Getting a Foothold on the ‘Island of the Gods’ from $200,000

PROPERTY PERSONALISED MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of March 11, 2019 | ISSUE 872-94

Market Trends Co-working Spotlight Done Deals Hong Kong & Singapore The Work Project's Capitol Kempinski Hotel – Unit at The Sea View Top 5 in wealth ranking exclusive workspaces the missing link in place fetches $1,900 psf ep4 ep6 ep7 ep12

Getting a foothold on the ‘Island of the Gods’ from $200,000

Genesis Indojaya, a property development group founded by Singaporeans Darren Chua and Remy Ng, is offering Singapore buyers first bite of an investment opportunity in Bali, with guaranteed rental returns of 5% per year over seven years. Turn to our Cover Story on Pages 8,9 & 10.

CapitaLand’s M&A will give it access to Ascendas-Singbridge’s Changi Business Park Genesis Indojaya will be launching its maiden project in Bali – Citadines Berawa Beach Bali

EP2 • EDGEPROP | MARCH 11, 2019

PROPERTY BRIEFS

CBRE CDL

ADVERTISING + MARKETING ADVERTISING SALES vice-president, sales & operations | Diana Lim deputy account director | Janice Zhu senior account manager | James Chua account manager | Pang Kai Xin regional business development manager | Cole Tan head of marketing & branding | The industrial development on 10 Jalan Kilang has a total gross floor City Developments purchased a 193,752 sq ft, freehold site at Monk Han YaoGuang area of 59,236 sq ft Bridge in Leeds, the UK

CIRCULATION managers | Ashikin Kader, Industrial development first among its offerings in can expect to visit a cinema, include a residential compo- idential use, and has obtained Bryan Kek off Jalan Bukit Merah for Singapore with a sky terrace as well as popular brands and nent of 386,000 sq ft, and a approval from URA for hotel executive | Malliga Muthusamy sale from $20 mil and swimming pool, a gym, F&B outlets, some of which are commercial space of 16,000 use, at a gross plot ratio of 3.0. CORPORATE An eight-storey industrial de- and an open roof terrace over- new to Batam. sq ft. CDL intends to develop It occupies a site of 34,044 chief executive officer | velopment at 10 Jalan Kilang, looking the CBD skyline. The Facilities at Wunderbar Res- a 664-unit, build-to-rent resi- sq ft, and has a maximum Bernard Tong off Jalan Bukit Merah, is up for space boasts high ceilings and idences include a central park dential project with retail space gross floor area of 102,133 sq

PUBLISHER sale with a guide price of $20 large windows, providing am- linking four residential towers, on the site. ft, which can yield up to 300 The Edge Property Pte Ltd million to $25 million. ple natural light. sporting facilities, and an infin- Sherman Kwek, CEO of CDL hotel rooms, each at a size of 150 Cecil Street #13-00 The development, with a The co-working space is ity pool which offers views of Group, says due to increased 215 sq ft. Singapore 069543 Tel: (65) 6232 8688 roof terrace and a basement an eight-minute walk to Ben- Singapore’s Marina Bay Sands labour mobility and the grow- Marine Parade MRT Station, Fax: (65) 6232 8620 carpark, has a total gross floor demeer MRT Station. It is 11 on a clear day, the company ing popularity of renting, there slated for completion in 2023, area of 59,236 sq ft. It occupies minutes by foot to Lavender highlights. is “strong growth potential” is four minutes away from Ka- PRINTER a 20,584 sq ft site that is zoned MRT Station. It is also near “We are also expecting many for the private rented sector. tong Plaza by foot. KHL Printing Co Pte Ltd 57 Loyang Drive for “Business 1” use with a plot the Central Expressway (CTE). Singaporeans to be interested “Brexit is expected to have The tender for Katong Pla- Singapore 508968 ratio of 2.5. The site has a bal- WeWork will open its next in purchasing units in Wun- limited impact on this sector za closes on April 9 at 3pm. Tel: (65) 6543 2222 ance lease of 42 years. location at the revamped Fu- derbar Residences. Meister- as demand is mainly driven Fax: (65) 6545 3333 The building is currently nan shopping mall, in the sec- stadt Batam is only a five-min- by locals,” he adds. JustCo pilots ‘tech- PERMISSION AND 80% tenanted to companies ond quarter of 2019. ute drive from Batam Centre The project is slated for com- enabled workspace’ at REPRINTS in the electronics, biomedical, Ferry Terminal,” says Po Sun pletion in 2023, at an estimat- Marina One Material in The Edge Property information technology, ship- Megamall set to open Kok, chairman of Pollux Group. ed total development cost of Co-working operator JustCo is may not be reproduced in any form without the written ping and trading sectors, says on Batam island, According to the company, £140 million. CDL expects an piloting a “tech-enabled mod- permission of the publisher Rimon Ambarchi, executive di- Indonesia 95% of the first three towers annual net yield of 5%. ern workspace” at its Marina rector of industrial and logis- Pollux Mall Batam is set to open of Wunderbar Residences have The site is a 10-minute walk One space.

We welcome your comments tics services at CBRE, which is on Batam island, Indonesia. been sold and the final tower to Leeds Train Station, and two Through the JustCo App, and criticism: propertyeditor.sg@ marketing the property. The 860,000 sq ft megamall will be launched by end-March. kilometres to Leeds’ city cen- members will be able to book bizedge.com The property is located near is a part of the Meisterstadt Bat- tre. Leeds is two hours by train meeting rooms, manage guest the Ayer Rajah Expressway, am project, which will cover CDL buys prime freehold from London. invitations, and use a smart lock Pseudonyms are allowed but please state your full name, while Redhill MRT Station is over 8.6ha of land. The project site in Leeds, the UK, for to access meeting rooms. The address and contact number for 19 minutes away by foot. will also include eight residen- $27.5 mil Katong Plaza relaunched new mobile interface will allow us to verify. tial towers, a hotel, a hospital, Singapore-listed property group for collective sale at members to locate the nearest WeWork opens new space and a 350m-tall, 100-storey of- City Developments Ltd (CDL) $188 mil available meeting room, work in Jalan Besar fice building. has purchased a freehold site Katong Plaza has been re- desk, or a fellow colleague Co-working operator WeWork Pollux Habibie Internation- in Leeds, the UK, from Alpha launched for collective sale through an internal GPS system. has launched its latest space al, the company overseeing the Real Trust for £15.4 million at an unchanged asking price JustCo is partnering Aruba in ARC 380, a mixed-use com- project, aims to complete the ($27.5 million), or £80 psf. of $188 million, or $1,968 psf for the pilot. Aruba is a Hewl- mercial development at 380 construction of four residen- This marks an expansion by per plot ratio. The price in- ett Packard Enterprise company Jalan Besar. tial towers at Wunderbar Resi- CDL into the UK private rent- cludes a development charge providing IT solutions. – Com- WeWork 380 Jalan Besar is dences this year. The mall will ed sector. of $13 million. piled by Charlene Chin E WeWork’s first location out- be completed by the second The site at Monk Bridge Katong Plaza is on a site side the CBD, and also the quarter of 2020, and visitors spans 193,752 sq ft, and will zoned for commercial and res-

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WeWork 380 Jalan Besar is WeWork’s first location outside the CBD Katong Plaza occupies a site of 34,044 sq ft zoned for commercial and residential use Each Office is Independently Owned And Operated. EDGEPROP | MARCH 11, 2019 • EP3

PROPERTY OF THE WEEK One Draycott prices at an average of $3,500 psf, targets young buyers

SELANGOR DREDGING | BY AMY TAN | room apartments spanning 18 storeys with and visitors will be welcomed by a pangolin sizes ranging from 732 to 1,346 sq ft. There sculpture. The scales of the pangolin are hand- he Ardmore Park area is synonymous with are four penthouses on the 18th floor: two of cut by Italian stonecutters. sizeable luxury apartments. Four-bedroom them are sized at 1,238 sq ft each and the oth- Each apartment will also be fitted with a Tunits at the landmark Ardmore Park con- er two are 1,346 sq ft each. handcrafted Lucerne stone wall installation at do where sizes are 2,885 sq ft each have been Launched in June last year, the units are the main entrance and oak facet installations. changing hands at prices from $9.68 million priced at an average of $3,500 psf. “One Dray- Units also come with a private lift lobby and a ($3,356 psf) to $9.9 million ($3,432 psf), based cott has been designed with young and affluent fully enclosed kitchen. The project is expect- on caveats lodged. The freehold, 330-unit Ard- buyers in mind,” SDB says in a press release. ed to be completed in 2022. more Park is 18 years old. Based on caveats lodged with URA Realis, One Draycott is located within walking dis- New developments such as Wing Tai Hold- three units have been sold since its launch. tance to the Orchard Road shopping belt as well ings’ Le Nouvel Ardmore, with unit sizes from One of the 1,346 sq ft penthouses was the as The American Club and Tanglin Club. It is 3,800 sq ft, are priced from $15 million; and first to be sold last June, fetching just below SDB’s sixth project in Singapore. SDB’s oth- the largest penthouse of 13,573 sq ft fetched $3.5 million ($2,599 psf). A 732 sq ft unit on er projects in the prime districts of Singapore $51 million ($3,757 psf) in 2015. The pent- the ninth floor went for $2.7 million ($3,689 include boutique developments Jia on Wilkie house was purchased by Alibaba co-founder psf) in July, while a 797 sq ft unit on the sev- Road in the Mount Sophia area in District 9; and former president of Taobao, Sun Tongyu. enth floor was sold for close to $2.55 million Hijauan on Cavenagh Road, near the Istana Meanwhile, Facebook co-founder and one ($3,196 psf) in October. in District 9; and Gilstead Two in District 11. of Singapore’s richest men, Eduardo Saver- The development is designed by London SDB’s origin was as a tin mining company in, paid $60 million for the 10,300 sq ft super architect CarverHaggard in collaboration with before it began diversifying its business in the penthouse at SC Global’s ultra-luxury, 34-unit British artists Anna and David Hiscock. The early 1980s. It went into hardware manufactur- Sculptura Ardmore. latter’s portfolio includes projects such as the ing and retail manufacturing of tyre rims before At One Draycott, located on Draycott Drive, 1992 Barcelona Olympics and the Egyptian consolidating in 2004. The company is now fo- One Draycott is located within walking distance just off Ardmore Park, Malaysian property de- Hall of the British Museum. cused on property development, although it is to the Orchard Road shopping belt as well as The veloper Selangor Dredging Bhd (SDB) is offer- Hiscock’s art will feature prominently at also involved in hotel management. E American Club and Tanglin Club ing an alternative: 64 units of petite two-bed- One Draycott. At the lobby entrance, residents

PROPERTY LAUNCHES The Florence Residences captures 54 sales during launch weekend

SRI | BY CECILIA CHOW | past four weeks, says Gafoor. The pick-up in transactions at the 1,052- ver the weekend of March 2-3, a total of unit Affinity at Serangoon and the 613-unit 200 units were released at The Florence The Garden Residences could be largely at- OResidences located at Hougang Avenue tributed to the Jan 25 announcement of the 12 2. Of the figure, 54 units were snapped up. stations on the first phase of the Cross Island “That’s close to 30% sales,” says CB Chng, Line. One of the 12 upcoming stations on the Logan Property's executive director. line is Serangoon North, where one of the ex- “Buyers these days are more cautious with its is located just 350m from Affinity at Seran- their purchases and they would sometimes re- goon, and 532m from The Garden Residences. quire a longer time to consider all factors,” adds Since its launch last June, 460 units (43.7%) Chng. “First-time buyers need time to famil- at Affinity at Serangoon have been sold. Last iarise themselves with the project.” weekend (on March 2-3), 30 units were sold. A redevelopment of the former Florence The average price achieved at Affinity at Seran- Regency privatised HUDC estate, the 1,410- goon is $1,475 psf. Crowd at the balloting of units at The Florence Residences during the March 2-3 weekend unit The Florence Residences is considered “The recent announcement on the MRT sta- the first launch of a “mega project” – above tions of the Cross Island Line has been a key 45% sales to date. The average price achieved “We believe that our target audience will re- 1,000 units – in 2019. factor,” says Eugene Lim, director of market- is said to be $1,558 psf. “Buyers are attracted alise the investment potential, with the fu- The Florence Residences “is priced appropri- ing and sales, Oxley Holdings, which is part to the city fringe location and strong product ture Cross Island Line just a six-minute walk ately” at an average of $1,450 psf. Some units of a consortium of developers for Affinity at offering designed by WOHA,” says Jesline Goh, away via Hougang MRT Interchange. We are have prices starting from below $1,400 psf. Serangoon and Riverfront Residences. “Some chief investment and asset officer, UOL Group. confident of the project’s attributes, from agents have also reported that, having viewed Developers of some projects launched in the conceptualisation of the architecture and Challenges facing developers other recent launches, some buyers have re- late 2017 and 2018 also raised the commis- landscape design, to the creation of a fulfill- One of the biggest challenges that developers turned as they prefer our project in terms of sion rates offered to agents from 1-2% to a ing lifestyle for our residents.” face today is that “buyers have a lot of choices design and finishes.” range of 3-5% in order to move the remain- Developers have traditionally focused on between new launches and already launched Two other projects that were launched last ing units, according to property agents who sales at the launch weekend. “It’s going to be projects”, according to Ismail Gafoor, CEO of year – the Riverfront Residences, on July 5 (the declined to be named. This motivated agents a long-drawn battle in today’s market,” says PropNex Realty, one of five appointed joint mar- eve of the imposition of the property cooling to divert prospective buyers over to those pro- Ken Low, managing partner of SRI. keting agencies for The Florence Residences. measures), and The Tre Ver, in August – also jects, they add. With at least 50 new projects slated for The others are ERA, Huttons Asia, OrangeT- saw a steady pick-up in sales momentum. launch this year, developers will have to change ee & Tie and SRI. At the 1,427-unit Riverfront Residences, 35 Setting itself apart their strategy, notes PropNex’s Gafoor. “Instead In January and February this year – pri- units were sold last weekend, bringing total “Some of these other projects in the vicinity of placing all their advertising and promotion or to the launch of The Florence Residences sales to date to 935 units (65.5%). Average were launched as early as April 2018 and var- budgets on the launch weekend and focusing – there were no significant suburban projects price of units sold is $1,350 psf. “Sales have ied marketing strategies have been used," notes all their fire power on the first weekend of launched. As such, four neighbouring pro- been very encouraging,” says Oxley’s Lim. Logan Property’s Chng. However, he reckons launch, they will have to pace their advertis- jects in the Serangoon-Hougang areas -- Af- The Tre Ver also saw “good sales momen- that The Florence Residences will be able to ing and promotion over the long term. On-the- finity at Serangoon, The Garden Residences, tum” in the first two months of 2019. The 729- set itself apart from the other projects. ground marketing has also become crucial.” The Tre Ver and Riverfront Residences -- gar- unit condo located at Potong Pasir Avenue 1, The Florence Residences is served by two – This story first appeared on EdgeProp.sg on nered sales totalling about 200 units over the launched last August, has achieved close to well-connected MRT stations, points out Chng. Monday, March 4, 2019 E EP4 • EDGEPROP | MARCH 11, 2019

MARKET TRENDS

The growth of wealth in Asian cities was most prominent with cities such as Hong Kong (pictured), Beijing, Singapore, Seoul and Shanghai taking up the top ten spots

Hong Kong and Singapore place top five in Knight Frank’s city wealth ranking

| BY AMY TAN | considers factors such as innovation indicators, wealth forecasts, economic growth and ong Kong and Singapore were placed infrastructure. Cities that embody these char- in the top five spots in Knight Frank’s acteristics are Bengaluru, Hangzhou, Stock- The Wealth Report 2019 released on holm, Cambridge and Boston. March 6. The global ranking rates Knight Frank expects that among them, Ben- cities according to three categories: galuru will see the fastest growth over the next Hwealth, investment and lifestyle. five years. Citing Oxford Economics data, the Despite Brexit concerns, London clinched report states that the city’s real GDP could grow the top spot overall, replacing New York which by almost 60% in the next five years. Known was in first place last year. This year, New for its technology sector, Bengaluru is home to York was ranked second overall, followed by companies such as Microsoft, Hitachi, Samsung, Hong Kong and Singapore in third and fourth Flipkart, Infosys and Wipro. places respectively. Elsewhere, Hangzhou’s transport, storage, in- When it came to individual categories, the formation and communication services sectors growth of wealth in Asian cities was most have more than doubled in the past five years. prominent with cities such as Hong Kong, This is anticipated to grow another 46% over Beijing, Singapore, Seoul and Shanghai tak- the next five years, according to data from Ox- ing up top ten spots. ford Economics. In addition, companies there The report predicts that between 2018 and are following in the footsteps of Alibaba which 2023, Asian cities are likely to see the fastest was founded there. There are now 26 tech com- growth in the number of ultra-high net worth panies with a valuation in excess of US$1 bil- individuals (UHNWIs). This is categorised as lion in the city. E London clinched the top spot overall, replacing New York which was in first place last year individuals with net assets of US$30 million ($40 million) or more. However, when it came to attracting property investment worth US$10 million or more by individuals or family offices, North Ameri- can cities still dominated, with New York, Los Angeles, Washington DC and Chicago occupy- ing top spots in this category. In the Asia-Pa- cific region, Hong Kong, Sydney and Singapore were also in the top ten. “The rise of the Asian-Pacific middle class will be a major driving force for growth and over the coming decade, ensuring that the region will offer an attractive proposition for investors,” says Nicholas Holt, head of research at Knight Frank Asia Pacific. Meanwhile, the lifestyle category takes into account factors that would influence buyers to purchase homes in a city. Education, security and luxury indicators, including the number of five-star hotels and leading restaurants, were the most important key decision influencers. London was first in this category with its tertiary education offerings and five-star hotels, sharing the top spot with Singapore. Hong Kong and Tokyo were ranked fourth and fifth respectively. Looking ahead, Knight Frank also considered cities that are likely to be magnets for future property investment. The selection EDGEPROP | MARCH 11, 2019 • EP5 EP6 • EDGEPROP | MARCH 11, 2019

CO-WORKING

The Work Project has unveiled MARK, a luxury business club only for C-suite executives in Capital Tower TWP The Work Project moves towards flexible workspaces with business club amenities

| BY TIMOTHY TAY | Joint venture with CapitaLand gapore has expanded to 90,000 sq ft, says Lee. Core-flex model In October last year, CapitaLand invested $27 In May, TWP will open a 12,000 sq ft co-work- While growth of the co-working industry was o-working operator The Work Pro- million for a 50% stake in TWP, which at the ing space at Great World City in partnership with initially spurred by demand from start-ups, ject (TWP) has opened a new, 44,132 time ran two co-working spaces in Singapore Allgreen Properties, which owns the mixed-use most corporates have embraced it as part of sq ft exclusive business club on the and another in Hong Kong. TWP still manag- commercial development that includes a shop- their flexible workspace strategy. Unlike start- 20th floor of Capital Tower on March es those spaces: in Singapore, they are the flag- ping mall, office tower and serviced residences. ups, corporates are less focused on the net- 4, named MARK. It accompanies a ship 24,000 sq ft space in OUE Downtown and According to Lee, the tenants in the office tow- working opportunities offered by co-working C19,375 sq ft Innovation Hub on the 24th lev- a 5,000 sq ft space in Park View Square; and in er at Great World City comprise a wide mix of spaces. “One of the things about our custom- el of the tower, with venues for workshops, Hong Kong, a 36,000 sq ft space at Causeway Bay. companies from shipping, to oil & gas and phar- er group is that privacy is very important to training and conferences of up to 120 people. Since the collaboration, TWP has opened a maceuticals industries. “The community there them,” observes Lee. “The [opportunity] to On top of demand for conventional office space 41,000 sq ft co-working space at Asia Square is very different from Asia Square and Capital network is good, but too much is considered and a growing requirement for sizeable flexible Tower 2 in Marina View in addition to the new Tower, and their needs will be very different,” bad sometimes.” workspaces, corporate tenants want amenity space at Capital Tower. “We're very fortunate he observes. Just as it has done at Capital Tow- According to him, corporates are keen to spaces like MARK, says Junny Lee, founder and to have partnered with CapitaLand, because we er, TWP intends to conduct “character studies” move into flexible workspaces mainly due to CEO of TWP. “Through discussion and survey found a partner where our strategic goals are to help elevate the eventual user experience of cost savings. “Technology has also enabled of our customers, we found that there is an un- completely aligned,” says Lee. the office-occupiers at Great World City. work to be more mobile and there is no reason met need from senior executives to have an ex- According to CapitaLand, Capital Tower and The new space in Great World City will have why offices have to occupy as much space as clusive and private gathering space,” he adds. Asia Square 2 would be the first two of its com- 240 desks, and 40% of the total workspace has before. Corporate businesses have become sen- Created in collaboration with award-win- mercial properties in Singapore to offer its “of- already been pre-committed. sitive to how much footprint they really need.” ning design studio Hassel, MARK offers a va- fice of the future” ecosystem. This entails go- Today, TWP has 180,000 sq ft of flexible To this end, a typical corporate may still riety of luxury spaces that TWP envisions sen- ing beyond traditional property management to workspace under its portfolio in Hong Kong sign a long-term lease for 100,000 sq ft but ior corporate executives may need throughout providing more value-add solutions and com- and Singapore. Lee reckons the company is the combine this with a lease for 50,000 sq ft of their workday. There are a selection of private munity experiences for its office tenants, says fourth largest co-working operator in Singapore. flexible space that they can adjust according rooms with custom-designed furniture that can Lynette Leong, CEO of CapitaLand Commercial. A majority of the clients are companies engaged to their business needs, he states. be used to host business meetings, exclusive The partnership with TWP will support Cap- in professional services, asset and hedge fund This scenario would usually require the ten- events or celebrations. itaLand in achieving this transformation. “The managers as well as law firms. In Capital Tow- ant to approach two different providers; the TWP has also partnered with Proof & Co business club and the shared working spaces by er, some tenants who have already moved in in- landlord would offer the “core” conventional to offer a complimentary F&B menu at MARK. The Work Project enhance CapitaLand’s core of- clude: specialist communication agency Spur- lease, while a co-working operator provides “This is a club exclusively to the C-suites and ferings and provide our tenants with excellent wing Communications, fintech investment firm the flexible space. senior execs of CapitaLand’s customers in Cap- additional options,” adds Leong. Forum Capital, as well as digital asset exchange As such, the partnership between TWP and ital Tower,” says Lee. The joint-venture partners also acquired the Bibox Singapore. CapitaLand that operates under such a “core- In Capital Tower, monthly hot desk mem- co-working platform of local co-working opera- The company is looking to expand into other flex” model for CapitaLand’s commercial prop- bership rates will start from $395, while private tor Collective Works, which had entered into a key gateway cities in the Asia-Pacific region, spe- erties will be a “one-stop shop” that also of- offices from $800 per desk. In Asia Square 2, joint venture with CapitaLand to open a 22,000 cifically Tokyo, Sydney, and Melbourne where fers amenity spaces, says Lee. hot desks start from $495, with private office sq ft co-working space at Capital Tower in 2012. most of its key corporate clients are based, says “Capital Tower and Asia Square Tower 2 from $800 per desk. Lee. Other major cities in Southeast Asia such are the first two office buildings in Singa- C-Suite tenants within The Work Project Singapore expansion as Bangkok, Jakarta and Kuala Lumpur are “not pore to embrace core-flex offerings under and CapitaLand commercial properties will With the opening of the new spaces at Asia currently under serious consideration as most of this strategy, [and] more exciting offerings also enjoy a one-year complimentary access Square 2 and Capital Tower, and the acquisi- our major corporate clients do not have a mean- are in the pipeline,” says Leong of Capita- to MARK, based on an application process. tion of Collective Works, TWP’s footprint in Sin- ingful presence there yet”, he explains. Land Commercial. E

PICTURES: ALBERT CHUA/EDGEPROP SINGAPORE

“We're very fortunate to have partnered with CapitaLand, because we found a partner where our Most corporate clients that will move into the new space in Capital Tower are Corporate clients in Capital Tower want amenity spaces like MARK, where senior strategic goals are completely aligned," says Lee financial and professional services firms executives can have a private gathering space, says Lee EDGEPROP | MARCH 11, 2019 • EP7

SPOTLIGHT

The opening of the Capitol Kempinski Hotel Singapore was the missing piece to complete Capitol Singapore’s integrated development offering TWP PERENNIAL Capitol Kempinski Hotel – the missing link in place

| BY TIMOTHY TAY | likatessen and Berlin urban lifestyle-inspired sized from 2,100 to 3,380 sq ft. There are also ments like Eden Residences tend to appeal to restaurant and bar Freida, are also located two garden villas of 2,723 to 3,520 sq ft and Chinese property hunters today. “They appre- uests at Capitol Kempinski Hotel in Sin- within the hotel. penthouses from 4,080 to 6,470 sq ft. ciate new, completed developments where they gapore will instantly recognise the luxury Other new tenants at the Piazza include The last recorded transaction at Eden Res- can choose to move into immediately or to in- Ghotel’s brand ambassador, “the Lady in Taiwanese bubble tea retailer Tiger Sugar’s idences was for a 3,348 sq ft, four-bedroom vest in for the long term,” he observes. Red”, who ensures that hotel guests will have first outlet in Singapore, as well as optical unit on the ninth floor. It fetched $10.26 million This was the case at South Beach Residences, a memorable stay. store 999.9 and boutique jeweller SJC. ($3,065 psf) in December 2015. another 99-year leasehold luxury condo located The 157-room luxury hotel, soft-launched Global workspace provider IWG is also Today, four-bedroom units are priced from above JW Marriott Hotel, which was launched in October last year, was the missing piece to opening the Asian flagship location of its pre- $10.2 million, while three-bedroom-plus-study last September. It has sold about 55 units to complete Capitol Singapore’s integrated devel- mium workspace brand No18, at a 20,600 sq units are priced from $8.5 million. date. A lot of the buyers were said to be for- opment offering. The integrated project includes ft space on the second level of Capitol Piazza. Dominic Lee, head of PropNex Realty's lux- eigners, particularly Chinese, with some buy- the historical Capitol Theatre, the 39-unit Eden It is scheduled to be operational in September. ury team, says that completed luxury developing multiple units. E Residences Capitol and a four-level retail podi- At its FY2018 results briefing on Feb 13, um called Capitol Piazza, which is linked direct- Pua Seck Guan, CEO of Perennial Real Es- SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE ly to the City Hall Interchange MRT Station in tate Holdings, estimated that the reposition- the basement level. ing exercise will be completed by mid-2019. After operating for six months, Capitol Kem- According to DBS Research's Feb 14 report, pinski Hotel has achieved an average occupancy Perennial is “on the right track”. It is expect- rate of about 50%, with average daily room rates ed to achieve a yield of 4% to 5%, “compa- of around $500 a night, says DBS Research in rable to the market” over the next couple of its Feb 14 report on Perennial Real Estate Hold- years, given the changes and refurbishments ings, which fully owns the property. taking place in recent months. Perennial is in the middle of refreshing Perennial Real Estate Holdings has just re- the retail offerings in the retail mall. The launched Eden Residences. To date, 16 units repositioning exercise of Capitol Piazza is have been sold at an average price of $3,000 still ongoing, with the opening of new retail psf, says the DBS Research report. F&B concepts, such as new restaurant 15 Eden Residences was first launched in Oc- Stamford by Alvin Leung by the eponymous tober 2012, and was completed in 2015. It is Michelin-starred chef. Two Kempinski F&B a 10-storey, newly built luxury project with a concepts, German delicatessen Berthold De- mix of three- and four-bedroom apartments The historical Stamford House has the 624 sq ft Stamford Suite, one of four suite room types available at Capitol Kempinski Hotel IWG

Workspace provider IWG is leasing 20,600 sq ft in Capitol Singapore for its luxury co-working brand No18 EP8 • EDGEPROP | MARCH 11, 2019

COVER STORY

Genesis Indojaya's maiden project in Bali, Citadines Berawa Beach Bali, will be soft-launched on the weekend of March 9-10

GENESIS INDOJAYA Getting a foothold on the ‘Island of the Gods’ from $200,000 Genesis Indojaya, a property development group founded by Singaporeans Darren Chua and Remy Ng, is offering Singapore buyers first bite of an investment opportunity in Bali, with guaranteed rental returns of 5% per year over seven years

| BY CECILIA CHOW | with another 10 (including Citadines Berawa Kuta area is more touristy and caters to the I even wanted to name the property ‘Rainfor- Beach Bali) under development. mass market segment,” adds Lim. est @ Canggu’ initially.” ndonesia’s most famous island, Bali, has Citadines is The Ascott’s mid-tier brand, “We are hoping to start operations in The serviced residences at Citadines Be- suspended 468 international and domes- where rooms are slightly smaller relative to the 4Q2020,” says Ng, managing director of Gen- rawa Beach Bali range from studios to one- tic flights for 24 hours starting from 6am group’s upscale Ascott and Somerset brands. esis Indojaya. “We are already building the and two-bedroom apartments. Some are ad- on March 7 to mark the Day of Silence or The rooms under the Citadines brand are pre- foundation and we are going to start plumb- joining apartments for those who want bigger Nyepi, which is the New Year’s Day in the dominantly suites and one-bedroom apart- ing construction.” three- or four-bedroom units. A sole presiden- IBalinese Saka Calendar. ments. “As such, the Citadines brand is ide- The architectural firm for the design of the tial villa of 225 sq m (2,421 sq ft) with a pri- On this Balinese Hindu religious holiday, al for the Berawa Beach property as the area project and landscaping is El Colectivo Archi- vate pool will sit in one corner of the land. regular activities stop for a day – from the use mainly caters to the mid-market leisure trav- tectural Design Studio, whose principal part- of electricity and electronic devices as well ellers,” says Lim. The Berawa Beach property ners are Chilean architect Nico Caceres and Payment schemes and discounts as all forms of entertainment including trav- is also The Ascott’s first Citadines in Canggu. Spanish designer Kiko Tous. Prices start from about $230,000 for a 31 sq elling outside the house. Nyepi observances Another Citadines-branded property in Bali “We love greenery and nature, and it was m (333 sq ft) studio suite. The developer is for Balinese Hindus include meditation and is Citadines Kuta Beach Bali, which is current- one of our key design aspirations,” says Chua, offering buyers a guaranteed rental return fasting. Foreign visitors to Bali are expected ly operated under the franchise model. “The equity adviser of Genesis Indojaya. “Remy and (GRR) of 5% net per annum for seven years. to respect the religious observances. If anything, Nyepi amplifies Bali’s allure GENESIS INDOJAYA as a mystical place, with its temples, natural beauty and picture-perfect landscapes. For Singaporean developers Darren Chua and Remy Ng, co-founders of the Jakarta-based Genesis Indojaya, the March 9-10 weekend after Nyepi is therefore ideal to soft-launch in Singapore their maiden project in Bali – Cita- dines Berawa Beach Bali. Genesis Indojaya is the Indonesian developer of the 226-unit serviced residences located on a 17,800 sq m (192,000 sq ft) site at Berawa Beach, one of the beaches in the coastal village of Canggu. It is within just a 10-minute drive to the dining and shopping hub of Seminyak.

Managed by The Ascott The Ascott Ltd, hospitality arm of Singapore-listed property group CapitaLand, will manage the property on a 10-year management contract with an option for another 10 years. With 19 properties offering a total of 3,479 serviced residences, The Ascott is the biggest serviced residence operator in Indonesia, says Philip Lim, the firm’s country general manager. Cur- rently, nine of the properties are operational, The 226-unit serviced residences sit on a 192,000 sq ft site at Berawa Beach in the coastal village of Canggu EDGEPROP | MARCH 11, 2019 • EP9

COVER STORY

Three payment schemes will be made available this weekend, according to Ronald Lim, business development head at Huttons Inter- national, the international property agency of Huttons Asia. Huttons International will be marketing the Citadines Berawa Beach project this weekend. A buyer who opts for the full payment scheme will be entitled to a 15% discount on the purchase price, which brings the absolute amount to under $200,000. Those who opt for the progressive payment scheme will enjoy a 10% discount. Buyers who choose the seven-year payment scheme will enjoy a 5% discount. Those who book a unit over the weekend will have to pay a reservation fee of $2,000. A 30% downpayment on the purchase price is due within seven days. For the progressive Best friends Darren Chua (left) and Remy Ng set up Genesis Indojaya payment scheme, the balance 70% will be in 2012, with an Indonesian as a silent partner

payable according to the stage of construc- SINGAPORE CHUA/EDGEPROP ISAAC SAMUEL tion, similar to Singapore’s progressive pay- ments for a project under construction. For the seven-year payment scheme, the remain- ing 70% can be paid by monthly instalments Best friends turned business partners and from the rental returns generated. property developers in Indonesia Notarial lease for 80 years Genesis Indojaya is offering buyers a notarial lease of 80 years on their investment. “We | BY CECILIA CHOW | about $5 million, and that was before con- nance slant. “We structure our company such will have a notary public who will witness the struction costs, says Ng. Then, they met that each development has its own joint ven- signing of the lease and issue a notarial cer- riends since they met in Office Cadet up with an Indonesian friend from univer- ture partners,” he says. “Initially, a lot of in- tificate to the buyer,” says Chua. “It’s almost School (OCS) in 2004 and served in the sity. The Indonesian introduced them to vestors who met us were concerned because as good as a property title as it is prima fa- Fsame Armour unit during their National his friend, who has since become the third they saw us as just two young guys and rela- cie evidence that the buyer owns the proper- Service, Darren Chua and Remy Ng went on and silent partner in Genesis Indojaya. He tively inexperienced then." ty. This solves the problem of restrictions on to become housemates in Sheares Hall, one told them that they could buy land for a lot However, the deals were structured such foreign property ownership in Indonesia, in- of the six halls of residence at the Nation- cheaper in Indonesia. that their investors’ losses are minimised even cluding Bali.” al University of Singapore. Both enrolled in That led to Ng and Chua setting up Genesis in the worst-case scenario. It helped to devel- Many of the enquiries so far have been NUS Business School, but Chua did double Indojaya in 2012, with their Indonesian friend op projects in phases, with returns given back from Singaporean investors looking at the majors in Business and Law and therefore as a silent partner. The latter, who wants to to investors at the completion of each phase. rental return perspective, while others are graduated two years after Ng did. remain anonymous, has been instrumental in “With landed property – where buyers are interested in the prospect of capital appreci- “We have been buddies since our army helping them navigate the nuances of the In- predominantly local homeowners – the in- ation, says Huttons’ Lim. “Citadines Berawa days, and we have always chatted about donesian property market as well as opening vestors are shielded to some extent,” says Ng. Beach is located just 300m from the beach. what businesses we would like to do to- doors to the relevant government authorities Today, investors in Genesis Indojaya’s pro- The Canggu area is not as congested or built- gether,” recounts Chua. “It always felt right for them to get development permits and ap- jects include high net-worth individuals, in- up as Seminyak and Kuta. But there’s poten- for us as bros to explore working togeth- provals for their projects. vestors and property funds from China, Hong tial for capital upside.” er since we went through so much in the Ng took on the role of managing director Kong, Japan and Singapore. There are a lot of new developments com- army together.” of the firm, and relocated to Jakarta to helm The last two residential developments by ing up in Canggu. “When we first looked at What really cemented their friendship the business. Chua plays the role of equity ad- Genesis Indojaya in Jakarta were cluster hous- the site in 2016 and did our due diligence was a “four-day, three-night” mission train- viser of Genesis Indojaya, and his forte is in ing projects. One of them, Cinere Loft, drew and feasibility studies, there were just 20 to ing without any sleep. “We were paired drafting contracts and advising on the corpo- inspiration from the shoebox apartment phe- 30 F&B outlets,” says Genesis Indojaya’s Ng. up for the training exercise in OCS,” says rate structure as well as strategy. “I was do- nomenon in Singapore for a landed home con- “Today, there are about 100. The value of our Chua. They have been best friends since. ing mergers & acquisitions while at Rajah & cept – a double-storey house with a built-up land in Bali has also doubled from the time According to Chua, he will be turning 34 Tann and I loved it,” he says. area of about 60 sq m (646 sq ft). The per sq we purchased it.” in December, while Ng will be celebrating m price is higher but the absolute prices are his 34th birthday in May. Affordable homes from $60,000 each. “The target audience are Mid- to upper-scale segment: an Business ideas concocted while in uni- The first piece of land that Genesis Indojaya young couples, young families who can’t afford under-served niche versity included setting up a carwash, but purchased was the size of a soccer field and Jakarta metro prices,” says Ng. “These hous- According to Ng, Citadines Berawa Beach Bali that did not take off as they felt they could cost only $500,000, recounts Ng. It was locat- es are about a 45-minute drive from the city.” will be positioned as a serviced residence in notcompete with the industrious foreign ed in the outskirts of Jakarta, and developed Ng is also focusing on Transit Oriented De- the mid- to upper-scale segment. workers. The pair then set up a bubble tea into 10 townhouses. “We borrowed money velopment (TOD) projects – land near MRT The Ascott's Lim is expecting blended aver- stall while Chua was still doing his bar ex- from friends and family members,” he says. stations because Indonesia’s first MRT system age room rates at the Citadines Berawa Beach ams. But they found themselves manning “We told them that we couldn’t guarantee is going to start running this year. “We’re look- Bali to be about Rp1.1 million ($106) per night the stall and scooping tea for customers on that they would get their money back but we ing at plots within 1km of an MRT station,” for a studio unit. Besides catering to leisure weekends. After six months, they sold the offered them a 30% return – at 10% per an- he says. “Land prices right next to an MRT travellers, he expects the property to appeal to business to a friend. They barely broke even num – over 2 ½ years.” station are priced at a premium. That’s why domestic tourists and business travellers, which on that first business venture. They raised the equity to purchase the land we are looking further away. In the outskirts, is fast-growing market with rising affluence. Ng graduated from NUS Business School in 2013 and were able to double the money for people don’t mind living a little further away The resorts in the Canggu area are either in 2009 and went to work in property con- their friends and family members who had fi- from the MRT stations, say 600-800m away, small, locally managed resorts in the low- sultancy Knight Frank Singapore. Chua did nanced their first project, says Chua. which is a 6- to 10-minute walk.” er-tier segment or luxury properties, such his pupillage and worked at Rajah & Tann – When the first project was completed in as Singapore-listed Hotel Properties Ltd’s one of Singapore's largest law firms – from 2015, they rolled over the money into their Aiming high Como Uma Canggu or Haven Suites Bali Be- 2011 to 2013. second residential development, Jayana Vil- So far, their biggest development in terms rawa located adjacent to Citadines Berawa las – a terraced housing project with 57 units of gross development value is the Citadines Beach. While Haven Suites, which is in the Aspiring property developers sitting on a 7,000 sq m (75,348 sq ft) site, and Berawa Beach Bali, at about US$40 million 4.5-star category, has room rates upwards of Even as they were pursuing their respective also located in the outskirts of Jakarta. “Our ($54 million). $180 a night, Como Uma Canggu is priced careers, they still held on to the dream of be- target audience was the local middle- and up- The entire portfolio of seven projects – one from $300 a night. ing entrepreneurs and going into business to- per-middle-income homebuyers,” says Ng. The in Bali and six in Jakarta – is worth US$50 “The mid- to upper-mid-tier segment in gether. “We contemplated going into property houses were therefore priced at the equivalent million to US$60 million, estimates Chua. Canggu is currently under-served, and the development, but you know how expensive of $110,000 to $130,000 each. “On our way to a meeting, we passed Citadines Berawa Beach Bali fills that niche,” land is in Singapore,” says Ng. “The cheap- “What differentiated us from the big main- the Kampong Java site that Chip Eng Seng says Alice Tan, director of residential project est piece of land we could find was in an op- stream Indonesian developers was that we bought for $418.8 million in January,” says marketing, Knight Frank. portunity to develop a pair of semi-detached were able to develop our projects at a slight- Chua. “Our entire portfolio is worth just a The property is located just opposite Potato houses on Casuarina Road in Yio Chu Kang or ly lower cost and yet produce better quality fraction of that.” Head Beach Club, one of the top beach clubs somewhere in Pasir Ris. We didn’t want to de- products,” Ng adds. However, the duo is hoping to list their in Bali. Another beach club consistently vot- velop anything more than four units because company on the Singapore Exchange some- ed among the top two in Bali is Finns Beach that would mean we would have to apply for Investment structures day. “We would love to list in Singapore be- Club, which is also located near Citadines a developer’s licence.” Chua, who helped structure the deals, says the cause of the familiarity and because it’s the Berawa Beach. In the Canggu area, there’s However, the land alone would have cost approach they took was from a corporate fi- nexus for the region,” says Chua. E CONTINUES ON PAGE EP10 EP10 • EDGEPROP | MARCH 11, 2019

COVER STORY

BLOOMBERG

One of the key attractions of Bali is the sunset view from the beaches of Kuta, Seminyak and Canggu

FROM PAGE EP9 of Chinese visitors to 3.5 million this year. According to Genesis Indojaya’s Chua, the able to enjoy the facilities of the property. also Vue beach club at the pool area of Lv8 “The strength of the tourism market is set intention is to set aside part of the returns for The utilisation of the room nights will Resort Hotel. Café Del Mar, the famous Ibi- to grow further,” says Knight Frank’s Tan. maintenance of the property. “Our specific in- be awarded based on a point system, Lim za lifestyle club, will open in Bali later this “The full potential of the spending power of struction is to fully utilise the maintenance adds. Owners will be given 30 points. Dur- year, and will be just a five-minute drive from the Chinese tourists has yet to be unleashed.” budget; otherwise, after six to seven years, if ing the off-peak season, one point is equiva- Citadines Berawa Beach resort, says Genesis Average occupancy rates in Bali dipped a property isn’t well maintained, it will start lent to one night’s stay in an apartment of a Indojaya's Ng. 1% to 67% as of July 2018, compared to Ja- to show.” similar size within the property. During the “One of the key attractions of Bali is the karta, which saw occupancy rates increase The Citadines Berawa Beach Bali is offering peak season, one night’s stay is equivalent sunset view from the beaches of Kuta, Sem- by 3.8% to 62% over the same period, ac- a 5% net return per annum for seven years, to six points. “The points are also transfer- inyak and Canggu,” says Knight Frank’s Tan. cording to hospitality consultancy HVS in its “which is attractive because most projects typ- rable to your friends and family members, to “And beach clubs like Finns Beach Club tru- Asia-Pacific Market Snapshot 2018 released ically offer GRR of just three years”, says Hut- enable them to enjoy a slightly lower room ly stand out. It’s also very near the Citadines on Nov 7, 2018. However, Bali, buoyed by the tons’ Lim. “Bali is an international tourist desti- rate,” says Lim. Berawa Beach.” entrance of new products, saw room rates in- nation and the average occupancy rate is about This weekend, the Citadines Berawa Beach crease by 5.4% last year, while room rates in 70%. If you’re looking at an average room rate Bali will be showcased at The Great Room at Riding on the strength of the tourism Jakarta remained stable. of $100 a night, the returns are reasonable.” Ngee Ann City Tower B, Level 22-01. Genesis market “The outlook for Bali remains positive in Investors in the Citadines Berawa Beach Indojaya is also planning to showcase the Bali Bali was ranked the world’s No. 1 travel des- 2019, with stable occupancy rates and slight Bali property are assured that their serviced project in Australia, Bangkok, China, Hong tination in the TripAdvisor Travellers’ Choice increase in room rates due to new hospitali- residences will enjoy the same consistent Kong and Macau. Awards in 2017 and No. 4 in 2018 – after Par- ty products,” says Chee Hok Yean, HVS pres- management quality as any other Ascott-man- The duo at Genesis Indojaya was initial- is, London and Rome. Tourist arrivals in Bali ident for Asia-Pacific. aged property, emphasises The Ascott’s Lim. ly a little worried about the perception of totalled more than 6.51 million last year, up Bali tourism figures showed that in De- He was involved in the design of the proper- GRR in the hospitality industry: there have by more than 10% y-o-y from 2017. The tar- cember, Austalia was once again the biggest ty, the layout of the serviced residences, the been cases where the returns were inflated get this year is 6.8 million visitors. tourist contributor, followed by China, In- planning of the facilities and common areas and built into the selling price, developers For decades, Australians had taken the dia, Malaysia and Singapore. In fact, visitors from the inception stage to ensure that the offered a buyback guarantee but never ful- lead as the biggest group of tourists to Bali. from Singapore showed the biggest month- property is consistent with the brand. “To us, filled their promise, and projects never got But they were overtaken by the Chinese for on-month jump of 97.4% from November. fire safety is a primary concern, and Genesis off the ground. the first time in 2017. Chinese visitors to Bali Indojaya has been very cooperative in com- However, the Citadines Berawa Beach Bali vaulted from 987,000 in 2016 to 1.39 mil- Canggu: an ‘up-and-coming area’ plying with our requirements.” project is already fully equity-funded, says lion in 2017, while Australian visitors dipped “Citadines Berawa Beach is located in Cang- Chua. “For us, we’re doing it the Singapo- from 1.14 million to 1.09 million over the gu, an up-and-coming area,” says Chee of ‘Sustainable returns’ rean way, and we’re very transparent. The same period. HVS. “Whether it will do well will depend Given Bali’s positioning and its location on 5% return is really 5% net return after VAT According to Indonesian Minister of Tour- on the selling price and the monthly mainte- Berawa Beach, Huttons International's Lim [value-added tax].” ism Arief Yahya in an interview in January, nance cost. It’s a competitive product. While believes that the project offers “sustainable Ng adds: “We’re pricing the units at very Indonesia welcomed 2.6 million Chinese vis- Canggu is a fairly residential area, there are returns over the longer-term and will have digestible sums from $200,000 for a studio of itors in 2018, and Bali was the No. 1 destina- increasingly more commercial developments, resale potential”. Beyond the GRR investment 31 sq m. We think it’s a palatable amount for tion. Indonesia aims to increase the number with several beach clubs nearby.” period of seven years, investors will also be the average emerging affluent investor.” E

PICTURES: GENESIS INDOJAYA

The architectural fir for the design of Citadines Berawa Beach Resort and landscaping is El Colectivo, whose principal partners are Chilean architect Nico Caceres and Spanish designer Kiko Tous Prices start from about $230,000 for a 333 sq ft studio suite EDGEPROP | MARCH 11, 2019 • EP11 EP12 • EDGEPROP | MARCH 11, 2019

DONE DEALS

Unit at The Sea View fetches $1,900 psf

PICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE | BY TIMOTHY TAY |

he URA Realis caveats lodged for the week of Feb 19-26 have thrown up some inter- Testing transactions, particularly of older condos in prime District 15. One such transaction was at The Sea View, which was also the most profitable deal for Feb 19-26 (see Gains & Losses Table on EP15). This was for a 1,410 sq ft, three-bedroom unit on the 21st level of one of the 23-storey blocks in the condo project on Amber Road. It fetched $2.68 million ($1,900 psf). The previous owner had purchased the unit when the project was first launched in 2005, and paid just $1.22 million ($867 psf), accord- The sale of a three-bedroom unit in The Sea View on Feb 25 was the most prof- A three-bedroom unit at Hawaii Tower was sold recently for $2.7 million ing to a caveat lodged then. Hence, the owner itable transaction from Feb 19 to 26 ($1,206 psf) had seen the price of the property more than double over the past 14 years. coming high-end condo in the vicinity is the hold site of 192,340 sq ft. The condo had made Co, which purchased the former Nanak Man- Another unit at The Sea View also changed redevelopment of the former Amber Park con- a third collective sale attempt in 2010, with an sion en bloc, are planning to launch the new hands in February: It was for a 1,647 sq ft, do by City Developments Ltd. asking price of $700 million. Owners at Hawaii luxury, 56-unit project called MeyerHouse, four-bedroom unit on the sixth floor of a neigh- “The private resale condos in the Amber Tower had made a fourth collective sale attempt sometime in 2Q2019. The project will feature bouring block that went for $3.05 million ($1,852 Road and Meyer Road area in District 15 are in 2017, but it did not materialise. large units, with three-bedroom apartments psf). The previous owner had purchased it in a likely beneficiaries of the stiff competition The units at Hawaii Tower are large, with from 1,850 sq ft; four-bedroom apartments resale for $2.8 million ($1,700 psf) in April 2011. among expected new launches this year,” typical units ranging from 2,230 to 2,250 sq above 3,000 sq ft; and penthouses from 5,200 Hence, the capital appreciation was just 8.9% says Eugene Lim, key executive officer of ft. There are also six penthouses of 4,390 sq ft sq ft. Prices have yet to be disclosed. Howev- over the eight-year holding period. ERA Realty. “There are usually some spill- each. Owners enjoy views of either the quiet er, UOL has indicated that it will be positioned The 546-unit project was developed by Whee- over effects from new launches which tend bungalow neighbourhood on one side or un- as a luxury project, equivalent to its Nassim lock Properties and completed in 2008. When to draw attention to the area.” obstructed views of the sea and Marina Bay Park Residences. The Sea View was first launched in mid-2005, Meanwhile at Hawaii Tower on Meyer on the other. “Buyers today have to consider factors like units were sold at an average of $773 psf, based Road, a 2,239 sq ft, three-bedroom unit on In the Meyer Road neighbourhood, sever- the relatively higher selling prices at new pro- on caveats of transactions from June to Sep- the sixth floor of one of the blocks changed al condos were successfully sold en bloc in the jects - a consequence of competitive land bids tember 2005. hands for $2.7 million ($1,206 psf), based area in 2017. They were the former Albracca, in 2017 and 2018,” observes ERA’s Lim. “Some In the Amber Road neighbourhood to- on a caveat lodged on Feb 21. The previous which was launched recently as One Meyer by property hunters have turned to older prop- day, new, freehold projects include the 92- owner bought it in 1995 for $1.39 million Sustained Land. The 66-unit new condo features erties in the area because the older develop- unit boutique development, Nyon at 12 Am- ($621 psf). He had seen the property double compact two- and three-bedroom units of 614 to ments have larger unit sizes. As they are buy- ber Road, which features units priced in the in value over the past 24 years. 1,033 sq ft with indicative prices in the $2,500 ing these units at a lower price psf, and as the $2,300 to $2,400 psf range, and was launched Completed in 1984, Hawaii Tower is a 135- to $2,700 psf range. units are intended for their own stay, they have over the weekend of March 2-3. Another up- unit private condo sitting on a sprawling free- Meanwhile, UOL Group and Kheng Leong also budgeted in renovation costs." E

Residential transactions with contracts dated Feb 19 to Feb 26 LOCALITIES DISTRICTS Singapore — by postal district LAND AREA/ UNIT City & Southwest 1 to 8 FLOOR AREA TRANSACTED PRICE TYPE OF Orchard/Tanglin/Holland 9 and 10 PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) COMPLETION DATE SALE Newton/Bukit Timah/Clementi 11 and 21 District 5 Balestier/MacPherson/Geylang 12 to 14 BLUE HORIZON Condominium 99 years February 19, 2019 936 992,000 1,059 2005 Resale East Coast 15 and 16 BOTANNIA Condominium 956 years February 25, 2019 1,302 1,590,000 1,221 2009 Resale Changi/Pasir Ris 17 and 18 CHELSEA VILLAGE Terrace Freehold February 22, 2019 2,648 3,750,000 1,415 1991 Resale Serangoon/Thomson 19 and 20 DOVER PARKVIEW Condominium 99 years February 21, 2019 969 1,028,000 1,061 1997 Resale West 22 to 24 KENT RIDGE HILL RESIDENCES Apartment 99 years February 24, 2019 474 815,000 1,721 Uncompleted New Sale North 25 to 28 THE INFINITI Condominium Freehold February 19, 2019 1,302 1,371,188 1,053 2008 Resale THE ROCHESTER RESIDENCES Apartment 99 years February 26, 2019 1,701 2,500,000 1,470 2011 Resale THE TRILINQ Condominium 99 years February 22, 2019 1,701 1,850,000 1,088 2017 Resale WHISTLER GRAND Apartment 99 years February 22, 2019 958 1,291,140 1,348 Uncompleted New Sale WHISTLER GRAND Apartment 99 years February 23, 2019 1,066 1,439,370 1,351 Uncompleted New Sale WHISTLER GRAND Apartment 99 years February 24, 2019 1,270 1,583,550 1,247 Uncompleted New Sale District 8 KENTISH COURT Apartment 99 years February 19, 2019 1,087 1,050,000 966 1999 Resale PENHAS ROAD Apartment Freehold February 22, 2019 1,012 1,140,000 1,127 1999 Resale District 9 8 SAINT THOMAS Condominium Freehold February 19, 2019 807 2,650,000 3,283 2018 Resale CAVENAGH GARDENS Apartment Freehold February 20, 2019 1,550 1,900,000 1,226 Unknown Resale ESPADA Apartment Freehold February 21, 2019 689 1,448,000 2,102 2013 Resale OLEANAS RESIDENCE Condominium Freehold February 25, 2019 1,141 1,700,000 1,490 1999 Resale RV ALTITUDE Apartment Freehold February 19, 2019 624 1,732,000 2,774 Uncompleted New Sale RV ALTITUDE Apartment Freehold February 19, 2019 624 1,784,000 2,858 Uncompleted New Sale RV ALTITUDE Apartment Freehold February 19, 2019 624 1,862,000 2,982 Uncompleted New Sale RV ALTITUDE Apartment Freehold February 21, 2019 635 1,807,000 2,845 Uncompleted New Sale LAND AREA/ UNIT RV ALTITUDE Apartment Freehold February 22, 2019 624 1,799,000 2,882 Uncompleted New Sale FLOOR AREA TRANSACTED PRICE TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) COMPLETION DATE SALE RV ALTITUDE Apartment Freehold February 23, 2019 570 1,587,000 2,782 Uncompleted New Sale THE PEAK @ CAIRNHILL II Apartment Freehold February 22, 2019 829 2,444,000 2,949 2015 Resale District 1 TOWNHOUSE APARTMENTS Apartment 99 years February 26, 2019 2,368 2,388,000 1,008 Unknown Resale ASCENTIA SKY Condominium 99 years February 20, 2019 1,012 1,500,000 1,482 2013 Resale District 10 EMERALD PARK Condominium 99 years February 19, 2019 926 1,210,000 1,307 1993 Resale 3 CUSCADEN Apartment Freehold February 23, 2019 764 2,722,000 3,562 Uncompleted New Sale MARGARET VILLE Apartment 99 years February 20, 2019 915 1,598,086 1,747 Uncompleted New Sale 3 CUSCADEN Apartment Freehold February 24, 2019 452 1,580,000 3,495 Uncompleted New Sale MARGARET VILLE Apartment 99 years February 23, 2019 657 1,215,004 1,850 Uncompleted New Sale D’LEEDON Condominium 99 years February 21, 2019 1,356 2,250,000 1,659 2014 Resale MERINO CRESCENT Detached Freehold February 25, 2019 4,672 5,550,000 1,187 Unknown Resale FOURTH AVENUE RESIDENCES Apartment 99 years February 21, 2019 710 1,684,000 2,370 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years February 19, 2019 980 1,702,000 1,738 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 958 2,246,000 2,344 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years February 19, 2019 1,345 2,440,000 1,813 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 1,109 2,615,000 2,359 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years February 20, 2019 1,055 1,874,000 1,777 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 646 1,600,000 2,477 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years February 20, 2019 1,055 1,671,000 1,584 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 958 2,246,000 2,344 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years February 20, 2019 1,055 1,850,000 1,754 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 624 1,572,000 2,518 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years February 20, 2019 786 1,406,000 1,789 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 710 1,660,000 2,337 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years February 21, 2019 678 1,311,000 1,933 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years February 24, 2019 958 2,258,000 2,357 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years February 23, 2019 635 1,130,000 1,779 Uncompleted New Sale FOURTH AVENUE RESIDENCES Apartment 99 years February 24, 2019 506 1,219,000 2,410 Uncompleted New Sale STIRLING RESIDENCES Apartment 99 years February 24, 2019 764 1,375,000 1,799 Uncompleted New Sale GALLOP GABLES Condominium Freehold February 25, 2019 1,163 1,980,000 1,703 1997 Resale STIRLING RESIDENCES Apartment 99 years February 24, 2019 764 1,307,000 1,710 Uncompleted New Sale GALLOP GREEN Condominium Freehold February 21, 2019 4,252 7,800,000 1,835 2002 Resale THE ANCHORAGE Condominium Freehold February 25, 2019 1,604 2,250,000 1,403 1997 Resale JERVOIS JADE APARTMENTS Apartment 99 years February 21, 2019 1,496 1,660,000 1,109 2000 Resale District 4 KIM LIN PARK Semi-Detached Freehold February 22, 2019 4,628 8,700,000 1,879 Unknown Resale CARIBBEAN AT KEPPEL BAY Condominium 99 years February 19, 2019 893 1,500,000 1,679 2004 Resale NAMLY AVENUE Semi-Detached Freehold February 20, 2019 2,551 4,500,000 1,764 1997 Resale CARIBBEAN AT KEPPEL BAY Condominium 99 years February 22, 2019 1,227 1,810,000 1,475 2004 Resale FERNHILL ROAD Terrace Freehold February 25, 2019 1,378 2,360,000 1,713 1990 Resale REFLECTIONS AT KEPPEL BAY Condominium 99 years February 21, 2019 1,593 2,941,200 1,846 2011 Resale SPRING GROVE Condominium 99 years February 22, 2019 1,012 1,595,000 1,576 1996 Resale THE INTERLACE Condominium 99 years February 25, 2019 5,608 3,800,000 678 2013 Resale WATERFALL GARDENS Condominium Freehold February 19, 2019 2,196 3,730,000 1,699 2010 Resale EDGEPROP | MARCH 11, 2019 • EP13

NOW OPEN FOR ENTRIES Recognising and Celebrating Excellence

ELIGIBLE PROJECTS R P & MU P L & O C S

QUALIFYING CRITERIA Completed W T O P TOP J M

Uncompleted Projects that officially launched from Jan 2018 to Mar 2019 and must not have obtained TOP by the same period. An official launch is defined by the first caveat lodged during the launch period of the project.

DEADLINE FOR SUBMISSIONS 26 APRIL 2019 Visit www.awards.edgeprop.sg

S : I P : EP14 • EDGEPROP | MARCH 11, 2019

DONE DEALS

Residential transactions with contracts dated Feb 19 to Feb 26

LAND AREA/ UNIT LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE TYPE OF FLOOR AREA TRANSACTED PRICE TYPE OF PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) COMPLETION DATE SALE PROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) COMPLETION DATE SALE District 11 AFFINITY AT SERANGOON Apartment 99 years February 24, 2019 538 762,300 1,416 Uncompleted New Sale 26 NEWTON Apartment Freehold February 22, 2019 926 2,060,000 2,225 2016 Resale AFFINITY AT SERANGOON Apartment 99 years February 24, 2019 624 1,024,000 1,640 Uncompleted New Sale ADRIA Apartment Freehold February 21, 2019 538 990,000 1,839 2013 Resale AFFINITY AT SERANGOON Apartment 99 years February 24, 2019 732 1,107,000 1,512 Uncompleted New Sale BASSEIN COURT Apartment Freehold February 21, 2019 1,399 2,000,000 1,429 1993 Resale AFFINITY AT SERANGOON Apartment 99 years February 24, 2019 614 909,000 1,482 Uncompleted New Sale FYVE DERBYSHIRE Apartment Freehold February 20, 2019 936 2,085,000 2,226 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 24, 2019 614 932,000 1,519 Uncompleted New Sale FYVE DERBYSHIRE Apartment Freehold February 21, 2019 797 1,865,000 2,341 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 24, 2019 484 726,000 1,499 Uncompleted New Sale FYVE DERBYSHIRE Apartment Freehold February 22, 2019 797 1,913,000 2,402 Uncompleted New Sale BARTLEY RESIDENCES Apartment 99 years February 26, 2019 797 1,138,800 1,430 2015 Resale WHITLEY ROAD Semi-Detached Freehold February 19, 2019 2,239 5,400,000 2,412 2017 Resale ESPARINA RESIDENCES EC 99 years February 25, 2019 829 920,000 1,110 2013 Resale NEWTON ONE Condominium Freehold February 22, 2019 1,808 3,660,000 2,024 2009 Resale FLO RESIDENCE Condominium 99 years February 20, 2019 861 842,000 978 2016 Resale SUFFOLK PREMIER Apartment Freehold February 26, 2019 1,001 1,380,000 1,379 2007 Resale GOLDEN HILL ESTATE Semi-Detached Freehold February 22, 2019 4,661 4,438,000 953 1976 Resale District 12 KENSINGTON SQUARE Apartment Freehold February 21, 2019 915 900,000 984 2016 Resale JUI RESIDENCES Apartment Freehold February 23, 2019 700 1,201,112 1,717 Uncompleted New Sale LORONG 7 REALTY PARK Terrace 999 years February 19, 2019 1,884 2,060,000 1,091 Unknown Resale District 13 PRIVE EC 99 years February 19, 2019 1,087 1,100,000 1,012 2013 Resale BARTLEY RIDGE Condominium 99 years February 25, 2019 969 1,360,000 1,404 2016 Resale RIO VISTA Condominium 99 years February 25, 2019 1,249 1,040,000 833 2004 Resale BELLA VISTA Apartment Freehold February 26, 2019 797 900,000 1,130 2009 Resale RIVERFRONT RESIDENCES Apartment 99 years February 20, 2019 721 968,000 1,342 Uncompleted New Sale D’ ALMIRA Apartment Freehold February 19, 2019 1,098 1,165,000 1,061 2011 Resale RIVERFRONT RESIDENCES Apartment 99 years February 20, 2019 463 643,000 1,389 Uncompleted New Sale PARK COLONIAL Condominium 99 years February 19, 2019 635 1,137,112 1,791 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 20, 2019 1,109 1,399,000 1,262 Uncompleted New Sale PARK COLONIAL Condominium 99 years February 23, 2019 667 959,000 1,437 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 21, 2019 1,109 1,461,000 1,318 Uncompleted New Sale SENNETT ESTATE Terrace Freehold February 22, 2019 1,647 2,650,000 1,614 Unknown Resale RIVERFRONT RESIDENCES Apartment 99 years February 21, 2019 517 708,000 1,370 Uncompleted New Sale THE TRE VER Condominium 99 years February 19, 2019 495 755,112 1,525 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 22, 2019 1,109 1,415,000 1,276 Uncompleted New Sale THE TRE VER Condominium 99 years February 19, 2019 495 721,112 1,456 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 22, 2019 915 1,155,000 1,262 Uncompleted New Sale THE TRE VER Condominium 99 years February 20, 2019 495 767,112 1,549 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 22, 2019 1,109 1,441,000 1,300 Uncompleted New Sale THE TRE VER Condominium 99 years February 20, 2019 624 999,224 1,601 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 22, 2019 1,109 1,384,000 1,248 Uncompleted New Sale THE TRE VER Condominium 99 years February 20, 2019 624 1,005,224 1,610 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 603 836,000 1,387 Uncompleted New Sale THE TRE VER Condominium 99 years February 20, 2019 700 1,079,112 1,542 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 1,109 1,442,000 1,301 Uncompleted New Sale THE TRE VER Condominium 99 years February 20, 2019 700 1,104,112 1,578 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 463 598,000 1,292 Uncompleted New Sale THE TRE VER Condominium 99 years February 20, 2019 495 764,112 1,543 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 517 743,000 1,438 Uncompleted New Sale THE TRE VER Condominium 99 years February 21, 2019 1,109 1,743,112 1,572 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 915 1,251,000 1,367 Uncompleted New Sale THE TRE VER Condominium 99 years February 21, 2019 1,098 1,714,112 1,561 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 1,109 1,344,000 1,212 Uncompleted New Sale THE TRE VER Condominium 99 years February 24, 2019 495 738,112 1,491 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 24, 2019 463 625,000 1,350 Uncompleted New Sale THE TRE VER Condominium 99 years February 24, 2019 495 748,112 1,511 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 24, 2019 915 1,257,000 1,374 Uncompleted New Sale THE TRE VER Condominium 99 years February 24, 2019 700 1,172,224 1,675 Uncompleted New Sale RIVERFRONT RESIDENCES Apartment 99 years February 24, 2019 1,485 1,939,000 1,305 Uncompleted New Sale THE TRE VER Condominium 99 years February 24, 2019 700 1,103,112 1,577 Uncompleted New Sale RIVERSAILS Condominium 99 years February 19, 2019 1,109 1,200,000 1,082 2016 Resale THE TRE VER Condominium 99 years February 24, 2019 753 1,166,112 1,548 Uncompleted New Sale SERANGOON GARDEN ESTATE Semi-Detached 999 years February 21, 2019 2,799 3,260,000 1,164 1996 Resale THE TRE VER Condominium 99 years February 24, 2019 624 1,034,112 1,656 Uncompleted New Sale SERANGOON GARDEN ESTATE Semi-Detached 999 years February 22, 2019 2,799 5,100,000 1,821 Unknown Resale THE TRE VER Condominium 99 years February 24, 2019 624 1,016,112 1,628 Uncompleted New Sale SUITES @ PAYA LEBAR Apartment Freehold February 25, 2019 366 545,000 1,489 2013 Resale THE TRE VER Condominium 99 years February 24, 2019 506 806,112 1,593 Uncompleted New Sale SURIN GROVE Terrace Freehold February 22, 2019 2,303 3,500,000 1,519 1985 Resale THE TRE VER Condominium 99 years February 24, 2019 700 1,155,224 1,651 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years February 19, 2019 517 761,300 1,473 Uncompleted New Sale THE TRE VER Condominium 99 years February 24, 2019 743 1,209,112 1,628 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years February 19, 2019 517 757,700 1,467 Uncompleted New Sale THE TRE VER Condominium 99 years February 24, 2019 689 1,075,112 1,561 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years February 19, 2019 614 999,600 1,629 Uncompleted New Sale THE TRE VER Condominium 99 years February 24, 2019 1,055 1,578,224 1,496 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years February 22, 2019 517 749,300 1,450 Uncompleted New Sale THE TRE VER Condominium 99 years February 24, 2019 1,055 1,594,224 1,511 Uncompleted New Sale THE GARDEN RESIDENCES Apartment 99 years February 24, 2019 689 1,039,000 1,508 Uncompleted New Sale District 14 THE MINTON Condominium 99 years February 21, 2019 2,885 2,515,000 872 2013 Resale ARENA RESIDENCES Apartment Freehold February 20, 2019 603 1,053,000 1,747 Uncompleted New Sale THE SPRINGBLOOM Condominium 99 years February 21, 2019 1,647 1,730,000 1,050 1999 Resale ASTOR Apartment 99 years February 21, 2019 1,109 928,000 837 2006 Resale District 20 PARC ESTA Apartment 99 years February 20, 2019 420 742,000 1,768 Uncompleted New Sale JADESCAPE Condominium 99 years February 19, 2019 1,421 2,469,900 1,738 Uncompleted New Sale PARC ESTA Apartment 99 years February 20, 2019 710 1,183,000 1,665 Uncompleted New Sale JADESCAPE Condominium 99 years February 20, 2019 1,055 1,821,900 1,727 Uncompleted New Sale PARC ESTA Apartment 99 years February 21, 2019 926 1,545,000 1,669 Uncompleted New Sale JADESCAPE Condominium 99 years February 22, 2019 1,141 1,903,500 1,668 Uncompleted New Sale PARC ESTA Apartment 99 years February 24, 2019 603 1,077,000 1,787 Uncompleted New Sale JADESCAPE Condominium 99 years February 23, 2019 2,099 3,216,000 1,532 Uncompleted New Sale PARC ESTA Apartment 99 years February 24, 2019 904 1,428,000 1,579 Uncompleted New Sale JADESCAPE Condominium 99 years February 24, 2019 1,055 1,770,800 1,679 Uncompleted New Sale REZI 35 Apartment Freehold February 21, 2019 926 1,412,700 1,526 Uncompleted New Sale JADESCAPE Condominium 99 years February 24, 2019 1,012 1,716,700 1,697 Uncompleted New Sale SIMSVILLE Condominium 99 years February 22, 2019 1,238 1,280,000 1,034 1998 Resale THE GARDENS AT BISHAN Condominium 99 years February 26, 2019 1,959 1,980,000 1,011 2004 Resale District 15 District 21 AMBER 45 Apartment Freehold February 23, 2019 1,345 2,665,550 1,981 Uncompleted New Sale HILLVIEW GREEN Condominium 999 years February 22, 2019 1,173 955,000 814 1998 Resale COASTARINA Apartment Freehold February 25, 2019 1,012 1,280,000 1,265 2006 Resale THE STERLING Condominium Freehold February 22, 2019 1,378 2,300,000 1,669 2000 Resale COTE D’AZUR Condominium 99 years February 21, 2019 904 1,100,000 1,217 2004 Resale District 22 DE CENTURION Apartment Freehold February 25, 2019 570 880,000 1,543 2010 Resale CASPIAN Condominium 99 years February 22, 2019 1,001 1,060,000 1,059 2012 Resale HAWAII TOWER Condominium Freehold February 21, 2019 2,239 2,700,000 1,206 1984 Resale LAKESIDE TOWER Apartment 99 years February 20, 2019 1,970 1,250,000 635 Unknown Resale LAGUNA PARK Apartment 99 years February 22, 2019 1,453 1,333,000 917 1978 Resale THE CENTRIS Apartment 99 years February 21, 2019 1,066 1,230,000 1,154 2009 Resale LAVERNE’S LOFT Apartment Freehold February 25, 2019 1,270 1,068,000 841 2013 Resale District 23 LEGENDA AT JOO CHIAT Condominium 99 years February 19, 2019 1,206 1,228,000 1,019 2004 Resale BUKIT 828 Apartment Freehold February 24, 2019 980 1,580,000 1,613 Uncompleted New Sale EAST COAST ROAD Terrace Freehold February 19, 2019 2,831 3,560,000 1,258 1979 Resale FORESQUE RESIDENCES Condominium 99 years February 22, 2019 710 888,000 1,250 2014 Resale HAIG AVENUE Apartment Freehold February 19, 2019 1,722 1,688,000 980 1971 Resale HILLVIEW REGENCY Condominium 99 years February 26, 2019 947 800,000 845 2005 Resale LORONG 104 CHANGI Terrace Freehold February 20, 2019 2,723 2,400,000 881 Unknown Resale LE QUEST Apartment 99 years February 23, 2019 980 1,407,000 1,436 Uncompleted New Sale OPERA ESTATE Terrace Freehold February 25, 2019 1,313 2,460,000 1,872 Unknown Resale GALISTAN AVENUE Semi-Detached Freehold February 21, 2019 3,638 4,680,000 1,285 2010 Resale PARC ELEGANCE Apartment Freehold February 19, 2019 409 592,800 1,449 2013 Resale CHU YEN STREET Semi-Detached 999 years February 25, 2019 4,284 3,500,000 816 Unknown Resale RIVEREDGE Condominium 99 years February 21, 2019 980 1,400,000 1,429 2008 Resale NATURA@HILLVIEW Apartment Freehold February 25, 2019 527 710,000 1,346 2015 Resale RIVEREDGE Condominium 99 years February 26, 2019 1,701 2,360,000 1,388 2008 Resale PALM GARDENS Condominium 99 years February 20, 2019 1,938 1,300,000 671 2000 Resale SUNNY PALMS Condominium Freehold February 19, 2019 1,033 1,062,000 1,028 2004 Resale TREE HOUSE Condominium 99 years February 26, 2019 1,249 1,330,000 1,065 2013 Resale TEMBELING MANSIONS Apartment Freehold February 25, 2019 840 995,000 1,185 1996 Resale VILLA VERDE Terrace 99 years February 21, 2019 1,615 1,410,000 873 2000 Resale THE BECCAGAYLE Apartment Freehold February 19, 2019 1,367 1,520,888 1,113 2005 Resale District 25 THE LINE @ TANJONG RHU Condominium Freehold February 19, 2019 1,066 2,238,000 2,100 2016 Resale ROSEWOOD SUITES Condominium 99 years February 22, 2019 1,066 800,000 751 2011 Resale THE NCLAVE Apartment Freehold February 26, 2019 861 1,030,000 1,196 2007 Resale District 26 THE SEA VIEW Condominium Freehold February 25, 2019 1,410 2,679,000 1,900 2008 Resale CASTLE GREEN Condominium 99 years February 21, 2019 1,152 935,000 812 1997 Resale THE WATERSIDE Condominium Freehold February 22, 2019 2,142 3,600,000 1,681 1992 Resale District 27 District 16 SKIES MILTONIA Condominium 99 years February 26, 2019 969 980,000 1,012 2016 Resale ARCHIPELAGO Condominium 99 years February 22, 2019 1,184 1,530,000 1,292 2015 Resale THE CANOPY EC 99 years February 22, 2019 872 685,000 786 2014 Resale BAYSHORE PARK Condominium 99 years February 22, 2019 936 918,000 980 1986 Resale THE NAUTICAL Condominium 99 years February 22, 2019 786 798,000 1,016 2015 Resale CASA MERAH Apartment 99 years February 20, 2019 1,389 1,620,000 1,167 2009 Resale District 28 CASAFINA Condominium 99 years February 21, 2019 1,281 1,160,000 906 1999 Resale BELGRAVIA GREEN Terrace Freehold February 19, 2019 3,466 3,148,000 908 Uncompleted New Sale CHANGI GREEN Condominium Freehold February 26, 2019 872 930,000 1,067 1998 Resale JALAN TARI PIRING Terrace 999 years February 22, 2019 1,690 2,450,000 1,446 1997 Resale ECO Condominium 99 years February 25, 2019 1,302 1,580,000 1,213 2017 Resale PARC BOTANNIA Condominium 99 years February 19, 2019 506 690,000 1,364 Uncompleted New Sale PARBURY HILL CONDOMINIUM Condominium Freehold February 20, 2019 1,206 1,600,000 1,327 1997 Resale PARC BOTANNIA Condominium 99 years February 19, 2019 980 1,343,450 1,372 Uncompleted New Sale PARBURY HILL CONDOMINIUM Condominium Freehold February 20, 2019 840 1,150,000 1,370 1997 Resale PARC BOTANNIA Condominium 99 years February 21, 2019 1,281 1,627,660 1,271 Uncompleted New Sale District 17 PARC BOTANNIA Condominium 99 years February 21, 2019 969 1,270,000 1,311 Uncompleted New Sale FERRARIA PARK CONDOMINIUM Condominium Freehold February 25, 2019 1,894 1,620,000 855 2009 Resale PARC BOTANNIA Condominium 99 years February 22, 2019 872 1,100,000 1,262 Uncompleted New Sale HEDGES PARK CONDOMINIUM Condominium 99 years February 26, 2019 1,345 1,238,000 920 2015 Resale PARC BOTANNIA Condominium 99 years February 22, 2019 786 1,050,112 1,336 Uncompleted New Sale LOYANG VILLAS Terrace 99 years February 21, 2019 1,615 1,570,000 972 1996 Resale PARC BOTANNIA Condominium 99 years February 23, 2019 667 874,112 1,310 Uncompleted New Sale District 18 PARC BOTANNIA Condominium 99 years February 24, 2019 667 870,112 1,304 Uncompleted New Sale D’NEST Condominium 99 years February 21, 2019 1,410 1,538,000 1,091 2017 Resale PARC BOTANNIA Condominium 99 years February 24, 2019 667 896,112 1,343 Uncompleted New Sale LIVIA Condominium 99 years February 26, 2019 1,324 1,168,000 882 2011 Resale PARC BOTANNIA Condominium 99 years February 24, 2019 872 1,094,112 1,255 Uncompleted New Sale MELVILLE PARK Condominium 99 years February 25, 2019 1,302 880,000 676 1996 Resale PARC BOTANNIA Condominium 99 years February 24, 2019 969 1,307,112 1,349 Uncompleted New Sale THE EDEN AT TAMPINES EC 99 years February 26, 2019 1,238 998,000 806 2003 Resale PARC BOTANNIA Condominium 99 years February 24, 2019 506 724,000 1,431 Uncompleted New Sale THE TAPESTRY Condominium 99 years February 19, 2019 689 995,480 1,445 Uncompleted New Sale PARC BOTANNIA Condominium 99 years February 24, 2019 969 1,262,940 1,304 Uncompleted New Sale THE TAPESTRY Condominium 99 years February 24, 2019 603 852,930 1,415 Uncompleted New Sale SELETAR HILLS ESTATE Terrace 999 years February 21, 2019 2,228 2,610,000 1,173 Unknown Resale District 19 AFFINITY AT SERANGOON Apartment 99 years February 20, 2019 538 779,000 1,447 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 21, 2019 850 1,308,000 1,538 Uncompleted New Sale DISCLAIMER: AFFINITY AT SERANGOON Apartment 99 years February 22, 2019 775 1,152,000 1,486 Uncompleted New Sale Source: URA Realis. Updated Mar 5, 2019. The Edge Publishing Pte Ltd shall not be responsible for any loss or AFFINITY AT SERANGOON Apartment 99 years February 23, 2019 474 710,000 1,499 Uncompleted New Sale liability arising directly or indirectly from the use of, or reliance on, the information provided therein. AFFINITY AT SERANGOON Apartment 99 years February 23, 2019 538 773,000 1,436 Uncompleted New Sale EC stands for executive condominium AFFINITY AT SERANGOON Apartment 99 years February 23, 2019 614 879,000 1,433 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 23, 2019 850 1,271,000 1,495 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 23, 2019 624 1,019,000 1,632 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 23, 2019 614 887,000 1,446 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 23, 2019 538 790,000 1,468 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 23, 2019 904 1,425,000 1,576 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 23, 2019 850 1,248,000 1,468 Uncompleted New Sale AFFINITY AT SERANGOON Terrace 99 years February 23, 2019 2,067 2,316,000 1,121 Uncompleted New Sale AFFINITY AT SERANGOON Terrace 99 years February 23, 2019 2,067 2,316,000 1,121 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 23, 2019 614 929,000 1,514 Uncompleted New Sale AFFINITY AT SERANGOON Apartment 99 years February 24, 2019 474 705,000 1,489 Uncompleted New Sale EDGEPROP | MARCH 11, 2019 • EP15 UNDER THE HAMMER

Unit at Grange Residences going for $6.85 mil

PICTURES: ET&CO | BY BONG XIN YING | a 2,852 sq ft unit on the 13th floor changed hands for $8.57 million or an all-time-high of 2,852 sq ft unit at Grange Residences, on $3,004 psf, based on a caveat lodged in Sep- Grange Road in prime District 10, will be tember 2013. Aput up for auction for the first time on The price of $2,402 psf is “reasonable” in March 27. The property is offered for mortga- the current market, says ET&Co’s Tan. Near- gee sale with a guide price of $6.85 million by, new developements on Orchard Boulevard ($2,402 psf), says Edmund Tie & Co (ET&Co), such as 3 Orchard-By-The-Park and the upcom- which is handling the auction. ing Boulevard 88 are priced above $3,000 psf. The 17th-floor unit will be sold with va- Grange Residences will also benefit from the cant possession. The previous owner pur- upcoming Orchard Boulevard MRT Station on chased it for $6.8 million ($2,384 psf) in Oc- the Thomson-East Coast Line, which will be tober last year, according to a caveat lodged just a two-minute walk away. “The proximi- then. “The unit offers gorgeous unblocked ty to the Orchard Boulevard MRT Station will views of the Rochalie Drive and Chatsworth increase the value of the property in the near Good Class Bungalow area,” says Joy Tan, future,” adds Tan. head of auction and sales at ET&Co. The liv- With monthly rental rates in the range of ing room and en suite bedrooms have views $11,500 to $14,800, investors can also antic- of the Embassy area, namely the China Em- ipate gross rental yields of 2–2.6%, she esti- bassy, the British High Commission and the mates. Tan therefore expects to see “healthy US Embassy. interest” for the unit given its prime location, Located at the corner of Grange Road and freehold tenure and unit size. E The unit offers unblocked views of the surrounding Rochalie Drive and Chatsworth Good Class Bungalow area Tanglin Road, Grange Residences is a rede- TABLES: URA, EDGEPROP velopment of the former Marco Polo Hotel by Wheelock Properties. The freehold, 164-unit Recent transactions at Recent rental contracts for Grange Residences was completed in 2004. Grange Residences All the units in the three 18-storey blocks are 2,800 to 2,900 sq ft units four-bedroom apartments with sizes ranging CONTRACT AREA PRICE ($) PRICE from 2,583 sq ft to 2,852 sq ft. DATE (SQ FT) ($ PSF) at Grange Residences The last transaction at Grange Residences Nov 22, 2018 2,583 6,250,000 2,419 LEASE DATE MONTHLY RENT ($) was in November 2018, when a seventh-floor, Oct 5, 2018 2,852 6,800,000 2,384 January 2019 11,500 2,583 sq ft unit was sold for $6.25 million Apr 4, 2018 2,583 6,180,000 2,392 ($2,419 psf), based on caveats lodged. Jan 10, 2018 2,852 8,000,000 2,805 November 2018 14,800 September 2018 12,500 Prices are nowhere near the last peak, when Nov 21, 2017 2,669 6,800,000 2,547 The spacious living room of the 2,852 sq ft unit

GAINS & LOSSES

Top gains and losses from Feb 19 to 26 Most profitable deals PROJECT DISTRICT AREA (SQ SOLD ON SALES PRICE ($ BOUGHT ON PURCHASE PRICE PROFIT ($) PROFIT ANNUALISED PROFIT HOLDING PERIOD FT) (2019) PSF) ($ PSF) (%) (%) (YEARS) 1 THE SEA VIEW 15 1,410 Feb 25 1,900 Jul 7, 2005 867 1,456,953 119 6 13.6 2 NEWTON ONE 11 1,808 Feb 22 2,024 Aug 7, 2006 1,283 1,340,340 58 4 12.6 3 HAWAII TOWER 15 2,239 Feb 21 1,206 Aug 1, 1995 621 1,310,000 94 3 23.6 4 BASSEIN COURT 11 1,399 Feb 21 1,429 Jun 1, 1999 579 1,190,000 147 5 19.7 5 THE GARDENS AT BISHAN 20 1,959 Feb 26 1,011 Jan 16, 2002 536 935,880 90 4 17.1 6 THE BECCAGAYLE 15 1,367 Feb 19 1,113 Jun 18, 2005 535 788,888 108 5 13.7 7 SIMSVILLE 14 1,238 Feb 22 1,034 Feb 3, 2005 404 780,000 156 7 14.1 8 CASA MERAH 16 1,389 Feb 20 1,167 May 14, 2007 613 769,150 90 6 11.8 9 THE ANCHORAGE 3 1,604 Feb 25 1,403 Dec 7, 2009 976 685,000 44 4 9.2 10 THE CENTRIS 22 1,066 Feb 21 1,154 Feb 16, 2007 525 670,390 120 7 12.0 11 PARBURY HILL CONDOMINIUM 16 1,206 Feb 20 1,327 Oct 5, 2010 771 670,000 72 7 8.4 12 FERRARIA PARK CONDOMINIUM 17 1,894 Feb 25 855 Dec 1, 2006 512 650,600 67 4 12.2 13 THE STERLING 21 1,378 Feb 22 1,669 Mar 4, 2011 1,219 620,000 37 4 8.0 14 THE WATERSIDE 15 2,142 Feb 22 1,681 Jul 1, 2010 1,401 600,000 20 2 8.7 15 LEGENDA AT JOO CHIAT 15 1,206 Feb 19 1,019 Jan 31, 2002 531 588,000 92 4 17.1 Non-profitable deals PROJECT DISTRICT AREA (SQ SOLD ON SALES PRICE ($ BOUGHT ON PURCHASE PRICE LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD FT) (2019) PSF) ($ PSF) (YEARS) 1 ESPADA 9 689 Feb 21 2,102 Mar 16, 2010 2,405 208,701 13 1 8.9 2 KENSINGTON SQUARE 19 915 Feb 21 984 Oct 1, 2013 1,200 184,800 17 3 5.4 3 D' ALMIRA 13 1,098 Feb 19 1,061 Jan 25, 2013 1,161 110,000 9 1 6.1 4 WATERFALL GARDENS 10 2,196 Feb 19 1,699 Jul 16, 2007 1,748 108,608 3 0.2 11.6 5 LAVERNE'S LOFT 15 1,270 Feb 25 841 May 3, 2011 920 100,400 9 1 7.8 6 ADRIA 11 538 Feb 21 1,839 Jul 9, 2010 2,020 97,410 9 1 8.6 7 ASCENTIA SKY 3 1,012 Feb 20 1,482 Jan 24, 2013 1,571 90,000 6 1 6.1 8 RIO VISTA 19 1,249 Feb 25 833 Nov 23, 2012 905 90,000 8 1 6.3 9 TOWNHOUSE APARTMENTS 9 2,368 Feb 26 1,008 Jun 10, 2013 1,035 62,000 3 0.4 5.7 10 HILLVIEW REGENCY 23 947 Feb 26 845 Jul 27, 2012 876 30,000 4 1 6.6 11 CASPIAN 22 1,001 Feb 22 1,059 Dec 21, 2012 1,089 30,000 3 0.5 6.2 12 PARC ELEGANCE 15 409 Feb 19 1,449 Aug 7, 2013 1,513 26,200 4 1 5.5 13 CARIBBEAN AT KEPPEL BAY 4 893 Feb 19 1,679 Jan 7, 2011 1,690 10,000 1 0.1 8.1 Source: URA, EdgeProp Note: Computed based on URA caveat data as at March 5 for private non-landed houses transacted between Feb 19 and 26. The profit and loss computation excludes transaction costs such as stamp duties. EP16 • EDGEPROP | MARCH 11, 2019

OFFSHORE

Blackstone mulls $2 bil deal for Shanghai complex

| BY CAROL ZHONG , CATHY CHAN AND squeezing domestic companies. Investment deliberations will lead to a transaction, the comment, while calls to Shanghai-based Chang- ANNIE LEE | in Chinese commercial real estate rose 9.5% sources said. jia Group’s general line went unanswered. — in 2018 to hit a record RMB296 billion, with A spokeswoman for Blackstone declined to Bloomberg LP E lackstone Group is considering an ac- about one third of transactions coming from quisition of Chamtime Plaza, a Shang- overseas investors, according to Cushman & Bhai commercial property complex, in a Wakefield. deal that could be worth more than RMB10 In November, Singapore’s CapitaLand and billion yuan ($2 billion), people familiar with sovereign fund GIC agreed to acquire Shanghai’s the matter said. tallest twin towers, located along the Huang- The private equity firm is in early stages pu River in the North Bund, for RMB12.8 bil- of studying the potential purchase, according lion. Last year, Blackstone bought the VivoC- to the sources, who asked not to be identified ity Shanghai mall and adjacent office towers because the information is private. Chamtime from Singapore’s Mapletree Investments for Plaza, which includes a shopping mall and five US$1.2 billion ($1.63 billion) including debt, office towers, is located around a tech hub in Bloomberg News reported at the time. the Zhangjiang area of eastern Shanghai’s Pu- Chamtime Plaza has a total construction dong district. area of 320,000 sq m (3.4 million sq ft), ac- Foreign buyers are increasing their pres- cording to the website of its owner, Chinese ence in the Chinese commercial property mar- developer Changjia Group. No final decisions Chamtime Plaza, which includes a shopping mall and five office towers, is located around a tech hub in ket, taking advantage of a deleveraging drive have been made, and there’s no certainty the the Zhangjiang area of eastern Shanghai’s Pudong district

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Treasure at Tampines – where exciting facilities abound

Tampines Round Market & Food Centre

Tampines Advertorial v4.indd 2 28/2/19 6:18 PM Treasure at Tampines will have 128 facilities Artist’s Impression

PICTURES: SIM LIAN (TREASURE) PTE. LTD. Treasure at Tampines – where exciting facilities abound

The new private condominium has an enviable location – Near the popular Tampines regional centre, five MRT stations, the upcoming Jewel Changi Airport, as well as Singapore’s largest community and lifestyle hub, Our Tampines Hub. Artist’s Impression Artist’s Impression Treasure at Tampines will have a mix of one- to five-bedroom units The grand drop-off at Treasure at Tampines

ne of the most anticipated new pro- is located within close proximity to two bus inter- College (SEA) and One World International School ily accessible via the Tampines Expressway (TPE). Average Launch Price of Projects on Tampines/Tampines Avenue 10/Tampines Street 86 appeal to a broad base of buyers – from singles, to Developments. jects to be launched this year is Treas- changes and five MRT stations including Tamp- (Changi Campus). When completed by 2029, the Cross Island Line millennial couples, dual-income couples with no Based on the land price, PropNex’s Gafoor Launch No. of Units Percentage Average ure at Tampines. The 2,203-unit private ines West on the Downtown Line and Simei on the “There’s a huge workforce in the vicinity – will connect residents to the Aviation Park and Project kids, families with young children, HDB upgrad- reckons the new EC project at Tampines Ave- Date Units Sold* Sold (%) Price PSF* condominium sits on a sprawling area East-West Line. The Tampines Regional Centre is including those at Changi Business Park, Tamp- Changi East Depot stations. ers and multi-generational families. PropNex’s Ga- nue 10 is likely to be launched at prices upwards of approximately 648,889 sq ft along also situated nearby. Residents who drive will have ines Regional Centre, Tampines Wafer Fab Park The Santorini Apr-14 597 597 100 $1,056 foor expects Treasure at Tampines to see “a good of $1,000 psf. OTampines Street 11. direct access to the Pan-Island Expressway (PIE) as well as Tampines and Loyang industrial parks,” SUBURBAN RETAIL HAVEN The Alps Residences Oct-16 626 615 98 $1,072 take-up rate”, especially among newly-weds and Those projects at Tampines Avenue 10 have Given the scale of the project, the developer, via a new slip road – Tampines Lane. says Ismail Gafoor, executive chairman and CEO Within a five-minute drive from the develop- The Tapestry Mar-18 861 572 66 $1,348 HDB upgraders in the area. their own catchment. “Location-wise, Treasure at a joint venture between Sim Lian Land and Sim Treasure at Tampines is also located near popu- of PropNex. ment is Our Tampines Hub, Singapore’s larg- SOURCE: URA REALIS, BASED ON DATA DOWNLOADED ON FEB 18, 2019 The smaller units will prove to be attractive Tampines is closer to the regional town centre and Lian Development, is providing 128 condo fa- lar schools, such as St Hilda’s Primary and Second- Treasure at Tampines will also appeal to the est integrated community and lifestyle hub. Fa- among investors, besides families and upgrad- MRT stations,” says ERA’s Lim. cilities, says Christine Sun, head of research and ary Schools, Temasek Polytechnic, Singapore Uni- working population at Changi Airport, Paya Lebar cilities at the integrated hub include a 30-lane rey Tampines Regional Library, festive mall and Megastore and Giant Hypermarket. ers, notes Gafoor. “These units will be able to en- consultancy at OrangeTee & Tie. They include versity of Technology and Design, United World Central and Seletar Aerospace Park which are eas- bowling centre, festive arts theatre, the five-sto- community club. Also within a 10-minute drive is Changi Air- joy a relatively attractive rental rate owing to their ESTABLISHED TRACK RECORD double the number of facilities found in a typ- JEWEL CHANGI AIRPORT DEVT PTE LTD The hub also has six rooftop swimming pools, port, where the new Jewel mixed-use retail and proximity to the MRT stations and surrounding The developers, with a track record spanning over ical condo: 13 swimming pools, two kids’ play- the largest kids’ playground in Tampines, and an lifestyle destination is scheduled to open later this workplaces.” four decades, are no stranger to developing large- grounds, spa facilities, barbeque pavilions, 24- arena with four tennis courts, two futsal courts year. When completed, Jewel will have more than Hence, the development will appeal to inves- scale projects. Past projects include A Treasure hr large gym facilities, jacuzzi jets, sports court, and one hockey court. 280 retail options including new-to-Singapore tors who are looking for a value buy in a mature Trove at Punggol Central, Waterview, four EC de- tennis courts and barbeque pits. These bring un- For more shopping options, Century Square, brands such as American casual dining restau- estate with a ready catchment of potential tenants. velopments, the latest being the 504-unit Treasure paralleled convenience for residents of the pro- Tampines One and Tampines Mall are located just rant Shake Shack, Burger & Lobster, Swiss choco- Crest at Anchorvale Crescent in the northeast re- ject, she adds. across the street from Our Tampines Hub. After latier Läderach, and Pokémon Centre Singapore, PRICED AT A “SWEET SPOT” gion of Sengkang, which was completed in Sep- Being in a mature estate, Treasure at Tampines a nine-month revamp costing $60 million, Cen- the firm’s only permanent retail store outside Ja- Treasure at Tampines is likely to be priced “at a tember 2018. boasts many amenities that are within walking dis- tury Square re-opened in June last year with over pan. Meanwhile, A&W fast food chain is making sweet spot” attractive to buyers. So far, the pro- Another mixed-use development by Sim Lian tance – for instance, Tampines Round Market and 130 retailers featuring 45 F&B establishments in- a comeback in Singapore after a 15-year hiatus and jects launched over the past five years have been is the 546-unit Hillion Residences private condo- Food Centre, where residents can buy fresh pro- cluding renowned chicken rice chain Boon Tong will open its first outlet at Jewel. those built on government land sale (GLS) sites lo- minium, which sits on top of Hillion Mall, linked duce. The food centre also has popular hawker Kee’s first shopping-mall outlet, Haidilao Hotpot cated along Tampines Avenue 10/Tampines Street directly to the Bukit Panjang MRT Station on the stalls such as Sarawak kolo mee, Hai Chang Fish and Nakhon Kitchen. OPPORTUNITY TO LIVE IN A 86 (see table). Downtown Line. The project was completed in Head Steamboat, Rajarani Thosai, Xing Ji Wanton The mall also features a new hybrid dining-gro- MATURE ESTATE The most recent land tender at Tampines Av- September 2017. Mee and Chai Chee pork porridge. cery model called Mahota Market as well as a lev- According to OrangeTee & Tie’s Sun, “Tampines enue 10 was for an executive condo (EC) site that Another significant development is Vision Ex- el catering for families and children anchored by is one of the most vibrant estates in the East. Be- was sold for $434.45 million or $578 psf per plot change in Jurong Lake District, Singapore’s second CONVENIENCE AND childcare centre The Orange Academy and The ing a mature estate, it boasts amenities, schools, ratio (ppr) in January. The 268,386 sq ft site has CBD. Completed in January 2017, Vision Exchange ACCESSIBILITY Learning Lab enrichment centre. ample shopping malls and supermarkets like YES a gross plot ratio of 2.8, which means it can be is a mixed-use development that contains a 25-sto- Within a five-minute drive from the development is Our “The main draw of Treasure at Tampines is its Artist’s Impression Elsewhere, Tampines Retail Park is a 10-minute and NTUC FairPrice”. redeveloped into a new EC project with an es- rey tower with a mix of 640 office units, 53 med- convenience and accessibility,” says Eugene Lim, Tampines Hub, Singapore’s largest integrated community drive from Treasure at Tampines. The retail park Treasure at Tampines will have a mix of one- timated 695 units. The site was won by a joint ical suites and 47 restaurants. and lifestyle hub key executive officer of ERA Realty. The project When it opens later this year, Jewel Changi Airport will have more than 280 retail options features mega stores such as Ikea Tampines, Courts to five-bedroom units (463 sqft to 1,722sqft) to venture between Hoi Hup Realty and Sunway

Tampines Advertorial v4.indd 3 28/2/19 6:18 PM