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Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of July 8, 2019 | ISSUE 889-111

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Allgreen Properties to launch Juniper Hill on July 13 The 115-unit, exclusive residential development on Ewe Boon Road is the second project to be launched under the developer’s Bukit Timah Collection. A first phase of 52 units will be released for sale. Turn to our Cover Story on Pages 10 & 11.

CapitaLand’sLocated on Ewe M&A Boon will Road,give it just access off Bukitto Ascendas-Singbridge’s Timah Road in prime Changi District Business 10, Juniper Park Hill comprises a 12-storey residential block ALBERT CHUA/EDGEPROP SINGAPORE CHUA/EDGEPROP ALBERT

EP2 • EDGEPROP | JULY 8, 2019

PROPERTY BRIEFS

PROPNEX C&W The site is zoned for commer- tio of 2.5 under the 2019 Draft cial use under the 2019 Draft Master Plan. EDITORIAL editor | Master Plan, and the site has “The immediate vicinity has Cecilia Chow a plot ratio of 3.0. This means seen a buzz of transaction ac- deputy editor | the successful buyer has the tivities with most of the build- Amy Tan option to expand the property ings snapped up by institu- senior writer | Timothy Tay to a maximum allowable gross tional investors such as China writers | Bong Xin Ying, floor area of about 8,616 sq ft. Mobile, Ascendas-Singbridge, Charlene Chin “With government initia- Starhub and Mapletree Indus- head, copy editing | Pek Tiong Gee tives to inject vibrancy into the trial Trust to convert into data copy editor | area and enhanced connectiv- centres,” says Lynus Pook, di- Rachel Heng ity with the upcoming Thom- rector of commercial/indus- photo editor | Samuel Isaac Chua son-East Coast MRT line, we trial at C&W. Other buildings photographer | Albert Chua have observed strong buyers’ close by include those of DHL, editorial coordinator | interest in commercial prop- Eu Yan Sang, and several data Yen Tan erties located in the East, par- centres such as those of Equi- designer | Kim Sy The entire shophouse at 198 Telok ticularly those that hold poten- nix and Global Switch. Ayer Street is approved for F&B tial for value-add and plot ratio The property will be sold ADVERTISING + use and is tenanted to the Pantler intensification,” says Yap Hui with vacant possession. This Yew Lee Building at 17 Tai Seng Drive is a purpose-built, single-user, MARKETING café ADVERTISING SALES Yee, associate director of capi- allows the buyer to take im- detached industrial building vice-president, sales & Shophouse in Telok Ayer tal markets at CBRE. mediate possession to carry operations | Diana Lim on the market for The mixed-use development out any redevelopment or re- equity transaction, worth about business in China, says Loh. account director | Ivy Hong $16.5 mil is located at the junction of furbishment plans, especial- US$1.8 billion ($2.44 billion), The completion of its acquisi- deputy account director | Janice Zhu A 999-year leasehold shop- Balestier Road and Kim Keat ly given its under-utilised plot was first announced in March tion of Ascendas-Singbridge has account manager | house at 198 Telok Ayer Street Road. The four-storey build- ratio, says Pook. this year. JLL shareholders will enlarged CapitaLand’s portfolio Pang Kai Xin is on the market for $16.5 mil- ing, at 320 Balestier Road, en- The expression of interest now own about 87% of the in China, which will be organ- regional business development manager | Cole Tan lion. The two-storey building joys dual frontages of about 40 exercise will close on Aug 6. shares in the combined compa- ised according to: residential head of marketing & branding | comes with an attic and sits metres. It sits on a 4,377 sq ft ny, while HFF shareholders are and urban development, re- Rachel Lim Shuling on a 1,654 sq ft plot. It has a plot, and has a built-up area of Thakral boosts Japanese expected to hold about 13%. tail and commercial, and busi-

CIRCULATION gross floor area of 4,171 sq ft. about 17,093 sq ft. The top two portfolio with acquisition HFF is a leading capital ness parks. managers | Ashikin Kader, Based on the indicative price, levels are private residences, the of office building markets adviser covering US Bryan Kek this translates to $3,956 psf on second level is a student hostel, Singapore-listed Thakral Corp and global markets. It raked UOL submits top bid of executive | Malliga Muthusamy the floor area. and the ground floor houses a has added a new commercial in more than US$650 million $491.3 mil for GLS site on CORPORATE The entire building is ap- lighting shop. The ground-floor property to its portfolio in Osa- in revenue in 2018. Mark Gib- Clementi Ave 1 chief executive officer | proved for F&B use and is cur- unit has been granted approval ka, Japan. The acquisition was son, former CEO of HFF, will The public tenders for a land Bernard Tong rently tenanted to the Pantler for F&B use. conducted through its direct join JLL as CEO of capital mar- parcel at Clementi Avenue 1 and

PUBLISHER café. Its location in the CBD “Offering naming rights and subsidiary in Singapore, TJP kets Americas, and co-chair of an executive condo site at Can- The Edge Property Pte Ltd means that it receives a high the potential of some vacant Private Ltd. TJP is a pooled its global capital markets board. berra Link, both under the Gov- 150 Cecil Street #13-00 footfall from the large catch- space in the near term, we are investment vehicle with equi- “Increasing the scale of ernment Land Sales (GLS) pro- Singapore 069543 Tel: (65) 6232 8688 ment of office workers. It is optimistic that the property ty interests from Thakral and our capital markets business is gramme, closed on July 3. The Fax: (65) 6232 8620 also close to three MRT sta- will appeal to owner-occupi- co-investors, with the intent to one of the key priorities in our land parcel at Clementi Avenue tions – Tanjong Pagar, Telok ers who are seeking premises invest in Japanese properties. strategic vision to drive long- 1 is zoned for residential use PRINTER Ayer, and the upcoming Max- near the city for their corporate The recent acquisition is the term sustainable and profita- and attracted five bids, while KHL Printing Co Pte Ltd 57 Loyang Drive well station in 2021. headquarters,” says Yap. Since Nikke Yotsubashi Building that ble growth. The combination the EC site saw eight bids. A Singapore 508968 The property will be sold the building is fully tenanted, is located on Yotsubashi Suji with HFF provides a unique op- final decision on the award of Tel: (65) 6543 2222 with its existing tenancy, and this will also provide immedi- in Osaka. The 10-storey office portunity to accelerate growth the tenders will be made known Fax: (65) 6545 3333 the new owner could be look- ate rental income. building is close to Yotsubashi and establish JLL as a leading at a later date. PERMISSION AND ing at a rental yield of about The public tender for the Subway Station, and features capital markets intermediary,” Two subsidiaries of UOL REPRINTS 2.5%, says Loyalle Chin, an as- properties closes on Aug 7. a broad street frontage. It sits says Christian Ulbrich, global Group, namely UOL Venture Material in The Edge Property sociate branch director at Pro- on a freehold site of 9,485 sq CEO of JLL. Investments and UIC Homes, may not be reproduced in any form without the written pNex, the marketing agent for Industrial building in Tai ft, and the building has a gross submitted the top bid of $491.3 permission of the publisher the shophouse. Seng for sale at $23 mil floor area of 80,987 sq ft. The CapitaLand divests stake million for the 178,064 sq ft plot “With Singapore’s rising of- A six-storey industrial build- office building has a net renta- in Central China Real at Clementi Avenue 1. It trans- We welcome your comments fice rents and an existing strong ing at 17 Tai Seng Drive, also ble area of 54,950 sq ft and an Estate for $496 mil lates to about $788 psf per plot and criticism: propertyeditor.sg@ rental yield of close to 2.5%, known as Yew Lee Building, is occupancy rate of 95%. Property giant CapitaLand ratio (ppr) on the maximum al- bizedge.com this shophouse is attractive to on the market for $23 million, The latest investment in- has announced that its whol- lowable gross floor area (GFA) investors who are keen on a announced the sole marketing creases Thakral’s real estate ly-owned subsidiary CapitaLand of 623,229.8 sq ft. This means Pseudonyms are allowed but please state your full name, property for capital apprecia- agent Cushman & Wakefield. portfolio in Japan to 11 prop- (LF) Cayman Holdings has en- the potential average selling address and contact number for tion, or for their own usage,” The property is a pur- erties, covering three hotels tered into an agreement to divest price of the new development us to verify. says Chin. pose-built, single-user, de- and eight commercial and of- its entire 24.09% stake in Hong could be about $1,400 psf, says tached industrial building. It fice buildings in Osaka. Kong-listed Central China Real Tricia Song, head of research Two freehold properties has a gross floor area of about Estate Ltd (CCRE). The buyer for Singapore at Colliers Inter- in Balestier and East 70,011.6 sq ft, and sits on a JTC- JLL Inc completes is Joy Bright Investments, an national. Coast for sale owned plot of 34,109.7 sq ft. US$1.8 bil acquisition existing shareholder of CCRE. It is close to The Clement Two freehold properties have The land has a leasehold ten- of HFF The sale consideration is Canopy, a twin 40-storey, 505- been put up for sale by public ure of 30+30 years from Feb 1, Global real estate broker JLL Inc about HK$2.831 billion ($496 unit condo that was completed tender. The first is a single-sto- 1993, and has 34 years left on has announced that it has com- million), which works out to in March this year. That devel- rey property at East Coast Road its lease. The site is zoned for pleted its acquisition of Amer- HK$4.30 per share. Shares at opment is built on a GLS site which has a guide price of $20 Business 2 use with a plot ra- cian real estate broker HFF. The CCRE were trading at HK$3.45 also awarded to UOL Group, million (or $8,726 psf on the apiece on June 28 this year. floor area), and the other is a CBRE The divestment is expected to four-storey, mixed-use building be completed by September SENTOSA BUNGALOWS FOR SALE at Balestier Road, which has this year. Seaview $24.8m(new list!) a guide price of $26.8 million Lucas Loh, CapitaLand Group /$29m, panaromic views, ($1,568 psf on the floor area). president in China, says: “In modern, bigger plots Golf and lakeviews - $10.8m The transaction can be a view that CCRE operates pri- /$16m/$19.xm (Price reduced, bundle or single-asset purchase. marily in Henan Province, out- like GCB) - brand new and almost new Both properties are solely mar- side of CapitaLand’s core city Waterway Brand New-Star- keted by CBRE. clusters, the divestment would buy units released. Optional The single-storey property, allow us to re-allocate capital ID. Fm $16m Unblocked Waterway $13m/ located at the junction of East to other opportunities in our $18m/$20m/$24m for 50ft yacht Coast Road and Joo Chiat Road, core businesses.” Homes by award winning architects $18m-$25m, bespoke is directly opposite 112 Katong CapitaLand’s five core city homes with exceptional views mall. Sitting on a 2,872 sq ft clusters in China are Beijing/ *Own that lifestyle of the extra- site, the property at 124/126 Tianjin, Shanghai/Hangzhou/ ordinary, now with attractive prices! ROWENA CHAN 90383166 East Coast Road has an exist- Suzhou/Ningbo, Guangzhou/ (R051626C) ing built-up area of 2,292 sq ft Shenzhen, Chengdu/Chong- and has obtained approval for qing/Xi’an and Wuhan. F&B use. It enjoys dual road The company continues to Each Office is Independently Owned And Operated. frontages of about 40 metres. The property at 124/126 East Coast Road has a guide price of $20 million hold a long-term view of its

EDGEPROP | JULY 8, 2019 • EP3

PROPERTY BRIEFS in 2015, when it submitted the suc- The same-day closure of the ten- million. He says: “More than 50,000 al income, or for an owner-occupi- Foreign investment volume also cessful bid of $302.1 million ($615 ders for these two sites may have im- people work in one-north with for- er seeking a space for their own use, rose 5.4 times q-o-q to $2.94 billion psf ppr). pacted the level of participation of the eigners making up the majority. Yet says Sophia Lim, manager of capital and accounted for 50.2% of the over- “We like this Clementi Avenue 1 Clementi Avenue 1 site, with more the number of residential homes has markets at CBRE. “This is a rare op- all investment sales volume. Singa- site for the same attributes that con- developers preferring to focus on the stayed stagnant.” portunity for investors and end-us- pore’s property market continues to tributed to the 100% sell-out for our EC segment. Demand for ECs is seen The site is expected to draw eight ers to own a 999-year ground floor attract new entrants, like Chinatown adjoining development, The Clement as more resilient as the deferred pay- to 10 bidders, says Christine Sun, unit with ‘bar/pub’ approval that is Point which was sold to a special pur- Canopy. From our experience, we be- ment policy gives buyers of ECs an head of research and consultan- within a shopping mall in the ma- pose vehicle of Pan Asia Realty Ad- lieve that there is very strong demand advantage, says Lee Sze Teck, head cy at OrangeTee & Tie. “Residential ture Bukit Timah estate, and at an visors, a joint venture between Mit- for this locale due to its close proxim- of research at Huttons Asia. sites with a commercial component attractive price,” she adds. subishi Estate and CLSA. ity to a strong educational cluster an- There are about 1,871 EC units un- remain popular among developers, There have been few transactions Desmond Sim, CBRE’s head of re- chored by NUS, NUS High School and sold from launch-ready projects like given its rarity, attractive rental yield within the development over the last search for Southeast Asia, says: “Sin- Nan Hua High,” says Liam Wee Sin, Piermont Grand and two unnamed and convenience for both residents three years, and only one 193 sq ft gapore continues to attract global cap- group chief executive of UOL Group. projects at Anchorvale Crescent and and tenants,” she says. “Given that retail unit on the ground floor was ital allocations due to its stability and Desmond Sim, head of research Canberra Link. This does not include this development may attract many sold for $3,432 psf in 2017. “Units security. This is especially so for the of Southeast Asia at CBRE, also be- the development at Tampines Avenue investors, the development may com- on the ground floor in the mall are residential market which the govern- lieves that bidding sentiment for the 10, which was awarded in January prise of a number of smaller-sized usually tightly held and are seldom ment monitors closely, with measures site was encouraged by the complete this year, and could yield a further units which could be sold at a higher made available for sale,” says Lim. in place to safeguard against exces- sell-out at The Clement Canopy, as 695 units, says CBRE’s Sim. psf price of between $1,900 psf and The expression of interest exer- sive speculation from foreign capi- well as the continual need for land- The lukewarm response for the $2,000 psf for these units.” cise closes on Aug 6. tal.” He says more deals are in the bank shoring on the part of developers. Clementi Avenue 1 site also reflects At the same time, two land par- pipeline, and that momentum in the Liam says that on top of the ex- concern over the abundant private cels under the 1H2019 GLS Reserve Investment sales rise 30.7% in commercial markets will gain further pected crowd of home buyers and housing supply in the West, from List are open for tender. Located at 2Q2019 on major office deals traction and boost investment sales upgraders, demand is coming from earlier collective sales such as Parc Hillview Rise and Dunman Road re- Major office deals led the way to a volume over the next six months. — investors, given the catchment of po- Clematis (former Park West) and for- spectively, both are residential sites. stronger showing in the property in- Compiled by Timothy Tay tential tenants from nearby areas like mer Normanton Park which collec- The Dunman Road site is beside vestment sales market last quarter, one-north, Science Park, and the Na- tively would provide over 3,000 new Dakota MRT Station on the Circle according to an investment report by ASCENDAS HOSPITALITY TRUST tional University Hospital. units, says Song. Line. It is the “most attractive” site CBRE published on July 1. The seg- If successful, UOL plans to devel- “This impending stock might be on the current reserve list, says Song, ment saw transactions worth $5.85 op a 40-storey development compris- a dampener for some developers as given its proximity to the MRT sta- billion, and rose 30.7% q-o-q. This ing 640 units. “It is definitely a time- they may have to take into account tion, unblocked views of East Coast, comes on the heels of a relatively lack- ly replenishment for our land bank, the ABSD [additional buyer’s stamp proximity to the CBD, good schools lustre performance in 1Q2019, which given that The Tre Ver and Amber 45 duty] of 30% in their final bid price,” and the Singapore Sports Hub. recorded transactions of $4.47 billion. are more than 75% sold,” says Liam. says Sim. “In addition, EC demand But a concern for developers could Office deals, which accounted for The second highest bid was $471.01 is governed by strict mortgage ser- be its relatively large land size of 47.1% of overall investment sales, million, or $755.74 psf ppr, by Ves- vice ratio (MSR) ruling as well as 271,624 sq ft that can accommodate surged 9.6 times to $2.75 billion. ta SG Residences. Other bids ranged HDB qualifying requirements. There 1,040 buildable units, she adds. “We The largest deal was Chevron House, from $452 million ($725.74 psf ppr) is a perceived glass ceiling to the af- expect this site to appeal to larger de- which was sold by Oxley Holdings to to $417.57 million ($670 psf ppr), fordability for each unit.” velopers or joint ventures and could AEW Asia for $1.03 billion in April. and were submitted by MCC Land, attract a top bid of $1.1 billion, or Another major deal was the sale of CSC Land Group, and City Develop- New mixed-use GLS site at $1,160 psf ppr – this could pave the the newly completed Frasers Tower, ments Ltd. one-north launched for tender way for a new benchmark pricing when Frasers Property divested its The tender for an EC site at Can- A land parcel at one-north Gateway for the area,” she says. 50% stake to an unnamed investor berra Link also closed on the same has been launched for public tender The Hillview Rise site is beside in June. The proposed transaction day (July 3), and it saw MCC Land under the 1H2019 government land another GLS site that was awarded is expected to raise approximately submitting the top bid of $233.89 sales (GLS) programme. The 62,201 to Hong Leong Group on a concept- $442.7 million. million. This translates to about sq ft site is zoned for residential with and-price dual-envelope basis in July Other deals included the sale of Ascott Reit’s Ascott Orchard Singapore is $566 psf ppr on the maximum GFA commercial on the first storey, and last year. Hong Leong submitted a bid 7/9 Tampines Grande for $395 mil- located in Singapore’s world-renowned shopping belt Orchard Road of 413,194 sq ft. can accommodate a maximum gross of $460 million ($1,068 psf ppr) for lion as well as the collective sale of MCC Land’s relative success from floor area (GFA) of 155,506 sq ft. It is that site. The current Hillview Rise Realty Centre for $148 million, which sales at Northwave (an EC), Queens the smallest site on the confirmed list site is 111,893 sq ft and could yield both occurred in April. Ascott Residence Trust and Peak, and The Alps Residences like- of the 1H2019 GLS programme, and up to 340 units. “Investors continue to be keen to Ascendas Hospitality Trust ly encouraged it to try to replenish has the potential to yield165 units. However, most consultants feel invest in the Singapore office mar- combining to form $7.6 bil its land bank, says Sim. “This also The site is next to one-north Resi- that it is unlikely for the sites on ket in anticipation of further rental behemoth seems to have been a highly compet- dences which was completed in 2009, the Reserve List to be triggered for growth and capital appreciation,” Ascott Residence Trust (ART) and itive bid, albeit cautious, with the top and the new development should sale. “Given the increasing supply of says Jeremy Lake, managing director Ascendas Hospitality Trust (AHT), bid by MCC Land edging the second supplement the housing demand new homes, most developers may be of capital markets at CBRE. He adds both members of the CapitaLand closest bidder by 0.2%,” he adds. generated by the growing working less active in their land acquisition. that sentiment has been buoyed late- group after its acquisition of Ascen- At the winning bid, the potential population in the one-north technol- Some may prefer to pare down their ly, as most investors feel that interest das-Singbridge, are proposing a deal average selling price of the new de- ogy enclave, says Tricia Song, head existing stock before expanding their rates are likely to go down. which will result in the combination velopment could come in at about of research for Singapore at Colliers current land bank,” says Sun of Or- He has seen a pick-up in enquir- of both entities into one. $1,000 psf, says Colliers’ Song. International. The size of the site is angeTee & Tie. ies for strata offices and even entire The combined entity will become The second highest bid at $233.5 also “palatable” and could appeal to The tender for the land parcel at office buildings. “With a few more the largest hospitality trust in Asia million came from joint-venture part- niche developers, she adds. one-north will close on Sept 5, and deals in the pipeline, office invest- Pacific and the eighth largest glob- ners CDL and TID, followed closely Lee Sze Teck, head of research the closing will be batched with two ment volumes are likely to be very ally, with an asset value of $7.6 bil- by Hoi Hup Realty and Sunway De- at Huttons Asia, expects the site to other GLS sites at Tan Quee Lan Street strong for 2019,” he says. lion. It will also become the seventh velopments at $233.3 million. Oth- attract a top bid of $900 to $950 psf and Bernam Street. Investment sales for 2Q2019 were largest trust listed on the Singapore er bids ranged from $178 million to per plot ratio (ppr), which trans- also propped up by government land Exchange by asset value. $218 million. lates to about $140 million to $150 Ground-floor unit in Bukit tenders, which helped make the res- The total consideration of the Timah Shopping Centre going idential property sector the second deal is $1.235 billion, comprising CBRE for $5.8 mil highest contributor. Sales volume $61.8 million in cash and the issue A ground-floor commercial unit in rose 30.5% q-o-q to $1.60 billion. of 902.8 million new Ascott Hospi- Bukit Timah Shopping Centre is up Government land sales at Middle tality Business Trust (ART-BT) sta- for sale. The unit has a 999-year ten- Road and Sims Drive were awarded pled units. ART will acquire all AHT ure and comes with an indicative for a total for $875.5 million in April. stapled units at $1.0868 each, com- guide price of $5.8 million ($2,707 A subsidiary of Wing Tai Holdings prising $0.0543 in cash and 0.7942 psf on the strata area), says market- won the Middle Road site with a bid ART-BT stapled units issued at a ing agent CBRE. of $492 million ($1,458 psf ppr), while price of $1.30. The unit features a prominent members of Hong Leong Group won The transaction brings togeth- frontage along Upper Bukit Timah the site at Sims Drive with a bid of er ART’s global portfolio that com- Road and has a floor area of 2,142 $383.5 million ($732 psf ppr). Two prises predominantly serviced resi- sq ft. The property, which is current- other vacant sites at Jervois Road and dences and AHT’s 14 quality hotels ly tenanted, enjoys high footfall and King Albert Park were sold for $40.8 in Asia Pacific, creating an enlarged is beside a public carpark. Bukit Ti- million in private sales. portfolio of 88 properties with more mah Shopping Centre comprises a In the luxury residential market, than 16,000 units in 39 cities and 15 seven-storey podium and a 14-sto- Good Class Bungalow transaction vol- countries across Asia Pacific, Europe rey tower block. umes increased by 27.9% to $143.3 and the US. It will also further diver- This property will appeal to inves- million, and 16 units at Boulevard sify ART’s global portfolio with for- The unit at Bukit Timah Shopping Centre features a prominent frontage along Upper tors looking to purchase a unit that 88 were sold for more than $10 mil- ays into Brisbane and Seoul. — The Bukit Timah Road and has a floor area of 2,142 sq ft provides immediate and stable rent- lion each. Edge Singapore E EP4 • EDGEPROP | JULY 8, 2019

BROUGHT TO YOU BY ROXY-PACIFIC AND TONG ENG GROUP

Occupying an undulating plot of 100,337 sq ft, View at Kismis comprises a total of 186 units, across six blocks of five storeys each

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE Vineyard Living in Singapore

ituated on elevated ground, View at Kis- “Due to the staggering of the blocks, the lifestyle options across all generations. Thoughtful fittings and provisions mis, on Lorong Kismis, is set to offer communal facilities along the ‘Central Valley’ View at Kismis contrasts the rustic colour The interiors of the units at View at Kismis residents an experience of refined rus- will be revealed one by one as the resident palette of its façade with sleek exteriors through are designed with considerations of both the tic charm. The development has been progresses through the valley,” says Chan. curtain-walling, which allows a full face of the functionality and the aesthetic aspects. “Every designed to emulate a vineyard, shares Facilities include a 25m lap pool, a jet pool, building to be made entirely out of glass, says detail from the colour scheme, the materials, SChan Sze Chin, appointed architect for the de- a family pool, sanctuary stream and spa cove Chan. “It is actually one of the most expen- down to the woodgrain of each laminate, are velopment and director at JGP Architecture. that are placed at the centre of the develop- sive ways to construct a wall, and tradition- carefully selected to bring out the essence of The idea was inspired by the project’s loca- ment, mimicking a cascading stream running ally it is reserved for high-end buildings,” he the Modern Tuscany rustic charm,” says Sujo- tion. In Malay, Kismis is raisin, a form of dried through a valley, he explains. adds. Besides allowing for better views, this no Lim, director at Sujonohun Pte Ltd, project grape, Chan says. “One of the by-product of He adds: “Imagine flying a helicopter through maximises the interior of a room, as curtain and showflat designer for the development. grapes is wine, which evokes with it a certain the Grand Canyon, with a meandering wa- walls, made of glass, are thinner than brick The kitchen, for instance, comes with wood finesse and class.” ter-way made up of our swimming pool and walls. “The whole idea is to let the owners laminate cabinets, paired with charcoal quartz Occupying an undulating plot of 100,337 series of social and play pools below.” have more usable space,” he says. countertops. To achieve a seamless design, the sq ft, View at Kismis comprises a total of 186 To that end, Boonyasiriwat Thanapong, units, across six blocks of five storeys each. the appointed landscape architect and man- ROXY PACIFIC HOLDINGS This is the first development in Singapore that aging director at Ecoplan Asia, comments that is inspired by a Modern Tuscany theme, say there is a “visual surprise” at every corner in joint developers Roxy-Pacific Holdings and the development, such as a cantilevered gym Tong Eng Group. and clubhouse over the swimming pool. “As a buyer, you get to choose what kind of views Capitalising on a one-of-a-kind site you want to see from your home, be it a water- To differentiate the project from other neigh- fall valley, a more manicured lawn, or a green bouring developments, JGP Architecture decid- wall concept,” adds Thanapong. By doing this, ed to incorporate the unique terrain into the “we made our buildings fit as a congruous part layout and design of the buildings as well as of the landscape”, Chan says. the facilities. This concept was inspired by Tus- can wine valleys. To emulate this, the six resi- Maximising spaces dential blocks are lined in two parallel blocks Greenery covers 40% of the surface area on that are staggered to maximise corner views the site. The architects made a clever move by and to add interest to the form. utilising the rooftop space as communal spac- As opposed to the conventional way of es, beautifying it with plants to increase the laying the blocks adjacent to each other, green footprint in the development. To top it the residential blocks on both sides are tilt- off, two of the rooftops come with water fea- ed slightly. The implications of this are two- tures – a champagne wet deck and a bubble fold: it allows a north-south orientation to pool. The rooftops of all six blocks also fea- avoid the rising and setting sun, and enhanc- ture covered pavilions. This provides residents es views for each unit. a view of Bukit Timah Hill during the day and The finishes of the units at View at Kismis are chosen to reflect a rustic charm EDGEPROP | JJULY 8, 2019 • EP5

BROUGHT TO YOU BY ROXY-PACIFIC AND TONG ENG GROUP

ROXY PACIFIC HOLDINGS

View at Kismis is the first development in Singapore that is inspired by a Modern Tuscany theme fridge and washing machine are camouflaged It is also within proximity to the renowned rarity in the Lorong Kismis neighbourhood. At properties. Since 2013, the company has ex- as part of the kitchen cabinets. Bukit Timah Market & Food Centre. Addition- View at Kismis, the five-bedroom apartments tended their expertise, expanding to Malay- To fully utilise the space, the kitchen comes ally, the 24km Bukit Timah Rail Corridor is just feature three en suite bedrooms. sia, Australia, Thailand, Japan and Maldives. with a hanging shelf, a pull-out tray and a spice an 8-minute drive away. Besides this, a varie- Prices start at $880,000 for a two-bedroom Meanwhile, Tong Eng Group has owned rack. Meanwhile, the kitchen in the five-bed- ty of educational institutions are within 1km, apartment. and developed more than a hundred acres of room units come with an additional appliance such as Bukit Timah Primary School, Pei Hwa land, comprising office, retail, landed homes cabinet and wine chiller. Presbyterian and Ngee Ann Polytechnic. The Esteemed developers and condominiums. Tong Eng serves to pro- The wardrobes feature thoughtful touches to PIE and BKE are respectively a five- and sev- The developers of View at Kismis, Roxy-Pacific vide the most impeccable of finishes, design- give the owner more freedom and space to work en-minute drive away. Holdings and Tong Eng Group, have over dec- ing spaces with the most optimum of layouts. with. To this end, the wardrobe is not compart- ades of experience building distinctive build- At View at Kismis, the joint developers mentalised into smaller divisions. What stands Flexible unit mix at attractive prices ings. Listed on SGX mainboard since March will strive to deliver excellence, adding vi- out is also the master bath of the five-bedroom View at Kismis has a mix of two- to five-bed- 2008, Roxy-Pacific is engaged in the develop- brancy while transforming the Toh Yi Drive unit type, which boasts his-and-hers sinks and room apartments. All layouts are designed with ment and sale of residential and commercial neighbourhood. a bathroom mirror that spans the entire width functionality and efficiency in mind. All the of the bathroom. For the lady of the house, the two-bedroom units come with spacious living SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE mirror bents out at a degree on both sides, al- and dining areas. Meanwhile, the two-bedroom lowing a fuller view while putting on makeup. + guest units are able to fit a single-size bed and come furnished with a single-door full- Beauty World Rejuvenation height wardrobe. The location of the guest View at Kismis is in a strategic location. It is a room provides residents with the flexibility of 10-minute walk to Beauty World MRT station using the space as an enlarged living space or and the upcoming integrated transport hub bedroom, or even a utility room. outlined in the URA Draft Master Plan 2019. Five-bedroom apartments are considered a

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

The master bath in the five-bedroom unit type, boasts a his-and-hers sink, and a bathroom mirror that spans the entire width of the bathroom

 61009818  WWW.ROXYPACIFIC.COM.SG/VIEWATKISMIS

The kitchen at units at View at Kismis come with wood laminate cabinets, paired with charcoal quartz countertops EP6 • EDGEPROP | JULY 8, 2019

SPOTLIGHT

After closing for three years for a $560 million redevelopment, the new Funan mall reopened almost fully leased, achieving 95% of retail leasing and 98% of office leasing

CAPITALAND Revamped Funan Mall leverages tech to refine shopper experience

| BY CHARLENE CHIN | lion redevelopment, the mall has reopened as ing, bringing its total number of brands to ogy for the sake of it. I think the best technol- a “social retail space for discovery, learning more than 190. Over 60% of its brands origi- ogies are the ones that really blend seamless- y 9am on June 28, a snaking queue and shopping”, said Chris Chong, managing nate from Singapore. ly [with the needs of shoppers],” says Chong. had formed around the main entrance director of retail at CapitaLand Singapore, in At basement two, CapitaLand is rolling out of Funan mall. While the doors offi- a press release on June 28. Focus on experience a “click-and-collect” function that will be ready cially opened to the public only at Occupying a site of 124,500 sq ft, the new The mall features brands that are new to Singa- by the end of the year. Shoppers have the op- 11.30am, eager shoppers were peek- Funan comprises 507,000 sq ft of retail space, pore, such as Taobao, Dyson and folding bike tion of leaving their purchased goods there. A Bing through the mall’s glass door, hoping to 260,000 sq ft of office space, as well as a co-liv- maker Brompton Junction. Beyond shopping, robotised arm then collects and stores them catch a glimpse of what awaits. Their antici- ing component. Ahead of its opening, Funan’s most shoppers were waiting to experience in a glass hub round-the-clock. This service pation was well-warranted. office space was already almost fully leased at CapitaLand’s take on meshing technology with is strategically placed next to a drive-through, After closing for three years for a $560 mil- 98%. It has also achieved 95% of retail leas- retail. “We do not want to showcase technol- making it easy for customers to collect their

CAPITALAND SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

The eager crowd rushing into Funan as the doors opened at 11.30am on June 28 Climb Central runs a climbing facility in the mall with its tallest wall at 15m EDGEPROP | JULY 8, 2019 • EP7

SPOTLIGHT

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE CAPITALAND

Funan is the first among malls in Singapore to boast a farm-to-table concept where diners can eat the pro- duce grown from the urban farm on level 7

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

A cycling track runs through level 1 of Funan, which is open to cyclists from 7am to 10am daily before the At basement two, CapitaLand is rolling out a “click-and-collect” function that will be ready by the end of mall opens the year purchases right before leaving the mall. duced. Climb Central runs a climbing facility volume of US$8.64 billion by 2023, at an an- traction to open a physical store, or they may There are also smart carpark lots that are in the mall with its tallest wall at 15m, while nual growth rate of 14.7%. want a retail space to test the market. Typi- available for advanced booking. Among 400 The Ark Futsal operates Singapore’s first un- Chong sees Funan’s focus on a curated shop- cally, leases at CapitaLand malls span three carpark lots, 36 come with this function, al- manned futsal facility. ping experience as a means to future-proof it- years and smaller brands may not be able to lowing drivers to book them one day in ad- There will also be a cycling track through self. “[Shopping] is not just about [a] trans- maintain the lease. vance. According to Chong, this function is level 1 of the mall, in line with Singapore’s actional process anymore,” he says. “Having Acknowledging this, Funan has created “re- especially helpful during peak hours or when National Cycling Plan to encourage cycling social interactions is really part and parcel of tail pods”. Twenty of these spaces are avail- shoppers have a movie to catch. Golden Village as a mode of transport. The track will be the whole retail process.” able in the centre of the mall, and they form Multiplex has opened a 431-seat, seven-thea- open to cyclists from 7am to 10am daily, be- Chong does not buy into the narrative of part of the “Tree of Life”, the design centre- tre complex at the mall. fore the mall opens, with a speed limit of e-commerce ringing the death knell for brick- piece of Funan. This cantilevered structure, In addition, Funan is the first mall in Sin- 10km/h. Outside those hours, cyclists have and-mortar stores. Instead, he sees them as made of 250 tonnes of composite steel, houses gapore to boast a farm-to-table concept where to dismount and push their bikes within the complementary. “People can shop and browse spaces that are meant to attract smaller brands diners can eat the produce grown from the mall. CapitaLand has taken a step further, online, but we do find that a large majority, af- to “encourage experimentation”, CapitaLand urban farm on level 7. The farm is open to providing a bicycle hub that houses ameni- ter browsing online, will still come down to the says. “We don’t constrain [tenants] in terms the public, and visitors can learn how some ties such as shower cabins, lockers, a bicy- physical store and make the actual purchase,” of what kind of product mix [they] can bring 50 types of fruits and vegetables are pro- cle repair and pump station. he says. “This cross-selling is something that in,” points out Chong. “Anybody can just book duced and harvested. The farm operator, we should not neglect, because once [shop- a place, if you have something to sell or some- Edible Garden City, also works closely with Bridging offline and online pers] are down in the stores, they end up get- thing to showcase.” chefs in the mall to cater to the needs of their This focus on shopper experience comes at ting a lot more things.” In the 1990s, Funan was known as the menus. Noka, a 75-seater Japanese restau- a time of rampant e-commerce growth. Ac- To narrow the gap between offline and on- go-to place for a tech fix. Today, decked in rant by wellness group Spa Esprit’s Cynthia cording to data platform Statista, Singapore’s line shopping, Funan is providing the option of perforated aluminium panels and embrac- Chua, is one of the restaurants using ingre- e-commerce market revenue is projected to shorter and more flexible leases to small-time ing tech to create a unique shopping experi- dients from the urban farm. amount to US$4.99 billion ($6.77 billion) by brands. These brands may have started out be- ence, it could very well be the answer to the Activity-based retailers have also been intro- end-2019. This is forecast to reach a market ing an online store before garnering enough future of retail. E

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

Small-time brands have the option of shorter and more flexible leases The mall features new-to-Singapore brands such as Taobao, Dyson and The Ark Futsal operates Singapore’s first unmanned futsal facility at Funan folding bike maker Brompton Junction EP8 • EDGEPROP | JULY 8, 2019

MARKET TRENDS

SUSTAINED LAND Private home prices climb 1.3% in 2Q2019, led by benchmark prices at new launches in CCR and RCR

| BY TIMOTHY TAY | Central Region (up 0.5%). Prices of landed properties rose 0.2% q-o-q in 2Q2019 com- n the three months from April to June, the pared with the 1.1% increase in the previous private residential property price index quarter (see table). climbed 1.3% q-o-q, according to URA’s In the RCR, non-landed homes of more than flash estimates released on July 1. This re- $2,300 psf accounted for about 20% of private versed the two consecutive quarters of price home transactions in the last three months, com- Ideclines: the 0.1% dip in 4Q2018 followed by pared with 1.2% in 1Q2019. This was mainly the 0.7% decline in 1Q2019. due to high-value launches, says Ong Teck Hui, Cumulatively, private home prices have ris- JLL senior director of research and consultancy. High-value new launches in the RCR like Sky Everton boosted transactions of more than $2,300 psf to about en 0.6% in 1H2019, says Tricia Song, Colliers Amber Park sold 157 units at a median price of 20% of private home transactions last quarter, from 1.2% in 1Q2019 International head of research for Singapore. $2,475 psf; Sky Everton sold 100 units at a me- A quarter of price growth, however, does dian price of $2,524 psf; while Riviere sold 32 As at July 1, new home sales made up not necessarily indicate an uptrend, she cau- units at a median price of $2,902 psf. 52.7% of non-landed private property transac- Quarterly change in URA tions. “Developers will remain prudent in their In the CCR, more sales were concluded at pric- tions compared to 46.6% for resales. Over the Private Residential Price Index pricing strategy, eschewing any sudden sharp es above $3,500 psf over the last three months, same period last year, new home sales account- increase in prices – particularly for projects says Lee Sze Teck, head of research for Huttons ed for 32.5% of non-landed private property 1Q2019 2Q2019 that are moving slowly.” Asia. The number of foreigners buying proper- transactions while resales contributed 66%. (%) URA FLASH ESTIMATES Private home prices are now 0.5% above ty also jumped more than 40%. “The stability Even though secondary transactions rose (%) their most recent high in 3Q2018 and 2.7% be- of the country and Singapore dollar probably 4% q-o-q to 1,973 units in 2Q2019, it was Overall -0.7 1.3 low their all-time high in 3Q2013, notes Colliers. convinced them to invest their money here vis- 59% lower y-o-y (from 4,820 units in 2Q2018). Non-landed -1.1 1.6 Based on caveats downloaded on July 1, a-vis other countries in the region,” he adds. “During 2Q2019, there was a significant - Core Central Region (CCR) -3.0 1.5 - Rest of Central Region -0.7 3.0 developers sold 2,193 new homes in 2Q2019, High-end transactions in the CCR included slowdown in the secondary market, which tra- (RCR) or 19% more than the 1,838 units sold in the sale of 34 units at Boulevard 88 at a me- ditionally has been a downward drag for the - Outside Central Region 0.2 0.5 (OCR) 1Q2019. However, it was 11% lower relative dian price of $3,692 psf; 27 units at 3 Cusca- price index,” says Desmond Sim, CBRE head Landed 1.1 0.2 to the 2,476 new homes sold over the same den (median price of $3,601 psf); and 17 units of research, Southeast Asia. SOURCE: URA REALIS/JLL RESEARCH quarter last year. at South Beach Residences (median price of The latest flash estimates, however, indi- Prices of non-landed properties rose 1.6% $3,348 psf), notes JLL. cate that there is firm demand for new high- there is a fair chance of them achieving bet- q-o-q in 2Q2019, compared to a 1.1% decline Christine Sun, head of research & consul- end homes in the CCR and in “attractive lo- ter sales take-up.” in 1Q2019. Values rose across all three re- tancy at OrangeTee & Tie, attributes the price cations” in the RCR despite the property Upcoming launches in the CCR include Wil- gions over the three-month period from April uptick in 2Q2019 to many new projects setting cooling measures imposed 12 months ago, shire Residences by Roxy-Pacific and Tong Eng to June 2019: Core Central Region (up 1.5%); “new benchmark prices” at their locations in says JLL’s Ong. “This should augur well for Group; Juniper Hill by Allgreen Properties; and Rest of Central Region (up 3%); and Outside recent months. potential launches with such attributes as City Developments’ Haus on Handy. E

HDB resale prices fall 0.2% q-o-q in 2Q2019

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE | BY TIMOTHY TAY | to buy older resale HDB flats to live near their parents. he HDB resale price index slipped 0.2% But it will encourage younger buyers to q-o-q in 2Q2019, slightly slower compared go for either BTO or newer properties in or- Twith the 0.3% decline the previous quar- der to optimise the withdrawal of their CPF ter. On a y-o-y basis, resale prices of public monies under the new criteria, notes ERA’s housing have contracted 0.7% over the same Lim. While this will have a positive impact period last year. on the resale market once more buyers un- The index continued to be weighed down by derstand the new CPF rules, “it’s still early concerns among owners and buyers about the days”, he adds. value of ageing leasehold flats, as well as compe- The recovery in the private residential price tition from the steady supply of relatively cheap- index in 2Q2019 could slow down the decline er Build-To-Order (BTO) flats, says Eugene Lim, in HDB resale flat prices. “The widening gap key executive officer of ERA Realty Network. between the prices of private housing and HDB For now, a “two-tier market” has devel- resale flats could attract some buyers to revisit oped, notes Lee Sze Teck, head of research resale public housing,” reckons Lim. for Huttons Asia. Owners of flats that are 30 HDB resale prices could face further down- years or older have difficulty attracting home ward pressure from the increasing supply of flats buyers and achieving prices above earlier in the coming months, says Christine Sun, head transactions. Newer flats that are less than 10 of research & consultancy at OrangeTee & Tie. years old are commanding higher prices. The HDB announced that it will offer 3,300 BTO The recovery in the private residential price index in 2Q2019 could slow down the decline in the prices of HDB resale flats stock of older flats is far greater than those flats in Punggol and Tampines in August, and of newer flats, hence the former is “drag- about 4,500 flats in Ang Mo Kio, Tampines, ging the overall price index down”, he adds. and Tengah in November. This will run con- In contrast, Ismail Gafoor, CEO of PropNex transactions in 1Q2019, up 8.5% y-o-y. Most The change in CPF usage for leasehold currently with a Re-offer of Balance Flats ex- Realty, believes that “we may well experience of the buyers were newly-married couples, residential property (both HDB and private) ercise and a Sales of Balance Flats exercise. a positive growth in 2H2019”. He expects the with some en-bloc beneficiaries who chose that came into effect on May 10 favours mid- Sun expects HDB resale prices to fall by be- year to end with a price growth of up to 1%. to buy HDB resale flats as immediate replace- dle-aged HDB homeowners who may want tween 1% and 2% this year. Gafoor points to the 4,835 HDB resale ment homes. E EDGEPROP | JULY 8, 2019 • EP9

SMART CITIES

Paya Lebar Quarter is a $3.2 billion integrated hub, a two-minute walk from the Paya Lebar MRT Interchange Station SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE CHUA/EDGEPROP ISAAC SAMUEL How real estate drives smart city initiatives

| BY CHARLENE CHIN | in the Western Sydney Aerotropolis. The major tural background and governance, this cre- minimal. This involves a “living lab” concept infrastructure plan is centred on Sydney’s sec- ates setbacks. First, governance is tricky in where start-ups, small businesses and multi- ccupying a 3.9ha site, Paya Lebar ond airport, and will include residential and re- intricate organisational structures. Shang- nationals can trial smart-city solutions. As at Quarter comprises a 200-shop retail tail precincts, as well as a high-skilled job hub hai, for instance, is home to over 24 million October last year, there were 120 such pro- complex, three Grade-A office towers that seeks to cater for 200,000 jobs. people and is divided into 16 districts, three jects ongoing. spanning close to one million sq ft, Collaborative efforts are also key to smart city counties, 205 towns and 99 sub-district com- and three residential towers with 429 growth. In 2018, the Asean Smart Cities Network mittees, with 33 city government agencies, Simple, low-tech solutions Ounits. The urban regeneration project, completed (ASCN) was set up, comprising 26 pilot cities JLL points out. Sometimes smart city plans can be simple, in the first half of 2019, cost Australian proper- to share mistakes and successes on their jour- In such cases, it is paramount to simpli- low-tech alternatives. “These ideas can in- ty group Lendlease and Abu Dhabi Investment ney to deliver integrated and responsive public fy organisational hierarchy and break down creasingly be about smart thinking,” Jere- Authority a whopping $3.2 billion. services as well as maximise job opportunities. information silos, or management systems. my Kelly, director of global research pro- Massive urban regeneration projects like this The private sector has joined forces too. In 2017, Singapore created the Smart Nation grammes at JLL, tells EdgeProp Singapore. have the potential to help boost smart city ini- Last year, Chinese juggernauts Ping An, Alib- and Digital Government Office for this pur- One such example is Moonee Valley, in the tiatives, notes JLL in its “Smart Cities Success” aba, Tencent and Huawei backed China’s Path pose. The office helms the country’s Smart northwestern suburb of Melbourne, which report released on June 27. “With the support Initiative, which has an end-goal to work with Nation drive, and acts as the single point aims to increase canopy cover from 11% to of Singapore’s Urban Redevelopment Authori- 500 cities across the country. This would make of contact for all-of-government to engage. 30% by 2040. The city council wants to pro- ty (URA), Paya Lebar may be a key catalyst in the collaboration “the world’s largest smart city Second, governments can be “risk-averse vide more shade and improve air quality to achieving some of Singapore’s long term goals, testing ground”, according to Smart Cities World and resistant to new ideas”, notes JLL. A top- encourage people to venture out more, ac- such as providing jobs closer to homes, cutting Forums, an online news site. down approach is key to changing culture. cording to Australian-based site The Manda- congestion and reducing commute times,” says In Taipei, City Mayor Ko Wen-je has spear- rin, which covers public sector news. “[The JLL. The giant integrated hub is a mere two-min- Challenges headed the Smart Taipei initiative in order to council] is thinking much more about the cit- ute walk to Paya Lebar MRT Interchange Station Smart city initiatives are not without its chal- create an environment where failures are al- izens, rather than thinking about the tech,” on the East-West and Circle Lines. lenges. As each city is unique in its size, cul- lowed and restrictions from government are comments Kelly. E

Collaboration among stakeholders Private-public partnerships such as this are found throughout the Asia-Pacific region. For instance, a Singapore–Sichuan partnership is develop- ing the Hi-Tech Innovation Park in Chengdu, which aims to serve the growth of innovative and knowledge-intensive industries. As at Au- gust 2018, it has already attracted 33.9 billion yuan ($6.8 billion) in investments. In Hangzhou, Allibaba implemented City Brain, a Big Data and AI platform that helps urban planners and officials crunch data and improve public service. It has since become a traffic management solution for the city, cov- ering 420 sq km and 1,300 traffic lights, high- lights Derek Wang, general manager at Alibaba Cloud Singapore, in the report. “In two years, Hangzhou dropped from fifth to 57th on the list of China’s worst congested cities. The initiative has increased traffic speed by 15% and achieved an average time saving of three minutes per ve- hicle,” he adds. Last year, two of Japan’s multinationals – Mit- subishi Heavy Industries and Sumitomo Mitsui Financial Group – inked a deal with the New South Wales government in Australia to invest Taipei has rolled out a “living lab” concept where start-ups, small businesses and multinationals can trial smart-city solutions EP10 • EDGEPROP | JULY 8, 2019

COVER STORY

Juniper Hill is a redevelopment of the former Crystal Tower in District 10 Artist’s Impression

PICTURES: ALLGREEN PROPERTIES Allgreen Properties to launch Juniper Hill on July 13

The 115-unit, exclusive residential development on Ewe Boon Road is the second project to be launched under the developer’s Bukit Timah Collection. A first phase of 52 units will be released for sale.

| BY AMY TAN | of organic chocolates, nuts, herbs and spices. freehold development by Allgreen Properties, apartments, which will be connected to the There is even a beauty corner and a DIY cor- which is part of the Kuok Group, controlled upcoming Great World MRT Station on the n May, the second level of Tanglin Mall on ner where you can make your own household by billionaire Robert Kuok, the richest man in Thomson-East Coast Line. Tanglin Road morphed into a haven for cleaning products. Malaysia with a net worth of US$12.8 billion shoppers. Scoop Wholefoods, a multi-con- In contrast to the buzz at Scoop Wholefoods ($17.4 billion). Other business entities under FIRST PROPERTY SALES GALLERY IN A MALL cept organic store from Australia, opened its with its “scoop, weigh and pay” concept, the the Kuok Group include Kerry Properties and Juniper Hill’s sales gallery and show suites is the first international outlet here in Singapore. It unit next door has an exclusive vibe, designed Shangri-La Hotels and Resorts. first for a property development to be housed Icarries a wide selection of organic foods from like a posh hotel reception complete with a Allgreen also owns Tanglin Mall and Great within a prime shopping mall in Singapore. The natural teas, bottled juices, flavoured kombu- uniformed concierge. It holds the sales gallery World City, an integrated development with 6,700 sq ft sales gallery was fitted out at a cost cha, kefir to kimchi as well as a wide range and show suites of Juniper Hill, a luxurious a shopping mall, office tower and serviced of $1.5 million. Besides the reception, there is

Artist’s Impression Artist’s Impression Juniper Hill offers full condo facilities including a 50m swimming pool (pictured, left), spa Jacuzzi (right), tennis court and gymnasium EDGEPROP | JULY 8, 2019 • EP11

COVER STORY

ALBERT CHUA/EDGEPROP SINGAPORE ALBERT CHUA/EDGEPROP SINGAPORE

The living and dining area in the three-bedroom show suite The master bedroom in the three-bedroom show suite

a theatrette, meeting area and two show suites. VIP preview at the end of May at $4.917 mil- for accommodation or restaurants at the hotel. in its Bukit Timah Collection before the end of “Given its proximity to Juniper Hill, Tanglin lion. The buyer is said to be a Singaporean These services will be offered complimenta- the year. This will be the 285-unit Royalgreen, Mall is an ideal place to have our sales gallery family buying for their own use. ry to residents for the first two years after the a redevelopment of the former Royalville along as potential buyers will be able to appreciate The other five units sold at the VIP preview project’s completion. According to Allgreen’s Bukit Timah Road. It will be the most luxuri- the convenience and vibrant lifestyle that Ju- were two-bedroom and two-bedroom premi- Lim, the proximity of Shangri-La Hotel to Ju- ous offering of the three projects in the collec- niper Hill has to offer,” said Lee Yew Kwung, um units of 581 to 721 sq ft, at prices from niper Hill – of just 1km distance and less than tion, says Allgreen’s Lim. CEO of Allgreen, in a press statement. $1.62 million. a five-minute drive – makes this feasible. SRI’s Low reckons Royalgreen could be Six units at Juniper Hill have already been For the upcoming launch on July 13, All- Juniper Hill’s proximity to reputable schools launched at prices “close to, or at least from sold at a VIP preview held on May 30, at pric- green will be releasing 52 units for sale at pric- has been an added draw for owner-occupi- $3,000 psf”. This is because the freehold site es ranging from $1.62 million ($2,782 psf) to es ranging from $2,600 to $2,900 psf. While ers, adds Lim. Within a 1km radius are An- was purchased at the end of November 2017 for $4.92 million ($2,703 psf). The average price the smallest unit will start from $1.6 million, glo-Chinese School (Primary), Anglo-Chinese $447.94 million or $1,960 psf per plot ratio (ppr). of units sold was $2,787 psf. Allgreen intends the biggest five-bedroom apartment of 2,217 School (Barker Road), Singapore Chinese Girls’ Allgreen also announced the acquisition to launch the project on July 13. sq ft has a price tag of $6.31 million. The pro- School, Raffles Girls’ School (Secondary) and of the former Crystal Tower around the same Juniper Hill, a redevelopment of the former ject is being marketed by ERA, Huttons, Or- St Joseph’s Institution. time, for $180.65 million or $1,840 psf ppr at Crystal Tower, is the second of three upscale angeTee and Tie (OTT) and SRI. In addition to schools, the project is within the end of November. Meanwhile, the site of residential projects under Allgreen’s Bukit Ti- a 10-minute walking distance to Stevens MRT Fourth Avenue Residences was purchased in mah Collection. Located on Ewe Boon Road, OWNER-OCCUPIERS, PREFERENCE FOR Station on the Downtown Line. From 2021 a government land tender that closed in early just off Bukit Timah Road in prime District 10, LARGER UNITS when the Thomson-East Coast Line is com- December 2017, at $553 million ($1,540 psf Juniper Hill has 115 units within a 12-storey The buyers at Juniper Hill so far have been pleted, Stevens will be an interchange station ppr). This means that Allgreen scooped up residential block. predominantly owner-occupiers, with Singa- for both lines. There will be a new entrance to three residential development sites within a The first project to be launched as part of poreans making up two-thirds of the buyers, Stevens on Robin Road, which will then mean week, from late November to early Decem- the Bukit Timah Collection was the 476-unit, and the rest being Singapore permanent res- a shorter walk to the MRT station for residents ber 2017, for close to $1.2 billion. 99-year leasehold Fourth Avenue Residences, idents or foreigners, says Anson Lim, senior of Juniper Hill, adds Lim. which debuted in January. Located on Fourth general manager of residential marketing and Other amenities nearby include Balmoral Pla- ‘A BALANCED PORTFOLIO’ Avenue, just off Bukit Timah Road, the pro- sales at Allgreen. za, Newton Food Centre and Adam Food Centre. In order to diversify its portfolio, which is tilt- ject is also adjacent to the Sixth Avenue MRT He reckons the ages of buyers are between The residence is also just a short drive to Bo- ed towards luxury residences in the prime dis- Station on the Downtown Line. 20 and 50 years old. For those in their 20s, tanic Gardens located just 1.3km away. Within tricts, a joint venture between Allgreen and Kerry To date, 92 units at Fourth Avenue Residenc- their parents are likely to have purchased the a five-minute drive are Dempsey Hill, Orchard Properties bid for and won a Pasir Ris white site es have been sold. Unit sizes range from 474 units for them, or at least paid the downpay- Road, Tanglin Club and The American Club. in a government land sale in March this year. sq ft for a one-bedroom unit to 1,496 sq ft for ment on their behalf. Even though Juniper Hill has just 115 units The site was offered for sale by HDB un- a four-bedroom-plus-study apartment. Prices As most buyers today are owner-occupiers, and sits on an elevated site of 60,482 sq ft, it der the two-envelope scheme based on con- of units sold were from $1.1 million ($2,331 new projects launched in the Core Central Re- offers full condominium facilities including a cept and price. The Allgreen and Kerry Prop- psf) to $3.6 million ($2,415 psf). Based on ca- gion (CCR) in recent months have seen great- 50m swimming pool, tennis court, gymnasi- erties joint venture paid $700 million or $684 veats lodged, units have been sold at an aver- er demand for larger units. “There is a high- um, spa jacuzzi, sky lounge and sky fitness, psf ppr for the site. age of $2,411 psf to date. er proportion of larger units being sold in the says Ken Low, managing partner of SRI. Low Allgreen has announced that it will build an CCR as opposed to the Rest of Central Region sees the services offered by Shangri-La Hotel integrated development with about 480 resi- UPSCALE OFFERING (RCR) and Outside Central Region (OCR) in as “great perks” for residents. “Buyers in this dences and three levels of retail space that will Unlike Fourth Avenue Residences, Juniper 1H2019,” notes Christine Sun, head of research segment of the market are not just looking at be seamlessly linked to a bus interchange, Pasir Hill does not have any one-bedroom units. and consultancy at OTT. prices, but also the intangible benefits that go Ris MRT Station, a polyclinic and a town plaza. Typical units are a mix of two- and three-bed- with the property,” he adds. The addition of the Pasir Ris site will mean room apartments with sizes ranging from 581 FIVE-STAR HOTEL SERVICES BY having “a balanced portfolio”, says Allgreen’s to 1,109 sq ft. The top-floor units – considered SHANGRI-LA BUYING FOR THE LONG TERM Lim. “We will have high-end residential units its Signature Series – comprise just five units While Juniper Hill will have its own concierge, For owner-occupiers who are buying for the and we will also have units catering to the of four- or five-bedroom apartments, with siz- Allgreen has partnered Shangri-La Hotel Singa- longer term, their main considerations are “lo- suburban residential market.” es ranging from 1,819 to 2,217 sq ft. pore to provide services for residents such as cation, design quality and lifestyle features”, For now, however, Allgreen will be focused The 1,819 sq ft, four-bedroom unit at Ju- laundry service, delivery of fresh bread and pas- says Eugene Lim, ERA’s key executive officer. on the upcoming launch of Juniper Hill and niper Hill has already been sold during the tries every morning and assistance with bookings Allgreen intends to launch the third project Royalgreen later this year. E

ALLGREEN PROPERTIES SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

Artist’s Impression The first project to be launched as part of the Bukit Timah Collection was the 476-unit, 99-year leasehold Fourth Residents at Juniper Hill will enjoy concierge services such as laundry service Avenue Residences, which debuted in January EP12 • EDGEPROP | JULY 8, 2019

INDUSTRY INSIGHTS

Standing at 140m tall, the 40-storey towers of The Clement Canopy are the world’s tallest concrete modular towers using PPVC modules DRAGAGES SINGAPORE DRAGAGES Dragages Singapore: ‘Game-changer’ in modular construction

| BY TIMOTHY TAY | the towers would have taken 30 to 36 months Cost savings and scale tween modular and conventional construction, to complete. With the PPVC method, construc- Since November 2014, Singapore’s Building and says Saint-André. “In Singapore, PPVC is 5-10% tanding at 140m tall, the 40-storey resi- tion time is reduced to 24 to 30 months, which Construction Authority (BCA) has stipulated that more expensive because we’re still at the start dential twin towers of The Clement Can- means a 20-30% time-saving, said Pierre-Eric selected sites offered in the Government Land of the learning curve,” he adds. “It’s a ques- opy private condominium at Clemen- Saint-André, deputy CEO for Bouygues Bâti- Sales (GLS) programme need to adopt the use tion of scale: We need [the other players] in ti Avenue 1 are considered the world’s ment International and CEO for Asia Pacific at of PPVC for at least 65% of the total construct- the supply chain to move with us and to im- tallest concrete modular towers using a press conference in Singapore on June 27. ed floor area within residential developments. prove. Our objective is to be a game-chang- Sprefabricated prefinished volumetric construc- Considered a world leader in modular con- For instance, four sites offered for sale un- er in the industry and to do that means to be tion (PPVC) method. The towers contain a to- struction, Bouygues Bâtiment International is der the GLS programme this year came with able to build at a lower cost. I believe in the tal of 505 residential units that were fully sold the parent company of Dragages Singapore, a PPVC requirement. These were the execu- very near future, it will be better.” and completed in 1Q2019. The keys have been the construction firm that built The Clement tive condo site at Clementi Avenue 1, where a handed over to the owners, and some residents Canopy. Bouygues Bâtiment International is a joint venture between UOL and UIC emerged Benefits of PPVC have already moved in. subsidiary of Paris-headquartered French in- as the top bidder with a bid of $491.3 million Besides cost and time savings, modular con- Jointly developed by Singapore-listed UOL dustrial group, Buoygues Construction, which ($788 psf per plot ratio or ppr) on July 3; as struction also benefits the environment. The Group and United Industrial Corp (UIC), The was founded in 1952. It had 129,000 employ- well as the sites at Tan Quee Lan Street, Ber- Clement Canopy, for example, is located next Clement Canopy was completed about 21 months ees as at 2017, with group turnover and in- nam Street and one-north Gateway. to Nan Hua High School and NUS High for ahead of the original schedule of 4Q2020. come of €12.4 billion and €1.5 billion respec- In more mature markets like Australia, the Science and Mathematics. “When we started Using the conventional construction method, tively in 2018. UK or the US, there is no difference in cost be- CONTINUES ON PAGE EP14

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE DRAGAGES SINGAPORE

(From left) Khor Yew Chai, director of PPVC Dragages Singapore; Pierre-Eric Saint-André, deputy CEO for Bouy- The Clement Canopy is jointly developed by Singapore-listed UOL Group and United Industrial Corp gues Bâtiment International and CEO for Asia Pacific; and Julien Esch, managing director of Dragages Singapore EDGEPROP | JULY 8, 2019 • EP13

CHOICE

STAR BUY UNITS

Valley Rainforest Treetop

Artist’s Impression Artist’s Impression Artist’s Impression

3 EP14 • EDGEPROP | JULY 8, 2019

INDUSTRY INSIGHTS DRAGAGES SINGAPORE DRAGAGES The towers contain a total of 505 residential units that were fully sold and completed in 1Q2019

FROM PAGE EP12 or pre-finished, they were then installed on- ules built in Malaysia can now be transported piling, it was quite painful,” relates Julien Esch, Sports Hub and beyond site within one year, with topping-out taking by barge directly to the factory at Jurong Port managing director of Dragages Singapore. “The Dragages has been in Singapore for 35 years. place three months later. instead of by road. headmasters of the schools would call and ask Its first project was the Newton MRT Station Since the completion of The Clement Canopy, During a press tour of the new factory at us to do something about the noise. We said on the North-South Line completed in 1984. Dragages has begun working on three new resi- Jurong Port, Dragages demonstrated how the we’d try but we are not magicians. But as soon The firm was also involved in the construc- dential developments, including those launched prefabricated modules destined for The Gar- as piling was completed, there were no more tion of iconic projects such as the Sports Hub, for sale last year such as the 613-unit The Gar- den Residences were pre-finished for two- and complaints because modular construction re- which was the first large-scale complex con- den Residences at Serangoon North View by three-bedroom units. “We can process differ- quires fewer heavy-load trucks and there is al- structed using PPVC and completed in 2014. Keppel Land and Wing Tai Holdings; and the ent modules for about three different projects most no noise during assembly on-site.” In the same year, Dragages built the Crowne 805-unit Park Colonial adjacent to Woodleigh in this factory,” says Khor Yew Chai, Dragages In modular construction, the carcass of the Plaza Changi Airport hotel extension using MRT Station by Chip Eng Seng Corp. Singapore director of PPVC. “On top of these building and the modules are completed in an PPVC. All 252 new hotel rooms in the exten- Dragages is also the appointed construction modules for The Garden Residences, we will off-site factory before they are transported to sion were installed over a period of just 28 company for upcoming projects such as the also prefabricate modules for Park Colonial the site and assembled. “It’s just like build- days. The firm was also behind the construc- mixed-use development with residences at Up- and Uptown @ Farrer here.” ing with Lego,” adds Esch. Hence, thereafter, tion of the ultra-luxury 34-unit Sculptura Ard- town @ Farrer by Low Keng Huat on Perumal Unlike conventional construction, modular lifting operations on-site are less noisy and more, which features cantilevered private pools, Road; the Grade-A office and integrated com- construction is similar to “assembling a Swiss dusty, he explains. completed in 2014. mercial development CapitaSpring at Raffles watch”, says Khor. “There is no way to com- A second benefit of modular construction The first large-scale residential develop- Place by CapitaLand Commercial Trust; the Bid- pensate for imperfectly installed modules once is, therefore, the assurance of quality, with up ment to use PPVC was City Developments eford Hills mixed-use development with com- they are fixed in place.” to 85% of the interior finishings and fittings in Ltd’s 638-unit executive condo, The Brown- mercial, retail and residences by SIN Capital Dragages Singapore is recognised for its each module worked on in a controlled envi- stone in Sembawang, which was completed Group located off prime Orchard Road; as well “zero defects” products for modules that leave ronment in a factory. This includes plumbing; in 2016. Dragages also handled its construc- as the new BCA Academy on Braddell Road. its factories, says Saint-André. tiling and waterproofing works; wall finishes tion. “Our core business is in building high- Singapore is the R&D hub for Dragages to and painting; installation of electrical outlets, end, high-tech buildings,” says Esch. ‘Zero defects’ perfect its modular construction methods and air-conditioning units and door and window According to Esch, Dragages is involved in the expand to the rest of the region. “Our access to frames; as well as wooden flooring, kitchen Prefabricated, prefinished construction of most of the developments that Jurong Port means that we can ship modules cabinets and bathroom units which are pre- The Clement Canopy involved the construc- require PPVC. Anticipating a growing demand built in Singapore to sites in Indonesia, the Phil- finished and completely fitted out into mod- tion of 1,899 modules in total. These were pre- for PPVC modular construction in Southeast ippines, Thailand, Myanmar, and even South Ko- ules before they arrive at the development’s cast in a yard in Senai, Malaysia, before being Asia, the construction firm opened a new fac- rea and Japan,” continues Saint-André. “We want construction site. “As such, we can monitor transported across the Tuas Second Link to the tory at Jurong Port, which began operations to remain the top player in the world in terms of the work and control the outcome,” says Esch. Dragages factory in Tuas. After being fitted out last November. This means prefabricated mod- high-quality modular construction.” E

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE DRAGAGES SINGAPORE DRAGAGES SINGAPORE

Concrete modules built in Malaysia are transported to the Dragages factory (left) in Jurong Port where 80% of their interior fittings are installed. They are driven to the development site, hoisted up and assembled together to form different unit types EDGEPROP | JULY 8, 2019 • EP15 EP16 • EDGEPROP | JULY 8, 2019

DONE DEALS

Residential transactions with contracts dated June 18 to 25

LOCALITIES DISTRICTS Singapore — by postal district LAND AREA/ TRANSACTED UNIT PRICE COMPLETION TYPE OF City & Southwest 1 to 8 PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) DATE SALE Orchard/Tanglin/Holland 9 and 10 SKY EVERTON Apartment Freehold Jun 23 463 1,224,000 2,644 Uncompleted New Sale Newton/Bukit Timah/Clementi 11 and 21 SKY EVERTON Apartment Freehold Jun 23 463 1,164,000 2,515 Uncompleted New Sale Balestier/MacPherson/Geylang 12 to 14 SKY EVERTON Apartment Freehold Jun 23 624 1,566,000 2,508 Uncompleted New Sale East Coast 15 and 16 SKY EVERTON Apartment Freehold Jun 23 646 1,615,000 2,501 Uncompleted New Sale Changi/Pasir Ris 17 and 18 SKY EVERTON Apartment Freehold Jun 23 463 1,216,000 2,627 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 23 463 1,160,000 2,506 Uncompleted New Sale Serangoon/Thomson 19 and 20 SKY EVERTON Apartment Freehold Jun 23 678 1,697,000 2,502 Uncompleted New Sale West 22 to 24 District 3 North 25 to 28 ARTRA Apartment 99 years Jun 21 1,227 2,310,200 1,883 Uncompleted New Sale ASCENTIA SKY Condominium 99 years Jun 18 1,787 2,650,000 1,483 2013 Resale ENG HOON MANSIONS Apartment Freehold Jun 25 1,593 1,705,000 1,070 2005 Resale MARGARET VILLE Apartment 99 years Jun 18 915 1,616,510 1,767 Uncompleted New Sale MARGARET VILLE Apartment 99 years Jun 22 657 1,093,974 1,666 Uncompleted New Sale MARGARET VILLE Apartment 99 years Jun 23 915 1,649,340 1,803 Uncompleted New Sale MARGARET VILLE Apartment 99 years Jun 23 969 1,706,572 1,762 Uncompleted New Sale REGENCY SUITES Apartment Freehold Jun 18 980 1,770,000 1,807 2008 Resale STIRLING RESIDENCES Apartment 99 years Jun 21 980 1,750,000 1,787 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 22 689 1,277,000 1,854 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 22 506 986,000 1,949 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years Jun 23 506 971,000 1,919 Uncompleted New Sale District 4 SKYLINE RESIDENCES Condominium Freehold Jun 19 1,346 2,480,000 1,843 2015 Resale TERESA VILLE Condominium Freehold Jun 20 1,927 2,300,000 1,194 1985 Resale THE BERTH BY THE COVE Condominium 99 years Jun 21 3,369 3,750,000 1,113 2006 Resale THE INTERLACE Condominium 99 years Jun 21 2,056 2,680,000 1,304 2013 Resale THE OCEANFRONT @ SENTOSA COVE Condominium 99 years Jun 24 8,095 8,902,300 1,100 2010 Resale District 5 FABER CREST Condominium 99 years Jun 21 1,259 1,175,000 933 2001 Resale LAND AREA/ TRANSACTED UNIT PRICE COMPLETION TYPE OF PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) DATE SALE HERITAGE VIEW Condominium 99 years Jun 20 1,163 1,470,000 1,265 2000 Resale KENT RIDGE HILL RESIDENCES Apartment 99 years Jun 19 474 847,000 1,788 Uncompleted New Sale District 1 KENT RIDGE HILL RESIDENCES Apartment 99 years Jun 23 1,044 1,875,000 1,796 Uncompleted New Sale MARINA ONE RESIDENCES Apartment 99 years Jun 22 1,152 3,353,560 2,912 2017 New Sale MONTEREY PARK CONDOMINIUM Condominium 999 years Jun 20 1,367 1,700,000 1,244 2005 Resale District 2 WHISTLER GRAND Apartment 99 years Jun 19 1,270 1,639,440 1,291 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 764 1,754,000 2,295 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 19 614 781,560 1,274 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,641,000 2,628 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 22 603 835,920 1,387 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 657 1,882,000 2,866 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 22 958 1,245,780 1,300 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,586,000 2,540 Uncompleted New Sale WHISTLER GRAND Apartment 99 years Jun 23 1,270 1,594,080 1,255 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,636,000 2,620 Uncompleted New Sale District 7 SKY EVERTON Apartment Freehold Jun 22 624 1,656,000 2,653 Uncompleted New Sale SOUTH BEACH RESIDENCES Apartment 99 years Jun 20 2,260 7,660,000 3,389 2016 Resale SKY EVERTON Apartment Freehold Jun 22 624 1,591,000 2,548 Uncompleted New Sale SOUTH BEACH RESIDENCES Apartment 99 years Jun 25 1,313 3,980,000 3,031 2016 Resale SKY EVERTON Apartment Freehold Jun 22 657 1,840,000 2,802 Uncompleted New Sale District 9 SKY EVERTON Apartment Freehold Jun 22 646 1,630,000 2,524 Uncompleted New Sale 8 SAINT THOMAS Condominium Freehold Jun 19 872 2,718,000 3,117 2018 Resale SKY EVERTON Apartment Freehold Jun 22 506 1,230,000 2,431 Uncompleted New Sale CAIRNHILL PLAZA Apartment Freehold Jun 21 2,852 5,000,000 1,753 1978 Resale SKY EVERTON Apartment Freehold Jun 22 646 1,605,000 2,485 Uncompleted New Sale LEONIE SUITES Apartment 99 years Jun 21 936 1,690,000 1,805 2006 Resale SKY EVERTON Apartment Freehold Jun 22 506 1,222,000 2,415 Uncompleted New Sale MARTIN PLACE RESIDENCES Condominium Freehold Jun 20 3,380 7,200,000 2,130 2011 Resale SKY EVERTON Apartment Freehold Jun 22 646 1,620,000 2,508 Uncompleted New Sale NOMU Apartment Freehold Jun 20 1,389 3,200,000 2,305 2009 Resale SKY EVERTON Apartment Freehold Jun 22 506 1,238,000 2,447 Uncompleted New Sale RV ALTITUDE Apartment Freehold Jun 20 441 1,352,000 3,064 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 646 1,640,000 2,539 Uncompleted New Sale SOPHIA RESIDENCE Condominium Freehold Jun 20 1,346 2,309,000 1,716 2014 Resale SKY EVERTON Apartment Freehold Jun 22 915 2,345,000 2,563 Uncompleted New Sale District 10 SKY EVERTON Apartment Freehold Jun 22 958 2,472,000 2,580 Uncompleted New Sale 3 CUSCADEN Apartment Freehold Jun 19 764 2,656,545 3,476 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 958 2,500,000 2,610 Uncompleted New Sale 8 NAPIER Condominium Freehold Jun 19 2,013 5,600,000 2,782 2010 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,148,000 2,480 Uncompleted New Sale BOULEVARD 88 Apartment Freehold Jun 20 2,799 10,422,200 3,724 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 463 1,152,000 2,489 Uncompleted New Sale BOULEVARD 88 Apartment Freehold Jun 21 2,777 10,487,800 3,777 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 463 1,144,000 2,472 Uncompleted New Sale BOULEVARD 88 Apartment Freehold Jun 22 2,799 10,320,000 3,688 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 506 1,234,000 2,439 Uncompleted New Sale D’LEEDON Condominium 99 years Jun 19 1,496 2,180,000 1,457 2014 Resale SKY EVERTON Apartment Freehold Jun 22 646 1,610,000 2,493 Uncompleted New Sale GOODWOOD GRAND Detached Freehold Jun 18 5,242 6,250,000 1,192 2017 Resale SKY EVERTON Apartment Freehold Jun 22 506 1,218,000 2,408 Uncompleted New Sale LEIGHWOODS Condominium Freehold Jun 20 4,919 5,950,000 1,210 1985 Resale SKY EVERTON Apartment Freehold Jun 22 635 1,304,000 2,053 Uncompleted New Sale QUEEN ASTRID PARK Detached Freehold Jun 18 15,877 23,600,000 1,487 Unknown Resale SKY EVERTON Apartment Freehold Jun 22 646 1,635,000 2,532 Uncompleted New Sale THE GRANGE Condominium Freehold Jun 20 1,765 4,500,000 2,549 2008 Resale SKY EVERTON Apartment Freehold Jun 22 506 1,214,000 2,400 Uncompleted New Sale THE NASSIM Condominium Freehold Jun 20 3,122 10,414,000 3,336 2015 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,212,000 2,619 Uncompleted New Sale THE TRESOR Condominium 999 years Jun 20 1,012 1,760,000 1,739 2007 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,220,000 2,636 Uncompleted New Sale WING ON LIFE GARDEN Apartment Freehold Jun 18 7,610 12,000,000 1,577 1982 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,152,000 2,489 Uncompleted New Sale District 11 SKY EVERTON Apartment Freehold Jun 22 463 1,148,000 2,480 Uncompleted New Sale LINCOLN SUITES Condominium Freehold Jun 21 463 1,050,000 2,269 2014 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,224,000 2,644 Uncompleted New Sale MINBU VILLA Apartment Freehold Jun 20 2,519 2,850,000 1,132 1981 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,208,000 2,610 Uncompleted New Sale MINBU VILLA Apartment Freehold Jun 21 2,519 3,100,000 1,231 1981 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,228,000 2,653 Uncompleted New Sale SOLEIL @ SINARAN Condominium 99 years Jun 20 958 1,760,000 1,837 2011 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,144,000 2,472 Uncompleted New Sale SOLEIL @ SINARAN Condominium 99 years Jun 24 936 1,760,000 1,879 2011 Resale SKY EVERTON Apartment Freehold Jun 22 958 2,500,000 2,610 Uncompleted New Sale District 12 SKY EVERTON Apartment Freehold Jun 22 958 2,382,000 2,486 Uncompleted New Sale EIGHT RIVERSUITES Condominium 99 years Jun 20 441 736,000 1,668 2016 Resale SKY EVERTON Apartment Freehold Jun 22 678 1,661,000 2,449 Uncompleted New Sale KALLANG RIVERSIDE Apartment Freehold Jun 18 1,572 3,380,000 2,151 2018 New Sale SKY EVERTON Apartment Freehold Jun 22 678 1,673,000 2,467 Uncompleted New Sale SHAW PLAZA - TWIN HEIGHTS Apartment Freehold Jun 21 1,421 1,800,000 1,267 1999 Resale SKY EVERTON Apartment Freehold Jun 22 646 1,625,000 2,516 Uncompleted New Sale SUNVILLE Apartment Freehold Jun 21 1,184 1,300,000 1,098 2005 Resale SKY EVERTON Apartment Freehold Jun 22 506 1,214,000 2,400 Uncompleted New Sale THE ARTE Condominium Freehold Jun 20 1,873 2,450,000 1,308 2010 Resale SKY EVERTON Apartment Freehold Jun 22 646 1,605,000 2,485 Uncompleted New Sale THE VERVE Apartment Freehold Jun 24 441 630,000 1,428 2012 Resale SKY EVERTON Apartment Freehold Jun 22 646 1,690,000 2,617 Uncompleted New Sale TREVISTA Condominium 99 years Jun 21 1,119 1,690,000 1,510 2011 Resale SKY EVERTON Apartment Freehold Jun 22 506 1,218,000 2,408 Uncompleted New Sale District 13 SKY EVERTON Apartment Freehold Jun 22 646 1,615,000 2,501 Uncompleted New Sale PARK COLONIAL Condominium 99 years Jun 18 980 1,660,000 1,695 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 506 1,234,000 2,439 Uncompleted New Sale PARK COLONIAL Condominium 99 years Jun 22 1,023 1,711,000 1,673 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 506 1,226,000 2,423 Uncompleted New Sale PARK COLONIAL Condominium 99 years Jun 23 463 887,000 1,916 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 506 1,222,000 2,415 Uncompleted New Sale SENNETT ESTATE Terrace Freehold Jun 21 2,164 2,900,000 1,342 1996 Resale SKY EVERTON Apartment Freehold Jun 22 506 1,230,000 2,431 Uncompleted New Sale THE TRE VER Condominium 99 years Jun 21 700 1,180,000 1,687 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 646 1,620,000 2,508 Uncompleted New Sale THE TRE VER Condominium 99 years Jun 22 700 1,175,000 1,679 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 646 1,610,000 2,493 Uncompleted New Sale THE TRE VER Condominium 99 years Jun 23 753 1,206,000 1,601 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 646 1,635,000 2,532 Uncompleted New Sale THE TRE VER Condominium 99 years Jun 23 753 1,183,000 1,570 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 635 1,304,000 2,053 Uncompleted New Sale THE TRE VER Condominium 99 years Jun 23 743 1,250,000 1,683 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 506 1,238,000 2,447 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Jun 19 667 1,190,000 1,783 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,631,000 2,612 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Jun 23 570 1,028,000 1,802 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,581,000 2,532 Uncompleted New Sale THE WOODLEIGH RESIDENCES Apartment 99 years Jun 23 667 1,195,000 1,791 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 657 1,876,000 2,857 Uncompleted New Sale District 14 SKY EVERTON Apartment Freehold Jun 22 624 1,646,000 2,637 Uncompleted New Sale LOFT 33 Apartment Freehold Jun 18 700 960,000 1,372 2016 Resale SKY EVERTON Apartment Freehold Jun 22 657 1,828,000 2,784 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 19 1,001 1,593,000 1,591 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,561,000 2,500 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 20 1,227 2,048,000 1,669 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,631,000 2,612 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 20 452 821,000 1,816 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,576,000 2,524 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 20 452 798,000 1,765 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,641,000 2,628 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 21 840 1,329,000 1,583 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 657 1,822,000 2,775 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 22 904 1,462,000 1,617 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,636,000 2,620 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 22 700 1,208,000 1,727 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,651,000 2,645 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 22 517 943,000 1,825 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,656,000 2,653 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 23 1,399 2,312,000 1,652 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,661,000 2,661 Uncompleted New Sale PARC ESTA Apartment 99 years Jun 23 527 916,000 1,737 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,561,000 2,500 Uncompleted New Sale REZI 24 Apartment Freehold Jun 20 958 1,486,000 1,551 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,646,000 2,637 Uncompleted New Sale STARVILLE Condominium Freehold Jun 20 1,216 1,200,000 987 2006 Resale SKY EVERTON Apartment Freehold Jun 22 624 1,591,000 2,548 Uncompleted New Sale THE NAVIAN Apartment Freehold Jun 21 926 1,429,000 1,544 Uncompleted New Sale SKY EVERTON Apartment Freehold Jun 22 624 1,581,000 2,532 Uncompleted New Sale WATERBANK AT DAKOTA Condominium 99 years Jun 20 1,389 1,930,000 1,390 2013 Resale SKY EVERTON Apartment Freehold Jun 22 624 1,566,000 2,508 Uncompleted New Sale WATERBANK AT DAKOTA Condominium 99 years Jun 21 624 1,088,000 1,743 2013 Resale SKY EVERTON Apartment Freehold Jun 22 657 1,840,000 2,802 Uncompleted New Sale District 15 SKY EVERTON Apartment Freehold Jun 22 624 1,586,000 2,540 Uncompleted New Sale EAST COAST PARK Terrace Freehold Jun 19 3,423 5,430,000 1,584 Unknown Resale SKY EVERTON Apartment Freehold Jun 22 657 1,828,000 2,784 Uncompleted New Sale FLAMINGO VALLEY Condominium Freehold Jun 20 1,593 2,350,000 1,475 2014 Resale SKY EVERTON Apartment Freehold Jun 22 624 1,626,000 2,604 Uncompleted New Sale KALEIDO Terrace Freehold Jun 18 3,498 3,000,000 858 2017 New Sale SKY EVERTON Apartment Freehold Jun 22 764 1,754,000 2,295 Uncompleted New Sale LAGUNA PARK Apartment 99 years Jun 21 1,615 1,630,000 1,010 1978 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,168,000 2,523 Uncompleted New Sale LORONG 104 CHANGI Terrace Freehold Jun 19 2,056 3,740,000 1,823 Unknown Resale SKY EVERTON Apartment Freehold Jun 22 463 1,156,000 2,498 Uncompleted New Sale SEASIDE PARK Terrace Freehold Jun 19 3,057 4,218,000 1,380 Unknown Resale SKY EVERTON Apartment Freehold Jun 22 463 1,164,000 2,515 Uncompleted New Sale VIBES @ EAST COAST Apartment Freehold Jun 19 355 585,000 1,647 2014 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,204,000 2,601 Uncompleted New Sale WORTHINGTON Apartment Freehold Jun 20 969 1,250,000 1,290 2010 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,212,000 2,619 Uncompleted New Sale District 16 SKY EVERTON Apartment Freehold Jun 22 463 1,160,000 2,506 Uncompleted New Sale ARCHIPELAGO Condominium 99 years Jun 19 1,184 1,540,000 1,301 2015 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,220,000 2,636 Uncompleted New Sale BEDOK GROVE Terrace Freehold Jun 21 1,765 2,978,000 1,685 2002 Resale SKY EVERTON Apartment Freehold Jun 22 463 1,200,000 2,593 Uncompleted New Sale EASTWOOD REGENCY Apartment Freehold Jun 21 1,195 1,265,000 1,059 2010 Resale SKY EVERTON Apartment Freehold Jun 22 624 1,626,000 2,604 Uncompleted New Sale ECO Condominium 99 years Jun 24 603 828,000 1,374 2017 Resale SKY EVERTON Apartment Freehold Jun 22 624 1,661,000 2,661 Uncompleted New Sale KEW GREEN Condominium 99 years Jun 18 4,413 2,788,000 632 1997 Resale SKY EVERTON Apartment Freehold Jun 22 624 1,651,000 2,645 Uncompleted New Sale PEAKVILLE AVENUE Terrace Freehold Jun 19 1,841 2,350,000 1,279 1979 Resale SKY EVERTON Apartment Freehold Jun 23 592 1,312,000 2,216 Uncompleted New Sale JALAN POKOK SERUNAI Semi-Detached Freehold Jun 21 3,671 4,100,000 1,116 Unknown Resale SKY EVERTON Apartment Freehold Jun 23 646 1,640,000 2,539 Uncompleted New Sale District 17 SKY EVERTON Apartment Freehold Jun 23 764 1,666,000 2,180 Uncompleted New Sale CARISSA PARK CONDOMINIUM Condominium Freehold Jun 18 947 820,000 866 2001 Resale SKY EVERTON Apartment Freehold Jun 23 463 1,168,000 2,523 Uncompleted New Sale LOYANG VILLAS Terrace 99 years Jun 20 3,391 1,880,000 554 1995 Resale EDGEPROP | JULY 8, 2019 • EP17

OFFSHORE Hong Kong developers ramp up sales amid signs of easing in US-China trade tensions

| LAM KA-SING | major projects after the US-China trade war ket, yet the backdrop of falling interest rates Thomas Lam, executive director at Knight worsened in May and prospects of the hous- and the prospect for a trade war detente left Frank, said the property market would remain roperty developers are preparing to ac- ing market became uncertain.” him optimistic. volatile in the second half of the year with a celerate the marketing of new projects, The number of new private homes sold in “You have to consider the current mess in possible drop of about 5% in home prices. taking advantage of brightening market June plummeted to 1,112 units, reflecting a Hong Kong. We should wait until this all fin- Around 102 home purchase agreements sentiment after an apparent warming drop of 65.3% y-o-y, according to Centaline. ishes,” said Fan. “What the protesters do will were rescinded by prospective buyers in the in relations between the US and China Market sentiment was also damaged by harm the home market, affecting home buy- first half, according to calculations by the Post. Pfollowing weekend talks at the Group of 20 protests in June over a controversial extradi- ing sentiment.” These buyers would forfeit deposits ranging summit in Japan. tion bill, which saw Sun Hung Kai Properties Fan said large homes would be more neg- between 5% and 10% of the property’s value. At last weekend’s sales, buyers snapped and Wheelock Properties cancel press confer- atively affected in the current atmosphere as That compares to just 36 rescinded pur- up almost 700 flats at projects that included ences to announce details about sales of their buyers take a wait-and-see approach until the chase agreements in the first 10 months of last Wheelock Properties’ Grand Montara in Tse- projects scheduled for mid month. In the mid- outlook clears. He added that small- to medi- year, according to figures from Dataelements. ung Kwan O and Wing Tai Properties’ Oma dle of June, Vanke Property sold only 30 out of um-sized homes were enjoying more robust The largest abandoned transaction this year Oma in Tuen Mun. 251 flats offered during a launch at its Grand activity, driven by demand from local buyers. involved a house of 3,641 sq ft at 8 Deep Water Agents attributed the buoyant reception Le Pont in Tuen Mun. But other analysts said the market in the Bay Drive, which sold for HK$251.23 million to improved prospects for a resolution of US- In preparation for stronger demand, CK second half of the year could become chal- ($43.7 million) on June 11. The buyer walked China trade tensions. Asset Holdings said it planned to push ahead lenging. About 17,680 new homes will en- away from the deal on June 19, forfeiting a “Sales in July will rise as [major] devel- with marketing and sales at its projects once ter the sales pipeline during the six months HK$12.56 million initial payment made to the opers have started to launch new projects re- they obtained presale consent. to December, weighing on market sentiment developer Nan Fung Development. cently,” said Wong Leung-sing, senior associ- Paliburg Holdings executive director and during a period when an increasing number — Additional reporting by Joy Pamnani and ate director of research at Centaline Property COO Donald Fan said the current extradition of prospective buyers have reneged on pur- Daryl Choo. This story first appeared in the Agency. “Developers suspended launches of bill controversy was a headwind for the mar- chase commitments. South China Morning Post on July 3. E

DONE DEALS

Residential transactions with contracts dated June 18 to 25

LAND AREA/ TRANSACTED UNIT PRICE COMPLETION TYPE OF LAND AREA/ TRANSACTED UNIT PRICE COMPLETION TYPE OF PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) DATE SALE PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019) FLOOR AREA(SQ FT) PRICE ($) ($ PSF) DATE SALE PALM ISLES Condominium 99 years Jun 20 506 535,000 1,058 2015 Resale CLEMENTI PARK Condominium Freehold Jun 24 2,325 2,800,000 1,204 1985 Resale PARC KOMO Apartment Freehold Jun 18 1,819 2,596,000 1,427 Uncompleted New Sale CLEMENTI PARK Condominium Freehold Jun 25 1,959 2,280,000 1,164 1986 Resale THE EDGEWATER Condominium Freehold Jun 21 2,336 1,388,888 595 2003 Resale HIGHGATE Condominium Freehold Jun 24 1,636 2,100,000 1,284 1995 Resale THE JOVELL Condominium 99 years Jun 18 667 833,000 1,248 Uncompleted New Sale MAYFAIR MODERN Condominium 99 years Jun 18 807 1,703,200 2,110 Uncompleted New Sale District 18 SHAMAH TERRACE Semi-Detached Freehold Jun 19 4,080 3,850,000 945 1990 Resale BELYSA EC 99 years Jun 20 1,335 1,250,000 937 2014 Resale PARC PALAIS Condominium Freehold Jun 24 969 1,080,000 1,115 1999 Resale COCO PALMS Condominium 99 years Jun 18 753 840,000 1,115 2018 Resale SIGNATURE PARK Condominium Freehold Jun 20 1,033 1,350,000 1,306 1998 Resale MELVILLE PARK Condominium 99 years Jun 20 936 660,000 705 1996 Resale SPRINGDALE CONDOMINIUM Condominium 999 years Jun 21 1,119 1,280,000 1,143 1998 Resale MODENA Condominium 99 years Jun 21 1,410 1,300,000 922 2001 Resale TERRENE AT BUKIT TIMAH Condominium 999 years Jun 25 1,894 2,300,000 1,214 2013 Resale NV RESIDENCES Condominium 99 years Jun 25 1,227 1,155,000 941 2013 Resale THE BEVERLY Apartment Freehold Jun 24 1,496 2,075,000 1,387 2012 Resale Q BAY RESIDENCES Condominium 99 years Jun 21 1,163 1,238,000 1,065 2016 Resale THE HILLFORD Apartment 60 years Jun 18 506 595,000 1,176 2016 Resale Q BAY RESIDENCES Condominium 99 years Jun 21 883 900,000 1,020 2016 Resale TOH YI COURT Condominium Freehold Jun 25 2,390 2,225,000 931 1985 Resale SEASTRAND Condominium 99 years Jun 25 592 600,000 1,013 2014 Resale District 22 THE TAPESTRY Condominium 99 years Jun 20 1,130 1,471,770 1,302 Uncompleted New Sale PARC VISTA Condominium 99 years Jun 19 1,615 1,260,000 780 1997 Resale THE TAPESTRY Condominium 99 years Jun 22 1,668 1,871,910 1,122 Uncompleted New Sale THE CENTRIS Apartment 99 years Jun 18 1,389 1,430,000 1,030 2009 Resale THE TAPESTRY Condominium 99 years Jun 23 1,130 1,449,090 1,282 Uncompleted New Sale District 23 THE TAPESTRY Condominium 99 years Jun 23 990 1,287,400 1,300 Uncompleted New Sale CHANTILLY RISE Condominium Freehold Jun 18 635 685,000 1,079 1998 Resale TREASURE AT TAMPINES Condominium 99 years Jun 19 484 644,000 1,330 Uncompleted New Sale LE QUEST Apartment 99 years Jun 20 1,313 1,807,000 1,376 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 20 1,033 1,385,000 1,340 Uncompleted New Sale LE QUEST Apartment 99 years Jun 22 883 1,220,000 1,382 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 20 484 635,000 1,311 Uncompleted New Sale LE QUEST Apartment 99 years Jun 23 980 1,399,000 1,428 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 20 678 913,000 1,346 Uncompleted New Sale THE MADEIRA Condominium 99 years Jun 21 1,270 1,100,000 866 2003 Resale TREASURE AT TAMPINES Condominium 99 years Jun 21 484 662,000 1,367 Uncompleted New Sale THE QUINTET EC 99 years Jun 18 1,561 1,223,888 784 2006 Resale TREASURE AT TAMPINES Condominium 99 years Jun 22 818 1,002,000 1,225 Uncompleted New Sale THE QUINTET EC 99 years Jun 19 1,302 955,000 733 2006 Resale TREASURE AT TAMPINES Condominium 99 years Jun 22 484 666,000 1,375 Uncompleted New Sale District 25 TREASURE AT TAMPINES Condominium 99 years Jun 22 484 639,000 1,319 Uncompleted New Sale ROSEWOOD Condominium 99 years Jun 18 1,173 865,000 737 2003 Resale TREASURE AT TAMPINES Condominium 99 years Jun 22 840 1,050,000 1,251 Uncompleted New Sale WOODHAVEN Condominium 99 years Jun 20 603 630,000 1,045 2015 Resale TREASURE AT TAMPINES Condominium 99 years Jun 23 1,033 1,410,000 1,365 Uncompleted New Sale District 27 TREASURE AT TAMPINES Condominium 99 years Jun 23 818 1,013,000 1,238 Uncompleted New Sale EIGHT COURTYARDS Condominium 99 years Jun 24 969 875,000 903 2014 Resale TREASURE AT TAMPINES Condominium 99 years Jun 23 678 892,000 1,315 Uncompleted New Sale KANDIS RESIDENCE Condominium 99 years Jun 19 1,033 1,323,000 1,280 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 23 915 1,156,000 1,263 Uncompleted New Sale KANDIS RESIDENCE Condominium 99 years Jun 20 1,033 1,262,000 1,221 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 23 484 654,000 1,350 Uncompleted New Sale KANDIS RESIDENCE Condominium 99 years Jun 20 764 920,000 1,204 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 23 484 628,000 1,297 Uncompleted New Sale KANDIS RESIDENCE Condominium 99 years Jun 21 1,033 1,368,700 1,325 Uncompleted New Sale TREASURE AT TAMPINES Condominium 99 years Jun 23 581 782,000 1,345 Uncompleted New Sale PLATINA GARDENS Terrace Freehold Jun 20 3,950 1,800,000 456 2007 Resale WHITEWATER EC 99 years Jun 24 1,141 827,000 725 2005 Resale SKIES MILTONIA Condominium 99 years Jun 24 743 828,000 1,115 2016 Resale District 19 THE CANOPY EC 99 years Jun 19 1,410 1,150,000 816 2014 Resale AFFINITY AT SERANGOON Apartment 99 years Jun 22 538 800,000 1,486 Uncompleted New Sale THE SHAUGHNESSY Terrace 99 years Jun 24 3,283 1,368,888 417 2006 Resale AFFINITY AT SERANGOON Apartment 99 years Jun 23 753 1,133,000 1,504 Uncompleted New Sale THE SHORELINE RESIDENCES II Terrace 99 years Jun 19 1,690 2,110,000 1,249 2012 Resale AUSTVILLE RESIDENCES EC 99 years Jun 20 1,023 938,000 917 2014 Resale WATERCOVE Semi-Detached Freehold Jun 22 3,498 2,600,000 743 2019 New Sale CHERRYHILL Condominium Freehold Jun 18 1,453 1,650,000 1,135 1994 Resale WATERCOVE Terrace Freehold Jun 22 3,369 2,380,000 706 2019 New Sale ESPARINA RESIDENCES EC 99 years Jun 20 829 938,000 1,132 2013 Resale YISHUN EMERALD Condominium 99 years Jun 20 2,045 1,380,000 675 2002 Resale ESPARINA RESIDENCES EC 99 years Jun 21 829 888,000 1,071 2013 Resale District 28 ESPARINA RESIDENCES EC 99 years Jun 21 1,001 1,030,000 1,029 2013 Resale BELGRAVIA GREEN Terrace Freehold Jun 22 3,466 3,028,000 874 Uncompleted New Sale KENSINGTON PARK CONDOMINIUM Condominium 999 years Jun 18 1,485 1,645,380 1,108 1987 Resale BELGRAVIA GREEN Terrace Freehold Jun 22 3,466 3,020,000 871 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jun 19 463 615,000 1,329 Uncompleted New Sale ESTE VILLA Terrace Freehold Jun 20 3,423 2,410,000 704 2013 Resale RIVERFRONT RESIDENCES Apartment 99 years Jun 22 721 943,000 1,308 Uncompleted New Sale NIM COLLECTION Terrace 99 years Jun 23 2,400 3,780,000 1,575 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years Jun 22 721 938,000 1,301 Uncompleted New Sale NIM COLLECTION Terrace 99 years Jun 23 1,679 2,898,000 1,726 Uncompleted New Sale RIVERSAILS Condominium 99 years Jun 19 506 635,000 1,255 2016 Resale PARC BOTANNIA Condominium 99 years Jun 18 872 1,161,090 1,332 Uncompleted New Sale SERANGOON GARDEN ESTATE Semi-Detached 999 years Jun 21 4,532 4,080,000 901 Unknown Resale PARC BOTANNIA Condominium 99 years Jun 19 775 978,000 1,262 Uncompleted New Sale SIMON PLAZA Apartment Freehold Jun 18 1,690 1,420,000 840 1990 Resale PARC BOTANNIA Condominium 99 years Jun 19 872 1,160,000 1,330 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 20 667 968,000 1,450 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 19 861 1,085,000 1,260 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 21 926 1,241,000 1,341 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 19 980 1,300,770 1,328 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 22 484 695,000 1,435 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 19 872 1,099,000 1,260 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 22 484 737,000 1,522 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 19 1,507 1,713,020 1,137 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 22 700 1,048,000 1,498 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 19 667 887,000 1,329 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 23 667 975,000 1,461 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 20 667 941,000 1,410 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 23 624 923,000 1,478 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 20 786 1,071,140 1,363 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 23 926 1,319,000 1,425 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 20 861 1,122,290 1,303 Uncompleted New Sale THE FLORENCE RESIDENCES Apartment 99 years Jun 23 926 1,299,000 1,403 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 21 861 1,078,640 1,253 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Jun 18 517 814,300 1,576 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 22 872 1,139,000 1,306 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Jun 20 689 1,073,700 1,559 Uncompleted New Sale PARC BOTANNIA Condominium 99 years Jun 23 872 1,190,700 1,366 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Jun 23 517 808,000 1,564 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years Jun 23 689 1,084,800 1,575 Uncompleted New Sale THE SCALA Apartment 99 years Jun 24 829 1,232,000 1,486 2013 Resale WATERTOWN Apartment 99 years Jun 21 603 750,000 1,244 2017 Sub Sale District 20 Source: URA Realis. Updated July 2, 2019. CORAL PARK Semi-Detached Freehold Jun 19 3,358 4,038,800 1,203 1980 Resale EC stands for executive condominium FABER GARDEN CONDOMINIUM Condominium Freehold Jun 21 1,873 2,400,000 1,281 1984 Resale GOLDENHILL PARK CONDOMINIUM Condominium Freehold Jun 20 1,335 2,000,000 1,498 2004 Resale DISCLAIMER: District 21 The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly CAVENDISH PARK Condominium 99 years Jun 20 1,313 1,430,000 1,089 1996 Resale or indirectly from the use of, or reliance on, the information provided therein. EP18 • EDGEPROP | JULY 8, 2019

GAINS AND LOSSES

PICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE Resale unit at Cairnhill Plaza reaps $1.5 mil profit

| BY CHARLENE CHIN | A unit sold at Monterey Park Condomini- um, off West Coast Road in District 5, made he seller of a unit at Cairnhill Pla- the third most profitable transaction over the za made the top gain of $1.5 million week, netting a 119% profit of $925,000 for over the week of June 18 to 25. The the seller. The 1,367 sq ft, four-bedroom unit 2,852 sq ft, four-bedroom unit on the on the sixth floor was bought in November 34th floor was bought for $3.5 mil- 2004 for $775,000 ($567 psf), and sold for Tlion ($1,227 psf) in March 2007 and sold for $1.7 million ($1,244 psf) on June 20. The $5 million ($1,753 psf) on June 21. The sell- seller therefore made an annualised profit of er made a 43% profit, or an annualised prof- 6% over 15 years. it of 3% over 12 years. Monterey Park Condominium, completed Completed in 1978, Cairnhill Plaza is a 204- in 2005, comprises 280 units on a 999-year The 2,852 sq ft, four-bedroom unit on the 34th floor of Cairnhill Plaza was sold for $5 million on June 21 unit freehold residential development on Cairn- leasehold. It is a six-minute, 3km drive to hill Road in District 9. It is a 13-minute walk to Clementi MRT Station on the East-West Line. Orchard MRT Station on the North-South Line. On the other hand, the greatest loss incurred The second top gain made over the week over the week was from the resale of a 3,369 – a 177% profit of $1.47 million – was at Te- sq ft, five-bedroom unit at The Berth By The resa Ville, at Lower Delta Road in District 4. Cove in District 4. Having sold the property The 1,927 sq ft, four-bedroom unit on the for $3.75 million ($1,113 psf) on June 21, the 15th floor was purchased for $830,000 ($431 seller sustained a 33% loss of $1.81 million. psf) in December 1998 and sold for $2.3 mil- The unit was purchased in October 2007 for lion ($1,194 psf) on June 20. This means that $5.56 million ($1,650 psf). Over a holding pe- the seller made an annualised profit of 5% riod of 12 years, this translates into an annu- over 20.5 years. alised loss of 3%. Located along Lower Delta Road, Teresa Located in Sentosa Cove, The Berth by Ville comprises 264 freehold units across 24 the Cove is a 200-unit, 99-year leasehold pro- storeys and was completed in 1986. It is a ject on Ocean Drive. Completed in 2006, it 19-minute walk to Tiong Bahru MRT Station is 2.9km from Resorts World LRT Station on Having sold a five-bedroom unit at The Berth By The Cove for $3.75 million on June 21, the seller sustained a on the East-West Line. the Sentosa Express monorail line. E 33% loss of $1.81 million

Top gains and losses from June 18 to 25 Most profitable deals PROJECT DISTRICT AREA (SQ SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD FT) (2019) ($ PSF) (YEARS) 1 CAIRNHILL PLAZA 9 2,852 Jun 21 1,753 Mar 7, 2007 1,227 1,500,000 43 3 12.3 2 TERESA VILLE 4 1,927 Jun 20 1,194 Dec 15, 1998 431 1,470,000 177 5 20.5 3 MONTEREY PARK CONDOMINIUM 5 1,367 Jun 20 1,244 Nov 9, 2004 567 925,000 119 6 14.6 4 HERITAGE VIEW 5 1,163 Jun 20 1,265 Oct 16, 1998 526 859,000 141 4 20.7 5 ENG HOON MANSIONS 3 1,593 Jun 25 1,070 Nov 30, 2010 628 705,000 71 6 8.6 6 THE ARTE 12 1,873 Jun 20 1,308 Apr 21, 2009 939 691,100 39 3 10.2 7 MINBU VILLA 11 2,519 Jun 21 1,231 May 12, 2015 961 680,000 28 6 4.1 8 WORTHINGTON 15 969 Jun 20 1,290 Sep 7, 2006 645 625,456 100 6 12.8 9 YISHUN EMERALD 27 2,045 Jun 20 675 Mar 20, 2002 411 580,000 73 3 17.3 10 WATERBANK AT DAKOTA 14 1,389 Jun 20 1,390 May 25, 2010 1,009 529,000 38 4 9.1 11 MARTIN PLACE RESIDENCES 9 3,380 Jun 20 2,130 Apr 27, 2010 2,000 440,000 7 1 9.2 12 GOLDENHILL PARK 20 1,335 Jun 20 1,498 Sep 22, 2011 1,169 440,000 28 3 7.7 CONDOMINIUM 13 TERRENE AT BUKIT TIMAH 21 1,894 Jun 25 1,214 Jul 30, 2010 1,000 406,000 21 2 8.9 14 FLAMINGO VALLEY 15 1,593 Jun 20 1,475 Nov 21, 2014 1,224 400,000 21 4 4.6 15 CAVENDISH PARK 21 1,313 Jun 20 1,089 Nov 30, 2009 807 370,000 35 3 9.6 Non-profitable deals PROJECT DISTRICT AREA (SQ SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD FT) (2019) ($ PSF) (YEARS) 1 THE BERTH BY THE COVE 4 3,369 Jun 21 1,113 Oct 16, 2007 1,650 1,808,850 33 3 11.7 2 8 NAPIER 10 2,013 Jun 19 2,782 Dec 3, 2007 3,430 1,304,000 19 2 11.6 3 THE EDGEWATER 17 2,336 Jun 21 595 Nov 5, 2012 676 191,112 12 2 6.6 4 THE MADEIRA 23 1,270 Jun 21 866 Oct 4, 2013 937 90,000 8 1 5.7 5 THE GRANGE 10 1,765 Jun 20 2,549 Aug 2, 2007 2,600 89,000 2 0.2 11.9 6 EIGHT COURTYARDS 27 969 Jun 24 903 May 11, 2015 960 55,000 6 1 4.1 7 LEIGHWOODS 10 4,919 Jun 20 1,210 Oct 19, 2012 1,220 50,000 1 0.1 6.7 8 SKYLINE RESIDENCES 4 1,345 Jun 19 1,843 Jul 15, 2011 1,880 49,000 2 0.2 7.9 9 SKIES MILTONIA 27 743 Jun 24 1,115 Nov 1, 2012 1,153 28,000 3 0.5 6.6 10 WOODHAVEN 25 603 Jun 20 1,045 Sep 30, 2011 1,061 9,680 2 0.2 7.7

Source: URA, EdgeProp Note: Computed based on URA caveat data as at July 2 for private non-landed houses transacted between June 18 and 25. The profit and loss computation excludes transaction costs such as stamp duties. EDGEPROP | JULY 8, 2019 • EP19

UNDER THE HAMMER Unit at Costa Del Sol going for $1.36 mil

| BY BONG XIN YING | two-bedroom units, with the rest of the devel- tate, and a partial sea view”, says Joy Tan, completion in 2023. This will offer direct opment being three- and four-bedroom units. head of auction and sales at ET&Co. As a trains to the CBD. Costa Del Sol is a sev- t Costa Del Sol in District 16, a 947 Unit sizes range from 947 sq ft for two-bed- single-loading unit, it offers cross-ventila- en-minute drive to Bedok Mall, a 10-minute sq ft unit will be put up for its first ders, to 2,659 sq ft four-bedroom units. tion, which allows wind in “throughout the drive to Changi Business Park, and a 12-min- auction on July 31, according to the The two-bedroom unit on the 24th floor up day”, she adds. ute drive to Changi Airport. East Coast Park auctioneer at Edmund Tie and Co for auction will be sold with vacant posses- Despite being a two-bedroom unit, it has a can be accessed via a direct underpass out- (ET&Co). This is a mortgagee sale, sion. The owner purchased it for $1.28 mil- “wide” living and dining area, and an enclosed side the development. Awith a guide price of $1.36 million ($1,436 psf). lion ($1,351 psf) in May 2011, according to kitchen. “Many newer developments only of- For families with school-going children, Cos- Located on Bayshore Road in the East Coast, caveats lodged with URA Realis. It was first fer a kitchenette for its one- and two-bedroom ta Del Sol is a two-minute drive to Temasek Costa Del Sol is a 99-year leasehold develop- bought from the developer for $774,700 ($818 units,” Tan adds. The master bedroom comes Primary School, and a seven-minute drive to ment by Japura Development, a subsidiary of psf) in June 2000. with an en suite bathroom. There is a com- Victoria Junior College. Hong Kong tycoon Li Ka-Shing’s Cheung Kong The unit sits on a “rare corner stack” of mon room and a common bathroom as well. ET&Co’s Tan expects “interest to be good” Holdings. Completed in 2003, it has 77 years Costa Del Sol, and being on a high floor, will Directly opposite Costa Del Sol is the up- for the unit, saying that it will appeal to young left on its lease. Costa Del Sol comprises 906 “offer the next owner an unblocked view of coming Bayshore MRT Station on the Thom- families, people working at Changi Business units in 30-storey stacks, and offers a stack of the surrounding Lucky Heights landed es- son-East Coast Line, which is scheduled for Park, as well as investors. E

PICTURES: ET&CO

The 99-year leasehold Costa Del Sol comprises 906 units The unit has a spacious living and dining area The 24th-floor unit comes with a sizeable enclosed kitchen EP20 • EDGEPROP | JULY 8, 2019

NEWS HIGHLIGHT Ong Choon Fah appointed as Singapore chair of Urban Land Institute

URBAN LAND INSTITUTE | BY TIMOTHY TAY | sulting for ET&Co, and boasts more than 25 Ong. “I want to further promote the great work years of experience in real estate and academia. that ULI is doing in Singapore and to work with ng Choon Fah, CEO of Edmund Tie & Co She has worked with public- and private-sector both the public and educational sectors in help- (ET&Co), has been appointed as the chair clients, corporate and non-profit organisations, ing to extend ULI’s mission in the market.” Oof Singapore for the Urban Land Institute as well as institutions and Reits. In her new role, she plans to focus her ef- (ULI). The research institute counts more than Ong succeeds Khoo Teng Chye, who was forts on expanding ULI’s advisory services 43,000 members worldwide, and is dedicated ULI Singapore chairman for two years, and programme by introducing technical assis- to leadership in real estate and land use to en- the first regional council chair to come from tance panels, which will address local land courage thriving communities around the world. the public sector. use challenges. She will form a product coun- As ULI Singapore chair, she will lead the He is executive director for the Centre for cil of select ULI members to share best prac- executive committee in Singapore to continue Liveable Cities, which is part of the Ministry tices related to the responsible use of land. its work in providing long-term thinking and of National Development. Finally, she intends to build up the NEXT suggestions for sustainable solutions for the “It is an honour for me to be invited to be Member Network in Singapore, elevating the Ong will lead work in providing long-term thinking city’s ongoing development. chair of ULI Singapore, building on the out- next generation of leaders for the built envi- for the city’s ongoing development Ong is also the head of research and con- standing work that Teng Chye has done,” says ronment and ULI. E

PROP HUNT CLASSIFIEDS Properties for Sale  Scan QR code for more details  To be featured, email [email protected] or call 8822-2997

$12,500,000 $7,800,000 $4,480,000 $3,799,000 Detached House Semi-Detached House Semi-Detached House Semi-Detached House D11 JALAN TEMPUA | Freehold D10 HOLLAND GROVE DRIVE | Freehold D20 THOMSON HILL | Freehold D19 TAI KENG GARDEN | Freehold Built-Up(sqft): 7,500 | Land(sqft): 4,850 Built-Up(sqft): 7,000 | Land(sqft): 3,850 Built-Up(sqft): 3,300 | Land(sqft): 3,845 Built-Up(sqft): 4,160 | Land(sqft): 2,480 PSF: $2,577 PSF: $2,026 PSF: $1,165 PSF: $1,532 Capitol Park (Off Kheam Hock) 2.5 storey Detached Stunning Semi D situated near the quiet enclave of Auspicious house number with wide frontage. Brand New completed Semi-Detached at Tai Keng House. 5 spacious ensuites. Supreme master suites with Holland Grove area. Design is very spacious in the Delightfully landscaped with koi pond. Extensive Gardens. Beautiful and spacious layout 4 or 5 connecting study room.Unblock with lush greenery living rooms as well as the bedrooms. Within 1km to living & dining arenas, combine the elegance of bedrooms configuration available. Great accessibility views at doorsteps. With lift & swimming pool. 9 mins Henry Park Pri Sch, mins walk to nearby amenities, formal indoor/outdoor entertaining with the comfort to major expressways. Within 1km to Maris Stella stroll to Botanic Garden MRT & amenities. Great park connector and MRT stations. Kindly contact of easy, family living. 4 generously-sized bedrooms. High & PLMGS! A dream home that you should not locale & design. Lovely house for home stay. Lindy @94554388 for an exclusive viewing now! Near Mayflower MRT & Lower Peirce Reservoir Park. miss, book an appointment to appreciate this beauty.

Lloyd Lim Lindy Lee Kent Tan Ben Huang ORANGETEE & TIE PTE LTD ORANGETEE & TIE PTE LTD HOME GURU PTE LTD PROPNEX REALTY PTE LTD R014030B R049099J R023645H R051182C  65 9386 0068  65 9455 4388  65 9777 6777  65 8488 4454

$4,200,000 $3,900,000 $9,900,000 $2,800,000 Conservation House Bayshore Park M2 Macpherson Mall - Shop HDB Shophouse D16 BAYSHORE ROAD | 99 years D15 KOON SENG ROAD | Freehold D13 MACPHERSON ROAD | Freehold D10 GHIM MOH ROAD | 99 years Size(sqft): 1,126 | PSF: $3,464 Built-Up(sqft): 2,600 | Land(sqft): 1,700 Size(sqft): 3,315 | PSF: $2,986 Size(sqft): 1,474 | PSF: $1,900 PSF: $2,471 Bedroom: 5 Colorful Peranakan House For Sale. Nestled in “New Exclusive Listing”, selling with tenancy till Tenancy: Fairprice anchor tenant for 12 years. 2 Storey Shophouse. Strong 5 years Lease to Corp. the heart of Joo Chiat, surrounded by eateries and April 2020. Spacious Bayshore Park Penthouse with Tenure: Free Hold. Shop Space 3,315 sq feet. Captive F&B Tenant, S$10,200 monthly Returns. No GST. splashes of Peranakan culture. Be dazzled by its Rich amazing layout. Unblocked Panoramic view of the Patron: IBIS Hotel with 298 rooms. Great Asset: Great for Investment. Fantastic Location in Mature Architectural Heritage and a Picturesque Facade. Sea and the surrounding greenery. An unique and Bidadari New Town with 12,000 new homes. Estate, Easy Access with Parking. 5 Mins Walk to Truly a Limited Edition not to be missed! rare place to call Home in the East. Buona Vista MRT, near Commonwealth, Dover & Holland Village. Serious Seller, Price Negotiable.

Cheng Ching Ching Cheng Ching Ching Jerry Lum Adrian Chay SLP SCOTIA PTE LTD SLP SCOTIA PTE LTD ERA REALTY NETWORK PTE LTD KF PROPERTY NETWORK PTE LTD R060569J R060569J R032056D R057187G  65 9485 2567  65 9622 2783  65 8288 0098  65 9474 8825 D67/DI2_c1 • 26.06.19 315_RIVIERE_EDGEPROP_4PP_Tall-Close_405x276mm_c1.indd 1 26/6/19 6:22 PM C M Y K 315_RIVIERE_EDGEPROP_4PP • Tall(Close) • 405x276mm X06_1316 NM1076 26.06.19 150 0 315_RIVIERE_EDGEPROP_4PP_Tall-2-page_405x276mm_c1.indd 1 26/6/19 6:27 PM D67/DI2_c1 C M Y K 315_RIVIERE_EDGEPROP_4PP • Tall (2-page) • 405x276mm 26.06.19 X06_1316 NM1076 26.06.19 150 0 315_RIVIERE_EDGEPROP_4PP_Tall-Open_405x552mm_c3.indd All Pages 26/6/19 7:49 PM C M Y K 315 RIVIERE EDGEPROP 4PP • Tall(Open) • 405x552mm D67/DI2_c3 • 26.06.19 X06_1316 NM1076 26.06.19 150 0