Hong Kong & Singapore The Work Project's Capitol Kempinski ... Week of March 11, 2019.pdfWeWork will...

PROPERTY PERSONALISED

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

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

CapitaLand’s M&A will give it access to Ascendas-Singbridge’s Changi Business Park

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

Genesis Indojaya, a property development group founded by Singaporeans Darren Chua and Remy Ng, is offering Singapore buyers first bite of an investment opportunity

in Bali, with guaranteed rental returns of 5% per year over seven years.

Turn to our Cover Story on Pages 8,9 & 10.

Genesis Indojaya will be launching its maiden project in Bali – Citadines Berawa Beach Bali

Market Trends Hong Kong & Singapore Top 5 in wealth ranking

ep4

Co-working The Work Project's

exclusive workspaces ep6

Spotlight Capitol Kempinski Hotel – the missing link in place

ep7

Done Deals Unit at The Sea View

fetches $1,900 psf ep12

EP2 • EDGEPROP | MARCH 11, 2019

PROPERTY BRIEFS

EDITORIALeditor | Cecilia Chowdeputy editor | Amy Tanwriters | Timothy Tay, Bong Xin Ying, Charlene Chindigital writer | Fiona Hohead, copy editing | Pek Tiong Geecopy editor | Rachel Hengphoto editor | Samuel Isaac Chuaphotographer | Albert Chuaeditorial coordinator | Yen Tandesigner | Kim Sy

ADVERTISING + MARKETING ADVERTISING SALES

vice-president, sales & operations | Diana Lim deputy account director |Janice Zhusenior account manager |James Chuaaccount manager |Pang Kai Xinregional business development manager | Cole Tanhead of marketing & branding |Han YaoGuang

CIRCULATION managers | Ashikin Kader, Bryan Kekexecutive | Malliga Muthusamy

CORPORATE chief executive officer | Bernard Tong

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8688Fax: (65) 6232 8620

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Industrial development off Jalan Bukit Merah for sale from $20 mil An eight-storey industrial de-velopment at 10 Jalan Kilang, off Jalan Bukit Merah, is up for sale with a guide price of $20 million to $25 million.

The development, with a roof terrace and a basement carpark, has a total gross floor area of 59,236 sq ft. It occupies a 20,584 sq ft site that is zoned for “Business 1” use with a plot ratio of 2.5. The site has a bal-ance lease of 42 years.

The building is currently 80% tenanted to companies in the electronics, biomedical, information technology, ship-ping and trading sectors, says Rimon Ambarchi, executive di-rector of industrial and logis-tics services at CBRE, which is marketing the property.

The property is located near the Ayer Rajah Expressway, while Redhill MRT Station is 19 minutes away by foot.

WeWork opens new space in Jalan Besar Co-working operator WeWork has launched its latest space in ARC 380, a mixed-use com-mercial development at 380 Jalan Besar.

WeWork 380 Jalan Besar is WeWork’s first location out-side the CBD, and also the

first among its offerings in Singapore with a sky terrace and swimming pool, a gym, and an open roof terrace over-looking the CBD skyline. The space boasts high ceilings and large windows, providing am-ple natural light.

The co-working space is an eight-minute walk to Ben-demeer MRT Station. It is 11 minutes by foot to Lavender MRT Station. It is also near the Central Expressway (CTE).

WeWork will open its next location at the revamped Fu-nan shopping mall, in the sec-ond quarter of 2019.

Megamall set to open on Batam island, Indonesia Pollux Mall Batam is set to open on Batam island, Indonesia.

The 860,000 sq ft megamall is a part of the Meisterstadt Bat-am project, which will cover over 8.6ha of land. The project will also include eight residen-tial towers, a hotel, a hospital, and a 350m-tall, 100-storey of-fice building.

Pollux Habibie Internation-al, the company overseeing the project, aims to complete the construction of four residen-tial towers at Wunderbar Resi-dences this year. The mall will be completed by the second quarter of 2020, and visitors

can expect to visit a cinema, as well as popular brands and F&B outlets, some of which are new to Batam.

Facilities at Wunderbar Res-idences include a central park linking four residential towers, sporting facilities, and an infin-ity pool which offers views of Singapore’s Marina Bay Sands on a clear day, the company highlights.

“We are also expecting many Singaporeans to be interested in purchasing units in Wun-derbar Residences. Meister-stadt Batam is only a five-min-ute drive from Batam Centre Ferry Terminal,” says Po Sun Kok, chairman of Pollux Group.

According to the company, 95% of the first three towers of Wunderbar Residences have been sold and the final tower will be launched by end-March.

CDL buys prime freehold site in Leeds, the UK, for $27.5 mil Singapore-listed property group City Developments Ltd (CDL) has purchased a freehold site in Leeds, the UK, from Alpha Real Trust for £15.4 million ($27.5 million), or £80 psf. This marks an expansion by CDL into the UK private rent-ed sector.

The site at Monk Bridge spans 193,752 sq ft, and will

include a residential compo-nent of 386,000 sq ft, and a commercial space of 16,000 sq ft. CDL intends to develop a 664-unit, build-to-rent resi-dential project with retail space on the site.

Sherman Kwek, CEO of CDL Group, says due to increased labour mobility and the grow-ing popularity of renting, there is “strong growth potential” for the private rented sector.

“Brexit is expected to have limited impact on this sector as demand is mainly driven by locals,” he adds.

The project is slated for com-pletion in 2023, at an estimat-ed total development cost of £140 million. CDL expects an annual net yield of 5%.

The site is a 10-minute walk to Leeds Train Station, and two kilometres to Leeds’ city cen-tre. Leeds is two hours by train from London.

Katong Plaza relaunched for collective sale at $188 mil Katong Plaza has been re-launched for collective sale at an unchanged asking price of $188 million, or $1,968 psf per plot ratio. The price in-cludes a development charge of $13 million.

Katong Plaza is on a site zoned for commercial and res-

idential use, and has obtained approval from URA for hotel use, at a gross plot ratio of 3.0. It occupies a site of 34,044 sq ft, and has a maximum gross floor area of 102,133 sq ft, which can yield up to 300 hotel rooms, each at a size of 215 sq ft.

Marine Parade MRT Station, slated for completion in 2023, is four minutes away from Ka-tong Plaza by foot.

The tender for Katong Pla-za closes on April 9 at 3pm.

JustCo pilots ‘tech-enabled workspace’ at Marina One Co-working operator JustCo is piloting a “tech-enabled mod-ern workspace” at its Marina One space.

Through the JustCo App, members will be able to book meeting rooms, manage guest invitations, and use a smart lock to access meeting rooms. The new mobile interface will allow members to locate the nearest available meeting room, work desk, or a fellow colleague through an internal GPS system.

JustCo is partnering Aruba for the pilot. Aruba is a Hewl-ett Packard Enterprise company providing IT solutions. – Com-piled by Charlene Chin E

SENTOSA BUNGALOWS FOR SALE

Each Office is Independently Owned And Operated.

ROWENA CHAN 90383166 (R051626C)

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Seaview $18m/$29m, panaromic views, modern, bigger plotsGolf and lakeviews - $10.8m /$16m/$18m/$20m - brand new and almost new Waterway Brand New-Star-buy units released. Optional ID. Fm $16mUnblocked Waterway $10.8m/ $18m/$20m/$24m for 50ft yachtHomes by award winning architects $18m-$25m, bespoke homes with exceptional views

WeWork 380 Jalan Besar is WeWork’s first location outside the CBD Katong Plaza occupies a site of 34,044 sq ft zoned for commercial and residential use

City Developments purchased a 193,752 sq ft, freehold site at Monk Bridge in Leeds, the UK

The industrial development on 10 Jalan Kilang has a total gross floor area of 59,236 sq ft

HUTTONS ASIA

CDLCBRE

WEWORK

EDGEPROP | MARCH 11, 2019 • EP3

PROPERTY OF THE WEEK

PROPERTY LAUNCHES

| BY CECILIA CHOW |

Over the weekend of March 2-3, a total of 200 units were released at The Florence Residences located at Hougang Avenue

2. Of the figure, 54 units were snapped up. “That’s close to 30% sales,” says CB Chng, Logan Property's executive director.

“Buyers these days are more cautious with their purchases and they would sometimes re-quire a longer time to consider all factors,” adds Chng. “First-time buyers need time to famil-iarise themselves with the project.”

A redevelopment of the former Florence Regency privatised HUDC estate, the 1,410-unit The Florence Residences is considered the first launch of a “mega project” – above 1,000 units – in 2019.

The Florence Residences “is priced appropri-ately” at an average of $1,450 psf. Some units have prices starting from below $1,400 psf.

Challenges facing developersOne of the biggest challenges that developers face today is that “buyers have a lot of choices between new launches and already launched projects”, according to Ismail Gafoor, CEO of PropNex Realty, one of five appointed joint mar-keting agencies for The Florence Residences. The others are ERA, Huttons Asia, OrangeT-ee & Tie and SRI.

In January and February this year – pri-or to the launch of The Florence Residences – there were no significant suburban projects launched. As such, four neighbouring pro-jects in the Serangoon-Hougang areas -- Af-finity at Serangoon, The Garden Residences, The Tre Ver and Riverfront Residences -- gar-nered sales totalling about 200 units over the

past four weeks, says Gafoor.The pick-up in transactions at the 1,052-

unit Affinity at Serangoon and the 613-unit The Garden Residences could be largely at-tributed to the Jan 25 announcement of the 12 stations on the first phase of the Cross Island Line. One of the 12 upcoming stations on the line is Serangoon North, where one of the ex-its is located just 350m from Affinity at Seran-goon, and 532m from The Garden Residences.

Since its launch last June, 460 units (43.7%) at Affinity at Serangoon have been sold. Last weekend (on March 2-3), 30 units were sold. The average price achieved at Affinity at Seran-goon is $1,475 psf.

“The recent announcement on the MRT sta-tions of the Cross Island Line has been a key factor,” says Eugene Lim, director of market-ing and sales, Oxley Holdings, which is part of a consortium of developers for Affinity at Serangoon and Riverfront Residences. “Some agents have also reported that, having viewed other recent launches, some buyers have re-turned as they prefer our project in terms of design and finishes.”

Two other projects that were launched last year – the Riverfront Residences, on July 5 (the eve of the imposition of the property cooling measures), and The Tre Ver, in August – also saw a steady pick-up in sales momentum.

At the 1,427-unit Riverfront Residences, 35 units were sold last weekend, bringing total sales to date to 935 units (65.5%). Average price of units sold is $1,350 psf. “Sales have been very encouraging,” says Oxley’s Lim.

The Tre Ver also saw “good sales momen-tum” in the first two months of 2019. The 729-unit condo located at Potong Pasir Avenue 1, launched last August, has achieved close to

45% sales to date. The average price achieved is said to be $1,558 psf. “Buyers are attracted to the city fringe location and strong product offering designed by WOHA,” says Jesline Goh, chief investment and asset officer, UOL Group.

Developers of some projects launched in late 2017 and 2018 also raised the commis-sion rates offered to agents from 1-2% to a range of 3-5% in order to move the remain-ing units, according to property agents who declined to be named. This motivated agents to divert prospective buyers over to those pro-jects, they add.

Setting itself apart“Some of these other projects in the vicinity were launched as early as April 2018 and var-ied marketing strategies have been used," notes Logan Property’s Chng. However, he reckons that The Florence Residences will be able to set itself apart from the other projects.

The Florence Residences is served by two well-connected MRT stations, points out Chng.

“We believe that our target audience will re-alise the investment potential, with the fu-ture Cross Island Line just a six-minute walk away via Hougang MRT Interchange. We are confident of the project’s attributes, from the conceptualisation of the architecture and landscape design, to the creation of a fulfill-ing lifestyle for our residents.”

Developers have traditionally focused on sales at the launch weekend. “It’s going to be a long-drawn battle in today’s market,” says Ken Low, managing partner of SRI.

With at least 50 new projects slated for launch this year, developers will have to change their strategy, notes PropNex’s Gafoor. “Instead of placing all their advertising and promotion budgets on the launch weekend and focusing all their fire power on the first weekend of launch, they will have to pace their advertis-ing and promotion over the long term. On-the-ground marketing has also become crucial.” – This story first appeared on EdgeProp.sg on Monday, March 4, 2019 E

E

One Draycott prices at an average of $3,500 psf, targets young buyers

| BY AMY TAN |

The Ardmore Park area is synonymous with sizeable luxury apartments. Four-bedroom units at the landmark Ardmore Park con-

do where sizes are 2,885 sq ft each have been changing hands at prices from $9.68 million ($3,356 psf) to $9.9 million ($3,432 psf), based on caveats lodged. The freehold, 330-unit Ard-more Park is 18 years old.

New developments such as Wing Tai Hold-ings’ Le Nouvel Ardmore, with unit sizes from 3,800 sq ft, are priced from $15 million; and the largest penthouse of 13,573 sq ft fetched $51 million ($3,757 psf) in 2015. The pent-house was purchased by Alibaba co-founder and former president of Taobao, Sun Tongyu.

Meanwhile, Facebook co-founder and one of Singapore’s richest men, Eduardo Saver-in, paid $60 million for the 10,300 sq ft super penthouse at SC Global’s ultra-luxury, 34-unit Sculptura Ardmore.

At One Draycott, located on Draycott Drive, just off Ardmore Park, Malaysian property de-veloper Selangor Dredging Bhd (SDB) is offer-ing an alternative: 64 units of petite two-bed-

room apartments spanning 18 storeys with sizes ranging from 732 to 1,346 sq ft. There are four penthouses on the 18th floor: two of them are sized at 1,238 sq ft each and the oth-er two are 1,346 sq ft each.

Launched in June last year, the units are priced at an average of $3,500 psf. “One Dray-cott has been designed with young and affluent buyers in mind,” SDB says in a press release.

Based on caveats lodged with URA Realis, three units have been sold since its launch. One of the 1,346 sq ft penthouses was the first to be sold last June, fetching just below $3.5 million ($2,599 psf). A 732 sq ft unit on the ninth floor went for $2.7 million ($3,689 psf) in July, while a 797 sq ft unit on the sev-enth floor was sold for close to $2.55 million ($3,196 psf) in October.

The development is designed by London architect CarverHaggard in collaboration with British artists Anna and David Hiscock. The latter’s portfolio includes projects such as the 1992 Barcelona Olympics and the Egyptian Hall of the British Museum.

Hiscock’s art will feature prominently at One Draycott. At the lobby entrance, residents

and visitors will be welcomed by a pangolin sculpture. The scales of the pangolin are hand-cut by Italian stonecutters.

Each apartment will also be fitted with a handcrafted Lucerne stone wall installation at the main entrance and oak facet installations. Units also come with a private lift lobby and a fully enclosed kitchen. The project is expect-ed to be completed in 2022.

One Draycott is located within walking dis-tance to the Orchard Road shopping belt as well as The American Club and Tanglin Club. It is SDB’s sixth project in Singapore. SDB’s oth-er projects in the prime districts of Singapore include boutique developments Jia on Wilkie Road in the Mount Sophia area in District 9; Hijauan on Cavenagh Road, near the Istana in District 9; and Gilstead Two in District 11.

SDB’s origin was as a tin mining company before it began diversifying its business in the early 1980s. It went into hardware manufactur-ing and retail manufacturing of tyre rims before consolidating in 2004. The company is now fo-cused on property development, although it is also involved in hotel management.

One Draycott is located within walking distance to the Orchard Road shopping belt as well as The American Club and Tanglin Club

Crowd at the balloting of units at The Florence Residences during the March 2-3 weekend

SELANGOR DREDGING

SRI

The Florence Residences captures 54 sales during launch weekend


| BY AMY TAN |

Hong Kong and Singapore were placed in the top five spots in Knight Frank’s The Wealth Report 2019 released on March 6. The global ranking rates cities according to three categories:

wealth, investment and lifestyle. Despite Brexit concerns, London clinched

the top spot overall, replacing New York which was in first place last year. This year, New York was ranked second overall, followed by Hong Kong and Singapore in third and fourth places respectively.

When it came to individual categories, the growth of wealth in Asian cities was most prominent with cities such as Hong Kong, Beijing, Singapore, Seoul and Shanghai tak-ing up top ten spots.

The report predicts that between 2018 and 2023, Asian cities are likely to see the fastest growth in the number of ultra-high net worth individuals (UHNWIs). This is categorised as individuals with net assets of US$30 million ($40 million) or more.

However, when it came to attracting prop-erty investment worth US$10 million or more by individuals or family offices, North Ameri-can cities still dominated, with New York, Los Angeles, Washington DC and Chicago occupy-ing top spots in this category. In the Asia-Pa-cific region, Hong Kong, Sydney and Singapore were also in the top ten.

“The rise of the Asian-Pacific middle class will be a major driving force for growth and over the coming decade, ensuring that the re-gion will offer an attractive proposition for in-vestors,” says Nicholas Holt, head of research at Knight Frank Asia Pacific.

Meanwhile, the lifestyle category takes into account factors that would influence buyers to purchase homes in a city. Education, security and luxury indicators, including the number of five-star hotels and leading restaurants, were the most important key decision influencers.

London was first in this category with its tertiary education offerings and five-star ho-tels, sharing the top spot with Singapore. Hong Kong and Tokyo were ranked fourth and fifth respectively.

Looking ahead, Knight Frank also consid-ered cities that are likely to be magnets for future property investment. The selection

considers factors such as innovation indica-tors, wealth forecasts, economic growth and infrastructure. Cities that embody these char-acteristics are Bengaluru, Hangzhou, Stock-holm, Cambridge and Boston.

Knight Frank expects that among them, Ben-galuru will see the fastest growth over the next five years. Citing Oxford Economics data, the report states that the city’s real GDP could grow by almost 60% in the next five years. Known for its technology sector, Bengaluru is home to companies such as Microsoft, Hitachi, Samsung, Flipkart, Infosys and Wipro.

Elsewhere, Hangzhou’s transport, storage, in-formation and communication services sectors have more than doubled in the past five years. This is anticipated to grow another 46% over the next five years, according to data from Ox-ford Economics. In addition, companies there are following in the footsteps of Alibaba which was founded there. There are now 26 tech com-panies with a valuation in excess of US$1 bil-lion in the city.

MARKET TRENDS

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

London clinched the top spot overall, replacing New York which was in first place last yearE

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


| BY TIMOTHY TAY |

Co-working operator The Work Pro-ject (TWP) has opened a new, 44,132 sq ft exclusive business club on the 20th floor of Capital Tower on March 4, named MARK. It accompanies a

19,375 sq ft Innovation Hub on the 24th lev-el of the tower, with venues for workshops, training and conferences of up to 120 people.

On top of demand for conventional office space and a growing requirement for sizeable flexible workspaces, corporate tenants want amenity spaces like MARK, says Junny Lee, founder and CEO of TWP. “Through discussion and survey of our customers, we found that there is an un-met need from senior executives to have an ex-clusive and private gathering space,” he adds.

Created in collaboration with award-win-ning design studio Hassel, MARK offers a va-riety of luxury spaces that TWP envisions sen-ior corporate executives may need throughout their workday. There are a selection of private rooms with custom-designed furniture that can be used to host business meetings, exclusive events or celebrations.

TWP has also partnered with Proof & Co to offer a complimentary F&B menu at MARK. “This is a club exclusively to the C-suites and senior execs of CapitaLand’s customers in Cap-ital Tower,” says Lee.

In Capital Tower, monthly hot desk mem-bership rates will start from $395, while private offices from $800 per desk. In Asia Square 2, hot desks start from $495, with private office from $800 per desk.

C-Suite tenants within The Work Project and CapitaLand commercial properties will also enjoy a one-year complimentary access to MARK, based on an application process.

Joint venture with CapitaLandIn October last year, CapitaLand invested $27 million for a 50% stake in TWP, which at the time ran two co-working spaces in Singapore and another in Hong Kong. TWP still manag-es those spaces: in Singapore, they are the flag-ship 24,000 sq ft space in OUE Downtown and a 5,000 sq ft space in Park View Square; and in Hong Kong, a 36,000 sq ft space at Causeway Bay.

Since the collaboration, TWP has opened a 41,000 sq ft co-working space at Asia Square Tower 2 in Marina View in addition to the new space at Capital Tower. “We're very fortunate to have partnered with CapitaLand, because we found a partner where our strategic goals are completely aligned,” says Lee.

According to CapitaLand, Capital Tower and Asia Square 2 would be the first two of its com-mercial properties in Singapore to offer its “of-fice of the future” ecosystem. This entails go-ing beyond traditional property management to providing more value-add solutions and com-munity experiences for its office tenants, says Lynette Leong, CEO of CapitaLand Commercial.

The partnership with TWP will support Cap-itaLand in achieving this transformation. “The business club and the shared working spaces by The Work Project enhance CapitaLand’s core of-ferings and provide our tenants with excellent additional options,” adds Leong.

The joint-venture partners also acquired the co-working platform of local co-working opera-tor Collective Works, which had entered into a joint venture with CapitaLand to open a 22,000 sq ft co-working space at Capital Tower in 2012.

Singapore expansionWith the opening of the new spaces at Asia Square 2 and Capital Tower, and the acquisi-tion of Collective Works, TWP’s footprint in Sin-

gapore has expanded to 90,000 sq ft, says Lee. In May, TWP will open a 12,000 sq ft co-work-

ing space at Great World City in partnership with Allgreen Properties, which owns the mixed-use commercial development that includes a shop-ping mall, office tower and serviced residences.

According to Lee, the tenants in the office tow-er at Great World City comprise a wide mix of companies from shipping, to oil & gas and phar-maceuticals industries. “The community there is very different from Asia Square and Capital Tower, and their needs will be very different,” he observes. Just as it has done at Capital Tow-er, TWP intends to conduct “character studies” to help elevate the eventual user experience of the office-occupiers at Great World City.

The new space in Great World City will have 240 desks, and 40% of the total workspace has already been pre-committed.

Today, TWP has 180,000 sq ft of flexible workspace under its portfolio in Hong Kong and Singapore. Lee reckons the company is the fourth largest co-working operator in Singapore. A majority of the clients are companies engaged in professional services, asset and hedge fund managers as well as law firms. In Capital Tow-er, some tenants who have already moved in in-clude: specialist communication agency Spur-wing Communications, fintech investment firm Forum Capital, as well as digital asset exchange Bibox Singapore.

The company is looking to expand into other key gateway cities in the Asia-Pacific region, spe-cifically Tokyo, Sydney, and Melbourne where most of its key corporate clients are based, says Lee. Other major cities in Southeast Asia such as Bangkok, Jakarta and Kuala Lumpur are “not currently under serious consideration as most of our major corporate clients do not have a mean-ingful presence there yet”, he explains.

Core-flex modelWhile growth of the co-working industry was initially spurred by demand from start-ups, most corporates have embraced it as part of their flexible workspace strategy. Unlike start-ups, corporates are less focused on the net-working opportunities offered by co-working spaces. “One of the things about our custom-er group is that privacy is very important to them,” observes Lee. “The [opportunity] to network is good, but too much is considered bad sometimes.”

According to him, corporates are keen to move into flexible workspaces mainly due to cost savings. “Technology has also enabled work to be more mobile and there is no reason why offices have to occupy as much space as before. Corporate businesses have become sen-sitive to how much footprint they really need.”

To this end, a typical corporate may still sign a long-term lease for 100,000 sq ft but combine this with a lease for 50,000 sq ft of flexible space that they can adjust according to their business needs, he states.

This scenario would usually require the ten-ant to approach two different providers; the landlord would offer the “core” conventional lease, while a co-working operator provides the flexible space.

As such, the partnership between TWP and CapitaLand that operates under such a “core-flex” model for CapitaLand’s commercial prop-erties will be a “one-stop shop” that also of-fers amenity spaces, says Lee.

“Capital Tower and Asia Square Tower 2 are the first two office buildings in Singa-pore to embrace core-flex offerings under this strategy, [and] more exciting offerings are in the pipeline,” says Leong of Capita-Land Commercial.

CO-WORKING

The Work Project has unveiled MARK, a luxury business club only for C-suite executives in Capital Tower

Corporate clients in Capital Tower want amenity spaces like MARK, where senior executives can have a private gathering space, says Lee

Most corporate clients that will move into the new space in Capital Tower are financial and professional services firms

“We're very fortunate to have partnered with CapitaLand, because we found a partner where our strategic goals are completely aligned," says Lee

TWP

PICTURES: ALBERT CHUA/EDGEPROP SINGAPORE

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The Work Project moves towards flexible workspaces with business club amenities


| BY TIMOTHY TAY |

Guests at Capitol Kempinski Hotel in Sin-gapore will instantly recognise the luxury hotel’s brand ambassador, “the Lady in

Red”, who ensures that hotel guests will have a memorable stay.

The 157-room luxury hotel, soft-launched in October last year, was the missing piece to complete Capitol Singapore’s integrated devel-opment offering. The integrated project includes the historical Capitol Theatre, the 39-unit Eden Residences Capitol and a four-level retail podi-um called Capitol Piazza, which is linked direct-ly to the City Hall Interchange MRT Station in the basement level.

After operating for six months, Capitol Kem-pinski Hotel has achieved an average occupancy rate of about 50%, with average daily room rates of around $500 a night, says DBS Research in its Feb 14 report on Perennial Real Estate Hold-ings, which fully owns the property.

Perennial is in the middle of refreshing the retail offerings in the retail mall. The repositioning exercise of Capitol Piazza is still ongoing, with the opening of new retail F&B concepts, such as new restaurant 15 Stamford by Alvin Leung by the eponymous Michelin-starred chef. Two Kempinski F&B concepts, German delicatessen Berthold De-

likatessen and Berlin urban lifestyle-inspired restaurant and bar Freida, are also located within the hotel.

Other new tenants at the Piazza include Taiwanese bubble tea retailer Tiger Sugar’s first outlet in Singapore, as well as optical store 999.9 and boutique jeweller SJC.

Global workspace provider IWG is also opening the Asian flagship location of its pre-mium workspace brand No18, at a 20,600 sq ft space on the second level of Capitol Piazza. It is scheduled to be operational in September.

At its FY2018 results briefing on Feb 13, Pua Seck Guan, CEO of Perennial Real Es-tate Holdings, estimated that the reposition-ing exercise will be completed by mid-2019.

According to DBS Research's Feb 14 report, Perennial is “on the right track”. It is expect-ed to achieve a yield of 4% to 5%, “compa-rable to the market” over the next couple of years, given the changes and refurbishments taking place in recent months.

Perennial Real Estate Holdings has just re-launched Eden Residences. To date, 16 units have been sold at an average price of $3,000 psf, says the DBS Research report.

Eden Residences was first launched in Oc-tober 2012, and was completed in 2015. It is a 10-storey, newly built luxury project with a mix of three- and four-bedroom apartments

sized from 2,100 to 3,380 sq ft. There are also two garden villas of 2,723 to 3,520 sq ft and penthouses from 4,080 to 6,470 sq ft.

The last recorded transaction at Eden Res-idences was for a 3,348 sq ft, four-bedroom unit on the ninth floor. It fetched $10.26 million ($3,065 psf) in December 2015.

Today, four-bedroom units are priced from $10.2 million, while three-bedroom-plus-study units are priced from $8.5 million.

Dominic Lee, head of PropNex Realty's lux-ury team, says that completed luxury develop-

ments like Eden Residences tend to appeal to Chinese property hunters today. “They appre-ciate new, completed developments where they can choose to move into immediately or to in-vest in for the long term,” he observes.

This was the case at South Beach Residences, another 99-year leasehold luxury condo located above JW Marriott Hotel, which was launched last September. It has sold about 55 units to date. A lot of the buyers were said to be for-eigners, particularly Chinese, with some buy-ing multiple units.

SPOTLIGHT

The opening of the Capitol Kempinski Hotel Singapore was the missing piece to complete Capitol Singapore’s integrated development offering

Workspace provider IWG is leasing 20,600 sq ft in Capitol Singapore for its luxury co-working brand No18

The historical Stamford House has the 624 sq ft Stamford Suite, one of four suite room types available at Capitol Kempinski Hotel

TWP

IWG

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

PERE

NN

IAL

Capitol Kempinski Hotel – the missing link in place

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COVER STORY

| BY CECILIA CHOW |

Indonesia’s most famous island, Bali, has suspended 468 international and domes-tic flights for 24 hours starting from 6am on March 7 to mark the Day of Silence or Nyepi, which is the New Year’s Day in the

Balinese Saka Calendar. On this Balinese Hindu religious holiday,

regular activities stop for a day – from the use of electricity and electronic devices as well as all forms of entertainment including trav-elling outside the house. Nyepi observances for Balinese Hindus include meditation and fasting. Foreign visitors to Bali are expected to respect the religious observances.

If anything, Nyepi amplifies Bali’s allure as a mystical place, with its temples, natural beauty and picture-perfect landscapes.

For Singaporean developers Darren Chua and Remy Ng, co-founders of the Jakarta-based Genesis Indojaya, the March 9-10 weekend af-ter Nyepi is therefore ideal to soft-launch in Singapore their maiden project in Bali – Cita-dines Berawa Beach Bali.

Genesis Indojaya is the Indonesian devel-oper of the 226-unit serviced residences lo-cated on a 17,800 sq m (192,000 sq ft) site at Berawa Beach, one of the beaches in the coastal village of Canggu. It is within just a 10-minute drive to the dining and shopping hub of Seminyak.

Managed by The AscottThe Ascott Ltd, hospitality arm of Singapore-list-ed property group CapitaLand, will manage the property on a 10-year management con-tract with an option for another 10 years. With 19 properties offering a total of 3,479 serviced residences, The Ascott is the biggest serviced residence operator in Indonesia, says Philip Lim, the firm’s country general manager. Cur-rently, nine of the properties are operational,

with another 10 (including Citadines Berawa Beach Bali) under development.

Citadines is The Ascott’s mid-tier brand, where rooms are slightly smaller relative to the group’s upscale Ascott and Somerset brands. The rooms under the Citadines brand are pre-dominantly suites and one-bedroom apart-ments. “As such, the Citadines brand is ide-al for the Berawa Beach property as the area mainly caters to the mid-market leisure trav-ellers,” says Lim. The Berawa Beach property is also The Ascott’s first Citadines in Canggu.

Another Citadines-branded property in Bali is Citadines Kuta Beach Bali, which is current-ly operated under the franchise model. “The

Kuta area is more touristy and caters to the mass market segment,” adds Lim.

“We are hoping to start operations in 4Q2020,” says Ng, managing director of Gen-esis Indojaya. “We are already building the foundation and we are going to start plumb-ing construction.”

The architectural firm for the design of the project and landscaping is El Colectivo Archi-tectural Design Studio, whose principal part-ners are Chilean architect Nico Caceres and Spanish designer Kiko Tous.

“We love greenery and nature, and it was one of our key design aspirations,” says Chua, equity adviser of Genesis Indojaya. “Remy and

I even wanted to name the property ‘Rainfor-est @ Canggu’ initially.”

The serviced residences at Citadines Be-rawa Beach Bali range from studios to one- and two-bedroom apartments. Some are ad-joining apartments for those who want bigger three- or four-bedroom units. A sole presiden-tial villa of 225 sq m (2,421 sq ft) with a pri-vate pool will sit in one corner of the land.

Payment schemes and discountsPrices start from about $230,000 for a 31 sq m (333 sq ft) studio suite. The developer is offering buyers a guaranteed rental return (GRR) of 5% net per annum for seven years.

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

The 226-unit serviced residences sit on a 192,000 sq ft site at Berawa Beach in the coastal village of Canggu

Genesis Indojaya, a property development group founded by Singaporeans Darren Chua and Remy Ng, is offering Singapore buyers first bite of an investment opportunity in Bali, with guaranteed rental returns of 5% per year over seven years

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

GENESIS INDOJAYA

GENESIS INDOJAYA


COVER STORY

Three payment schemes will be made avail-able this weekend, according to Ronald Lim, business development head at Huttons Inter-national, the international property agency of Huttons Asia. Huttons International will be marketing the Citadines Berawa Beach pro-ject this weekend.

A buyer who opts for the full payment scheme will be entitled to a 15% discount on the purchase price, which brings the ab-solute amount to under $200,000. Those who opt for the progressive payment scheme will enjoy a 10% discount. Buyers who choose the seven-year payment scheme will enjoy a 5% discount.

Those who book a unit over the weekend will have to pay a reservation fee of $2,000. A 30% downpayment on the purchase price is due within seven days. For the progressive payment scheme, the balance 70% will be payable according to the stage of construc-tion, similar to Singapore’s progressive pay-ments for a project under construction. For the seven-year payment scheme, the remain-ing 70% can be paid by monthly instalments from the rental returns generated.

Notarial lease for 80 yearsGenesis Indojaya is offering buyers a notari-al lease of 80 years on their investment. “We will have a notary public who will witness the signing of the lease and issue a notarial cer-tificate to the buyer,” says Chua. “It’s almost as good as a property title as it is prima fa-cie evidence that the buyer owns the proper-ty. This solves the problem of restrictions on foreign property ownership in Indonesia, in-cluding Bali.”

Many of the enquiries so far have been from Singaporean investors looking at the rental return perspective, while others are interested in the prospect of capital appreci-ation, says Huttons’ Lim. “Citadines Berawa Beach is located just 300m from the beach. The Canggu area is not as congested or built-up as Seminyak and Kuta. But there’s poten-tial for capital upside.”

There are a lot of new developments com-ing up in Canggu. “When we first looked at the site in 2016 and did our due diligence and feasibility studies, there were just 20 to 30 F&B outlets,” says Genesis Indojaya’s Ng. “Today, there are about 100. The value of our land in Bali has also doubled from the time we purchased it.”

Mid- to upper-scale segment: an under-served nicheAccording to Ng, Citadines Berawa Beach Bali will be positioned as a serviced residence in the mid- to upper-scale segment.

The Ascott's Lim is expecting blended aver-age room rates at the Citadines Berawa Beach Bali to be about Rp1.1 million ($106) per night for a studio unit. Besides catering to leisure travellers, he expects the property to appeal to domestic tourists and business travellers, which is fast-growing market with rising affluence.

The resorts in the Canggu area are either small, locally managed resorts in the low-er-tier segment or luxury properties, such as Singapore-listed Hotel Properties Ltd’s Como Uma Canggu or Haven Suites Bali Be-rawa located adjacent to Citadines Berawa Beach. While Haven Suites, which is in the 4.5-star category, has room rates upwards of $180 a night, Como Uma Canggu is priced from $300 a night.

“The mid- to upper-mid-tier segment in Canggu is currently under-served, and the Citadines Berawa Beach Bali fills that niche,” says Alice Tan, director of residential project marketing, Knight Frank.

The property is located just opposite Potato Head Beach Club, one of the top beach clubs in Bali. Another beach club consistently vot-ed among the top two in Bali is Finns Beach Club, which is also located near Citadines Berawa Beach. In the Canggu area, there’s

| BY CECILIA CHOW |

Friends since they met in Office Cadet School (OCS) in 2004 and served in the same Armour unit during their National

Service, Darren Chua and Remy Ng went on to become housemates in Sheares Hall, one of the six halls of residence at the Nation-al University of Singapore. Both enrolled in NUS Business School, but Chua did double majors in Business and Law and therefore graduated two years after Ng did.

“We have been buddies since our army days, and we have always chatted about what businesses we would like to do to-gether,” recounts Chua. “It always felt right for us as bros to explore working togeth-er since we went through so much in the army together.”

What really cemented their friendship was a “four-day, three-night” mission train-ing without any sleep. “We were paired up for the training exercise in OCS,” says Chua. They have been best friends since. According to Chua, he will be turning 34 in December, while Ng will be celebrating his 34th birthday in May.

Business ideas concocted while in uni-versity included setting up a carwash, but that did not take off as they felt they could notcompete with the industrious foreign workers. The pair then set up a bubble tea stall while Chua was still doing his bar ex-ams. But they found themselves manning the stall and scooping tea for customers on weekends. After six months, they sold the business to a friend. They barely broke even on that first business venture.

Ng graduated from NUS Business School in 2009 and went to work in property con-sultancy Knight Frank Singapore. Chua did his pupillage and worked at Rajah & Tann – one of Singapore's largest law firms – from 2011 to 2013.

Aspiring property developersEven as they were pursuing their respective careers, they still held on to the dream of be-ing entrepreneurs and going into business to-gether. “We contemplated going into property development, but you know how expensive land is in Singapore,” says Ng. “The cheap-est piece of land we could find was in an op-portunity to develop a pair of semi-detached houses on Casuarina Road in Yio Chu Kang or somewhere in Pasir Ris. We didn’t want to de-velop anything more than four units because that would mean we would have to apply for a developer’s licence.”

However, the land alone would have cost

about $5 million, and that was before con-struction costs, says Ng. Then, they met up with an Indonesian friend from univer-sity. The Indonesian introduced them to his friend, who has since become the third and silent partner in Genesis Indojaya. He told them that they could buy land for a lot cheaper in Indonesia.

That led to Ng and Chua setting up Genesis Indojaya in 2012, with their Indonesian friend as a silent partner. The latter, who wants to remain anonymous, has been instrumental in helping them navigate the nuances of the In-donesian property market as well as opening doors to the relevant government authorities for them to get development permits and ap-provals for their projects.

Ng took on the role of managing director of the firm, and relocated to Jakarta to helm the business. Chua plays the role of equity ad-viser of Genesis Indojaya, and his forte is in drafting contracts and advising on the corpo-rate structure as well as strategy. “I was do-ing mergers & acquisitions while at Rajah & Tann and I loved it,” he says.

Affordable homesThe first piece of land that Genesis Indojaya purchased was the size of a soccer field and cost only $500,000, recounts Ng. It was locat-ed in the outskirts of Jakarta, and developed into 10 townhouses. “We borrowed money from friends and family members,” he says. “We told them that we couldn’t guarantee that they would get their money back but we offered them a 30% return – at 10% per an-num – over 2 ½ years.”

They raised the equity to purchase the land in 2013 and were able to double the money for their friends and family members who had fi-nanced their first project, says Chua.

When the first project was completed in 2015, they rolled over the money into their second residential development, Jayana Vil-las – a terraced housing project with 57 units sitting on a 7,000 sq m (75,348 sq ft) site, and also located in the outskirts of Jakarta. “Our target audience was the local middle- and up-per-middle-income homebuyers,” says Ng. The houses were therefore priced at the equivalent of $110,000 to $130,000 each.

“What differentiated us from the big main-stream Indonesian developers was that we were able to develop our projects at a slight-ly lower cost and yet produce better quality products,” Ng adds.

Investment structuresChua, who helped structure the deals, says the approach they took was from a corporate fi-

nance slant. “We structure our company such that each development has its own joint ven-ture partners,” he says. “Initially, a lot of in-vestors who met us were concerned because they saw us as just two young guys and rela-tively inexperienced then."

However, the deals were structured such that their investors’ losses are minimised even in the worst-case scenario. It helped to devel-op projects in phases, with returns given back to investors at the completion of each phase. “With landed property – where buyers are predominantly local homeowners – the in-vestors are shielded to some extent,” says Ng.

Today, investors in Genesis Indojaya’s pro-jects include high net-worth individuals, in-vestors and property funds from China, Hong Kong, Japan and Singapore.

The last two residential developments by Genesis Indojaya in Jakarta were cluster hous-ing projects. One of them, Cinere Loft, drew inspiration from the shoebox apartment phe-nomenon in Singapore for a landed home con-cept – a double-storey house with a built-up area of about 60 sq m (646 sq ft). The per sq m price is higher but the absolute prices are from $60,000 each. “The target audience are young couples, young families who can’t afford Jakarta metro prices,” says Ng. “These hous-es are about a 45-minute drive from the city.”

Ng is also focusing on Transit Oriented De-velopment (TOD) projects – land near MRT stations because Indonesia’s first MRT system is going to start running this year. “We’re look-ing at plots within 1km of an MRT station,” he says. “Land prices right next to an MRT station are priced at a premium. That’s why we are looking further away. In the outskirts, people don’t mind living a little further away from the MRT stations, say 600-800m away, which is a 6- to 10-minute walk.”

Aiming highSo far, their biggest development in terms of gross development value is the Citadines Berawa Beach Bali, at about US$40 million ($54 million).

The entire portfolio of seven projects – one in Bali and six in Jakarta – is worth US$50 million to US$60 million, estimates Chua.

“On our way to a meeting, we passed the Kampong Java site that Chip Eng Seng bought for $418.8 million in January,” says Chua. “Our entire portfolio is worth just a fraction of that.”

However, the duo is hoping to list their company on the Singapore Exchange some-day. “We would love to list in Singapore be-cause of the familiarity and because it’s the nexus for the region,” says Chua.

Best friends turned business partners and property developers in Indonesia

CONTINUES ON PAGE EP10

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Best friends Darren Chua (left) and Remy Ng set up Genesis Indojaya in 2012, with an Indonesian as a silent partner


COVER STORY

also Vue beach club at the pool area of Lv8 Resort Hotel. Café Del Mar, the famous Ibi-za lifestyle club, will open in Bali later this year, and will be just a five-minute drive from Citadines Berawa Beach resort, says Genesis Indojaya's Ng.

“One of the key attractions of Bali is the sunset view from the beaches of Kuta, Sem-inyak and Canggu,” says Knight Frank’s Tan. “And beach clubs like Finns Beach Club tru-ly stand out. It’s also very near the Citadines Berawa Beach.”

Riding on the strength of the tourism marketBali was ranked the world’s No. 1 travel des-tination in the TripAdvisor Travellers’ Choice Awards in 2017 and No. 4 in 2018 – after Par-is, London and Rome. Tourist arrivals in Bali totalled more than 6.51 million last year, up by more than 10% y-o-y from 2017. The tar-get this year is 6.8 million visitors.

For decades, Australians had taken the lead as the biggest group of tourists to Bali. But they were overtaken by the Chinese for the first time in 2017. Chinese visitors to Bali vaulted from 987,000 in 2016 to 1.39 mil-lion in 2017, while Australian visitors dipped from 1.14 million to 1.09 million over the same period.

According to Indonesian Minister of Tour-ism Arief Yahya in an interview in January, Indonesia welcomed 2.6 million Chinese vis-itors in 2018, and Bali was the No. 1 destina-tion. Indonesia aims to increase the number

of Chinese visitors to 3.5 million this year. “The strength of the tourism market is set

to grow further,” says Knight Frank’s Tan. “The full potential of the spending power of the Chinese tourists has yet to be unleashed.”

Average occupancy rates in Bali dipped 1% to 67% as of July 2018, compared to Ja-karta, which saw occupancy rates increase by 3.8% to 62% over the same period, ac-cording to hospitality consultancy HVS in its Asia-Pacific Market Snapshot 2018 released on Nov 7, 2018. However, Bali, buoyed by the entrance of new products, saw room rates in-crease by 5.4% last year, while room rates in Jakarta remained stable.

“The outlook for Bali remains positive in 2019, with stable occupancy rates and slight increase in room rates due to new hospitali-ty products,” says Chee Hok Yean, HVS pres-ident for Asia-Pacific.

Bali tourism figures showed that in De-cember, Austalia was once again the biggest tourist contributor, followed by China, In-dia, Malaysia and Singapore. In fact, visitors from Singapore showed the biggest month-on-month jump of 97.4% from November.

Canggu: an ‘up-and-coming area’“Citadines Berawa Beach is located in Cang-gu, an up-and-coming area,” says Chee of HVS. “Whether it will do well will depend on the selling price and the monthly mainte-nance cost. It’s a competitive product. While Canggu is a fairly residential area, there are increasingly more commercial developments, with several beach clubs nearby.”

According to Genesis Indojaya’s Chua, the intention is to set aside part of the returns for maintenance of the property. “Our specific in-struction is to fully utilise the maintenance budget; otherwise, after six to seven years, if a property isn’t well maintained, it will start to show.”

The Citadines Berawa Beach Bali is offering a 5% net return per annum for seven years, “which is attractive because most projects typ-ically offer GRR of just three years”, says Hut-tons’ Lim. “Bali is an international tourist desti-nation and the average occupancy rate is about 70%. If you’re looking at an average room rate of $100 a night, the returns are reasonable.”

Investors in the Citadines Berawa Beach Bali property are assured that their serviced residences will enjoy the same consistent management quality as any other Ascott-man-aged property, emphasises The Ascott’s Lim. He was involved in the design of the proper-ty, the layout of the serviced residences, the planning of the facilities and common areas from the inception stage to ensure that the property is consistent with the brand. “To us, fire safety is a primary concern, and Genesis Indojaya has been very cooperative in com-plying with our requirements.”

‘Sustainable returns’ Given Bali’s positioning and its location on Berawa Beach, Huttons International's Lim believes that the project offers “sustainable returns over the longer-term and will have resale potential”. Beyond the GRR investment period of seven years, investors will also be

able to enjoy the facilities of the property. The utilisation of the room nights will

be awarded based on a point system, Lim adds. Owners will be given 30 points. Dur-ing the off-peak season, one point is equiva-lent to one night’s stay in an apartment of a similar size within the property. During the peak season, one night’s stay is equivalent to six points. “The points are also transfer-rable to your friends and family members, to enable them to enjoy a slightly lower room rate,” says Lim.

This weekend, the Citadines Berawa Beach Bali will be showcased at The Great Room at Ngee Ann City Tower B, Level 22-01. Genesis Indojaya is also planning to showcase the Bali project in Australia, Bangkok, China, Hong Kong and Macau.

The duo at Genesis Indojaya was initial-ly a little worried about the perception of GRR in the hospitality industry: there have been cases where the returns were inflated and built into the selling price, developers offered a buyback guarantee but never ful-filled their promise, and projects never got off the ground.

However, the Citadines Berawa Beach Bali project is already fully equity-funded, says Chua. “For us, we’re doing it the Singapo-rean way, and we’re very transparent. The 5% return is really 5% net return after VAT [value-added tax].”

Ng adds: “We’re pricing the units at very digestible sums from $200,000 for a studio of 31 sq m. We think it’s a palatable amount for the average emerging affluent investor.”

FROM PAGE EP9

Prices start from about $230,000 for a 333 sq ft studio suiteThe architectural fir for the design of Citadines Berawa Beach Resort and landscaping is El Colectivo, whose principal partners are Chilean architect Nico Caceres and Spanish designer Kiko Tous

BLOOMBERG

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

PICTURES: GENESIS INDOJAYA

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| BY TIMOTHY TAY |

The URA Realis caveats lodged for the week of Feb 19-26 have thrown up some inter-esting transactions, particularly of older

condos in prime District 15. One such transaction was at The Sea View,

which was also the most profitable deal for Feb 19-26 (see Gains & Losses Table on EP15). This was for a 1,410 sq ft, three-bedroom unit on the 21st level of one of the 23-storey blocks in the condo project on Amber Road. It fetched $2.68 million ($1,900 psf).

The previous owner had purchased the unit when the project was first launched in 2005, and paid just $1.22 million ($867 psf), accord-ing to a caveat lodged then. Hence, the owner had seen the price of the property more than double over the past 14 years.

Another unit at The Sea View also changed hands in February: It was for a 1,647 sq ft, four-bedroom unit on the sixth floor of a neigh-bouring block that went for $3.05 million ($1,852 psf). The previous owner had purchased it in a resale for $2.8 million ($1,700 psf) in April 2011. Hence, the capital appreciation was just 8.9% over the eight-year holding period.

The 546-unit project was developed by Whee-lock Properties and completed in 2008. When The Sea View was first launched in mid-2005, units were sold at an average of $773 psf, based on caveats of transactions from June to Sep-tember 2005.

In the Amber Road neighbourhood to-day, new, freehold projects include the 92-unit boutique development, Nyon at 12 Am-ber Road, which features units priced in the $2,300 to $2,400 psf range, and was launched over the weekend of March 2-3. Another up-

coming high-end condo in the vicinity is the redevelopment of the former Amber Park con-do by City Developments Ltd.

“The private resale condos in the Amber Road and Meyer Road area in District 15 are likely beneficiaries of the stiff competition among expected new launches this year,” says Eugene Lim, key executive officer of ERA Realty. “There are usually some spill-over effects from new launches which tend to draw attention to the area.”

Meanwhile at Hawaii Tower on Meyer Road, a 2,239 sq ft, three-bedroom unit on the sixth floor of one of the blocks changed hands for $2.7 million ($1,206 psf), based on a caveat lodged on Feb 21. The previous owner bought it in 1995 for $1.39 million ($621 psf). He had seen the property double in value over the past 24 years.

Completed in 1984, Hawaii Tower is a 135-unit private condo sitting on a sprawling free-

hold site of 192,340 sq ft. The condo had made a third collective sale attempt in 2010, with an asking price of $700 million. Owners at Hawaii Tower had made a fourth collective sale attempt in 2017, but it did not materialise.

The units at Hawaii Tower are large, with typical units ranging from 2,230 to 2,250 sq ft. There are also six penthouses of 4,390 sq ft each. Owners enjoy views of either the quiet bungalow neighbourhood on one side or un-obstructed views of the sea and Marina Bay on the other.

In the Meyer Road neighbourhood, sever-al condos were successfully sold en bloc in the area in 2017. They were the former Albracca, which was launched recently as One Meyer by Sustained Land. The 66-unit new condo features compact two- and three-bedroom units of 614 to 1,033 sq ft with indicative prices in the $2,500 to $2,700 psf range.

Meanwhile, UOL Group and Kheng Leong

Co, which purchased the former Nanak Man-sion en bloc, are planning to launch the new luxury, 56-unit project called MeyerHouse, sometime in 2Q2019. The project will feature large units, with three-bedroom apartments from 1,850 sq ft; four-bedroom apartments above 3,000 sq ft; and penthouses from 5,200 sq ft. Prices have yet to be disclosed. Howev-er, UOL has indicated that it will be positioned as a luxury project, equivalent to its Nassim Park Residences.

“Buyers today have to consider factors like the relatively higher selling prices at new pro-jects - a consequence of competitive land bids in 2017 and 2018,” observes ERA’s Lim. “Some property hunters have turned to older prop-erties in the area because the older develop-ments have larger unit sizes. As they are buy-ing these units at a lower price psf, and as the units are intended for their own stay, they have also budgeted in renovation costs."

DONE DEALS

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District 1 ASCENTIA SKY Condominium 99 years February 20, 2019 1,012 1,500,000 1,482 2013 ResaleEMERALD PARK Condominium 99 years February 19, 2019 926 1,210,000 1,307 1993 ResaleMARGARET VILLE Apartment 99 years February 20, 2019 915 1,598,086 1,747 Uncompleted New SaleMARGARET VILLE Apartment 99 years February 23, 2019 657 1,215,004 1,850 Uncompleted New SaleMERINO CRESCENT Detached Freehold February 25, 2019 4,672 5,550,000 1,187 Unknown ResaleSTIRLING RESIDENCES Apartment 99 years February 19, 2019 980 1,702,000 1,738 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years February 19, 2019 1,345 2,440,000 1,813 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years February 20, 2019 1,055 1,874,000 1,777 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years February 20, 2019 1,055 1,671,000 1,584 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years February 20, 2019 1,055 1,850,000 1,754 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years February 20, 2019 786 1,406,000 1,789 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years February 21, 2019 678 1,311,000 1,933 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years February 23, 2019 635 1,130,000 1,779 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years February 24, 2019 764 1,375,000 1,799 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years February 24, 2019 764 1,307,000 1,710 Uncompleted New SaleTHE ANCHORAGE Condominium Freehold February 25, 2019 1,604 2,250,000 1,403 1997 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years February 19, 2019 893 1,500,000 1,679 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years February 22, 2019 1,227 1,810,000 1,475 2004 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years February 21, 2019 1,593 2,941,200 1,846 2011 ResaleTHE INTERLACE Condominium 99 years February 25, 2019 5,608 3,800,000 678 2013 Resale

Residential transactions with contracts dated Feb 19 to Feb 26Singapore — by postal district LOCALITIES DISTRICTS

City & 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

PROJECT PROPERTY TYPE TENURE SALE DATE

LAND AREA/FLOOR AREA

(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE

($ PSF) COMPLETION DATETYPE OF

SALE



(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE


SALE

District 5 BLUE HORIZON Condominium 99 years February 19, 2019 936 992,000 1,059 2005 ResaleBOTANNIA Condominium 956 years February 25, 2019 1,302 1,590,000 1,221 2009 ResaleCHELSEA VILLAGE Terrace Freehold February 22, 2019 2,648 3,750,000 1,415 1991 ResaleDOVER PARKVIEW Condominium 99 years February 21, 2019 969 1,028,000 1,061 1997 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years February 24, 2019 474 815,000 1,721 Uncompleted New SaleTHE INFINITI Condominium Freehold February 19, 2019 1,302 1,371,188 1,053 2008 ResaleTHE ROCHESTER RESIDENCES Apartment 99 years February 26, 2019 1,701 2,500,000 1,470 2011 ResaleTHE TRILINQ Condominium 99 years February 22, 2019 1,701 1,850,000 1,088 2017 ResaleWHISTLER GRAND Apartment 99 years February 22, 2019 958 1,291,140 1,348 Uncompleted New SaleWHISTLER GRAND Apartment 99 years February 23, 2019 1,066 1,439,370 1,351 Uncompleted New SaleWHISTLER GRAND Apartment 99 years February 24, 2019 1,270 1,583,550 1,247 Uncompleted New SaleDistrict 8 KENTISH COURT Apartment 99 years February 19, 2019 1,087 1,050,000 966 1999 ResalePENHAS ROAD Apartment Freehold February 22, 2019 1,012 1,140,000 1,127 1999 ResaleDistrict 9 8 SAINT THOMAS Condominium Freehold February 19, 2019 807 2,650,000 3,283 2018 ResaleCAVENAGH GARDENS Apartment Freehold February 20, 2019 1,550 1,900,000 1,226 Unknown ResaleESPADA Apartment Freehold February 21, 2019 689 1,448,000 2,102 2013 ResaleOLEANAS RESIDENCE Condominium Freehold February 25, 2019 1,141 1,700,000 1,490 1999 ResaleRV ALTITUDE Apartment Freehold February 19, 2019 624 1,732,000 2,774 Uncompleted New SaleRV ALTITUDE Apartment Freehold February 19, 2019 624 1,784,000 2,858 Uncompleted New SaleRV ALTITUDE Apartment Freehold February 19, 2019 624 1,862,000 2,982 Uncompleted New SaleRV ALTITUDE Apartment Freehold February 21, 2019 635 1,807,000 2,845 Uncompleted New SaleRV ALTITUDE Apartment Freehold February 22, 2019 624 1,799,000 2,882 Uncompleted New SaleRV ALTITUDE Apartment Freehold February 23, 2019 570 1,587,000 2,782 Uncompleted New SaleTHE PEAK @ CAIRNHILL II Apartment Freehold February 22, 2019 829 2,444,000 2,949 2015 ResaleTOWNHOUSE APARTMENTS Apartment 99 years February 26, 2019 2,368 2,388,000 1,008 Unknown ResaleDistrict 10 3 CUSCADEN Apartment Freehold February 23, 2019 764 2,722,000 3,562 Uncompleted New Sale3 CUSCADEN Apartment Freehold February 24, 2019 452 1,580,000 3,495 Uncompleted New SaleD’LEEDON Condominium 99 years February 21, 2019 1,356 2,250,000 1,659 2014 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years February 21, 2019 710 1,684,000 2,370 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 958 2,246,000 2,344 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 1,109 2,615,000 2,359 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 646 1,600,000 2,477 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 958 2,246,000 2,344 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 624 1,572,000 2,518 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years February 23, 2019 710 1,660,000 2,337 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years February 24, 2019 958 2,258,000 2,357 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years February 24, 2019 506 1,219,000 2,410 Uncompleted New SaleGALLOP GABLES Condominium Freehold February 25, 2019 1,163 1,980,000 1,703 1997 ResaleGALLOP GREEN Condominium Freehold February 21, 2019 4,252 7,800,000 1,835 2002 ResaleJERVOIS JADE APARTMENTS Apartment 99 years February 21, 2019 1,496 1,660,000 1,109 2000 ResaleKIM LIN PARK Semi-Detached Freehold February 22, 2019 4,628 8,700,000 1,879 Unknown ResaleNAMLY AVENUE Semi-Detached Freehold February 20, 2019 2,551 4,500,000 1,764 1997 ResaleFERNHILL ROAD Terrace Freehold February 25, 2019 1,378 2,360,000 1,713 1990 ResaleSPRING GROVE Condominium 99 years February 22, 2019 1,012 1,595,000 1,576 1996 ResaleWATERFALL GARDENS Condominium Freehold February 19, 2019 2,196 3,730,000 1,699 2010 Resale

A three-bedroom unit at Hawaii Tower was sold recently for $2.7 million ($1,206 psf)

The sale of a three-bedroom unit in The Sea View on Feb 25 was the most prof-itable transaction from Feb 19 to 26

PICTURES: SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

Unit at The Sea View fetches $1,900 psf


NOW OPEN FOR ENTRIESRecognising and Celebrating Excellence

ELIGIBLE PROJECTSResidential Projects & Mixed-Use Projects (Local & Overseas)

Co-working Spaces

QUALIFYING CRITERIACompleted - Whole project has obtained Temporary Occupation

Permit (TOP) from Jan 2017 to Mar 2019

Uncompleted - Projects that officially launched from Jan 2018 to Mar 2019 and must not have obtained TOP by the same period. An official launch is

defined by the first caveat lodged during the launch period of the project.

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

Supported by: In Partnership with:


Residential transactions with contracts dated Feb 19 to Feb 26

DISCLAIMER:Source: URA Realis. Updated Mar 5, 2019. The Edge Publishing 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



(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE


SALE PROJECT PROPERTY TYPE TENURE SALE DATE


(SQ FT)TRANSACTED

PRICE ($)

UNIT PRICE


SALE

District 11 26 NEWTON Apartment Freehold February 22, 2019 926 2,060,000 2,225 2016 ResaleADRIA Apartment Freehold February 21, 2019 538 990,000 1,839 2013 ResaleBASSEIN COURT Apartment Freehold February 21, 2019 1,399 2,000,000 1,429 1993 ResaleFYVE DERBYSHIRE Apartment Freehold February 20, 2019 936 2,085,000 2,226 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold February 21, 2019 797 1,865,000 2,341 Uncompleted New SaleFYVE DERBYSHIRE Apartment Freehold February 22, 2019 797 1,913,000 2,402 Uncompleted New SaleWHITLEY ROAD Semi-Detached Freehold February 19, 2019 2,239 5,400,000 2,412 2017 ResaleNEWTON ONE Condominium Freehold February 22, 2019 1,808 3,660,000 2,024 2009 ResaleSUFFOLK PREMIER Apartment Freehold February 26, 2019 1,001 1,380,000 1,379 2007 ResaleDistrict 12 JUI RESIDENCES Apartment Freehold February 23, 2019 700 1,201,112 1,717 Uncompleted New SaleDistrict 13 BARTLEY RIDGE Condominium 99 years February 25, 2019 969 1,360,000 1,404 2016 ResaleBELLA VISTA Apartment Freehold February 26, 2019 797 900,000 1,130 2009 ResaleD’ ALMIRA Apartment Freehold February 19, 2019 1,098 1,165,000 1,061 2011 ResalePARK COLONIAL Condominium 99 years February 19, 2019 635 1,137,112 1,791 Uncompleted New SalePARK COLONIAL Condominium 99 years February 23, 2019 667 959,000 1,437 Uncompleted New SaleSENNETT ESTATE Terrace Freehold February 22, 2019 1,647 2,650,000 1,614 Unknown ResaleTHE TRE VER Condominium 99 years February 19, 2019 495 755,112 1,525 Uncompleted New SaleTHE TRE VER Condominium 99 years February 19, 2019 495 721,112 1,456 Uncompleted New SaleTHE TRE VER Condominium 99 years February 20, 2019 495 767,112 1,549 Uncompleted New SaleTHE TRE VER Condominium 99 years February 20, 2019 624 999,224 1,601 Uncompleted New SaleTHE TRE VER Condominium 99 years February 20, 2019 624 1,005,224 1,610 Uncompleted New SaleTHE TRE VER Condominium 99 years February 20, 2019 700 1,079,112 1,542 Uncompleted New SaleTHE TRE VER Condominium 99 years February 20, 2019 700 1,104,112 1,578 Uncompleted New SaleTHE TRE VER Condominium 99 years February 20, 2019 495 764,112 1,543 Uncompleted New SaleTHE TRE VER Condominium 99 years February 21, 2019 1,109 1,743,112 1,572 Uncompleted New SaleTHE TRE VER Condominium 99 years February 21, 2019 1,098 1,714,112 1,561 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 495 738,112 1,491 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 495 748,112 1,511 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 700 1,172,224 1,675 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 700 1,103,112 1,577 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 753 1,166,112 1,548 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 624 1,034,112 1,656 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 624 1,016,112 1,628 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 506 806,112 1,593 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 700 1,155,224 1,651 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 743 1,209,112 1,628 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 689 1,075,112 1,561 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 1,055 1,578,224 1,496 Uncompleted New SaleTHE TRE VER Condominium 99 years February 24, 2019 1,055 1,594,224 1,511 Uncompleted New SaleDistrict 14 ARENA RESIDENCES Apartment Freehold February 20, 2019 603 1,053,000 1,747 Uncompleted New SaleASTOR Apartment 99 years February 21, 2019 1,109 928,000 837 2006 ResalePARC ESTA Apartment 99 years February 20, 2019 420 742,000 1,768 Uncompleted New SalePARC ESTA Apartment 99 years February 20, 2019 710 1,183,000 1,665 Uncompleted New SalePARC ESTA Apartment 99 years February 21, 2019 926 1,545,000 1,669 Uncompleted New SalePARC ESTA Apartment 99 years February 24, 2019 603 1,077,000 1,787 Uncompleted New SalePARC ESTA Apartment 99 years February 24, 2019 904 1,428,000 1,579 Uncompleted New SaleREZI 35 Apartment Freehold February 21, 2019 926 1,412,700 1,526 Uncompleted New SaleSIMSVILLE Condominium 99 years February 22, 2019 1,238 1,280,000 1,034 1998 ResaleDistrict 15 AMBER 45 Apartment Freehold February 23, 2019 1,345 2,665,550 1,981 Uncompleted New SaleCOASTARINA Apartment Freehold February 25, 2019 1,012 1,280,000 1,265 2006 ResaleCOTE D’AZUR Condominium 99 years February 21, 2019 904 1,100,000 1,217 2004 ResaleDE CENTURION Apartment Freehold February 25, 2019 570 880,000 1,543 2010 ResaleHAWAII TOWER Condominium Freehold February 21, 2019 2,239 2,700,000 1,206 1984 ResaleLAGUNA PARK Apartment 99 years February 22, 2019 1,453 1,333,000 917 1978 ResaleLAVERNE’S LOFT Apartment Freehold February 25, 2019 1,270 1,068,000 841 2013 ResaleLEGENDA AT JOO CHIAT Condominium 99 years February 19, 2019 1,206 1,228,000 1,019 2004 ResaleEAST COAST ROAD Terrace Freehold February 19, 2019 2,831 3,560,000 1,258 1979 ResaleHAIG AVENUE Apartment Freehold February 19, 2019 1,722 1,688,000 980 1971 ResaleLORONG 104 CHANGI Terrace Freehold February 20, 2019 2,723 2,400,000 881 Unknown ResaleOPERA ESTATE Terrace Freehold February 25, 2019 1,313 2,460,000 1,872 Unknown ResalePARC ELEGANCE Apartment Freehold February 19, 2019 409 592,800 1,449 2013 ResaleRIVEREDGE Condominium 99 years February 21, 2019 980 1,400,000 1,429 2008 ResaleRIVEREDGE Condominium 99 years February 26, 2019 1,701 2,360,000 1,388 2008 ResaleSUNNY PALMS Condominium Freehold February 19, 2019 1,033 1,062,000 1,028 2004 ResaleTEMBELING MANSIONS Apartment Freehold February 25, 2019 840 995,000 1,185 1996 ResaleTHE BECCAGAYLE Apartment Freehold February 19, 2019 1,367 1,520,888 1,113 2005 ResaleTHE LINE @ TANJONG RHU Condominium Freehold February 19, 2019 1,066 2,238,000 2,100 2016 ResaleTHE NCLAVE Apartment Freehold February 26, 2019 861 1,030,000 1,196 2007 ResaleTHE SEA VIEW Condominium Freehold February 25, 2019 1,410 2,679,000 1,900 2008 ResaleTHE WATERSIDE Condominium Freehold February 22, 2019 2,142 3,600,000 1,681 1992 ResaleDistrict 16 ARCHIPELAGO Condominium 99 years February 22, 2019 1,184 1,530,000 1,292 2015 ResaleBAYSHORE PARK Condominium 99 years February 22, 2019 936 918,000 980 1986 ResaleCASA MERAH Apartment 99 years February 20, 2019 1,389 1,620,000 1,167 2009 ResaleCASAFINA Condominium 99 years February 21, 2019 1,281 1,160,000 906 1999 ResaleCHANGI GREEN Condominium Freehold February 26, 2019 872 930,000 1,067 1998 ResaleECO Condominium 99 years February 25, 2019 1,302 1,580,000 1,213 2017 ResalePARBURY HILL CONDOMINIUM Condominium Freehold February 20, 2019 1,206 1,600,000 1,327 1997 ResalePARBURY HILL CONDOMINIUM Condominium Freehold February 20, 2019 840 1,150,000 1,370 1997 ResaleDistrict 17 FERRARIA PARK CONDOMINIUM Condominium Freehold February 25, 2019 1,894 1,620,000 855 2009 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years February 26, 2019 1,345 1,238,000 920 2015 ResaleLOYANG VILLAS Terrace 99 years February 21, 2019 1,615 1,570,000 972 1996 ResaleDistrict 18 D’NEST Condominium 99 years February 21, 2019 1,410 1,538,000 1,091 2017 ResaleLIVIA Condominium 99 years February 26, 2019 1,324 1,168,000 882 2011 ResaleMELVILLE PARK Condominium 99 years February 25, 2019 1,302 880,000 676 1996 ResaleTHE EDEN AT TAMPINES EC 99 years February 26, 2019 1,238 998,000 806 2003 ResaleTHE TAPESTRY Condominium 99 years February 19, 2019 689 995,480 1,445 Uncompleted New SaleTHE TAPESTRY Condominium 99 years February 24, 2019 603 852,930 1,415 Uncompleted New SaleDistrict 19 AFFINITY AT SERANGOON Apartment 99 years February 20, 2019 538 779,000 1,447 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 21, 2019 850 1,308,000 1,538 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 22, 2019 775 1,152,000 1,486 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 23, 2019 474 710,000 1,499 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 23, 2019 538 773,000 1,436 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 23, 2019 614 879,000 1,433 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 23, 2019 850 1,271,000 1,495 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 23, 2019 624 1,019,000 1,632 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 23, 2019 614 887,000 1,446 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 23, 2019 538 790,000 1,468 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 23, 2019 904 1,425,000 1,576 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 23, 2019 850 1,248,000 1,468 Uncompleted New SaleAFFINITY AT SERANGOON Terrace 99 years February 23, 2019 2,067 2,316,000 1,121 Uncompleted New SaleAFFINITY AT SERANGOON Terrace 99 years February 23, 2019 2,067 2,316,000 1,121 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 23, 2019 614 929,000 1,514 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 24, 2019 474 705,000 1,489 Uncompleted New Sale

AFFINITY AT SERANGOON Apartment 99 years February 24, 2019 538 762,300 1,416 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 24, 2019 624 1,024,000 1,640 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 24, 2019 732 1,107,000 1,512 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 24, 2019 614 909,000 1,482 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 24, 2019 614 932,000 1,519 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years February 24, 2019 484 726,000 1,499 Uncompleted New SaleBARTLEY RESIDENCES Apartment 99 years February 26, 2019 797 1,138,800 1,430 2015 ResaleESPARINA RESIDENCES EC 99 years February 25, 2019 829 920,000 1,110 2013 ResaleFLO RESIDENCE Condominium 99 years February 20, 2019 861 842,000 978 2016 ResaleGOLDEN HILL ESTATE Semi-Detached Freehold February 22, 2019 4,661 4,438,000 953 1976 ResaleKENSINGTON SQUARE Apartment Freehold February 21, 2019 915 900,000 984 2016 ResaleLORONG 7 REALTY PARK Terrace 999 years February 19, 2019 1,884 2,060,000 1,091 Unknown ResalePRIVE EC 99 years February 19, 2019 1,087 1,100,000 1,012 2013 ResaleRIO VISTA Condominium 99 years February 25, 2019 1,249 1,040,000 833 2004 ResaleRIVERFRONT RESIDENCES Apartment 99 years February 20, 2019 721 968,000 1,342 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 20, 2019 463 643,000 1,389 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 20, 2019 1,109 1,399,000 1,262 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 21, 2019 1,109 1,461,000 1,318 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 21, 2019 517 708,000 1,370 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 22, 2019 1,109 1,415,000 1,276 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 22, 2019 915 1,155,000 1,262 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 22, 2019 1,109 1,441,000 1,300 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 22, 2019 1,109 1,384,000 1,248 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 603 836,000 1,387 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 1,109 1,442,000 1,301 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 463 598,000 1,292 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 517 743,000 1,438 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 915 1,251,000 1,367 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 23, 2019 1,109 1,344,000 1,212 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 24, 2019 463 625,000 1,350 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 24, 2019 915 1,257,000 1,374 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years February 24, 2019 1,485 1,939,000 1,305 Uncompleted New SaleRIVERSAILS Condominium 99 years February 19, 2019 1,109 1,200,000 1,082 2016 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years February 21, 2019 2,799 3,260,000 1,164 1996 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years February 22, 2019 2,799 5,100,000 1,821 Unknown ResaleSUITES @ PAYA LEBAR Apartment Freehold February 25, 2019 366 545,000 1,489 2013 ResaleSURIN GROVE Terrace Freehold February 22, 2019 2,303 3,500,000 1,519 1985 ResaleTHE GARDEN RESIDENCES Apartment 99 years February 19, 2019 517 761,300 1,473 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years February 19, 2019 517 757,700 1,467 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years February 19, 2019 614 999,600 1,629 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years February 22, 2019 517 749,300 1,450 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years February 24, 2019 689 1,039,000 1,508 Uncompleted New SaleTHE MINTON Condominium 99 years February 21, 2019 2,885 2,515,000 872 2013 ResaleTHE SPRINGBLOOM Condominium 99 years February 21, 2019 1,647 1,730,000 1,050 1999 ResaleDistrict 20 JADESCAPE Condominium 99 years February 19, 2019 1,421 2,469,900 1,738 Uncompleted New SaleJADESCAPE Condominium 99 years February 20, 2019 1,055 1,821,900 1,727 Uncompleted New SaleJADESCAPE Condominium 99 years February 22, 2019 1,141 1,903,500 1,668 Uncompleted New SaleJADESCAPE Condominium 99 years February 23, 2019 2,099 3,216,000 1,532 Uncompleted New SaleJADESCAPE Condominium 99 years February 24, 2019 1,055 1,770,800 1,679 Uncompleted New SaleJADESCAPE Condominium 99 years February 24, 2019 1,012 1,716,700 1,697 Uncompleted New SaleTHE GARDENS AT BISHAN Condominium 99 years February 26, 2019 1,959 1,980,000 1,011 2004 ResaleDistrict 21 HILLVIEW GREEN Condominium 999 years February 22, 2019 1,173 955,000 814 1998 ResaleTHE STERLING Condominium Freehold February 22, 2019 1,378 2,300,000 1,669 2000 ResaleDistrict 22 CASPIAN Condominium 99 years February 22, 2019 1,001 1,060,000 1,059 2012 ResaleLAKESIDE TOWER Apartment 99 years February 20, 2019 1,970 1,250,000 635 Unknown ResaleTHE CENTRIS Apartment 99 years February 21, 2019 1,066 1,230,000 1,154 2009 ResaleDistrict 23 BUKIT 828 Apartment Freehold February 24, 2019 980 1,580,000 1,613 Uncompleted New SaleFORESQUE RESIDENCES Condominium 99 years February 22, 2019 710 888,000 1,250 2014 ResaleHILLVIEW REGENCY Condominium 99 years February 26, 2019 947 800,000 845 2005 ResaleLE QUEST Apartment 99 years February 23, 2019 980 1,407,000 1,436 Uncompleted New SaleGALISTAN AVENUE Semi-Detached Freehold February 21, 2019 3,638 4,680,000 1,285 2010 ResaleCHU YEN STREET Semi-Detached 999 years February 25, 2019 4,284 3,500,000 816 Unknown ResaleNATURA@HILLVIEW Apartment Freehold February 25, 2019 527 710,000 1,346 2015 ResalePALM GARDENS Condominium 99 years February 20, 2019 1,938 1,300,000 671 2000 ResaleTREE HOUSE Condominium 99 years February 26, 2019 1,249 1,330,000 1,065 2013 ResaleVILLA VERDE Terrace 99 years February 21, 2019 1,615 1,410,000 873 2000 ResaleDistrict 25 ROSEWOOD SUITES Condominium 99 years February 22, 2019 1,066 800,000 751 2011 ResaleDistrict 26 CASTLE GREEN Condominium 99 years February 21, 2019 1,152 935,000 812 1997 ResaleDistrict 27 SKIES MILTONIA Condominium 99 years February 26, 2019 969 980,000 1,012 2016 ResaleTHE CANOPY EC 99 years February 22, 2019 872 685,000 786 2014 ResaleTHE NAUTICAL Condominium 99 years February 22, 2019 786 798,000 1,016 2015 ResaleDistrict 28 BELGRAVIA GREEN Terrace Freehold February 19, 2019 3,466 3,148,000 908 Uncompleted New SaleJALAN TARI PIRING Terrace 999 years February 22, 2019 1,690 2,450,000 1,446 1997 ResalePARC BOTANNIA Condominium 99 years February 19, 2019 506 690,000 1,364 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 19, 2019 980 1,343,450 1,372 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 21, 2019 1,281 1,627,660 1,271 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 21, 2019 969 1,270,000 1,311 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 22, 2019 872 1,100,000 1,262 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 22, 2019 786 1,050,112 1,336 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 23, 2019 667 874,112 1,310 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 24, 2019 667 870,112 1,304 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 24, 2019 667 896,112 1,343 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 24, 2019 872 1,094,112 1,255 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 24, 2019 969 1,307,112 1,349 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 24, 2019 506 724,000 1,431 Uncompleted New SalePARC BOTANNIA Condominium 99 years February 24, 2019 969 1,262,940 1,304 Uncompleted New SaleSELETAR HILLS ESTATE Terrace 999 years February 21, 2019 2,228 2,610,000 1,173 Unknown Resale

DONE DEALS


| BY BONG XIN YING |

A 2,852 sq ft unit at Grange Residences, on Grange Road in prime District 10, will be put up for auction for the first time on

March 27. The property is offered for mortga-gee sale with a guide price of $6.85 million ($2,402 psf), says Edmund Tie & Co (ET&Co), which is handling the auction.

The 17th-floor unit will be sold with va-cant possession. The previous owner pur-chased it for $6.8 million ($2,384 psf) in Oc-tober last year, according to a caveat lodged then. “The unit offers gorgeous unblocked views of the Rochalie Drive and Chatsworth Good Class Bungalow area,” says Joy Tan, head of auction and sales at ET&Co. The liv-ing room and en suite bedrooms have views of the Embassy area, namely the China Em-bassy, the British High Commission and the US Embassy.

Located at the corner of Grange Road and Tanglin Road, Grange Residences is a rede-velopment of the former Marco Polo Hotel by Wheelock Properties. The freehold, 164-unit Grange Residences was completed in 2004. All the units in the three 18-storey blocks are four-bedroom apartments with sizes ranging from 2,583 sq ft to 2,852 sq ft.

The last transaction at Grange Residences was in November 2018, when a seventh-floor, 2,583 sq ft unit was sold for $6.25 million ($2,419 psf), based on caveats lodged.

Prices are nowhere near the last peak, when

a 2,852 sq ft unit on the 13th floor changed hands for $8.57 million or an all-time-high of $3,004 psf, based on a caveat lodged in Sep-tember 2013.

The price of $2,402 psf is “reasonable” in the current market, says ET&Co’s Tan. Near-by, new developements on Orchard Boulevard such as 3 Orchard-By-The-Park and the upcom-ing Boulevard 88 are priced above $3,000 psf.

Grange Residences will also benefit from the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line, which will be just a two-minute walk away. “The proximi-ty to the Orchard Boulevard MRT Station will increase the value of the property in the near future,” adds Tan.

With monthly rental rates in the range of $11,500 to $14,800, investors can also antic-ipate gross rental yields of 2–2.6%, she esti-mates. Tan therefore expects to see “healthy interest” for the unit given its prime location, freehold tenure and unit size.

Top gains and losses from Feb 19 to 26

Source: URA, EdgeProp Note: Computed based on URA caveat data as at March 5 for private non-landed houses transacted between Feb 19 and 26. The profit and loss computation excludes transaction costs such as stamp duties.

Most profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALES PRICE ($

PSF)BOUGHT ON PURCHASE PRICE

($ PSF)PROFIT ($) PROFIT

(%)ANNUALISED PROFIT

(%)HOLDING PERIOD

(YEARS)

1 THE SEA VIEW 15 1,410 Feb 25 1,900 Jul 7, 2005 867 1,456,953 119 6 13.62 NEWTON ONE 11 1,808 Feb 22 2,024 Aug 7, 2006 1,283 1,340,340 58 4 12.63 HAWAII TOWER 15 2,239 Feb 21 1,206 Aug 1, 1995 621 1,310,000 94 3 23.64 BASSEIN COURT 11 1,399 Feb 21 1,429 Jun 1, 1999 579 1,190,000 147 5 19.75 THE GARDENS AT BISHAN 20 1,959 Feb 26 1,011 Jan 16, 2002 536 935,880 90 4 17.16 THE BECCAGAYLE 15 1,367 Feb 19 1,113 Jun 18, 2005 535 788,888 108 5 13.77 SIMSVILLE 14 1,238 Feb 22 1,034 Feb 3, 2005 404 780,000 156 7 14.18 CASA MERAH 16 1,389 Feb 20 1,167 May 14, 2007 613 769,150 90 6 11.89 THE ANCHORAGE 3 1,604 Feb 25 1,403 Dec 7, 2009 976 685,000 44 4 9.210 THE CENTRIS 22 1,066 Feb 21 1,154 Feb 16, 2007 525 670,390 120 7 12.011 PARBURY HILL CONDOMINIUM 16 1,206 Feb 20 1,327 Oct 5, 2010 771 670,000 72 7 8.412 FERRARIA PARK CONDOMINIUM 17 1,894 Feb 25 855 Dec 1, 2006 512 650,600 67 4 12.213 THE STERLING 21 1,378 Feb 22 1,669 Mar 4, 2011 1,219 620,000 37 4 8.014 THE WATERSIDE 15 2,142 Feb 22 1,681 Jul 1, 2010 1,401 600,000 20 2 8.715 LEGENDA AT JOO CHIAT 15 1,206 Feb 19 1,019 Jan 31, 2002 531 588,000 92 4 17.1

Non-profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALES PRICE ($

PSF)BOUGHT ON PURCHASE PRICE

($ PSF)LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD

(YEARS)

1 ESPADA 9 689 Feb 21 2,102 Mar 16, 2010 2,405 208,701 13 1 8.9

2 KENSINGTON SQUARE 19 915 Feb 21 984 Oct 1, 2013 1,200 184,800 17 3 5.43 D' ALMIRA 13 1,098 Feb 19 1,061 Jan 25, 2013 1,161 110,000 9 1 6.14 WATERFALL GARDENS 10 2,196 Feb 19 1,699 Jul 16, 2007 1,748 108,608 3 0.2 11.65 LAVERNE'S LOFT 15 1,270 Feb 25 841 May 3, 2011 920 100,400 9 1 7.86 ADRIA 11 538 Feb 21 1,839 Jul 9, 2010 2,020 97,410 9 1 8.67 ASCENTIA SKY 3 1,012 Feb 20 1,482 Jan 24, 2013 1,571 90,000 6 1 6.18 RIO VISTA 19 1,249 Feb 25 833 Nov 23, 2012 905 90,000 8 1 6.39 TOWNHOUSE APARTMENTS 9 2,368 Feb 26 1,008 Jun 10, 2013 1,035 62,000 3 0.4 5.710 HILLVIEW REGENCY 23 947 Feb 26 845 Jul 27, 2012 876 30,000 4 1 6.611 CASPIAN 22 1,001 Feb 22 1,059 Dec 21, 2012 1,089 30,000 3 0.5 6.2 12 PARC ELEGANCE 15 409 Feb 19 1,449 Aug 7, 2013 1,513 26,200 4 1 5.5 13 CARIBBEAN AT KEPPEL BAY 4 893 Feb 19 1,679 Jan 7, 2011 1,690 10,000 1 0.1 8.1

GAINS & LOSSES

E

Unit at Grange Residences going for $6.85 mil

The spacious living room of the 2,852 sq ft unit

The unit offers unblocked views of the surrounding Rochalie Drive and Chatsworth Good Class Bungalow area

PICTURES: ET&CO

UNDER THE HAMMER

Recent transactions at Grange Residences

Recent rental contracts for 2,800 to 2,900 sq ft units at Grange ResidencesCONTRACT

DATEAREA

(SQ FT)PRICE ($) PRICE

($ PSF)

Nov 22, 2018 2,583 6,250,000 2,419

Oct 5, 2018 2,852 6,800,000 2,384

Apr 4, 2018 2,583 6,180,000 2,392

Jan 10, 2018 2,852 8,000,000 2,805

Nov 21, 2017 2,669 6,800,000 2,547

LEASE DATE MONTHLY RENT ($)

January 2019 11,500

November 2018 14,800

September 2018 12,500

TABLES: URA, EDGEPROP


PROP HUNT CLASSIFIEDS

Scan QR code for more details

Properties for Sale To be featured, email [email protected] or call 8822-2997

$6,480,000Corner Terrace HouseD10 ROBIN ROAD | FreeholdBuilt-Up(sqft): 3,000 | Land(sqft): 2,739PSF: $2,366

$22,000,000Detached HouseD10 GALLOP PARK ROAD | FreeholdBuilt-Up(sqft): 6,000 | Land(sqft): 14,800PSF: $1,486

$4,200,000Terrace HouseD19 BORTHWICK DRIVE | 999 yearsBuilt-Up(sqft): 6,075 | Land(sqft): 2,803PSF: $1,498

$4,200,000Conservation House D15 KOON SENG ROAD | FreeholdBuilt-Up(sqft): 2,700 | Land(sqft): 1,700PSF: $2,471

A beautiful & cozy corner terrace house within short walking distance to Stevens MRT & other key amenities; close to many prestigious schools. It features a northerly facing garden & outside patio. Rooms are spacious & bright with natural light.

RARE Gallop Park bungalow, huge land size. Elevated 2 storey corner home. Large car porch, swimming pool and outhouse. Potential to build dream home in this prestigious district. Mins drive to Orchard Road. Located within 1km of Nanyang Primary School

Luxurious designer house! New Terrace, Wide frontage Park 4 car, Quality build, Spacious, Bare with ID ready for your completion. Serangoon Garden’s Gem, near Australian & French Int’l School, food & shop, Motivated Seller, ONLY $691psf, Almost Sold.

Colorful Peranakan House for sale. Nestled in the heart of Joo Chiat, surrounded by eateries & splashes of peranakan culture. Be dazzled by its Rich Architectural Heritage and a Picturesque Facade. Truly a Limited Edition conservation unit not to be missed!

Kent Yunandar SAVILLS RESIDENTIAL PTE LTD R060434A

65 9235 6777

$6,500,000Gramercy ParkD10 GRANGE ROAD | FreeholdSize(sqft): 2,067 | PSF: $3,145Bedroom: 3

$5,500,000Goodwood Residence D10 BUKIT TIMAH ROAD | FreeholdSize(sqft): 1,950 | PSF: $2,821Bedroom: 3

$3,750,000Orchard ScottsD9 ANTHONY ROAD | 99 yearsSize(sqft): 2,282 | PSF: $1,643Bedroom: 4

Condo with full facilities on Grange road. Beautiful view of pools & greenery from bedrooms. Award winning concierge services, expats favorite! Good profile of residents. Wise choice for own stay or far investment. Contact now for exclusive viewing.

Condo in heart of D10. Mins walk to Newton Mrt. Close to Orchard belt & Prestigious schools. Spacious & well maintained with full facilities. Good choice for living/ investment. Good rental yield. Contact now in advance for exclusive viewing

Fully furnished 4 bed. Bright & beautiful living, dining area, high end furnishing with top brands gadgets. Well maintained, never tenanted. Minutes walk to ACS Junior, Newton MRT. Contact now for exclusive viewing. Welcome agents with their buyers.

Elaine TanSAVILLS RESIDENTIAL PTE LTD R051086Z

65 9367 2242

Matt ChiangSAVILLS RESIDENTIAL PTE LTD R032242G

65 9169 7684

Cheng Ching ChingSLP SCOTIA PTE LTDR060569J

65 9845 2567

Sheela K SAVILLS RESIDENTIAL PTE LTD R051936J

65 9007 8445


65 9007 8445


65 9007 8445

$10,800,000Detached HouseD4 SENTOSA COVE | 99 yearsBuilt-Up(sqft): 8,300 | Land(sqft): 7,043PSF: $1,533

2.5 storey corner Modern Bungalow, 5 ensuites with high quality fittings overlooking 100m unblocked waterway for a 50ft yacht. Also Starbuy brand new 4 storey homes 6 ensuites with lift & basement available at 19xxpsf. ID option available. Huge discount for limited period

Rowena Chan LIST INTERNATIONAL REALTY PTE LTDR051926C

65 9038 3166

| BY CAROL ZHONG , CATHY CHAN AND ANNIE LEE |

Blackstone Group is considering an ac-quisition of Chamtime Plaza, a Shang-hai commercial property complex, in a

deal that could be worth more than RMB10 billion yuan ($2 billion), people familiar with the matter said.

The private equity firm is in early stages of studying the potential purchase, according to the sources, who asked not to be identified because the information is private. Chamtime Plaza, which includes a shopping mall and five office towers, is located around a tech hub in the Zhangjiang area of eastern Shanghai’s Pu-dong district.

Foreign buyers are increasing their pres-ence in the Chinese commercial property mar-ket, taking advantage of a deleveraging drive

squeezing domestic companies. Investment in Chinese commercial real estate rose 9.5% in 2018 to hit a record RMB296 billion, with about one third of transactions coming from overseas investors, according to Cushman & Wakefield.

In November, Singapore’s CapitaLand and sovereign fund GIC agreed to acquire Shanghai’s tallest twin towers, located along the Huang-pu River in the North Bund, for RMB12.8 bil-lion. Last year, Blackstone bought the VivoC-ity Shanghai mall and adjacent office towers from Singapore’s Mapletree Investments for US$1.2 billion ($1.63 billion) including debt, Bloomberg News reported at the time.

Chamtime Plaza has a total construction area of 320,000 sq m (3.4 million sq ft), ac-cording to the website of its owner, Chinese developer Changjia Group. No final decisions have been made, and there’s no certainty the

deliberations will lead to a transaction, the sources said.

A spokeswoman for Blackstone declined to

comment, while calls to Shanghai-based Chang-jia Group’s general line went unanswered. — Bloomberg LP

Blackstone mulls $2 bil deal for Shanghai complex

Chamtime Plaza, which includes a shopping mall and five office towers, is located around a tech hub in the Zhangjiang area of eastern Shanghai’s Pudong district

OFFSHORE

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Treasure at Tampines – where exciting facilities abound

MOST EXCITING LAUNCH OF 2019

The new private condominium has an enviable location – Near the popular Tampines regional centre, five MRT stations, the upcoming Jewel Changi Airport, as well as

Singapore’s largest community and lifestyle hub, Our Tampines Hub.

Tampines Round Market & Food Centre

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

rey Tampines Regional Library, festive mall and community club.

The hub also has six rooftop swimming pools, the largest kids’ playground in Tampines, and an arena with four tennis courts, two futsal courts and one hockey court.

For more shopping options, Century Square, Tampines One and Tampines Mall are located just across the street from Our Tampines Hub. After a nine-month revamp costing $60 million, Cen-tury Square re-opened in June last year with over 130 retailers featuring 45 F&B establishments in-cluding renowned chicken rice chain Boon Tong Kee’s first shopping-mall outlet, Haidilao Hotpot and Nakhon Kitchen.

The mall also features a new hybrid dining-gro-cery model called Mahota Market as well as a lev-el catering for families and children anchored by childcare centre The Orange Academy and The Learning Lab enrichment centre.

Elsewhere, Tampines Retail Park is a 10-minute drive from Treasure at Tampines. The retail park features mega stores such as Ikea Tampines, Courts

Megastore and Giant Hypermarket. Also within a 10-minute drive is Changi Air-

port, where the new Jewel mixed-use retail and lifestyle destination is scheduled to open later this year. When completed, Jewel will have more than 280 retail options including new-to-Singapore brands such as American casual dining restau-rant Shake Shack, Burger & Lobster, Swiss choco-latier Läderach, and Pokémon Centre Singapore, the firm’s only permanent retail store outside Ja-pan. Meanwhile, A&W fast food chain is making a comeback in Singapore after a 15-year hiatus and will open its first outlet at Jewel.

OPPORTUNITY TO LIVE IN A MATURE ESTATEAccording to OrangeTee & Tie’s Sun, “Tampines is one of the most vibrant estates in the East. Be-ing a mature estate, it boasts amenities, schools, ample shopping malls and supermarkets like YES and NTUC FairPrice”.

Treasure at Tampines will have a mix of one- to five-bedroom units (463 sqft to 1,722sqft) to

appeal to a broad base of buyers – from singles, to millennial couples, dual-income couples with no kids, families with young children, HDB upgrad-ers and multi-generational families. PropNex’s Ga-foor expects Treasure at Tampines to see “a good take-up rate”, especially among newly-weds and HDB upgraders in the area.

The smaller units will prove to be attractive among investors, besides families and upgrad-ers, notes Gafoor. “These units will be able to en-joy a relatively attractive rental rate owing to their proximity to the MRT stations and surrounding workplaces.”

Hence, the development will appeal to inves-tors who are looking for a value buy in a mature estate with a ready catchment of potential tenants.

PRICED AT A “SWEET SPOT”Treasure at Tampines is likely to be priced “at a sweet spot” attractive to buyers. So far, the pro-jects launched over the past five years have been those built on government land sale (GLS) sites lo-cated along Tampines Avenue 10/Tampines Street 86 (see table).

The most recent land tender at Tampines Av-enue 10 was for an executive condo (EC) site that was sold for $434.45 million or $578 psf per plot ratio (ppr) in January. The 268,386 sq ft site has a gross plot ratio of 2.8, which means it can be redeveloped into a new EC project with an es-timated 695 units. The site was won by a joint venture between Hoi Hup Realty and Sunway

Developments. Based on the land price, PropNex’s Gafoor

reckons the new EC project at Tampines Ave-nue 10 is likely to be launched at prices upwards of $1,000 psf.

Those projects at Tampines Avenue 10 have their own catchment. “Location-wise, Treasure at Tampines is closer to the regional town centre and MRT stations,” says ERA’s Lim.

ESTABLISHED TRACK RECORD The developers, with a track record spanning over four decades, are no stranger to developing large-scale projects. Past projects include A Treasure Trove at Punggol Central, Waterview, four EC de-velopments, the latest being the 504-unit Treasure Crest at Anchorvale Crescent in the northeast re-gion of Sengkang, which was completed in Sep-tember 2018.

Another mixed-use development by Sim Lian is the 546-unit Hillion Residences private condo-minium, which sits on top of Hillion Mall, linked directly to the Bukit Panjang MRT Station on the Downtown Line. The project was completed in September 2017.

Another significant development is Vision Ex-change in Jurong Lake District, Singapore’s second CBD. Completed in January 2017, Vision Exchange is a mixed-use development that contains a 25-sto-rey tower with a mix of 640 office units, 53 med-ical suites and 47 restaurants.

One of the most anticipated new pro-jects to be launched this year is Treas-ure at Tampines. The 2,203-unit private condominium sits on a sprawling area of approximately 648,889 sq ft along

Tampines Street 11.Given the scale of the project, the developer,

a joint venture between Sim Lian Land and Sim Lian Development, is providing 128 condo fa-cilities, says Christine Sun, head of research and consultancy at OrangeTee & Tie. They include double the number of facilities found in a typ-ical condo: 13 swimming pools, two kids’ play-grounds, spa facilities, barbeque pavilions, 24-hr large gym facilities, jacuzzi jets, sports court, tennis courts and barbeque pits. These bring un-paralleled convenience for residents of the pro-ject, she adds.

Being in a mature estate, Treasure at Tampines boasts many amenities that are within walking dis-tance – for instance, Tampines Round Market and Food Centre, where residents can buy fresh pro-duce. The food centre also has popular hawker stalls such as Sarawak kolo mee, Hai Chang Fish Head Steamboat, Rajarani Thosai, Xing Ji Wanton Mee and Chai Chee pork porridge.

CONVENIENCE AND ACCESSIBILITY“The main draw of Treasure at Tampines is its convenience and accessibility,” says Eugene Lim, key executive officer of ERA Realty. The project

is located within close proximity to two bus inter-changes and five MRT stations including Tamp-ines West on the Downtown Line and Simei on the East-West Line. The Tampines Regional Centre is also situated nearby. Residents who drive will have direct access to the Pan-Island Expressway (PIE) via a new slip road – Tampines Lane.

Treasure at Tampines is also located near popu-lar schools, such as St Hilda’s Primary and Second-ary Schools, Temasek Polytechnic, Singapore Uni-versity of Technology and Design, United World

College (SEA) and One World International School (Changi Campus).

“There’s a huge workforce in the vicinity – including those at Changi Business Park, Tamp-ines Regional Centre, Tampines Wafer Fab Park as well as Tampines and Loyang industrial parks,” says Ismail Gafoor, executive chairman and CEO of PropNex.

Treasure at Tampines will also appeal to the working population at Changi Airport, Paya Lebar Central and Seletar Aerospace Park which are eas-

ily accessible via the Tampines Expressway (TPE). When completed by 2029, the Cross Island Line will connect residents to the Aviation Park and Changi East Depot stations.

SUBURBAN RETAIL HAVENWithin a five-minute drive from the develop-ment is Our Tampines Hub, Singapore’s larg-est integrated community and lifestyle hub. Fa-cilities at the integrated hub include a 30-lane bowling centre, festive arts theatre, the five-sto-

When it opens later this year, Jewel Changi Airport will have more than 280 retail options

The grand drop-off at Treasure at TampinesTreasure at Tampines will have a mix of one- to five-bedroom units

Within a five-minute drive from the development is Our Tampines Hub, Singapore’s largest integrated community and lifestyle hub

SOURCE: URA REALIS, BASED ON DATA DOWNLOADED ON FEB 18, 2019

Project Launch Date

No. of Units

Units Sold*

Percentage Sold (%)

Average Price PSF*

The Santorini Apr-14 597 597 100 $1,056

The Alps Residences Oct-16 626 615 98 $1,072

The Tapestry Mar-18 861 572 66 $1,348

Average Launch Price of Projects on Tampines/Tampines Avenue 10/Tampines Street 86

The new private condominium has an enviable location – Near the popular Tampines regional centre, five MRT stations, the upcoming Jewel Changi Airport, as well as

Singapore’s largest community and lifestyle hub, Our Tampines Hub.

Treasure at Tampines – where exciting facilities abound

Treasure at Tampines will have 128 facilities Artist’s Impression

Artist’s ImpressionArtist’s Impression

Artist’s Impression

PICTURES: SIM LIAN (TREASURE) PTE. LTD.

JEWEL CHANGI AIRPORT DEVT PTE LTD

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

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