20180115 S EP 813 - dkc9trqgco1sw.cloudfront.net · See our Cover Story on Pages 6 and 7. PROPERTY...

While workers’ accommodation continues to be the main revenue generator, the rapidly

expanding student accommodation segment will see increased contribution in the coming years.

See our Cover Story on Pages 6 and 7.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of January 15, 2018 | ISSUE 813-35

MCI (P) 136/08/2017 PPS 1519/09/2012 (022805)

OffshorePrices in Hanoi andHo Chi Minh City

continue to rise EP5

Done DealsSymphony Suites

in Yishun 90% sold EP8&9

Gains and LossesUnit at The Edge on

Cairnhill sold at $1.3 mil profi t EP10

Deal WatchTwo-bedder at

Parc Centros on the market for $1.08 mil EP11

ASPRI-Westlite Papan, an integrated workers’ dormitory and training centre

CEN

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Centurion Corp’s balancing act

EP2 • EDGEPROP | JANUARY 15, 2018

E

HOMEOCBC Bank launches OneAdvisor Home portal, a one-stop advisory serviceOCBC Bank has launched an online advisory ser-

vice that brings together first-time homebuyers as

well as seasoned investors. Called OCBC OneAd-

visor Home, the portal brings together all the tools

and resources that property buyers would need to

make an informed purchase — from property list-

ings, policy details, rules and regulations to afforda-

bility advice. Property listings based on a home-

buyer’s affordability are pulled from EdgeProp.sg,

with other features to be added through API-based

collaboration with other service providers over the

next few months.

While most advisory tools in the market can only

derive the loan amount a buyer can borrow based on

the total debt servicing ratio, at OCBC OneAdvisor

Home, the affordability tool computes the afforda-

bility price range for the buyer, including down pay-

ment, stamp duty, minimum cash payment as well

as legal and agent fees. In the coming months, OCBC

OneAdvisor Home will allow homebuyers to submit

necessary documents through the website for a se-

cure Credit Bureau check. In addition, home sellers

will be able to get an indicative value of their prop-

erties from an accredited valuer.

FCL to issue $300 mil worth of perpetual securitiesSingapore property group Frasers Centrepoint (FCL)

announced on Jan 8 that its wholly-owned subsidi-

ary, FCL Treasury, plans to issue $300 million worth

of fixed rate subordinated perpetual securities.

The securities will be issued under the company’s

$5 billion multi-currency debt issuance programme,

which was established on Jan 16, 2017. According to

FCL, the distribution rate is 4.38% a year and will be

paid twice a year.

FCL says it intends to use net proceeds from the

securities — after deducting issue expenses — to fund

its business activities.

The securities are slated to be issued on Jan 17.

OFFSHORESabah, Malaysia land deal secured in bitcoinA Sabahan businessman has secured the sale of a 1.22ha

piece of land on Libaran Island for half a bitcoin, in a

transaction that is likely the first of its kind in Malaysia.

Tourism entrepreneur Alexander Yee had agreed to

sell the parcel to his friend Polycarp Chin for half a

bitcoin — worth roughly RM38,000 ($12,680) at the

time of the agreement) — and Chin placed a 10% de-

posit worth 0.05 bitcoin (RM3,883.25) on the land,

reported The Star on Jan 9.

“It’s a new way of transferring money,” said Yee at

the signing ceremony of the sale and purchase agree-

ment, which entailed Chin making the payment via

his Luno wallet directly into Yee’s wallet.

Following the signing ceremony — which was

witnessed by a third party — the sale and purchase

agreement will be sent to a lawyer for certification

before an application to transfer the land ownership

is made at the Sandakan land office. Once the trans-

fer is done, the remaining 0.45 bitcoin will be paid.

“I do not see a problem as we have a value of the

land in ringgit and the necessary stamp duty fees

would be paid based on the value stated,” said Yee.

The deal possibly heralds a new level of acceptance

for the cryptocurrency in Malaysia.

The entrepreneur — who is a resort operator, turtle

conservationist and owner of the sustainability-themed

Rumah Terbalik (Upside Down House) in Kampung

Bantayan-Telibong, just outside of Kota Kinabalu —

said Chin decided to buy the land as he wanted to

get involved in turtle conservation. They note that

while Bank Negara Malaysia has not drawn up clear

guidelines on cryptocurrencies, neither has it banned

outright trading of such currencies.

Cortland Partners, CPPIB and GIC form JV targeting US multifamily real estateReal estate investment firm Cortland Partners, Canada

Pension Plan Investment Board (CPPIB) and GIC an-

nounced on Jan 9 that they have formed a joint venture

(JV) with a targeted equity amount of US$550 million

($732 million) to acquire and renovate 8,000 to 10,000

Class B multifamily units in the US. These are older as-

sets with opportunities for improvements to the build-

ings, ongoing maintenance and long-term appreciation.

CPPIB and GIC will each own a 45% interest while

Cortland Partners will own 10%. The JV has acquired

three garden-style communities. They are Lakecrest

at Gateway Park, a 440-unit rental complex in Colo-

rado; Aurum Falls River, a 284-unit rental complex in

North Carolina; and Waterstone Apartments, a 308-

unit rental complex in Texas. The JV will pursue oth-

er acquisition opportunities, primarily in the south-

ern and southeastern US.

Crown Group bullish on luxury properties in SydneyCrown Group, which is active in property develop-

ment, investment and management, is bullish on the

luxury real estate market in Sydney (left). The city

is a solid investment choice, especially in the luxury

apartment space, says Julian Sedgwick, global head

of sales. He adds that “high quality apartments in de-

sirable locations are increasing in value at a steady

rate, backed by strong investment in infrastructure”.

Apartment building construction has boomed in Syd-

ney and many new apartment developments are tailored

towards first-time homebuyers. According to Real Estate.

com.au, an average unit in Waterloo sold for nearly

$550,000 in 2010, but the average value today is $833,500

— a significant increase, says Crown Group, who adds

that this trend is set to continue as more buyers compete

for properties. — Compiled by Timothy Tay

PROPERTY BRIEFS

EDITORIALEDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY EDITOR | Lin ZhiqinWRITERS | Angela Teo, Timothy TayDIGITAL WRITER | Fiona Ho

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DIRECTOR, COMMERCIAL OPERATIONS | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimACCOUNT MANAGER |James Chua

CIRCULATIONDIRECTOR | Victor TheEXECUTIVE | Malliga Muthusamy, Ashikin Kader

CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong

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We welcome your commentsand criticism: [email protected]

Pseudonyms are allowed but please state your full name, address and contact number for us to verify.

| BY TIMOTHY TAY |

Brighter prospects for the prop-

erty market are expected this

year, according to the 2018

Asia Pacific Property Outlook

report by Colliers Internation-

al, which was released on Jan 10. In

Singapore, investment sales are likely

to stay robust following bumper trans-

actions of about $40.2 billion last year.

The residential sector accounted for

54% of the deals, owing to strong de-

mand for sites via public tender and

the collective sale market. This is the

highest annual investment sale value

since the last property boom in 2007.

Investment sales in 2017 rose 54%

y-o-y and positive momentum should

carry into 2018, says Tricia Song, head

of research for Singapore at Colliers.

She adds that as at Jan 10, there are

11 residential collective sale tenders

closing in the coming five weeks, in-

cluding City Towers and four govern-

ment land sales (GLS) tenders due on

Jan 30, giving the residential sector a

strong start to 2018.

In a separate report, Morgan Stanley

says that home prices are still in the

early stages of a multi-year recovery.

MS expects an 8% increase in home

prices in 2018 that can be sustained

until 2019. Given the rise of en bloc

activity last year, 2018 could also be

a record year for launches, says MS,

which expects sales volume to grow

40% this year.

The recovery in private residential

prices is set to continue, says Song,

and the current wave of collective

sales could accelerate price recovery

“in the near term” as beneficiaries pro-

vide “immediate incremental demand”.

Average home prices may rise by 17%

over 2018 to 2021, supported by higher

GDP growth, falling completions and

ongoing collective sale deals.

The en bloc boom is likely to per-

sist and displaced homeowners could

add to the pool of potential buyers,

says MS. The recovery in home pric-

es could be sustained until 2019 as

recent property cycles have lasted

for four years, the report states. It

also predicts that 17 projects with

15,000 units could be launched this

year, which is triple the number of

units at the eight projects launched

last year.

Improved economic conditions

have also boosted demand for leased

office space as well as industrial and

logistics properties. Colliers expects

demand to stay strong, and office and

warehouse rents to “stay reasonably

stable”. The commercial property sec-

tor made up 30% of investment sales

last year and was driven by landmark

deals such as Asia Square Tower 2,

which was sold for $2.09 billion, as

well as the Beach Road GLS site sold

for $1.62 billion, and Chevron House

for $660 million.

Colliers projects Grade A office rents

in Singapore to pick up by 5% to 7%

this year, on the back of a rosier eco-

nomic outlook and recovering occu-

pier markets. There will be increas-

ing demand for office space from new

tenant segments such as co-working

operators and technology and media

companies. There are very few com-

mercial opportunities left in the mar-

ket as flexible workspace operators

secure service-exclusivity within de-

velopments of choice, says Duncan

White, head of office services at Col-

liers International. Such arrangements

limit the growth of co-working opera-

tors and could lead to further consoli-

dation of operators, he says.

Colliers also expects the business

and industrial park market segment

to do well in the next several years

against a backdrop of an improved

manufacturing sector and the govern-

ment’s initiatives to transform indus-

tries and encourage adoption of new

technologies.

Home prices in early stage of multi-year recovery

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EDGEPROP | JANUARY 15, 2018 • EP3


EVENTS

Property outlook in the Year of the Earth Dog| BY TIMOTHY TAY |

Singapore’s property market

will do better in the Year of

the Earth Dog, according to

Joey Yap, chief consultant of

Joey Yap Consulting Group,

a firm specialising in feng shui and

Chinese astrology services.

Yap was speaking at Joey Yap’s Feng

Shui & Astrology 2018 Seminar, held

at the Resorts World Convention Cen-

tre on Jan 7. The event, which drew a

crowd of 3,000 feng shui aficionados,

kicks off a world tour that includes

cities such as Kuala Lumpur, Manila,

Bangkok and Jakarta. The next seminar

will take place in Penang on Jan 14.

According to Yap, the proper-

ty market in Singapore will receive

more attention in the coming year.

It will “look good, but move slow-

EdgeProp was the official media partner for the event

Joey Yap’s Feng Shui & Astrology 2018 Seminar on Jan 7 is the first in a world tour

About 3,000 people turned up at the Resorts World Convention Centre for the event

ly because the Earth element is not

huge in 2018, (but) it is bigger than

in 2017”, he says.

Yap also talked about prominent as-

trological signs and what opportunities

they bring. According to the 2018 Ten

Stems chart by Yap, individuals with

signs such as yin wood are more like-

ly to experience successful product or

property launches, and those with yin

fire will have more opportunities to

buy good properties and to find good

deals when selling property.

A wide collection of feng shui and

astrology books by Yap detailing his

methods and forecasts was available

for sale at the convention hall. The

booths were a hub of activity dur-

ing breaks as many attendees jostled

to buy them.

Yap also introduced an algorithm,

created in partnership with EdgeProp

A model of the London City Island residential project by EcoWorld Yap: Singapore’s property market will do better in the Year of the Earth Dog

Singapore, which makes personalised

property recommendations based

on each individual’s BaZi. It can

be accessed at www.EdgeProp.sg/

fengshui. EdgeProp was the official

media partner for the event.

The official sponsor was EcoWorld,

which showcased its overseas water-

front residential project, London City

Island, in the UK. The development

is located opposite the O2 Arena and

beside Canary Wharf.

“Opportunities are open-ended,”

says Yap. And “certain choices” de-

termine your destiny, he adds. For

those whose BaZi forecast indicates

potentially more difficulties this year,

Yap says: “If you avoid all the prob-

lems, your life (will have) no im-

provement.” His advice is to face

your problems and overcome them

to become more successful in life. E

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OFFSHORE

Price movement of Vietnam residential propertyin 4Q2017

Prices up 1.7% and 1.3% for HCMC and Hanoi apartments in 4Q2017| BY LIN ZHIQIN |

Prices for apartments in Ho Chi

Minh City’s (HCMC) primary

market rose 1.7% q-o-q and

3.6% y-o-y in 4Q2017, accord-

ing to the Vietnam Property

Market Brief by JLL (see Table 1)

A total of 15,193 units were

launched in the Vietnamese city in

4Q2017, which is a 29% increase q-o-q

and 71.2% increase y-o-y. Most of the

units launched were in the mid-end

segment, which accounted for 45% of

total launches. Sales, totalling 16,181

units in 4Q2017, outpaced the number

of units launched. Units priced from

US$1,000 to US$2,000 psm ($124 to

$248 psf), the mid-end segment, ac-

counted for 58% of the sales volume,

notes JLL. And a good proportion of

the sales, 35.2%, were of units that

will be completed and handed over

by end-2018 (see Chart 1)

In HCMC’s secondary market

for apartments, prices also rose in

4Q2017 but the pace of 0.1% q-o-q

and 0.5% y-o-y was more subdued

compared with those in the primary

market. The performance was better

than in 3Q2017, however, which reg-

istered a price decline of 0.7% q-o-q

and a slight 0.1% y-o-y increase.

In the landed residential seg-

ment, which comprises villas and

townhouses, primary market prices

fell 3.8% q-o-q in 4Q2017 but reg-

istered a 13.6% y-o-y increase. The

number of units launched totalled

1,802, which is a 30% q-o-q in-

crease. Owing to strong market mo-

mentum, 2,139 units were sold, says

JLL, who adds that this is nearly tri-

ple the 4Q2016 figure, and the high-

est on record since 2000

According to projections by JLL,

nearly 36,000 apartment units and

3,500 landed housing units will

be launched in HCMC in 2018

and more than 50,000 apartment

units will be completed. Most of

the apartments launched will be

in the affordable segment, mainly

located in Districts 2 and 9. Sales

volume will be driven by this seg-

ment, which caters to owner-oc-

cupiers. “The sales rate is likely to

remain in positive territory, espe-

cially in the villa/townhouse mar-

ket,” says JLL (see Charts 2 and 3)

About 9,400 apartment units were

launched in Hanoi in 4Q2017, bringing

the full-year launch supply to 31,000

units. Most of the new launches were

in the affordable and mid-end seg-

ments, which comprised 80.4% of

units launched, says JLL.

The two segments also account-

ed for the bulk of the units sold in

4Q2017, comprising 77.5% of the pri-

mary market sales volume. Similar

to HCMC, sales in Hanoi’s primary

market also outpaced the number of

units launched, ringing in at about

9,800 units. This is a 7.3% increase

over 3Q2017, notes JLL.

In 4Q2017, prices increased 1.3%

q-o-q in the primary market but fell

3.7% q-o-q in the secondary market.

More than 55,000 apartment units will

be completed in Hanoi in 2018. JLL

expects prices in the primary market

to be stable, and sales rates to rise

this year, on the back of owner-oc-

cupier demand. “The apartments

in the affordable and mid-end seg-

ments will continue to attract buy-

ers, especially young families,” says

JLL (see Chart 4)

According to Savills Vietnam,

the country’s GDP per capita rose

10% y-o-y to US$2,385. The 6.8%

GDP growth exceeded the govern-

ment’s target of 6.7%. It is also

much higher than the 2011 to 2016

period, says JLL. This was because

of growth in nearly all the econom-

ic sectors. The industrial and con-

struction sectors grew 8% y-o-y in

2017, followed by the service sec-

tor, which grew 7.4%.

“Inbound tourism continues to

grow with 12.9 million international

visitors for 2017, up 29%,” says Sav-

ills. Accommodation and F&B reve-

nue also rose 12% y-o-y. According

to JLL, the number of tourist arrivals

in 2017 is the highest on record, and

retail sales also saw strong growth

last year (see Chart 5)

In 4Q2017, 75,000 sq m of retail

space was added to HCMC’s non-

CBD submarket, according to JLL.

Meanwhile, about 48,500 sq m was

taken up. The overall retail gross rent

rose 0.6% q-o-q and 2.5% y-o-y to

US$47.2 psm per month. Retailers

providing affordable and mid-range

products and services continued to

expand in the quarter. Owing to the

limited available space in the CBD,

the rent gap between HCMC’s CBD

and non-CBD submarkets has wid-

ened (see Chart 6)

As at end-2017, there were more

than 250,000 sq m in HCMC’s retail

supply pipeline. Most of them were

located outside the CBD, says JLL.

In 2018, rents for retail space are

expected to rise in the CBD and re-

main stable in non-CBD locations,

it adds “International retailers will

likely continue entering the market,

driven by the healthy long-term pros-

pects,” says JLL, who also expects

sustained demand from F&B chains

owing to the developing trend of peo-

ple dining out.

In 4Q2017, international fash-

ion retailers Zara and H&M opened

their first stores in Hanoi. Owing to

good performance at new projects

and “several mature shopping cen-

tres” more than 5,500 sq m of retail

space was taken up in the quarter,

according to JLL. Notwithstanding

the improvement in overall occu-

pancy rate from 82% in 3Q2017 to

82.4% in 4Q2017, the overall month-

ly gross rent for retail space in Ha-

noi declined 1.4% q-o-q to US$28.3

psm. Monthly rents at malls in the

CBD were unchanged at US$100 psm

while those in the non-CBD submar-

ket fell 1.6% q-o-q to US$27.1 psm.

According to JLL, the total sup-

ply is expected to increase sharply in

2018 with more than 320,000 sq m

set to enter the market, mostly in the

non-CBD submarket. JLL also notes

that AEON Mall Ha Dong and Cipu-

tra Mall Hanoi by global retail giants

AEON and Lotte Group, respective-

ly, will be completed in Hanoi from

2020 onwards. “As the rents at new

projects are expected to be lower

than the current average rents, along

with the abundant supply, they are

likely to decline over the next [few]

years,” says JLL.

Table 1

Chart 1

Chart 4

Chart 5

Chart 6

Chart 2

Chart 3

q-o-q (%) y-o-y (%) q-o-q (%) y-o-y (%)

HCMC apartments 1.7 3.6 0.1 0.5

HCMC villas/townhouses -3.8 13.6 1.3 4.5

Hanoi apartments 1.3 -2.5 -3.7 -6.6

SECONDARY MARKETPRIMARY MARKET

Average asking price for HCMC apartmentsby market segment in 4Q2017

Upcoming completions in HCMC

Upcoming apartment completions in Hanoi

The gap in average gross rents (US$ psm per month) between HCMC’s CBD and non-CBD retail submarkets has widened

Retail sales versus international arrivals growth(y-o-y change)

Average asking price for Hanoi apartmentsby market segment in 4Q2017

E

TABL

E AN

D CH

ARTS

: JLL

RES

EARC

H

2018

All apartments

100

12 4510 35

8 256 15

% %

4 52 -50 -15

80604020

0

Apartments

Apartments

Apartments

Villas/townhouses

Villas/townhouses

Villas/townhouses

Villas/townhouses

Affordable

Mid-end

Premium

Luxury

Average primary price

Real retail sales

Average primary price

Average secondary price

International arrivals (RHS)

Average secondary price

2019

2020

0

0

0

4Q15

Dec2016

Jan2017

Feb Mar April May June July Aug Sept Oct Nov Dec 2017

1Q16 1Q172Q16 2Q173Q16 3Q174Q16 4Q17

0 1,000 2,000 3,000 4,000

20,000

2020

2019

2018

40,000 60,000

1,000 2,000 3,000

10,000 20,000 30,000 40,000 50,000 60,000

units

US$/sq m

US$/sq m

units

4,000

All apartmentsAffordable

Mid-endPremium

Luxury

CBD Non-CBD

Apa

rtm

ents


COVER STORY

| BY CECILIA CHOW |

On Jan 5, listed property compa-

nies Centurion Corp and Lian

Beng Group, together with the

Association of Process Indus-

try (ASPRI), celebrated the

official opening of ASPRI-Westlite Dor-

mitory Papan.

Construction of the $200 million pro-

ject took less than 15 months, with Tem-

porary Occupation Permit obtained in

May 2016. ASPRI-Westlite Dormitory

Papan, which comprises twin 18-storey

blocks with a total of 7,900 beds, is the

first purpose-built workers’ dormitory

that incorporates a 40,000 sq ft training

centre. Owned and operated by ASPRI,

the training centre is designed to meet

the needs of workers from the process,

construction and maintenance (PCM)

industry.

The development has been billed as

the first workers’ dormitory with a “live-

learn-play” concept. The aim of ASPRI’s

training centre is to upgrade the skills

and productivity as well as quality of

life of the residents at the dormitory.

The domitory’s location just a 12-min-

ute drive from the Jurong Island check-

point means greater convenience as it

reduces commute time for PCM indus-

try employees working on Jurong Island.

“This integrated model — Live, Learn,

Play — is an advancement in how we

treat our foreign workers,” said Tharman

Shanmugaratnam, deputy prime minis-

ter and coordinating minister for eco-

nomic and social policies, who was the

guest of honour at the official opening

of ASPRI-Westlite Dormitory Papan on

Jan 5. “It is a far cry from the norm we

saw in foreign worker dormitories less

than a decade ago.”

With 7,886 out of a total of 7,900 beds

taken up today, ASPRI-Westlite Dormi-

tory Papan has an occupancy rate of

close to 100%. “There were some chal-

lenges initially as the oil and gas sec-

tor wasn’t doing too well when the pro-

ject was completed,” relates Kong Chee

Min, Centurion Corp’s CEO. “By engag-

ing plant owners and embarking on joint

marketing efforts with our partners, we

managed to arrive at 100% occupancy

within a year.”

One of the biggest owner-operators in workers’ housingCenturion first entered the purpose-built

workers’ dormitory business in 2011 with

5,300 beds. The company is the result

of a reverse acquisition of JM Summit, a

firm that started in 1981 as a manufactur-

er of audio cassette tapes in Singapore. It

was one of the market leaders in optical

storage media industry when it was list-

ed on the Singapore Exchange in 1995.

Since its diversification into the ac-

commodation business in 2011, Centuri-

on has become one of the biggest own-

er-operators of purpose-built workers’

housing in Singapore. Today, it has a

portfolio of four workers’ dormitories in

Singapore branded Westlite — in Man-

dai, Toh Guan, Woodlands and Jalan Pa-

pan — with a total of 26,100 beds. This

excludes its fifth property, the 8,600-bed

Westlite Tuas, which will close this month

as the lease on the land ends on Jan 30.

Further growth in MalaysiaOutside Singapore, the group has six

Westlite dormitories in Johor, Malaysia,

with a total of 23,700 beds. In Penang,

a 6,600-bed Westlite dormitory is slated

for completion in 3Q2018 and a second

6,100-bed dormitory is in the pipeline.

When the Penang dormitories are com-

pleted later this year, the Westlite port-

folio of workers’ dormitories in Malaysia

will have a total of 36,400 beds, exceed-

ing the Singapore portfolio’s 26,100 beds.

Centurion Corp’s balancing actWhile workers’ accommodation continues to be the main revenue generator, the rapidly expanding

student accommodation segment will see increased contribution in the coming years

The ASPRI-Westlite Dormitory on Jalan Papan has a capacity of 7,900

beds and was completed in May 2016

Bin (left), Centurion’s executive director of accommodation business, and CEO Kong

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COVER STORY

“We do see a bit more growth in Malaysia,

with the two new dormitories in the pipeline

in Penang,” says Tony Bin, Centurion’s exec-

utive director of accommodation business.

Although land cost is higher in Singapore,

so are rates per bed per month, points out Cen-

turion’s Kong. “You’re talking about $260 per

bed per month in Singapore versus RM120 per

bed per month in Malaysia,” he says. “There-

fore, in Malaysia, it has to be a volume busi-

ness, while in Singapore, we differentiate our-

selves through quality.”

According to Centurion’s latest results

(3Q2017), its Westlite Woodlands has 100%

occupancy, while Westlite Toh Guan and West-

lite Mandai are at 95%.

Slight premiumWhile other workers’ dormitory operators have

slashed rates to stay competitive, Westlite’s

dormitories still command “a slight premium”,

given their “uniqueness and value-add prop-

osition to employers”, says Centurion’s Bin.

In a report dated Nov 10, 2017, Phillip Capi-

tal investment analyst Jeremy Teong estimated

that the bed rates at all the Westlite dormitories

are at a 10%-to-14% premium to market rates.

In Malaysia, Westlite dormitories had a

portfolio occupancy rate of 86% as at 3Q2017,

up from 82% in 2Q2017 and 74% in 1Q2017,

according to Phillip Capital. The improve-

ment in occupancy is caused by two factors:

the crackdown on illegal worker dormitories

that has resulted in more foreign workers be-

ing housed in purpose-built accommodation,

and an increase in the number of workers

allowed in certain sectors. “We can expect posi-

tive rental reversion in 2018 as policy continues

to be favourable,” says Phillip Capital’s Teong.

Centurion is looking at expanding the

worker accommodation business beyond Sin-

gapore and Malaysia. In December 2013, the

company announced that it had acquired a

77,715 sq ft piece of land in Jakarta, Indone-

sia, for $800,000. The intention was to build

750 apartment units to house workers and

mid-level executives working in the industrial

parks nearby. The project “is still on the draw-

ing board”, says Bin.

In 2014, Centurion had indicated that it

was exploring countries in the Middle East for

its worker accommodation business. “But we

won’t be venturing in very aggressively because

we’re evaluating other risks as well and prior-

itising our resources,” says Kong.

Rapid growth in student accommodation It was also in 2014 that Centurion ventured

into the student accommodation business with

acquisitions in Australia and the UK. Centurion

acquired its maiden student accommodation

asset, RMIT Village in Melbourne, Australia,

for A$60 million at the start of 2014. The pur-

pose-built student accommodation contains

229 apartments and has a capacity of 456 beds.

The group now owns and operates eight stu-

dent accommodation assets with a capacity

of 2,420 beds across the UK, including Bris-

tol, Manchester and Newcastle.

In February 2017, Centurion announced

that it was branding its student accommoda-

tion “dwell”. The company also rolled out a

new mobile app to enhance the experience of

its student residents. The app can be used by

residents to request for maintenance services,

book facilities and receive notifications on sta-

tus of parcel delivery as well as information on

upcoming events for the student community.

The mobile app was launched at nine of

Centurion’s student accommodation properties

— eight in the UK and one in Singapore. The

sole student accommodation asset in Singapore

is the 332-bed dwell Selegie, strategically lo-

cated near Singapore Management University,

LaSalle College of the Arts, Nanyang Academy

of Fine Arts and Kaplan City Campus.

Last March, Centurion acquired a freehold

site in Adelaide for A$3.5 million ($3.6 mil-

lion) to develop a purpose-built student dor-

mitory with 280 beds. This marks its second

student accommodation asset in Australia. The

total cost of the project, including construc-

tion, is projected to be A$45.5 million. The

property, located within walking distance of

the University of Adelaide and University of

South Australia, is expected to be completed

by 4Q2018, in time for the student intake in

the 2019 academic year.

In May, Centurion undertook an asset

enhancement programme at RMIT Village, its

first student accommodation asset in Austra-

lia. The A$30 million enhancement works are

expected to be completed in 4Q2018, ahead

of the 2019 academic year. It will include the

building of a new 11-storey wing, comprising

studios and four- and five-bedroom en suite

apartments that will add 160 new beds and in-

crease the total number of beds at RMIT Vil-

lage by 35% to 616.

Entering the USLast year, Centurion made its maiden for-

ay into the US. The company announced in

July its plan to buy a portfolio of five student

accommodation assets with a total of 1,936

beds across four states — Alabama, Florida,

Texas and Wisconsin — for about US$136 mil-

lion ($187 million).

This was followed in August by its plan to

acquire College & Crown, a student accommo-

dation asset with 160 units and a capacity of

204 beds near Yale University in New Haven,

Connecticut. The purchase price of the asset

was US$70 million. This brought its total US

portfolio to six assets with a total of 2,017 beds.

In November, Centurion announced that it

had closed its inaugural private fund, the Cen-

turion US Student Housing Fund, with an ag-

gregate committed capital of US$89.5 million.

The money was used to acquire the six assets

in the US. The assets have also been branded

dwell, and will be managed by dwell US Student

Living, a joint venture between Centurion and

a student accommodation manager in the US.

Centurion holds 28.7% of the Centurion

US Student Housing Fund. The remainder is

owned by third-party investors.

‘Better balance’The injection of the US portfolio brings Cen-

turion’s total student accommodation portfo-

lio to 5,665 beds. In FY2016 ended December,

the latest full-year results available, work-

ers’ accommodation still contributed to 71%

of revenue, while the student accommoda-

tion business accounted for 27%. Centurion

expects contribution from student accommo-

dation to increase in FY2017. “For diversifica-

tion purposes, we want to see a better balance

of about 50:50,” says Kong.

The profit margin for workers’ accommo-

dation is slightly higher, owing to the low-

er operating costs for workers’ dormitories,

which also need less maintenance and space

per bed, compared with student accommoda-

tion, says Kong.

Even though workers’ accommodation pro-

vides better margins, the student accommo-

dation business is “far more resilient” and

less affected by shifts in the economic cy-

cle, notes Kong. “The student accommoda-

tion business has greater scope for expansion

and scaleability.”

The air-conditioned gym is very popular among the residents of the dormitory One of the 494 apartments in the 18-storey twin-tower blocks at the ASPRI-Westlite Dormitory Papan.Each apartment contains eight bunk beds, an en suite kitchen and shower/toilets.

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dwell College & Crown in New Haven, Connecticut, is a 160-bed student accommodation building located near Yale University

A student apartment at dwell The Towers on State, a 127-unit, 231-bed student accommodation near the University of Wisconsin-Madison

CEN

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Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8Orchard/Tanglin/Holland 9 and 10Newton/Bukit Timah/Clementi 11 and 21Balestier/MacPherson/Geylang 12 to 14East Coast 15 and 16Changi/Pasir Ris 17 and 18Serangoon/Thomson 19 and 20West 22 to 24North 25 to 28

Residential transactions with contracts dated Dec 26, 2017 to Jan 2, 2018

District 1 THE SAIL @ MARINA BAY Apartment 99 years Dec 27, 2017 936 2,350,000 - 2,509 2008 ResaleV ON SHENTON Apartment 99 years Dec 26, 2017 1,356 3,403,620 - 2,510 2017 New SaleDistrict 3 ALEXIS Apartment Freehold Dec 26, 2017 721 1,062,500 - 1,473 2012 ResaleASCENTIA SKY Condominium 99 years Dec 27, 2017 1,733 2,600,000 - 1,500 2013 ResaleHIGHLINE RESIDENCES Condominium 99 years Dec 26, 2017 1,152 1,950,000 - 1,693 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Dec 27, 2017 764 1,421,000 1,416,000 1,853 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Dec 28, 2017 764 1,415,000 1,410,000 1,845 Uncompleted New SaleQUEENS Condominium 99 years Dec 28, 2017 1,184 1,560,000 - 1,318 2002 ResaleQUEENS PEAK Condominium 99 years Dec 28, 2017 1,001 1,775,070 - 1,773 Uncompleted New SaleQUEENS PEAK Condominium 99 years Dec 29, 2017 1,001 1,681,000 - 1,679 Uncompleted New SaleQUEENS PEAK Condominium 99 years Dec 29, 2017 775 1,315,000 - 1,697 Uncompleted New SaleQUEENS PEAK Condominium 99 years Dec 29, 2017 850 1,418,000 - 1,668 Uncompleted New SaleQUEENS PEAK Condominium 99 years Dec 30, 2017 807 1,330,000 - 1,647 Uncompleted New SaleQUEENS PEAK Condominium 99 years Dec 30, 2017 807 1,318,000 - 1,633 Uncompleted New Sale

LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

QUEENS PEAK Condominium 99 years Dec 31, 2017 861 1,588,000 - 1,844 Uncompleted New SaleTHE ANCHORAGE Condominium Freehold Dec 26, 2017 1,464 1,975,000 - 1,349 1997 ResaleDistrict 4 THE INTERLACE Condominium 99 years Dec 26, 2017 1,066 1,350,000 - 1,267 2013 ResaleDistrict 5 BIJOU Apartment Freehold Dec 30, 2017 570 1,080,000 - 1,893 Uncompleted New SaleLIIV RESIDENCES Apartment Freehold Dec 27, 2017 474 878,255 834,000 1,761 Uncompleted New SaleLIIV RESIDENCES Apartment Freehold Dec 31, 2017 980 1,765,935 1,670,000 1,705 Uncompleted New SaleONE-NORTH RESIDENCES Apartment 99 years Dec 28, 2017 592 860,000 - 1,453 2009 ResalePARC RIVIERA Condominium 99 years Dec 27, 2017 904 1,072,000 - 1,186 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 28, 2017 710 919,000 - 1,294 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 28, 2017 904 1,100,000 - 1,217 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 29, 2017 1,184 1,491,505 - 1,260 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 30, 2017 1,184 1,487,000 - 1,256 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 1,152 1,299,000 - 1,128 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 1,152 1,373,000 - 1,192 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 1,152 1,397,000 - 1,213 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 904 1,064,280 - 1,177 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 904 1,152,000 - 1,274 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 710 883,000 - 1,243 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 603 816,000 - 1,354 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 463 610,000 - 1,318 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 904 1,067,220 - 1,180 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 1,335 1,287,000 - 964 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 904 1,093,000 - 1,209 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 990 1,202,460 - 1,214 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 603 755,000 - 1,253 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 603 763,000 - 1,266 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 1,184 1,325,000 - 1,119 Uncompleted New SalePARC RIVIERA Condominium 99 years Dec 31, 2017 1,184 1,288,700 - 1,088 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years Dec 28, 2017 990 1,492,000 - 1,507 Uncompleted New SaleTHE ORIENT Apartment Freehold Dec 29, 2017 721 1,380,000 - 1,914 2017 New SaleTHE TRILINQ Condominium 99 years Dec 27, 2017 1,765 1,789,000 - 1,013 2017 New SaleWESTCOVE CONDOMINIUM Condominium 99 years Dec 27, 2017 1,109 938,888 - 847 1998 ResaleDistrict 8 CITYLIGHTS Condominium 99 years Jan 02, 2018 893 1,310,000 - 1,466 2007 ResaleKERRISDALE Condominium 99 years Jan 02, 2018 1,281 1,500,000 - 1,171 2005 ResaleRESIDENCES @ SOMME Apartment Freehold Jan 02, 2018 635 780,000 - 1,228 2008 ResaleSTURDEE RESIDENCES Condominium 99 years Dec 29, 2017 947 1,325,800 - 1,400 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Dec 30, 2017 947 1,571,920 - 1,659 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Dec 31, 2017 1,302 1,761,700 - 1,353 Uncompleted New SaleDistrict 9 CENTREPOINT Apartment 99 years Dec 27, 2017 1,119 2,050,000 - 1,831 1983 ResaleOXLEY EDGE Apartment Freehold Dec 26, 2017 1,464 1,925,000 - 1,315 2016 ResaleSOPHIA HILLS Condominium 99 years Dec 27, 2017 570 1,257,000 - 2,203 Uncompleted New SaleTHE EDGE ON CAIRNHILL Condominium Freehold Dec 27, 2017 2,131 4,108,000 - 1,927 2002 ResaleWATERMARK ROBERTSON QUAY Apartment Freehold Dec 28, 2017 926 1,970,000 - 2,128 2008 ResaleWILKIE 48 Apartment Freehold Dec 26, 2017 1,292 1,675,000 - 1,297 1999 Resale


E

Buying interest in Symphony Suitesrises in December, project 90% sold

DONE DEALS

| BY TIMOTHY TAY |

Yishun has been in the news lately for

the wrong reasons, one example be-

ing the bust of an illegal drug lab last

month. A recent positive development

in Yishun was the spike in year-end

sales at Symphony Suites by local developer

EL Development.

According to caveats lodged with URA, 35

units at the 660-unit condominium were sold

in the week of Dec 26, 2017 to Jan 2, 2018.

This brings the total number of units sold in

December to 50, compared with nine in No-

vember and 16 in October. The project is about

90% sold, says Lim Yew Soon, managing di-

rector of EL Development.

The recent uptick in the URA flash estimate

for private property prices, increase in the num-

ber of land bids as well as the progress of con-

struction at Symphony Suites (structural works

were completed) are some of factors that led

buyers to revisit the project, Lim says. He adds

that the project is expected to obtain Tempo-

rary Occupation Permit in 2H2018.

Prices at Symphony Suites have risen slight-

ly since the project was launched in February

2015. According to caveats lodged so far, the

average psf price in December 2017 was $1,034,

compared with $1,016 at launch. Prices of units

sold in December ranged from $852,600 ($1,085

psf) to $1.12 million ($1,099 psf). Located at

the intersection of Yishun Avenues 6 and 9,

the condo sits on a 221,247 sq ft site with a

99-year tenure. It comprises eleven 15-storey

blocks and has a mix of two- to four-bedroom

units of 689 to 1,023 sq ft.

In the last week of 2017, there was an in-

crease in buying interest at two executive condos

(ECs) adjacent to each other on Yishun Street 51

— JBE Holdings’ 525-unit Signature at Yishun

and City Developments’ 505-unit The Criterion.

At Signature at Yishun, 10 units were sold

between Dec 26 and Jan 2, while five units

were sold at The Criterion. The most expen-

sive unit sold during the week at Signature at

Yishun in terms of absolute price was a 1,184

sq ft, four-bedroom unit on the fourth floor,

which went for $987,000 ($834 psf) on Dec 30.

Prices at the EC ranged from $603,405 ($779

psf) to $1.02 million ($861 psf) in December.

The average psf price for units sold in De-

cember at Signature at Yishun was $771 psf,

while at The Criterion, it was $792 psf. A 1,098

sq ft, three-bedder on the third floor that went

for $856,800 ($780 psf) on Dec 27 was the most

expensive unit sold at The Criterion in terms of

absolute price in the week of Dec 26 to Jan 2.

SAM

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Scale model of Symphony Suites, a 660-unit condominium in Yishun by EL Development


Residential transactions with contracts dated Dec 26, 2017 to Jan 2, 2018


WILKIE STUDIO Apartment Freehold Dec 26, 2017 1,884 2,080,000 - 1,104 2010 ResaleDistrict 10 DUCHESS CREST Condominium 99 years Dec 28, 2017 1,744 2,200,000 - 1,262 1998 ResaleDUCHESS GARDEN Semi-Detached 999 years Dec 28, 2017 3,606 5,900,000 - 1,637 1975 ResaleGRAMERCY PARK Condominium Freehold Dec 26, 2017 2,207 6,412,000 - 2,906 2016 ResaleLUSH ON HOLLAND HILL Condominium Freehold Dec 26, 2017 1,507 2,328,000 - 1,545 2012 ResaleNAMLY VIEW Detached Freehold Dec 27, 2017 11,313 14,200,000 - 1,255 Unknown ResaleONE TREE HILL Semi-Detached Freehold Dec 28, 2017 4,499 13,880,000 - 3,086 Unknown ResaleONE TREE HILL RESIDENCE Apartment Freehold Dec 26, 2017 2,454 4,300,000 - 1,752 2008 ResaleST MARTIN RESIDENCE Condominium Freehold Dec 28, 2017 2,142 3,750,000 - 1,751 2000 ResaleTANGLIN PARK Condominium Freehold Dec 27, 2017 1,485 2,775,000 - 1,868 1988 ResaleTHE ARC AT DRAYCOTT Apartment Freehold Dec 26, 2017 1,270 2,900,000 - 2,283 2008 ResaleTHE ASANA Apartment Freehold Dec 26, 2017 635 1,688,000 - 2,658 2017 New SaleTHE GRANGE Condominium Freehold Dec 26, 2017 2,282 5,980,000 - 2,621 2008 ResaleTHE PRINCETON Apartment Freehold Dec 28, 2017 861 1,265,000 - 1,469 1999 ResaleTHE SOLITAIRE Condominium Freehold Jan 02, 2018 2,164 3,600,000 - 1,664 2009 ResaleVILLA AZURA Condominium Freehold Dec 28, 2017 1,356 1,820,000 - 1,342 1999 ResaleVILLAGE TOWER Condominium Freehold Dec 26, 2017 1,808 2,470,000 - 1,366 1983 ResaleDistrict 11 6 DERBYSHIRE Condominium Freehold Dec 28, 2017 1,012 2,116,180 - 2,091 2017 ResaleADAM PLACE Apartment Freehold Dec 27, 2017 1,421 1,810,000 - 1,274 1992 ResaleCAPITOL PARK Semi-Detached Freehold Dec 26, 2017 4,047 6,816,800 - 1,686 1989 ResaleDERBYSHIRE HEIGHTS Apartment Freehold Dec 29, 2017 2,282 2,090,000 - 916 2004 ResaleHILLCREST ARCADIA Condominium 99 years Dec 28, 2017 2,745 2,050,000 - 747 1980 ResaleNOVENA TERRACE Terrace Freehold Dec 26, 2017 2,347 4,000,000 - 1,702 Unknown ResaleJALAN BAHASA Detached Freehold Dec 26, 2017 9,268 14,500,000 - 1,565 2015 ResaleSOLEIL @ SINARAN Condominium 99 years Dec 28, 2017 1,722 3,200,000 - 1,858 2011 ResaleTHE ARCADIA Condominium 99 years Dec 29, 2017 3,735 3,380,000 - 905 1983 ResaleTHE AXIS Apartment Freehold Dec 29, 2017 1,141 1,450,000 - 1,271 2009 ResaleDistrict 12 DE ROYALE Condominium Freehold Dec 29, 2017 1,281 1,550,000 - 1,210 2006 ResaleEIGHT RIVERSUITES Condominium 99 years Dec 27, 2017 441 712,000 - 1,613 2016 ResaleKALLANG RIVERSIDE Apartment Freehold Dec 31, 2017 1,033 2,119,117 - 2,051 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold Dec 31, 2017 1,033 2,160,000 - 2,090 Uncompleted New SaleOKIO Apartment Freehold Dec 27, 2017 570 870,000 - 1,525 2015 ResaleST MICHAEL’S PLACE Apartment Freehold Dec 26, 2017 1,249 1,350,000 - 1,081 1997 ResaleSUNVILLE Apartment Freehold Dec 27, 2017 1,130 1,138,000 - 1,007 2005 ResaleTHE ARTE Condominium Freehold Dec 26, 2017 1,873 2,380,000 - 1,271 2010 ResaleVETRO Apartment 999 years Dec 28, 2017 829 650,000 - 784 2010 ResaleVISTA RESIDENCES Condominium Freehold Jan 02, 2018 1,335 2,000,000 - 1,498 2013 ResaleDistrict 13 BLOSSOMS @ WOODLEIGH Condominium Freehold Jan 02, 2018 1,206 1,638,000 - 1,359 2007 ResaleMACPHERSON GARDEN ESTATE Terrace Freehold Dec 27, 2017 2,002 2,050,000 - 1,025 Unknown ResalePARC MONDRIAN Apartment Freehold Dec 29, 2017 1,173 1,500,000 - 1,278 2010 ResaleDistrict 14 EN FU MANSIONS Apartment Freehold Dec 28, 2017 1,249 908,000 - 727 1995 ResaleLE CRESCENDO Condominium Freehold Dec 27, 2017 861 1,030,000 - 1,196 2006 ResaleREZI 35 Apartment Freehold Dec 31, 2017 441 714,000 - 1,618 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Dec 26, 2017 1,442 2,162,300 - 1,499 2017 New SaleSIMS URBAN OASIS Condominium 99 years Dec 31, 2017 958 1,315,700 - 1,373 2017 New SaleTHE TRUMPS Condominium 99 years Dec 26, 2017 1,421 1,438,000 - 1,012 2005 ResaleTRE RESIDENCES Condominium 99 years Dec 27, 2017 861 1,210,000 - 1,405 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Dec 27, 2017 764 1,123,000 - 1,469 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Dec 31, 2017 861 1,231,000 - 1,430 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Dec 31, 2017 947 1,340,000 - 1,415 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Dec 31, 2017 947 1,261,000 - 1,331 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Dec 31, 2017 947 1,260,000 - 1,330 Uncompleted New SaleTRE RESIDENCES Condominium 99 years Dec 31, 2017 861 1,210,000 - 1,405 Uncompleted New SaleWATERBANK AT DAKOTA Condominium 99 years Dec 28, 2017 883 1,305,000 - 1,479 2013 ResaleDistrict 15 8M RESIDENCES Apartment Freehold Dec 26, 2017 1,335 1,810,000 - 1,356 2016 ResaleCEYLON RESIDENCE Apartment Freehold Dec 27, 2017 1,216 1,350,000 - 1,110 2011 ResaleGALLERY 8 Apartment Freehold Dec 27, 2017 560 720,000 - 1,286 2004 ResaleMABELLE Apartment Freehold Dec 27, 2017 958 920,000 - 960 2009 ResaleTELOK KURAU ROAD Detached Freehold Dec 28, 2017 17,147 22,300,000 - 1,301 1950 ResaleWAREHAM ROAD Detached Freehold Dec 28, 2017 5,490 7,800,000 - 1,422 Unknown ResaleNEPTUNE COURT Apartment 99 years Dec 28, 2017 1,270 1,070,000 - 842 1975 ResalePARC SEABREEZE Apartment Freehold Dec 28, 2017 1,292 2,180,000 - 1,688 2012 ResaleSEASIDE RESIDENCES Apartment 99 years Dec 29, 2017 678 1,230,000 - 1,814 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Dec 29, 2017 678 1,165,000 - 1,718 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Dec 30, 2017 592 1,113,000 - 1,880 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Dec 30, 2017 1,023 1,531,000 - 1,497 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Dec 30, 2017 1,023 1,533,000 - 1,499 Uncompleted New SaleTHE ESTA Condominium Freehold Dec 29, 2017 1,345 2,198,000 - 1,634 2008 ResaleDistrict 16 CASA FLORA Condominium Freehold Jan 02, 2018 1,808 1,540,000 - 852 1987 ResaleCASA MERAH Apartment 99 years Dec 28, 2017 1,227 1,448,000 - 1,180 2009 ResaleCOSTA DEL SOL Condominium 99 years Dec 26, 2017 1,313 1,550,000 - 1,180 2004 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years Dec 28, 2017 883 1,134,720 - 1,286 Uncompleted New SaleKEW DRIVE Detached Freehold Dec 27, 2017 11,862 10,550,000 - 890 Unknown ResaleTHE TANAMERA Condominium 99 years Dec 27, 2017 1,324 1,200,000 - 906 1994 ResaleDistrict 17 JALAN SINAR BULAN Semi-Detached Freehold Dec 27, 2017 3,165 2,700,000 - 855 2006 ResaleDistrict 18 CHANGI RISE CONDOMINIUM Condominium 99 years Dec 27, 2017 1,496 1,280,000 - 856 2004 ResaleCOCO PALMS Condominium 99 years Dec 29, 2017 1,259 1,642,400 - 1,304 Uncompleted New SaleLIVIA Condominium 99 years Dec 26, 2017 883 750,000 - 850 2011 ResaleMELVILLE PARK Condominium 99 years Dec 28, 2017 1,044 725,000 - 694 1996 ResaleMODENA Condominium 99 years Dec 28, 2017 1,012 938,000 - 927 2001 ResaleQ BAY RESIDENCES Condominium 99 years Dec 28, 2017 797 878,000 - 1,102 2016 ResaleQ BAY RESIDENCES Condominium 99 years Dec 28, 2017 1,410 1,550,000 - 1,099 2016 ResaleTHE ALPS RESIDENCES Condominium 99 years Dec 26, 2017 936 1,068,000 - 1,140 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Dec 27, 2017 936 1,068,000 - 1,140 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Dec 28, 2017 1,087 1,225,000 - 1,127 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Dec 30, 2017 1,087 1,240,000 - 1,141 Uncompleted New SaleDistrict 19 CHILTERN PARK Condominium 99 years Dec 28, 2017 1,572 1,450,000 - 923 1995 ResaleKINGSFORD WATERBAY Apartment 99 years Dec 27, 2017 678 971,133 - 1,432 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Dec 27, 2017 883 1,198,200 - 1,358 Uncompleted New SalePONGGOL SEVENTEENTH Detached Freehold Dec 27, 2017 6,157 4,850,000 - 787 Unknown ResaleAVENUE CHARLTON ROAD Semi-Detached Freehold Dec 28, 2017 3,455 3,280,000 - 950 1975 ResalePALM HAVEN Condominium 999 years Dec 29, 2017 1,238 1,220,000 - 986 2002 ResalePARC VERA Condominium 99 years Dec 29, 2017 1,302 1,118,000 - 858 2014 ResaleREGENTVILLE Apartment 99 years Dec 27, 2017 1,152 838,000 - 728 1999 ResaleRIVER ISLES Condominium 99 years Dec 28, 2017 1,938 1,454,000 - 750 2015 ResaleRIVERSAILS Condominium 99 years Dec 26, 2017 1,066 1,140,000 - 1,070 2016 ResaleRIVERSOUND RESIDENCE Condominium 99 years Dec 26, 2017 904 870,000 - 962 2015 ResaleSTARS OF KOVAN Apartment 99 years Dec 28, 2017 958 1,501,560 - 1,567 Uncompleted New SaleSUNGLADE Condominium 99 years Dec 28, 2017 1,163 1,290,000 - 1,110 2003 ResaleTAI KENG VILLAS Terrace 99 years Dec 28, 2017 1,658 1,688,000 - 1,021 1999 ResaleTRILIVE Condominium Freehold Dec 27, 2017 549 969,000 - 1,765 Uncompleted New Sale


TRILIVE Condominium Freehold Dec 29, 2017 1,163 1,700,000 - 1,462 Uncompleted New SaleTRILIVE Condominium Freehold Dec 30, 2017 904 1,412,000 - 1,562 Uncompleted New SaleWATERTOWN Apartment 99 years Dec 27, 2017 603 800,000 - 1,327 2017 Sub SaleDistrict 20 SEMBAWANG HILLS ESTATE Terrace Freehold Dec 28, 2017 1,528 1,920,000 - 1,256 Unknown ResaleSKY HABITAT Condominium 99 years Dec 28, 2017 1,561 2,061,500 - 1,321 2015 ResaleDistrict 21 KISMIS RESIDENCES Terrace Freehold Dec 28, 2017 1,615 4,000,000 - 2,477 Uncompleted New SaleKISMIS RESIDENCES Terrace Freehold Dec 28, 2017 1,615 4,150,000 - 2,570 Uncompleted New SaleMAPLE WOODS Condominium Freehold Dec 26, 2017 1,862 1,970,000 - 1,058 1997 ResaleTOH TUCK CRESCENT Terrace 99 years Dec 28, 2017 1,722 1,808,000 - 1,051 1994 ResaleSPRINGDALE CONDOMINIUM Condominium 999 years Dec 28, 2017 1,345 1,450,000 - 1,078 1998 ResaleSUMMERHILL Condominium Freehold Dec 26, 2017 1,389 1,520,000 - 1,095 2002 ResaleTHE BEVERLY Apartment Freehold Dec 26, 2017 1,518 1,860,000 - 1,226 2012 ResaleDistrict 22 CASPIAN Condominium 99 years Dec 29, 2017 1,001 1,045,000 - 1,044 2012 ResalePARC OASIS Condominium 99 years Jan 02, 2018 1,507 1,325,000 - 879 1994 ResaleSUMMERDALE EC 99 years Jan 02, 2018 1,270 828,000 - 652 2000 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years Dec 26, 2017 721 905,000 - 1,255 2014 ResaleWESTWOOD RESIDENCES EC 99 years Dec 26, 2017 1,281 1,002,600 - 783 2017 New SaleDistrict 23 CHESTERVALE EC 99 years Dec 28, 2017 1,399 905,000 - 647 1999 ResaleGUILIN VIEW Condominium 99 years Dec 28, 2017 1,173 813,000 - 693 2000 ResaleINZ RESIDENCE EC 99 years Dec 26, 2017 990 785,000 - 793 Uncompleted New SaleINZ RESIDENCE EC 99 years Dec 30, 2017 1,012 827,000 - 817 Uncompleted New SaleINZ RESIDENCE EC 99 years Dec 31, 2017 990 829,000 - 837 Uncompleted New SaleTHE WARREN Condominium 99 years Dec 29, 2017 1,206 1,010,000 - 838 2004 ResaleTREE HOUSE Condominium 99 years Dec 26, 2017 1,292 1,340,000 - 1,037 2013 ResaleVILLA VERDE Terrace 99 years Dec 28, 2017 2,239 1,708,088 - 763 2000 ResaleDistrict 25 BEECHWOOD TERRACE Terrace 99 years Jan 02, 2018 2,196 1,950,000 - 886 1997 ResaleCASABLANCA Condominium 99 years Dec 27, 2017 1,184 920,000 - 777 2005 ResalePARC ROSEWOOD Condominium 99 years Dec 27, 2017 603 610,000 - 1,012 2014 ResaleDistrict 26 CASTLE GREEN Condominium 99 years Dec 28, 2017 1,152 940,000 - 816 1997 ResaleTHE CALROSE Condominium Freehold Jan 02, 2018 1,410 1,810,000 - 1,284 2007 ResaleTHE SPRINGSIDE Terrace Freehold Dec 28, 2017 1,711 3,068,000 - 1,791 2016 ResaleTHE SPRINGSIDE Terrace Freehold Dec 28, 2017 2,379 3,363,000 - 1,412 2016 ResaleDistrict 27 LILYDALE EC 99 years Dec 29, 2017 1,195 795,000 - 665 2003 ResaleNORTH PARK RESIDENCES Apartment 99 years Dec 27, 2017 1,485 1,895,200 - 1,276 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Dec 28, 2017 1,098 1,482,120 - 1,350 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Dec 28, 2017 1,432 1,900,720 - 1,328 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Dec 31, 2017 1,098 1,450,840 - 1,321 Uncompleted New SalePARC LIFE EC 99 years Dec 27, 2017 1,109 965,250 - 871 Uncompleted New SalePARC LIFE EC 99 years Dec 30, 2017 1,066 885,060 - 831 Uncompleted New SalePARC LIFE EC 99 years Dec 30, 2017 1,270 1,002,870 - 790 Uncompleted New SalePARC LIFE EC 99 years Dec 30, 2017 1,270 990,000 - 779 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years Dec 28, 2017 947 720,000 - 760 2017 New SaleSIGNATURE AT YISHUN EC 99 years Dec 29, 2017 1,098 818,500 - 745 2017 New SaleSIGNATURE AT YISHUN EC 99 years Dec 29, 2017 775 603,405 - 779 2017 New SaleSIGNATURE AT YISHUN EC 99 years Dec 29, 2017 947 740,500 - 782 2017 New SaleSIGNATURE AT YISHUN EC 99 years Dec 29, 2017 1,184 891,000 - 753 2017 New SaleSIGNATURE AT YISHUN EC 99 years Dec 29, 2017 1,184 891,000 - 753 2017 New SaleSIGNATURE AT YISHUN EC 99 years Dec 30, 2017 1,184 987,000 - 834 2017 New SaleSIGNATURE AT YISHUN EC 99 years Dec 30, 2017 1,098 845,000 - 770 2017 New SaleSIGNATURE AT YISHUN EC 99 years Dec 30, 2017 1,184 970,000 - 819 2017 New SaleSIGNATURE AT YISHUN EC 99 years Dec 31, 2017 1,098 813,000 - 740 2017 New SaleSYMPHONY SUITES Condominium 99 years Dec 26, 2017 1,023 1,055,000 - 1,032 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 26, 2017 1,023 1,090,000 - 1,066 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 27, 2017 1,023 1,032,000 - 1,009 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 27, 2017 915 1,008,000 - 1,102 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 27, 2017 1,023 1,016,000 - 994 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 27, 2017 1,023 1,028,020 - 1,005 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 27, 2017 1,023 1,124,000 - 1,099 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 27, 2017 1,023 1,010,000 - 988 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 28, 2017 1,023 1,007,000 - 985 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 28, 2017 915 975,000 - 1,066 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 28, 2017 1,023 1,116,000 - 1,091 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 29, 2017 1,023 1,119,000 - 1,094 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 29, 2017 1,023 1,041,000 - 1,018 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 29, 2017 1,023 1,027,000 - 1,004 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 29, 2017 1,023 999,000 - 977 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 30, 2017 1,023 1,054,000 - 1,031 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,031,000 - 1,008 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,097,000 - 1,073 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 992,310 - 970 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,017,000 - 995 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,065,260 - 1,042 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,028,000 - 1,005 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,100,000 - 1,076 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,095,000 - 1,071 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,046,000 - 1,023 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 915 964,000 - 1,054 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 915 980,000 - 1,071 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,039,000 - 1,016 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,124,000 - 1,099 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,058,000 - 1,035 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,033,000 - 1,010 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,042,000 - 1,019 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,034,000 - 1,011 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,038,000 - 1,015 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Dec 31, 2017 1,023 1,064,000 - 1,041 Uncompleted New SaleTHE BROWNSTONE EC 99 years Dec 30, 2017 915 880,000 - 962 2017 New SaleTHE CRITERION EC 99 years Dec 27, 2017 1,098 856,800 - 780 Uncompleted New SaleTHE CRITERION EC 99 years Dec 28, 2017 915 718,400 - 785 Uncompleted New SaleTHE CRITERION EC 99 years Dec 29, 2017 915 720,800 - 788 Uncompleted New SaleTHE CRITERION EC 99 years Dec 29, 2017 915 728,000 - 796 Uncompleted New SaleTHE CRITERION EC 99 years Dec 30, 2017 1,023 792,800 - 775 Uncompleted New SaleDistrict 28 PARC BOTANNIA Condominium 99 years Dec 27, 2017 1,152 1,432,000 - 1,243 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 28, 2017 969 1,329,000 - 1,372 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 28, 2017 958 1,223,000 - 1,277 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 28, 2017 1,152 1,380,000 - 1,198 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 29, 2017 581 740,000 - 1,273 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 29, 2017 872 1,188,000 - 1,363 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 29, 2017 786 955,000 - 1,215 Uncompleted New SalePARC BOTANNIA Condominium 99 years Dec 30, 2017 506 654,000 - 1,293 Uncompleted New SaleSARACA GARDENS Terrace Freehold Dec 27, 2017 3,326 3,900,000 - 1,173 1993 Resale

DONE DEALS

DISCLAIMER:Source: URA Realis. Updated Jan 9, 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

GAINS AND LOSSES


| BY ANGELA TEO |

At The Edge on Cairnhill, a four-bedroom,

2,131 sq ft unit was sold at a $1.32 million

(47%) profit, according to the matching of

URA caveat data as at Jan 9. This trans-

lates into an annualised profit of 3% over

a holding period of more than 11 years.

According to URA caveat data, the buyer of the

10th-floor unit is a Singaporean. The unit was first

purchased in June 2006 at $2.79 million ($1,309

psf) and sold on Dec 27, 2017 at $4.11 million

($1,927 psf).

Since its completion in 2002, The Edge on Cairn-

hill has seen 34 profitable transactions and four

unprofitable transactions, the same records show.

The top gain and loss registered at The Edge on

Cairnhill involved the same 5,673 sq ft penthouse.

Before the global financial crisis impacted property

prices in June 2007, the two-storey penthouse with

a roof terrace was sold at a $3.09 million (48%)

profit. It was bought in January 2007 at $6.4 mil-

lion ($1,130 psf) and attained a selling price of $9.5

million ($1,675 psf) — the highest absolute price

achieved by any unit at the development, accord-

ing to URA caveat data.

The penthouse next changed hands in August

2017, when it was sold for the highest loss at the

development, amounting to $2.22 million (23%). It

had been put up for mortgagee sale at JLL’s month-

ly auction on June 22 the same year at an opening

price of $7.7 million ($1,357 psf) but received no

bids. The unit was later sold via private treaty at

$7.28 million ($1,283 psf).

Developed by Sembcorp Industries, the 46-unit

The Edge on Cairnhill sits within the prestigious

Cairnhill residential enclave near the Orchard Road

shopping belt. The freehold condominium is located

adjacent to the 70-unit City Vista Residences, and

is across the road from the 58-unit The Ritz-Carl-

ton Residences, Singapore.

Within walking distance is the 19-unit Cairnhill

Heights, which was launched for collective sale on

Dec 19, 2017. According to marketing agent ERA

Realty, the owners at Cairnhill Heights are asking

for a price in excess of $80 million ($2,045 psf per

plot ratio), including estimated development charg-

es. The tender will close on Jan 19.

Elsewhere in District 9, a 1,119 sq ft unit at Cen-

trepoint Apartment has been sold for a $1.18 million

(136%) profit after a holding period of more than

22 years. The profit works out to about 4% a year.

Bought in September 1995 for $870,000 ($777

psf), the two-bedroom unit was sold to a Singa-

porean for $2.05 million ($1,831 psf) on Dec 27,

2017, according to the matching of URA caveat

data as at Jan 9.

This marks the first unit sold at Centrepoint Apart-

ment since December 2014, when a one-bedroom unit

on the seventh floor was sold for $2.6 million ($3,501

psf). It changed hands at a $1.4 million (117%) profit,

based on the purchase price in January 2008 at $1.2

million ($1,616 psf). It saw the highest profit among

units sold at Centrepoint Apartment, according to the

matching of caveat data since January 1995, the earl-

iest date tracked by URA.

There were 18 profitable transactions and no un-

profitable ones at Centrepoint Apartment between

2007 and 2017, according to URA caveat data as at

Jan 9. The lowest profit of $100,000 (6%) involved

the sale of a two-bedroom, 1,119 sq ft unit on the

seventh floor for $1.7 million ($1,519 psf) in Feb-

ruary 2009. The seller bought the unit in January

2008 for $1.6 million ($1,429 psf).

Located along the Orchard Road shopping belt,

The Centrepoint is a mixed-use development com-

prising a mall with a net lettable area of 334,425

sq ft and a residential component. According to a

spokesperson from developer Frasers Centrepoint,

Centrepoint Apartment has 66 units on a 99-year

leasehold tenure.

Completed in 1983, The Centrepoint sits across

the road from malls such as Orchard Central, Or-

chard Gateway and 313@Somerset.

Unit at The Edge on Cairnhill sold at $1.3 mil profit

E

Top 10 gains and losses from Dec 26, 2017 to Jan 2, 2018

URA,

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Most profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 The Edge On Cairnhill 9 2,131 Dec 27 1,927 June 16, 2006 1,309 1,318,000 47 3 11.5

2 The Esta 15 1,346 Dec 29 1,634 April 20, 2006 682 1,280,150 139 8 11.7

3 Centrepoint Apartment 9 1,119 Dec 27 1,831 Sept 13, 1995 777 1,180,000 136 4 22.3

4 St Martin Residence 10 2,142 Dec 28 1,751 July 1, 1999 1,251 1,071,000 40 2 18.5

5 Derbyshire Heights 11 2,282 Dec 29 916 Feb 5, 2007 504 940,000 82 6 10.9

6 Villa Azura 10 1,356 Dec 28 1,342 Jan 16, 2009 672 908,768 100 8 9.0

7 Chiltern Park 19 1,572 Dec 28 923 Nov 1, 2001 382 850,000 142 6 16.2

8 The Anchorage 3 1,464 Dec 26 1,349 Feb 27, 1996 874 695,000 54 2 21.8

9 Sunglade 19 1,163 Dec 28 1,110 July 20, 2001 532 671,750 109 5 16.5

10 The Trumps 14 1,421 Dec 26 1,012 Feb 6, 2007 555 649,000 82 6 10.9

PROJECT DISTRICT AREA (SQ FT) SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Wilkie Studio 9 1,884 Dec 26, 2017 1,104 May 8, 2012 1,325 415,000 17 3 5.6

2 Oxley Edge 9 1,464 Dec 26, 2017 1,315 Dec 23, 2013 1,518 297,500 13 4 4.0

3 Hillcrest Arcadia 11 2,745 Dec 28, 2017 747 June 29, 2007 809 170,000 8 1 10.5

4 8M Residences 15 1,335 Dec 26, 2017 1,356 Dec 23, 2014 1,508 170,000 9 3 3.0

5 Melville Park 18 1,044 Dec 28, 2017 694 Oct 18, 2012 785 95,000 12 2 5.2

6 Ceylon Residence 15 1,216 Dec 27, 2017 1,110 March 30, 2012 1,167 70,000 5 1 5.7

7 Soleil @ Sinaran 11 1,722 Dec 28, 2017 1,858 June 7, 2012 1,887 50,000 2 0.3 5.6

8 The Princeton 10 861 Dec 28, 2017 1,469 Aug 6, 2012 1,510 35,000 3 1 5.4

9 Livia 18 883 Dec 26, 2017 850 Jan 31, 2011 868 16,000 2 0.3 6.9

10 Citylights 8 893 Jan 2, 2018 1,466 May 9, 2012 1,479 11,500 1 0.2 5.7

Note: Computed based on URA caveat data as at Jan 9, 2018 for private non-landed houses transacted between Dec 26, 2017 and Jan 2, 2018. The profit-and-loss computation excludes transactions costs such as stamp duties.

PROJECT DISTRICT AREA (SQ FT) SOLD ON SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)DISTRICT SOLD ON BOUGHT ON LOSS ($) ANNUALISED LOSS (%)

Non-profi table deals

A four-bedroom unit at The Edge on Cairnhill was sold at a $1.32 million (47%) profit on Dec 27, 2017. Find the most affordable listing in the project at edgepr.link/TheEdgeonCairnhill.

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DEAL WATCH


Recent rental contracts for 900 to1,000 sq ft units at Parc Centros

LEASE DATE MONTHLY RENT $ $ PSF

November 2017 2,450 2.60

November 2017 2,300 2.40

October 2017 2,250 2.40

$

2,450

2,300

2,250

Parc Centros unit for sale at $1.08 mil

Recent transactions at Parc Centros

CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF)

Dec 8, 2017 990 1,050,000 1,060

Dec 4, 2017 1,378 1,615,000 1,172

Nov 30, 2017 1,313 1,580,000 1,203

TABL

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| BY ANGELA TEO |

On the market is a three-bed-

room, 990 sq ft unit at Parc

Centros that has an ask-

ing price of $1.08 million

($1,091 psf). The unit is

owned by a Singaporean, according

to Connie Lew, associate director at

OrangeTee, who is jointly marketing

the unit with Ronnie Ong, associ-

ate executive director at OrangeTee.

Lew says the fourth-floor unit is

tenanted at a monthly rent of $2,400

until end-July 2018. “The tenant has

been residing at the unit since Parc

Centros received its Temporary Oc-

cupation Permit in 2016,” she adds.

The rent achieved by the unit

was comparable to that garnered

by similar-sized units at Parc Cen-

tros in 2H2017, according to rental

caveats lodged with URA as at Jan

8. URA caveat data showed that 11

three-bedroom units of between 900

and 1,000 sq ft were leased at Parc

Centros from July to November 2017

for $2,250 to $2,600 a month.

Lew points out that the orienta-

tion of the units in Parc Centros has

an effect on the asking price. “This

unit has a south-facing balcony that

opens up to views of greenery and is

windy throughout the year,” she says.

The three-bedroom unit at Parc Centros is tenanted at $2,400 a month until end-July 2018, says OrangeTee’s Lew

Within walking distance of Parc

Centros is Waterway Point mall, the

retail component of mixed-use de-

velopment Watertown. Waterway

Point is a four-storey building with

a net lettable area of 370,824 sq ft

and is directly connected to the Pung-

gol MRT station. The mall houses

FairPrice Finest, a 1,500-seat Shaw

Theatres as well as F&B offerings

such as Cedele Bakery Kitchen, Din

Tai Fung and the stalls within Cook-

house by Koufu.

“Demand for three-bedroom units

at Parc Centros has picked up since

the 992-unit residential component

at the nearby Watertown was com-

pleted in September 2017,” says Ong.

“The price for a three-bedroom unit

at Watertown is higher than that at

Parc Centros, and the amenities avail-

able to the residents of Watertown

are just a short walk away from Parc

Centros,” he adds.

Jointly developed by Wee Hur Hold-

ings and ZACD Group, the 618-unit

Parc Centros comprises eight 16-sto-

rey blocks. Launched in July 2012,

the condominium was fully sold by

end-November the same year, ac-

cording to developer sales data on

URA’s website.

Parc Centros is located at the inter-

section of Punggol Place and Punggol

Central and near F&B outlets at sea-

front dining destination The Pung-

gol Settlement and Coney Island, a

popular spot for cycling and nature

enthusiasts as well as bird-watching

aficionados.

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20180115 S EP 813 - dkc9trqgco1sw.cloudfront.net · See our Cover Story on Pages 6 and 7. PROPERTY...

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