Brave New World of Retail

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Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JULY 24, 2017 | ISSUE 789-11

Spotlight Property Picks Events Done Deals Allgreen Properties What you can get Investing beyond Penthouse at Gramercy relaunches SkySuites@ for about $3m to $3.5m Singapore’s residential Park sold for $17 mil Anson EP8 EP12 sector EP14 EP16

Brave new world of retail SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC With the popularity of e-commerce and overseas shopping destinations, what is the way forward for Singapore’s retail scene? See our Cover Story on Pages 10 and 11.

Scale model of the new Funan built with Lego bricks EP2 • THEEDGE SINGAPORE | JULY 24, 2017

PROPERTY BRIEFS

CBRE stretching down to Marina South will be lifted, allowing EDITORIAL EDITOR | for taller future developments in these areas. Cecilia Chow HEAD OF RESEARCH |

CUSHMAN & WAKEFIELD CUSHMAN & Tiong Seng Holdings and Ocean Sky Feily Soﬁ an International jointly buy Jervois Road DEPUTY EDITOR | Lin Zhiqin WRITER | Angela Teo sites for $21 mil ANALYST | Tan Chee Yuen Yuan Ching Development, a wholly-owned subsidiary of Tiong Seng Holdings, and Arctic Sky Investment, COPY-EDITING DESK | Elaine Lim, Evelyn Tung, a unit fully owned by Ocean Sky International, have Chew Ru Ju, Tan Gim Ean, entered into a JV agreement to buy two freehold sites Shanthi Murugiah at Jervois Road for $21 million. Situated in prime Dis- PHOTO EDITOR | Samuel Isaac Chua trict 10, the total area of the two residential plots is PHOTOGRAPHER | Albert Chua 13,415 sq ft. The sites have a gross plot ratio of 1.4. EDITORIAL COORDINATOR | Villa D’Este up for en bloc sale at $96 mil The land plot will be purchased by the JV firm, TSky Yen Tan Villa D’Este (above), located within the White House Development, which is 60% owned by Yuan Ching DESIGN DESK | Tan Siew Ching, Park Good Class Bungalow Area (GCBA), has been Development and 40% owned by Arctic Sky Invest- Christine Ong, Monica Lim, put up for sale by public tender. According to sole ment. It is expected to be funded through bank borrow- Tun Mohd Zaﬁ an Mohd Za’abah market ing agent CBRE, the guide price for the prop- ings or internal resources, or a combination of both. ADVERTISING + erty is $96 million, or $1,730 psf per plot ratio. The According to Ocean Sky International, this move MARKETING freehold site, located about 350m from the Stevens reflects the group’s intention to expand its residen- ADVERTISING SALES MRT station, spans a land area of 55,480 sq ft and tial development activities in Singapore. Ocean Sky DIRECTOR, ADVERTISING & SALES | Cowie Tan its existing gross floor area (GFA), which has been International expects to develop the two sites into ASSOCIATE ACCOUNT DIRECTOR | verified by URA, is 49,071 sq ft. residential projects to enhance shareholder value. Diana Lim Located on Dalvey Road, the property can be sub- ACCOUNT MANAGERS | divided into three spacious GCB plots or redeveloped Hundred Palms Residences receives more than Priscilla Wong, James Chua REGIONAL BUSINESS into one luxurious GCB, according to CBRE. It can 2,000 e-applications DEVELOPMENT MANAGER | also be redeveloped into its existing condominium Hoi Hup Realty’s 531-unit executive condo, Hundred Suki Lin housing form, provided there is no intensification of before their launch, and the introduction of a new Palms Residences, has received more than 2,000 CIRCULATION the existing approved GFA and storey height. sales mode called Re-Offer of Balance Flats (ROF). e-applications, according to ERA’s Hundred Palms DIRECTOR | Victor The “This is an exceptional offering,” says Galven Tan, Under the first measure, construction work for 1,000 Residences Facebook page. E-applications for the EXECUTIVES | CBRE director of capital markets. “New condo develop- BTO flats at Sembawang, Sengkang and Yishun will development were open from July 4 to 17. Sales Malliga Muthusamy, Ashikin Kader, Winnie Lim ments located within GCB areas are sought-after by commence in 4Q2017. The flats will be launched for bookings for the EC began on July 22. foreigners — who are not allowed to own GCBs — as sale in 2H2018. HDB will set aside 95% of the four- Located on Yio Chu Kang Road, the EC comprises CORPORATE they offer prestigious GCB addresses. Both developers room and larger flats for families that are first-time buy- three-, four- and five-bedroom units across nine MANAGING DIRECTOR | Bernard Tong from Singapore and the region will be very keen on ers. This marks a 10 percentage point increase from the blocks, which have floor areas ranging from 883 to PUBLISHER the opportunity.” current quota of at least 85% in non-mature estates. 1,636 sq ft. Indicative prices for the three-bedroom The Edge Property Pte Ltd When the property was in the market in 2010, it The ROF exercise will bring together all flats that units start from $715,000, according to a separate 150 Cecil Street #13-00 had an asking price of $115 million. URA has con- are still unsold at the conclusion of the last Sale of ERA’s Hundred Palms Residences Facebook page, Singapore 069543 Tel: (65) 6232 8622 firmed that no development charges are payable for Balance Flats exercise. The first ROF exercise in August which also states that indicative prices for the four- Fax: (65) 6232 8620 the site. The tender exercise will close on Aug 25. will see 1,394 units of unsold balance flats from the and five-bedroom units start from $1.03 million and November 2016 SBF exercise being offered. $1.18 million respectively. PRINTER KHL Printing Co Pte Ltd HDB has announced plans to hold ROF exercises 57 Loyang Drive every February and August, alongside BTO exercises, New private home sales in June increase Singapore 508968 QINGJIAN REALTY in addition to the existing two SBF exercises each year. by 52.9% y-o-y Tel: (65) 6543 2222 Home seekers now have four opportunities to apply Developers moved 820 private residential units last Fax: (65) 6545 3333 for balance flats each year. month, a 52.9% increase y-o-y compared with June PERMISSION AND 2016, when only 536 new private homes were sold, REPRINTS Afro-Asia Shipping and Shimizu to jointly according to the latest figures released by URA. Material in The Edge Property may not be reproduced in any redevelop Afro-Asia Building The Santorini was the bestselling private project in form without the written A joint venture company formed by Afro-Asia Shipping June, with developer MCC Land moving 75 units at a permission of the publisher (AAS) and Shimizu Corp Investment and Development median price of $1,026 psf. Only 64 (10%) of 597 units Division is set to redevelop the Afro-Asia Building (top in the 99-year leasehold project at Tampines Avenue We welcome your comments right). The total project is estimated to cost more than 10 remain to be sold, according to the URA data. and criticism: propertyeditor.sg@ $320 million, which the JV intends to fund through In second place for the month was Parc Riviera bizedge.com loans from financial institutions. Cushman & Wakefield’s at West Coast Vale. EL Development sold 55 units at Pseudonyms are allowed but Qingjian Realty to preview mixed-use Capital Markets team is adviser for the transaction. a median price of $1,218 psf. According to the URA please state your full name, development Le Quest Situated 120m from the upcoming Shenton Way MRT figures, the 752-unit development is 75% sold. City address and contact number for Qingjian Realty (South Pacific) Group, a unit of CNQC station, the new development will house a 19-storey Developments’ Commonwealth Towers came in third us to verify. International Holdings, will preview Le Quest (above) Grade-A office building with an estimated GFA of in terms of number of units sold at a private resi- from July 22. 181,996 sq ft. Offices will be housed on the seventh dence, with 47 units sold at $1,899 psf. Both Parc Le Quest, a mixed-use development in Bukit to 18th floors, while the ground level will house an Riviera and Commonwealth Towers are 99-year lease- Batok, comprises 516 private residential units and F&B component. The development, expected to be hold properties. more than 64,584 sq ft of commercial space. It sits completed in mid-2020, will also have panoramic Desmond Sim, CBRE’s head of Singapore and South- on a 158,195 sq ft site and, when completed, will views of the CBD skyline. east Asia research, attributes the increase in buyer in- have five 12-storey apartment blocks above a four- AAS will transfer lease rights of the existing building terest in the top-selling projects to factors such as the storey podium that will house retail space, a childcare to the JV, named Robinson Development, and retain recent bullish land bids by local and foreign developers centre and car parks. a controlling interest in the JV. Its partner, Shimizu, on sites released under the Government Land Sales pro- The project has a wide range of units — studios will carry out demolition of the 60-year-old building gramme, as well as the lack of new launches in June. and one- to four-bedroom units. The studios are currently located at the site in November. Construc- The sole development launched last month was the sized at 431 sq ft and priced from $588,000; one-bed- tion is set to start next April. freehold, 26-unit Park 1 Suites at Lorong 40 Geylang. room units from 495 to 614 sq ft start from $648,000; two-bedroom units from 592 to 829 sq ft are priced Relocation of Paya Lebar Air Base will free JustCo merges with naked Hub from $758,000; three-bedrooms which start from 818 up 800ha of land JustCo has merged with naked Hub to form the largest sq ft are priced from $990,000; while four-bedroom The Paya Lebar Air Base (PLAB) will be relocated to premium co-working operator in Asia. This will units are sized from 1,130 sq ft with prices starting an expanded Tengah Air Base, a joint statement re- allow the merged entity to take a bigger share of the from $1.38 million. leased by MND, NEA and SLA on July 18 says. This co-working market, which is projected to grow 68% Qingjian Realty is also offering smart home tech- means 800ha of land in the north-east region — larger each year from 2016 to 2018, according to Statista. nology for residential units at Le Quest. According to than the current Bishan or Ang Mo Kio towns — will Including naked Hub’s network of 21 spaces in China, the developer, most of the buyers at The Visionaire be freed up for new residential units, office and in- Hong Kong and Vietnam, the combined portfolio of the and iNz Residences, two of its other residential pro- dustrial spaces, as well as parks. merged entity will have a gross floor area of 140,000 jects with smart home technology, opted for them. Le To expand Tengah Air Base, the government will sq m, in 41 locations across six countries. This means Quest is expected to obtain its Temporary Occupation acquire four plots of private land, which currently the JustCo-naked Hub merged entity can serve over Permit in 4Q2021. house ornamental and food fish farms and a nursery, 1,000 companies and approximately 7,400 members. continue the ongoing phased exhumation of graves JustCo currently has four spaces in Singapore on HDB to launch BTO flats with shorter at Choa Chu Kang Cemetery, and carry out road re- Robinson Road, Raffles Quay as well as at Marina waiting times for buyers alignment works. About 45,500 Chinese graves and One and UIC Building. The firm plans to add two HDB has released two measures to ensure shorter 35,000 Muslim graves will be exhumed. million sq ft of space to its portfolio, in cities such waiting times for first-time buyers. The move involves By moving PLAB to Tengah Air Base, the height as Kuala Lumpur, Jakarta and Bangkok. — Compiled commencing construction of selected BTO projects restrictions around Paya Lebar and a broader area by Angela Teo E

EP4 • THEEDGE SINGAPORE | JULY 24, 2017 PROPERTY TAKE

For the past two years, there has been less of a correlation between Hong Kong’s and Singapore’s office and residential prices (Singapore skyline pictured) ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT

Real estate markets in Singapore, Hong Kong go their separate ways — but for the better

Chart 1 here is an adage that some still subscribe to — that the Sin- gapore property market lags Prime-location Grade-A ofﬁ ce prices in Hong Kong and Singapore Hong Kong’s by about two Price (US$) quarters. While that could 40,000 Thave been the case, it is also not en- Correlation Era of positive correlation breakdown tirely correct because insofar as office 35,000 prices in HK dollars are concerned, 30,000 since 2005, we have had only one RESEARCH & CONSULTANCY SAVILLS CHARTS: instance in which prices in Hong 25,000 Kong led those in Singapore by two quarters. That was in 1Q2009, when 20,000 prices in Hong Kong started to rise | BY ALAN CHEONG | 15,000 six months before those in Singapore (see Chart 1). 10,000 The same is observed for the luxu- announced the establishment of the Hong Kong two-quarter lead over Singapore 5,000 ry non-landed private residential seg- Hong Kong-Shanghai Stock Connect Coincidental Coincidental Coincidental Coincidental ment. Prices in Singapore and Hong in April 2014, there was a flurry of 0 Kong were positively correlated from activity by Chinese financial services 2000 to 4Q2014. Thereafter, prices in companies to set up offices in the ter- 1Q2005 4Q2005 2Q2008 2Q2011 2Q2014 1Q2017 Hong Kong surged ahead while pric- ritory. This link-up gave Hong Kong Hong Kong Central office prices Singapore prime Grade-A office prices es in Singapore went sideways (see an overnight uplift in office demand. Chart 2). Some may subscribe to the Just prior to the announcement of Chart 2 view that Singapore had put in place the Hong Kong-Shanghai Stock Con- a string of macroprudential cooling nect investment channel, the vacan- measures that slowed market activ- cy levels in Hong Kong and Singa- Luxury non-landed residential prices in Hong Kong and Singapore ity. However, Hong Kong, too, had pore were almost comparable (see put in place similar policies, and in Chart 3 on Page EP6). The impend- HK$ psf 30,000 Singapore November 2016 and April this year, ing supply in Hong Kong was great- luxury segment the Special Administrative Region er than in Singapore at that point in Savills Hong 25,000 Kong overall (SAR) added further property cool- time. However, rents and prices of luxury segment ing measures, including raising the Grade-A office space in Hong Kong 20,000 Mid-Levels stamp duty on homebuyers to rein very likely increased since Novem- Pokfulam in prices. ber 2014, owing to demand spurred 15,000 For the past two years, there has by the implementation of the stock The Peak been less of a correlation between market connection. 10,000 Happy Valley/ Hong Kong’s and Singapore’s office The tenant profile and office Breakdown in correlation Jardines’ Lookout and residential prices. Why is that? space footprint in both cities are 5,000 between Hong Kong and Singapore Southside/ noticeably different. For example, Shouson Hill Grade-A office sector tech firms generally take much less 0 The reason Hong Kong office prices space in Hong Kong than in Singa- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q20152Q20153Q20154Q20151Q20164Q20161Q2017 started to rise from mid-2014 is that pore. Insofar as demand for office after Chinese Premier Li Keqiang CONTINUES ON PAGE EP6 THEEDGE SINGAPORE | JULY 24, 2017 • EP5

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Opportunity for investors to diversify across two markets

Table 1 Table 5

Tech ﬁ rms in Hong Kong and Singapore A cursory comparison of policy measures for the

FIRM COUNTRY AREA OCCUPIED IN AREA OCCUPIED IN Hong Kong and Singapore residential market OF ORIGIN HONG KONG (SQ FT) SINGAPORE (SQ FT) LinkedIn US 16,500 45,000 MEASURE HONG KONG SINGAPORE Facebook US 21,900 350,000* SSD* 20% - ≤6 months 12% - ≤ 1 year Alibaba China 34,400 10,000 15% - >6 months to ≤ 12 months 8% - >1 year to ≤2 years

10% - >12 months to ≤ 36 months 4% - >2 years to ≤3 years RESEARCH & CONSULTANCY SAVILLS TABLES: Google US 50,500 300,000 Buyer’s stamp 15% additional stamp duty on all 15% additional stamp duty for all *Includes additional space at Marina One (by end-2018) duty non-Hong Kong buyers (inclusive of sale of non-Singaporeans and non-PRs shares in companies) AVD** 15% for second residential property purchase 7% for second residential property purchase Table 2 10% for three or more subsequent property purchases Financing For >HK$10 million, loan-to-value is 50% Total debt servicing ratio: 60% of borrower’s Recent leasing activity by Chinese and Taiwanese maximum for Hong Kong residences income Debt servicing ratio: 50% of borrower’s income ﬁ nancial institutions in Hong Kong (excludes other debt repayments)

FIRM OFFICE ADDRESS AREA OCCUPIED (SQ FT) *It is called special stamp duty in Hong Kong and seller’s stamp duty in Singapore **Ad valorem duty in Hong Kong; in Singapore, it is part of seller’s stamp duty Huarong One Pacific Place, Admiralty 22,500 Two Pacific Place, Admiralty 41,600 Chart 3 China Orient Asset Management One IFC, Central 18,200 Bank of Three Garden Road – Prime Grade-A ofﬁ ce vacancy levels in Hong Kong and Singapore Shanghai (HK) Champion Tower, Central 17,800 % Bank of Communications New World Tower One, Central 10,400 14

Table 3 10 Announcement of Hong Kong- RESEARCH & CONSULTANCY SAVILLS CHARTS: 8 Shanghai Stock Connect Recent non-ﬁ nancial Chinese companies’ 6 leasing activity in Hong Kong 4 FIRM OFFICE ADDRESS AREA OCCUPIED (SQ FT) HNA Group Three Exchange Square, Central 90,900 2 Three Pacific Place, Wanchai 16,300 0 Two IFC, Central 15,800 1Q2005 2Q2005 3Q2005 4Q2005 1Q2006 2Q2006 3Q2006 4Q2006 1Q2007 2Q2007 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009 4Q2009 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 Table 4 Hong Kong Grade-A office Singapore CBD Grade-A office Recent major non-tech tenant leasing activity

in Singapore’s Grade-A CBD ofﬁ ce space Chart 4

FIRM OFFICE ADDRESS AREA OCCUPIED (SQ FT) Dentsu Guoco Tower 100,000 Net yields for Hong Kong and Singapore Grade-A Mitsui OSK Lines UIC Tower 68,000* ofﬁ ces and luxury residential properties BP Singapore Marina One 80,000* % Danone Guoco Tower 28,000* Ocean Network 3.8 Express Marina One 50,000 3.6 *Consolidation of operations from older buildings, some of which are not Grade-A CBD offices 3.4 3.2 FROM PAGE EP4 nouncement and is not included in 3.0 and business park space goes, West- our analysis (see Table 3). ern tech companies have a much For Singapore, other than tech 2.8 larger office footprint in Singapore companies, since 2014, new lettings 2.6 than in Hong Kong. In Hong Kong, were mainly for office space expan- 2.4 Chinese tech firms have a larger sions by marketing and advertising, 2.2 presence than their Western coun- shipping, disruptive technology com- 2.0 terparts (see Table 1). panies (Grab) and co-working space After the Hong Kong-Shanghai providers. In the case of the latter,

Stock Connect announcement, there they are still expanding aggressively 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 was active leasing demand from both in Hong Kong and Singapore, mainland Chinese and Taiwanese fi- with many of the co-working space Hong Kong Grade-A office net yield Singapore Grade-A office net yield nancial firms in Hong Kong. In Sin- operators from the West opening up Hong Kong luxury residential net yield Singapore luxury non-landed residential net yield gapore, apart from Bank of Commu- in both cities. Take the example of US nications taking up about 5,000 sq co-working space operator WeWork. ft of space at Singapore Land Tower In Hong Kong, WeWork has taken up in Raffles Place, these large main- close to 150,000 sq ft of office space, media advertising and co-working) laid down in Hong Kong than in Sin- pore and Hong Kong’s main real land Chinese financial firms have while in Singapore, it could soon oc- and non-tech. For the latter, they are gapore. Yet, non-landed residential estate sectors now presents an op- no official presence in the city state cupy close to 100,000 sq ft. often shipping companies that seek property prices in the SAR continued portunity for investors to diversify (see Table 2). For Singapore, a sample of the leas- to consolidate their operations into a to trend up strongly while the Singa- across these two markets. In the Moreover, we have observed that ing activity by larger space office us- single Grade-A office location. pore market languished. past, the strong linkage in perfor- mainland Chinese non-financial firms ers in the non-tech sector since 2014 Prices in the Hong Kong residential mance would not have given in- have also raised their level of activity is shown in Table 4. Residential and office markets have continued on vestors — particularly institution- in terms of leasing demand. For HNA, In short, since 2014, new Hong The residential markets in both Sin- an upward trajectory as a result of the al investors — the ability to reduce a Chinese conglomerate, its presence Kong office space demand has been gapore and Hong Kong have seen extra push from Chinese money that their country risks. Today, with the in Singapore is only felt through its coming mainly from China-related similar property cooling measures accompanied the Hong Kong-Shang- two economies spurred by different shipping subsidiary SEACO, which companies and Western co-working (see Table 5). hai Stock Connect announcement. sets of drivers, an effective diversi- occupies about 9,000 sq ft at 80 An- space providers. In Singapore, new If we include the recent tighten- fication strategy emerges. E son Road. However, SEACO’s office demand is coming from tenants that ing of bank financing to developers Conclusion premises were let before the Hong are often Western and Japanese com- who offer loans to buyers, there are The weakening of a correlation be- Alan Cheong is the head of research Kong-Shanghai Stock Connect an- panies — both tech (including social in fact more measures and conditions tween prices (and rents) in Singa- for Savills Singapore THEEDGE SINGAPORE | JULY 24, 2017 • EP7 BROUGHT TO YOU BY SINGHAIYI GROUP

Panoramic view from a high-floor unit at City Suites PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

City Suites offers freehold investment opportunity

CITY SUITES is a 56-unit free- of people either working at the com- hold development on Balestier Road plexes or visiting daily is expected to by Singapore-listed international prop- hit 30,000. This will have a signiﬁ cant erty developer SingHaiyi Group. What ripple effect on the surrounding area. is unique about the project is that it has Besides Tan Tock Seng Hospital and a wide range of one-bedroom units, Ren Ci Hospital, other existing medi- which are sought-after by investors. cal facilities in Novena include Nove- The project is expected to obtain its na Medical Centre as well as Mount Temporary Occupation Permit (TOP) Elizabeth Novena Hospital and Spe- in 3Q2017, which means that buyers cialist Centre. Complementing Health will be able to enjoy rental income al- City Novena is Thomson Medical Cen- most immediately. tre, a private hospital specialising in The one-bedroom units come with gynaecology and in vitro fertilisation. Medical facilities in Novena include Tan Tock Seng Hospital, Novena Medical fully fitted kitchen appliances and cab- There are three shopping centres in Centre as well as Mount Elizabeth Novena Hospital and Specialist Centre inetry, bathroom accessories, as well Novena — Velocity, Square 2 and Unit- as a built-in wardrobe. Unit sizes range ed Square — as well as the Oasia Ho- from 452 to 527 sq ft. Assuming an tel. A new mixed-use development in average selling price of $1,800 psf the area is Royal Square, which has a and a monthly rent of $2,500, inves- mix of offices and medical suites. Oth- tors can achieve a gross rental yield er office towers in the Novena area in- of 3.1% to 3.7%. clude Novena Square, Newton 200, The developer has put a lot of thought Revenue House, Goldhill Plaza and into the design of City Suites: All the City Suites is expected to obtain its United Square. These are linked un- units are north-south facing and have TOP in 3Q2017 derground to the Novena MRT station. 3.3m ceiling height. There are also four duplex penthouses with double-volume There are also retail and F&B facilities WELL-SERVED BY PUBLIC ceiling height and a loft-like bedroom. in the Balestier area, such as Balestier TRANSPORT The duplex penthouses range from 925 Plaza, Balestier Point and Shaw Plaza. City Suites is well-served by public to 1,120 sq ft. Underground parking is In addition, there is Zhongshan Mall, transport, being just a short walk Wheeler’s Yard, an industrial warehouse café, is a favourite with cyclists also available for residents. anchored by a FairPrice Finest super- from several bus stops as well as market. Zhongshan Mall is part of the near the Novena MRT station. It is INCREASED VIBRANCY Zhongshan Park mixed-use develop- also very accessible to the Central The Balestier area has become vi- ment that comprises an office tower Expressway and Pan Island Ex- brant over the years with the open- and two hotels: Ramada and Days pressway, which means it is just a ing of international schools nearby Hotel Singapore. 10-minute drive to the CBD, Marina such as Curtin Singapore, East Asia Bay and Orchard Road. Institute of Management and Global PROXIMITY TO HEALTH CITY Although it is just off the main Bal- Indian International School. NOVENA estier Road, City Suites is located in With the increase in foreign student Another attraction of City Suites is a relatively quiet enclave, with low- population, interesting F&B outlets have its proximity to Health City Nove- er-floor units enjoying the greenery on sprung up, such as ice-cream parlour na, poised to be Singapore’s larg- the sprawling grounds of the Commu- Regroup x Scoop Therapy, pet-friend- est medical hub. Ofﬁ cially launched nicable Disease Centre, with its low-rise The Balestier area has become vibrant over the years with the opening of ly café Paw Pet-radise, The Clueless in 2013, Health City Novena will be historic buildings. Parks in the vicinity international schools nearby such as Curtin Singapore Goat coffee house and Wheeler’s Yard, jointly developed by the Ministry of include Zhongshan Park, where the an industrial warehouse café that is a Health, Tan Tock Seng Hospital and Sun Yat Sen Nanyang Memorial Hall STRONG TRACK RECORD in sustainable design — a GoldPlus rat- favourite with cyclists. These outlets join National Healthcare Group. When is housed, as well as the future Central SingHaiyi Group has successful- ing under the Building and Construc- famous local eateries Boon Tong Kee completed by 2030, healthcare-relat- Park within Health City Novena, which ly developed and fully sold a wide tion Authority’s Green Building Awards. Chicken Rice, Founder Bak Kut Teh ed space at Health City Novena will will feature gardens, playgrounds, an range of residential property devel- Currently, SingHaiyi is involved in and Loong Fatt Tau Sar Piah as well as double to 6.46 million sq ft from 2.69 elevated walkway set amid trees, an opments in Singapore. They range the redevelopment of 9 Penang Road, Whampoa Keng Fishhead Steamboat. million sq ft currently and the number open-air theatre and F&B terraces. from Charlton Residences, a 21-unit formerly known as Park Mall, a high- cluster housing development off Up- end furniture mall that is being repo- per Serangoon Road, to the 514-unit sitioned as a new twin-tower Grade-A CityLife@Tampines executive condo- office development in the prime Orchard minium (EC). Both projects were de- Road neighbourhood. The project is veloped jointly with other parties. within a short walk from the Dhoby SingHaiyi also developed and fully Ghaut MRT interchange station. sold the 517-unit The Vales EC, which obtained its TOP in May. More than 300 units at The Vales have already been For sales enquiries, please contact: handed over to the owners, who are pleased with the quality of the finishing SingHaiyi Group provided. The owners will also enjoy en- Email: [email protected] ergy efficiency, as The Vales has been Tel: (65) 9630 0300 Parks in the vicinity of City Suites include Zhongshan Park, where the Sun Yat Sen Nanyang Memorial Hall is housed awarded one of the highest accolades EP8 • THEEDGE SINGAPORE | JULY 24, 2017 SPOTLIGHT

Allgreen Properties relaunches ALLGREEN PICTURES: PROPERTIES SkySuites@Anson

Uninterrupted 360-degree views from the roof terrace of the 290m tall SkySuites@Anson, one of the three tallest towers in Singapore

| BY CECILIA CHOW | located on the high floors, from the ing to sole marketing agency Knight 61st to 71st storeys, and range in size Frank Singapore. his coming weekend will see from 957 to 1,140 sq ft. Some of the units will be sold the relaunch of the remain- The interiors were designed by with tenancy in place. These units ing 100 units at the 360-unit Patty Mak of Suying Design, who will have a slightly lower discount SkySuites@Anson in Tanjong is famous for her design of luxury of 11%. After the discount, one-bed- Pagar, which is poised to be homes in the prime districts. At Sky- room units facing neighbouring pro- TSingapore’s “next Waterfront City” Suites@Anson, Mak demonstrates ject ICON are priced from $861,075 to after the port is relocated to Tuas. that one need not compromise on $895,518, while those fronting Eng- At 290m, the 72-storey condomin- comfort and space, even in a com- gor Street are priced from $950,787 ium is also one of the three tallest pact apartment. to $987,633. The one-bedroom units in Singapore. The one-bedroom units are de- have been leased at monthly rental Developed by Allgreen Properties, signed with a “transformer kitch- rates of $2,800; therefore, buyers of SkySuites@Anson was launched in en” that is fully equipped with an these units will enjoy yields of 3.4% 2011, and completed in 2015. About oven, stove hob, washing machine, to 3.9% after taking the discount 88% of the units are one- and two- dishwasher and shelves for storage. into account. bedroom apartments. There are 156 There is also storage space for a cof- Two-bedroom units are priced typical one-bedroom units sized from fee machine, juicer/blender, vacu- from $1.2 million to about $1.4 mil- 366 to 398 sq ft, and four 505 sq ft um cleaner and ironing board an- lion, and leased at a monthly rent- one-bedroom units units on the 60th gled such that one can iron while al rate of $4,300. This translates to floor. Another 156 units are two- watching television. a gross rental yield of 3.2% to 4%. bedroom units that measure 667 to Wall panelling conceals storage Three-bedroom units on the high 699 sq ft. Three-bedroom units make space for suitcases and bedlinen. The floors are priced from $2.01 million View of the sea from the show suite of a three-bedroom unit up the remaining 44 units. They are bathroom comes with storage space to $2.285 million. Some of these units behind the vanity mirror as well as have been rented out at monthly rate shelves for towels and toiletries. of $5,500, which translates to a gross From the roof terrace on the 72nd rental yield of 2.8% to 3.2%. floor, residents will be able to en- Most of the units available for sale joy uninterrupted 360-degree views. are from the 45th floor onwards, and The developer is offering an 11% therefore enjoy views of either the to 15% discount for available units sea or the city skyline. Even prior for the relaunch. A deferred payment to the relaunch this weekend (July scheme of up to a year will also be 22 and 23), close to 50 units have available. However, the discount will been reserved by interested buyers, be 5% less than that offered under according to property agents market- the normal payment scheme, according the project. E

Aerial view of the swimming pool on the ground level of the Exterior of the 360-unit SkySuites@Anson, which was condo project completed in 2015 The sky garden called ‘The Retreat’ on the 60th floor of the 72-storey SkySuites@Anson THEEDGE SINGAPORE | JULY 24, 2017 • EP9

EP10 • THEEDGE SINGAPORE | JULY 24, 2017 COVER STORY

The Funan show suite provides an idea of how Funan will go beyond traditional retail PICTURES: CAPITALAND PICTURES:

Brave new world of retail With the popularity of e-commerce and overseas shopping destinations, what is the way forward for Singapore’s retail scene?

| BY LIN ZHIQIN | New retail concepts “A lot of people say our malls are nly a handful of about 200 cookie-cutter and lack exciting ex- attendees at the recent periences,” says Low. “We want our Real Estate Developers’ retail to be experiential. Basically, it Associa tion of Singapore is an environment that is more than (Redas) property market just shopping; that gives you other Oupdate seminar on July 7 spent at opportunities to enjoy yourself.” least $200 in a Singapore shopping Low cites several examples of mall in recent months, according to malls that offer new retail concepts. a straw poll conducted by Knight Siam Discovery in Bangkok offers Frank Singapore’s Wendy Low, exe- experiential retail, she notes. The mall cutive director of retail, and Alice reopened in May 2016 after closing Tan, head of consultancy and re- for a year for a THB4 billion ($162 search. million) asset enhancement. With Singapore is ranked seventh on the mall billed as “The Exploratori- Expedia’s list of the “World’s 25 best um” — a lifestyle laboratory — the shopping cities”, behind New York goods there are organised according City, Berlin, Los Angeles, London, to style instead of brand or category Kuala Lumpur and Tokyo, in that over 430,600 sq ft of space on eight order. Expedia ranked the cities CapitaLand has partnered local creative talents to host a variety of lifestyle programmes at the Funan show suite floors. The mall’s interactive features based on their scores in three areas: include a media wall where visitors Value for money (Singapore scored ($528) to US$374 between 2012 Bricks and mortar still gressively digitised, physical retailers can upload their photos for display. eight out of 10); friendliness towards and 2016, according to data com- important without an online presence will find Hong Kong-listed New World tourists (eight out of 10); and annual piled by Knight Frank. A joint study by Temasek Holdings and themselves stuck in the doldrums with Development has two K11 Art Malls tourist numbers (seven out of 10). Retailers who participated in Knight Google found that e-commerce made e-tailers hot on their heels,” says Low. — one in Hong Kong and the other Stiff competition has resulted in Frank’s Retail Sentiment Survey 2017 up 2.1% of total retail sales in Singa- Despite the need for retailers to in Shanghai. The brand philosophy a drop in average retail spending ranked value for money as the most pore in 2015 — the highest propor- grow their online presence, there is behind these malls is “an art play- per tourist: 16.4 million tourists important element of the in-store tion among Southeast Asian countries. good news for landlords: 86.5% of ground where culture, entertainment, visited Singapore in 2016, a 13.1% experience customers are looking for. E-commerce is set to take up a larger the retailers surveyed by Knight Frank shopping and living revolve around increase over the 14.5 million in Being able to offer better value for share of the retail pie — an estimated rated the importance of developing art”, says Knight Frank’s Low. When 2012. However, the amount spent money could attract more spending 6.7% of total retail sales — by 2025. and maintaining a physical presence a multi-sensory art, architecture and per tourist fell 3.1% from US$386 by Singaporeans as well. “As the retail landscape gets pro- as at least five on a scale of six. music exhibition called Urban Sense THEEDGE SINGAPORE | JULY 24, 2017 • EP11 COVER STORY

was held at K11 Art Mall in Hong Kong CBRE from March to May, it saw a 12% increase in the number of visitors. Malls are also increasingly becom- ing a hybrid model of art and commerce, incorporating art galleries and museum spaces. In addition to dis- plays of local and international art- EDGE SINGAPORE CHUA/THE SAMUEL ISAAC EDGE SINGAPORE CHUA/THE SAMUEL ISAAC EDGE SINGAPORE CHUA/THE SAMUEL ISAAC work, exhibitions and performanc- es are held there too. An example is Pablo Picasso’s Parade exhibition at the IFC Mall in Central, Hong Kong, in 2004: It reportedly drew an additional 50,000 visitors to the mall every day. Low: A lot of people say our malls are Tan: Online presence and shopping is not Siew: Shopping is just one of the things Lee: Landlords have to continue Low says the Mall of Emirates in cookie-cutter and lack exciting experien- enough on its own. There is a need to offer a people want to do with their time. The re- reinventing and repositioning their Dubai is the first in the Middle East ces. We want our retail to be experiential. seamless online and offline experience. tail experience is so much more than that. malls to widen the source of traffic to introduce a “hands-free” shopping experience. Visitors can drop off their shopping bags at collection desks and pick them up at the end of their visit or arrange for them to

be delivered. This frees shoppers to NON C / SHUTTERSTOCK.COM continue to shop, dine and enjoy TK KURIKAWA/ SHUTTERSTOCK.COM TK KURIKAWA/ themselves without being burdened by shopping bags. In Singapore, sports retailer Decath- lon offers a “Click and Collect” option whereby shoppers can order items online and pick them up at its physical stores. The stores also have areas and facilities to allow customers to test the sporting equipment before pur- Siam Discovery, in Bangkok, is a mall that offers experiential retail, according to Low The K11 Art Mall in Shanghai is a hybrid model of art and commerce, says Low chase. Decathlon’s biggest store in Singapore, spanning 43,000 sq ft of space at FairPrice Hub in Joo Koon, boasts the city state’s first slack line, a golf-putting green, a mini football arena and a running track.

The new Funan An example of “a leading retail innovation platform” in Singapore is the new Funan, which is set to open in 2019. Formerly called Funan Digita- Life Mall, it closed on June 30 last year to undergo a $560 million trans- formation by CapitaLand Mall Trust. The new Funan will be the first mall to have smart tech integrated Artist’s impression of Funan’s interior into its physical space. This includes CCTV cameras and video analytics farm-to-table restaurants. Visitors 400 to 500 seats are in high demand that can track data such as footfall can tuck into ingredients from the and there is a three-year waiting list throughout the mall and traffic into edible garden, or “adopt a plot” to for space at the Victoria Theatre & each individual shop, which will be grow their own produce on the roof- Concert Hall and the Drama Centre shared with the tenants. top. Food trucks will also be brought at the National Library building. As A workshop on making emoji badges being held at the show suite The Funan show suite provides an into the development to jazz up the such, Funan will be “a home for and idea of how Funan will go beyond F&B offerings. champion [of] local creators”. helps F&B operators to reach more “The growth of the F&B sector con- traditional retail: It has partnered Tenants such as T K Foto will offer At Funan, customers will also be customers and bring in more sales. tinues to be supported by consumers’ local creative talents to host a variety more than retail by organising talks, able to place orders online and collect For example, fast food chain Texas tendency to eat out and landlords’ strat- of lifestyle programmes such as craft workshops and other events to add their purchases at their convenience. Chicken reportedly saw an 8% jump egy of extending their F&B offering as workshops, film screenings, product an educational element to Funan’s Those who shop in-store can enjoy in sales after listing its outlets on a way to enhance their retailtainment launches and community talks. offerings. Another tenant is indoor hands-free shopping. There will be an Foodpanda. elements and defend their portfolios “Shopping is just one of the things climbing gym operator Climb Central, area for customers to pick up their Rents for F&B tenants typically against e-commerce,” says Lee. people want to do with their time. which will operate a 50-lane climbing purchases, on foot or drive-through. comprise a psf component plus a per- Global retailers retain a strong The retail experience is so much more facility at the mall, with the highest Thirty per cent of the retail space centage of the gross turnover, which appetite for expansion in Asia- Pacific than that,” says Kevin Siew, vice-pre- wall, measuring 15m, extending from at Funan had been taken up as at includes online sales minus delivery and continue to enter new markets sident of retail development at Funan. Basement 2 to Level 2. The facility, end-June. costs, according to Letty Lee, execu- across the region, says CBRE in a Funan is located in the heart of the tallest indoor rock wall in the tive director of retail services at CBRE recent report. In particular, the F&B Singapore’s civic and cultural dis- CBD, will be beginner-friendly and Omnichannel retail Singapore. In other words, landlords sector continued to drive retailer trict. It sits on a 124,457 sq ft site offers an opportunity for any one to “Online presence and shopping is get a cut of online sales and bene- expansion in the region last year and, when completed in end-2019, learn climbing. not enough on its own,” says Knight fit from tenants that embrace omni- and more landlords are approaching will have 500,000 sq ft of retail space, Instead of traditional anchor Frank’s Tan. “There is a need to channel retail. high-profile restaurants and F&B 266,000 sq ft of Grade-A office space tenants occupying 25,000 sq ft or offer a seamless online and offline groups to open outlets in their malls and 121,000 sq ft of co-living apart- more of space, there will be smaller experience.” Growing appetite for F&B to boost publicity and footfall. ments. The six-storey retail compo- anchor tenants from various trades An example of a retail sector that “The retail tenant mix ratio for F&B However, the growth potential nent will extend from Basement 2 at Funan, Siew says. The largest is has successfully bridged that divide outlets has increased from between of F&B may be reaching saturation to Level 4, with two six-storey office Golden Village Multiplex, which will would be F&B. Low says diners, like 20% and 25% to 35% and 40% in point, Lee cautions. The number of towers stretching from Levels five to be opening a seven-screen cinema retail shoppers, expect F&B brands to recent times,” says Low. “Many malls such establishments in Singapore 10. There will be 279 co- living apart- offering the first-of-its-kind multi- have an online presence and offer the have food courts or food atriums as grew 5.6%, from 6,872 in 2014 to ments housed in a nine-storey tower sensorial experience. option to order online using various anchor or junior anchor tenants.” 7,260 in 2015. Over the same period, from Levels 4 to 12. There will also be Another anchor tenant will be modes of payment; in other words, According to CBRE’s recent the total ope rating receipts for Singa- a co-working space on Levels 4 and 5. W!ld Rice, Singapore’s leading pro- to be omnichannel. millennial survey, on average, those pore’s F&B sector rose only 0.4%, To enable people to learn more fessional theatre company, it will By partnering food delivery apps aged between 20 and 29 eat out from $8.93 billion to $8.97 billion. about the origin of their food, there take up 18,000 sq ft of space and such as UberEats, Foodpanda and 9.7 days a month. Millennials also “Therefore, landlords have to con- will be a 5,300 sq ft urban farm and build a 380-seat theatre that will be Deliveroo, many F&B brands offer like to post pictures of their meals tinue reinventing and repositioning a 6,900 sq ft edible garden at the roof fully run by the artistes. According the option of online orders for de- on social media, which helps to their malls to widen the source of terrace of Funan, which also houses to Siew, mid-sized arts venues with livery, in addition to dining in. This promote the restaurants. traffic,” says Lee. E EP12 • THEEDGE SINGAPORE | JULY 24, 2017 PROPERTY PICKS What you can get for about $3m to $3.5m

| BY CECILIA CHOW | a glass lift, a private swimming pool and a lush, mature garden. The 99-year lease- The exterior of Semi-detached house on hold property sits on a land area of 4,652 the freehold semi- Kew Crescent for $3.5 mil sq ft and has a built-up of 3,883 sq ft. The detached house on KNIGHT FRANK PICTURES: Located off Upper East Coast Road and Be- owner has indicated a price tag of $3.5 mil- Jalan Salang, off dok South Road are the landed houses of lion ($752 psf) for the property. Built in the Sembawang Road Kew Crescent. They are also near the lo- 1990s, it is well kept and in move-in condi- cation of the upcoming Bedok South MRT tion, says Tricia Tan, Knight Frank’s depu- station on the Thomson-East Coast Line. ty director of auction and sales. The house Up for sale is a corner semi-detached will be put up for auction by Knight Frank house at Kew Crescent with seven bedrooms, on July 25.

Semi-detached house on Jalan Salang for $3 mil to $3.1 mil In the north of Singapore, there is a freehold, semi-detached house just off Semba- wang Road with an indicative price of $3 million to $3.1 million, or $1,049 to $1,084 psf, based on land area. “It represents real value for money,” says Sharon Lee, head of auction at Knight Frank Singapore. “It’s rare to find a freehold semi-detached house for $3 million.” The 2½-storey house with a Balinese- The house sits on a freehold land area of style exterior was built 10 years ago and is 2,860 sq ft with a built-up area of 4,327 sq ft located on Jalan Salang, within the landed housing estate of Sembawang Springs area, a fifth bedroom that is en suite and Estate. It is near the Sembawang River and a roof terrace. Jalan Kemuning Park. According to Lee, the new owner will be The house sits on a freehold land area able to move in without having to under- of 2,860 sq ft and has a built-up of 4,327 take major additions and alterations. It is Exterior of the corner semi-detached house on Kew Crescent sq ft. There is a sizeable living and dining ideal for extended families, or those with area, a wet and dry kitchen and a guest two or more children who want their own room on the first level. On the second bedrooms, she says. level is the family area, the master suite, The house on Jalan Salang will be put a study, two bedrooms and a shared bath- up for sale by the owner at Knight Frank’s room. The third level has another family auction on July 25.

The strata terraced house at The Greenwood has a strata area of 2,982 sq ft

The dining room opens out to the garden The outdoor deck and swimming pool

Strata terrace at Greenwood Avenue Avenue, just off Dunearn Road in prime for $2.7 mil to $2.8 mil District 11. The house has a strata area of For those who want a house in the prime 2,982 sq ft, with two storeys, a basement districts, a strata terraced house at The and an attic. It contains four bedrooms, Greenwood will go under the hammer at private basement parking for two cars, an Knight Frank’s auction on July 25. The entertainment room and roof terrace. property was last put up for auction in June The owner is a “motivated seller”, accord- at an opening price of $2.85 million, before ing to Knight Frank. The house is on the it was withdrawn. market with a guide price of $2.7 million to The 99-year leasehold strata terrace is one $2.8 million, which translates into $905 to The living room with double-volume ceiling height of 54 units at a cul-de-sac on Greenwood $939 psf, based on its strata area. E THEEDGE SINGAPORE | JULY 24, 2017 • EP13

BROUGHT TO YOU BY UOL GROUP & SINGAPORE LAND

The Clement Canopy’s landscape is inspired by a luxury resort — with a three-tier pool, infinity pools and water features as well as tropical gardens with lush greenery, surrounded by mature trees The Clement Canopy — Designing homes for future generations

THE CLEMENT CANOPY is a project by local with “flexi-space”, which can be adapted for a blue-chip property developer UOL Group and variety of functions — as a utility room, a study sister company Singapore Land. It occupies a or even a maid’s room. The units come with the 140,339 sq ft site surrounded by some of Sin- latest in Smart Home features, including digital gapore’s top schools. Designed by acclaimed lock for the main door, lighting and air-condi- architectural firm ADDP Architects, it will feature tioning, which can be activated using a smart- two 40-storey residential towers, which take up phone or phablet. only 25% of the land area. The rest of the site will be taken up by landscaping and communal EDUCATION HUB facilities. The location of the project is ideal for families MODERN RESORT LANDSCAPE with schoolgoing children. For high achievers, Nan Hua High School is just across the road, ADDP collaborated with landscape designer and next door is the prestigious NUS High Ecoplan Asia to create a landscape inspired by School of Math and Science. Top tertiary insti- a luxury resort — with a three-tier pool, infinity tutions such as the National University of Sin- pools and water features as well as tropical gar- gapore and INSEAD Business School are also dens with lush greenery, surrounded by mature within a short driving distance. Two of Singa- The Clement Canopy is conveniently located near one-north, the hub of trees. pore’s oldest polytechnics — Ngee Ann Poly- entrepreneurship and innovation for knowledge workers For privacy, the two towers are set 43m technic and Singapore Polytechnic — are also apart, and units are orientated such that 70% of located nearby. Those who have an active lifestyle will also mark there is The Sandcrawler, which houses their 505 units will enjoy a view of either the wa- Within a 2km radius are Nan Hua Primary find The Clement Canopy a convenient location. the Lucas Films animation studio; Biopolis, for ter or greenery. The entire site is also bordered School and Anglo-Chinese School (Indepen- The Republic of Singapore Yacht Club is near- bio-medical R&D companies; and Mediapolis, by dense green trees, which provide exclusivity dent), which is a secondary school. Interna- by, and so are a series of parks linked by park for media companies. and act as a noise barrier. Almost half the units tional schools in the west coast area include connectors — from Clementi Woods Park to will also enjoy views of the West Coast Park and Japanese Primary School, Nexus International West Coast Park, Kent Ridge Park and, soon, SINGAPORE’S SECOND CBD the sea beyond. School, Tanglin Trust and United World College. Jurong Lake Gardens, which is an amalgama- A 15- to 20-minute drive from Clementi Avenue tion of Jurong Lake Gardens West with the Chi- 1 is Singapore’s second CBD, Jurong Gateway FUNCTIONAL DESIGN LAYOUT CONVENIENT LOCATION nese and Japanese Gardens. in Jurong East. When completed, it will have a Trendy restaurants, bars and lifestyle des- total of five million sq ft of office space, which is Going against convention, the developer has The Clementi 448 Market & Food Centre as well tinations within a short driving distance are equivalent to the size of Marina Bay. intentionally excluded one-bedroom units as Ayer Rajah Market & Food Centre are close Dempsey Hill, Holland Village, Gillman Bar- Jurong Gateway, which will be part of the from their wide range of two- to four-bedroom by. Less than 1km away is Clementi Mall, which racks, Rochester Park and Wessex Estate. future Jurong Lake District, already contains apartment types. The units have interesting is integrated with the Clementi MRT station and The Clement Canopy is ideally situated a cluster of shopping malls such as JEM and configurations, with functional layouts. These bus interchange station. On Sunset Way are near one-north, the hub of entrepreneurship Westgate Mall, which is linked to the Jurong have proven to be popular with young fami- Clementi Park Shopping Centre and the sea- and innovation for knowledge workers, with the East MRT interchange station. There is also lies and investors, especially the two-bedroom food restaurants. Thus, besides being located start-up cluster at Ayer Rajah Crescent Blk 71; BigBox, an eight-storey home furnishing ware- units, where the bedrooms flank the living-din- in an education hub, The Clement Canopy is Fusionopolis, for information and communica- house shop concept, IMM outlet stores and ing-open kitchen area. also situated in a mature estate with a wide tion technology companies — the latest land- Many of the larger units are also designed range of amenities. JCube shopping centre. The Ng Teng Fong Hospital, one of the largest integrated hospitals, and the future Singapore- Malaysia High-Speed Rail terminus are also located within Jurong Gateway. Given its attractive pricing, design attributes and location, it is no surprise that The Clement Canopy is already close to 70% sold.

For sales enquiries, please call: 6100 6581/6582 The show gallery is located on Clementi Avenue 1 Opening hours: The Clement Canopy is located within 11am to 8pm Clementi Mall and the Clementi MRT station are less than 1km away an elite education hub EP14 • THEEDGE SINGAPORE | JULY 24, 2017 EVENTS

The Edge Property 360° seminar on July 15 PICTURES: ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT PICTURES:

Investing beyond Singapore’s residential sector

| BY FEILY SOFIAN | market is also driven by rapid ur- set class. “Ho Chi Minh City has Australia: Is the party over? however, Perth offers favourable in- banisation and evolving living ar- a population of more than eight Talk of a housing bubble in Austral- vestment prospects in the long term, bout 60,000 dwellings rangements from three-generation million and there are only around ia has surfaced since at least 2015. according to Tan. “Disposable income will be completed in Ho to smaller and single households, 2,000 of villas and townhouses in Yet residential property prices have in Western Australia, where Perth Chi Minh City in 2017 says Griffiths. While rental yields the market,” Griffiths notes. For- continued to defy gravity, says Tan is located, is among the highest in and 2018, according to will be under pressure in the short eign nationals who are keen on vil- Kok Keong, CEO of REMS Advi- the country [see Charts 2 and 3]. Its estimates by Savills. De- term, there remains a large unmet las and townhouses can hold a 50- sor and co-founder of FundPlaces. population is expected to grow 2.5% Aspite a potential supply onslaught, demand for affordable dwellings, year leasehold title but are subject Sydney has been the choice destination annually over the next 20 years, sur- the long-term prospect for Viet- either for rental or owner-occupa- to a foreign ownership cap. This among investors looking to acquire passing the forecasts for Sydney and nam’s housing market remains fa- tion, he adds. is based on the number of foreign trophy properties, while Melbourne Melbourne at 1.4% and 1.7% respec- vourable, says Troy Griffiths, dep- Meanwhile, villas and town- owners within a masterplan, gen- has been ranked as the world’s most tively. Meanwhile, residential prop- uty managing director for Savills houses are severely undersupplied, erally 10%, or 250 houses within liveable city for several years. erty prices in Perth have been on a Vietnam. “There are limited alter- making them a highly attractive as- a “ward”, says Griffiths. Based on socioeconomic trends, downtrend amid the slowdown in the native investment vehicles in Viet- mining boom, which makes them a nam and apartments offer attrac- value proposition,” he notes. tive gross rental yields of 6% to Separately, Greater Perth will bene- 8% [see Chart 1].” fit from a pipeline of development Griffiths was speaking on Viet- projects with an estimated invest- nam’s property market outlook and ment value of A$17 billion ($18.4 opportunities at The Edge Property billion), including Perth City Link, 360º seminar on July 15. The seminar Elizabeth Quay and Perth Stadium. examined alternative investment Whether in Perth or other Aus- destinations and asset classes be- tralian cities, Tan urges potential yond Singapore’s residential sector. investors to select properties that Boaz Boon, founder and principal cater to local demand. “In Austral- of THRED and director at VestAsia ia, foreign homeowners can resell Group, led the panel discussion. their properties only to locals or In Ho Chi Minh City, apartments residents, so they have to pay at- in districts 2 and 9 offer promising tention to local needs and prefer- opportunities, says Griffiths. “This ences,” he explains. area will benefit the most from in- Australians, particularly the old- frastructure developments such as er population, are now more open the metro, shopping facilities and to downsizing from landed homes the future Sports City,” he explains. to apartments, says Tan. They fa- Griffiths also favours units in the vour big units, however, which of- US$1,000 to US$2,500 psm range. fer the comparable luxury of space The relaxation of foreign prop- they are so accustomed to. In many erty ownership in July 2015 has Australian cities, there are apartment made Vietnam a sought-after in- projects that are well received and vestment destination. Locally, de- these are usually those that cater to mand for Vietnam’s residential Panel discussion led by Boon (left) the top end of the market, Tan notes. THEEDGE SINGAPORE | JULY 24, 2017 • EP15 EVENTS PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES:

Griffiths says villas and townhouses in Ho Chi Tan says Australia’s older population is now more Khoo is positive on industrial and residential land Natarajan’s top picks include Ascendas REIT and Minh City are severely undersupplied, making open to downsizing from landed homes to parcels for capital appreciation in Iskandar Viva Industrial Trust, given their strong business them a highly attractive asset class apartments, but they favour big units park exposure

Iskandar Malaysia: Challenges Chart 1 Chart 2 and opportunities Amid oversupply concerns in Iskandar There is a limited number of alternative Disposable income in Western Australia Malaysia, consider safe assets such investment vehicles in Vietnam, and apartments is among the highest in the country as apartments in mixed develop- offer attractive gross rental yields of 6% to 8% A$ ‘000 ments that are close to amenities and % transit nodes, suggests Ryan Khoo, 55 SAVILLS RESEARCH & CONSULTANCY SAVILLS co-founder of Alpha Marketing. For Gold (SJC) 50 capital appreciation, his top choice US would be industrial and residential 45 land parcels. 12-month saving rates (1st-tier bank) AUSTRALIAN BUREAU OF STATISTICS, FUNDPLACES RESEARCH FUNDPLACES OF STATISTICS, BUREAU AUSTRALIAN Khoo notes that Johor has been the 40 top investment destination for man- Apartment rental ufacturing for several years and total 35 investment value has spiked since 12-month saving rates (2nd-tier bank) 2013 (see Chart 4). Meanwhile, major 30 developments such as Legoland, VN-Index 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Western Australia New South Wales Victoria Queensland Gleneagles Medini Hospital, Nusa- jaya Tech Park and Pinewood Studios -5 0 5 10 15 20 25 have also sparked growth in tourist arrivals, employment and population. The most anticipated projects are Chart 3 Chart 4 the Kuala Lumpur-Singapore High- Speed Rail, which is due to be com- Perth’s annual population growth between Spike in manufacturing investments in Johor pleted in 2026, and the Johor Bahru- 2016 and 2036 expected to surpass RM bil Singapore Rapid Transit System. The Sydney and Melbourne 35 enhanced connectivity presents op- % 31.1 portunities for Iskandar residents to 3 30 enjoy Malaysia’s affordable health- 26.4 2.5 care and living costs, with proximity 25 21.1 to Singapore, Khoo says. As a result, AUTHORITY INVESTMENT DEVELOPMENT MALAYSIAN 2 1.8 20 Iskandar has strong potential to be- 1.7 come a choice retirement destination RESEARCH FUNDPLACES OF STATISTICS, BUREAU AUSTRALIAN 1.4 1.4 15 14.4 for Singapore’s ageing population. Prices of high-end and luxury resi- 1 10 7.5 dential properties in Iskandar have 6.6 5.5 fallen between 5% and 15% since 5 4.1 2013’s peak, according to data compiled by Khoo from the National Prop- 0 0 erty Information Centre. Khoo ex- Australia Sydney Melbourne Brisbane Perth 2009 2010 2011 2012 2013 2014 2015 2016 pects supply to peak next year and taper thereafter. Chart 5 Chart 6 Positive outlook for industrial and hospitality REITs S-REITs offer the highest yields globally Limited potential supply of business parks

Singapore real estate investment % RHB BLOOMBERG, augurs well for some industrial REITs trusts offer the highest yield rela- 7 3.9 10-year government bonds Yield spread Mil sq ft THE EDGE PROPERTY JTC, tive to its global peers, says Vijay 6 3.9 0.9 Natarajan, property and REITs an- 2.5 1.1 0.8 5 3.2 alyst at RHB. The yield for S-REITs 2.0 2.6 0.7 topped the charts at 6.1%, followed 4 by Canada REITs at 5.7%, according 0.6 3 0.1 0.5 to data compiled by RHB as at July 5 2.0 (see Chart 5). 2 0.4 Separately, there is plenty of liquid- 0.3 1 ity in the market chasing yield-accre- 2.2 1.6 4.0 2.5 0.1 2.6 2.3 1.3 1.8 0.2 tive instruments, which bodes well 0 0.1 US for REIT prices. Interest from inter- UK

fund 0 Hong Japan Kong

national investors is picking up, un- Canada Malaysia Australia 2Q to 4Q20172018 2019 2020 derpinned by the stability of the Sin- Singapore gapore dollar and strong regulatory Thai property framework governing S-REITs, notes Natarajan. demand. The outlook for hospitality is expected to ease by year-end and cendas REIT and Viva Industrial Trust, price-to-book value of 1.03 times, In terms of sectoral performance, properties is also positive, with the RHB projects revenue per available given their strong business park ex- based on data compiled by RHB. Natarajan is positive on business opening of a new airport terminal room to bottom out and rebound by posure, as well as CDL Hospitality “From a valuation perspective, the P/B parks because of their limited poten- and the pickup in MNC profits ex- 3% to 5% in 2018/19. Trusts and OUE Hospitality Trust. is slightly above the 10-year average tial supply (see Chart 6) and healthy pected to fuel demand. Hotel supply Natarajan’s top picks include As- S-REITs are currently trading at but inexpensive,” says Natarajan. E EP16 • THEEDGE SINGAPORE | JULY 24, 2017 DONE DEALS Penthouse at Gramercy Park sold for $17 mil

| BY ANGELA TEO |

freehold, 5,533 sq ft penthouse at Gramercy Park in prime District 10 fetched the highest sale price of $17 million ($3,073 psf) Afor the period between July 4 and 11, according to a caveat lodged with URA on July 10. EDGE SINGAPORE CHUA/THE SAMUEL ISAAC PICTURES: Located in the South Tower, the property is one of four penthouses in the 170,000 sq ft Gramercy Park, and the second penthouse in the development sold so far. Not surpris- ingly, the penthouse, which was purchased by a foreigner, is also the highest priced unit sold at the development to date. Another similar-sized penthouse at Gramercy Park was sold when the Developed by CDL, Gramercy Park boasts a 50m swimming pool, a private lift within every unit and concierge service first phase, the North Tower, was launched in May last year. The trans- $2,800 psf. So far, 47% of the units Ardmore Three, Gramercy Park and acted price was said to be $16.88 mil- in the South Tower have been sold. Parkview Eclat.” lion ($3,050 psf). The buyer is also The latest non-penthouse sale at Gafoor attributes the increase in believed to be a foreigner. the South Tower of Gramercy Park transaction volume in CCR to the The 174-unit freehold luxury con- was for a 1,948 sq ft, three-bedroom fact that prices of high-end condos dominium was developed by listed unit on the fifth floor that fetched $5.3 in the prime districts are now 20% property giant City Developments million, or $2,724 psf, according to below the peak in mid-2013. “Buy- (CDL) and comprises two towers a caveat lodged on July 6. ers are sensing that prices have bot- with 87 units each. The project ob- According to CDL, about 25% of tomed and are likely to go up in the tained its Temporary Occupation Per- the buyers at Gramercy Park are Sin- coming months,” he adds. mit last year. gaporeans, while the remainder are It is not just new condos like Units in Phase 1 (North Tower) a mix of Singapore permanent resi- Gramercy Park that are seeing units were sold at an average of $2,600 dents and foreigners, predominantly sold at prices above $5 million. At the psf, and so far 86% of the units have from China, Indonesia and the US. 31-year-old Yong An Park on River been snapped up. All the two-bed- “There’s been a strong rebound in Valley Road, a 3,434 sq ft, four-bedroom-plus-study units have been interest in properties in the Core Cen- room unit fetched $5.22 million on sold. Phase 2 of Gramercy Park, tral Region [CCR],” says Ismail Gafoor, July 10. The 288-unit freehold condo which saw the release of units in the CEO of PropNex Realty. “In June alone, is located near Great World City and South Tower, was soft launched on our salespersons transacted numerous the upcoming Great World MRT station March 30, at a higher average price of deals above $5 million for units at on the Thomson-East Coast Line. E Two units at Gramercy Park were sold at above $5 million between July 4 and 11

LOCALITIES DISTRICTS LAND AREA/ NETT UNIT Singapore — by postal district City & Southwest 1 to 8 FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE Orchard/Tanglin/Holland 9 and 10 DOMAIN 21 Condominium 99 years July 4, 2017 1,281 1,900,000 - 1,483 2007 Resale Newton/Bukit Timah/Clementi 11 and 21 HIGHLINE RESIDENCES Condominium 99 years July 5, 2017 1,109 2,155,800 - 1,944 Uncompleted New Sale Balestier/MacPherson/Geylang 12 to 14 PRINCIPAL GARDEN Condominium 99 years July 9, 2017 861 1,459,000 - 1,694 Uncompleted New Sale East Coast 15 and 16 PRINCIPAL GARDEN Condominium 99 years July 7, 2017 495 843,000 - 1,703 Uncompleted New Sale Changi/Pasir Ris 17 and 18 PRINCIPAL GARDEN Condominium 99 years July 7, 2017 786 1,312,000 - 1,670 Uncompleted New Sale Serangoon/Thomson 19 and 20 PRINCIPAL GARDEN Condominium 99 years July 4, 2017 764 1,243,000 - 1,626 Uncompleted New Sale QUEENS PEAK Condominium 99 years July 9, 2017 807 1,287,000 - 1,594 Uncompleted New Sale West 22 to 24 QUEENS PEAK Condominium 99 years July 9, 2017 441 779,000 - 1,765 Uncompleted New Sale North 25 to 28 QUEENS PEAK Condominium 99 years July 8, 2017 1,507 2,300,000 - 1,526 Uncompleted New Sale QUEENS PEAK Condominium 99 years July 6, 2017 441 775,590 - 1,757 Uncompleted New Sale QUEENS PEAK Condominium 99 years July 6, 2017 431 805,460 - 1,871 Uncompleted New Sale QUEENS PEAK Condominium 99 years July 5, 2017 807 1,329,000 - 1,646 Uncompleted New Sale QUEENS PEAK Condominium 99 years July 4, 2017 947 1,354,000 - 1,429 Uncompleted New Sale THE CREST Condominium 99 years July 7, 2017 1,044 1,785,240 - 1,710 2017 New Sale THE METROPOLITAN CONDOMINIUM Condominium 99 years July 10, 2017 1,033 1,340,000 - 1,297 2009 Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years July 10, 2017 1,216 1,750,000 - 1,439 2004 Resale CARIBBEAN AT KEPPEL BAY Condominium 99 years July 10, 2017 2,433 3,950,000 - 1,624 2004 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years July 7, 2017 1,744 3,500,000 - 2,007 2011 Resale District 5 BAROSSA GARDENS Terrace Freehold July 7, 2017 2,045 2,115,000 - 1,034 1997 Resale BLUE HORIZON Condominium 99 years July 11, 2017 958 935,000 - 976 2005 Resale BOTANNIA Condominium 956 years July 10, 2017 1,561 1,860,000 - 1,192 2009 Resale CLEMENTIWOODS CONDOMINIUM Condominium 99 years July 4, 2017 1,313 1,200,000 - 914 2010 Resale NORMANTON PARK Condominium 99 years July 4, 2017 1,270 1,060,000 - 835 Unknown Resale PARC RIVIERA Condominium 99 years July 9, 2017 1,152 1,399,440 - 1,215 Uncompleted New Sale PARC RIVIERA Condominium 99 years July 9, 2017 1,152 1,317,000 - 1,143 Uncompleted New Sale Residential transactions with contracts dated July 4 to 11 PARC RIVIERA Condominium 99 years July 8, 2017 646 892,000 - 1,381 Uncompleted New Sale PARC RIVIERA Condominium 99 years July 8, 2017 1,184 1,448,210 - 1,223 Uncompleted New Sale LAND AREA/ NETT UNIT PARC RIVIERA Condominium 99 years July 8, 2017 1,184 1,506,000 - 1,272 Uncompleted New Sale FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PARC RIVIERA Condominium 99 years July 8, 2017 1,152 1,329,000 - 1,154 Uncompleted New Sale PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE PARC RIVIERA Condominium 99 years July 8, 2017 646 900,000 - 1,394 Uncompleted New Sale District 1 PARC RIVIERA Condominium 99 years July 7, 2017 1,679 1,568,888 - 934 Uncompleted New Sale EMERALD GARDEN Condominium 999 years July 7, 2017 1,055 1,542,000 - 1,462 1999 Resale PARC RIVIERA Condominium 99 years July 7, 2017 1,152 1,299,000 - 1,128 Uncompleted New Sale THE SAIL @ MARINA BAY Apartment 99 years July 6, 2017 667 1,200,000 - 1,798 2008 Resale PARC RIVIERA Condominium 99 years July 7, 2017 646 775,000 - 1,200 Uncompleted New Sale THE SAIL @ MARINA BAY Apartment 99 years July 4, 2017 689 1,530,000 - 2,221 2008 Resale PARC RIVIERA Condominium 99 years July 6, 2017 1,184 1,456,000 - 1,230 Uncompleted New Sale District 2 PARC RIVIERA Condominium 99 years July 5, 2017 1,152 1,354,000 - 1,176 Uncompleted New Sale 76 SHENTON Apartment 99 years July 4, 2017 624 1,065,000 - 1,706 2014 Resale PARC RIVIERA Condominium 99 years July 4, 2017 1,152 1,323,000 - 1,149 Uncompleted New Sale ICON Apartment 99 years July 11, 2017 786 1,250,000 - 1,591 2007 Resale PARK WEST Condominium 99 years July 4, 2017 1,894 1,315,000 - 694 1985 Resale ICON Apartment 99 years July 7, 2017 570 1,010,000 - 1,770 2007 Resale SEAHILL Condominium 99 years July 7, 2017 549 770,000 - 1,403 2016 Sub Sale ICON Apartment 99 years July 4, 2017 904 1,370,000 - 1,515 2007 Resale THE CLEMENT CANOPY Apartment 99 years July 9, 2017 1,346 1,788,000 - 1,329 Uncompleted New Sale SPOTTISWOODE RESIDENCES Condominium Freehold July 6, 2017 603 1,086,000 - 1,802 2013 Resale THE CLEMENT CANOPY Apartment 99 years July 6, 2017 710 1,105,000 - 1,555 Uncompleted New Sale District 3 THE ROCHESTER Apartment 99 years July 10, 2017 861 1,200,000 - 1,394 2011 Resale ALEX RESIDENCES Apartment 99 years July 9, 2017 657 1,320,000 - 2,010 Uncompleted New Sale VARSITY PARK CONDOMINIUM Condominium 99 years July 7, 2017 1,098 1,230,000 - 1,120 2008 Resale ALEX RESIDENCES Apartment 99 years July 8, 2017 657 1,314,000 - 2,001 Uncompleted New Sale District 7 ALEX RESIDENCES Apartment 99 years July 8, 2017 474 969,000 - 2,046 Uncompleted New Sale CONCOURSE SKYLINE Apartment 99 years July 10, 2017 1,432 2,550,000 - 1,781 2014 Resale ALEX RESIDENCES Apartment 99 years July 8, 2017 883 1,754,390 - 1,988 Uncompleted New Sale GOLDEN MILE COMPLEX Apartment 99 years July 11, 2017 926 680,000 - 735 Unknown Resale ALEX RESIDENCES Apartment 99 years July 8, 2017 657 1,313,000 - 2,000 Uncompleted New Sale District 8 ALEX RESIDENCES Apartment 99 years July 8, 2017 678 1,443,000 - 2,128 Uncompleted New Sale CITYLIGHTS Condominium 99 years July 7, 2017 678 1,090,000 - 1,607 2007 Resale CENTRAL GREEN CLYDES RESIDENCE Apartment Freehold July 4, 2017 1,119 1,220,000 - 1,090 2005 Resale CONDOMINIUM Condominium 99 years July 11, 2017 1,432 1,720,000 - 1,201 1995 Resale STURDEE RESIDENCES Condominium 99 years July 6, 2017 1,044 1,676,200 - 1,605 Uncompleted New Sale THEEDGE SINGAPORE | JULY 24, 2017 • EP17 DONE DEALS

Residential transactions with contracts dated July 4 to 11

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 District 9 RIPPLE BAY Condominium 99 years July 6, 2017 1,076 900,000 - 836 2015 Resale 8 @ MOUNT SOPHIA Condominium 103 years July 11, 2017 1,464 2,080,000 - 1,421 2007 Resale SAVANNAH CONDOPARK Condominium 99 years July 6, 2017 1,453 1,100,000 - 757 2005 Resale CAIRNHILL RESIDENCES Apartment Freehold July 5, 2017 1,173 2,450,000 - 2,088 2009 Resale THE ALPS RESIDENCES Condominium 99 years July 9, 2017 689 760,240 - 1,104 Uncompleted New Sale LA CRYSTAL Apartment Freehold July 5, 2017 1,249 1,890,000 - 1,514 1996 Resale THE ALPS RESIDENCES Condominium 99 years July 9, 2017 1,066 1,126,820 - 1,057 Uncompleted New Sale PARC EMILY Condominium Freehold July 4, 2017 1,206 1,950,000 - 1,617 2008 Resale THE ALPS RESIDENCES Condominium 99 years July 9, 2017 689 751,920 - 1,091 Uncompleted New Sale RIVERGATE Apartment Freehold July 4, 2017 1,722 3,720,000 - 2,160 2009 Resale THE ALPS RESIDENCES Condominium 99 years July 9, 2017 689 756,080 - 1,098 Uncompleted New Sale ROBERTSON 100 Apartment Freehold July 6, 2017 883 1,500,000 - 1,699 2004 Resale THE ALPS RESIDENCES Condominium 99 years July 8, 2017 1,066 1,162,870 - 1,091 Uncompleted New Sale ROBERTSON 100 Apartment Freehold July 5, 2017 1,033 1,800,000 - 1,742 2004 Resale THE ALPS RESIDENCES Condominium 99 years July 8, 2017 936 981,590 - 1,048 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 9, 2017 1,539 3,255,000 - 2,115 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 7, 2017 689 703,000 - 1,020 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 8, 2017 700 1,387,000 - 1,982 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 7, 2017 689 743,000 - 1,079 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 8, 2017 710 1,399,000 - 1,969 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 7, 2017 689 743,600 - 1,079 Uncompleted New Sale SOPHIA HILLS Condominium 99 years July 8, 2017 700 1,459,000 - 2,085 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years July 6, 2017 689 768,560 - 1,116 Uncompleted New Sale THE COSMOPOLITAN Condominium Freehold July 6, 2017 1,324 2,750,000 - 2,077 2008 Resale THE ALPS RESIDENCES Condominium 99 years July 6, 2017 700 701,000 - 1,002 Uncompleted New Sale THE WHARF RESIDENCE Condominium 999 years July 10, 2017 1,066 1,870,000 - 1,755 2012 Resale THE ALPS RESIDENCES Condominium 99 years July 5, 2017 689 782,000 - 1,135 Uncompleted New Sale YONG AN PARK Condominium Freehold July 10, 2017 3,434 5,220,000 - 1,520 1986 Resale THE ALPS RESIDENCES Condominium 99 years July 4, 2017 689 731,000 - 1,061 Uncompleted New Sale District 10 THE ALPS RESIDENCES Condominium 99 years July 4, 2017 689 796,640 - 1,156 Uncompleted New Sale ARDMORE PARK Condominium Freehold July 10, 2017 2,885 9,300,000 - 3,224 2001 Resale THE PALETTE Condominium 99 years July 4, 2017 753 808,000 - 1,072 2015 Resale CHIVERTON Apartment Freehold July 10, 2017 1,292 1,880,000 - 1,455 2003 Resale THE SANTORINI Condominium 99 years July 9, 2017 1,152 1,233,210 - 1,071 2017 New Sale CORONATION SHOPPING PLAZA Apartment Freehold July 10, 2017 1,927 1,820,000 - 945 1979 Resale THE SANTORINI Condominium 99 years July 9, 2017 1,152 1,159,000 - 1,006 2017 New Sale GALLOP GABLES Condominium Freehold July 7, 2017 1,152 1,875,000 - 1,628 1997 Resale THE SANTORINI Condominium 99 years July 9, 2017 1,130 1,191,500 - 1,054 2017 New Sale GOODWOOD GRAND Apartment Freehold July 5, 2017 1,227 2,897,000 - 2,361 2017 New Sale THE SANTORINI Condominium 99 years July 9, 2017 1,130 1,132,210 - 1,002 2017 New Sale GRAMERCY PARK Condominium Freehold July 10, 2017 5,533 17,000,000 - 3,073 2016 Resale THE SANTORINI Condominium 99 years July 8, 2017 904 995,860 - 1,101 2017 New Sale GRAMERCY PARK Condominium Freehold July 6, 2017 1,948 5,307,200 - 2,724 2016 Resale THE SANTORINI Condominium 99 years July 8, 2017 904 999,900 - 1,106 2017 New Sale HOLLAND PEAK Condominium Freehold July 6, 2017 1,884 2,350,000 - 1,248 1994 Resale THE SANTORINI Condominium 99 years July 8, 2017 1,152 1,132,210 - 983 2017 New Sale SHEARES VILLE Apartment Freehold July 11, 2017 1,475 2,210,000 - 1,499 2003 Resale THE SANTORINI Condominium 99 years July 8, 2017 1,119 1,183,720 - 1,057 2017 New Sale THE ASANA Apartment Freehold July 8, 2017 635 1,645,080 - 2,590 Uncompleted New Sale THE SANTORINI Condominium 99 years July 8, 2017 1,130 1,176,000 - 1,041 2017 New Sale THE LEVELZ Condominium Freehold July 4, 2017 980 1,520,000 - 1,552 2004 Resale THE SANTORINI Condominium 99 years July 8, 2017 1,119 1,183,720 - 1,057 2017 New Sale THE LOFT Condominium 99 years July 4, 2017 1,948 2,800,000 - 1,437 2002 Resale THE SANTORINI Condominium 99 years July 7, 2017 1,152 1,220,000 - 1,059 2017 New Sale THE PRINCETON Apartment Freehold July 4, 2017 1,087 1,420,000 - 1,306 1999 Resale THE SANTORINI Condominium 99 years July 7, 2017 1,259 1,290,000 - 1,024 2017 New Sale THE SOLITAIRE Condominium Freehold July 6, 2017 1,894 2,550,000 - 1,346 2009 Resale THE SANTORINI Condominium 99 years July 7, 2017 1,119 1,169,580 - 1,045 2017 New Sale THE TENERIFFE Terrace 99 years July 10, 2017 3,122 2,503,800 - 802 2003 Resale THE SANTORINI Condominium 99 years July 6, 2017 1,152 1,196,880 - 1,039 2017 New Sale THE TESSARINA Condominium Freehold July 10, 2017 1,367 2,150,000 - 1,573 2003 Resale THE SANTORINI Condominium 99 years July 6, 2017 915 953,000 - 1,042 2017 New Sale VICTORIA PARK VILLAS Semi-Detached 99 years July 5, 2017 2,680 4,340,000 - 1,621 Uncompleted New Sale THE SANTORINI Condominium 99 years July 6, 2017 1,119 1,163,520 - 1,039 2017 New Sale YGK GARDEN Condominium Freehold July 4, 2017 2,067 3,020,000 - 1,461 2008 Resale THE SANTORINI Condominium 99 years July 6, 2017 915 970,200 - 1,060 2017 New Sale District 11 THE SANTORINI Condominium 99 years July 5, 2017 915 994,850 - 1,087 2017 New Sale 6 DERBYSHIRE Condominium Freehold July 6, 2017 1,012 2,346,649 - 2,319 2017 New Sale THE SANTORINI Condominium 99 years July 5, 2017 915 995,860 - 1,088 2017 New Sale CITY EDGE Apartment Freehold July 6, 2017 1,152 1,750,000 - 1,519 2007 Resale THE SANTORINI Condominium 99 years July 5, 2017 1,119 1,230,180 - 1,099 2017 New Sale HILLCREST ARCADIA Condominium 99 years July 10, 2017 2,896 2,080,000 - 718 1980 Resale THE SANTORINI Condominium 99 years July 5, 2017 1,130 1,139,280 - 1,008 2017 New Sale WATTEN ESTATE Terrace Freehold July 6, 2017 1,765 4,088,000 - 2,314 Unknown Resale THE SANTORINI Condominium 99 years July 5, 2017 1,119 1,189,780 - 1,063 2017 New Sale PARK INFINIA AT WEE NAM Condominium Freehold July 10, 2017 560 1,035,000 - 1,849 2008 Resale THE SANTORINI Condominium 99 years July 5, 2017 915 934,000 - 1,021 2017 New Sale SHELFORD SUITES Condominium Freehold July 10, 2017 1,270 1,830,000 - 1,441 2011 Resale THE SANTORINI Condominium 99 years July 5, 2017 1,130 1,156,000 - 1,023 2017 New Sale SOLEIL @ SINARAN Condominium 99 years July 11, 2017 506 988,000 - 1,953 2011 Resale THE SANTORINI Condominium 99 years July 4, 2017 1,259 1,292,870 - 1,027 2017 New Sale SOLEIL @ SINARAN Condominium 99 years July 10, 2017 581 1,080,000 - 1,858 2011 Resale THE SANTORINI Condominium 99 years July 4, 2017 1,259 1,285,730 - 1,021 2017 New Sale SUITES @ SURREY Apartment Freehold July 6, 2017 1,819 2,250,000 - 1,237 2008 Resale THE SANTORINI Condominium 99 years July 4, 2017 1,421 1,519,040 - 1,069 2017 New Sale THE LINC Apartment Freehold July 10, 2017 1,292 2,080,000 - 1,610 2006 Resale THE SANTORINI Condominium 99 years July 4, 2017 915 952,430 - 1,041 2017 New Sale District 12 THE SANTORINI Condominium 99 years July 4, 2017 904 957,480 - 1,059 2017 New Sale GEM RESIDENCES Condominium 99 years July 8, 2017 936 1,384,000 - 1,478 Uncompleted New Sale THE SANTORINI Condominium 99 years July 4, 2017 1,130 1,138,000 - 1,007 2017 New Sale District 13 THE SANTORINI Condominium 99 years July 4, 2017 1,109 1,157,310 - 1,044 2017 New Sale BARTLEY RIDGE Condominium 99 years July 6, 2017 969 1,274,400 - 1,315 2016 Sub Sale WATERVIEW Condominium 99 years July 6, 2017 1,324 1,450,000 - 1,095 2014 Resale E MAISON Apartment Freehold July 9, 2017 667 892,446 - 1,337 2016 New Sale District 19 LEICESTER SUITES Apartment Freehold July 10, 2017 452 730,000 - 1,615 2013 Resale A TREASURE TROVE Condominium 99 years July 4, 2017 2,121 1,550,000 - 731 2015 Resale MACPHERSON GARDEN ESTATE Terrace Freehold July 7, 2017 1,356 1,610,000 - 1,186 Unknown Resale CHUAN GREEN Terrace 99 years July 7, 2017 1,970 2,030,000 - 1,032 2005 Resale MEDALLION Detached Freehold July 7, 2017 4,015 2,450,000 - 610 2009 Resale EVERGREEN PARK Apartment 99 years July 6, 2017 1,173 795,000 - 678 1999 Resale THE POIZ RESIDENCES Apartment 99 years July 9, 2017 1,227 1,730,400 - 1,410 Uncompleted New Sale FOREST WOODS Condominium 99 years July 9, 2017 1,066 1,343,000 - 1,260 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years July 9, 2017 1,528 2,065,150 - 1,351 Uncompleted New Sale ISUITES @ PALM Apartment 99 years July 4, 2017 635 782,000 - 1,231 2013 Resale THE POIZ RESIDENCES Apartment 99 years July 7, 2017 1,184 1,654,180 - 1,397 Uncompleted New Sale KOVAN MELODY Condominium 99 years July 5, 2017 1,227 1,230,000 - 1,002 2006 Resale THE POIZ RESIDENCES Apartment 99 years July 5, 2017 1,485 2,051,760 - 1,381 Uncompleted New Sale KOVAN RESIDENCES Condominium 99 years July 5, 2017 1,798 2,050,000 - 1,140 2011 Resale THE POIZ RESIDENCES Apartment 99 years July 4, 2017 753 1,054,600 - 1,400 Uncompleted New Sale RIO VISTA Condominium 99 years July 10, 2017 1,249 910,000 - 729 2004 Resale THE POIZ RESIDENCES Apartment 99 years July 4, 2017 1,152 1,576,930 - 1,369 Uncompleted New Sale RIVERSAILS Condominium 99 years July 7, 2017 1,109 1,188,888 - 1,072 2016 Resale THE VENUE RESIDENCES Apartment 99 years July 8, 2017 1,130 1,480,000 - 1,309 2017 New Sale SERANGOON GARDEN ESTATE Terrace 999 years July 6, 2017 2,164 2,340,000 - 1,083 Unknown Resale District 14 STARS OF KOVAN Apartment 99 years July 8, 2017 743 1,037,160 - 1,396 Uncompleted New Sale DAKOTA RESIDENCES Condominium 99 years July 5, 2017 1,023 1,370,000 - 1,340 2010 Resale STARS OF KOVAN Apartment 99 years July 6, 2017 732 1,055,220 - 1,442 Uncompleted New Sale EUHABITAT Condominium 99 years July 6, 2017 549 610,000 - 1,111 2015 Resale STARS OF KOVAN Apartment 99 years July 5, 2017 732 1,022,000 - 1,396 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 9, 2017 700 1,026,900 - 1,468 Uncompleted New Sale TAI KENG GARDENS Terrace Freehold July 5, 2017 2,723 2,635,000 - 969 Unknown Resale SIMS URBAN OASIS Condominium 99 years July 8, 2017 958 1,327,600 - 1,386 Uncompleted New Sale THE SPRINGBLOOM Condominium 99 years July 7, 2017 1,539 1,550,000 - 1,007 1999 Resale SIMS URBAN OASIS Condominium 99 years July 7, 2017 710 1,061,900 - 1,495 Uncompleted New Sale THE VALES EC 99 years July 4, 2017 1,033 828,000 - 801 2017 New Sale SIMS URBAN OASIS Condominium 99 years July 5, 2017 1,206 1,669,300 - 1,385 Uncompleted New Sale TRILIVE Condominium Freehold July 4, 2017 1,163 1,700,000 - 1,462 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 5, 2017 1,206 1,597,200 - 1,325 Uncompleted New Sale District 20 SIMS URBAN OASIS Condominium 99 years July 4, 2017 829 1,068,000 - 1,289 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years July 5, 2017 463 797,000 - 1,722 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years July 4, 2017 958 1,322,000 - 1,380 Uncompleted New Sale District 21 TRE RESIDENCES Condominium 99 years July 7, 2017 764 1,113,280 - 1,457 Uncompleted New Sale BINJAI CREST Terrace 99 years July 10, 2017 3,778 2,150,000 - 569 2004 Resale TRE RESIDENCES Condominium 99 years July 7, 2017 947 1,334,000 - 1,408 Uncompleted New Sale CLEMENTI PARK Condominium Freehold July 10, 2017 904 860,000 - 951 1986 Resale District 15 CLEMENTI PARK Condominium Freehold July 6, 2017 2,153 2,150,000 - 999 1986 Resale 38 I SUITES Apartment Freehold July 4, 2017 689 1,030,000 - 1,495 2014 Resale CLEMENTI PARK Condominium Freehold July 5, 2017 1,184 1,130,000 - 954 1985 Resale 8M RESIDENCES Apartment Freehold July 10, 2017 893 1,620,000 - 1,813 2016 Resale FLORIDIAN Condominium Freehold July 4, 2017 936 1,300,000 - 1,388 2012 Resale AALTO Condominium Freehold July 6, 2017 1,528 2,500,000 - 1,636 2010 Resale FREESIA WOODS Condominium Freehold July 5, 2017 1,733 1,850,000 - 1,068 2003 Resale AMBER SKYE Apartment Freehold July 9, 2017 1,335 2,598,000 - 1,946 2017 New Sale HIGHGATE Terrace Freehold July 6, 2017 2,551 3,250,000 - 1,274 1993 Resale BLU CORAL Condominium Freehold July 11, 2017 1,184 1,188,000 - 1,003 2009 Resale MAPLE WOODS Condominium Freehold July 10, 2017 980 1,270,000 - 1,297 1997 Resale COSTA RHU Condominium 99 years July 6, 2017 1,335 1,638,000 - 1,227 1997 Resale SUNSET PLACE Detached Freehold July 4, 2017 7,212 9,250,000 - 1,283 1991 Resale FULCRUM Condominium Freehold July 10, 2017 818 1,410,750 - 1,724 2016 Resale PARC PALAIS Condominium Freehold July 10, 2017 1,550 1,530,000 - 987 1999 Resale FULCRUM Condominium Freehold July 7, 2017 818 1,416,000 - 1,731 2016 Resale PARC PALAIS Condominium Freehold July 6, 2017 1,378 1,400,000 - 1,016 1999 Resale MARINE BLUE Condominium Freehold July 9, 2017 732 1,286,600 - 1,758 2016 New Sale PINE GROVE Condominium 99 years July 11, 2017 1,690 1,500,000 - 888 Unknown Resale RAMBAI ROAD Detached Freehold July 10, 2017 7,739 8,300,000 - 1,073 2004 Resale REGIS MANSIONS Apartment Freehold July 4, 2017 1,023 830,000 - 812 1998 Resale JALAN ULU SIGLAP Semi-Detached Freehold July 4, 2017 5,576 5,000,000 - 898 Unknown Resale SPRINGDALE CONDOMINIUM Condominium 999 years July 4, 2017 1,109 1,120,000 - 1,010 1998 Resale JOO CHIAT AVENUE Semi-Detached Freehold July 4, 2017 2,077 3,220,000 - 1,552 2014 Resale SUMMERHILL Condominium Freehold July 4, 2017 1,948 2,030,000 - 1,042 2002 Resale NEPTUNE COURT Apartment 99 years July 7, 2017 1,636 1,168,000 - 714 1975 Resale OLA RESIDENCES Condominium Freehold July 7, 2017 990 1,500,000 - 1,515 2011 Resale THE CREEK @ BUKIT Condominium Freehold July 9, 2017 441 823,800 - 1,867 Uncompleted New Sale OLA RESIDENCES Condominium Freehold July 7, 2017 2,939 3,580,000 - 1,218 2011 Resale THE CREEK @ BUKIT Condominium Freehold July 7, 2017 936 1,413,631 - 1,510 Uncompleted New Sale SANDALWOOD Apartment Freehold July 5, 2017 850 1,060,000 - 1,247 2005 Resale THE CREEK @ BUKIT Condominium Freehold July 6, 2017 1,615 2,058,768 - 1,275 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years July 6, 2017 506 850,000 - 1,680 Uncompleted New Sale THE CREEK @ BUKIT Condominium Freehold July 4, 2017 1,216 1,680,000 - 1,381 Uncompleted New Sale SEASIDE RESIDENCES Apartment 99 years July 4, 2017 506 837,000 - 1,654 Uncompleted New Sale THE STERLING Condominium Freehold July 5, 2017 1,410 1,880,000 - 1,333 2000 Resale THE MEYERISE Condominium Freehold July 5, 2017 1,302 2,230,000 - 1,712 2014 Resale THE STERLING Condominium Freehold July 4, 2017 1,948 2,800,000 - 1,437 2000 Resale THE SEA VIEW Condominium Freehold July 11, 2017 1,518 2,300,000 - 1,515 2008 Resale District 22 THE SEAFRONT ON MEYER Condominium Freehold July 4, 2017 1,066 1,700,000 - 1,595 2010 Resale LAKEPOINT CONDOMINIUM Condominium 99 years July 7, 2017 1,884 1,200,000 - 637 Unknown Resale THE SOUND Condominium Freehold July 10, 2017 807 1,190,000 - 1,474 2013 Resale PARC VISTA Condominium 99 years July 5, 2017 1,055 900,000 - 853 1997 Resale THE SOUND Condominium Freehold July 6, 2017 840 1,220,000 - 1,453 2013 Resale SUMMERDALE EC 99 years July 4, 2017 1,399 930,000 - 665 2000 Resale THE VIEW @ MEYER Apartment Freehold July 5, 2017 1,690 2,400,000 - 1,420 2009 Resale THE FLORAVALE EC 99 years July 7, 2017 1,292 860,000 - 666 2000 Resale District 16 WESTVILLE Terrace 99 years July 4, 2017 1,615 1,360,000 - 842 1997 Resale AQUARIUS BY THE PARK Condominium 99 years July 4, 2017 893 790,000 - 884 2001 Resale WESTWOOD RESIDENCES EC 99 years July 6, 2017 1,195 999,000 - 836 Uncompleted New Sale CHANGI COURT Condominium Freehold July 5, 2017 1,389 1,230,000 - 886 1997 Resale WESTWOOD RESIDENCES EC 99 years July 6, 2017 1,033 824,400 - 798 Uncompleted New Sale EAST MEADOWS Condominium 99 years July 5, 2017 1,195 1,080,000 - 904 2001 Resale WESTWOOD RESIDENCES EC 99 years July 6, 2017 1,033 796,500 - 771 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years July 8, 2017 893 1,164,000 - 1,303 Uncompleted New Sale District 23 GRANDEUR PARK RESIDENCES Condominium 99 years July 6, 2017 1,270 1,715,000 - 1,350 Uncompleted New Sale ECO SANCTUARY Condominium 99 years July 6, 2017 1,066 1,030,820 - 967 2016 New Sale GRANDEUR PARK RESIDENCES Condominium 99 years July 6, 2017 560 798,000 - 1,426 Uncompleted New Sale HAZEL PARK CONDOMINIUM Condominium 999 years July 10, 2017 980 980,000 - 1,000 2000 Resale PALMWOODS Condominium 99 years July 5, 2017 936 775,000 - 828 1999 Resale HILLBROOKS Condominium Freehold July 7, 2017 829 800,000 - 965 1999 Resale TANAH MERAH MANSION Condominium Freehold July 6, 2017 969 800,000 - 826 1984 Resale HILLBROOKS Condominium Freehold July 4, 2017 1,173 1,080,000 - 920 1999 Resale TANAMERA CREST Condominium 99 years July 7, 2017 861 790,000 - 917 2004 Resale HILLION RESIDENCES Apartment 99 years July 7, 2017 474 702,050 - 1,482 Uncompleted New Sale THE GLADES Condominium 99 years July 4, 2017 484 868,000 - 1,792 2016 New Sale HILLION RESIDENCES Apartment 99 years July 5, 2017 474 728,650 - 1,538 Uncompleted New Sale THE GLADES Condominium 99 years July 4, 2017 1,281 1,728,000 - 1,349 2016 New Sale INZ RESIDENCE EC 99 years July 8, 2017 969 786,000 - 811 Uncompleted New Sale THE TAIPAN Apartment Freehold July 5, 2017 1,076 1,050,000 - 975 2003 Resale INZ RESIDENCE EC 99 years July 7, 2017 1,109 836,000 - 754 Uncompleted New Sale District 17 INZ RESIDENCE EC 99 years July 7, 2017 1,066 848,000 - 796 Uncompleted New Sale EDELWEISS PARK PAVILION PARK Terrace Freehold July 5, 2017 1,615 2,830,000 - 1,753 2014 Resale CONDOMINIUM Condominium Freehold July 6, 2017 1,281 955,000 - 746 2006 Resale SOL ACRES EC 99 years July 9, 2017 570 459,000 - 805 Uncompleted New Sale HEDGES PARK CONDOMINIUM Condominium 99 years July 4, 2017 797 720,000 - 904 2015 Resale SOL ACRES EC 99 years July 8, 2017 570 433,000 - 759 Uncompleted New Sale LOYANG VALLEY Condominium 99 years July 7, 2017 1,528 900,000 - 589 1985 Resale SOL ACRES EC 99 years July 8, 2017 570 453,000 - 794 Uncompleted New Sale PALM ISLES Condominium 99 years July 6, 2017 506 528,000 - 1,044 2015 Resale SOL ACRES EC 99 years July 7, 2017 732 623,000 - 851 Uncompleted New Sale District 18 SOL ACRES EC 99 years July 6, 2017 926 729,000 - 788 Uncompleted New Sale CHANGI RISE CONDOMINIUM Condominium 99 years July 10, 2017 1,259 890,000 - 707 2004 Resale SOL ACRES EC 99 years July 4, 2017 1,044 810,000 - 776 Uncompleted New Sale COCO PALMS Condominium 99 years July 8, 2017 1,098 1,171,415 - 1,067 Uncompleted New Sale WINDERMERE EC 99 years July 10, 2017 1,862 1,048,000 - 563 1999 Resale COCO PALMS Condominium 99 years July 5, 2017 1,259 1,377,600 - 1,094 Uncompleted New Sale CONTINUES NEXT PAGE EP18 • THEEDGE SINGAPORE | JULY 24, 2017 MARKET TRENDS Rise in mortgagee sales of HDB flats The figure is still lower than that for private residential units, property consultants say

| BY ANGELA TEO | central region, mortgagee sales of HDB flats can be found in the likes here are 14 HDB flats listed as of Bishan, Cantonment Close and mortgagee sales in the private Commonwealth Close. treaty lists of the five prop- The speed at which these HDB flats erty auction houses as at the will be taken up depends on location, ALBERT CHUA/THE EDGE SINGAPORE CHUA/THE ALBERT month of July. As HDB flats among other things. “Flats that are Tare considered public housing flats located within mature HDB estates and are regulated by the government, and in prime central areas tend to be they are not allowed to be put up for snapped up quickly,” says Joy Tan, sale by auction. “Even banks need to head of auction at Edmund Tie & Co. get approval from HDB before they On the market is a 904 sq ft, can foreclose on an HDB flat,” says four-room flat at Bishan Street 12. an auctioneer who declined to be The indicative price of the property named. “We are also not allowed to is $525,000 ($580 psf). It is located auction HDB flats on behalf of their within walking distance of the Bishan owners.” MRT station and Junction 8 shopping Therefore, HDB flats that are mort- centre. The unit has a 99-year lease gagee sales only appear on the pri- with effect from 1986. vate treaty lists of auction houses. So At Cantonment Close, near the far in 2017, the number of HDB flats Tanjong Pagar MRT station, a 968 sq listed as mortgagee sales is almost ft, four-room corner HDB flat on the double that in the corresponding pe- eighth floor of one of the blocks was riod in 2015 and 2016, according to put up for mortgagee sale. The unit Eugene Lim, key executive officer is located in the vicinity of amenities of ERA Realty Network. “Mortgagee A 1,152 sq ft corner four-room premium HDB flat in Woodlands Drive 14 has been put up for mortgagee sale with at Tanjong Pagar Plaza, Icon Village, sales are usually done as a last re- a price tag of $380,000 100AM and Tanjong Pagar Centre. It sort, when all avenues to rectify the is on the market for $700,000 ($723 default on the part of the mortgag- of investors and owner-occupiers. not want to lose the roof over their sales, according to Knight Frank Re- psf). The HDB flat has a 99-year lease or have been exhausted; that is, the Some of the mortgagee sales could heads,” says Lee. “So usually, if they search’s 1H2017 report on June 30. with effect from 2002. mortgagor has no means of repay- be by investors who have overex- lose the property, it could be because Five of the 14 HDB flats that have In the Outside Central Region, a ing the mortgage.” tended themselves, or where the rent of personal debt or loss of their job emerged as mortgagee sales are lo- 1,152 sq ft corner, four-room pre- Sharon Lee, Knight Frank’s head is insufficient to cover the monthly and hence, household income.” cated in the Woodlands and Admi- mium HDB flat in Woodlands Drive of auction, agrees. “That’s the key mortgage payment and the owner is The overall total of 14 HDB flats ralty area. The other suburban HDB 14 has been put up for mortgagee difference between HDB and private forced to let go of the asset, she adds. listed as mortgagee sales is still low estates where mortgagee sales have sale. The unit, on the second level property,” she says. In the private HDB flats, on the other hand, are compared with the 104 private resi- popped up include Bedok, Choa Chu of the block, is tagged at $380,000 residential segment, there is a mix primarily owner occupied. “People do dential properties listed as mortgagee Kang, Sengkang and Yishun. In the ($330 psf). E

DONE DEALS

FROM PREVIOUS PAGE

Residential transactions with contracts dated July 4 to 11

Large freehold units fetch

million-dollar profits EDGE SINGAPORE CHUA/THE SAMUEL ISAAC

the property over two decades, the in profits for the sellers, who made | BY TAN CHEE YUEN | seller sold it at $9.3 million ($3,224 an average of $2.24 million (42%). psf) on July 10. This translates into A 2,895 sq ft unit at Hillcrest our private non-landed homes a 62% profit, or 2% a year. Arcadia in prime District 11 fetched fetched profits of more than $1 Located in prime District 10, the second-largest profit of $1.24 mil- million each in the week of July Ardmore Park is a freehold develop- lion in the week of July 4 to 11. The 4 to 11, based on gains-and- ment by Wheelock Properties that unit was purchased for $840,000 ($290 losses analysis of URA caveat was completed in 2001. It comprises psf) in November 2001 and sold at Fdata. Three out of the four are large 2,885 sq ft, four-bedroom units and $2.08 million ($718 psf) on July 10. freehold units above 1,900 sq ft in size. penthouses of over 8,000 sq ft. The profit worked out to 148%, or A 2,885 sq ft unit at Ardmore Park Of the 10 transactions at Ardmore 6% a year over 16 years. fetched the highest profit of $3.56 mil- Park this year, eight were profitable, There have been six profitable lion for the week. It was bought for with profits averaging $3.14 million transactions with an average profit $5.74 million ($1,990 psf) from the (59%). In 2016, six out of the seven of $708,333 (90%) at Hillcrest Arca- developer in July 1996. After holding transactions at Ardmore Park resulted dia this year. The sole unprofitable transaction so far this year resulted in a $220,000 (14%) loss. In 2016, there were no profitable transactions and three unprofitable transactions,

THE EDGE SINGAPORE with sellers making an average loss of $420,000 (15%). Hillcrest Arcadia is a 99-year leasehold condominium project with 272 units. It was completed in 1980 and has a remaining lease of less than 60 years. There have been eight profitable transactions at Ardmore Park this year, with sellers At Sheares Ville, a 1,475 sq ft unit making an average of $3.14 million. Find the most affordable listing in the project changed hands for the third-largest at edgepr.link/ArdmorePark. profit of $1.13 million. The seller paid $1.08 million ($732 psf) for the unit City Developments, was completed in units. It is located at Balmoral Park in June 2005 and sold it at $2.21 mil- 2002. The 406-unit project is located in prime District 10. The most recent lion ($1,499 psf) on July 11. He made close to the Hillview MRT station on profitable transaction at The Solitaire a 105% profit, or 6% a year over a the Downtown Line. was in May 2013, when a 1,561 sq holding period of 12 years. Complet- On July 6, a 1,894 sq ft unit at ft unit changed hands at a $110,600 ed in 2003, Sheares Ville is a 65-unit The Solitaire was sold at the week’s (4%) profit. The seller bought the freehold project in prime District 10. biggest loss of $608,640. The seller unit for $3 million ($1,928 psf) from A 1,948 sq ft unit at Summerhill bought it for $3.16 million ($1,667 the developer in April 2007 and sold changed hands for a $1.01 million psf) from the developer in April 2007 it for $3.12 million ($1,999 psf). profit on July 4. The previous owner and sold it for $2.55 million ($1,346 There have been no profitable purchased the unit at $1.02 million psf). That worked out to a 19% loss, transactions since. As for the nine ($524 psf) in March 2003 and sold or 2% a year over 10 years. units sold at a loss since January Completed in 2009, The Solitaire is a freehold project at Balmoral Park in prime it for $2.03 million ($1,042 psf) on Completed in 2009, The Solitaire 2014, the sellers sustained an average District 10. Find the most affordable listing in the project at edgepr.link/TheSolitaire. July 4. The freehold Summerhill, by is a freehold development with 59 loss of $486,798 (16%). E

Top 10 gains and losses from July 4 to 11

Most proﬁ table deals (non-landed) PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) 1 Ardmore Park 10 2,885 July 10 3,224 July 29, 1996 1,990 3,559,845 62 2 21.0

2 Hillcrest Arcadia 11 2,895 July 10 718 Nov 16, 2001 290 1,240,000 148 6 15.7 THE EDGE PROPERTY URA, 3 Sheares Ville 10 1,475 July 11 1,499 June 29, 2005 732 1,130,000 105 6 12.0 4 Summerhill 21 1,948 July 4 1,042 March 23, 2003 524 1,010,000 99 5 14.3 5 Robertson 100 9 1,033 July 5 1,742 Aug 18, 2002 910 860,000 91 4 14.9 6 Pine Grove 21 1,690 July 11 888 Oct 11, 1999 389 842,000 128 5 17.8 7 The Sail @ Marina Bay 1 689 July 4 2,221 Dec 6, 2004 1,005 837,540 121 7 12.6 8 Freesia Woods 21 1,733 July 5 1,068 Oct 28, 2003 604 803,223 77 4 13.7 9 Parc Palais 21 1,550 July 10 987 Sept 25, 2006 487 775,000 103 7 10.8 10 Botannia 5 1,561 July 10 1,192 May 29, 2007 701 765,300 70 5 10.1

Non-proﬁ table deals

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017)(2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LLOSSOSS (%)(%) HOLDING PERIOD (YEARS) 1 The Solitaire 10 1,894 July 6 1,346 April 20, 2007 1,667 608,640 19 2 10.2 2 Concourse Skyline 7 1,432 July 10 1,781 April 27, 2010 2,152 531,000 17 3 7.2 3 Caribbean at Keppel Bay 4 2,433 July 10 1,624 March 18, 2011 1,768 350,000 8 1 6.3 4 Cairnhill Residences 9 1,173 July 5 2,088 July 27, 2007 2,349 306,550 11 1 9.9 5 Floridian 21 936 July 4 1,388 May 31, 2010 1,673 266,880 17 3 7.1 6 The Metropolitan Condominium 3 1,033 July 10 1,297 March 30, 2012 1,500 210,000 14 3 5.3 7 The Rochester 5 861 July 10 1,394 Aug 22, 2007 1,546 131,106 10 1 9.9 8 Clementi Park 21 904 July 10 951 May 25, 2011 1,051 90,000 9 2 6.1 9 The Sound 15 807 July 10 1,474 Dec 2, 2011 1,574 80,496 6 1 5.6 10 Icon 2 570 July 7 1,770 Sept 9, 2010 1,893 70,000 6 1 6.8

Note: Computed based on URA caveat data as at July 18 for private non-landed houses transacted between July 4 to 11. The profit-and-loss computation excludes transactions costs such as stamp duties. EP20 • THEEDGE SINGAPORE | JULY 24, 2017 DEAL WATCH RV Edge unit for sale at $1,756 psf

| BY DELICIA LIM & TAN CHEE YUEN | RV Edge is close to the upcoming RV Edge are Shanghai One and Queens- Great World MRT station, and also ac- berry Lodge. V Edge is a freehold project lo- cessible from the Orchard and Somerset Shanghai One is a freehold project

cated in prime District 10. The MRT stations on the North-South Line, completed in 2007. The latest transaction THE EDGE SINGAPORE development on Shanghai Road, according to Ong. The nearest schools saw an 883 sq ft, two-bedroom unit sold off River Valley Road was com- are Alexandra Primary School, Riv- for $1.31 million ($1,484 sq ft) on June 1. pleted in 2013 and has 108 units. er Valley Primary School and Gan Eng Meanwhile, a 614 sq ft, one-bedroom RRV Edge has one-bedroom units ranging Seng School. unit at Queensberry Lodge fetched $840,000 from 366 to 484 sq ft, two-bedroom units There have been two transactions at RV ($1,369 psf) in May. Queensberry Lodge at 495 sq ft and two-bedroom penthouses Edge this year. A 474 sq ft, one-bedroom is a 12-unit freehold project completed ranging from 646 to 1,066 sq ft. unit on the fifth level fetched $870,000 in 2002. A 484 sq ft, one-bedroom unit has been ($1,837 psf) in March 2017. In January, Rents for RV Edge units from 400 to put up for sale at $850,000 ($1,756 psf) on a 936 sq ft, two-bedroom unit on the 500 sq ft held steady between 2H2016 TheEdgeProperty.com. The owner is a Sin- seventh level was sold for $1.35 million and 1H2017. There were 16 rental trans- gaporean who is looking to invest in other ($1,442 sq ft). actions at an average monthly rent of areas, according to Rion Ong, a property Prices at RV Edge peaked in June 2014, $2,438 in 2H2016. The monthly rent av- agent with KF Property Network. The unit is when a 366 sq ft, one-bedroom unit was sold eraged $2,419 for the 13 rental transac- being rented out at $2,500 per month until for $830,000 ($2,268 psf). In the last two tions in 1H2017, based on URA data. March 2018, which translates into a 3.5% years, prices have fallen below $2,000 psf. Visit edgepr.link/DealWatch-S789 for gross rental yield based on the asking price. Located across Shanghai Road from more information. E

Recent transactions at RV Edge Recent rental contracts for 400 to 500 sq ft units at RV Edge CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF) LEASE DATE MONTHLY RENT March 28, 2017 474 870,000 1,837 $ $ PSF TABLES: URA, THE EDGE PROPERTY URA, TABLES: Jan 9, 2017 936 1,350,000 1,442 June 2017 2,500 5.60 July 21, 2016 495 918,000 1,854 June 2017 2,500 5.60 June 21, 2016 1,066 1,490,000 1,398 June 2017 2,300 5.10 March 16, 2016 463 830,000 1,793 June 2017 2,300 5.10 May 2017 2,300 5.10 A 484 sq ft unit has been listed for sale on TheEdgeProperty.com at $850,000 ($1,756 psf)

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