costs that motivated HSC to venture into highly accessible as it is located right above the the country. The group seeks to deliver the Farrer Park MRT station, a mere three-minute first-class medical service that Singapore is ride from the Dhoby Ghaut MRT station along renowned for, at a reasonable cost. the Orchard Road shopping belt. As owners of the medical facility, HSC and HSC Healthcare is headquartered at the Me- its partners would have control over big-tick- nara HSC building on Jalan Ampang in Kuala et expenses such as the rental of an operating Lumpur. The building also houses HSC Medi- theatre. The cost savings could then be passed cal Center, a renowned one-stop medical, heart on to patients. and diagnostic centre, as well as the Somer- The partners are also positioning HSC’s fa- set Ampang Kuala Lumpur serviced residence, cility at Farrer Square as a day-procedure cen- which is managed by The Ascott Ltd. tre. “As a result, we do not incur the addition- The group and its partners are reported al costs or liabilities associated with running a to have forked out slightly over $44 million, 24-hour medical centre or hospital. We are able or around $3,800 psf, for the purchase of the to keep costs low for patients,” Chan explains. three levels of medical suites at Farrer Square Medical suites that are attached to a hospital can cater to a wider range of procedures that promote The facility will feature specialist rooms and a that have a total strata area of 11,674 sq ft. cross-referrals health screening area on level 5, a radiology department on level 6 and a day-procedure Co-location with a hospital whom The Edge Property spoke. Such centres chard, notes: “An ageing population would centre on level 7. It is advantageous for a standalone medical cen- include Gleneagles Medical Centre, Mount Eliz- create more demand in orthopaedics, oph- Proximity to a hotel is one of the key con- tre such as Farrer Square to be located next to abeth Medical Centre and Mount Elizabeth No- thalmology, urology, cardiology, oral surgery, siderations for a day-procedure centre, says a hospital, in case of an emergency. Complica- vena. The latest project in the market is Far- surgical and medical oncology, and geriatric Chan. In addition to the medical suites, Farrer tions can arise even in a simple surgical proce- rer Park Medical Centre, which is attached to medicine.” Square will comprise the 300-room Park Ho- dure and it would be reassuring for practition- Farrer Park Hospital. Khoo says as a specialist, he prefers a med- tel Farrer Park. ers and patients to have access to emergency These medical suites can provide a wider ical centre over other property types, such as The development is also a stone’s throw services located next door. Other standalone range of medical services, including complex a shophouse or a commercial building, to set away from Farrer Park Hospital. The hospital medical centres that are located next to a hos- surgeries that require a team of experts, and up his practice. A medical centre, according is part of an integrated development named pital include Paragon Medical Singapore and special facilities such as intensive care units. to him, has an ecosystem of specialists so that Connexion, which comprises One Farrer Ho- Novena Medical Centre. Such procedures cannot be carried out in a stan- they can leverage each other’s expertise. Patients tel & Spa and Farrer Park Medical Centre; the Still, medical suites that are attached to a dalone medical centre. Besides complex proce- would benefit from the ease of cross-referrals latter also houses medical suites. hospital appear to be the most popular choice, dures, medical suites within a hospital can also and better multidisciplinary care. at least among the medical practitioners with offer other medical specialisations, such as psy- “For those of us who do procedures, it is A value proposition? chiatry, dermatology and aesthetics, which are a further advantage to be in a medical centre According to caveats published by the Singa- less dependent on hospital facilities. Owing to that is located within a hospital,” Khoo adds. pore Institute of Surveyors and Valuers, a medi- the wider range of medical services they can Another prominent doctor who declines cal suite at Farrer Park Medical Centre was sold cater for, medical suites that are located within to be named also singles out attachment to a at $4,400 psf in March 2015. In 2014, five units a hospital may enjoy higher demand. hospital as his top criterion when selecting a fetched an average price of $4,233 psf. Complex medical procedures will continue medical suite. He, too, is most optimistic about Prices were markedly lower than those at to be the driver of Singapore’s medical sector, complex and age-related services and proce- Gleneagles and Mount Elizabeth Medical Cen- given the republic’s positive track record in deal- dures, such as orthopaedics, gastroenterolo- tres, which hovered in the $9,000 psf region in ing with challenging medical cases and its age- gy and oncology, and most pessimistic about 2015, as well as those at Mount Elizabeth No- ing population. Dr Cheng Shin Chuen, a con- general surgery. vena Hospital, which found buyers at an aver- sultant surgeon in private practice and adjunct Separately, NUS’s Cheng highlights that the age price of $6,700 psf last year. assistant professor at the National University supply of medical suites that are attached to a The lower price at Farrer Park Medical Cen- of Singapore (NUS), says: “Singapore is still hospital remains limited. tre partly compensates for the smaller traffic way ahead of its neighbours when it comes to Only time will tell whether prices of medical of walk-in visitors since the neighbourhood performing complex procedures such as robot- suites will rise further. However, there could be is still maturing as a medical hotspot. On the ic surgeries, minimally invasive vascular pro- potential for medical suites that are attached other hand, patients could enjoy some cost cedures, organ transplants and cancer care.” to a hospital, especially those in less-mature savings when seeking medical services from Cheng is based in Paragon Medical Singapore locations where prices are still significantly establishments in the area. and Mount Elizabeth Novena. lower than those in ultra-prime areas. Price At Farrer Park Hospital, the daily rate for a After the dip in 2013, revenue from medi- growth will be driven by their limited supply four-bedded suite is $196 per bed compared cal tourism picked up again, rising 19% y-o-y and the provision of complex procedures that with $276 at Mount Elizabeth Orchard. Of to $994 million in 2014. Revenue from Indone- cater to both medical tourists and the ageing course, there are other factors at play that ac- sian medical tourists rose 37% over the same population alike. count for the difference in price, such as the period. The data is from the latest annual tour- As for standalone medical centres, perhaps hospital’s reputation. ism statistics, published by the Singapore Tour- users and investors could take their cue from Farrer Park Hospital opened its doors on ism Board in February. Data for 2015 is yet to HSC and its partners by going for those that March 16. Despite its young history, the medi- Chan: As the owner of the property, HSC and its be published. are strategically located near the city centre, cal suites under its roof are occupied by a num- partners would be able to keep the facility costs Dr Andrew Khoo, a plastic and reconstruc- a hospital and a hotel, as well as offer an at- ber of well-known practitioners who had or still low for patients tive surgeon based in Mount Elizabeth Or- tractive entry price. E EP6 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016 SPOTLIGHT ON INDONESIA SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

The stability and transparency of the Singapore property market is among the factors that have persuaded many wealthy Indonesians to purchase Singapore properties, typically prime luxury ones Impact of Indonesian tax amnesty on Singapore property prices

ndonesia has seen a trend of rising fiscal The tax amnesty also provides some level ket, coupled with factors such as cheap- deficit, culminating in a record budget deficit of assurance, as the Indonesian authorities er credit, ease of purchase and relative- in 2015. The resource-rich nation’s coffers have undertaken not to share information ly strong rental demand, have persuaded were affected by low global demand and collected through the amnesty exercise with many wealthy Indonesians to purchase weakening commodity prices for essential other parties. They will also not use it as a Singapore properties, typically prime lux- Iexports such as coal and crude palm oil. basis for instituting any criminal proceed- ury properties in Districts 9, 10 and 11. The sluggish global economic growth and ings against the taxpayer. This recent tax amnesty offer from moderated growth faced by China, a key trading There are compromises to be made by the Indonesian government leads one to partner of Indonesia, certainly did not help. the taxpayer, however, as he has to give wonder whether there might be a result- In a bid to improve its budget position, the up any outstanding tax refund claims from ant short-term impact on prime residen- Indonesian government has proposed a the authorities, forfeit unutilised tax loss- | BY TAY HONG BENG & ALAN LAU | tial properties in Singapore as Indonesians plan for a tax amnesty, aimed at encourag- es and withdraw existing disputes with the deliberate whether to liquidate their prop- ing wealthy citizens to bring back their off- tax authorities. erty holdings in Singapore to take advan- shore wealth. deliberating whether to participate, another tage of this one-off golden offer. Where does the money go? factor for consideration is that global initia- The following are some factors that may How does it work? Proceeds from the amnesty programme have tives for greater tax transparency are being om- have an impact on the decision-making process: The Indonesian tax amnesty programme pro- been earmarked for beefing up infrastruc- plemented by various countries as we speak. • Indonesians have up to Sept 30 to enjoy the vides a reprieve to wealthy Indonesians who ture and other sectors that the government For example, Singapore will be embracing lowest levy bracket, which means the clock have been remiss in their tax affairs to take is focusing on. Monies repatriated to Indo- the Organisation for Economic Co-operation is ticking; advantage of this opportunity to disclose and nesia have to be kept in the country for at and Development’s automatic exchange of in- • Repatriated funds are allowed to be invest- optionally repatriate their undeclared assets least three years and may be invested based formation framework in 2018 and could agree ed in Indonesian real estate (with certain and pay only a modest clearance levy on the only on a stipulated list of permissible in- to exchange taxpayer information with other exceptions); assets declared. vestments. This list includes real estate, real countries such as Indonesia, subject to cer- • Offshore investments (including proper- The levy is applicable on net assets, calcu- estate investment trusts, infrastructure pro- tain conditions. ties) may have to be disposed of to fund lated by deducting directly related liabilities, jects, government securities, private compa- the clearance levy payment; up to prescribed percentages from the cash ny bonds, gold, marketable securities and Will this have an impact on Singapore • The Singapore dollar has strengthened con- or market value of assets being declared. The banking products. property? siderably against the Indonesian rupiah clearance levy rate varies, depending on the Indonesians have historically been keen in- since 2010; and timing of the filing and whether the offshore To participate or not? vestors in Singapore property and account for • There has been strong growth in residential assets are repatriated to Indonesia by a stip- There are harsh consequences such as pen- a significant proportion of foreign purchases property prices in Indonesia since 2008. ulated timeline. alties and sanctions that may be imposed on of property in the city-state. The stability and Given current slow market conditions in Both individuals and companies, includ- under-declared or undeclared assets. For those transparency of the Singapore property mar- Singapore, will these factors provide the impe- ing those without a tax identification num- tus for an urgent sale of properties in the city- ber, can avail themselves of the tax amnesty. state at lower prices? It is anybody’s guess, but Those excluded from the programme, how- Clearance levy rates we note that several prime properties owned ever, are existing tax defaulters who are cur- by Indonesians are available for sale at ask- rently being investigated, undergoing judi- Period within which tax amnesty Onshore assets declared, and Offshore assets declared, ing prices that are less than the valuation or cial proceedings or have been charged with declaration is filed offshore assets declared but not repatriated purchase price. tax crimes. and repatriated Perhaps it is time for bargain property hunters This is a golden opportunity for errant In- July 1 to Sept 30, 2016 2% (if repatriated by Dec 31, 2016) 4% to sit up and take notice. E donesians to set their tax record straight and Oct 1 to Dec 31, 2016 3% (if repatriated by Dec 31, 2016) 6% absolve themselves of adverse consequenc- Jan 1 to March 31, 2017 5% (if repatriated by March 31, 2017) 10% Tay Hong Beng is head of real estate and Alan es — such as tax audits and investigations Lau is head of financial services tax at KPMG — arising from historical undeclared wealth. in Singapore THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP7 SPOTLIGHT ON INDONESIA Samator Land offers foreigners chance to invest in Indonesia

| BY FEILY SOFIAN |

ne developer is marketing an Indo- nesian property to Singapore investors. Samator Land is rolling out Skysuites SOHO, a freehold strata development in Surabaya that features Othe small office home office concept. Surabaya is the provincial capital of East Java and the second-largest city in Indonesia. Although property ownership by foreigners is still restricted in Indonesia, there are schemes that allow non-Indonesians to purchase local properties. One of them is through a PT Penanaman Modal Asing, the local term for a foreign investment company. In June, a Hong Kong company picked up two units at Skysuites SOHO. Under PT PMA, foreigners can establish an investment property company to buy local properties. PT PMA appears to be the most attractive option for foreign buyers at the moment, as it affords them the same property rights as local citizens, such as holding a freehold title. The Edge Property understands that the price paid for a Skysuites SOHO unit would be enough to form the paid-up capital required by the Indonesian government to set up a PT PMA. For convenience, foreign buyers could appoint a local notary to help establish the company. This involves a one-time fee of IDR35 million ($3,570) and an annual fee of IDR18 million for filing company reports to the authority on behalf of the owner. Samator Land is the real estate arm of Sa- mator Group, a leading gas company in Indo- nesia that was founded in 1975. The group’s first property venture was Graha Pangeran, a high-rise office building in Surabaya that was a Skysuites SOHO is a 168-unit tower within The Samator Business Park, which also comprises an office tower and a hotel nominee for the Asean Energy Award in 2002. In 2013, the group sold the building to its biggest tenant, Bank Negara Indonesia.

A mixed-use development Skysuites SOHO is a 168-unit tower within The Samator Business Park, which also comprises an 18-storey office tower that will be available for lease only and a hotel to be operated by EDGE SINGAPORE CHUA/THE SAMUEL ISAAC AccorHotels under its Novotel brand. The SOHO units will have two levels: a business space on the lower floor and a living area on the upper floor. Each level comes with its own lift lobby. Imelda Harsono, director of Samator Group, says that, while the office tower will house multinational and local corporations, the SOHO units are ideal for start-ups and, together, they will form a synergy. Her company would occupy five floors of the office towers. Another major tenant will be Bank Mandiri. Skysuites SOHO and the hotel are expected to be completed this year and the office tower in 2017. There will also be cafés on the ground floor that will serve as informal meeting spots. Harsono, the eldest daughter of Samator Group president and CEO Arief Harsono, was involved in the design and material selection Harsono says that, while the office tower would for Skysuites SOHO as well as the office compo- house large multinational and local corporations, nent of the business park; her brother helmed the SOHO units are ideal for start-ups Artist’s impression of a Skysuites SOHO unit the hotel development. Units at Skysuites SOHO will start from 110 According to Colliers International Indo- Other expenses that buyers should take note Several macro policies could have a positive sq m (1,184 sq ft) and priced from $300,000, nesia, asking rents for offices in East Sura- of include income tax at 10% of rental reve- impact on Indonesia’s property market. The re- including discounts and taxes applicable for baya, where Skysuites SOHO is located, nue, property tax at 0.2% of the unit’s assessed cent tax amnesty programme and further relax- acquiring the property. Buyers can opt for a average IDR230,000 psm per month. In In- value and agent’s fees for securing and man- ation of foreign ownership in property and busi- 13-month instalment plan offered by the de- donesia, tenants typically sign a one- or two- aging the tenant, typically at 5% of the rental nesses are widely expected to boost property veloper. Samator Land has appointed RE/ year lease and pay the rent in a lump sum. revenue. With effect from Sept 9, the proper- prices in the country. E MAX Singapore as the marketing agent for The monthly service charge can be passed ty disposal tax will be reduced to 2.5% of the Skysuites SOHO. on to tenants. sales price, from 5% previously. This article first appeared on TheEdgeProperty. com EP8 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016 COVER STORY

Partners at the inaugural Wow Singapore pop-up store in Chongqing ZACD PICTURES: (from left): Gwee; Sim Mong Teck of Sim Mong Teck & Partners; Dr Beng Teck Liang, CEO of Singapore Medical Group; and Dora Chng, general manager (property sales & marketing), GuocoLand Singapore

Realtor, investor, financier, pop-up store operator

Privately held ZACD is positioning itself to be an investment firm and integrated service provider with a whole suite of financial and real-estate services

| BY CECILIA CHOW | gapore Tourism Board and International En- he says. “The number is growing daily. And and investment, especially real-estate invest- terprise Singapore (IE Singapore) “It was a these are high-net-worth clients, not random ment,” he says. ith his showmanship and maverick publicity event to showcase the best of Singa- visitors to the booth.” ideas, Ryan Gwee is no stranger pore,” says Gwee. Gwee has even planned the itinerary, which ‘Getting new clients’ to controversy. The latest venture The group is even collaborating with trav- will include tours of GuocoLand’s projects, du- The series of pop-up stores in China is a vehicle by the group managing director el agencies in these cities. As the response rian parties, free health screening by Singapore for acquiring new clients, according to Gwee. of ZACD is the “Wow Singapore” from the road show has been overwhelming, Medical Group and legal advice on property The cost is estimated to be at least $250,000 Wpop-up store, which will be set up in a series Gwee is starting to get a little worried. “We’ve purchases and conveyancing by Sim Mong per weekend in each city. “To sustain your of road shows in the six fastest-growing cities just done one city — Chongqing — and hun- Teck & Partners. “The Chinese are mainly in- business, you have to keep growing your client across China. They include Chengdu, Xi’an, dreds have signed up for a trip to Singapore,” terested in three things — education, health base — it’s the lifeblood of any business,” he Wuhan, Changsha and Guiyang. says. “And which country has the biggest pop- The inaugural event was held in Chong- ulation of consumers? China.” qing at end-July. Two 40ft containers and a After the road shows in each city, ZACD will 20ft container were converted into the Wow also set up a representative office there to fol- Singapore pop-up store and were placed at low through with interested parties. The Chi- Jiefongbei Square, the busiest part of the na head office is in Shanghai, where Gwee is Chongqing CBD. located. He continues to split his time between The response to the pop-up store was much Shanghai, where he has lived for the past five more than what Gwee had anticipated. “I was years, and Singapore, where he spends three expecting 500 to 1,000 people to walk in each days a week. day,” says the 40-year-old, who looks 10 years Gwee knows China well as he was head of younger. “But we had 5,000 to 6,000 people private banking in China for Standard Char- every day.” tered in 2011, and dealt with ultra-high-net- Partners in the event included develop- worth investors, he says. Prior to that, he er GuocoLand, prominent lawyer Sim Mong was head of relationship management for Teck and healthcare provider Singapore Med- Southeast Asia and key partnerships at Stand- ical Group. To draw people to the pop-up ard Chartered Private Banking and based in store, there was a disc jockey playing music Hong Kong. all day and distribution of free gifts such as Before joining ZACD as an equity part- Super Group’s instant coffee mix and Prima’s ner and group managing director in Octo- famous laksa paste. ber 2015, Gwee was CEO of private-equity ZACD even got the endorsement of the Sin- Gwee speaking to the press in Chongqing at the launch of the Wow Singapore pop-up store group Asia Capital Pioneers Group in Hong THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP9 COVER STORY

Kong, where the group has more than kept breaking down. He then upgraded to US$1 billion ($1.36 billion) in assets un- a newer model and now drives a Porsche der management. Cayenne. The couple, who initially lived “At the time, the principals of the pri- in an HDB flat in Bukit Batok, upsized to vate-equity firm wanted to diversify out of a private condo and then a landed home. Hong Kong and allocate funds to Southeast Asia,” recounts Gwee. Streamlining ZACD ZACD was initially set up as an education- Joining forces al fund for Yeo and Sim’s two sons, Zach- That was when Gwee thought of Stanley ary and Darius. It started with $165,000 Yeo, ZACD’s founder, who obtained a fund in 2005. Today, it is worth $75 million. management licence from the Monetary Over the years, ZACD has also launched Authority of Singapore in 2011. Yeo and 33 private-equity real-estate funds. Many his wife Kain Sim, who are also co-found- had initially started as club deals among ers of real-estate agency SLP Internation- friends investing primarily in develop- al, have been personal friends with Gwee ment projects. However, the investments for the past 17 years. “We go back a long involved became so large that ZACD ap- way,” Gwee says. plied for, and obtained, a fund manage- He remembers the couple when they ment licence in 2011. first started SLP as a real-estate agency The group also successfully raised $280 that specialised in the industrial space. million for its Asia Pacific Real Estate Op- At the time, SLP’s office was in an old portunistic (ARO) Fund Series II. The fund The 40ft containers turned pop-up store in Chongqing industrial building in Bukit Batok and it has made several offers for properties such had just half a dozen agents. “They were as a prime condominium block and data thinking and strategising how to sell 10 centres in Singapore. industrial units each month just to make Gwee’s vision is to position ZACD as an ends meet,” he recounts. investment firm and integrated service pro- Back in 2001, banks were reluctant to vider that offers financial and real-estate provide financing for strata industrial pur- agency services. “Imagine a bank and a ma- chases. Gwee was only in his early 20s and jor property agency as one entity,” he says. the youngest branch manager at an interna- He is also working hard to transform ZACD tional consumer bank. According to Gwee, from a traditional SME into a corporation he was one of the first to convince his bank with proper systems in place, with an eye to offer loans to SLP’s clients. The next few towards a public listing. “A lot of changes weekends, Gwee, together with his col- have taken place,” says Gwee, who has been leagues and the agents, went to Bukit Ba- instrumental in introducing the changes. tok, Woodlands and even Ubi to distribute ZACD Group will be streamlined into flyers of the industrial properties that SLP different businesses — ZACD Posh (for was marketing. “You have to work like that Property One-Stop Haven), ZACD Financial if you want to get results,” he says. “It’s the Services and the new ZACD Real Wealth classic case of having the banker and real- Academy, which offers a 10-day master- tor joined at the hip to achieve success.” class in all aspects of investing. That marked the first of many collabo- “Everything I’ve been doing since I came rations between SLP and Gwee. Over the on board in October has been in my blue- years, Gwee also saw how the SLP found- print after six months of due diligence in the ers progressed as their business grew. Yeo company,” says Gwee. And that includes the used to drive an old Toyota Harrier that pop-up stores in China, he adds. E The pop-up store in Chongqing attracted 5,000 to 6,000 visitors a day over one weekend

Evergrande shopping spree to continue even as debt soars

hina Evergrande Group’s debt- The earnings report on Aug 30 er’s core profit, or profit excluding Perpetual notes, which are bonds Evergrande’s cash balance of more fuelled expansion spree shows may do little to allay concerns about property revaluations and foreign-ex- with no maturity dates, are usually than RMB210 billion to its ability Cno signs of slowing down. Even its balance sheet, with debt soaring change losses, fell 23% to RMB7.8 booked as equity on company bal- to collect more from pre-sales. Chi- as soaring interest payments and 28% to RMB381.3 billion ($77.87 billion in the first half, from RMB10.2 ance sheets. nese developers typically begin sell- marketing costs ate into first-half billion) in the first half and inter- billion a year earlier, according to a “Despite strong sales, the re- ing properties while they are under profit, a top executive at the Chi- est payments tripling. The devel- statement to the Hong Kong stock sults were poor in our view, and construction and book profits upon nese developer said on Aug 30 that oper says it will also work on ex- exchange on Aug 30. Marketing costs Evergrande’s balance sheet remains completion. the company wants to acquire bro- panding its landbank in the second jumped more than 51% as the com- stretched,” Alan Jin, a Hong Kong- Last year, Evergrande agreed to kerage and trust companies as well half to meet sales targets, and pur- pany said it embarked on nationwide based analyst at Mizuho Securities buy RMB13.5 billion of assets, mostly as smaller rivals — deals that would sue “cost-effective” ways to add to “brand publicity activities”. Asia, wrote in an Aug 31 note. The in mainland China, from New World add to about US$6 billion ($8.19 bil- projects, such as mergers and ac- The higher costs were offset by perpetual notes are “essentially debt China Land, as well as the Mass Mu- lion) of purchases since the start quisitions. surging property sales, with contract- in our view”, he says. tual Tower in Hong Kong for HK$12.5 of 2016. Evergrande, which made ed sales jumping 63% to RMB141.8 Including the perpetual notes, net billion ($2.2 billion), a record for a a surprise entry in August into the Aggressive approach billion. The developer has pledged to gearing rises to 432%, which will commercial building in the city. bidding war for the country’s larg- “Growth wouldn’t have been as high exceed its RMB300 billion target for harm shareholder returns, Eric Zhang, The firm in April agreed to buy est homebuilder, China Vanke, also had Evergrande not been aggressive pre-sales contracts this year, a goal a Beijing-based analyst at China In- shares in Shengjing Bank and Chi- signalled it may invest in other list- in the last two years,” CEO Xia Ha- that is the highest among mainland ternational Capital, wrote in a note na Calxon Group, before amassing ed companies. ijun told reporters in Hong Kong on builders amid a turnaround in Chi- published on Aug 31. The jump in its stake in Vanke. Projects bought Billionaire chairman Hui Ka Yan’s Aug 30, referring to the company’s na’s housing market. perpetual notes put a “significant” from Hong Kong developers made a strategy of debt-funded dealmak- purchases of sites for its landbank. Evergrande’s total borrowings burden on profitability, he says. “huge” contribution in the first half, ing has befuddled analysts and left “We would have missed out.” jumped, with long-term debt surging and the investment in Vanke has al- Evergrande with a credit rating that Evergrande shares slumped 6.9% 51%. Leverage would be even high- Cash-is-king strategy ready generated returns on paper, is among the lowest of large Chinese to HK$5.36 in Hong Kong trading on er if the company’s perpetual notes The developer pledged to lower its net Xia says. developers. Moody’s Investor’s Ser- Aug 31, the most since June 20. The were counted as debt rather than eq- debt ratio and stabilise its net profit “About how to invest in Vanke, we vice, which in January cut the com- stock has declined 21% this year, com- uity — with the amount of notes on margin, citing what it calls a “cash have a clear mind,” Xia says, declin- pany’s notes to a “high risk” rank pared with an 11% increase in the issue rising to RMB116 billion from is king” strategy, by collecting more ing to elaborate, saying that details of B3, in July reiterated its negative Hang Seng Properties Index. RMB75.7 billion at end-2015, accord- cash from sales to roll over borrow- would constitute inside information. outlook, citing high leverage. The Guangzhou-based develop- ing to the filing. ings if needed. CEO Xia attributes — Bloomberg LP E EP10 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016 PROPERTY PROFILE Prime semi-detached houses at Victoria Park Villas priced from $4.4 mil

| BY CECILIA CHOW |

iant developer Capita- Land launched its landed housing project, Vic- toria Park Villas, on Sept 1. Since private previews Gbegan in the third week of July, seven semi-detached houses have been sold. Prices of the units sold ranged EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: from $4.35 million ($2,003 psf) to $4.9 million ($1,932 psf), according to caveats lodged with URA Realis. Construction is now at an ad- vanced stage, with the project scheduled for completion at end-2018. Victoria Park Villas contains 106 semi-detached houses and three bungalows sitting on a sprawling 403,012 sq ft site. The project also has a Victoria Park address, with a brand-new road exclusive to the development: Victoria Park Grove.

Nestled in GCB estate The appeal of Victoria Park Villas is that it is located in a Good Class Bungalow estate in prime District 10. The last transaction of a GCB in the posh Victoria Park estate was a fortnight ago, when a property at Victoria Park Close was sold for $19 million, or less than $1,000 psf, as Scale model of the 109-unit Victoria Park Villas, with Mok Wei Wei of W Architects as master planner and the houses designed by AR43, HYLA and Studio Wills+Architects part of an estate sale. The price is below $1,000 psf because the GCB “It’s very rare to have a new land- Nanyang Kindergarten, Nanyang it would have to spend an additional the owners the hassle of having to is located on a downward slope, ac- ed housing development located Primary School, Raffles Girls’ Pri- $1 million, says Samuel Eyo, manag- renovate. “The beauty of a new de- cording to property agents. within an established GCB neigh- mary School, Hwa Chong Institu- ing director of Singapore Christie’s velopment is that all the houses will Prior to the recent transaction, the bourhood in a prime location,” says tion, Nanyang Girls’ High School International Real Estate. “Given be completed at the same time in last GCB that changed hands in Vic- Mok Wei Wei, managing director of and National Junior College. The the shorter lease and the fact that 2018,” says a CapitaLand spokes- toria Park was five years ago, when W Architects and master planner for property is also relatively near two a buyer will have to cough up more woman. “This is unlike buying a a property sitting on a 32,077 sq ft Victoria Park Villas. MRT stations: Farrer Road MRT sta- on renovating the existing house, house in the resale market, where freehold plot sold for $48 million Another attraction of the de- tion on Farrer Road and Tan Kah Kee some owners may prefer to buy a you could be living next to a con- ($1,496 psf), according to a caveat velopment to young families is its MRT station on Bukit Timah Road. new property instead, especially if struction site for the next two to lodged in November 2011. proximity to top schools such as they don’t want the hassle of deal- three years if a neighbour decides Rare sale of site ing with contractors.” to tear down and rebuild his home.” CapitaLand paid $366 million for the 99-year leasehold land parcel in Old freehold versus new Living room with garden view June 2013. The purchase price trans- leasehold The typical semi-detached hous- lated to $908.17 psf, which analysts There is a premium for freehold es within Victoria Park Villas are had considered “a bullish bid” then. tenure in the neighbourhood. The called “garden villas” and number However, Victoria Park Villas is most recent transaction of a freehold 100. They have built-up areas rang- built on “the only prime landed resi- semi-detached house in the area was ing from 4,165 to 5,285 sq ft and dential site to be awarded under the a property sitting on a 3,832 sq ft occupy land sites of 2,153 to 3,115 Government Land Sales programme site on Princess of Wales Road. The sq ft. Prices are from $4.4 million since 1996”, says Wen Khai Meng, semi-detached house, built in 1981, to $5.9 million. CEO of CapitaLand Singapore. “Vic- was sold for $5.2 million ($1,358 There are also six “pool villas” toria Park Villas presents a keenly psf), according to a caveat lodged in — semi-detached houses sitting on awaited opportunity for homebuyers July. On Coronation Road, a freehold larger corner lots of 2,960 to 3,835 to own a brand-new home in one detached house sitting on a 4,295 sq ft, with built-up areas of 6,082 of the most sought-after addresses sq ft site was sold for $6.2 million to 6,943 sq ft. The pool villas come in Singapore.” ($1,444 psf) in June, according to a with a 15m lap pool, and are priced The last site that was sold in 1996 caveat lodged with URA Realis. The from $6.3 million to $7.6 million. has since been developed into Kings- house was built 16 years ago. Once Each semi-detached house at Vic- ville, comprising 106 semi-detached again, the buyers will have to spend toria Park Villas comprises four lev- houses, by listed property group Tuan another $1 million to $2 million to els, including the basement and attic. Sing Holdings. Launched for sale in redevelop the existing old proper- The houses have four en suite bed- 1997 and completed in 1999, Kings- ty, says Eyo. rooms, including the master suite. ville is located on King’s Drive and “Victoria Park Villas will appeal to There is also a maid’s en suite bed- adjacent to Nanyang Primary School. those who may not yet have a $6 mil- room in the basement, adjacent to The most recent transaction at lion budget, but want an entry-level a room that is ideal as a fifth bed- Kingsville was a semi-detached house product in a premium address near room or granny suite. Each house sitting on a land site of 2,756 sq ft Nanyang Kindergarten and Prima- will come with basement parking that changed hands for $3.85 mil- ry School,” he adds. “If they want for at least two cars. lion ($1,395 psf) in May. The pro- something brand-new that they can The houses will be handed over ject has 79 years left on its original move into as soon as it’s complet- to their owners as fully fitted units, 102-year lease from 1996. ed, that’s the only choice current- complete with smart home and se- As the property at Kingsville was ly available in the neighbourhood.” curity system as well as a home lift. built 17 years ago, however, owners Buying a semi-detached house The main doors and gates leading Living room of the Pool Villa show unit, which has a 3m ceiling height who want to tear down and rebuild at Victoria Park Villas will also save into each house has digital locks that THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP11 PROPERTY PROFILE

The fully fitted dry kitchen and adjoining wet kitchen will feature high-end cabinetry and appliances The basement garage of each house can fit at least two cars can be controlled remotely. All the lights and air-conditioning units can also be controlled remotely. The layout of the houses varies, with some offering a split-level living and dining area and others designed as a great room, with the living and dining areas, and wet and dry kitchens on the same level. All houses will have a living room opening onto a private patio and garden. “This is a plus point for homeowners at Victoria Park Villas,” says W Architects’ Mok. “Instead of looking at the cars in the car porch — which is the view from the living room of most typical landed houses — you will have a view of the garden from the living room of your villa.” With a garage in the basement, The basement of the semi-detached houses can be used as a fifth bedroom or family room All the master suites can fit a king-sized bed comfortably there will also be no complaints about car headlights pointing into the living room, which some landed home owners are very particular about, adds Mok.

‘Organic feel’ As the masterplan architect, Mok collaborated with three other architects to design the houses. They were AR43, HYLA Architects and Studio Wills+Architects. HYLA designed the houses on the outer ring; AR43 designed the houses located in the island cluster, including one of the bungalows; and Studio Wills designed two of the bungalows. “Having several architects de- The roof terrace of the attic of the Pool Villa, with a view of the surrounding greenery sign this development provides variety and gives the whole estate an organic feel instead of a uniform look,” says Mok. The bungalows designed by Stu- dio Wills cater for extended families, and yet give them the flexibility to live independently. They therefore contain two living rooms and two separate kitchens. The three bungalows or detached houses sit on land sizes of 5,696 to 6,551 sq ft. They have built-up areas of 10,904 to 11,539 sq ft. Prices of the bungalows are $11 million to $12 million. CapitaLand has also included a park within the development. When Exterior of a Garden Villa, which has an average built-up area of 4,500 sq ft and Unobstructed view of the garden from the dry kitchen, and dining and living rooms of the project is completed, the park occupies a land site of about 2,200 sq ft at Victoria Park Villas a typical Garden Villa will be handed over to be managed by the National Parks Board. would not be too steep,” explains Villas is perched on higher ground be parked by the roadside without las are Singaporeans, with a good Mok. As the basement garage of each relative to the neighbouring hous- obstructing traffic, a problem prev- mix of young families who want to Elevated site, wide internal house is at street level, the houses es in the Victoria Park GCB estate. alent in older housing estates, says be near top schools, as well as par- road access are thus elevated above street level Victoria Park Grove is also de- Mok. When homeowners entertain, ents in their late 40s or 50s who live One of the challenges of the site was and enjoy views of greenery from signed according to the Land Trans- their guests can also park on the in landed houses in the neighbour- its hilly terrain. “We had to cut the the upper levels. port Authority’s latest requirement side of the road without inconven- hood and are buying a unit for their earth so that the gradient of the in- The hilly terrain has also proven for a wider road of 15.4m in landed iencing neighbours. children, according to a CapitaLand ternal road [Victoria Park Grove] to be an advantage, as Victoria Park housing estates. This allows cars to The buyers of Victoria Park Vil- spokeswoman. E EP12 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016 PROPERTY TAKE Office market ins and outs

he Singapore office leasing market has remained challenging, although it is by no means inactive despite fickle demand. There has been a flurry of activity involving large-space users Tcommitting to space in the new schemes, but the net absorption has been minimal. Some of the big moves came as no surprise, with EDGE SINGAPORE CHUA/THE SAMUEL ISAAC Bank of Tokyo Mitsubishi moving from Re- public Plaza to take up 150,000 sq ft at Mari- na One; Mitsui and Co moving from 80 Rob- inson Road and committing to 80,000 sq ft at Asia Square; and PwC relocating from PWC Building to to a 180,000 sq ft space at Mari- na One East Tower. All three companies have been in their current buildings for over 15 years. Word on the street is that Bank Julius Baer & Co is moving from Asia Square and will be taking up 100,000 sq ft at Marina One. The time is ripe for many other large-space users to upgrade or right-size, and there are quite a few players in this category that will be aware that the opportunities to move into new schemes after 2018 will be more limited.

Impact of major voids from relocations Rental rates — which are already 20% off their peak in March 2015 — continue to soften, but at a slower pace than seen in 4Q2015 The Tanjong Pagar and Shenton Way area remains one of the most competitive CBD locations and 1Q2016. The leasing market continues to be fragile, with many landlords managing taking up the entire Cosmic In- The new Downtown at Ma- Tanjong Pagar, Shenton Way to convince their tenants to stay by lowering surance Building at 410 North rina Bay has been another most competitive locations renewal rates still further. The full impact of Bridge Road. sought-after location. Mitsui & The Tanjong Pagar and Shenton Way area re- the major voids that will appear next year as Co is not the only one that remains one of the most competitive CBD loca- a result of relocations has not filtered through Raffles Place, New cently moved to Asia Square. tions and Guoco Tower offers the best combi- yet, but will increase in severity come 2017. Downtown continue Corporate and financial services nation of quality and value for money. New The most expensive office buildings are to be popular provider Citco Gateway, luxury tenants to secure space in this scheme include IT now commanding effective monthly rates of Raffles Place is still a popular sports car manufacturer Aston group Amadeus — 36,000 sq ft (from Parkview $10.50 to $11 psf for the smaller units. Large- location. New tenants at One Martin Lagonda, investment Square); analytics software provider SAS Institute space users that are focusing on the new Raffles Place include corpo- holding company Leader En- (moving from Twenty Anson); insurance giant schemes are targeting average effective rents rate services consultant Vistra | BY DOUGLAS ergy, China Fortune Land De- Prudential Assurance, which is said to be leas- of $8 to $9 psf. The Tanjong Pagar area still Group, O&G recruitment con- DUNKERLEY | velopment’s CFLD Investment ing 90,000 sq ft in the development; and hotel offers the best value for money, with many sultants Airswift Holdings Ltd and Spanish natural gas utili- booking company Agoda, which is lined up to quality options available at between $6.25 and Greenhill Cogent, an advisory firm that ties company Gas Natural Fenosa are all new take up 22,000 sq ft. Hubspot and Taiyo Inter- and $7.50 psf. focuses on the secondary market for alterna- tenants at Asia Square. national have taken space in Mapletree Anson Demand over the last six months has been tive assets. Republic Plaza I & II have been A wide variety of smaller units at Asia Square and Twenty Anson respectively. Pacific Inter- patchy, with various industries seeing mixed attracting new tenants such as RHT Corpo- that were given up by Lloyds of London were national Line’s Singapore container line oper- fortunes, but the new office schemes contin- rate Advisory, Korean Registry of Shipping quickly snapped up by companies such as al- ator Mariana Shipping has taken a floor at GB ue to attract the most interest. The top end of and global derivatives exchange organisa- ternative investment management firm PAG In- Building. NYSE-listed application network and the market in general has performed surpris- tion Eurex Exchange. UOB Plaza has leased vestment Advisors; ex-Barclays trust unit Zedra security provider A10 Networks has leased space ingly well, with healthy activity in the prime space to CSSC Energy, Winson Oil and Sym- Trust Co; tech provider for the utilities and en- at Tokio Marine Centre, while fastening and districts. The global economic slowdown has phony Financial. ergy industry Trilliant Holdings Inc; research architectural products manufacturer YKK Asia not led to any mass exodus of companies to Special Metals Pacific is moving from Clif- agency Milken Institute Asia; and Japan-based Pacific has leased a floor at OUE Downtown 1. lower-cost centres, although the oil and gas ford Centre to Singapore Land Tower and The Iyo Bank. Marina Bay Financial Centre (O&G) sector has suffered more than most. accounting firm Foo Kon Tan has moved into has also been in demand, with Cathay United Beyond CBD core Some large-space users in this field have moved Clifford Centre, leasing some 13,000 sq ft. Bank, Netflix, NN Investment, Linde Gas Asia Orchard Road has been relatively quiet be- operations to Kuala Lumpur. They include PGS Private-equity firm Warburg Pincus has moved and Rongsheng Petrochemical moving in. The cause of a lack of supply. Halycon Agri Com- (from Triple One Somerset), Subsea 7 (from into OUE Bayfront and other new tenants here leasing of Marina One is now in full swing and modities has moved into Haw Par Centre PSA Building) and SapuraKencana Drilling include TRI Energy and Qiao Jian Corp. Fund already over 500,000 sq ft in this scheme have from Raffles City Tower, and Broad Peak In- (from Keppel Towers). management company Squarepoint Operations been committed, with Daiwa Singapore, PwC vestment Advisors into Visioncrest Commer- and automotive firm Jaguar/Land Rover have and Bank of Tokyo Mitsubishi being the first cial on Penang Road. Surge in co-working spaces taken space in CapitaGreen. major tenants. Beach Road/Marina Bay has also been rel- An interesting development in the office mar- atively subdued. Edelman Public Relations ket has been the surge in new business centres has leased space at Beach Centre. PV Oil has and co-working spaces. Some landlords are de- Summary of ofﬁ ce developments: 2016-2018 moved from Winsland House on Killiney Road veloping their own business centres. They in- to South Beach Tower. New tenants at Suntec

clude Keppel Land, which has launched Work- DEVELOPMENT LOCATION ESTIMATED SIZE (SQ FT) COMPLETION DATE LOCATIONS CORPORATE City include marine logistics company Sino- space at Keppel Towers, and OUE Downtown, Beach Centre Beach Road 90,000 June 2016 chem Shipping, bunker supplier Ocean Ener- which plans to provide 20,000 sq ft for such use. SBF Centre Robinson Road 250,000 July 2016 gy and wealth management group Thirdrock Co-working space operator Collective Works Guoco Tower Tanjong Pagar 900,000 August 2016 ISSEA Advisers. Many of Suntec’s tenants have has expanded to add a whole floor at Capital Crown @ Robinson Robinson Road 68,000 September 2016 also expanded within the scheme. Tower (20,000 sq ft, in a joint venture with DUO Tower Beach Road 568,000 October 2016 CapitaLand). They also plan to open another GSH Plaza Cecil Street 250,000 December 2016 CBD fringe large centre elsewhere in 1Q2017. Collision 8 Marina One New Downtown 1,800,000 December 2016 Just outside the CBD, the Harbourfront and has opened a workspace centre on High Street Vision Exchange Jurong East 475,000 January 2017 Alexandra Road neighbourhood has been the and The Great Room has taken up 15,000 sq 5 Shenton Way/UIC Shenton Way 276,000 March 2017 most active. Coca-Cola has leased 13,000 sq ft at One George Street. Oxley Tower Robinson Road 130,000 June 2017 ft at Keppel Bay Tower and Huadian Natural These co-working centres are not just restrict- Gas has also leased space in the same build- Frasers Tower Cecil Street 690,000 December 2017 ed to conventional office space. The Executive ing. Fragrance Empire Building (former NOL Robinson Tower Robinson Road 195,000 March 2018 Centre is opening a centre in the penthouse of Building) has proved popular with logistics Paya Lebar Quarter Paya Lebar 1,000,000 June 2018 three combined shophouses on Circular Road, companies, and new tenants here include Air Woodlands Square Woodlands 630,000 TBC Boat Quay. Some operators even lease entire France/KLM Cargo, APL Logistics, Star Con- buildings — Regus’ Spaces City Hall will be cord and engineering design firm BMT Asia. THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP13 DEAL WATCH SOHO unit at Lumiere

for under $1 mil EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

| BY TAN CHEE YUEN | asking price. “This is an attractive just off Shenton Way and across yield in the current market,” she adds. the road from MAS Building and 624 sq ft SOHO unit at the 45-sto- The SOHO unit contains one bed- Springleaf Tower, which has an un- rey Lumiere in Tanjong Pagar room and a study, and is a corner unit derground link to the Tanjong Pa- Ais on the market for $998,000 located on a high floor. “The proper- gar MRT station. ($1,599 psf), according to a listing ty comes with a balcony, which of- Completed in 2010, Lumiere com- on TheEdgeProperty.com. fers great sea views,” says Moo. “The prises studio units of 506 to 560 sq The unit is currently leased to a fi- unit is bright and breezy.” ft; one-bedroom-plus-study units of nance professional who has been liv- Developed by niche developer 624 to 710 sq ft; and two-bedders of ing there for the past four years, says BS Capital, Lumiere is a 168-unit 969 to 1,268 sq ft. There have been Laura Moo, a marketing agent with SOHO tower and a redevelopment very few transactions at the develop- PropNex Realty who is handling the of the former HMC Centre on Mis- ment, with only one unit changing sale. The monthly rent for the unit is tri Road. It is a 99-year leasehold hands so far this year. A 678 sq ft unit $3,800, which translates into a gross development in the Tanjong Pa- on the 10th floor fetched $950,000 rental yield of 4.6%, based on the gar area. The property is located ($1,401 psf), according to a caveat lodged on June 3. Last year, another 678 sq ft unit was sold for $1.18 mil- Rental contracts for 600 to 700 sq ft units for lion ($1,740 psf) on May 12. the past three months The last time a 624 sq ft SOHO unit was sold at Lumiere was in May LEASE DATE MONTHLY RENT 2010, and it fetched $1.09 million ($) ($ PSF) ($1,749 psf). Developed by niche developer BS Capital, Lumiere is a 168-unit, freehold SOHO August 2016 3,000 4.60 For more information, call market- tower that was completed in 2012 August 2016 3,300 5.10 ing agent Laura Moo at 9880 7720. E July 2016 3,500 5.40 July 2016 3,400 5.20 Historical transactions at Lumiere since 2014 June 2016 3,400 5.20 Scan the QR code June 2016 2,800 4.30 for value deals at CONTRACT DATE FLOOR AREA (SQ FT) PRICE ($) PRICE ($ PSF) June 2016 3,400 5.20 Lumiere June 3, 2016 Mid 678 950,000 1,401 June 2016 3,000 4.60 May 12, 2015 High 678 1,180,000 1,740 THE EDGE PROPERTY URA, TABLES: June 2016 3,000 4.60 As TheEdgeProperty.com is not party June 20, 2014 High 646 1,060,000 1,641 June 2016 3,000 4.60 to the contract between the client and May 5, 2014 Mid 678 1,132,260 1,670 June 2016 3,300 5.10 agent, it is unable to verify informa- *Low floors: L1 to L7, Mid floors: L8 to L15, High floors: L16 & above tion provided by the agent

PROPERTY TAKE

Supply Supply continues to be very healthy, which means ample choice in all locations for tenants. Most of the shadow space has either been leased out or, where leases have expired, is no

longer available for sub-let. Activity has picked LOCATIONS CORPORATE PICTURES: up at new schemes, and there is still a wide variety of units to choose from. However, Ma- rina One is more suited for large-space users who require more than 9,000 sq ft, whereas Guoco Tower can be more flexible and cater for sizes from 3,000 sq ft upwards. At DUO Tower on Beach Road, rental rates have been adjusted recently to be more competitive and that should attract renewed interest. In Raffles Place, the buildings with the widest choice of units include One Raffles Place Towers One and Two, Bank of Singa- pore Centre at 63 Market Street, 20 Collyer Quay (formerly Tung Centre) and One George Guoco Tower offers the best combination of quality Five Shenton Way will be coming on stream in At DUO Tower on Beach Road, rental rates have Street. Next year, significant space will be- and value for money in the Tanjong Pagar and 1Q2017 been adjusted recently to be more competitive, come available at Republic Plaza. Shenton Way area which should attract renewed interest In the New Downtown area, MBFC Towers 1 and 2 are full and there is only limited space stantial amount of space available. Elsewhere, Outlook attractive to new enterprises as well as those at Tower 3. One Raffles Quay North Tower is Fuji Xerox Tower has a large variety of small Rental rates are expected to soften for at least looking to expand their regional offices here. nearly full, but South Tower still has the space units available, but it is Keppel Towers and Tow- another 18 months and may begin to bot- Over the next 12 months, we expect rates formerly occupied by the Royal Bank of Scot- er Fifteen that have the most space available, al- tom out at the end of 2017/early 2018. With- to fall by around 10%. But the rate of decline land. There is plenty of space available at Asia though their long-term future remains uncertain. in the next two years, there will still be more could begin to slow by end-2017. E Square and, of course, Marina One will soon In the Beach Road/Marina Bay/City area, high-quality schemes coming on stream, in- be ready to take in tenants. Suntec City is enjoying a relatively high oc- cluding Frasers Tower (about 690,000 sq ft) Douglas Dunkerley is the founder and group In the Shenton Way/Robinson Road neigh- cupancy rate, and Millennia Tower is near- and Robinson Tower (about 195,000 sq ft) managing director of Corporate Locations, spe- bourhood, OUE Downtown 2 and Robinson ly full. However, there is significant space in within the CBD, as well as Paya Lebar Quar- cialists in office leasing 77 have the most space available. Next year, Centennial Tower; and on Beach Road, a va- ter (close to one million sq ft) at Paya Lebar 80 Robinson Road will have a large void to fill riety of buildings with good space are availa- Central, outside the CBD. The upcoming sup- after Mitsui & Co moves out, and Five Shen- ble, including Beach Centre, The Concourse ply will ensure that the Singapore office market ton Way will be coming on stream in 1Q2017. and The Gateway East, all of which will be remain very competitive compared with other In Tanjong Pagar, AXA Tower still has a sub- competing with DUO Tower in this district. financial hubs in the region, and therefore stay EP14 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016 ARCHITECTURE & DESIGN Striking design Skeleton stairs, lots of light and blurring boundaries are just some of the latest exciting design elements of 21st-century landed homes

| BY SYLVIA ONG | stretches from foyer to living room to kitchen and backyard unimpeded by walls and doors. s land becomes increasingly scarce Yes, there is something alluring about in Singapore, there has been a sig- modern, fluid design, which doesn’t just nificant change in the design of lo- challenge conventional architecture, but nudg- cal landed homes. It’s a change that es you to think differently about how you seems to make its occupants happier. want to live. APerhaps it’s the floor-to-ceiling windows that let The four state-of-the-art properties featured in the sunshine, or the feeling of liberation af- on this page will have you viewing landed liv- forded by open concept homes with space that ing in a whole new light — literally.

Refined-edgy Gritty urban décor can be both funky and family friendly. The owner of this house in Jalan Chempedak decided to hon- our his heroes while injecting a dose of industrial grit into its interior. Cement screed floors, white brick walls, Moroccan carpets, unpolished wood furniture and a lush vertical garden make a compelling mix. There is a sense of mystery created by the different levels, air-well and lighting. Sunshine Roughed-out textures like unpolished wood and brass furniture, streams in and invites you to coupled with whimsy portraits, give a refined, industrial look. explore. Design: Architology

Organic lifestyle We all know that plants add colour and life to a room. Like artwork and furniture, they are versatile and can make a powerful design statement. While a well-manicured lawn, or a wall of ferns in the garden or air-well is a common sight, this home in Jalan Mariam takes it to another level by placing a tree in the bedroom. A large, well-developed tree adds height and drama to a room. It works well in awkward corners or tiny A tall tree adds height and drama to a room, and works well in balconies where nothing awkward corners and tiny balconies. Design: LATO else fits.

Water feature Instead of a pond, Singapo- rean homeowners are making the most of their narrow yards and opting for a lap pool that runs the length of the house and also functions as a water feature. To maximise the living and recreation area, this home- In modern architecture, the original staircase design has become part of the home’s whole owner built a swimming pool décor. Design: LU+C Studio on the ground floor, along with an entertaining area. State-of-the-art staircase create a simple and chic look while their The rest of the home is sit- When there isn’t much space to spare, minimalist structure and shape give them uated from the second floor The pool and spiral staircase transform this recreation area into a everything has to be well thought through. character. E onwards. work of art. Design: HYLA As such, even the staircase has become an important architectural element in home Sylvia Ong is a writer at Qanvast.com, a ren- design. Floating staircases such as this ovation and interior design portal THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP15 GAINS AND LOSSES More District 9

sellers in the red EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

| BY ESTHER HOON | sq ft unit on the seventh floor. The transaction resulted in a loss of $736,000 for the sell- here were more losses than gains for er, who purchased the unit from the develop- property transactions in prime District er at $2,460 psf in November 2009 and resold 9 in the week of Aug 16 to 23, based on it at $2,073 psf in August. This is the lowest URA caveat records. Three of the hefti- price achieved at the development, apart from est losses incurred in the week were in a 1,862 sq ft unit that was sold for $2,068 psf Tthis prime district. in October 2009. Alba is a 50-unit freehold de- The biggest loss of $2.8 million was traced velopment on Cairnhill Rise that was complet- to a 2,250 sq ft unit at Leonie Parc View, which ed last year. was held for nine years before it changed hands Of the two landed houses sold at a loss in on Aug 19 at a bargain price of $2,178 psf, the the week, one was a terraced house on Kim Yam second-lowest transacted price at this project. Road in District 9. The property, which sits on a The seller had purchased the unit from the 1,629 sq ft plot, was disposed of at a $470,000 developer at $3,421 psf in June 2007, which loss on Aug 17. The other unprofitable deal in- means an annualised loss of 5%. This marks volved a 3,671 sq ft, strata-detached house on the biggest loss sustained at the development. Punggol Avenue 17 in District 19, which was Previously, a 2,250 sq ft unit on the ninth floor sold at a loss of $520,000 on the same day. was sold at a record low of $1,978 psf in De- Meanwhile, the only non-landed house that cember 2015. The sale resulted in a loss of $2.2 fetched a profit of more than $1 million in the million for the seller. The 44-unit freehold pro- week was a 3,175 sq ft unit at The Edge on ject is located off River Valley Road and was Cairnhill in District 9. The seller, who held the completed in 2009. unit for 14 years, gained $1.4 million from the At OUE Twin Peaks, a 1,604 sq ft unit was deal on Aug 18. Despite the massive haul, the sold within four years of purchase at $2,182 annualised profit works out to be only 2%. The psf on Aug 18. The seller, who bought the Edge on Cairnhill is a 46-unit freehold condo unit from the developer in September 2012 at off Scotts Road that was completed in 2002. $2,806 psf, incurred a $1 million loss from the Separately, in District 5, a 1,313 sq ft unit at recent transaction. The sale is subject to a 4% Varsity Park Condominium fetched a profit of seller’s stamp duty, or $140,000, based on the $882,059, or an annualised gain of 9%, for the sale price. Including the SSD, the annualised seller on Aug 18. All 10 transactions at the pro- loss works out to be 7%. This is the biggest ject this year were profitable. The most profit- loss sustained at the project so far. OUE Twin able deal was transacted in July, when a 2,293 Peaks is a 99-year leasehold condo project on sq ft unit changed hands for a $1.3 million prof- Leonie Hill Road comprising 462 units. It was it, or an annualised gain of 10%. Varsity Park completed last year. Condominium is a 99-year leasehold project The smallest of the top three losses was from on West Coast Road comprising 530 units. The the first resale transaction at Alba, for a 1,905 project was completed in 2008. E A 2,250 sq ft unit at Leonie Parc View was sold at a $2.8 million loss

Residential transactions with contracts dated Aug 16 to 23 Most proﬁ table deals

PROJECT DISTRICT AREA (SQ FT) DATE SOLD SALE PRICE ($ PSF) DATE BOUGHT PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 The Edge On Cairnhill 9 3,175 18-Aug-16 1,575 25-Apr-02 1,137 1,390,000 39 2 14.3 URA, THE EDGE PROPERTY URA, 2 Valley Park 10 1,701 23-Aug-16 1,458 18-Dec-06 882 980,000 65 5 9.7 3 The Esta 15 1,593 18-Aug-16 1,340 23-Feb-06 733 967,430 83 6 10.5 4 Bedok Court 16 2,271 18-Aug-16 680 13-Jun-02 258 958,888 164 7 14.2 5 Cote D’Azur 15 1,389 18-Aug-16 1,239 22-Jul-02 564 937,000 120 6 14.1 6 Varsity Park Condominium 5 1,313 18-Aug-16 1,179 26-Dec-06 507 882,059 132 9 9.7 7 Hillview Heights 23 1,421 16-Aug-16 1,021 4-Jan-05 422 850,000 142 8 11.6 8 Thomson 800 11 1,625 19-Aug-16 1,077 19-Mar-99 584 801,000 84 4 17.4 9 Watermark Robertson Quay 9 947 23-Aug-16 1,689 6-Jun-05 889 757,556 90 6 11.2 10 De Royale 12 1,259 17-Aug-16 1,159 1-Mar-06 586 722,000 98 7 10.5 LANDED 1 Semi-Detached/Watten Close 11 4,004 17-Aug-16 1,687 20-Oct-99 680 4,030,000 148 6 16.8 2 Terrace/Rambai Road 15 2,885 18-Aug-16 1,066 11-Jul-05 443 1,800,000 141 8 11.1 3 Terrace/Jalan Mas Puteh 5 1,485 17-Aug-16 1,349 1-Aug-99 779 848,000 73 3 17.1 4 Terrace/Lorong Kismis 21 2,777 22-Aug-16 1,158 17-May-12 1,061 270,000 9 2 4.3 5 Semi-Detached/Jalan Lim Tai See 10 3,197 18-Aug-16 861 25-May-10 846 50,000 2 0.3 6.2

Non-proﬁ table deals

PROJECT DISTRICT AREA (SQ FT) DATE SOLD SALE PRICE ($ PSF) DATE BOUGHT PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 Leonie Parc View 9 2,250 19-Aug-16 2,178 20-Jun-07 3,421 2,796,392 36 5 9.2 2 OUE Twin Peaks 9 1,604 18-Aug-16 2,182 12-Sep-12 2,806 1,000,000 22 6 3.9 3 Alba 9 1,905 18-Aug-16 2,073 17-Nov-09 2,460 736,000 16 2 6.8 4 Detached/Ponggol Seventeenth Avenue 19 3,671* 17-Aug-16 526 14-Nov-07 667 520,000 21 3 8.8 5 Terrace/Kim Yam Road 9 1,625 17-Aug-16 3,272 1-Jun-11 3,562 470,000 8 2 5.2 6 Horizon Residences 5 1,475 18-Aug-16 1,390 8-Jun-11 1,674 419,180 17 4 5.2 7 Duchess Residences 10 1,464 22-Aug-16 1,571 1-Aug-07 1,833 383,512 14 2 9.1 8 The Quayside 9 1,367 18-Aug-16 1,207 19-Oct-07 1,463 350,000 18 2 8.8 9 Costa Del Sol 16 1,798 18-Aug-16 1,196 29-Apr-10 1,391 350,000 14 2 6.3 10 Three Three Robin 10 1,636 17-Aug-16 1,681 13-Dec-11 1,821 230,000 8 2 4.7

* Refers to strata area. Otherwise, area stated for landed homes refers to land area. URA caveat record downloaded on Aug 26 and 30 EP16 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016 DONE DEALS One-bedders in Tanjong Pagar see renewal of interest

| BY TAN CHEE YUEN | at an average price of $650 psf. The 99-year leasehold condominium located on Gopeng Street and ctivity in the Tanjong Pagar neighbourhood just a short walk from the Tanjong Pagar MRT sta- has picked up in recent weeks. At Icon, tion, was completed in 2007. considered the first inner-city apartment The commercial podium of the project, Icon Vil- development in the Tanjong Pagar area, lage, contains many F&B outlets, retail and conven- two units changed hands in the week of ience stores. Icon is close to the 100AM mall and AAug 16 to 23. Amara Hotel as well as the new mall at the upcom- One was a 570 sq ft, one-bedroom unit on the ing Tanjong Pagar Centre. 20th floor that fetched $988,000 ($1,732 psf), based At the peak of the market, a 1,119 sq ft, two-bed- on a caveat lodged on Aug 17. The unit last changed room penthouse at Icon was sold for close to $2.82 hands for $985,000 ($1,727 psf) in April 2010. million ($2,515 psf), according to a caveat lodged The other unit that was sold in August was a 700 in October 2010. sq ft, one-bedroom loft that was sold for $1.13 mil- The next project in the neighbourhood developed lion ($1,615 psf), according to a caveat lodged on by Far East Organization was The Clift, a 312-unit, Aug 18. The unit was last purchased for $1.25 mil- 99-year leasehold condo on McCallum Street, just lion ($1,787 psf) in July 2012. across the road from the Amoy Street Food Centre The 646-unit Icon, developed by one of Singa- and a short walk from the Tanjong Pagar MRT station. pore’s largest property developers, Far East Organ- The 42-storey condo tower was completed in 2011. ization, was one of the best-selling residential pro- The Clift has seen a revival of interest since March jects when it was first launched. That was in 2003, this year. The most recent transaction at the project right after SARS, and many units were snapped up was for a 495 sq ft, one-bedroom unit on the 11th

LOCALITIES DISTRICTS Singapore — by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28

Residential transactions with contracts dated Aug 16 to 23

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 THE CLIFT Apartment 99 years Aug 16, 2016 495 950,000 - 1,919 2011 Resale District 2 ICON Apartment 99 years Aug 17, 2016 570 988,000 - 1,732 2007 Resale ICON Apartment 99 years Aug 18, 2016 700 1,130,000 - 1,615 2007 Resale SPOTTISWOODE SUITES Apartment Freehold Aug 18, 2016 441 1,041,000 - 2,359 Uncompleted New Sale District 3 ALEX RESIDENCES Apartment 99 years Aug 21, 2016 904 1,581,867 - 1,750 Uncompleted New Sale CENTRAL GREEN CONDOMINIUM Condominium 99 years Aug 16, 2016 764 1,038,000 - 1,358 1995 Resale COMMONWEALTH TOWERS Condominium 99 years Aug 20, 2016 797 1,291,600 - 1,622 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years Aug 16, 2016 1,195 1,766,000 1,761,000 1,474 Uncompleted New Sale The latest Neorest with Actilight boasts the world’s ﬁrst QUEENS Condominium 99 years Aug 16, 2016 1,195 1,538,000 - 1,287 2002 Resale THE ANCHORAGE Condominium Freehold Aug 16, 2016 1,830 1,900,000 - 1,038 1997 Resale THE CREST Condominium 99 years Aug 18, 2016 936 1,600,600 - 1,709 Uncompleted New Sale self-cleansing system that eradicates even microscopic District 4 SKYLINE RESIDENCES Condominium Freehold Aug 16, 2016 484 985,000 - 2,034 2015 Resale waste particles. Its human-centric design and automated THE INTERLACE Condominium 99 years Aug 16, 2016 2,067 2,483,000 - 1,201 2013 Resale THE INTERLACE Condominium 99 years Aug 16, 2016 2,142 2,582,000 - 1,205 2013 Resale THE INTERLACE Condominium 99 years Aug 16, 2016 3,208 2,806,000 - 875 2013 Resale features deﬁne the Neorest series as a luxurious and THE INTERLACE Condominium 99 years Aug 16, 2016 3,821 2,494,000 - 653 2013 Resale THE INTERLACE Condominium 99 years Aug 16, 2016 3,821 2,509,000 - 657 2013 Resale THE INTERLACE Condominium 99 years Aug 17, 2016 3,649 2,794,000 - 766 2013 Resale intuitive experience like no other. THE INTERLACE Condominium 99 years Aug 17, 2016 2,379 2,685,000 - 1,129 2013 Resale THE INTERLACE Condominium 99 years Aug 17, 2016 1,873 2,066,000 - 1,103 2013 Resale THE INTERLACE Condominium 99 years Aug 17, 2016 3,918 2,852,000 - 728 2013 Resale THE INTERLACE Condominium 99 years Aug 18, 2016 2,476 2,556,000 - 1,032 2013 Resale THE INTERLACE Condominium 99 years Aug 18, 2016 1,873 2,088,000 - 1,115 2013 Resale THE INTERLACE Condominium 99 years Aug 18, 2016 3,660 2,976,000 - 813 2013 Resale THE INTERLACE Condominium 99 years Aug 18, 2016 2,121 2,282,000 - 1,076 2013 Resale District 5 HORIZON RESIDENCES Condominium Freehold Aug 18, 2016 1,475 2,050,000 - 1,390 2014 Resale PARK WEST Condominium 99 years Aug 19, 2016 1,249 986,000 - 790 1985 Resale JALAN MAS PUTEH Terrace Freehold Aug 17, 2016 1,485 2,008,000 - 1,349 Unknown Resale W. ATELIER THE TRILINQ Condominium 99 years Aug 16, 2016 538 785,000 - 1,459 Uncompleted New Sale THE TRILINQ Condominium 99 years Aug 17, 2016 915 1,301,000 - 1,422 Uncompleted New Sale THE TRILINQ Condominium 99 years Aug 19, 2016 936 1,241,000 - 1,325 Uncompleted New Sale Level One, 75 Bukit Timah Road THE TRILINQ Condominium 99 years Aug 20, 2016 1,044 1,439,000 - 1,378 Uncompleted New Sale THE TRILINQ Condominium 99 years Aug 20, 2016 1,044 1,455,000 - 1,394 Uncompleted New Sale T +65 6270 8828 F +65 6270 0020 THE TRILINQ Condominium 99 years Aug 20, 2016 1,044 1,447,000 - 1,386 Uncompleted New Sale THE TRILINQ Condominium 99 years Aug 20, 2016 538 798,000 - 1,483 Uncompleted New Sale [email protected] THE TRILINQ Condominium 99 years Aug 20, 2016 538 788,000 - 1,464 Uncompleted New Sale THE TRILINQ Condominium 99 years Aug 21, 2016 893 1,099,000 - 1,230 Uncompleted New Sale VARSITY PARK CONDOMINIUM Condominium 99 years Aug 18, 2016 1,313 1,548,000 - 1,179 2008 Resale Opening Hours 10am - 6pm, District 8 CITYLIGHTS Condominium 99 years Aug 16, 2016 1,356 1,880,000 - 1,386 2007 Resale Mondays to Saturdays TRURO ROAD Apartment Freehold Aug 23, 2016 1,141 975,000 - 855 Unknown Resale STURDEE RESIDENCES Condominium 99 years Aug 16, 2016 1,044 1,472,200 - 1,410 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Aug 18, 2016 657 1,080,000 - 1,645 Uncompleted New Sale watelier.com Find us on STURDEE RESIDENCES Condominium 99 years Aug 19, 2016 570 980,700 - 1,719 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Aug 19, 2016 570 975,700 - 1,710 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years Aug 20, 2016 657 1,105,000 - 1,683 Uncompleted New Sale District 9 ALBA Apartment Freehold Aug 18, 2016 1,905 3,950,000 - 2,073 2015 Sub Sale CAIRNHILL RESIDENCES Apartment Freehold Aug 23, 2016 1,238 2,480,000 - 2,003 2009 Resale JIA Apartment Freehold Aug 16, 2016 1,528 1,830,000 - 1,197 2011 Resale THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP17 DONE DEALS

floor that was sold for $950,000 ($1,919 psf), according to a caveat lodged on Aug 16. The same unit was last sold for $888,000 ($1,793 psf) six years ago. In September 2012, a 1,076 sq ft, two-bedroom loft fetched $3.32 million, or a whopping $3,085 psf. That was the highest psf price achieved in the 42-storey tower since it was launched for sale a dec- ade ago in July 2006. Typical units at The Clift are EDGE SINGAPORE CHUA/THE SAMUEL ISAAC one- and two-bedroom apartments of 495 to 829 sq ft and two-bedroom lofts of 1,076 sq ft. Further down Tanjong Pagar in the Spottiswoode Park neighbourhood is Spottiswoode Suites, a 183- unit condo project jointly developed by Centurion Group and Lian Beng Group. The freehold project is expected to be completed next year. It was launched for sale in January 2013, just a few days before the government introduced a hike in the additional buyer’s stamp duty. As at end-July, 143 units were sold. That number should increase following the recent sale of a 441 sq ft, one-bedroom-plus-study unit on the 22nd floor of the 36-storey tower. The unit was transacted at $1.04 million ($2,359 psf), according to a caveat lodged on Aug 18. When the project was first launched, units were sold at an average of $2,222 psf. In the neighbourhood are projects that are already fully sold and completed, such as the 251-unit Spottiswoode 18, which obtained Temporary Occupation Permit in In August, a 570 sq ft, one-bedroom unit at Icon was sold 2015, and the 351-unit Spottiswoode Residences, for $988,000 ($1,732 psf), while a 700 sq ft, one-bedroom which was completed in 2014. E loft was sold for $1.13 million ($1,615 psf)

Residential transactions with contracts dated Aug 16 to 23

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE LEONIE PARC VIEW Apartment Freehold Aug 19, 2016 2,250 4,900,000 - 2,178 2009 Resale MARTIN PLACE RESIDENCES Condominium Freehold Aug 22, 2016 1,044 2,030,000 - 1,944 2011 Resale KIM YAM ROAD Terrace 99 years Aug 17, 2016 1,625 5,300,000 - 3,272 Unknown Resale ORCHARD COURT Apartment 993 years Aug 18, 2016 1,442 2,200,000 - 1,525 Unknown Resale OUE TWIN PEAKS Condominium 99 years Aug 16, 2016 570 1,564,540 - 2,742 2015 Resale OUE TWIN PEAKS Condominium 99 years Aug 18, 2016 549 1,454,900 - 2,650 2015 Resale OUE TWIN PEAKS Condominium 99 years Aug 18, 2016 1,604 3,500,000 - 2,182 2015 Resale OUE TWIN PEAKS Condominium 99 years Aug 19, 2016 549 1,372,500 - 2,500 2015 Resale OUE TWIN PEAKS Condominium 99 years Aug 19, 2016 1,055 2,795,800 - 2,650 2015 Resale RIVERGATE Apartment Freehold Aug 16, 2016 1,033 2,308,000 - 2,234 2009 Resale SOPHIA HILLS Condominium 99 years Aug 16, 2016 700 1,346,000 - 1,924 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Aug 16, 2016 710 1,387,000 - 1,952 Uncompleted New Sale SOPHIA HILLS Condominium 99 years Aug 20, 2016 506 1,010,000 - 1,996 Uncompleted New Sale THE EDGE ON CAIRNHILL Condominium Freehold Aug 18, 2016 3,175 5,000,000 - 1,575 2002 Resale THE QUAYSIDE Apartment 99 years Aug 18, 2016 1,367 1,650,000 - 1,207 1998 Resale UE SQUARE Apartment 929 years Aug 22, 2016 1,173 1,668,000 - 1,422 1997 Resale WATERMARK ROBERTSON QUAY Apartment Freehold Aug 23, 2016 947 1,600,000 - 1,689 2008 Resale District 10 ARDMORE THREE Condominium Freehold Aug 18, 2016 1,776 6,930,985 - 3,902 2014 Resale ARDMORE THREE Condominium Freehold Aug 22, 2016 1,776 6,474,280 - 3,645 2014 Resale CLIFTEN Apartment Freehold Aug 17, 2016 1,066 1,645,000 - 1,544 2006 Resale D’LEEDON Condominium 99 years Aug 16, 2016 635 1,283,000 - 2,020 2014 Resale D’LEEDON Condominium 99 years Aug 16, 2016 1,615 2,464,000 - 1,526 2014 Resale D’LEEDON Condominium 99 years Aug 17, 2016 1,399 2,359,000 - 1,686 2014 Resale D’LEEDON Condominium 99 years Aug 17, 2016 1,615 2,447,000 - 1,516 2014 Resale D’LEEDON Condominium 99 years Aug 17, 2016 1,615 2,481,000 - 1,537 2014 Resale D’LEEDON Condominium 99 years Aug 17, 2016 786 1,482,000 - 1,886 2014 Resale D’LEEDON Condominium 99 years Aug 17, 2016 2,271 3,035,000 - 1,336 2014 Resale D’LEEDON Condominium 99 years Aug 17, 2016 1,744 2,471,000 - 1,417 2014 Resale D’LEEDON Condominium 99 years Aug 17, 2016 1,615 2,498,000 - 1,547 2014 Resale D’LEEDON Condominium 99 years Aug 18, 2016 786 1,466,000 - 1,866 2014 Resale D’LEEDON Condominium 99 years Aug 18, 2016 1,475 2,325,000 - 1,577 2014 Resale D’LEEDON Condominium 99 years Aug 18, 2016 786 1,500,000 - 1,909 2014 Resale D’LEEDON Condominium 99 years Aug 18, 2016 2,260 3,083,000 - 1,364 2014 Resale D’LEEDON Condominium 99 years Aug 18, 2016 1,582 2,325,000 - 1,469 2014 Resale D’LEEDON Condominium 99 years Aug 18, 2016 1,539 2,259,000 - 1,468 2014 Resale DUCHESS RESIDENCES Condominium 999 years Aug 22, 2016 1,464 2,300,000 - 1,571 2011 Resale LEEDON RESIDENCE Condominium Freehold Aug 16, 2016 3,767 6,080,000 - 1,614 2015 New Sale LEEDON RESIDENCE Condominium Freehold Aug 16, 2016 2,486 5,250,000 - 2,111 2015 New Sale LEEDON RESIDENCE Condominium Freehold Aug 17, 2016 1,044 2,310,000 - 2,212 2015 New Sale LEEDON RESIDENCE Condominium Freehold Aug 20, 2016 4,704 9,500,000 - 2,020 2015 New Sale LEEDON RESIDENCE Condominium Freehold Aug 21, 2016 1,044 2,195,000 - 2,102 2015 New Sale LOFT@HOLLAND Apartment Freehold Aug 17, 2016 323 700,000 - 2,168 2014 Resale MUTIARA CREST Apartment Freehold Aug 16, 2016 1,313 1,688,000 - 1,285 2000 Resale BRIZAY PARK Detached Freehold Aug 22, 2016 29,784 33,000,000 - 1,108 1959 Resale QUEEN’S ROAD Semi-Detached Freehold Aug 22, 2016 5,393 8,000,000 - 1,483 Unknown Resale JALAN LIM TAI SEE Semi-Detached 99 years Aug 18, 2016 3,197 2,750,000 - 861 1993 Resale THE DRAYCOTT Apartment Freehold Aug 22, 2016 2,637 4,350,000 - 1,649 1980 Resale THREE BALMORAL Apartment Freehold Aug 18, 2016 614 1,338,000 - 2,181 2016 New Sale THREE BALMORAL Apartment Freehold Aug 19, 2016 1,539 3,517,000 - 2,285 2016 New Sale THREE THREE ROBIN Apartment Freehold Aug 17, 2016 1,636 2,750,000 - 1,681 2005 Resale URBAN EDGE @ HOLLAND V Apartment Freehold Aug 22, 2016 958 1,518,888 - 1,585 2007 Resale VALLEY PARK Condominium 999 years Aug 23, 2016 1,701 2,480,000 - 1,458 1997 Resale District 11 IRIDIUM Apartment Freehold Aug 17, 2016 764 1,225,000 - 1,603 2009 Resale LUCIDA Apartment Freehold Aug 18, 2016 1,098 1,450,000 - 1,321 2011 Resale WATTEN DRIVE Terrace Freehold Aug 16, 2016 3,261 4,500,000 - 1,379 Unknown Resale GOLDHILL AVENUE Semi-Detached Freehold Aug 22, 2016 2,734 4,338,888 - 1,589 2002 Resale THOMSON 800 Condominium Freehold Aug 19, 2016 1,625 1,750,000 - 1,077 1999 Resale WATTEN CLOSE Semi-Detached Freehold Aug 17, 2016 4,004 6,750,000 - 1,687 Unknown Resale District 12 ASCENT @ 456 Apartment Freehold Aug 16, 2016 753 1,200,000 - 1,593 Uncompleted New Sale DE ROYALE Condominium Freehold Aug 17, 2016 1,259 1,460,000 - 1,159 2006 Resale ST FRANCIS LODGE Apartment Freehold Aug 18, 2016 1,227 980,000 - 799 1998 Resale THE MEZZO Apartment Freehold Aug 19, 2016 1,625 1,650,000 - 1,015 2012 Resale VIIO @ BALESTIER Condominium Freehold Aug 20, 2016 840 1,238,000 - 1,475 Uncompleted New Sale District 13 SENNETT RESIDENCE Condominium 99 years Aug 18, 2016 1,389 1,860,000 - 1,340 2016 New Sale THE POIZ RESIDENCES Apartment 99 years Aug 16, 2016 420 625,000 - 1,489 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Aug 16, 2016 807 1,139,000 - 1,411 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Aug 17, 2016 420 631,000 - 1,503 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Aug 20, 2016 420 634,000 - 1,510 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years Aug 21, 2016 538 783,000 - 1,455 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years Aug 20, 2016 1,130 1,550,850 - 1,372 Uncompleted New Sale W. ATELIER District 14 CANNE LODGE Apartment Freehold Aug 17, 2016 1,421 1,280,000 - 901 1995 Resale Level One, 75 Bukit Timah Road SIMS URBAN OASIS Condominium 99 years Aug 20, 2016 1,033 1,399,744 - 1,355 Uncompleted New Sale TREASURES@G6 Apartment Freehold Aug 17, 2016 452 620,000 - 1,371 Uncompleted New Sale T +65 6270 8828 F +65 6270 0020 WATERBANK AT DAKOTA Condominium 99 years Aug 17, 2016 1,173 1,700,000 - 1,449 2013 Resale WATERBANK AT DAKOTA Condominium 99 years Aug 23, 2016 624 1,100,000 - 1,762 2013 Resale District 15 [email protected] COSTA RHU Condominium 99 years Aug 22, 2016 1,442 1,264,000 - 876 1997 Resale COTE D’AZUR Condominium 99 years Aug 18, 2016 1,389 1,720,000 - 1,239 2004 Resale Opening Hours 10am - 6pm, EASTERN LAGOON Condominium Freehold Aug 22, 2016 1,378 1,420,000 - 1,031 1985 Resale HAIG COURT Condominium Freehold Aug 16, 2016 1,399 1,800,008 - 1,286 2004 Resale MANDARIN GARDEN CONDOMINIUM Condominium 99 years Aug 19, 2016 732 765,000 - 1,045 1986 Resale Mondays to Saturdays JALAN TUA KONG Terrace Freehold Aug 18, 2016 1,539 1,616,300 - 1,047 Unknown Resale RAMBAI ROAD Terrace Freehold Aug 18, 2016 2,885 3,080,000 - 1,066 1999 Resale watelier.com Find us on ONE FORT Condominium Freehold Aug 19, 2016 1,055 1,265,000 - 1,199 2005 Resale PARADISE PALMS Apartment Freehold Aug 23, 2016 1,184 1,338,000 - 1,130 2002 Resale PEBBLE BAY Condominium 99 years Aug 18, 2016 1,378 1,680,000 - 1,219 1997 Resale SANCTUARY GREEN Condominium 99 years Aug 16, 2016 1,302 1,500,000 - 1,152 2004 Resale

CONTINUES NEXT PAGE EP18 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016 DONE DEALS

FROM PREVIOUS PAGE

Residential transactions with contracts dated Aug 16 to 23

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 SANTA FE MANSIONS Apartment Freehold Aug 17, 2016 1,163 1,130,000 - 972 1997 Resale District 20 SUNSHINE RESIDENCE Apartment Freehold Aug 22, 2016 958 980,000 - 1,023 2006 Resale GOLDENHILL PARK THE ESTA Condominium Freehold Aug 18, 2016 1,593 2,135,000 - 1,340 2008 Resale CONDOMINIUM Condominium Freehold Aug 16, 2016 1,313 1,660,000 - 1,264 2004 Resale THE SHORE RESIDENCES Condominium 103 years Aug 19, 2016 592 870,000 - 1,470 2014 Resale THOMSON IMPRESSIONS Apartment 99 years Aug 16, 2016 463 727,000 - 1,571 Uncompleted New Sale THE SHORE RESIDENCES Condominium 103 years Aug 22, 2016 893 1,430,000 - 1,601 2014 Resale THOMSON IMPRESSIONS Apartment 99 years Aug 16, 2016 1,055 1,590,400 - 1,508 Uncompleted New Sale District 16 THOMSON IMPRESSIONS Apartment 99 years Aug 20, 2016 463 733,887 - 1,586 Uncompleted New Sale BEDOK COURT Condominium 99 years Aug 18, 2016 2,271 1,543,888 - 680 1985 Resale District 21 CASA MERAH Apartment 99 years Aug 19, 2016 1,238 1,290,000 - 1,042 2009 Resale FLORIDIAN Condominium Freehold Aug 22, 2016 1,658 2,680,000 - 1,617 2012 Resale COSTA DEL SOL Condominium 99 years Aug 18, 2016 1,798 2,150,000 - 1,196 2003 Resale GARDENVISTA Condominium 99 years Aug 19, 2016 947 1,185,000 - 1,251 2006 Resale EAST MEADOWS Condominium 99 years Aug 22, 2016 1,216 1,080,000 - 888 2001 Resale LORONG KISMIS Terrace Freehold Aug 22, 2016 2,777 3,220,000 - 1,158 Unknown Resale MINARET WALK Terrace Freehold Aug 23, 2016 1,722 2,300,000 - 1,337 1991 Resale HILLVIEW GREEN Condominium 999 years Aug 22, 2016 1,173 1,060,000 - 903 1998 Resale CHUN TIN ROAD Terrace Freehold Aug 22, 2016 1,938 2,560,000 - 1,320 1972 Resale JALAN CHEMPAKA KUNING Terrace 70 years Aug 16, 2016 2,357 300,000 - 127 Unknown Resale PANDAN VALLEY Condominium Freehold Aug 19, 2016 5,317 3,450,000 - 649 1978 Resale TAMAN BEDOK Terrace Freehold Aug 23, 2016 2,164 2,230,000 - 1,032 Unknown Resale SOUTHAVEN II Condominium 999 years Aug 18, 2016 1,539 1,510,000 - 981 1999 Resale THE GLADES Condominium 99 years Aug 17, 2016 689 991,000 - 1,439 Uncompleted New Sale SPRINGDALE THE GLADES Condominium 99 years Aug 17, 2016 1,001 1,295,000 - 1,294 Uncompleted New Sale CONDOMINIUM Condominium 999 years Aug 22, 2016 1,130 1,138,000 - 1,007 1998 Resale THE GLADES Condominium 99 years Aug 19, 2016 990 1,430,000 - 1,444 Uncompleted New Sale District 22 THE GLADES Condominium 99 years Aug 19, 2016 506 703,000 - 1,390 Uncompleted New Sale LAKE GRANDE Condominium 99 years Aug 16, 2016 818 1,077,000 - 1,317 Uncompleted New Sale THE GLADES Condominium 99 years Aug 20, 2016 990 1,289,000 - 1,302 Uncompleted New Sale LAKE GRANDE Condominium 99 years Aug 17, 2016 624 916,000 - 1,467 Uncompleted New Sale THE SUMMIT Condominium Freehold Aug 16, 2016 829 938,000 - 1,132 1991 Resale LAKE GRANDE Condominium 99 years Aug 17, 2016 614 833,000 - 1,358 Uncompleted New Sale WATERFRONT GOLD Condominium 99 years Aug 19, 2016 1,356 1,625,000 - 1,198 2014 Resale LAKE GRANDE Condominium 99 years Aug 18, 2016 947 1,213,000 - 1,281 Uncompleted New Sale District 17 LAKE GRANDE Condominium 99 years Aug 19, 2016 474 687,000 - 1,451 Uncompleted New Sale BALLOTA PARK LAKE GRANDE Condominium 99 years Aug 19, 2016 614 824,000 - 1,343 Uncompleted New Sale CONDOMINIUM Condominium Freehold Aug 17, 2016 1,313 845,000 - 643 2000 Resale LAKE GRANDE Condominium 99 years Aug 20, 2016 721 951,000 - 1,319 Uncompleted New Sale CARISSA PARK LAKE GRANDE Condominium 99 years Aug 20, 2016 775 1,017,000 - 1,312 Uncompleted New Sale CONDOMINIUM Condominium Freehold Aug 18, 2016 926 750,000 - 810 2001 Resale LAKE GRANDE Condominium 99 years Aug 20, 2016 1,012 1,287,000 - 1,272 Uncompleted New Sale FERRARIA PARK LAKEVILLE Condominium 99 years Aug 17, 2016 969 1,210,938 - 1,250 Uncompleted New Sale CONDOMINIUM Condominium Freehold Aug 22, 2016 1,378 1,180,000 - 856 2009 Resale LAKEVILLE Condominium 99 years Aug 17, 2016 1,163 1,440,450 - 1,239 Uncompleted New Sale HEDGES PARK LAKEVILLE Condominium 99 years Aug 18, 2016 1,270 1,533,599 1,530,000 1,205 Uncompleted New Sale CONDOMINIUM Condominium 99 years Aug 19, 2016 872 825,000 - 946 2015 Resale LAKEVILLE Condominium 99 years Aug 20, 2016 1,270 1,597,939 - 1,258 Uncompleted New Sale LOYANG VALLEY Condominium 99 years Aug 19, 2016 1,528 960,000 - 628 1985 Resale THE FLORAVALE Executive OCEAN FRONT SUITES Apartment 946 years Aug 19, 2016 1,098 1,240,000 - 1,129 2014 Resale Condominium 99 years Aug 18, 2016 1,324 830,000 - 627 2000 Resale PARC OLYMPIA Condominium 99 years Aug 16, 2016 797 830,000 - 1,042 2015 Sub Sale WESTWOOD RESIDENCES Executive PARC OLYMPIA Condominium 99 years Aug 16, 2016 646 680,000 - 1,053 2015 Sub Sale Condominium 99 years Aug 20, 2016 1,033 760,678 - 736 Uncompleted New Sale District 18 WESTWOOD RESIDENCES Executive COCO PALMS Condominium 99 years Aug 17, 2016 1,744 1,745,000 - 1,001 Uncompleted New Sale Condominium 99 years Aug 20, 2016 1,238 1,008,000 - 814 Uncompleted New Sale D’NEST Condominium 99 years Aug 18, 2016 1,410 1,360,000 - 964 Uncompleted New Sale WESTWOOD RESIDENCES Executive D’NEST Condominium 99 years Aug 20, 2016 1,410 1,356,755 - 962 Uncompleted New Sale Condominium 99 years Aug 21, 2016 1,152 934,500 - 811 Uncompleted New Sale LIVIA Condominium 99 years Aug 19, 2016 1,346 1,068,000 - 794 2011 Resale District 23 OASIS @ ELIAS Condominium 99 years Aug 17, 2016 1,302 955,000 - 733 2011 Resale ECO SANCTUARY Condominium 99 years Aug 18, 2016 990 1,361,160 - 1,375 Uncompleted New Sale PASIR RIS TERRACE Terrace 999 years Aug 22, 2016 3,714 3,000,000 - 809 1976 Resale GLENDALE PARK Condominium Freehold Aug 17, 2016 1,033 1,038,800 - 1,005 2000 Resale RIPPLE BAY Condominium 99 years Aug 19, 2016 797 790,000 - 992 2015 Sub Sale GLENDALE PARK Condominium Freehold Aug 22, 2016 1,033 1,050,000 - 1,016 2000 Resale THE SANTORINI Condominium 99 years Aug 19, 2016 743 808,000 - 1,088 Uncompleted New Sale GUILIN VIEW Condominium 99 years Aug 16, 2016 1,259 996,000 - 791 2000 Resale VUE 8 RESIDENCE Condominium 99 years Aug 16, 2016 775 886,000 - 1,143 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years Aug 16, 2016 474 662,480 - 1,399 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Aug 17, 2016 700 796,000 - 1,138 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years Aug 18, 2016 474 664,300 - 1,403 Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years Aug 17, 2016 775 894,000 - 1,154 Uncompleted New Sale HILLVIEW HEIGHTS Condominium Freehold Aug 16, 2016 1,421 1,450,000 - 1,021 1996 Resale VUE 8 RESIDENCE Condominium 99 years Aug 18, 2016 797 848,000 - 1,065 Uncompleted New Sale KINGSFORD . HILLVIEW PEAK Condominium 99 years Aug 19, 2016 549 756,000 - 1,377 Uncompleted New Sale District 19 REGENT HEIGHTS Condominium 99 years Aug 16, 2016 1,173 911,000 - 776 1999 Resale BELLEWATERS Executive SOL ACRES Executive Condominium 99 years Aug 16, 2016 1,216 992,740 - 816 Uncompleted New Sale Condominium 99 years Aug 17, 2016 710 568,000 - 800 Uncompleted New Sale ECOPOLITAN Executive SOL ACRES Executive Condominium 99 years Aug 18, 2016 1,087 858,000 - 789 Uncompleted New Sale Condominium 99 years Aug 19, 2016 1,098 839,000 - 764 Uncompleted New Sale ECOPOLITAN Executive SOL ACRES Executive Condominium 99 years Aug 21, 2016 1,216 972,800 - 800 Uncompleted New Sale Condominium 99 years Aug 21, 2016 1,163 982,000 - 845 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Aug 17, 2016 484 595,000 - 1,228 Uncompleted New Sale SOL ACRES Executive KINGSFORD WATERBAY Apartment 99 years Aug 18, 2016 689 659,000 - 957 Uncompleted New Sale Condominium 99 years Aug 21, 2016 570 475,000 - 833 Uncompleted New Sale KINGSFORD WATERBAY Apartment 99 years Aug 18, 2016 678 827,000 - 1,220 Uncompleted New Sale SOL ACRES Executive KOVAN MELODY Condominium 99 years Aug 16, 2016 1,410 1,540,000 - 1,092 2006 Resale Condominium 99 years Aug 21, 2016 1,098 853,000 - 777 Uncompleted New Sale KOVAN MELODY Condominium 99 years Aug 19, 2016 893 968,000 - 1,083 2006 Resale SOL ACRES Executive LEITH ROAD Terrace 999 years Aug 23, 2016 2,293 3,100,000 - 1,350 2015 Resale Condominium 99 years Aug 21, 2016 1,012 738,000 - 729 Uncompleted New Sale PARC CENTROS Condominium 99 years Aug 17, 2016 990 1,058,000 - 1,068 2016 Sub Sale THE DAIRY FARM Condominium Freehold Aug 16, 2016 1,507 1,380,000 - 916 1985 Resale PARC CENTROS Condominium 99 years Aug 18, 2016 990 1,090,000 - 1,101 2016 Sub Sale THE HILLIER Apartment 99 years Aug 18, 2016 517 700,000 - 1,355 2016 Sub Sale REGENTVILLE Apartment 99 years Aug 17, 2016 1,152 888,000 - 771 1999 Resale TREE HOUSE Condominium 99 years Aug 22, 2016 1,959 1,620,000 - 827 2013 Resale ROSALIA PARK Condominium Freehold Aug 18, 2016 1,690 1,390,000 - 823 1995 Resale WANDERVALE Executive SERANGOON VILLE Apartment 100 years Aug 18, 2016 1,733 912,000 - 526 Unknown Resale Condominium 99 years Aug 16, 2016 958 765,000 - 799 Uncompleted New Sale ST. ANNE’S WOOD Terrace 999 years Aug 19, 2016 2,164 2,250,000 - 1,042 1996 Resale WANDERVALE Executive SUNGLADE Condominium 99 years Aug 18, 2016 1,378 1,270,000 - 922 2003 Resale Condominium 99 years Aug 21, 2016 958 671,000 - 700 Uncompleted New Sale PONGGOL SEVENTEENTH WINDERMERE Executive AVENUE Detached 999 years Aug 17, 2016 3,671 1,930,000 - 526 2009 Resale Condominium 99 years Aug 22, 2016 1,453 960,000 - 661 1999 Resale THE BENTLY YEWTEE RESIDENCES Apartment 99 years Aug 17, 2016 1,163 980,000 - 843 2008 Resale RESIDENCES@KOVAN Apartment Freehold Aug 16, 2016 1,701 1,930,000 - 1,135 Uncompleted New Sale District 25 THE FLORIDA Executive BELLEWOODS Executive Condominium 99 years Aug 23, 2016 1,959 1,250,000 - 638 2000 Resale Condominium 99 years Aug 16, 2016 1,066 817,740 - 767 Uncompleted New Sale THE MINTON Condominium 99 years Aug 18, 2016 1,216 1,250,000 - 1,028 2013 Resale BELLEWOODS Executive THE QUARTZ Condominium 99 years Aug 17, 2016 1,539 1,103,888 - 717 2009 Resale Condominium 99 years Aug 17, 2016 1,066 806,540 - 757 Uncompleted New Sale THE RIVERVALE Executive BELLEWOODS Executive Condominium 99 years Aug 19, 2016 1,302 890,000 - 683 2000 Resale Condominium 99 years Aug 18, 2016 1,184 930,600 - 786 Uncompleted New Sale THE RIVERVALE Executive BELLEWOODS Executive Condominium 99 years Aug 18, 2016 1,528 1,145,000 - 749 Uncompleted New Sale Condominium 99 years Aug 19, 2016 1,259 853,800 - 678 2000 Resale BELLEWOODS Executive THE TERRACE Executive Condominium 99 years Aug 20, 2016 1,066 815,760 - 766 Uncompleted New Sale Condominium 99 years Aug 16, 2016 1,076 844,700 834,700 775 Uncompleted New Sale BELLEWOODS Executive THE TERRACE Executive Condominium 99 years Aug 20, 2016 1,066 820,000 - 769 Uncompleted New Sale Condominium 99 years Aug 17, 2016 1,076 836,500 826,500 768 Uncompleted New Sale BELLEWOODS Executive THE TERRACE Executive Condominium 99 years Aug 20, 2016 1,528 1,156,320 - 757 Uncompleted New Sale Condominium 99 years Aug 18, 2016 1,076 869,700 859,700 799 Uncompleted New Sale BELLEWOODS Executive THE TERRACE Executive Condominium 99 years Aug 20, 2016 1,227 954,360 - 778 Uncompleted New Sale Condominium 99 years Aug 19, 2016 1,076 804,200 794,200 738 Uncompleted New Sale BELLEWOODS Executive THE VALES Executive Condominium 99 years Aug 21, 2016 1,227 977,060 - 796 Uncompleted New Sale Condominium 99 years Aug 18, 2016 904 724,425 - 801 Uncompleted New Sale BELLEWOODS Executive THE VALES Executive Condominium 99 years Aug 21, 2016 1,346 1,027,620 - 764 Uncompleted New Sale Condominium 99 years Aug 20, 2016 915 742,840 - 812 Uncompleted New Sale BELLEWOODS Executive THE VALES Executive Condominium 99 years Aug 21, 2016 1,346 1,032,570 - 767 Uncompleted New Sale Condominium 99 years Aug 20, 2016 904 730,275 - 808 Uncompleted New Sale NORTHWAVE Executive THE VALES Executive Condominium 99 years Aug 19, 2016 1,464 1,104,450 - 754 Uncompleted New Sale Condominium 99 years Aug 21, 2016 915 774,200 - 846 Uncompleted New Sale NORTHWAVE Executive THE VALES Executive Condominium 99 years Aug 20, 2016 1,270 945,800 - 745 Uncompleted New Sale Condominium 99 years Aug 21, 2016 1,033 792,015 - 766 Uncompleted New Sale NORTHWAVE Executive THE VALES Executive Condominium 99 years Aug 20, 2016 893 669,350 - 749 Uncompleted New Sale Condominium 99 years Aug 21, 2016 904 725,200 - 802 Uncompleted New Sale PARC ROSEWOOD Condominium 99 years Aug 18, 2016 517 520,000 - 1,006 2014 Resale THE VALES Executive ROSEWOOD SUITES Condominium 99 years Aug 19, 2016 1,259 1,050,000 - 834 2011 Resale Condominium 99 years Aug 21, 2016 904 746,850 - 826 Uncompleted New Sale District 26 TREASURE CREST Executive LENTOR TERRACE Semi-Detached Freehold Aug 17, 2016 3,767 3,200,000 - 849 1988 Resale Condominium 99 years Aug 16, 2016 1,076 838,000 - 779 Uncompleted New Sale District 27 TREASURE CREST Executive PARC LIFE Executive Condominium 99 years Aug 16, 2016 1,076 839,000 - 779 Uncompleted New Sale Condominium 99 years Aug 20, 2016 1,550 1,273,020 1,270,720 820 Uncompleted New Sale TREASURE CREST Executive SELETARIS Condominium Freehold Aug 16, 2016 1,636 1,275,000 - 779 2001 Resale Condominium 99 years Aug 16, 2016 1,152 788,000 - 684 Uncompleted New Sale SIGNATURE AT YISHUN Executive TREASURE CREST Executive Condominium 99 years Aug 17, 2016 947 770,275 - 813 Uncompleted New Sale Condominium 99 years Aug 16, 2016 1,152 792,000 - 688 Uncompleted New Sale SIGNATURE AT YISHUN Executive TREASURE CREST Executive Condominium 99 years Aug 19, 2016 1,098 854,500 - 778 Uncompleted New Sale Condominium 99 years Aug 16, 2016 1,152 840,000 - 729 Uncompleted New Sale SIGNATURE AT YISHUN Executive TREASURE CREST Executive Condominium 99 years Aug 20, 2016 1,098 807,331 - 735 Uncompleted New Sale Condominium 99 years Aug 16, 2016 1,152 862,000 - 748 Uncompleted New Sale SKYPARK RESIDENCES Executive TREASURE CREST Executive Condominium 99 years Aug 21, 2016 1,593 1,228,000 - 771 2016 New Sale Condominium 99 years Aug 16, 2016 1,152 834,000 - 724 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Aug 16, 2016 786 833,000 - 1,060 Uncompleted New Sale TREASURE CREST Executive SYMPHONY SUITES Condominium 99 years Aug 17, 2016 797 812,000 - 1,019 Uncompleted New Sale Condominium 99 years Aug 16, 2016 958 731,000 - 763 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years Aug 20, 2016 689 743,000 - 1,079 Uncompleted New Sale TREASURE CREST Executive THE BROWNSTONE Executive Condominium 99 years Aug 16, 2016 958 702,000 - 733 Uncompleted New Sale Condominium 99 years Aug 16, 2016 947 785,600 - 829 Uncompleted New Sale TREASURE CREST Executive THE BROWNSTONE Executive Condominium 99 years Aug 16, 2016 1,152 849,000 - 737 Uncompleted New Sale Condominium 99 years Aug 20, 2016 883 717,600 - 813 Uncompleted New Sale TREASURE CREST Executive THE BROWNSTONE Executive Condominium 99 years Aug 16, 2016 1,152 852,000 - 740 Uncompleted New Sale Condominium 99 years Aug 20, 2016 915 740,800 - 810 Uncompleted New Sale TREASURE CREST Executive THE VISIONAIRE Executive Condominium 99 years Aug 16, 2016 1,076 811,000 - 753 Uncompleted New Sale Condominium 99 years Aug 18, 2016 980 790,000 - 807 Uncompleted New Sale TREASURE CREST Executive THE VISIONAIRE Executive Condominium 99 years Aug 17, 2016 1,076 777,000 - 722 Uncompleted New Sale Condominium 99 years Aug 20, 2016 1,313 1,063,500 - 810 Uncompleted New Sale TREASURE CREST Executive THE VISIONAIRE Executive Condominium 99 years Aug 19, 2016 1,076 835,000 - 776 Uncompleted New Sale Condominium 99 years Aug 20, 2016 980 803,000 - 820 Uncompleted New Sale TREASURE CREST Executive THE VISIONAIRE Executive Condominium 99 years Aug 20, 2016 1,076 784,000 - 728 Uncompleted New Sale Condominium 99 years Aug 21, 2016 958 772,500 - 806 Uncompleted New Sale TREASURE CREST Executive THE WISTERIA Apartment 99 years Aug 20, 2016 1,173 1,120,500 - 955 Uncompleted New Sale Condominium 99 years Aug 20, 2016 958 716,000 - 747 Uncompleted New Sale YISHUN EMERALD Condominium 99 years Aug 17, 2016 1,023 725,000 - 709 2002 Resale TREASURE CREST Executive District 28 Condominium 99 years Aug 20, 2016 1,076 807,000 - 750 Uncompleted New Sale H2O RESIDENCES Condominium 99 years Aug 17, 2016 1,668 1,320,000 - 791 2015 Resale TREASURE CREST Executive HIGH PARK RESIDENCES Apartment 99 years Aug 18, 2016 980 965,112 - 985 Uncompleted New Sale Condominium 99 years Aug 21, 2016 1,076 839,000 - 779 Uncompleted New Sale LUXUS HILL AVENUE Semi-Detached 999 years Aug 16, 2016 2,250 3,330,000 - 1,482 2015 Resale TREASURE CREST Executive RIVERBANK @ FERNVALE Condominium 99 years Aug 16, 2016 1,055 1,105,000 - 1,048 Uncompleted New Sale Condominium 99 years Aug 21, 2016 1,076 814,000 - 756 Uncompleted New Sale SERENITY PARK Condominium Freehold Aug 18, 2016 1,432 1,300,000 - 908 1995 Resale TREASURE CREST Executive SERENITY PARK Condominium Freehold Aug 19, 2016 1,098 950,000 - 865 1995 Resale Condominium 99 years Aug 21, 2016 1,076 844,000 - 784 Uncompleted New Sale SUNRISE GARDENS Condominium 99 years Aug 17, 2016 1,453 1,050,000 - 723 1998 Resale TREASURE CREST Executive DISCLAIMER: Condominium 99 years Aug 21, 2016 1,076 781,000 - 726 Uncompleted New Sale TRILIVE Condominium Freehold Aug 20, 2016 904 1,377,800 - 1,524 Uncompleted New Sale Source: URA Realis. Updated Aug 30, 2016. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, TRILIVE Condominium Freehold Aug 20, 2016 624 1,076,000 - 1,723 Uncompleted New Sale or reliance on, the information provided therein.