Post on 17-Aug-2020
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Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of September 17, 2018 | ISSUE 848-69
MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)
SpotlightJadeScape stands out with smart-home and
multi-generational living units EP3
New launchOxley previews
UK-inspired luxury condo
Mayfair Gardens EP6
Done DealsAmaryllis Ville,
Residences at Evelyn see most transactions
in Newton area EP8
Under the HammerPinewood Grove detached house
going for $3.75 mil EP10
Queenstown, one of the oldest HDB towns in Singapore, could be ripe for VERS
VERS — game changer for HDB market
With more HDB fl ats reaching the halfway mark of their lease and with the possibility of private developers getting a piece of the
housing redevelopment pie, Tan Tiong Cheng, president of Knight Frank Asia Pacifi c, feels it is timely to discuss and debate
the issues surrounding the new Voluntary Early Redevelopment Scheme. See our Cover Story on Pages 4 and 5.
BLOOMBERG
EP2 • EDGEPROP | SEPTEMBER 17, 2018
PROPERTY BRIEFS
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E
Gisborne Light up for collective sale at $37 mil Owners of the freehold Gisborne Light (above), off
Bukit Timah Road in prime District 10, have put up
their property for sale at $37 million ($1,671 psf ppr).
The 17-unit boutique development on Ewe Boon
Road sits on 13,841 sq ft of land. Units range from 936
to 2,885 sq ft. If the sale goes through, each owner will
stand to receive between $1.7 million and $4.3 million.
The Gisborne Light site is zoned “residential”, with
a gross plot ratio of 1.6. It can be redeveloped into a
boutique residential project comprising 27 units with
an average size of 780 sq ft, says Colliers Internation-
al, the marketing agent for the site.
As only one out of the 17 owners did not sign the
collective sale agreement, the consent level for the
sale is about 95%.
Built in 2003, Gisborne Light is close to a range
of amenities. The Orchard Road shopping belt is a
nine-minute drive away, while Anglo-Chinese School
and St Joseph’s Institution are within a 12-minute
drive. Stevens MRT Station, along the Downtown
Line, is two minutes away by car.
The tender for the site will close at 3pm on Oct 11.
M&L Hospitality opens first hotel in ManchesterHotel investment firm M&L Hospitality has opened
its first hotel in Manchester, UK, expanding its global
portfolio to 17 hotels across seven countries.
The Lume has 328 rooms across 19 storeys, bring-
ing M&L Hospitality’s total rooms in the UK to over
1,000. The Lume is operated by hotel brands Crowne
Plaza and Staybridge Suites.
On the upper seven floors, Staybridge Suites of-
fers a mix of 116 studio and one-bedroom suites with
views of the city from the 18th floor terrace.
Crowne Plaza, on the lower 12 storeys, consists
of 212 guest rooms. It has amenities such as a 120-
seat restaurant, bar, 24-hour gym, club lounge and a
200-seat meeting room.
The Lume is located in Oxford Road Corridor, a
district south of Manchester’s city centre.
The Jovell in Tampines opens for preview The Jovell (below), a 428-unit condo in Tampines, in
District 18, will be open for public preview on Sat-
urday, Sept 15.
The 99-year leasehold development — jointly de-
veloped by Hong Leong Holdings, City Developments
and TID — sits on 242,558 sq ft of land. It comprises
nine buildings, each with eight levels. It is set within
a residential neighbourhood of predominantly low-
rise private homes and is expected to receive tempo-
rary occupation permit by Aug 1, 2023.
Buyers can choose from one- to four-bedroom units,
ranging from 441 sq ft for a one-bedder; 635 sq ft for
a two-bedder; 904 sq ft for a three-bedder; to 1,270
sq ft for a four-bedder. Prices start from $585,000 for
the one-bedroom unit.
The Jovell is a three-minute drive to Tampines East
MRT Station, along the Downtown Line. It is also less
than a nine-minute drive to malls such as Tampines
Mall, White Sands Mall and IKEA Tampines. Educa-
tional institutions such as Temasek Polytechnic and
Singapore University of Technology and Design are
less than a 12-minute drive away.
Facilities at The Jovell include a 200m-long water-
scape, a clubhouse, lounge pavilions, fitness stations,
a children’s play area, and hot and cold Jacuzzis.
The preview will begin at 10am, at the show
suites along Flora Drive. Bookings will start on Sept
29, the official launch date for the project.
SPH acquires UK student accommodation portfolio for $321 mil Singapore Press Holdings (SPH) has acquired a student
accommodation portfolio in the UK for $321 million.
The portfolio comprises 14 buildings across six
towns and cities in the UK, and has a total capac-
ity of 3,436 beds. The properties include 10 free-
hold and four leasehold assets, and are situated in
established university towns and cities with large
full-time student populations, including London,
Birmingham, Bristol, Huddersfield, Plymouth and
Sheffield.
On Sept 7, SPH, through its wholly-owned subsid-
iaries, Straits One (Jersey), Straits Two (Jersey) and
Straits Three (Jersey), entered into a sale and purchase
agreement to acquire a portfolio of purpose-built stu-
dent accommodation in the UK from Unite Group for
a cash consideration of approximately £180.5 million
($321 million).
SPH says the student accommodation in the UK —
the national average of which is 2.8 students to each
bed — presents growth potential, with demand ex-
pected from both domestic and international students.
The transaction is expected to be completed on or
around Sept 13. — www.theedgesingapore.com
Growth in Singapore’s flexible workspace to continue: Colliers Growth momentum in the flexible workspace sector
in Singapore is expected to power on, underpinned
by the entry of operators from overseas and supple-
mented by aggressive expansion plans of incumbent
operators. This is according to Colliers Internation-
al’s research report, “Breaking New Ground”, re-
leased on Sept 10.
Colliers says the flexible workspace sector, which
took up 680,000 sq ft of space last year, is now one
of the top five occupier sectors in the Singapore of-
fice market. It accounts for 4.5% of the CBD Premi-
um and Grade A office stock.
The total flexible workspace footprint has nearly
tripled, from about one million sq ft at end-2015, to
about 2.7 million sq ft in June 2018. Eighty-four per
cent of Singapore’s total flexible workspace footprint
is located within the CBD. Flexible workspace oper-
ators have also set up on the fringe of the CBD re-
cently, in addition to the initial core clusters around
Raffles Place.
These operators have also shown an increased
interest in expanding within Orchard Road, Singa-
pore’s prime shopping district. According to Colliers,
the flexible workspace footprint in the Orchard Road
area accounts for about 8% of the islandwide total
by square footage.
The oncoming flexible workspace supply could
pose a challenge to underperforming operators, says
Colliers. Meanwhile, larger players with sizeable foot-
prints of more than 50 desks per location and a mul-
ti-location portfolio are expected to be better equipped
to cater for the next lap of growth from corporations
seeking a flexible leasing strategy.
Single-space providers, however, will perform well
if they can cultivate a strong competitive proposition
with a specific focus and add value to the entrepre-
neurial community in Singapore, says Colliers. —
Compiled by Bong Xin Ying & Charlene Chin
COLLIERS
HONG LEONG HOLDINGS
SPOTLIGHT
EDGEPROP | SEPTEMBER 17, 2018 • EP3
JadeScape stands out with smart-homeand multi-generational living units| BY TIMOTHY TAY |
The 1,206-unit JadeScape by
Qingjian Realty is one of the
most anticipated new launch-
es this year. More than 9,000
people showed up at the de-
veloper’s sales gallery over the week-
end of Sept 8 and 9.
JadeScape is a redevelopment of
the former Shunfu Ville, which occu-
pied a 398,110 sq ft site at the junc-
tion of Marymount Road and Shunfu
Road. This is Qingjian’s first rede-
velopment of a large collective sale
site with more than 1,200 units and
it wants to make it “a masterpiece”
project, says Yen Chong, deputy gen-
eral manager of Qingjian Realty.
With a pipeline of 17 new devel-
opments that are expected to add
more than 3,500 units to the market
in 2H2018, developers are differen-
tiating their projects to attract buy-
ers. Qingjian Realty’s Chong is not
overly concerned about the compe-
tition. “We are very confident about
JadeScape’s concept,” she says.
Smart-home featuresQingjian has bundled new smart-
home features in its hiLife app for
its recent developments. It first rolled
out the app, which it developed in
collaboration with Samsung, in 2015.
The app was first introduced at Riv-
ersound Residence, Qingjian’s 590-
unit condominium in Sengkang, and
The 63 ‘Gold Standard’ units are similarly priced as the other one-bedroom units in JadeScape despite their customisation
JadeScape will have the most comprehensive smart-home features in a development by Qingjian to date, says Chong
More than 9,000 people visited JadeScape’s sales gallery during the preview weekend
Qingjian will launch JadeScape on Sept 22
has since been used in subsequent
developments such as the mixed-use
Le Quest in Bukit Batok, the 632-
unit executive condo The Visionaire
in Sembawang and the 497-unit iNz
Residence EC in Choa Chu Kang.
“When Qingjian first introduced
smart-home features, they were ‘good
to have’,” says Chong. “Today, they
are a ‘must-have’.” She points to all
the other new launches this year,
which also boast smart-home features.
In 2017, Qingjian provided WiFI
in the common areas of iNz Resi-
dence. Subsequent projects, includ-
ing JadeScape, will also have com-
mon areas that are “internet-ready”.
JadeScape, however, will have the
most comprehensive smart-home fea-
tures in a development by Qingjian to
date, says Chong. Some of the new
smart-home features at JadeScape
are energy-saving air conditioners,
with the waste heat being recycled
for the water-heating units to reduce
electricity consumption. Guests will
be provided with a personal QR code
at the entrance to the development
so that they can enter the main gate
and lift lobby. The hiLife app can be
downloaded on residents’ mobile de-
vices and used to control access to
the main door of the unit as well as
book condo facilities and schedule
maintenance or repairs.
At JadeScape, Qingjian is also in-
troducing its smart estate manage-
ment services in its hiLife app. The
estate management system is to fa-
cilitate interaction between condo
management personnel and resi-
dents. For instance, residents will be
able to highlight common areas that
need repairs or maintenance, and the
management will in turn be able to
update residents when the repairs or
maintenance works are completed.
The app can also help facilitate the
payment of conservancy fees.
According to Chong, more than
160 condos in Singapore, including
Qingjian’s 10 projects, are using the
hiLife app today. Given its success,
Qingjian intends to roll out the app
in regional markets such as Indone-
sia, Malaysia, Thailand and Vietnam.
Elderly friendly unitsAt JadeScape, Qingjian has intro-
duced 63 “Gold Standard” units —
one-bedders of 527 sq ft that will
be fitted out with active senior liv-
ing features such as cabinet and
sink heights that can be comforta-
bly reached by those in wheelchairs,
wall cabinets with pull-down hy-
draulic racks, slip-resistant flooring
and support bars in the bathrooms.
These units are located next to
the three-bedroom units to promote
multi-generational living. “The units
cater for multi-generational families
and are ideal for those who want to
live close to their parents, but not too
close so that they can still have their
private space,” says Chong.
The Gold Standard units are not
priced differently from the other
one-bedroom units in the develop-
ment despite the customisation, she
adds. One-bedroom units of 527 sq ft
at JadeScape will start from $838,000
($1,590 psf). Two-bedroom units of
646 to 775 sq ft start from $988,000;
three-bedroom units of 904 to 1,152
sq ft from $1.38 million, and four-bed-
room units of 1,259 to 1,647 sq ft
from $1.86 million. The five-bedroom
units start from 2,099 sq ft and the
two penthouses are 4,230 sq ft each.
JadeScape will be launched on
Sept 22 at an average selling price
of $1,700 psf. E
PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
PROPERTY AGENTS
QINGJIAN REALTY
COVER STORY
EP4 • EDGEPROP | SEPTEMBER 17, 2018
| BY CECILIA CHOW |
Like many HDB flat owners liv-
ing in mature HDB estates, re-
tiree Ms Lew has been worrying
about the remaining lease on
her 700 sq ft, three-room HDB
flat in Marine Parade, and wonder-
ing how much it would fetch in the
resale market. Like the other 7,862
HDB flats in Marine Parade, Lew’s
flat was built between 1972 and 1975.
Lew bought her resale flat some
10 years ago because she likes the
convenience of the location and the
amenities there. She is also looking
forward to the completion of the new
Marine Terrace MRT station on the
Thomson-East Coast Line that is cur-
rently under construction just across
from her block. “I knew the flat was
leasehold, but I wasn’t thinking of
the implications when I bought it,”
she says. She reckons that her lease
has another 50-plus years left.
The reality of the depleting lease
sank in when Minister for National
Development Lawrence Wong, in his
blog post on March 24, 2017, cau-
tioned HDB flat owners not to assume
that their flats would automatical-
ly be eligible for the Selective En-
bloc Redevelopment Scheme. Wong
wrote, “SERS, as the name implies,
is on a selective basis. It is only of-
fered to HDB blocks located in sites
with high redevelopment potential.”
To allay the fears of HDB home-
owners like Lew, Prime Minister Lee
Hsien Loong addressed the issue of
depleting leases of older HDB flats
during his National Day Rally speech
on Aug 19. He announced a new Vol-
untary Early Redevelopment Scheme,
to be rolled out in about 20 years. He
said HDB estates built in the 1970s,
such as Marine Parade, Bedok and
Ang Mo Kio, would be among the
first to undergo VERS. Unlike SERS,
which is decided by the HDB and
residents do not get to vote, VERS
will be open to voting.
Tan Tiong Cheng, president of
Knight Frank Asia Pacific and advis-
er to Knight Frank Singapore, believes
the announcement of VERS is timely,
as about 250,000 flats out of the HDB
housing stock of more than a million
have already reached 45 to 55 years old,
which means they have 40 to 50 years
left on their leases. “That’s about 25%
of the HDB housing stock,” he adds.
The prime minister also announced
that every HDB flat would undergo
two rounds of upgrading works dur-
ing the 99-year lease period, with the
Home Improvement Programme (HIP)
for flats that hit the 30-year mark, and
a new HIP2 to be rolled out for age-
ing flats at the 60- to 70-year mark.
HIP will be extended to HDB blocks
constructed between 1987 and 1997
and will involve another 230,000 flats
in estates such as Pasir Ris, Yishun,
Tampines and Jurong.
Asset enhancement a necessity“Asset enhancement is thus neces-
sary,” says Knight Frank’s Tan. Af-
ter all, 79% of Singapore resident
households live in HDB flats. Anoth-
er 15.6% live in condominiums and
apartments, while 5.1% live in land-
ed property. Singapore’s home own-
ership rate is a high 90.7%, accord-
ing to the Department of Statistics.
“If the government is able to suc-
cessfully execute HIP2 and VERS,
Singapore will be the only country
in the world to have truly solved the
public housing issue, where ageing
estates will be rejuvenated and there
will be no urban decay, slums or ra-
cial enclaves,” says Tan. “That will
make Singapore a role model for the
rest of the world.”
Conceptually, VERS will give own-
ers of 99-year leasehold flats an exit
by cashing out or moving into a new
flat, notes Tan. The alternative would
be that their HDB flat will have zero
value at the end of the 99-year lease.
The proceeds from VERS are based
on the remaining lease of 20 to 29
years, and are unlikely to match the
amount offered by property devel-
opers for en bloc sites in the private
residential market, he points out. The
government has already said the pay-
out from VERS will be significantly
lower than from SERS.
Only about 5% of HDB blocks in
mature estates are suitable for SERS,
according to HDB. Of about 80 HDB
precincts that have been identified for
SERS, 61 have undergone redevelop-
ment, another eight are in the midst
of being redeveloped and 11 have yet
to be redeveloped. About 130 pre-
cincts have benefited from retrofit-
ting via HIP1 with the addition of the
extra utility room for every unit and
lifts that stop at every floor. The bill
for the lease buyback scheme, SERS
and the number of precincts sched-
uled for HIP1 just a few years ago is
about $4 billion.
While the broad concept of VERS
has been outlined, there are many de-
tails that have yet to be worked out.
“We will need time to do so,” says
Minister Wong. These include the
extent of the coverage for VERS and
how compensation will be computed.
“In particular, we will ensure that we
implement VERS in a fiscally sustain-
able way so that it will not be a bur-
den for the next generation,” he adds.
According to Minister Wong, resi-
dents who do not get VERS or are not
in favour of it will continue to live
in their flats and benefit from two
rounds of upgrading. If they need a
place to live at the end of the lease,
the government will help them get
another flat — a new built-to-order
[BTO] flat if they are eligible, a re-
sale flat with a shorter lease or a two-
room flexi flat — for their retirement.
For the elderly who wish to age
in place and do not have sufficient
savings, lease buyback is an option
for them. “VERS is not a solution for
them now,” says Knight Frank’s Tan.
Changing the perception of public housingFor the government, large-scale re-
development efforts such as VERS
present a good opportunity to rebuild
some of the older precincts and in-
troduce “new and exciting concepts
of living” into the older towns, said
Minister Wong in Parliament on Sept
10. “To achieve this, we will need
to carefully study how to select the
precincts and to stage the redevel-
opment precinct by precinct, town
by town,” he said.
With VERS, the government will
essentially be able to redevelop entire
precincts like greenfield sites, similar
to the upcoming Bidadari and Ten-
gah estates, says Knight Frank’s Tan.
“The new generation of HDB flats and
precincts is likely to be very differ-
ent from those of today,” he reckons.
The next-generation HDB estates
could feature “Smart Nation Plus”
initiatives, use new and more effi-
cient construction methods as well
as offer infrastructure and lifestyle
amenities that will make them desir-
able neighbourhoods. Units can also
be modular or prefabricated, which
means they can be built quickly.
Homeowners could have the flexibili-
ty to make changes within their HDB
flat according to the changes in their
lifestyle needs over time, he adds.
Tan sees VERS as “a game chang-
er” for the HDB housing market. “It
will also change the perception of
public housing, making it a desir-
able form of housing over the long
term,” he says.
Residents in these future HDB towns
will also have the assurance that their
VERS — game changer for HDB market
With more HDB flats reaching the halfway mark of their lease and with the possibilityof private developers getting a piece of the housing redevelopment pie,
Tan Tiong Cheng, president of Knight Frank Asia Pacific, feels it is timely to discuss and debate the issues surrounding the new Voluntary Early Redevelopment Scheme
HDB estates built in the 1970s such as Marine Parade (pictured), Bedok and Ang Mo Kio would be among the first to undergo VERS
Tan: VERS will change the perception of public housing, making it a desirable form of housing over the long term
PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
COVER STORY
EDGEPROP | SEPTEMBER 17, 2018 • EP5
Major HDB estates over the decadesproperties will be upgraded twice dur-
ing their 99-year lease, and that they
have the option to exit via VERS when
the lease hits 70 years, says Tan.
HDB homeowners are still able
to buy a private residential proper-
ty to upgrade or as an investment if
they want to, without having to sell
their HDB flat. “The higher additional
buyer’s stamp duty acts like a wealth
tax,” Tan says. “There will still be
[upgrader demand]. Most still hope
to invest in residential property as a
nest egg for retirement.”
‘Master developer’ opportunities?Will property developers be able to
participate in VERS like they have
in collective sales of ageing private
property? Last year, the government
announced that it would launch a pi-
lot scheme for a “master developer”
approach, with the first site being in
the Kallang area. The government
had earlier decided on a master de-
veloper approach for certain sites,
especially new districts or areas to
be rejuvenated.
“If the master developer scheme
works out, it could well be applied
to selected HDB precincts,” says Tan.
Minister Wong says, “I will not
rule out the possibility of having pri-
vate developers being involved and
we will study the suggestion careful-
ly. But let’s be very clear: Our aim is
to redevelop public housing estates.
We will ensure that any redevelop-
ment is done in a way that preserves
the character of our HDB towns and
supports HDB’s mission to provide af-
fordable and quality homes for Sin-
gaporeans.”
No one will be without a home VERS ensures that people will not be
without housing when the lease of
their flat expires, says Tan.
Those living in three-room flats in
first-generation HDB estates such as
Queenstown, Bukit Merah and Toa
Payoh are already seeing the impact
that a depleting lease has on the pric-
es of their properties. In Queenstown,
for example, a 678 sq ft, three-room
(two bedrooms and one living/din-
ing area) HDB flat on Commonwealth
Drive with a 99-year lease starting
from 2015 costs $600,000, while a
689 sq ft, three-room flat on Com-
monwealth Crescent built in 1970
is priced at $290,000.
However, even then, prices
have increased significantly over
time. Tan recalls how a three-room
flat in Queenstown was priced at
$10,000 to $11,000 in 1972. That
was when he returned to Singa-
pore after graduating at the top
of his class with a Diploma in Ur-
ban Valuation from the Univer-
sity of Auckland, New Zealand.
The price of a three-room flat
then was the equivalent of 1½
years of his starting salary. “It
was certainly affordable then,”
he recalls.
Forty-five years on, the median
monthly salary of a fresh graduate
from the National University of
Singapore, Nanyang Technological
University or Singapore Manage-
ment University was about $3,500
in 2017. Three-room BTO flats in
2017 were priced from $145,000,
excluding government housing
grants, says Eugene Lim, key ex-
ecutive officer at ERA Realty. That
is equivalent to 3½ years of the
salary of a fresh graduate today.
However, graduates are more
likely to opt for a four-room BTO
flat than a three-room flat, points
out Lim. A four-room BTO flat is
priced from $236,000, excluding
housing grants, and that trans-
lates into 5.6 years’ the salary of
a fresh graduate. “BTO remains
the most affordable housing for
young graduates,” he adds.
VERS also provides hope for
retirees like Marine Parade resi-
dent Lew. “Without knowing the
details, I wholeheartedly welcome
this move to address my concerns.
But does my flat fall under VERS
or SERS?” — With additional re-
porting by Timothy Tay
The flats on Kim Tian Road in Bukit Merah are among the oldest in Singapore
KNIGHT FRANK 75TH ANNIVERSARY BOOK: THE EVOLUTION OF SINGAPORE REAL ESTATE — JOURNEY TO THE PAST AND FUTURE: 1940-2015
About 250,000 flats out of the HDB housing stock of more than a million are 45 to 55 years oldE
NEW LAUNCH
EP6 • EDGEPROP | SEPTEMBER 17, 2018
Oxley previews UK-inspired luxury condo Mayfair Gardens
UNIT TYPE NO OF AREA STARTING PRICE PSF PRICE UNITS (SQ FT) ($ MIL) ($)
One-bedroom 25 506 to 646 0.938 1,853
One-bedroom-plus-study 64 549 to 753 1.055 1,850
Two-bedroom 72 710 to 904 1.395 1,852
Th ree-bedroom 26 1,012 to 1,216 1.928 1,808
Four-bedroom 8 1,216 to 1,249 2.308 1,898
Mayfair Gardens’ indicative prices
| BY BONG XIN YING |
On the weekend of Sept 15
and 16, Singapore-listed
developer Oxley Holdings
will be previewing the 215-
unit luxury condominium
Mayfair Gardens.
Located on Rifle Range Road in
the prime Bukit Timah area, the pro-
ject comprises a good mix of one- to
four-bedroom apartments, and six pent-
houses ranging from 1,539 to 1,733
sq ft. Units on the ground level have
a ceiling height of 4.6m, while pent-
houses have a ceiling height of 4.4m.
‘Priced to sell’Prices range from $938,000 ($1,853
psf) for a 506 sq ft, one-bedroom unit
to $2.308 million ($1,898 psf) for a
1,216 sq ft, four-bedroom unit. The
average price is said to be $1,900 psf.
Ching Chiat Kwong, Oxley Holdings’
executive chairman and CEO, says
the units are “priced to sell”.
Mayfair Gardens is a redevelop-
ment of a private residential property
in District 10 bearing the same name.
Last November, Oxley purchased the
original 124-unit condo development
in an en bloc deal for $311 million
($1,244 psf per plot ratio), 14.8%
more than the reserve price of $265
million. The former Mayfair Gardens,
occupying a 208,480 sq ft site, will be
developed into two new projects —
Mayfair Gardens and Mayfair Mod-
ern. The redeveloped Mayfair Gardens
will sit on a 116,130 sq ft site, while
Mayfair Modern will be a smaller
development with about 171 units.
The new Mayfair Gardens is de-
signed by DP Architects, with inspi-
ration from Georgian architecture.
“Mayfair Gardens is the project of
the decade for Oxley,” says Ching.
He is confident that the development
will make a statement in terms of de-
sign, details, space planning, facili-
ties and landscaping.
Mayfair Gardens is the most up-
scale development in Oxley’s port-
folio to date. For just 215 units, the
project has 55 facilities, including a
75m swimming pool and three sky
terraces.
Units will be fitted out with smart-
home features — such as Smarthome
Gateway, which works with other
smart-home devices — and a door-
bell that sends an alert to the home-
owner’s smart device. Four-bedroom
units and penthouses will also come
with an Amazon Echo Spot voice-con-
trolled device.
The name “Mayfair” was retained
for the new development, as it is as-
sociated with one of the most prestig-
ious addresses in London, says Eric
Low, deputy CEO of Oxley Holdings.
He adds that British architecture is
“not cheap to emulate, and is some-
thing that many have tried to recre-
ate for many years”.
The development is situated along
the Rail Corridor and is just a six-min-
ute walk from King Albert Park MRT
station on the Downtown Line. It
is also near reputable schools such
as Methodist Girls’ School, Nation-
al Junior College, Hwa Chong Insti-
tution and Singapore Chinese Girls’
School. The Pan Island and Bukit Ti-
mah Expressways are easily accessi-
ble from the development. The CBD
and Orchard Road are 15 to 20 min-
utes’ drive away.
Upcoming projectsAccording to Ching, the last new
launch in the vicinity was Oxley’s
own project — the freehold, mixed-
use development comprising the
142-unit KAP Residences and 107-
unit KAP Mall. KAP Residences and
KAP Mall were launched for sale in
2013 and completed in 2017.
So far, Oxley has launched five pro-
jects in Singapore this year and sold
1,130 units to date, with total sales
amounting to $1.18 billion, says Low.
Including Mayfair Gardens, Oxley
will launch five more projects before
year-end. Besides Mayfair Gardens,
Oxley will also be previewing its 18-
unit boutique development Parkwood
Residences on Yio Chu Kang Road.
Meanwhile, Sept 14 will see the sales
launch of another boutique devel-
opment, The Addition. With just 26
units, it is located near Potong Pasir
MRT station.
Meanwhile, the 498-unit Kent
Ridge Hill Residences (the former
Vista Park) will also be launched be-
fore year-end. Upcoming projects in-
clude Mayfair Modern and a devel-
opment in the Balestier-Tessensohn
Road area. “We are quite confident
that when we launch all the upcoming
projects, our total sales [for the year]
should hit 2,000 units,” says Low.
PICTURES: ALBERT CHUA/THE EDGE SINGAPORE
The design of the 215-unit Mayfair Gardens on Rifle Range Road was inspired by British Georgian architecture
Ching (right, with Low): Mayfair Gardens is the project of the decade for Oxley
The showflat of a one-bedroom-plus-study unit
Mayfair Gardens has a good mix of units with one to four bedrooms
Units on the first level will have high ceilings of about 4.6mE
GAINS AND LOSSES
EDGEPROP | SEPTEMBER 17, 2018 • EP7
Leonie Towers unit sold at $3.1 mil profit
E
Top gains and losses from Aug 28 to Sept 4
URA, EDGEPROP
Most profi table deals
Note: Computed based on URA caveat data as at Sept 11 for private non-landed houses transacted between Aug 28 and Sept 4. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.
Non-profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)
1 Scotts Square 9 1,249 Aug 31 2,983 Nov 23, 2007 3,711 908,790 20 2 10.8
2 Visioncrest 9 904 Aug 29 2,057 Aug 10, 2007 2,426 333,711 15 1 11.1
3 Refl ections at Keppel Bay 4 1,055 Aug 29 1,531 Aug 27, 2007 1,734 214,000 12 1 11.0
4 Caribbean at Keppel Bay 4 1,733 Aug 30 1,570 May 10, 2012 1,616 80,000 3 0.5 6.3
5 Foresque Residences 23 1,130 Aug 30 1,079 Oct 16, 2012 1,148 78,000 6 1 5.9
6 Th e Clift 1 527 Sept 03 2,123 Sept 6, 2012 2,214 48,000 4 1 6.0
7 Blue Horizon 5 926 Aug 30 1,026 March 7, 2012 1,059 30,000 3 0.5 6.5
8 Hedges Park Condominium 17 1,076 Sept 4 845 Jan 3, 2013 870 26,700 3 1 5.7
9 One @ Pulasan 15 549 Aug 29 1,239 Nov 6, 2012 1,257 10,000 1 0.3 5.8
PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)
1 Leonie Towers 9 3,251 Aug 29 1,677 Aug 10, 2005 723 3,100,000 132 7 13.1
2 28 Shelford 11 1,184 Aug 29 1,588 Aug 13, 2003 617 1,150,000 158 6 15.1
3 Hillview Green 21 1,593 Aug 30 1,048 Oct 2, 2006 404 1,027,000 160 8 11.9
4 8 Hullet 9 657 Aug 30 3,543 Sept 26, 2003 1,231 908,650 64 3 14.9
5 Waterbank at Dakota 14 1,572 Aug 30 1,718 May 6, 2010 1,162 874,000 48 5 8.3
6 Th e Esta 15 1,313 Aug 29 1,780 Sept 9, 2010 1,178 791,282 51 5 8.0
7 Grandeur 8 20 1,227 Aug 30 1,076 Jul y31, 2003 491 717,449 119 5 15.1
8 Caspian 22 1,195 Aug 31 1,155 Feb 6, 2009 569 699,600 103 8 9.6
9 Kovan Melody 19 1,227 Aug 29 1,043 Sept 8, 2005 509 656,000 105 6 13.0
10 Blue Horizon 5 1,259 Aug 29 977 Feb 28, 2004 469 639,150 108 5 14.5
| BY BONG XIN YING |
A 3,251 sq ft, four-bedroom
unit on the 18th floor of
Leonie Towers, located in
prime District 9, posted the
highest gain of $3.1 mil-
lion (132%) for the week of Aug 28
to Sept 4, according to URA caveats.
The unit changed hands for $5.45
million ($1,677 psf) on Aug 29. The
seller bought it in August 2005 for
$2.35 million ($723 psf). This trans-
lates into an annualised profit of 7%
over a 13.1-year holding period.
This is the first transaction at
Leonie Towers this year and the
third-highest profitable sale to date.
The previous transaction at the devel-
opment was in April last year, when
a 2,960 sq ft, four-bedroom unit on
the 10th floor was sold for $4.05 mil-
lion ($1,368 psf).
The all-time-high profit at Leonie
Towers was from the resale of a
6,243 sq ft, four-bedroom penthouse
on the 24th floor, according to cav-
eats lodged. The penthouse was pur-
chased for $5.1 million ($817 psf)
in April 2006 and sold for $9.8 mil-
lion ($1,570 psf) in July 2007. This
translated into a profit of $4.7 mil-
lion, or an annualised profit of 69%
over 1.2 years.
There have been 23 profitable and
three non-profitable deals at Leonie
Towers since 1996, with profits rang-
ing from $100,000 to $4.7 million
and losses ranging from $198,000
to $1.02 million.
The 92-unit freehold Leonie Tow-
ers was developed by Hock Seng En-
terprises. It comprises four-bedroom
units of between 2,906 sq ft and 3,251
The freehold, 92-unit Leonie Towers is located in prime District 9
sq ft each, and penthouses of 6,243
sq ft to 6,545 sq ft each.
Meanwhile, the second-highest
gain — a profit of $1.15 million —
for the week in review was achieved
at 28 Shelford, in District 11. The sell-
er bought the 1,184 sq ft, three-bed-
room unit on the ground floor for
$730,000 ($617 psf) in August 2003, and sold it for $1.88 million ($1,588
psf) on Aug 29. This translates into
a gain of 158%. Over a holding pe-
riod of 15.1 years, the seller made a
6% annualised profit.
This is the third time the unit has
changed hands, according to cave-
ats lodged. It was previously sold for
$820,000 ($693 psf) in May 1999.
This latest sale at 28 Shelford is
also the development’s most profitable
transaction. The second-highest gain
at 28 Shelford was made by the seller
of an adjacent unit of the same size.
It was bought for $680,000 ($574 psf)
in May 2006, and sold in November
2010 for $1.404 million ($1,186 psf),
netting the seller a profit of $724,000.
There have been 13 profitable and
four non-profitable transactions at
28 Shelford since 2002, with profits
ranging from $20,000 to $1.15 mil-
lion and losses ranging from $22,000
to $450,000.
On the other hand, in prime District
9, a 1,249 sq ft unit at Scotts Square
recorded the top loss of $908,790.
The seller incurred a 20% loss af-
ter selling the three-bedroom unit
for $3.725 million ($2,983 psf) on
Aug 31. It was bought for $4.63 mil-
lion ($3,711 psf) in November 2007.
This translates into an annualised
loss of 2% over a holding period of
10.8 years.
All the nine transactions at Scotts
Square this year have been unprofit-
able. Since 2013, there have been a
total of 34 unprofitable transactions, with losses ranging from $127,360 to
$1.56 million, and only one profita-
ble transaction of $295,650 at Scotts
Square.
Following a spate of unprofitable deals at Scotts Square, a 1,249 sq ft unit was sold at a $908,790 loss on Aug 31
PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
EP8 • EDGEPROP | SEPTEMBER 17, 2018
DONE DEALS
Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8
Orchard/Tanglin/Holland 9 and 10
Newton/Bukit Timah/Clementi 11 and 21
Balestier/MacPherson/Geylang 12 to 14
East Coast 15 and 16
Changi/Pasir Ris 17 and 18
Serangoon/Thomson 19 and 20
West 22 to 24
North 25 to 28
District 1
MARINA ONE RESIDENCES Apartment 99 years August 29, 2018 1,012 2,548,000 2,518 2017 New Sale
THE CLIFT Apartment 99 years September 3, 2018 527 1,120,000 2,123 2011 Resale
District 2
WALLICH RESIDENCE AT
TANJONG PAGAR CENTRE Apartment 99 years September 2, 2018 1,765 5,418,325 3,069 2017 New Sale
District 3
MARGARET VILLE Apartment 99 years August 29, 2018 657 1,180,000 1,797 Uncompleted New Sale
MARGARET VILLE Apartment 99 years September 1, 2018 657 1,232,676 1,877 Uncompleted New Sale
MERINO CRESCENT Semi-Detached Freehold August 28, 2018 2,486 3,880,000 1,560 1995 Resale
SHEPHERD’S HILL ESTATE Detached Freehold August 29, 2018 4,112 5,350,000 1,302 Unknown Resale
STIRLING RESIDENCES Apartment 99 years August 28, 2018 624 1,065,000 1,706 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 28, 2018 689 1,234,000 1,791 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 28, 2018 506 964,000 1,905 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 29, 2018 624 1,104,000 1,768 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 29, 2018 980 1,644,000 1,678 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 29, 2018 1,055 1,753,000 1,662 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 29, 2018 883 1,525,000 1,728 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 30, 2018 441 981,000 2,223 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 30, 2018 1,055 1,855,000 1,759 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 30, 2018 689 1,177,000 1,709 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 31, 2018 1,345 2,352,000 1,748 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 31, 2018 883 1,455,000 1,648 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 31, 2018 883 1,483,000 1,680 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years August 31, 2018 506 911,000 1,801 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years September 1, 2018 980 1,586,000 1,619 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years September 2, 2018 980 1,649,000 1,683 Uncompleted New Sale
STIRLING RESIDENCES Apartment 99 years September 2, 2018 764 1,305,000 1,708 Uncompleted New Sale
Residential transactions with contracts dated Aug 28 to Sept 4 LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE
E
| BY TIMOTHY TAY |
In the neighbourhood of New-
ton Road in prime District 11, the
condominiums that saw the most
transactions from June to August
were Amaryllis Ville, Residences at Evelyn and 26 Newton.
At Residences at Evelyn, a high-
end freehold condo by City Devel-
opments Ltd, five units changed
hands at prices ranging from $1,787
to $2,034 psf. The units were a mix
of two-bedroom units of 1,033 sq ft
to four-bedroom units of 2,250 sq ft,
and were sold at prices ranging from
$1.95 million ($1,887 psf) to $4.2 mil-
lion ($1,867 psf), according to caveats
lodged with URA Realis. The highest
psf price was achieved by the seller
of a 1,528 sq ft, three-bedroom unit
on the 29th floor, who sold it for $3.1
million ($2,034 psf) in July.
Completed in 2007, Residences
at Evelyn is a 208-unit project with
twin 33-storey towers.
Nearby, 10 Evelyn, a 56-unit bou-
tique development by Amara Hold-
ings, is expected to hold its preview
over the weekend of Sept 22 and 23.
“The Newton Road area is popular
with homebuyers because of its prox-
imity to schools such as Anglo-Chi-
nese School (Barker Road) and La
Salle College of the Arts, but there
are not many opportunities to pur-
chase new homes in the area,” says
Adrian Chey, associate assistant sales
director at Knight Frank, the market-
ing agency for 10 Evelyn.
The indicative price for 10 Evelyn
is said to be $2,600 to $2,700 psf.
Meanwhile, on Newton Road, the
project that was most recently com-
pleted is 26 Newton, a 180-unit free-
hold condo by Novelty Group. The
project was completed in April last
year and so far, close to 80% of the
units have been sold.
All the one- and two-bedroom units
in the project are sold. The remain-
ing units are mainly two-bedroom-
plus-study units of 775 sq ft, which
range from $1.979 million for units on
the sixth floor to $2.117 million for a
24th-floor unit. The project compris-
es a single tower block of 26 floors.
Amaryllis Ville, Residences at Evelyn most actively transacted in Newton area
According to caveats lodged, the
most recent transaction at 10 Evelyn
was that of a 775 sq ft unit on the
16th floor, which was sold for $2.06
million ($2,658 psf) on Aug 29. In
July, three similar-size units were
sold for $1.96 million ($2,528 psf) to
$2.09 million ($2,697 psf). A 1,173
sq ft, two-bedroom unit on the fifth
floor fetched close to $2.35 million
($2,000 psf) in July.
Of interest is the upcoming launch
of a government land site in Kam-
pong Java for tender next month.
The 124,861 sq ft, 99-year leasehold
site has a plot ratio of 2.8 and could
yield up to 435 units. “Usually, after
a GLS site is awarded, the surround-
ing properties will enjoy a price up-
lift,” says Lester Tan, senior associ-
ate executive director of OrangeTee.
Another upcoming launch in the
Newton area is Tee Land’s 35 Gil-stead, a redevelopment of the for-
mer Casa Contendere, which it ac-
quired en bloc last November for
$72 million ($1,638 psf per plot
ratio). The new freehold devel-
opment will have 70 units across
three 5-storey blocks. It could be
launched later this year.
Amaryllis Ville has seen at least
10 units change hands over the past
three months. The 311-unit, high-end
condo was developed by Wing Tai
Holdings, which also developed the
neighbouring boutique development
Newton 18, which comprises just 81
units. Both Amaryllis Ville and New-
ton 18 were completed in 2004. New-
ton 18 is freehold, while Amaryllis
Ville has a 99-year lease from 1997.
Units at Amaryllis Ville have been
changing hands at prices ranging
from $1,568 to $1,737 psf, according
to caveats lodged with URA Realis.
The latest transactions were for a
1,238 sq ft, three-bedroom unit on
the ninth floor that fetched $1.96
million ($1,583 psf) and a 958 sq
ft, two-bedroom unit on the 10th
floor that was sold for $1.53 million
($1,597 psf). Caveats for both prop-
erties were lodged on Aug 27.
PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
THE EDGE SINGAPORE
The Newton Road area will see a fresh supply of new homes from private land sales and government tenders
The most recent transaction at 26 New-ton was the sale of a 775 sq ft unit that fetched $2.06 million ($2,658 psf)
Six units at Residences at Evelyn changed hands at prices ranging from $1,787 to $2,034 psf from June to August
At Amaryllis Ville, 10 units were sold over the past three months at prices ranging from $1,568 to $1,600 psf
EDGEPROP | SEPTEMBER 17, 2018 • EP9
DONE DEALS
LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE
LAND AREA/ UNIT FLOOR AREA TRANSACTED PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($ PSF) DATE SALE
TANGLIN VIEW Condominium 99 years August 31, 2018 1,249 1,610,000 1,289 2001 Resale
THE CREST Condominium 99 years August 30, 2018 915 1,872,000 2,046 2017 Resale
THE CREST Condominium 99 years August 31, 2018 1,206 2,480,000 2,057 2017 Resale
District 4
CARIBBEAN AT KEPPEL BAY Condominium 99 years August 30, 2018 1,733 2,720,000 1,570 2004 Resale
CORALS AT KEPPEL BAY Condominium 99 years September 4, 2018 1,012 2,182,500 2,157 2016 Resale
REFLECTIONS AT KEPPEL BAY Condominium 99 years August 29, 2018 1,055 1,615,000 1,531 2011 Resale
REFLECTIONS AT KEPPEL BAY Condominium 99 years August 31, 2018 1,991 3,600,000 1,808 2011 Resale
THE OCEANFRONT @ SENTOSA COVE Condominium 99 years August 31, 2018 1,216 1,900,000 1,562 2010 Resale
District 5
BIJOU Apartment Freehold August 28, 2018 592 1,111,435 1,877 Uncompleted New Sale
BLUE HORIZON Condominium 99 years August 29, 2018 1,259 1,230,000 977 2005 Resale
BLUE HORIZON Condominium 99 years August 30, 2018 926 950,000 1,026 2005 Resale
FABER CREST Condominium 99 years September 3, 2018 1,281 1,138,000 888 2001 Resale
JUBILEE RESIDENCE Apartment Freehold August 30, 2018 2,034 1,850,000 909 2008 Resale
District 7
CONCOURSE SKYLINE Apartment 99 years August 30, 2018 883 1,438,000 1,629 2014 Resale
District 8
CITYLIGHTS Condominium 99 years August 31, 2018 1,432 1,950,000 1,362 2007 Resale
District 9
8 HULLET Apartment Freehold August 30, 2018 657 2,326,650 3,543 Uncompleted New Sale
8 SAINT THOMAS Condominium Freehold August 28, 2018 1,152 3,406,000 2,957 2018 New Sale
8 SAINT THOMAS Condominium Freehold August 29, 2018 1,044 3,065,000 2,936 2018 New Sale
8 SAINT THOMAS Condominium Freehold August 31, 2018 441 1,426,000 3,231 2018 New Sale
ILLUMINAIRE ON DEVONSHIRE Apartment Freehold September 3, 2018 721 1,500,000 2,080 2011 Resale
ILLUMINAIRE ON DEVONSHIRE Apartment Freehold September 4, 2018 635 1,450,000 2,283 2011 Resale
LEONIE SUITES Apartment 99 years August 31, 2018 926 1,630,000 1,761 2006 Resale
LEONIE TOWERS Apartment Freehold August 29, 2018 3,251 5,450,000 1,677 1976 Resale
MARTIN MODERN Condominium 99 years September 1, 2018 1,012 3,049,000 3,013 Uncompleted New Sale
MARTIN MODERN Condominium 99 years September 1, 2018 1,087 2,987,800 2,748 Uncompleted New Sale
MARTIN MODERN Condominium 99 years September 2, 2018 764 1,996,900 2,613 Uncompleted New Sale
NEW FUTURA Condominium Freehold September 3, 2018 2,250 8,281,180 3,681 2017 Resale
NEW FUTURA Condominium Freehold September 3, 2018 1,830 6,512,000 3,559 2017 Resale
SCOTTS SQUARE Apartment Freehold August 31, 2018 1,249 3,725,000 2,983 2011 Resale
THE PEAK @ CAIRNHILL I Apartment Freehold August 28, 2018 689 1,731,000 2,513 2014 Resale
THE PEAK @ CAIRNHILL I Apartment Freehold August 29, 2018 2,002 3,800,000 1,898 2014 Resale
THE RITZ-CARLTON RESIDENCES
SINGAPORE CAIRNHILL Apartment Freehold August 28, 2018 2,831 9,380,000 3,313 2011 Resale
VISIONCREST Apartment Freehold August 29, 2018 904 1,860,000 2,057 2007 Resale
District 10
D’LEEDON Condominium 99 years August 29, 2018 1,216 2,020,000 1,661 2014 Resale
D’LEEDON Condominium 99 years August 30, 2018 3,778 4,676,000 1,238 2014 Resale
D’LEEDON Condominium 99 years August 31, 2018 3,832 4,720,000 1,232 2014 Resale
GOODWOOD GRAND Detached Freehold August 29, 2018 5,231 6,950,000 1,329 2017 Resale
LOFT@HOLLAND Apartment Freehold September 3, 2018 323 823,000 2,549 2014 Resale
NAMLY GROVE Detached Freehold August 29, 2018 8,342 14,000,000 1,678 Unknown Resale
PARKSUITES Apartment 110 years August 29, 2018 700 1,599,672 2,286 Uncompleted New Sale
VIZ AT HOLLAND Condominium Freehold September 3, 2018 1,259 2,000,000 1,588 2008 Resale
District 11
26 NEWTON Apartment Freehold August 29, 2018 775 2,060,000 2,658 2016 Resale
28 SHELFORD Apartment Freehold August 29, 2018 1,184 1,880,000 1,588 1994 Resale
IRIDIUM Apartment Freehold August 31, 2018 1,076 1,700,000 1,579 2009 Resale
MONARCHY APARTMENTS Apartment Freehold September 3, 2018 1,302 1,385,000 1,063 1997 Resale
SOLEIL @ SINARAN Condominium 99 years August 31, 2018 958 1,725,000 1,801 2011 Resale
THE WHITLEY RESIDENCES Semi-Detached Freehold August 29, 2018 6,071 4,750,000 782 2016 Resale
District 12
CRADELS Apartment Freehold August 30, 2018 441 708,000 1,604 2015 Resale
GEM RESIDENCES Condominium 99 years August 30, 2018 1,313 1,974,060 1,503 Uncompleted New Sale
MOONSTONE RESIDENCES Apartment Freehold September 4, 2018 1,044 1,150,000 1,101 2004 Resale
District 13
8@WOODLEIGH Condominium 99 years August 28, 2018 398 638,000 1,602 2012 Resale
BLOSSOMS @ WOODLEIGH Condominium Freehold August 28, 2018 1,410 2,150,000 1,525 2007 Resale
ONE LEICESTER Condominium Freehold August 29, 2018 958 1,320,000 1,378 2008 Resale
PARK COLONIAL Condominium 99 years August 28, 2018 624 1,118,000 1,791 Uncompleted New Sale
PARK COLONIAL Condominium 99 years August 30, 2018 678 1,187,000 1,750 Uncompleted New Sale
PARK COLONIAL Condominium 99 years September 1, 2018 678 1,183,000 1,744 Uncompleted New Sale
THE TRE VER Condominium 99 years August 29, 2018 506 798,000 1,577 Uncompleted New Sale
THE TRE VER Condominium 99 years August 31, 2018 700 1,095,000 1,565 Uncompleted New Sale
THE TRE VER Condominium 99 years September 1, 2018 1,098 1,804,000 1,643 Uncompleted New Sale
THE TRE VER Condominium 99 years September 1, 2018 495 780,000 1,575 Uncompleted New Sale
District 14
PARK PLACE RESIDENCES AT PLQ Apartment 99 years August 31, 2018 1,076 1,805,000 1,677 Uncompleted New Sale
SIMSVILLE Condominium 99 years August 28, 2018 1,249 1,285,000 1,029 1998 Resale
SIN CHUAN GARDEN Terrace Freehold August 29, 2018 1,873 2,600,000 1,389 1983 Resale
SIXTEEN35 RESIDENCES Apartment 99 years August 31, 2018 667 921,500 1,381 Uncompleted New Sale
SIXTEEN35 RESIDENCES Apartment 99 years September 2, 2018 743 1,064,950 1,434 Uncompleted New Sale
STARVILLE Condominium Freehold September 3, 2018 1,238 1,100,000 889 2006 Resale
WATERBANK AT DAKOTA Condominium 99 years August 30, 2018 1,572 2,700,000 1,718 2013 Resale
WATERBANK AT DAKOTA Condominium 99 years September 3, 2018 624 1,088,000 1,743 2013 Resale
District 15
CATHAY GARDEN Terrace Freehold August 29, 2018 1,647 2,968,000 1,808 1985 Resale
COSTA RHU Condominium 99 years September 4, 2018 1,776 2,110,000 1,188 1997 Resale
IDYLLIC RESIDENCES Apartment Freehold August 31, 2018 1,195 1,460,000 1,222 2009 Resale
MALVERN SPRINGS Condominium Freehold August 31, 2018 990 1,260,000 1,272 2004 Resale
ONE @ PULASAN Apartment Freehold August 29, 2018 549 680,000 1,239 2009 Resale
QUESTA @ DUNMAN Apartment Freehold August 29, 2018 753 1,200,000 1,593 2013 Resale
SANCTUARY GREEN Condominium 99 years August 30, 2018 775 1,028,000 1,326 2004 Resale
THE ESTA Condominium Freehold August 29, 2018 1,313 2,338,000 1,780 2008 Resale
District 16
D’MANOR Terrace 99 years August 31, 2018 2,723 1,760,000 646 2000 Resale
JALAN KATHI Terrace Freehold August 28, 2018 3,843 3,485,000 907 1989 Resale
JALAN DEMAK Semi-Detached 99 years August 31, 2018 2,454 2,000,000 816 1995 Resale
District 17
HEDGES PARK CONDOMINIUM Condominium 99 years August 30, 2018 1,076 948,000 881 2015 Resale
HEDGES PARK CONDOMINIUM Condominium 99 years September 4, 2018 1,076 910,000 845 2015 Resale
District 18
CHANGI RISE CONDOMINIUM Condominium 99 years August 29, 2018 1,496 1,300,000 869 2004 Resale
COCO PALMS Condominium 99 years August 28, 2018 1,259 1,617,775 1,285 2018 New Sale
MODENA Condominium 99 years August 30, 2018 958 910,000 950 2001 Resale
RIPPLE BAY Condominium 99 years August 28, 2018 764 900,000 1,178 2015 Resale
THE ESPARIS EC 99 years August 31, 2018 1,292 925,000 716 2005 Resale
THE RIVERINA Terrace 99 years August 31, 2018 1,615 1,715,000 1,062 2000 Resale
THE TAPESTRY Condominium 99 years August 28, 2018 990 1,170,400 1,182 Uncompleted New Sale
THE TAPESTRY Condominium 99 years August 31, 2018 441 652,000 1,477 Uncompleted New Sale
THE TAPESTRY Condominium 99 years September 2, 2018 1,130 1,416,800 1,254 Uncompleted New Sale
WATERVIEW Condominium 99 years September 3, 2018 1,130 1,180,000 1,044 2014 Resale
District 19
A TREASURE TROVE Condominium 99 years August 28, 2018 1,044 1,248,000 1,195 2015 Resale
A TREASURE TROVE Condominium 99 years August 30, 2018 4,876 3,370,000 691 2015 Resale
A TREASURE TROVE Condominium 99 years September 3, 2018 915 990,000 1,082 2015 Resale
AFFINITY AT SERANGOON Apartment 99 years August 28, 2018 474 711,000 1,501 Uncompleted New Sale
BOATHOUSE RESIDENCES Condominium 99 years August 30, 2018 732 850,000 1,161 2015 Resale
BOATHOUSE RESIDENCES Condominium 99 years September 3, 2018 1,119 1,180,000 1,054 2015 Resale
CARDIFF RESIDENCE Condominium 99 years September 3, 2018 420 590,000 1,405 2014 Resale
CHARLTON RESIDENCES Terrace Freehold August 30, 2018 5,350 2,790,000 522 2014 Resale
FIORENZA Apartment Freehold August 30, 2018 1,905 2,030,000 1,065 2011 Resale
FLO RESIDENCE Condominium 99 years August 29, 2018 1,012 980,000 969 2016 Resale
KOVAN MELODY Condominium 99 years August 29, 2018 904 1,070,000 1,183 2006 Resale
KOVAN MELODY Condominium 99 years August 29, 2018 1,227 1,280,000 1,043 2006 Resale
LA FIESTA Condominium 99 years August 30, 2018 1,421 1,468,000 1,033 2016 Resale
Pillai Road Apartment Freehold August 28, 2018 1,894 908,000 478 Unknown Resale
RICHARDS PLACE Terrace Freehold September 3, 2018 2,228 2,800,000 1,254 1998 Resale
PRIVE EC 99 years August 31, 2018 1,087 1,050,000 966 2013 Resale
PRIVE EC 99 years September 3, 2018 1,442 1,395,000 967 2013 Resale
RIVER ISLES Condominium 99 years August 29, 2018 1,141 1,120,000 982 2015 Resale
RIVERFRONT RESIDENCES Apartment 99 years August 28, 2018 463 609,000 1,316 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years August 29, 2018 603 823,000 1,365 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years August 29, 2018 517 676,000 1,308 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years August 29, 2018 1,679 2,063,000 1,229 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years August 30, 2018 721 939,000 1,302 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years August 31, 2018 603 828,000 1,374 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years September 1, 2018 721 942,000 1,306 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years September 1, 2018 463 614,000 1,327 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years September 2, 2018 614 844,000 1,376 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years September 2, 2018 517 730,000 1,413 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years September 2, 2018 1,485 2,001,000 1,347 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years September 2, 2018 517 692,000 1,339 Uncompleted New Sale
RIVERFRONT RESIDENCES Apartment 99 years September 2, 2018 463 608,000 1,314 Uncompleted New Sale
RIVERFRONT RESIDENCES Terrace 99 years September 2, 2018 2,110 2,462,000 1,167 Uncompleted New Sale
SERANGOON GARDEN ESTATE Semi-Detached 999 years August 30, 2018 2,799 3,900,000 1,393 Unknown Resale
SERANGOON GARDEN ESTATE Terrace 999 years August 30, 2018 2,540 4,300,000 1,696 Unknown Resale
SERANGOON GARDEN ESTATE Semi-Detached 999 years August 31, 2018 3,832 3,980,000 1,039 Unknown Resale
SOLARIS RESIDENCES Terrace Freehold August 30, 2018 4,725 2,480,000 525 2010 Resale
THE MINTON Condominium 99 years August 29, 2018 980 1,060,000 1,082 2013 Resale
THE QUARTZ Condominium 99 years August 29, 2018 1,195 1,250,000 1,046 2009 Resale
THE QUARTZ Condominium 99 years August 30, 2018 1,130 1,200,000 1,062 2009 Resale
THE SCALA Apartment 99 years August 28, 2018 1,044 1,500,000 1,437 2013 Resale
District 20
BISHAN 8 Condominium 99 years August 30, 2018 1,550 1,760,000 1,135 2000 Resale
CORAL PARK Terrace Freehold September 3, 2018 1,744 2,720,000 1,564 1980 Resale
FULTON HILL Terrace 999 years August 28, 2018 2,637 3,170,000 1,200 1996 Resale
GOLDEN HILL ESTATE Semi-Detached Freehold August 28, 2018 3,606 4,500,000 1,250 1980 Resale
GRANDEUR 8 Condominium 99 years August 30, 2018 1,227 1,320,000 1,076 2005 Resale
SKY VUE Condominium 99 years August 28, 2018 484 800,000 1,652 2016 Resale
THOMSON IMPRESSIONS Semi-Detached 99 years August 28, 2018 2,034 2,530,000 1,244 2018 New Sale
District 21
GARDENVISTA Condominium 99 years August 31, 2018 893 950,000 1,063 2006 Resale
HILLVIEW GREEN Condominium 999 years August 30, 2018 1,593 1,670,000 1,048 1998 Resale
THE HILLFORD Apartment 60 years August 31, 2018 398 475,000 1,193 2016 Resale
District 22
CASPIAN Condominium 99 years August 31, 2018 1,195 1,380,000 1,155 2012 Resale
THE CENTRIS Apartment 99 years August 28, 2018 1,442 1,785,000 1,238 2009 Resale
District 23
BLOSSOM RESIDENCES EC 99 years August 29, 2018 969 765,000 790 2014 Resale
CASHEW ESTATE Terrace 999 years August 30, 2018 2,045 3,150,000 1,544 1981 Resale
FORESQUE RESIDENCES Condominium 99 years August 30, 2018 1,130 1,220,000 1,079 2014 Resale
GUILIN VIEW Condominium 99 years August 29, 2018 1,528 1,260,000 824 2000 Resale
GUILIN VIEW Condominium 99 years September 3, 2018 1,281 1,050,000 820 1999 Resale
HILLBROOKS Condominium Freehold September 3, 2018 1,098 1,165,000 1,061 1999 Resale
HILLVIEW HEIGHTS Condominium Freehold September 4, 2018 1,679 1,730,000 1,030 1996 Resale
HILLVISTA Condominium Freehold September 3, 2018 1,238 1,500,000 1,212 2010 Resale
MERA GARDENS Terrace 99 years August 30, 2018 1,733 1,725,000 998 1998 Resale
SOL ACRES EC 99 years September 1, 2018 732 695,000 950 2018 New Sale
TREE HOUSE Condominium 99 years September 4, 2018 861 895,000 1,039 2013 Resale
District 25
LA CASA EC 99 years August 31, 2018 1,130 855,000 756 2008 Resale
WOODGROVE CONDOMINIUM Condominium 99 years September 3, 2018 2,142 1,400,000 654 1999 Resale
District 26
THE CALROSE Condominium Freehold August 31, 2018 1,238 1,650,000 1,333 2007 Resale
THE SPRINGSIDE Terrace Freehold August 29, 2018 3,735 4,554,000 1,220 2016 Resale
District 27
ORCHID PARK CONDOMINIUM Condominium 99 years September 4, 2018 1,249 855,000 685 1994 Resale
SELETARIS Condominium Freehold August 30, 2018 1,593 1,280,000 803 2001 Resale
SKIES MILTONIA Condominium 99 years September 4, 2018 721 750,000 1,040 2016 Resale
WATERCOVE Terrace Freehold September 2, 2018 3,434 2,298,000 669 Uncompleted New Sale
District 28
H2O RESIDENCES Condominium 99 years August 30, 2018 883 908,000 1,029 2015 Resale
HIGH PARK RESIDENCES Apartment 99 years August 30, 2018 452 585,000 1,294 Uncompleted Sub Sale
LUXUS HILLS Terrace 999 years September 3, 2018 1,615 2,958,000 1,832 2013 Resale
NIM COLLECTION Terrace 99 years August 28, 2018 2,239 3,498,000 1,562 Uncompleted New Sale
NIM COLLECTION Terrace 99 years August 31, 2018 1,970 2,780,000 1,411 Uncompleted New Sale
PARC BOTANNIA Condominium 99 years August 30, 2018 1,453 1,888,000 1,299 Uncompleted New Sale
RIVERBANK @ FERNVALE Condominium 99 years September 3, 2018 710 800,000 1,126 2017 Resale
SUNRISE GARDENS Condominium 99 years August 31, 2018 1,163 870,000 748 1998 Resale
THE GREENWICH Condominium 99 years September 3, 2018 883 918,000 1,040 2014 Resale
THE TOPIARY EC 99 years August 30, 2018 1,087 970,000 892 2016 Resale
Residential transactions with contracts dated Aug 28 to Sept 4
DISCLAIMER:
Source: URA Realis. Updated Sept 11, 2018. The Edge Property Pte Ltd shall not be responsible for any loss or
liability arising directly or indirectly from the use of, or reliance on, the information provided therein.
EC stands for executive condominium
UNDER THE HAMMER
EP10 • EDGEPROP | SEPTEMBER 17, 2018
Pinewood Grove detached house going for $3.75 mil| BY CHARLENE CHIN |
A double-storey detached
house at 35 Pinewood
Grove, in Woodlands, will
be put up for auction on
Sept 19 by Knight Frank
Singapore at a guide price of $3.75
million ($581 psf).
The 99-year leasehold property, in
District 25, occupies a 6,458 sq ft site.
It will be sold partially furnished and
with tenancy, which ends in Decem-
ber. The house has five bedrooms:
two on the first level and three on the
second level. This is the third time it
has been put up for auction. At the
previous auction in July, it had an
opening price of $4.1 million ($635
psf), but was withdrawn as there
were no bids.
The house is atypical of Singa-
pore landed homes, says Noelle
Tan, auction and sales manager at
Knight Frank Singapore, who is mar-
keting the property. The layout is
U-shaped and features a courtyard
at the centre, which lets in natu-
ral light and promotes airflow, she
adds. The property was designed
by Singaporean architect Richard
Ho, who is famous for his design
of houses and won the President’s
Design Award in 2013.
The house at 35 Pinewood Grove
is part of nine houses built by private
boutique developer Davis Pinegrove
22 years ago. Over the years, five of
the houses have been sold and four
have been leased.
The houses on Pinewood Grove
are near Woodgrove Estate, which
was developed by Far East Organi-
zation more than two decades ago.
The houses on Pinewood Grove and
in Woodgrove Estate are mainly large
detached houses that are popular
with expatriate families, given their
proximity to the Singapore Ameri-
can School, which relocated to its
Woodlands campus in 1996. Amen-
ities in the area include Causeway
Point mall and dining outlets at The
Woodgrove.
The owner is a “serious seller”,
says Sharon Lee, senior director and
head of auction and sales at Knight
Frank, who is jointly marketing the
property with Tan.
The houses on Pinewood Grove
developed by Davis Pinegrove have
a common theme: an exterior of
red terracotta bricks against white
walls, with wooden doors and win-
dow frames.
According to Lee, the price of
$581 psf for the detached house on
Pinewood Grove is considered at-
tractive, as construction of bunga-
lows today typically costs $400 to
$500 psf. And that is excluding land
cost, she adds.
The house is currently tenanted
by a Singaporean family on a two-
year lease, at $7,500 monthly. So
far, 35 Pinewood Grove has largely
drawn interest from investors, but the
rental yields of houses in the Wood-
grove area are not attractive enough,
Lee says. She believes the houses
should appeal to owner-occupiers
“who appreciate the slower pace of
life in the area”.
The house features a courtyard at the centre, which lets in natural light andpromotes airflowThe living room of the house, with the courtyard on the left
E
PICTURES: KNIGHT FRANK SINGAPORE