Weekly News Select Jul 16, 2021 / Issue 28 Top News for the Week • Singapore's 'nouveau riche' drum up luxury home demand in first half of 2021 • UOL's The Watergardens at Canberra launches this month on hopes of 'pent-up demand' • Four-bedroom unit at Shun Tak's Les Maisons Nassim sold for S$39m • 42 of 56 new cases linked to KTV cluster; no change to Covid-19 measures 'for now' • 34 more cases in growing KTV cluster; Covid-19 task force considering extra curbs • Singapore endorses G-20 tax reforms, paving way for overhaul of tax system: Lawrence Wong • Q2's GDP rebound hints at upgrade to official growth outlook in August • Ultra-rich still drawn to S'pore as wealth hub • Singapore retains spot as world's top maritime centre for eighth consecutive year Residential Singapore's 'nouveau riche' drum up luxury home demand in first half of 2021 Demand for luxury and prime-area private housing picked up in the first half of this year, reflecting the gains from the nouveau riche in the finance, technology and pharmaceutical sectors, analysts said. Based on current numbers, some analysts expect overall sales volume for 2021 to cross the 10,000- mark. The Urban Redevelopment Authority (URA)’s monthly developer sales data released indicated that 1,529 new private homes were sold in the Core Central Region (CCR) in the first half of this year. This is the highest half-year sales for CCR homes recorded since 2010, when 2,506 units were transacted. Overall, developers in Singapore sold 872 new private homes in June, easing 2.6 per cent from May's 895, according to data from the URA. Analysts billed the sales figures as fairly healthy and resilient, given the absence of new launches. June's transactions, excluding ECs, were led by the Outside of Central Region (OCR) and Rest of Central Region (RCR), which accounted for 38.6 per cent and 37.7 per cent of new private home sales, respectively. The CCR made up 23.6 per cent of the sales. A total of 6,530 private homes were sold in the first six months of this year, which is the strongest first half since 2013, noted Mark Yip, chief executive officer of Huttons Asia. He said: “This puts the new-sales market on course to set a record of 10,000 to 12,000 units in 2021. We estimate prices to rise by as much as 8 per cent for the whole year.” “The Watergardens at Canberra and Pasir Ris 8 are the first two mass-market launches in 2021, and are widely expected to do very well on the back of the buoyant HDB resale market and attractive price points. Klimt Cairnhill, an ultra-luxury project in prime District 9, offers the well- heeled an opportunity to own a large floor plate unit, a rarity among new launches,” added Mr Yip. Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C 3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090 www.huttonsgroup.com Weekly News Select Jul 16, 2021 / Issue 28 Links to the story: https://www.businesstimes.com.sg/real-estate/singapores-nouveau-riche-drum-up-luxury-home-demand-in-first- half-of-2021 https://www.straitstimes.com/business/property/singapore-new-private-home-sales-dip-26-in-june-amid-viewing- restrictions UOL's The Watergardens at Canberra launches this month on hopes of 'pent-up demand' UOL Group is banking on pent up demand for its upcoming project along Canberra Drive, the 448-unit The Watergardens at Canberra, with prices to start from S$1,380 per sq ft. A two bedroom-unit will start from below S$920,000, while a three-bedroom unit will be priced at below S$1.3 million and a four-bedroom unit from below S$1.8 million, the developer said on July 15. The 99-year leasehold project will launch for preview on July 17 while balloting for units will take place on July 31. The low-rise project comprises 16 five-storey buildings, offers a mix of two to four-bedroom units, ranging in size from 646 square feet (sq ft) to 1,528 sq ft. It is a joint venture between UOL, Singapore Land Group and Kheng Leong Company. The Watergardens at Canberra is slated for completion in the second quarter of 2026. Link to the story: https://www.businesstimes.com.sg/real-estate/uols-the-watergardens-at-canberra-launches-this-month-on-hopes-of- pent-up-demand Four-bedroom unit at Shun Tak's Les Maisons Nassim sold for S$39m A four-bedroom unit at Shun Tak Holdings' luxury 14-unit Les Maisons Nassim at Nassim Road was snapped up in early May for S$39 million, or S$5,930 psf. The 6,577-sq-ft unit, which appears to be the first transaction for the project, was bought by a buyer from overseas, The Business Times understands. In response to queries from BT, developer Shun Tak said that "a few units" have been reserved, and are pending finalisation of sales documentation. Located in the coveted Nassim enclave, the low-rise freehold project in district 10 sits on a 66,453 sq ft site and consists of three blocks, with 14 units in total. Eight are simplexes, four are duplexes and two are penthouses. It is expected to reach its temporary occupation permit (TOP) in H1 of 2023. Link to the story: https://www.businesstimes.com.sg/real-estate/four-bedroom-unit-at-shun-taks-les-maisons-nassim-sold-for-s39m Grab CEO Anthony Tan's family grabs Bin Tong Park good class bungalow for $40m The family of Grab co-founder and chief executive Anthony Tan has bought a freehold property in the Bin Tong Park Good Class Bungalow (GCB) area for $40 million. Mr Tan's wife, Chloe Tong, bought the home from a doctor, according to media reports. A title search names the seller as Lau Chee Chong. Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C 3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090 www.huttonsgroup.com Weekly News Select Jul 16, 2021 / Issue 28 The couple are expected to redevelop the Bin Tong Park property, which has a bungalow on site said to have been built in the 1990s. Link to the story: https://www.straitstimes.com/business/property/grab-ceo-anthony-tans-family-grabs-bin-tong-park-good-class- bungalow-for-40m Razer's Tan Min-Liang latest digital economy entrepreneur to scoop up a GCB Digital economy entrepreneurs continue to buy Good Class Bungalows (GCBs). Gaming company Razer co-founder and chief executive Tan Min-Liang is in the early stage of buying a property along Third Avenue for S$52.8 million. The price works out to S$1,706 per sq ft on the freehold land area of 30,954 sq ft. The property is a short distance from the Sixth Avenue MRT station on the Downtown Line. The transaction is understood to be at the option-grant stage. The property is being sold by three members of the Pang family behind Catalist-listed offshore marine services group Pacific Radiance, which is undergoing restructuring. The family's two-storey Third Avenue bungalow is said to have five bedrooms, a pool and a large car park space. Link to the story: https://www.businesstimes.com.sg/real-estate/razers-tan-min-liang-latest-digital-economy-entrepreneur-to-scoop- up-a-gcb Two bungalows in Cluny Road in early stage of being sold for S$91m The buzz in the Good Class Bungalow market continues. The Business Times understands that recent deals include two adjacent old freehold bungalows on Cluny Road opposite the Singapore Botanic Gardens for which options to purchase have been granted by their respective owners at about S$3,000 per sq ft on land area totalling about S$91 million. One bungalow, on land area of nearly 15,430 sq ft, is owned by lawyer Laurence Wee. Ronald Ooi of Kim Eng Securities fame is the owner of the other bungalow, on 15,075 sq ft of land. Word on the grapevine is that both bungalows are being bought by a family of Indonesian Chinese origin. One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area. Meanwhile, BT understands that another GCB for which an option was granted recently is along Second Avenue, a stone's throw from the Sixth Avenue MRT station on the Downtown Line. On the site is an old bungalow that is expected to be torn down for redevelopment. The price of S$30 million reflects S$2,045 psf on land area of 14,667 sq ft. This is a record psf price for GCB redevelopment land in the locale, BT understands. In Chatsworth Park, an old house on 22,462 sq ft of freehold land is changing hands for S$30 million. The price reflects S$1,336 psf, which is deemed lower than the current price levels. Link to the story: https://www.businesstimes.com.sg/real-estate/two-bungalows-in-cluny-road-in-early-stage-of-being-sold-for-s91m Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C 3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090 www.huttonsgroup.com Weekly News Select Jul 16, 2021 / Issue 28 S'pore condo resale prices up by slower rate of 0.1% in June; volume falls 12.6% Resale prices for non-landed private homes grew at a slower pace in June as the number of transactions fell for the second straight month amid tighter Covid-19 measures.