MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator...

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A PULLOUT WITH MCI (P) 043/03/2016 PPS 1519/09/2012 (022805) Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF SEPTEMBER 5, 2016 | ISSUE 744 MAKE BETTER DECISIONS

Transcript of MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator...

Page 1: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

A PULLOUT WITH

MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF SEPTEMBER 5, 2016 | ISSUE 744

M A K E B E T T E R D E C I S I O N S

Page 2: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

EPJ2 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

Viewing by appointment only

Page 3: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

Eye on PropertyInvesting in medical

suites from a doctor’s perspective EP5

Focus on IndonesiaSamator Land offers

foreigners a chance to invest in Indonesia EP7

Property TakeOffi ce market ins

and outsEP12

Gains and LossesMore District 9 sellers

in the redEP15

A PULLOUT WITH

MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF SEPTEMBER 5, 2016 | ISSUE 744

M A K E B E T T E R D E C I S I O N S

Realtor, investor, financier, pop-up store operatorPrivately held ZACD is positioning itself to be an investment fi rm and integrated service provider with a whole suite of fi nancial and real-estate services. See our Cover Story on Pages EP8 and EP9.

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ZACD group managing director Ryan Gwee

Page 4: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

EP2 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

Development charge rates forthree sectors raisedThe government has increased the development

charge (DC) rates for three sectors — commercial,

non-landed residential and hotel/hospital — with ef-

fect from September.

Among the three sectors, the non-landed resi-

dential use saw the biggest increase of an average

of 2.7%. The largest increase of 12% applies to sec-

tor 48, which covers River Valley Road/River Valley

Close/Kim Yam Road/Martin Road/Martin Place/

Mohamed Sultan Road. In June, a unit of Guoco-

Land submitted the top bid of $1,239 psf per plot

ratio (ppr) for a 99-year leasehold condominium

site at Martin Place/River Valley Close. It was the

highest psf price fetched for a pure residential site

sold at a state tender. The site attracted 13 bids.

The upward revision reflects the more upbeat

market sentiment. In 2Q2016, the URA price index

for private non-landed homes slipped 0.1% q-o-q,

the smallest decline seen in 11 consecutive quarters.

Meanwhile, the price index for non-landed private

homes in the Core Central Region rose for the second

straight quarter in 2Q2016. DC rates for the landed

home segment remain unchanged.

The commercial sector saw a smaller increase in

DC rates, averaging 0.6% on average. The revision

was likely driven by several big-ticket investment

deals that took place recently, including the sale of

Asia Square Tower 1 and Straits Trading Building.

Lastly, the DC rates for the hotel/hospital segment

have been raised by 1.4% on average.

Central Boulevard white sitelaunched for saleURA has launched the white site at Central Boulevard

(below, left) for sale by public tender. The site was

reportedly triggered for sale by a Chinese developer

in August. The developer had committed to bid at a

price of not less than $1.54 billion, which works out

to $1,010 psf ppr. The white site was on the reserved

list of the 2H2016 Government Land Sales programme.

“The tender for the Central Boulevard site is ex-

pected to garner keen interest, given the scarcity of

vacant plots available for the development of good-

grade modern offices in the city centre,” says Tay Huey

Ying, head of research, Singapore, JLL.

The 116,990 sq ft plot is located opposite the Lau

Pa Sat food centre and within the Marina Bay area. It

is also located close to the Downtown MRT station,

Raffles Place interchange station and the upcoming

Shenton Way MRT station.

At least 1.08 million sq ft, or 71%, of the 1.52

million sq ft maximum allowable gross floor area is

dedicated for office use. The successful bidder is also

allowed to develop retail units, a hotel, serviced apart-

ments and residential units on the remaining GFA.

“With the substantial investment outlay involved,

interested parties are likely to form consortiums to

pool together resources, including market knowledge,

experience and expertise, and to share the develop-

ment risk,” adds Tay.

The tender for the site closes on Nov 8.

Raintree Gardens launched for collective sale at $315 milRaintree Gardens (above, left), a 175-unit former

HUDC residential development fronting Kallang Riv-

er in Potong Pasir, has been launched for sale by ten-

der. According to JLL, the appointed marketing agent

for the collective sale, the minimum guide price for

Raintree Gardens is in excess of $315 million. The

guide price translates into $759 psf ppr, inclusive of

differential premium payable to the government to

top up the lease to 99 years and for intensification

of site. According to JLL, more than 80% of Raintree

Gardens’ owners have agreed to the collective sale.

The development comprises two 12-storey mai-

sonette blocks and one 7-storey maisonette block. It

was completed in the late 1980s. The property sits

on a land area of 201,405 sq ft with a gross plot ra-

tio of 2.8, based on URA’s Master Plan 2014. JLL es-

timates that up to 748 units could be built on the

site, with the break-even cost coming in at $1,250

psf. The new units are expected to be priced in the

$1,450 psf region.

The tender exercise for Raintree Gardens clos-

es on Oct 5.

Compass One reopens on Sept 1Compass One (below, right), formerly known as Com-

pass Point mall, located in Sengkang, reopened on

Sept 1. The mall was closed in October 2015 for a

major upgrading exercise.

M&G Real Estate, a fund owned by insurance gi-

ant Prudential, says Compass One will reopen with

95% of its retail space taken up. According to M&G,

the mall will feature a wider range of shops and ser-

vices, including more than 50 new retailers. At least

80% of the tenants were expected to operate from day

one of its reopening. The upgrading works include

improved access from the MRT station and more con-

venient passages between levels.

In December 2015, Frasers Centrepoint sold its

18.99% stake in the mall to its joint-venture partner

M&G Real Estate for $19.6 million. M&G Real Estate,

which had owned a majority stake since 2002, took

full ownership of the mall in February 2016.

CapitaLand to manage retail podiumof Fortune Finance CenterCapitaLand has inked a contract with Chang-

sha Pilot Investment Holdings Group to manage the

retail component of Fortune Finance Center (above,

right) in Changsha, China. This marks the start of

CapitaLand’s asset-light strategy to grow its mall

network through third-party management contracts.

CapitaLand will be involved in asset planning,

pre-opening and retail management for a total GFA,

excluding car park, of about one million sq ft. The

mall is currently under construction and scheduled

to be completed by end-2018.

Fortune Finance Center is located in Binjiang

New Area, the new CBD in western Changsha.

It comprises a seven-storey shopping mall, a Grade

A office building, a residential tower and Changsha’s

first JW Marriott hotel. The property is owned and

developed by Changsha Pilot Investment Holdings.

Astaka unveils masterplan forOne Bukit SenyumSingapore-listed Astaka Holdings unveiled the

masterplan for its mixed-use development One

Bukit Senyum (OBS), located in Johor Baru’s new

CBD.

The OBS development sits on a 516,186 sq ft free-

hold site with a GFA of 6.3 million sq ft. It will be

developed in two phases. The first phase comprises

The Astaka @ OBS, which contains two residential

towers — 65 and 70 storeys — with a total of 438

units. Meanwhile, phase two will include Menara

MBJB, the new headquarters of the Johor Baru City

Council (MBJB); a five-star hotel with 450 rooms;

1,012 residential units; 254 serviced apartments; a

1.5 million sq ft shopping mall; and a Grade A of-

fice building.

Astaka held its groundbreaking ceremony on Aug

28 for MBJB’s new headquarters. The ceremony also

marks the start of the construction of phase two of the

OBS development. Menara MBJB will have a GFA of

445,848 sq ft and 558 car parks. Once it is complet-

ed at end-2019, about 800 employees will relocate to

the new MBJB headquarters.

The entire OBS development is expected to be

completed by 2021. — Compiled by Tan Chee Yuen

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

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PROPERTY BRIEFS

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Page 5: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP3

There hasn’t been a launch of new

strata office units and medical suites

for sale in Singapore’s prime Orchard

Road precinct in over three decades.

Only units in the secondary market

are available, and they are typically in ageing

buildings that are in need of a makeover. Owing

to scarcity, even units in these properties are

trading at premium prices.

Revolutionising the market is a consortium

led by Perennial Real Estate Holdings Limited

(“Perennial Real Estate Holdings’), an integrated

real estate and healthcare company headquartered

and listed in Singapore. The consortium bought

TripleOne Somerset for S$970 million in 2013,

and is pumping another S$150 million for an

extensive asset enhancement exercise.

The transformation of TripleOne Somerset

will be managed by Perennial Real Estate Holdings,

the catalyst behind a string of successful mall re-

vamps including CHIJMES and Chinatown Point.

TripleOne Somerset has two 17-storey tow-

ers containing premium office space of close to

500,000 sq ft; two levels of retail space of more

than 72,000 sq ft and basement parking for more

than 400 cars — a luxury compared with most

shopping malls in the Orchard Road precinct

which suffer from a lack of parking space.

EXTENSIVE MAKEOVERWhen the asset enhancement works at TripleOne

Somerset are completed, the building will have a

shimmery new gold facade, transforming it into

a new landmark. TripleOne Somerset will also be

revamping its retail podium to add new excite-

ment and vibrancy through its introduction of a

luxurious “Market Place” concept which offers a

wide array of specialty food as well as food and

beverage stalls with communal seating at Level

1. At Level 2, a vast diversity of established and

renowned restaurants and shops relating to health,

wellness and beauty will be introduced.

TripleOne Somerset enjoys dual frontage

along Devonshire Road and Somerset Road as

well as dual drop–off and access. The building

already has a sheltered seamless walkway to the

Somerset MRT station on Devonshire Road. A

second linkway to the MRT station will come

up on Somerset Road.

‘THE EQUIVALENT OF A NEW PRODUCT’The offices in both Devonshire and Somerset

Towers now houses established lifestyle and

luxury brands including Gucci, Bottega Veneta

and Samsonite. Currently, only selected levels with

leases already expired or due to expire soon will

be offered for sale at the Somerset Tower. They

include the medical suites and strata office units

on Levels 3 and 4.

The sizes of the strata office units range from

366 sq ft for a unit to 20,000 sq ft for an entire

floor. There are only 31 medical suites available

with supply being very limited in this prestig-

ious location, which has gained popularity as a

destination for medical tourists from the region

and beyond.

The efficient and regular unit layout makes it

easy and flexible to configure larger spaces when

required. Following the asset enhancement works,

the office lobby will host a concierge service

counter. The common corridors and lift lobbies

on every level of both Somerset and Devonshire

Towers will also be completely refreshed.

A new stretcher lift will be installed to facilitate

the medical business from Basement 1 to Level 4.

In addition, the vertical connectivity between the

car park, retail podium and medical suites will

be improved with the introduction of escalators

from Basement 2 to Level 4.

Medical suites will also be fitted with their

own individual fan coil units, floor trap and water

points. “When the strata office and medical units

are handed over to buyers, they will be getting the

equivalent of a new product,” says Sammi Lim,

director of investment properties at CBRE, the

sole marketing agent for the project.

For now, units on Levels 8 and 15 of the

Somerset Tower are ready for occupancy. Selling

price will range from $2,700 psf to $3,300 psf.

CBRE is seeing interest from a good mix of

business occupiers and investors. Business own-

ers include fashion and lifestyle brands as well

as medical groups who want an Orchard Road

address, says CBRE’s Lim. With monthly office

rents at TripleOne Somerset hovering in the range

of $8 to $8.50 psf, gross rental yields are close to

4%, which is also attractive to investors, she adds.

Medical suites at TripleOne Somerset will

start from $4,500 psf. “The price is very attractive

as compared with Mount Elizabeth Orchard,

where medical suites are trading in the secondary

market for $8,000 to $10,000 psf,” says Lim. “It’s

all a matter of demand and supply.”

Artist’s impression of the revamped TripleOne Somerset

The consortium led by Perennial Real Estate Holdings is undertaking an extensive asset enhancement exercise

at TripleOne Somerset, offering strata office units and a limited edition of medical suites for sale

A NEW LANDMARK IN THE MAKING TRIPLEONE SOMERSET

The main lobby and concierge service counter of the office tower after the revamp

Strata office show suite at TripleOne Somerset

Sammi Lim: +65 9368 9803CEA No.: R003899J

Yap Hui Yee: +65 9852 3687CEA No.: R041545Z

Owned By:

The new retail offering will include a wide array of specialty food as well as food and beverage stalls with communal seating

Artist’s impression of the revamped office corridor

For private viewing, please contact

TripleOne Somerset at:

Interested parties are encouraged to visit

the showroom at TripleOne Somerset

A Special Feature by Perennial Real Estate Holdings and CBRE

Perennial (Somerset) Pte Ltd

Managed By: Sole Marketing Agency:

Sales gallery is located on the ground floor

of TripleOne Somerset

Open daily: 11am to 6pm

Tel: 9852 3687 | 9841 0006

9878 2372 | 9368 9803

www.111somerset.com.sg

Page 6: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

EP4 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

PROPERTY PICKS

Singapore’s highest-yielding freehold and 999-year leasehold condos

PROJECTS RENTAL YIELD (%)

Flamingo Valley 3.46

Ris Grandeur 3.35

Bullion Park 3.20

The Linear 3.04

Park Natura 2.98

Hillington Green 2.94

The Summit 2.92

Meadow @ Pierce 2.76

Grande Vista 2.73

Glendale Park 2.64

A 388 sq ft, one-bedroom unit at Alexis can achieve a gross rental yield of 4.34%

A 398 sq ft, one-bedroom unit at Parc Imperial can achieve a gross rental yield of 4.13%

A 517 sq ft, one-bedroom unit at Flamingo Valley can achieve a gross rental yield of 3.3%

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| BY YONG YUN LIN & MICHAEL LIM |

Today’s average rental yield of 3.2% for condominiums

is arguably at its all-time low. Some of the reasons that

could have contributed to the decline in rental yield are

low interest rates, falling home prices, retrenchment

in the financial sector, and competition from public

housing. Nonetheless, if you are on the hunt for yield, real es-

tate continues to be an attractive investment class, consider-

ing fixed deposits are less than 1% and the average dividend

yield for equities is in the 3%-to-4% range.

Rental yield for Singapore condos generally range from

1.5% to 12%. Although there are a handful (20 to be precise)

of properties that offer yields of above 5%, most of these are

older, 99-year leasehold projects located in the mass-market

residential enclaves. The key in the hunt for yield is to find

condos that can give you reasonable rental while preserving

your capital values in the long run.

In our analysis, we looked only at freehold or 999-year

leasehold condos to ensure preservation of capital values.

We excluded condos with fewer than half a dozen rental

contracts and sales transactions over the last 12 months

because it is difficult to rent a unit out when there is no

available unit for rent or demand in those developments.

We have also removed developments in which there are a

limited number of units available for sale.

To compute rental yield, we took an average of the rent-

al values divided by transacted prices over one year. Finally,

we looked at the different market segments: Core Central Re-

gion (CCR), Rest of Central Region (RCR) and Outside Cen-

tral Region (OCR).

Below are our findings and the top 10 condos for each

market segment.

Core Central RegionThe development that offers the highest

rental yield is Alexis. The 293-unit freehold

condo, jointly developed by boutique de-

velopers Fission Group and Yi Kai Group,

was completed in 2012. On the first level of

the project are 18 shop units, which have

been fully sold.

When Alexis was launched for sale in 2009,

the average price achieved was between $850

and $1,100 psf. The apartments are mainly

shoebox units, with one-bedders starting from

388 sq ft and two-bedders from 527 sq ft. The

absolute prices of these one- and two-bed-

room units range from $420,000 to $840,000,

which made them attractive to investors and

explained why all the units were snapped up

within three days of their launch.

In June, a 388 sq ft unit was sold for

$690,000 ($1,781 psf), according to the latest

caveats lodged with Realis. In August, a simi-

lar-sized unit was leased for $2,500 a month.

The popularity of Alexis is partly due to

Rest of Central RegionOf the developments we identified across the

three regions, Parc Imperial offers the highest

rental yield of 4.4%, based on data available

on TheEdgeProperty.com.sg. Parc Imperial is

a 138-unit freehold condo on Pasir Panjang

Road. Developed by Fragrance Properties, the

project was completed in 2010. The units at

Parc Imperial range from 366 sq ft for a stu-

dio unit to 2,303 sq ft for a four-bedroom du-

plex penthouse.

When the project was launched for sale in

July 2009, a 398 sq ft, one-bedroom unit was

sold for $490,000 ($1,200 psf). Based on the

latest caveats lodged with Realis, a 398 sq ft

unit was sold in May for $633,000 ($1,589 psf).

In July, nine similar-sized units were leased for

an average monthly rent of $2,180.

the fact that it was the first significant pro-

ject launch made up exclusively of such

compact apartments. It is also located on

Alexandra Road, within walking distance

of the Queenstown MRT station and close

to malls such as IKEA, Anchorpoint Shop-

ping Centre, Alexandra Central and Queen-

sway Shopping Centre.

Parc Imperial is located near the Haw Par

Villa MRT station, Icon @ Pasir Panjang and

the Viva Vista mixed-use development.

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Outside Central RegionFlamingo Valley is a 393-unit freehold condo

developed by Frasers Centrepoint and complet-

ed in 2014.

Located on a hillslope in the prime Siglap area

in District 15, Flamingo Valley commands pan-

oramic views of the landed homes in the Opera

and Frankel estates. Unit sizes range from 517

sq ft for a one-bedroom unit to 3,111 sq ft for a

three-bedroom penthouse with roof terrace.

When Flamingo Valley was launched for sale

in 2010, the average price achieved was $1,300

psf. In July, a 517 sq ft, one-bedroom unit was

leased for $2,400 a month. Meanwhile, the most

recent sale of a similar-sized unit was in May last

year, and the price was $880,000 ($1,700 psf).

The condo is located in the vicinity of Se-

kolah Indonesia (Indonesian School), Global

Indian School and Victoria Junior College.

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PROJECTS RENTAL YIELD (%)

Alexis 4.09Visioncrest 3.56Martin Place Residences 3.45Parc Emily 3.39City Square Residences 3.37RV Residences 3.37Watermark Robertson Quay 3.23

Cube 8 3.21Starlight Suites 3.17Park Infinia at Wee Nam 3.14

PROJECTS RENTAL YIELD (%)

Parc Imperial 4.40

Riverbay 3.96

Prestige Heights 3.89

Melosa 3.67

The Sunny Spring 3.65

The Infiniti 3.37

The Cascadia 3.36

Katong Regency 3.27

Clementi Park 3.25

Amber Residences 3.25

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Page 7: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP5

EYE ON PROPERTY

Medical suites that are attached to a hospital can cater to a wider range of procedures that promote cross-referrals

Chan: As the owner of the property, HSC and its partners would be able to keep the facility costslow for patients E

Investing in medical suitesfrom a doctor’s perspective

Singapore is said to be losing its lustre

as a medical hub as the strong Singa-

pore dollar and high healthcare costs

are causing medical tourists to flock to

cheaper places such as Thailand and

Malaysia. Yet, a prominent Malaysian medical

group, HSC Healthcare, is opening a medical

facility in the city state next April.

The group, together with eight established

doctors in Singapore, has purchased three lev-

els of medical suites at the Farrer Square pro-

ject in Little India. Farrer Square is a mixed-

use development by RB Capital. The Edge

Property recently spoke with HSC’s group CEO

Derrick Chan to gauge market sentiment on

medical suites.

Paradoxically, it was Singapore’s high health-

care costs that motivated HSC to venture into

the country. The group seeks to deliver the

first-class medical service that Singapore is

renowned for, at a reasonable cost.

As owners of the medical facility, HSC and

its partners would have control over big-tick-

et expenses such as the rental of an operating

theatre. The cost savings could then be passed

on to patients.

The partners are also positioning HSC’s fa-

cility at Farrer Square as a day-procedure cen-

tre. “As a result, we do not incur the addition-

al costs or liabilities associated with running a

24-hour medical centre or hospital. We are able

to keep costs low for patients,” Chan explains.

The facility will feature specialist rooms and a

health screening area on level 5, a radiology

department on level 6 and a day-procedure

centre on level 7.

Proximity to a hotel is one of the key con-

siderations for a day-procedure centre, says

Chan. In addition to the medical suites, Farrer

Square will comprise the 300-room Park Ho-

tel Farrer Park.

The development is also a stone’s throw

away from Farrer Park Hospital. The hospital

is part of an integrated development named

Connexion, which comprises One Farrer Ho-

tel & Spa and Farrer Park Medical Centre; the

latter also houses medical suites.

A value proposition?According to caveats published by the Singa-

pore Institute of Surveyors and Valuers, a medi-

cal suite at Farrer Park Medical Centre was sold

at $4,400 psf in March 2015. In 2014, five units

fetched an average price of $4,233 psf.

Prices were markedly lower than those at

Gleneagles and Mount Elizabeth Medical Cen-

tres, which hovered in the $9,000 psf region in

2015, as well as those at Mount Elizabeth No-

vena Hospital, which found buyers at an aver-

age price of $6,700 psf last year.

The lower price at Farrer Park Medical Cen-

tre partly compensates for the smaller traffic

of walk-in visitors since the neighbourhood

is still maturing as a medical hotspot. On the

other hand, patients could enjoy some cost

savings when seeking medical services from

establishments in the area.

At Farrer Park Hospital, the daily rate for a

four-bedded suite is $196 per bed compared

with $276 at Mount Elizabeth Orchard. Of

course, there are other factors at play that ac-

count for the difference in price, such as the

hospital’s reputation.

Farrer Park Hospital opened its doors on

March 16. Despite its young history, the medi-

cal suites under its roof are occupied by a num-

ber of well-known practitioners who had or still

maintain a presence at Mount Elizabeth Orchard

or Paragon Medical Singapore.

Chan also highlights that Farrer Square is

highly accessible as it is located right above the

Farrer Park MRT station, a mere three-minute

ride from the Dhoby Ghaut MRT station along

the Orchard Road shopping belt.

HSC Healthcare is headquartered at the Me-

nara HSC building on Jalan Ampang in Kuala

Lumpur. The building also houses HSC Medi-

cal Center, a renowned one-stop medical, heart

and diagnostic centre, as well as the Somer-

set Ampang Kuala Lumpur serviced residence,

which is managed by The Ascott Ltd.

The group and its partners are reported

to have forked out slightly over $44 million,

or around $3,800 psf, for the purchase of the

three levels of medical suites at Farrer Square

that have a total strata area of 11,674 sq ft.

Co-location with a hospitalIt is advantageous for a standalone medical cen-

tre such as Farrer Square to be located next to

a hospital, in case of an emergency. Complica-

tions can arise even in a simple surgical proce-

dure and it would be reassuring for practition-

ers and patients to have access to emergency

services located next door. Other standalone

medical centres that are located next to a hos-

pital include Paragon Medical Singapore and

Novena Medical Centre.

Still, medical suites that are attached to a

hospital appear to be the most popular choice,

at least among the medical practitioners with

whom The Edge Property spoke. Such centres

include Gleneagles Medical Centre, Mount Eliz-

abeth Medical Centre and Mount Elizabeth No-

vena. The latest project in the market is Far-

rer Park Medical Centre, which is attached to

Farrer Park Hospital.

These medical suites can provide a wider

range of medical services, including complex

surgeries that require a team of experts, and

special facilities such as intensive care units.

Such procedures cannot be carried out in a stan-

dalone medical centre. Besides complex proce-

dures, medical suites within a hospital can also

offer other medical specialisations, such as psy-

chiatry, dermatology and aesthetics, which are

less dependent on hospital facilities. Owing to

the wider range of medical services they can

cater for, medical suites that are located within

a hospital may enjoy higher demand.

Complex medical procedures will continue

to be the driver of Singapore’s medical sector,

given the republic’s positive track record in deal-

ing with challenging medical cases and its age-

ing population. Dr Cheng Shin Chuen, a con-

sultant surgeon in private practice and adjunct

assistant professor at the National University

of Singapore (NUS), says: “Singapore is still

way ahead of its neighbours when it comes to

performing complex procedures such as robot-

ic surgeries, minimally invasive vascular pro-

cedures, organ transplants and cancer care.”

Cheng is based in Paragon Medical Singapore

and Mount Elizabeth Novena.

After the dip in 2013, revenue from medi-

cal tourism picked up again, rising 19% y-o-y

to $994 million in 2014. Revenue from Indone-

sian medical tourists rose 37% over the same

period. The data is from the latest annual tour-

ism statistics, published by the Singa pore Tour-

ism Board in February. Data for 2015 is yet to

be published.

Dr Andrew Khoo, a plastic and reconstruc-

tive surgeon based in Mount Elizabeth Or-

chard, notes: “An ageing population would

create more demand in orthopaedics, oph-

thalmology, urology, cardiology, oral surgery,

surgical and medical oncology, and geriatric

medicine.”

Khoo says as a specialist, he prefers a med-

ical centre over other property types, such as

a shophouse or a commercial building, to set

up his practice. A medical centre, according

to him, has an ecosystem of specialists so that

they can leverage each other’s expertise. Patients

would benefit from the ease of cross-referrals

and better multidisciplinary care.

“For those of us who do procedures, it is

a further advantage to be in a medical centre

that is located within a hospital,” Khoo adds.

Another prominent doctor who declines

to be named also singles out attachment to a

hospital as his top criterion when selecting a

medical suite. He, too, is most optimistic about

complex and age-related services and proce-

dures, such as orthopaedics, gastroenterolo-

gy and oncology, and most pessimistic about

general surgery.

Separately, NUS’s Cheng highlights that the

supply of medical suites that are attached to a

hospital remains limited.

Only time will tell whether prices of medical

suites will rise further. However, there could be

potential for medical suites that are attached

to a hospital, especially those in less-mature

locations where prices are still significantly

lower than those in ultra-prime areas. Price

growth will be driven by their limited supply

and the provision of complex procedures that

cater to both medical tourists and the ageing

population alike.

As for standalone medical centres, perhaps

users and investors could take their cue from

HSC and its partners by going for those that

are strategically located near the city centre,

a hospital and a hotel, as well as offer an at-

tractive entry price.

PICT

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/THE

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| BY FEILY SOFIAN & ESTHER HOON |

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EP6 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

Indonesia has seen a trend of rising fiscal

deficit, culminating in a record budget deficit

in 2015. The resource-rich nation’s coffers

were affected by low global demand and

weakening commodity prices for essential

exports such as coal and crude palm oil.

The sluggish global economic growth and

moderated growth faced by China, a key trading

partner of Indonesia, certainly did not help.

In a bid to improve its budget position, the

Indonesian government has proposed a

plan for a tax amnesty, aimed at encourag-

ing wealthy citizens to bring back their off-

shore wealth.

How does it work?The Indonesian tax amnesty programme pro-

vides a reprieve to wealthy Indonesians who

have been remiss in their tax affairs to take

advantage of this opportunity to disclose and

optionally repatriate their undeclared assets

and pay only a modest clearance levy on the

assets declared.

The levy is applicable on net assets, calcu-

lated by deducting directly related liabilities,

up to prescribed percentages from the cash

or market value of assets being declared. The

clearance levy rate varies, depending on the

timing of the filing and whether the offshore

assets are repatriated to Indonesia by a stip-

ulated timeline.

Both individuals and companies, includ-

ing those without a tax identification num-

ber, can avail themselves of the tax amnesty.

Those excluded from the programme, how-

ever, are existing tax defaulters who are cur-

rently being investigated, undergoing judi-

cial proceedings or have been charged with

tax crimes.

This is a golden opportunity for errant In-

donesians to set their tax record straight and

absolve themselves of adverse consequenc-

es — such as tax audits and investigations

— arising from historical undeclared wealth.

The tax amnesty also provides some level

of assurance, as the Indonesian authorities

have undertaken not to share information

collected through the amnesty exercise with

other parties. They will also not use it as a

basis for instituting any criminal proceed-

ings against the taxpayer.

There are compromises to be made by

the taxpayer, however, as he has to give

up any outstanding tax refund claims from

the authorities, forfeit unutilised tax loss-

es and withdraw existing disputes with the

tax authorities.

Where does the money go?Proceeds from the amnesty programme have

been earmarked for beefing up infrastruc-

ture and other sectors that the government

is focusing on. Monies repatriated to Indo-

nesia have to be kept in the country for at

least three years and may be invested based

only on a stipulated list of permissible in-

vestments. This list includes real estate, real

estate investment trusts, infrastructure pro-

jects, government securities, private compa-

ny bonds, gold, marketable securities and

banking products.

To participate or not?There are harsh consequences such as pen-

alties and sanctions that may be imposed on

under-declared or undeclared assets. For those

deliberating whether to participate, another

factor for consideration is that global initia-

tives for greater tax transparency are being om-

plemented by various countries as we speak.

For example, Singapore will be embracing

the Organisation for Economic Co-operation

and Development’s automatic exchange of in-

formation framework in 2018 and could agree

to exchange taxpayer information with other

countries such as Indonesia, subject to cer-

tain conditions.

Will this have an impact on Singapore property?Indonesians have historically been keen in-

vestors in Singapore property and account for

a significant proportion of foreign purchases

of property in the city-state. The stability and

transparency of the Singapore property mar-

ket, coupled with factors such as cheap-

er credit, ease of purchase and relative-

ly strong rental demand, have persuaded

many wealthy Indonesians to purchase

Singapore properties, typically prime lux-

ury properties in Districts 9, 10 and 11.

This recent tax amnesty offer from

the Indonesian government leads one to

wonder whether there might be a result-

ant short-term impact on prime residen-

tial properties in Singapore as Indonesians

deliberate whether to liquidate their prop-

erty holdings in Singapore to take advan-

tage of this one-off golden offer.

The following are some factors that may

have an impact on the decision-making process:

• Indonesians have up to Sept 30 to enjoy the

lowest levy bracket, which means the clock

is ticking;

• Repatriated funds are allowed to be invest-

ed in Indonesian real estate (with certain

exceptions);

• Offshore investments (including proper-

ties) may have to be disposed of to fund

the clearance levy payment;

• The Singapore dollar has strengthened con-

siderably against the Indonesian rupiah

since 2010; and

• There has been strong growth in residential

property prices in Indonesia since 2008.

Given current slow market conditions in

Singapore, will these factors provide the impe-

tus for an urgent sale of properties in the city-

state at lower prices? It is anybody’s guess, but

we note that several prime properties owned

by Indonesians are available for sale at ask-

ing prices that are less than the valuation or

purchase price.

Perhaps it is time for bargain property hunters

to sit up and take notice.

Tay Hong Beng is head of real estate and Alan

Lau is head of financial services tax at KPMG

in Singapore

SPOTLIGHT ON INDONESIA

| BY TAY HONG BENG & ALAN LAU |

Clearance levy rates

Impact of Indonesian tax amnesty on Singapore property prices

Period within which tax amnesty Onshore assets declared, and Offshore assets declared,declaration is filed offshore assets declared but not repatriated and repatriated

July 1 to Sept 30, 2016 2% (if repatriated by Dec 31, 2016) 4%

Oct 1 to Dec 31, 2016 3% (if repatriated by Dec 31, 2016) 6%

Jan 1 to March 31, 2017 5% (if repatriated by March 31, 2017) 10%

E

The stability and transparency of the Singapore property market is among the factors that have persuaded many wealthy Indonesians to purchase Singapore properties, typically prime luxury ones

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THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP7

Samator Land offers foreigners chance to invest in Indonesia| BY FEILY SOFIAN |

One developer is marketing an Indo-

nesian property to Singapore inves-

tors. Samator Land is rolling out

Skysuites SOHO, a freehold strata de-

velopment in Surabaya that features

the small office home office concept. Surabaya

is the provincial capital of East Java and the

second-largest city in Indonesia.

Although property ownership by foreign-

ers is still restricted in Indonesia, there are

schemes that allow non-Indonesians to pur-

chase local properties. One of them is through

a PT Penanaman Modal Asing, the local term

for a foreign investment company. In June, a

Hong Kong company picked up two units at

Skysuites SOHO.

Under PT PMA, foreigners can establish

an investment property company to buy local

properties. PT PMA appears to be the most

attractive option for foreign buyers at the

moment, as it affords them the same prop-

erty rights as local citizens, such as holding

a freehold title.

The Edge Property understands that the

price paid for a Skysuites SOHO unit would be

enough to form the paid-up capital required by

the Indonesian government to set up a PT PMA.

For convenience, foreign buyers could appoint

a local notary to help establish the company.

This involves a one-time fee of IDR35 million

($3,570) and an annual fee of IDR18 million

for filing company reports to the authority on

behalf of the owner.

Samator Land is the real estate arm of Sa-

mator Group, a leading gas company in Indo-

nesia that was founded in 1975. The group’s

first property venture was Graha Pangeran, a

high-rise office building in Surabaya that was a

nominee for the Asean Energy Award in 2002.

In 2013, the group sold the building to its big-

gest tenant, Bank Negara Indonesia.

A mixed-use developmentSkysuites SOHO is a 168-unit tower within The

Samator Business Park, which also comprises

an 18-storey office tower that will be available

for lease only and a hotel to be operated by

AccorHotels under its Novotel brand.

The SOHO units will have two levels: a

business space on the lower floor and a liv-

ing area on the upper floor. Each level comes

with its own lift lobby.

Imelda Harsono, director of Samator Group,

says that, while the office tower will house mul-

tinational and local corporations, the SOHO

units are ideal for start-ups and, together, they

will form a synergy. Her company would oc-

cupy five floors of the office towers. Another

major tenant will be Bank Mandiri.

Skysuites SOHO and the hotel are expected

to be completed this year and the office tower

in 2017. There will also be cafés on the ground

floor that will serve as informal meeting spots.

Harsono, the eldest daughter of Samator

Group president and CEO Arief Harsono, was

involved in the design and material selection

for Skysuites SOHO as well as the office compo-

nent of the business park; her brother helmed

the hotel development.

Units at Skysuites SOHO will start from 110

sq m (1,184 sq ft) and priced from $300,000,

including discounts and taxes applicable for

acquiring the property. Buyers can opt for a

13-month instalment plan offered by the de-

veloper. Samator Land has appointed RE/

MAX Singapore as the marketing agent for

Skysuites SOHO.

According to Colliers International Indo-

nesia, asking rents for offices in East Sura-

baya, where Skysuites SOHO is located,

average IDR230,000 psm per month. In In-

donesia, tenants typically sign a one- or two-

year lease and pay the rent in a lump sum.

The monthly service charge can be passed

on to tenants.

Other expenses that buyers should take note

of include income tax at 10% of rental reve-

nue, property tax at 0.2% of the unit’s assessed

value and agent’s fees for securing and man-

aging the tenant, typically at 5% of the rental

revenue. With effect from Sept 9, the proper-

ty disposal tax will be reduced to 2.5% of the

sales price, from 5% previously.

Several macro policies could have a positive

impact on Indonesia’s property market. The re-

cent tax amnesty programme and further relax-

ation of foreign ownership in property and busi-

nesses are widely expected to boost property

prices in the country.

This article first appeared on TheEdgeProperty. com

Harsono says that, while the office tower would house large multinational and local corporations, the SOHO units are ideal for start-ups

E

SPOTLIGHT ON INDONESIA

Artist’s impression of a Skysuites SOHO unit

Skysuites SOHO is a 168-unit tower within The Samator Business Park, which also comprises an office tower and a hotel

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Page 10: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

EP8 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

COVER STORY

Privately held ZACD is positioning itself to be an investment firm and integrated service provider with a whole suite of financial and real-estate services

Partners at the inaugural Wow Singapore pop-up store in Chongqing (from left): Gwee; Sim Mong Teck of Sim Mong Teck & Partners;Dr Beng Teck Liang, CEO of Singapore Medical Group; and Dora Chng, general manager (property sales & marketing), GuocoLand Singapore

Gwee speaking to the press in Chongqing at the launch of the Wow Singapore pop-up store

PICT

URES

: ZAC

D

Realtor, investor, financier, pop-up store operator

| BY CECILIA CHOW |

With his showmanship and maverick

ideas, Ryan Gwee is no stranger

to controversy. The latest venture

by the group managing director

of ZACD is the “Wow Singapore”

pop-up store, which will be set up in a series

of road shows in the six fastest-growing cities

across China. They include Chengdu, Xi’an,

Wuhan, Changsha and Guiyang.

The inaugural event was held in Chong-

qing at end-July. Two 40ft containers and a

20ft container were converted into the Wow

Singapore pop-up store and were placed at

Jiefongbei Square, the busiest part of the

Chongqing CBD.

The response to the pop-up store was much

more than what Gwee had anticipated. “I was

expecting 500 to 1,000 people to walk in each

day,” says the 40-year-old, who looks 10 years

younger. “But we had 5,000 to 6,000 people

every day.”

Partners in the event included develop-

er GuocoLand, prominent lawyer Sim Mong

Teck and healthcare provider Singapore Med-

ical Group. To draw people to the pop-up

store, there was a disc jockey playing music

all day and distribution of free gifts such as

Super Group’s instant coffee mix and Prima’s

famous laksa paste.

ZACD even got the endorsement of the Sin-

gapore Tourism Board and International En-

terprise Singapore (IE Singapore) “It was a

publicity event to showcase the best of Singa-

pore,” says Gwee.

The group is even collaborating with trav-

el agencies in these cities. As the response

from the road show has been overwhelming,

Gwee is starting to get a little worried. “We’ve

just done one city — Chongqing — and hun-

dreds have signed up for a trip to Singapore,”

he says. “The number is growing daily. And

these are high-net-worth clients, not random

visitors to the booth.”

Gwee has even planned the itinerary, which

will include tours of GuocoLand’s projects, du-

rian parties, free health screening by Singapore

Medical Group and legal advice on property

purchases and conveyancing by Sim Mong

Teck & Partners. “The Chinese are mainly in-

terested in three things — education, health

and investment, especially real-estate invest-

ment,” he says.

‘Getting new clients’The series of pop-up stores in China is a vehicle

for acquiring new clients, according to Gwee.

The cost is estimated to be at least $250,000

per weekend in each city. “To sustain your

business, you have to keep growing your client

base — it’s the lifeblood of any business,” he

says. “And which country has the biggest pop-

ulation of consumers? China.”

After the road shows in each city, ZACD will

also set up a representative office there to fol-

low through with interested parties. The Chi-

na head office is in Shanghai, where Gwee is

located. He continues to split his time between

Shanghai, where he has lived for the past five

years, and Singapore, where he spends three

days a week.

Gwee knows China well as he was head of

private banking in China for Standard Char-

tered in 2011, and dealt with ultra-high-net-

worth investors, he says. Prior to that, he

was head of relationship management for

Southeast Asia and key partnerships at Stand-

ard Chartered Private Banking and based in

Hong Kong.

Before joining ZACD as an equity part-

ner and group managing director in Octo-

ber 2015, Gwee was CEO of private-equity

group Asia Capital Pioneers Group in Hong

Page 11: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP9

COVER STORY

The 40ft containers turned pop-up store in Chongqing

The pop-up store in Chongqing attracted 5,000 to 6,000 visitors a day over one weekend

China Evergrande Group’s debt-

fuelled expansion spree shows

no signs of slowing down. Even

as soaring interest payments and

marketing costs ate into first-half

profit, a top executive at the Chi-

nese developer said on Aug 30 that

the company wants to acquire bro-

kerage and trust companies as well

as smaller rivals — deals that would

add to about US$6 billion ($8.19 bil-

lion) of purchases since the start

of 2016. Evergrande, which made

a surprise entry in August into the

bidding war for the country’s larg-

est homebuilder, China Vanke, also

signalled it may invest in other list-

ed companies.

Billionaire chairman Hui Ka Yan’s

strategy of debt-funded dealmak-

ing has befuddled analysts and left

Evergrande with a credit rating that

is among the lowest of large Chinese

developers. Moody’s Investor’s Ser-

vice, which in January cut the com-

pany’s notes to a “high risk” rank

of B3, in July reiterated its negative

outlook, citing high leverage.

The earnings report on Aug 30

may do little to allay concerns about

its balance sheet, with debt soaring

28% to RMB381.3 billion ($77.87

billion) in the first half and inter-

est payments tripling. The devel-

oper says it will also work on ex-

panding its landbank in the second

half to meet sales targets, and pur-

sue “cost-effective” ways to add to

projects, such as mergers and ac-

quisitions.

Aggressive approach“Growth wouldn’t have been as high

had Evergrande not been aggressive

in the last two years,” CEO Xia Ha-

ijun told reporters in Hong Kong on

Aug 30, referring to the company’s

purchases of sites for its landbank.

“We would have missed out.”

Evergrande shares slumped 6.9%

to HK$5.36 in Hong Kong trading on

Aug 31, the most since June 20. The

stock has declined 21% this year, com-

pared with an 11% increase in the

Hang Seng Properties Index.

The Guangzhou-based develop-

er’s core profit, or profit excluding

property revaluations and foreign-ex-

change losses, fell 23% to RMB7.8

billion in the first half, from RMB10.2

billion a year earlier, according to a

statement to the Hong Kong stock

exchange on Aug 30. Marketing costs

jumped more than 51% as the com-

pany said it embarked on nationwide

“brand publicity activities”.

The higher costs were offset by

surging property sales, with contract-

ed sales jumping 63% to RMB141.8

billion. The developer has pledged to

exceed its RMB300 billion target for

pre-sales contracts this year, a goal

that is the highest among mainland

builders amid a turnaround in Chi-

na’s housing market.

Evergrande’s total borrowings

jumped, with long-term debt surging

51%. Leverage would be even high-

er if the company’s perpetual notes

were counted as debt rather than eq-

uity — with the amount of notes on

issue rising to RMB116 billion from

RMB75.7 billion at end-2015, accord-

ing to the filing.

Perpetual notes, which are bonds

with no maturity dates, are usually

booked as equity on company bal-

ance sheets.

“Despite strong sales, the re-

sults were poor in our view, and

Evergrande’s balance sheet remains

stretched,” Alan Jin, a Hong Kong-

based analyst at Mizuho Securities

Asia, wrote in an Aug 31 note. The

perpetual notes are “essentially debt

in our view”, he says.

Including the perpetual notes, net

gearing rises to 432%, which will

harm shareholder returns, Eric Zhang,

a Beijing-based analyst at China In-

ternational Capital, wrote in a note

published on Aug 31. The jump in

perpetual notes put a “significant”

burden on profitability, he says.

Cash-is-king strategyThe developer pledged to lower its net

debt ratio and stabilise its net profit

margin, citing what it calls a “cash

is king” strategy, by collecting more

cash from sales to roll over borrow-

ings if needed. CEO Xia attributes

Evergrande’s cash balance of more

than RMB210 billion to its ability

to collect more from pre-sales. Chi-

nese developers typically begin sell-

ing properties while they are under

construction and book profits upon

completion.

Last year, Evergrande agreed to

buy RMB13.5 billion of assets, mostly

in mainland China, from New World

China Land, as well as the Mass Mu-

tual Tower in Hong Kong for HK$12.5

billion ($2.2 billion), a record for a

commercial building in the city.

The firm in April agreed to buy

shares in Shengjing Bank and Chi-

na Calxon Group, before amassing

its stake in Vanke. Projects bought

from Hong Kong developers made a

“huge” contribution in the first half,

and the investment in Vanke has al-

ready generated returns on paper,

Xia says.

“About how to invest in Vanke, we

have a clear mind,” Xia says, declin-

ing to elaborate, saying that details

would constitute inside information.

— Bloomberg LP

Evergrande shopping spreeto continue even as debt soars

E

E

Kong, where the group has more than

US$1 billion ($1.36 billion) in assets un-

der management.

“At the time, the principals of the pri-

vate-equity firm wanted to diversify out of

Hong Kong and allocate funds to Southeast

Asia,” recounts Gwee.

Joining forcesThat was when Gwee thought of Stanley

Yeo, ZACD’s founder, who obtained a fund

management licence from the Monetary

Authority of Singapore in 2011. Yeo and

his wife Kain Sim, who are also co-found-

ers of real-estate agency SLP Internation-

al, have been personal friends with Gwee

for the past 17 years. “We go back a long

way,” Gwee says.

He remembers the couple when they

first started SLP as a real-estate agency

that specialised in the industrial space.

At the time, SLP’s office was in an old

industrial building in Bukit Batok and it

had just half a dozen agents. “They were

thinking and strategising how to sell 10

industrial units each month just to make

ends meet,” he recounts.

Back in 2001, banks were reluctant to

provide financing for strata industrial pur-

chases. Gwee was only in his early 20s and

the youngest branch manager at an interna-

tional consumer bank. According to Gwee,

he was one of the first to convince his bank

to offer loans to SLP’s clients. The next few

weekends, Gwee, together with his col-

leagues and the agents, went to Bukit Ba-

tok, Woodlands and even Ubi to distribute

flyers of the industrial properties that SLP

was marketing. “You have to work like that

if you want to get results,” he says. “It’s the

classic case of having the banker and real-

tor joined at the hip to achieve success.”

That marked the first of many collabo-

rations between SLP and Gwee. Over the

years, Gwee also saw how the SLP found-

ers progressed as their business grew. Yeo

used to drive an old Toyota Harrier that

kept breaking down. He then upgraded to

a newer model and now drives a Porsche

Cayenne. The couple, who initially lived

in an HDB flat in Bukit Batok, upsized to

a private condo and then a landed home.

Streamlining ZACD ZACD was initially set up as an education-

al fund for Yeo and Sim’s two sons, Zach-

ary and Darius. It started with $165,000

in 2005. Today, it is worth $75 million.

Over the years, ZACD has also launched

33 private-equity real-estate funds. Many

had initially started as club deals among

friends investing primarily in develop-

ment projects. However, the investments

involved became so large that ZACD ap-

plied for, and obtained, a fund manage-

ment licence in 2011.

The group also successfully raised $280

million for its Asia Pacific Real Estate Op-

portunistic (ARO) Fund Series II. The fund

has made several offers for properties such

as a prime condominium block and data

centres in Singapore.

Gwee’s vision is to position ZACD as an

investment firm and integrated service pro-

vider that offers financial and real-estate

agency services. “Imagine a bank and a ma-

jor property agency as one entity,” he says.

He is also working hard to transform ZACD

from a traditional SME into a corporation

with proper systems in place, with an eye

towards a public listing. “A lot of changes

have taken place,” says Gwee, who has been

instrumental in introducing the changes.

ZACD Group will be streamlined into

different businesses — ZACD Posh (for

Property One-Stop Haven), ZACD Financial

Services and the new ZACD Real Wealth

Academy, which offers a 10-day master-

class in all aspects of investing.

“Everything I’ve been doing since I came

on board in October has been in my blue-

print after six months of due diligence in the

company,” says Gwee. And that includes the

pop-up stores in China, he adds.

Page 12: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

EP10 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

| BY CECILIA CHOW |

Giant developer Capita-

Land launched its land-

ed housing project, Vic-

toria Park Villas, on Sept

1. Since private previews

began in the third week of July, sev-

en semi-detached houses have been

sold. Prices of the units sold ranged

from $4.35 million ($2,003 psf) to

$4.9 million ($1,932 psf), according

to caveats lodged with URA Realis.

Construction is now at an ad-

vanced stage, with the project sched-

uled for completion at end-2018.

Victoria Park Villas contains 106

semi-detached houses and three

bungalows sitting on a sprawling

403,012 sq ft site. The project also

has a Victoria Park address, with

a brand-new road exclusive to the

development: Victoria Park Grove.

Nestled in GCB estateThe appeal of Victoria Park Villas

is that it is located in a Good Class

Bungalow estate in prime District

10. The last transaction of a GCB in

the posh Victoria Park estate was a

fortnight ago, when a property at

Victoria Park Close was sold for $19

million, or less than $1,000 psf, as

part of an estate sale. The price is

below $1,000 psf because the GCB

is located on a downward slope, ac-

cording to property agents.

Prior to the recent transaction, the

last GCB that changed hands in Vic-

toria Park was five years ago, when

a property sitting on a 32,077 sq ft

freehold plot sold for $48 million

($1,496 psf), according to a caveat

lodged in November 2011.

“It’s very rare to have a new land-

ed housing development located

within an established GCB neigh-

bourhood in a prime location,” says

Mok Wei Wei, managing director of

W Architects and master planner for

Victoria Park Villas.

Another attraction of the de-

velopment to young families is its

proximity to top schools such as

Nanyang Kindergarten, Nanyang

Primary School, Raffles Girls’ Pri-

mary School, Hwa Chong Institu-

tion, Nanyang Girls’ High School

and National Junior College. The

property is also relatively near two

MRT stations: Farrer Road MRT sta-

tion on Farrer Road and Tan Kah Kee

MRT station on Bukit Timah Road.

Rare sale of siteCapitaLand paid $366 million for

the 99-year leasehold land parcel in

June 2013. The purchase price trans-

lated to $908.17 psf, which analysts

had considered “a bullish bid” then.

However, Victoria Park Villas is

built on “the only prime landed resi-

dential site to be awarded under the

Government Land Sales programme

since 1996”, says Wen Khai Meng,

CEO of CapitaLand Singapore. “Vic-

toria Park Villas presents a keenly

awaited opportunity for homebuyers

to own a brand-new home in one

of the most sought-after addresses

in Singapore.”

The last site that was sold in 1996

has since been developed into Kings-

ville, comprising 106 semi-detached

houses, by listed property group Tuan

Sing Holdings. Launched for sale in

1997 and completed in 1999, Kings-

ville is located on King’s Drive and

adjacent to Nanyang Primary School.

The most recent transaction at

Kingsville was a semi-detached house

sitting on a land site of 2,756 sq ft

that changed hands for $3.85 mil-

lion ($1,395 psf) in May. The pro-

ject has 79 years left on its original

102-year lease from 1996.

As the property at Kingsville was

built 17 years ago, however, owners

who want to tear down and rebuild

it would have to spend an additional

$1 million, says Samuel Eyo, manag-

ing director of Singapore Christie’s

International Real Estate. “Given

the shorter lease and the fact that

a buyer will have to cough up more

on renovating the existing house,

some owners may prefer to buy a

new property instead, especially if

they don’t want the hassle of deal-

ing with contractors.”

Old freehold versus new leaseholdThere is a premium for freehold

tenure in the neighbourhood. The

most recent transaction of a freehold

semi-detached house in the area was

a property sitting on a 3,832 sq ft

site on Princess of Wales Road. The

semi-detached house, built in 1981,

was sold for $5.2 million ($1,358

psf), according to a caveat lodged in

July. On Coronation Road, a freehold

detached house sitting on a 4,295

sq ft site was sold for $6.2 million

($1,444 psf) in June, according to a

caveat lodged with URA Realis. The

house was built 16 years ago. Once

again, the buyers will have to spend

another $1 million to $2 million to

redevelop the existing old proper-

ty, says Eyo.

“Victoria Park Villas will appeal to

those who may not yet have a $6 mil-

lion budget, but want an entry-level

product in a premium address near

Nanyang Kindergarten and Prima-

ry School,” he adds. “If they want

something brand-new that they can

move into as soon as it’s complet-

ed, that’s the only choice current-

ly available in the neighbourhood.”

Buying a semi-detached house

at Victoria Park Villas will also save

the owners the hassle of having to

renovate. “The beauty of a new de-

velopment is that all the houses will

be completed at the same time in

2018,” says a CapitaLand spokes-

woman. “This is unlike buying a

house in the resale market, where

you could be living next to a con-

struction site for the next two to

three years if a neighbour decides

to tear down and rebuild his home.”

Living room with garden viewThe typical semi-detached hous-

es within Victoria Park Villas are

called “garden villas” and number

100. They have built-up areas rang-

ing from 4,165 to 5,285 sq ft and

occupy land sites of 2,153 to 3,115

sq ft. Prices are from $4.4 million

to $5.9 million.

There are also six “pool villas”

— semi-detached houses sitting on

larger corner lots of 2,960 to 3,835

sq ft, with built-up areas of 6,082

to 6,943 sq ft. The pool villas come

with a 15m lap pool, and are priced

from $6.3 million to $7.6 million.

Each semi-detached house at Vic-

toria Park Villas comprises four lev-

els, including the basement and attic.

The houses have four en suite bed-

rooms, including the master suite.

There is also a maid’s en suite bed-

room in the basement, adjacent to

a room that is ideal as a fifth bed-

room or granny suite. Each house

will come with basement parking

for at least two cars.

The houses will be handed over

to their owners as fully fitted units,

complete with smart home and se-

curity system as well as a home lift.

The main doors and gates leading

into each house has digital locks that

PROPERTY PROFILE

Scale model of the 109-unit Victoria Park Villas, with Mok Wei Wei of W Architects as master planner and the houses designed by AR43, HYLA and Studio Wills+Architects

Living room of the Pool Villa show unit, which has a 3m ceiling height

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Prime semi-detached houses at Victoria Park Villas priced from $4.4 mil

Page 13: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP11

PROPERTY PROFILE

The fully fitted dry kitchen and adjoining wet kitchen will feature high-end cabinetry and appliances The basement garage of each house can fit at least two cars

The basement of the semi-detached houses can be used as a fifth bedroom or family room

The roof terrace of the attic of the Pool Villa, with a view of the surrounding greenery

All the master suites can fit a king-sized bed comfortably

Exterior of a Garden Villa, which has an average built-up area of 4,500 sq ft andoccupies a land site of about 2,200 sq ft at Victoria Park Villas

Unobstructed view of the garden from the dry kitchen, and dining and living rooms of a typical Garden Villa

E

can be controlled remotely. All the

lights and air-conditioning units can

also be controlled remotely.

The layout of the houses varies,

with some offering a split-level liv-

ing and dining area and others de-

signed as a great room, with the liv-

ing and dining areas, and wet and

dry kitchens on the same level. All

houses will have a living room open-

ing onto a private patio and garden.

“This is a plus point for homeown-

ers at Victoria Park Villas,” says W

Architects’ Mok. “Instead of looking

at the cars in the car porch — which

is the view from the living room of

most typical landed houses — you

will have a view of the garden from

the living room of your villa.”

With a garage in the basement,

there will also be no complaints

about car headlights pointing into

the living room, which some land-

ed home owners are very particular

about, adds Mok.

‘Organic feel’As the masterplan architect, Mok

collaborated with three other archi-

tects to design the houses. They were

AR43, HYLA Architects and Studio

Wills+Architects. HYLA designed

the houses on the outer ring; AR43

designed the houses located in the

island cluster, including one of the

bungalows; and Studio Wills de-

signed two of the bungalows.

“Having several architects de-

sign this development provides va-

riety and gives the whole estate an

organic feel instead of a uniform

look,” says Mok.

The bungalows designed by Stu-

dio Wills cater for extended families,

and yet give them the flexibility to

live independently. They therefore

contain two living rooms and two

separate kitchens. The three bunga-

lows or detached houses sit on land

sizes of 5,696 to 6,551 sq ft. They

have built-up areas of 10,904 to 11,539

sq ft. Prices of the bungalows are

$11 million to $12 million.

CapitaLand has also included a

park within the development. When

the project is completed, the park

will be handed over to be managed

by the National Parks Board.

Elevated site, wide internal road accessOne of the challenges of the site was

its hilly terrain. “We had to cut the

earth so that the gradient of the in-

ternal road [Victoria Park Grove]

would not be too steep,” explains

Mok. As the basement garage of each

house is at street level, the houses

are thus elevated above street level

and enjoy views of greenery from

the upper levels.

The hilly terrain has also proven

to be an advantage, as Victoria Park

Villas is perched on higher ground

relative to the neighbouring hous-

es in the Victoria Park GCB estate.

Victoria Park Grove is also de-

signed according to the Land Trans-

port Authority’s latest requirement

for a wider road of 15.4m in landed

housing estates. This allows cars to

be parked by the roadside without

obstructing traffic, a problem prev-

alent in older housing estates, says

Mok. When homeowners entertain,

their guests can also park on the

side of the road without inconven-

iencing neighbours.

The buyers of Victoria Park Vil-

las are Singaporeans, with a good

mix of young families who want to

be near top schools, as well as par-

ents in their late 40s or 50s who live

in landed houses in the neighbour-

hood and are buying a unit for their

children, according to a CapitaLand

spokeswoman.

Page 14: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

EP12 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

The Singapore office leasing market has

remained challenging, although it is

by no means inactive despite fickle

demand. There has been a flurry of

activity involving large-space users

committing to space in the new schemes, but

the net absorption has been minimal. Some

of the big moves came as no surprise, with

Bank of Tokyo Mitsubishi moving from Re-

public Plaza to take up 150,000 sq ft at Mari-

na One; Mitsui and Co moving from 80 Rob-

inson Road and committing to 80,000 sq ft at

Asia Square; and PwC relocating from PWC

Building to to a 180,000 sq ft space at Mari-

na One East Tower. All three companies have

been in their current buildings for over 15

years. Word on the street is that Bank Julius

Baer & Co is moving from Asia Square and

will be taking up 100,000 sq ft at Marina One.

The time is ripe for many other large-space

users to upgrade or right-size, and there are

quite a few players in this category that will

be aware that the opportunities to move into

new schemes after 2018 will be more limited.

Impact of major voids from relocationsRental rates — which are already 20% off

their peak in March 2015 — continue to sof-

ten, but at a slower pace than seen in 4Q2015

and 1Q2016. The leasing market continues

to be fragile, with many landlords managing

to convince their tenants to stay by lowering

renewal rates still further. The full impact of

the major voids that will appear next year as

a result of relocations has not filtered through

yet, but will increase in severity come 2017.

The most expensive office buildings are

now commanding effective monthly rates of

$10.50 to $11 psf for the smaller units. Large-

space users that are focusing on the new

schemes are targeting average effective rents

of $8 to $9 psf. The Tanjong Pagar area still

offers the best value for money, with many

quality options available at between $6.25

and $7.50 psf.

Demand over the last six months has been

patchy, with various industries seeing mixed

fortunes, but the new office schemes contin-

ue to attract the most interest. The top end of

the market in general has performed surpris-

ingly well, with healthy activity in the prime

districts. The global economic slowdown has

not led to any mass exodus of companies to

lower-cost centres, although the oil and gas

(O&G) sector has suffered more than most.

Some large-space users in this field have moved

operations to Kuala Lumpur. They include PGS

(from Triple One Somerset), Subsea 7 (from

PSA Building) and SapuraKencana Drilling

(from Keppel Towers).

Surge in co-working spacesAn interesting development in the office mar-

ket has been the surge in new business centres

and co-working spaces. Some landlords are de-

veloping their own business centres. They in-

clude Keppel Land, which has launched Work-

space at Keppel Towers, and OUE Downtown,

which plans to provide 20,000 sq ft for such use.

Co-working space operator Collective Works

has expanded to add a whole floor at Capital

Tower (20,000 sq ft, in a joint venture with

CapitaLand). They also plan to open another

large centre elsewhere in 1Q2017. Collision 8

has opened a workspace centre on High Street

and The Great Room has taken up 15,000 sq

ft at One George Street.

These co-working centres are not just restrict-

ed to conventional office space. The Executive

Centre is opening a centre in the penthouse of

three combined shophouses on Circular Road,

Boat Quay. Some operators even lease entire

buildings — Regus’ Spaces City Hall will be

taking up the entire Cosmic In-

surance Building at 410 North

Bridge Road.

Raffles Place, New Downtown continueto be popular Raffles Place is still a popular

location. New tenants at One

Raffles Place include corpo-

rate services consultant Vistra

Group, O&G recruitment con-

sultants Airswift Holdings Ltd

and Greenhill Cogent, an advisory firm that

focuses on the secondary market for alterna-

tive assets. Republic Plaza I & II have been

attracting new tenants such as RHT Corpo-

rate Advisory, Korean Registry of Shipping

and global derivatives exchange organisa-

tion Eurex Exchange. UOB Plaza has leased

space to CSSC Energy, Winson Oil and Sym-

phony Financial.

Special Metals Pacific is moving from Clif-

ford Centre to Singapore Land Tower and

accounting firm Foo Kon Tan has moved into

Clifford Centre, leasing some 13,000 sq ft.

Private-equity firm Warburg Pincus has moved

into OUE Bayfront and other new tenants here

include TRI Energy and Qiao Jian Corp. Fund

management company Squarepoint Operations

and automotive firm Jaguar/Land Rover have

taken space in CapitaGreen.

The new Downtown at Ma-

rina Bay has been another

sought-after location. Mitsui &

Co is not the only one that re-

cently moved to Asia Square.

Corporate and financial services

provider Citco Gateway, luxury

sports car manufacturer Aston

Martin Lagonda, investment

holding company Leader En-

ergy, China Fortune Land De-

velopment’s CFLD Investment

and Spanish natural gas utili-

ties company Gas Natural Fenosa are all new

tenants at Asia Square.

A wide variety of smaller units at Asia Square

that were given up by Lloyds of London were

quickly snapped up by companies such as al-

ternative investment management firm PAG In-

vestment Advisors; ex-Barclays trust unit Zedra

Trust Co; tech provider for the utilities and en-

ergy industry Trilliant Holdings Inc; research

agency Milken Institute Asia; and Japan-based

The Iyo Bank. Marina Bay Financial Centre

has also been in demand, with Cathay United

Bank, Netflix, NN Investment, Linde Gas Asia

and Rongsheng Petrochemical moving in. The

leasing of Marina One is now in full swing and

already over 500,000 sq ft in this scheme have

been committed, with Daiwa Singapore, PwC

and Bank of Tokyo Mitsubishi being the first

major tenants.

Tanjong Pagar, Shenton Waymost competitive locationsThe Tanjong Pagar and Shenton Way area re-

mains one of the most competitive CBD loca-

tions and Guoco Tower offers the best combi-

nation of quality and value for money. New

tenants to secure space in this scheme include IT

group Amadeus — 36,000 sq ft (from Parkview

Square); analytics software provider SAS Institute

(moving from Twenty Anson); insurance giant

Prudential Assurance, which is said to be leas-

ing 90,000 sq ft in the development; and hotel

booking company Agoda, which is lined up to

take up 22,000 sq ft. Hubspot and Taiyo Inter-

national have taken space in Mapletree Anson

and Twenty Anson respectively. Pacific Inter-

national Line’s Singapore container line oper-

ator Mariana Shipping has taken a floor at GB

Building. NYSE-listed application network and

security provider A10 Networks has leased space

at Tokio Marine Centre, while fastening and

architectural products manufacturer YKK Asia

Pacific has leased a floor at OUE Downtown 1.

Beyond CBD coreOrchard Road has been relatively quiet be-

cause of a lack of supply. Halycon Agri Com-

modities has moved into Haw Par Centre

from Raffles City Tower, and Broad Peak In-

vestment Advisors into Visioncrest Commer-

cial on Penang Road.

Beach Road/Marina Bay has also been rel-

atively subdued. Edelman Public Relations

has leased space at Beach Centre. PV Oil has

moved from Winsland House on Killiney Road

to South Beach Tower. New tenants at Suntec

City include marine logistics company Sino-

chem Shipping, bunker supplier Ocean Ener-

gy and wealth management group Thirdrock

ISSEA Advisers. Many of Suntec’s tenants have

also expanded within the scheme.

CBD fringeJust outside the CBD, the Harbourfront and

Alexandra Road neighbourhood has been the

most active. Coca-Cola has leased 13,000 sq

ft at Keppel Bay Tower and Huadian Natural

Gas has also leased space in the same build-

ing. Fragrance Empire Building (former NOL

Building) has proved popular with logistics

companies, and new tenants here include Air

France/KLM Cargo, APL Logistics, Star Con-

cord and engineering design firm BMT Asia.

PROPERTY TAKE

Summary of offi ce developments: 2016-2018

DEVELOPMENT LOCATION ESTIMATED SIZE (SQ FT) COMPLETION DATE

Beach Centre Beach Road 90,000 June 2016SBF Centre Robinson Road 250,000 July 2016Guoco Tower Tanjong Pagar 900,000 August 2016Crown @ Robinson Robinson Road 68,000 September 2016DUO Tower Beach Road 568,000 October 2016GSH Plaza Cecil Street 250,000 December 2016Marina One New Downtown 1,800,000 December 2016Vision Exchange Jurong East 475,000 January 20175 Shenton Way/UIC Shenton Way 276,000 March 2017Oxley Tower Robinson Road 130,000 June 2017Frasers Tower Cecil Street 690,000 December 2017Robinson Tower Robinson Road 195,000 March 2018Paya Lebar Quarter Paya Lebar 1,000,000 June 2018Woodlands Square Woodlands 630,000 TBC

CORP

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The Tanjong Pagar and Shenton Way area remains one of the most competitive CBD locations

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Office market ins and outs

| BY DOUGLAS DUNKERLEY |

Page 15: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP13

Supply Supply continues to be very healthy, which

means ample choice in all locations for ten-

ants. Most of the shadow space has either been

leased out or, where leases have expired, is no

longer available for sub-let. Activity has picked

up at new schemes, and there is still a wide

variety of units to choose from. However, Ma-

rina One is more suited for large-space users

who require more than 9,000 sq ft, whereas

Guoco Tower can be more flexible and cater

for sizes from 3,000 sq ft upwards. At DUO

Tower on Beach Road, rental rates have been

adjusted recently to be more competitive and

that should attract renewed interest.

In Raffles Place, the buildings with the

widest choice of units include One Raffles

Place Towers One and Two, Bank of Singa-

pore Centre at 63 Market Street, 20 Collyer

Quay (formerly Tung Centre) and One George

Street. Next year, significant space will be-

come available at Republic Plaza.

In the New Downtown area, MBFC Towers

1 and 2 are full and there is only limited space

at Tower 3. One Raffles Quay North Tower is

nearly full, but South Tower still has the space

formerly occupied by the Royal Bank of Scot-

land. There is plenty of space available at Asia

Square and, of course, Marina One will soon

be ready to take in tenants.

In the Shenton Way/Robinson Road neigh-

bourhood, OUE Downtown 2 and Robinson

77 have the most space available. Next year,

80 Robinson Road will have a large void to fill

after Mitsui & Co moves out, and Five Shen-

ton Way will be coming on stream in 1Q2017.

In Tanjong Pagar, AXA Tower still has a sub-

stantial amount of space available. Elsewhere,

Fuji Xerox Tower has a large variety of small

units available, but it is Keppel Towers and Tow-

er Fifteen that have the most space available, al-

though their long-term future remains uncertain.

In the Beach Road/Marina Bay/City area,

Suntec City is enjoying a relatively high oc-

cupancy rate, and Millennia Tower is near-

ly full. However, there is significant space in

Centennial Tower; and on Beach Road, a va-

riety of buildings with good space are availa-

ble, including Beach Centre, The Concourse

and The Gateway East, all of which will be

competing with DUO Tower in this district.

DEAL WATCH

Guoco Tower offers the best combination of quality and value for money in the Tanjong Pagar and Shenton Way area

Five Shenton Way will be coming on stream in 1Q2017

At DUO Tower on Beach Road, rental rates have been adjusted recently to be more competitive, which should attract renewed interest

SOHO unit at Lumiere for under $1 mil| BY TAN CHEE YUEN |

A 624 sq ft SOHO unit at the 45-sto-

rey Lumiere in Tanjong Pagar

is on the market for $998,000

($1,599 psf), according to a listing

on TheEdgeProperty.com.

The unit is currently leased to a fi-

nance professional who has been liv-

ing there for the past four years, says

Laura Moo, a marketing agent with

PropNex Realty who is handling the

sale. The monthly rent for the unit is

$3,800, which translates into a gross

rental yield of 4.6%, based on the

asking price. “This is an attractive

yield in the current market,” she adds.

The SOHO unit contains one bed-

room and a study, and is a corner unit

located on a high floor. “The proper-

ty comes with a balcony, which of-

fers great sea views,” says Moo. “The

unit is bright and breezy.”

Developed by niche developer

BS Capital, Lumiere is a 168-unit

SOHO tower and a redevelopment

of the former HMC Centre on Mis-

tri Road. It is a 99-year leasehold

development in the Tanjong Pa-

gar area. The property is located

Historical transactions at Lumiere since 2014

Rental contracts for 600 to 700 sq ft units for the past three months

*Low floors: L1 to L7, Mid floors: L8 to L15, High floors: L16 & above

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

June 3, 2016 Mid 678 950,000 1,401

May 12, 2015 High 678 1,180,000 1,740

June 20, 2014 High 646 1,060,000 1,641

May 5, 2014 Mid 678 1,132,260 1,670

LEASE DATE MONTHLY RENT ($) ($ PSF)

August 2016 3,000 4.60 August 2016 3,300 5.10 July 2016 3,500 5.40 July 2016 3,400 5.20 June 2016 3,400 5.20 June 2016 2,800 4.30 June 2016 3,400 5.20 June 2016 3,000 4.60 June 2016 3,000 4.60 June 2016 3,000 4.60 June 2016 3,300 5.10

TABL

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just off Shenton Way and across

the road from MAS Building and

Springleaf Tower, which has an un-

derground link to the Tanjong Pa-

gar MRT station.

Completed in 2010, Lumiere com-

prises studio units of 506 to 560 sq

ft; one-bedroom-plus-study units of

624 to 710 sq ft; and two-bedders of

969 to 1,268 sq ft. There have been

very few transactions at the develop-

ment, with only one unit changing

hands so far this year. A 678 sq ft unit

on the 10th floor fetched $950,000

($1,401 psf), according to a caveat

lodged on June 3. Last year, another

678 sq ft unit was sold for $1.18 mil-

lion ($1,740 psf) on May 12.

The last time a 624 sq ft SOHO

unit was sold at Lumiere was in May

2010, and it fetched $1.09 million

($1,749 psf).

For more information, call market-

ing agent Laura Moo at 9880 7720.

Scan the QR code

for value deals at

Lumiere

As TheEdgeProperty.com is not party

to the contract between the client and

agent, it is unable to verify informa-

tion provided by the agent

Developed by niche developer BS Capital, Lumiere is a 168-unit, freehold SOHO tower that was completed in 2012

SAM

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PROPERTY TAKE

OutlookRental rates are expected to soften for at least

another 18 months and may begin to bot-

tom out at the end of 2017/early 2018. With-

in the next two years, there will still be more

high-quality schemes coming on stream, in-

cluding Frasers Tower (about 690,000 sq ft)

and Robinson Tower (about 195,000 sq ft)

within the CBD, as well as Paya Lebar Quar-

ter (close to one million sq ft) at Paya Lebar

Central, outside the CBD. The upcoming sup-

ply will ensure that the Singapore office market

remain very competitive compared with other

financial hubs in the region, and therefore stay

attractive to new enterprises as well as those

looking to expand their regional offices here.

Over the next 12 months, we expect rates

to fall by around 10%. But the rate of decline

could begin to slow by end-2017.

Douglas Dunkerley is the founder and group

managing director of Corporate Locations, spe-

cialists in office leasing

E

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Page 16: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

EP14 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

ARCHITECTURE & DESIGN

Skeleton stairs, lots of light and blurring boundaries are just some of the latest exciting design elements of 21st-century landed homes

Refined-edgyGritty urban décor can be both

funky and family friendly. The

owner of this house in Jalan

Chempedak decided to hon-

our his heroes while injecting

a dose of industrial grit into

its interior.

Cement screed floors, white

brick walls, Moroccan carpets,

unpolished wood furniture and

a lush vertical garden make a

compelling mix.

There is a sense of mystery

created by the different levels,

air-well and lighting. Sunshine

streams in and invites you to

explore.

Roughed-out textures like unpolished wood and brass furniture, coupled with whimsy portraits, give a refined, industrial look. Design: Architology

In modern architecture, the original staircase design has become part of the home’s whole décor. Design: LU+C Studio

State-of-the-art staircaseWhen there isn’t much space to spare,

everything has to be well thought through.

As such, even the staircase has become an

important architectural element in home

design. Floating staircases such as this

create a simple and chic look while their

minimalist structure and shape give them

character.

Sylvia Ong is a writer at Qanvast.com, a ren-

ovation and interior design portal

The pool and spiral staircase transform this recreation area into a work of art. Design: HYLA

Water feature Instead of a pond, Singapo-

rean homeowners are mak-

ing the most of their narrow

yards and opting for a lap

pool that runs the length of

the house and also functions

as a water feature.

To maximise the living and

recreation area, this home-

owner built a swimming pool

on the ground floor, along

with an entertaining area.

The rest of the home is sit-

uated from the second floor

onwards.

A tall tree adds height and drama to a room, and works well in awkward corners and tiny balconies. Design: LATO

Organic lifestyleWe all know that plants add

colour and life to a room. Like

artwork and furniture, they

are versatile and can make a

powerful design statement.

While a well-manicured

lawn, or a wall of ferns in

the garden or air-well is a

common sight, this home in

Jalan Mariam takes it to an-

other level by placing a tree

in the bedroom.

A large, well-developed

tree adds height and dra-

ma to a room. It works well

in awkward corners or tiny

balconies where nothing

else fits.

Striking design

| BY SYLVIA ONG |

As land becomes increasingly scarce

in Singapore, there has been a sig-

nificant change in the design of lo-

cal landed homes. It’s a change that

seems to make its occupants happier.

Perhaps it’s the floor-to-ceiling windows that let

in the sunshine, or the feeling of liberation af-

forded by open concept homes with space that

stretches from foyer to living room to kitchen

and backyard unimpeded by walls and doors.

Yes, there is something alluring about

modern, fluid design, which doesn’t just

challenge conventional architecture, but nudg-

es you to think differently about how you

want to live.

The four state-of-the-art properties featured

on this page will have you viewing landed liv-

ing in a whole new light — literally.

E

Page 17: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP15

Residential transactions with contracts dated Aug 16 to 23

URA

, THE

EDG

E PR

OPE

RTY

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

NON-LANDED

1 The Edge On Cairnhill 9 3,175 18-Aug-16 1,575 25-Apr-02 1,137 1,390,000 39 2 14.3 2 Valley Park 10 1,701 23-Aug-16 1,458 18-Dec-06 882 980,000 65 5 9.7 3 The Esta 15 1,593 18-Aug-16 1,340 23-Feb-06 733 967,430 83 6 10.5 4 Bedok Court 16 2,271 18-Aug-16 680 13-Jun-02 258 958,888 164 7 14.2 5 Cote D’Azur 15 1,389 18-Aug-16 1,239 22-Jul-02 564 937,000 120 6 14.1 6 Varsity Park Condominium 5 1,313 18-Aug-16 1,179 26-Dec-06 507 882,059 132 9 9.7 7 Hillview Heights 23 1,421 16-Aug-16 1,021 4-Jan-05 422 850,000 142 8 11.6 8 Thomson 800 11 1,625 19-Aug-16 1,077 19-Mar-99 584 801,000 84 4 17.4 9 Watermark Robertson Quay 9 947 23-Aug-16 1,689 6-Jun-05 889 757,556 90 6 11.2 10 De Royale 12 1,259 17-Aug-16 1,159 1-Mar-06 586 722,000 98 7 10.5 LANDED

1 Semi-Detached/Watten Close 11 4,004 17-Aug-16 1,687 20-Oct-99 680 4,030,000 148 6 16.8 2 Terrace/Rambai Road 15 2,885 18-Aug-16 1,066 11-Jul-05 443 1,800,000 141 8 11.1 3 Terrace/Jalan Mas Puteh 5 1,485 17-Aug-16 1,349 1-Aug-99 779 848,000 73 3 17.1 4 Terrace/Lorong Kismis 21 2,777 22-Aug-16 1,158 17-May-12 1,061 270,000 9 2 4.3 5 Semi-Detached/Jalan Lim Tai See 10 3,197 18-Aug-16 861 25-May-10 846 50,000 2 0.3 6.2

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

1 Leonie Parc View 9 2,250 19-Aug-16 2,178 20-Jun-07 3,421 2,796,392 36 5 9.2

2 OUE Twin Peaks 9 1,604 18-Aug-16 2,182 12-Sep-12 2,806 1,000,000 22 6 3.9

3 Alba 9 1,905 18-Aug-16 2,073 17-Nov-09 2,460 736,000 16 2 6.8

4 Detached/Ponggol Seventeenth Avenue 19 3,671* 17-Aug-16 526 14-Nov-07 667 520,000 21 3 8.8

5 Terrace/Kim Yam Road 9 1,625 17-Aug-16 3,272 1-Jun-11 3,562 470,000 8 2 5.2

6 Horizon Residences 5 1,475 18-Aug-16 1,390 8-Jun-11 1,674 419,180 17 4 5.2

7 Duchess Residences 10 1,464 22-Aug-16 1,571 1-Aug-07 1,833 383,512 14 2 9.1

8 The Quayside 9 1,367 18-Aug-16 1,207 19-Oct-07 1,463 350,000 18 2 8.8

9 Costa Del Sol 16 1,798 18-Aug-16 1,196 29-Apr-10 1,391 350,000 14 2 6.3

10 Three Three Robin 10 1,636 17-Aug-16 1,681 13-Dec-11 1,821 230,000 8 2 4.7

GAINS AND LOSSES

* Refers to strata area. Otherwise, area stated for landed homes refers to land area. URA caveat record downloaded on Aug 26 and 30

A 2,250 sq ft unit at Leonie Parc View was sold at a $2.8 million loss

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More District 9 sellers in the red| BY ESTHER HOON |

There were more losses than gains for

property transactions in prime District

9 in the week of Aug 16 to 23, based on

URA caveat records. Three of the hefti-

est losses incurred in the week were in

this prime district.

The biggest loss of $2.8 million was traced

to a 2,250 sq ft unit at Leonie Parc View, which

was held for nine years before it changed hands

on Aug 19 at a bargain price of $2,178 psf, the

second-lowest transacted price at this project.

The seller had purchased the unit from the

developer at $3,421 psf in June 2007, which

means an annualised loss of 5%. This marks

the biggest loss sustained at the development.

Previously, a 2,250 sq ft unit on the ninth floor

was sold at a record low of $1,978 psf in De-

cember 2015. The sale resulted in a loss of $2.2

million for the seller. The 44-unit freehold pro-

ject is located off River Valley Road and was

completed in 2009.

At OUE Twin Peaks, a 1,604 sq ft unit was

sold within four years of purchase at $2,182

psf on Aug 18. The seller, who bought the

unit from the developer in September 2012 at

$2,806 psf, incurred a $1 million loss from the

recent transaction. The sale is subject to a 4%

seller’s stamp duty, or $140,000, based on the

sale price. Including the SSD, the annualised

loss works out to be 7%. This is the biggest

loss sustained at the project so far. OUE Twin

Peaks is a 99-year leasehold condo project on

Leonie Hill Road comprising 462 units. It was

completed last year.

The smallest of the top three losses was from

the first resale transaction at Alba, for a 1,905

sq ft unit on the seventh floor. The transac-

tion resulted in a loss of $736,000 for the sell-

er, who purchased the unit from the develop-

er at $2,460 psf in November 2009 and resold

it at $2,073 psf in August. This is the lowest

price achieved at the development, apart from

a 1,862 sq ft unit that was sold for $2,068 psf

in October 2009. Alba is a 50-unit freehold de-

velopment on Cairnhill Rise that was complet-

ed last year.

Of the two landed houses sold at a loss in

the week, one was a terraced house on Kim Yam

Road in District 9. The property, which sits on a

1,629 sq ft plot, was disposed of at a $470,000

loss on Aug 17. The other unprofitable deal in-

volved a 3,671 sq ft, strata-detached house on

Punggol Avenue 17 in District 19, which was

sold at a loss of $520,000 on the same day.

Meanwhile, the only non-landed house that

fetched a profit of more than $1 million in the

week was a 3,175 sq ft unit at The Edge on

Cairnhill in District 9. The seller, who held the

unit for 14 years, gained $1.4 million from the

deal on Aug 18. Despite the massive haul, the

annualised profit works out to be only 2%. The

Edge on Cairnhill is a 46-unit freehold condo

off Scotts Road that was completed in 2002.

Separately, in District 5, a 1,313 sq ft unit at

Varsity Park Condominium fetched a profit of

$882,059, or an annualised gain of 9%, for the

seller on Aug 18. All 10 transactions at the pro-

ject this year were profitable. The most profit-

able deal was transacted in July, when a 2,293

sq ft unit changed hands for a $1.3 million prof-

it, or an annualised gain of 10%. Varsity Park

Condominium is a 99-year leasehold project

on West Coast Road comprising 530 units. The

project was completed in 2008. E

Non-profi table deals

Page 18: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

EP16 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

DONE DEALS

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

Residential transactions with contracts dated Aug 16 to 23

District 1 THE CLIFT Apartment 99 years Aug 16, 2016 495 950,000 - 1,919 2011 ResaleDistrict 2 ICON Apartment 99 years Aug 17, 2016 570 988,000 - 1,732 2007 ResaleICON Apartment 99 years Aug 18, 2016 700 1,130,000 - 1,615 2007 ResaleSPOTTISWOODE SUITES Apartment Freehold Aug 18, 2016 441 1,041,000 - 2,359 Uncompleted New SaleDistrict 3 ALEX RESIDENCES Apartment 99 years Aug 21, 2016 904 1,581,867 - 1,750 Uncompleted New SaleCENTRAL GREEN CONDOMINIUM Condominium 99 years Aug 16, 2016 764 1,038,000 - 1,358 1995 ResaleCOMMONWEALTH TOWERS Condominium 99 years Aug 20, 2016 797 1,291,600 - 1,622 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Aug 16, 2016 1,195 1,766,000 1,761,000 1,474 Uncompleted New SaleQUEENS Condominium 99 years Aug 16, 2016 1,195 1,538,000 - 1,287 2002 ResaleTHE ANCHORAGE Condominium Freehold Aug 16, 2016 1,830 1,900,000 - 1,038 1997 ResaleTHE CREST Condominium 99 years Aug 18, 2016 936 1,600,600 - 1,709 Uncompleted New SaleDistrict 4 SKYLINE RESIDENCES Condominium Freehold Aug 16, 2016 484 985,000 - 2,034 2015 ResaleTHE INTERLACE Condominium 99 years Aug 16, 2016 2,067 2,483,000 - 1,201 2013 ResaleTHE INTERLACE Condominium 99 years Aug 16, 2016 2,142 2,582,000 - 1,205 2013 ResaleTHE INTERLACE Condominium 99 years Aug 16, 2016 3,208 2,806,000 - 875 2013 ResaleTHE INTERLACE Condominium 99 years Aug 16, 2016 3,821 2,494,000 - 653 2013 ResaleTHE INTERLACE Condominium 99 years Aug 16, 2016 3,821 2,509,000 - 657 2013 ResaleTHE INTERLACE Condominium 99 years Aug 17, 2016 3,649 2,794,000 - 766 2013 ResaleTHE INTERLACE Condominium 99 years Aug 17, 2016 2,379 2,685,000 - 1,129 2013 ResaleTHE INTERLACE Condominium 99 years Aug 17, 2016 1,873 2,066,000 - 1,103 2013 ResaleTHE INTERLACE Condominium 99 years Aug 17, 2016 3,918 2,852,000 - 728 2013 ResaleTHE INTERLACE Condominium 99 years Aug 18, 2016 2,476 2,556,000 - 1,032 2013 ResaleTHE INTERLACE Condominium 99 years Aug 18, 2016 1,873 2,088,000 - 1,115 2013 ResaleTHE INTERLACE Condominium 99 years Aug 18, 2016 3,660 2,976,000 - 813 2013 ResaleTHE INTERLACE Condominium 99 years Aug 18, 2016 2,121 2,282,000 - 1,076 2013 ResaleDistrict 5 HORIZON RESIDENCES Condominium Freehold Aug 18, 2016 1,475 2,050,000 - 1,390 2014 ResalePARK WEST Condominium 99 years Aug 19, 2016 1,249 986,000 - 790 1985 ResaleJALAN MAS PUTEH Terrace Freehold Aug 17, 2016 1,485 2,008,000 - 1,349 Unknown ResaleTHE TRILINQ Condominium 99 years Aug 16, 2016 538 785,000 - 1,459 Uncompleted New SaleTHE TRILINQ Condominium 99 years Aug 17, 2016 915 1,301,000 - 1,422 Uncompleted New SaleTHE TRILINQ Condominium 99 years Aug 19, 2016 936 1,241,000 - 1,325 Uncompleted New SaleTHE TRILINQ Condominium 99 years Aug 20, 2016 1,044 1,439,000 - 1,378 Uncompleted New SaleTHE TRILINQ Condominium 99 years Aug 20, 2016 1,044 1,455,000 - 1,394 Uncompleted New SaleTHE TRILINQ Condominium 99 years Aug 20, 2016 1,044 1,447,000 - 1,386 Uncompleted New SaleTHE TRILINQ Condominium 99 years Aug 20, 2016 538 798,000 - 1,483 Uncompleted New SaleTHE TRILINQ Condominium 99 years Aug 20, 2016 538 788,000 - 1,464 Uncompleted New SaleTHE TRILINQ Condominium 99 years Aug 21, 2016 893 1,099,000 - 1,230 Uncompleted New SaleVARSITY PARK CONDOMINIUM Condominium 99 years Aug 18, 2016 1,313 1,548,000 - 1,179 2008 ResaleDistrict 8 CITYLIGHTS Condominium 99 years Aug 16, 2016 1,356 1,880,000 - 1,386 2007 ResaleTRURO ROAD Apartment Freehold Aug 23, 2016 1,141 975,000 - 855 Unknown ResaleSTURDEE RESIDENCES Condominium 99 years Aug 16, 2016 1,044 1,472,200 - 1,410 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Aug 18, 2016 657 1,080,000 - 1,645 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Aug 19, 2016 570 980,700 - 1,719 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Aug 19, 2016 570 975,700 - 1,710 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years Aug 20, 2016 657 1,105,000 - 1,683 Uncompleted New SaleDistrict 9 ALBA Apartment Freehold Aug 18, 2016 1,905 3,950,000 - 2,073 2015 Sub SaleCAIRNHILL RESIDENCES Apartment Freehold Aug 23, 2016 1,238 2,480,000 - 2,003 2009 ResaleJIA Apartment Freehold Aug 16, 2016 1,528 1,830,000 - 1,197 2011 Resale

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

One-bedders in Tanjong Pagar see renewal of interest| BY TAN CHEE YUEN |

Activity in the Tanjong Pagar neighbourhood

has picked up in recent weeks. At Icon,

considered the first inner-city apartment

development in the Tanjong Pagar area,

two units changed hands in the week of

Aug 16 to 23.

One was a 570 sq ft, one-bedroom unit on the

20th floor that fetched $988,000 ($1,732 psf), based

on a caveat lodged on Aug 17. The unit last changed

hands for $985,000 ($1,727 psf) in April 2010.

The other unit that was sold in August was a 700

sq ft, one-bedroom loft that was sold for $1.13 mil-

lion ($1,615 psf), according to a caveat lodged on

Aug 18. The unit was last purchased for $1.25 mil-

lion ($1,787 psf) in July 2012.

The 646-unit Icon, developed by one of Singa-

pore’s largest property developers, Far East Organ-

ization, was one of the best-selling residential pro-

jects when it was first launched. That was in 2003,

right after SARS, and many units were snapped up

at an average price of $650 psf. The 99-year lease-

hold condominium located on Gopeng Street and

just a short walk from the Tanjong Pagar MRT sta-

tion, was completed in 2007.

The commercial podium of the project, Icon Vil-

lage, contains many F&B outlets, retail and conven-

ience stores. Icon is close to the 100AM mall and

Amara Hotel as well as the new mall at the upcom-

ing Tanjong Pagar Centre.

At the peak of the market, a 1,119 sq ft, two-bed-

room penthouse at Icon was sold for close to $2.82

million ($2,515 psf), according to a caveat lodged

in October 2010.

The next project in the neighbourhood developed

by Far East Organization was The Clift, a 312-unit,

99-year leasehold condo on McCallum Street, just

across the road from the Amoy Street Food Centre

and a short walk from the Tanjong Pagar MRT station.

The 42-storey condo tower was completed in 2011.

The Clift has seen a revival of interest since March

this year. The most recent transaction at the project

was for a 495 sq ft, one-bedroom unit on the 11th

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Page 19: MAKE BETTER DECISIONS...MAKE BETTER DECISIONS Realtor, investor, financier, pop-up store operator Privately held ZACD is positioning itself to be an investment fi rm and integrated

THEEDGE SINGAPORE | SEPTEMBER 5, 2016 • EP17

Residential transactions with contracts dated Aug 16 to 23

LEONIE PARC VIEW Apartment Freehold Aug 19, 2016 2,250 4,900,000 - 2,178 2009 ResaleMARTIN PLACE RESIDENCES Condominium Freehold Aug 22, 2016 1,044 2,030,000 - 1,944 2011 ResaleKIM YAM ROAD Terrace 99 years Aug 17, 2016 1,625 5,300,000 - 3,272 Unknown ResaleORCHARD COURT Apartment 993 years Aug 18, 2016 1,442 2,200,000 - 1,525 Unknown ResaleOUE TWIN PEAKS Condominium 99 years Aug 16, 2016 570 1,564,540 - 2,742 2015 ResaleOUE TWIN PEAKS Condominium 99 years Aug 18, 2016 549 1,454,900 - 2,650 2015 ResaleOUE TWIN PEAKS Condominium 99 years Aug 18, 2016 1,604 3,500,000 - 2,182 2015 ResaleOUE TWIN PEAKS Condominium 99 years Aug 19, 2016 549 1,372,500 - 2,500 2015 ResaleOUE TWIN PEAKS Condominium 99 years Aug 19, 2016 1,055 2,795,800 - 2,650 2015 ResaleRIVERGATE Apartment Freehold Aug 16, 2016 1,033 2,308,000 - 2,234 2009 ResaleSOPHIA HILLS Condominium 99 years Aug 16, 2016 700 1,346,000 - 1,924 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Aug 16, 2016 710 1,387,000 - 1,952 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Aug 20, 2016 506 1,010,000 - 1,996 Uncompleted New SaleTHE EDGE ON CAIRNHILL Condominium Freehold Aug 18, 2016 3,175 5,000,000 - 1,575 2002 ResaleTHE QUAYSIDE Apartment 99 years Aug 18, 2016 1,367 1,650,000 - 1,207 1998 ResaleUE SQUARE Apartment 929 years Aug 22, 2016 1,173 1,668,000 - 1,422 1997 ResaleWATERMARK ROBERTSON QUAY Apartment Freehold Aug 23, 2016 947 1,600,000 - 1,689 2008 ResaleDistrict 10 ARDMORE THREE Condominium Freehold Aug 18, 2016 1,776 6,930,985 - 3,902 2014 ResaleARDMORE THREE Condominium Freehold Aug 22, 2016 1,776 6,474,280 - 3,645 2014 ResaleCLIFTEN Apartment Freehold Aug 17, 2016 1,066 1,645,000 - 1,544 2006 ResaleD’LEEDON Condominium 99 years Aug 16, 2016 635 1,283,000 - 2,020 2014 ResaleD’LEEDON Condominium 99 years Aug 16, 2016 1,615 2,464,000 - 1,526 2014 ResaleD’LEEDON Condominium 99 years Aug 17, 2016 1,399 2,359,000 - 1,686 2014 ResaleD’LEEDON Condominium 99 years Aug 17, 2016 1,615 2,447,000 - 1,516 2014 ResaleD’LEEDON Condominium 99 years Aug 17, 2016 1,615 2,481,000 - 1,537 2014 ResaleD’LEEDON Condominium 99 years Aug 17, 2016 786 1,482,000 - 1,886 2014 ResaleD’LEEDON Condominium 99 years Aug 17, 2016 2,271 3,035,000 - 1,336 2014 ResaleD’LEEDON Condominium 99 years Aug 17, 2016 1,744 2,471,000 - 1,417 2014 ResaleD’LEEDON Condominium 99 years Aug 17, 2016 1,615 2,498,000 - 1,547 2014 ResaleD’LEEDON Condominium 99 years Aug 18, 2016 786 1,466,000 - 1,866 2014 ResaleD’LEEDON Condominium 99 years Aug 18, 2016 1,475 2,325,000 - 1,577 2014 ResaleD’LEEDON Condominium 99 years Aug 18, 2016 786 1,500,000 - 1,909 2014 ResaleD’LEEDON Condominium 99 years Aug 18, 2016 2,260 3,083,000 - 1,364 2014 ResaleD’LEEDON Condominium 99 years Aug 18, 2016 1,582 2,325,000 - 1,469 2014 ResaleD’LEEDON Condominium 99 years Aug 18, 2016 1,539 2,259,000 - 1,468 2014 ResaleDUCHESS RESIDENCES Condominium 999 years Aug 22, 2016 1,464 2,300,000 - 1,571 2011 ResaleLEEDON RESIDENCE Condominium Freehold Aug 16, 2016 3,767 6,080,000 - 1,614 2015 New SaleLEEDON RESIDENCE Condominium Freehold Aug 16, 2016 2,486 5,250,000 - 2,111 2015 New SaleLEEDON RESIDENCE Condominium Freehold Aug 17, 2016 1,044 2,310,000 - 2,212 2015 New SaleLEEDON RESIDENCE Condominium Freehold Aug 20, 2016 4,704 9,500,000 - 2,020 2015 New SaleLEEDON RESIDENCE Condominium Freehold Aug 21, 2016 1,044 2,195,000 - 2,102 2015 New SaleLOFT@HOLLAND Apartment Freehold Aug 17, 2016 323 700,000 - 2,168 2014 ResaleMUTIARA CREST Apartment Freehold Aug 16, 2016 1,313 1,688,000 - 1,285 2000 ResaleBRIZAY PARK Detached Freehold Aug 22, 2016 29,784 33,000,000 - 1,108 1959 ResaleQUEEN’S ROAD Semi-Detached Freehold Aug 22, 2016 5,393 8,000,000 - 1,483 Unknown ResaleJALAN LIM TAI SEE Semi-Detached 99 years Aug 18, 2016 3,197 2,750,000 - 861 1993 ResaleTHE DRAYCOTT Apartment Freehold Aug 22, 2016 2,637 4,350,000 - 1,649 1980 ResaleTHREE BALMORAL Apartment Freehold Aug 18, 2016 614 1,338,000 - 2,181 2016 New SaleTHREE BALMORAL Apartment Freehold Aug 19, 2016 1,539 3,517,000 - 2,285 2016 New SaleTHREE THREE ROBIN Apartment Freehold Aug 17, 2016 1,636 2,750,000 - 1,681 2005 ResaleURBAN EDGE @ HOLLAND V Apartment Freehold Aug 22, 2016 958 1,518,888 - 1,585 2007 ResaleVALLEY PARK Condominium 999 years Aug 23, 2016 1,701 2,480,000 - 1,458 1997 ResaleDistrict 11 IRIDIUM Apartment Freehold Aug 17, 2016 764 1,225,000 - 1,603 2009 ResaleLUCIDA Apartment Freehold Aug 18, 2016 1,098 1,450,000 - 1,321 2011 ResaleWATTEN DRIVE Terrace Freehold Aug 16, 2016 3,261 4,500,000 - 1,379 Unknown ResaleGOLDHILL AVENUE Semi-Detached Freehold Aug 22, 2016 2,734 4,338,888 - 1,589 2002 ResaleTHOMSON 800 Condominium Freehold Aug 19, 2016 1,625 1,750,000 - 1,077 1999 ResaleWATTEN CLOSE Semi-Detached Freehold Aug 17, 2016 4,004 6,750,000 - 1,687 Unknown ResaleDistrict 12 ASCENT @ 456 Apartment Freehold Aug 16, 2016 753 1,200,000 - 1,593 Uncompleted New SaleDE ROYALE Condominium Freehold Aug 17, 2016 1,259 1,460,000 - 1,159 2006 ResaleST FRANCIS LODGE Apartment Freehold Aug 18, 2016 1,227 980,000 - 799 1998 ResaleTHE MEZZO Apartment Freehold Aug 19, 2016 1,625 1,650,000 - 1,015 2012 ResaleVIIO @ BALESTIER Condominium Freehold Aug 20, 2016 840 1,238,000 - 1,475 Uncompleted New SaleDistrict 13 SENNETT RESIDENCE Condominium 99 years Aug 18, 2016 1,389 1,860,000 - 1,340 2016 New SaleTHE POIZ RESIDENCES Apartment 99 years Aug 16, 2016 420 625,000 - 1,489 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Aug 16, 2016 807 1,139,000 - 1,411 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Aug 17, 2016 420 631,000 - 1,503 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Aug 20, 2016 420 634,000 - 1,510 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Aug 21, 2016 538 783,000 - 1,455 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Aug 20, 2016 1,130 1,550,850 - 1,372 Uncompleted New SaleDistrict 14 CANNE LODGE Apartment Freehold Aug 17, 2016 1,421 1,280,000 - 901 1995 ResaleSIMS URBAN OASIS Condominium 99 years Aug 20, 2016 1,033 1,399,744 - 1,355 Uncompleted New SaleTREASURES@G6 Apartment Freehold Aug 17, 2016 452 620,000 - 1,371 Uncompleted New SaleWATERBANK AT DAKOTA Condominium 99 years Aug 17, 2016 1,173 1,700,000 - 1,449 2013 ResaleWATERBANK AT DAKOTA Condominium 99 years Aug 23, 2016 624 1,100,000 - 1,762 2013 ResaleDistrict 15 COSTA RHU Condominium 99 years Aug 22, 2016 1,442 1,264,000 - 876 1997 ResaleCOTE D’AZUR Condominium 99 years Aug 18, 2016 1,389 1,720,000 - 1,239 2004 ResaleEASTERN LAGOON Condominium Freehold Aug 22, 2016 1,378 1,420,000 - 1,031 1985 ResaleHAIG COURT Condominium Freehold Aug 16, 2016 1,399 1,800,008 - 1,286 2004 ResaleMANDARIN GARDEN CONDOMINIUM Condominium 99 years Aug 19, 2016 732 765,000 - 1,045 1986 ResaleJALAN TUA KONG Terrace Freehold Aug 18, 2016 1,539 1,616,300 - 1,047 Unknown ResaleRAMBAI ROAD Terrace Freehold Aug 18, 2016 2,885 3,080,000 - 1,066 1999 ResaleONE FORT Condominium Freehold Aug 19, 2016 1,055 1,265,000 - 1,199 2005 ResalePARADISE PALMS Apartment Freehold Aug 23, 2016 1,184 1,338,000 - 1,130 2002 ResalePEBBLE BAY Condominium 99 years Aug 18, 2016 1,378 1,680,000 - 1,219 1997 ResaleSANCTUARY GREEN Condominium 99 years Aug 16, 2016 1,302 1,500,000 - 1,152 2004 Resale

DONE DEALS

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

In August, a 570 sq ft, one-bedroom unit at Icon was sold for $988,000 ($1,732 psf), while a 700 sq ft, one-bedroom loft was sold for $1.13 million ($1,615 psf)

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floor that was sold for $950,000 ($1,919 psf), accord-

ing to a caveat lodged on Aug 16. The same unit was

last sold for $888,000 ($1,793 psf) six years ago.

In September 2012, a 1,076 sq ft, two-bedroom

loft fetched $3.32 million, or a whopping $3,085

psf. That was the highest psf price achieved in the

42-storey tower since it was launched for sale a dec-

ade ago in July 2006. Typical units at The Clift are

one- and two-bedroom apartments of 495 to 829 sq

ft and two-bedroom lofts of 1,076 sq ft.

Further down Tanjong Pagar in the Spottiswoode

Park neighbourhood is Spottiswoode Suites, a 183-

unit condo project jointly developed by Centurion

Group and Lian Beng Group. The freehold project is

expected to be completed next year. It was launched

for sale in January 2013, just a few days before the

government introduced a hike in the additional buy-

er’s stamp duty. As at end-July, 143 units were sold.

That number should increase following the recent

sale of a 441 sq ft, one-bedroom-plus-study unit on

the 22nd floor of the 36-storey tower. The unit was

transacted at $1.04 million ($2,359 psf), according

to a caveat lodged on Aug 18.

When the project was first launched, units were

sold at an average of $2,222 psf. In the neighbour-

hood are projects that are already fully sold and

completed, such as the 251-unit Spottiswoode 18,

which obtained Temporary Occupation Permit in

2015, and the 351-unit Spottiswoode Residences,

which was completed in 2014. E

CONTINUES NEXT PAGE

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EP18 • THEEDGE SINGAPORE | SEPTEMBER 5, 2016

DONE DEALS

DISCLAIMER:Source: URA Realis. Updated Aug 30, 2016. 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.

SANTA FE MANSIONS Apartment Freehold Aug 17, 2016 1,163 1,130,000 - 972 1997 ResaleSUNSHINE RESIDENCE Apartment Freehold Aug 22, 2016 958 980,000 - 1,023 2006 ResaleTHE ESTA Condominium Freehold Aug 18, 2016 1,593 2,135,000 - 1,340 2008 ResaleTHE SHORE RESIDENCES Condominium 103 years Aug 19, 2016 592 870,000 - 1,470 2014 ResaleTHE SHORE RESIDENCES Condominium 103 years Aug 22, 2016 893 1,430,000 - 1,601 2014 ResaleDistrict 16 BEDOK COURT Condominium 99 years Aug 18, 2016 2,271 1,543,888 - 680 1985 ResaleCASA MERAH Apartment 99 years Aug 19, 2016 1,238 1,290,000 - 1,042 2009 ResaleCOSTA DEL SOL Condominium 99 years Aug 18, 2016 1,798 2,150,000 - 1,196 2003 ResaleEAST MEADOWS Condominium 99 years Aug 22, 2016 1,216 1,080,000 - 888 2001 ResaleMINARET WALK Terrace Freehold Aug 23, 2016 1,722 2,300,000 - 1,337 1991 ResaleJALAN CHEMPAKA KUNING Terrace 70 years Aug 16, 2016 2,357 300,000 - 127 Unknown ResaleTAMAN BEDOK Terrace Freehold Aug 23, 2016 2,164 2,230,000 - 1,032 Unknown ResaleTHE GLADES Condominium 99 years Aug 17, 2016 689 991,000 - 1,439 Uncompleted New SaleTHE GLADES Condominium 99 years Aug 17, 2016 1,001 1,295,000 - 1,294 Uncompleted New SaleTHE GLADES Condominium 99 years Aug 19, 2016 990 1,430,000 - 1,444 Uncompleted New SaleTHE GLADES Condominium 99 years Aug 19, 2016 506 703,000 - 1,390 Uncompleted New SaleTHE GLADES Condominium 99 years Aug 20, 2016 990 1,289,000 - 1,302 Uncompleted New SaleTHE SUMMIT Condominium Freehold Aug 16, 2016 829 938,000 - 1,132 1991 ResaleWATERFRONT GOLD Condominium 99 years Aug 19, 2016 1,356 1,625,000 - 1,198 2014 ResaleDistrict 17 BALLOTA PARK CONDOMINIUM Condominium Freehold Aug 17, 2016 1,313 845,000 - 643 2000 ResaleCARISSA PARK CONDOMINIUM Condominium Freehold Aug 18, 2016 926 750,000 - 810 2001 ResaleFERRARIA PARK CONDOMINIUM Condominium Freehold Aug 22, 2016 1,378 1,180,000 - 856 2009 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years Aug 19, 2016 872 825,000 - 946 2015 ResaleLOYANG VALLEY Condominium 99 years Aug 19, 2016 1,528 960,000 - 628 1985 ResaleOCEAN FRONT SUITES Apartment 946 years Aug 19, 2016 1,098 1,240,000 - 1,129 2014 ResalePARC OLYMPIA Condominium 99 years Aug 16, 2016 797 830,000 - 1,042 2015 Sub SalePARC OLYMPIA Condominium 99 years Aug 16, 2016 646 680,000 - 1,053 2015 Sub SaleDistrict 18 COCO PALMS Condominium 99 years Aug 17, 2016 1,744 1,745,000 - 1,001 Uncompleted New SaleD’NEST Condominium 99 years Aug 18, 2016 1,410 1,360,000 - 964 Uncompleted New SaleD’NEST Condominium 99 years Aug 20, 2016 1,410 1,356,755 - 962 Uncompleted New SaleLIVIA Condominium 99 years Aug 19, 2016 1,346 1,068,000 - 794 2011 ResaleOASIS @ ELIAS Condominium 99 years Aug 17, 2016 1,302 955,000 - 733 2011 ResalePASIR RIS TERRACE Terrace 999 years Aug 22, 2016 3,714 3,000,000 - 809 1976 ResaleRIPPLE BAY Condominium 99 years Aug 19, 2016 797 790,000 - 992 2015 Sub SaleTHE SANTORINI Condominium 99 years Aug 19, 2016 743 808,000 - 1,088 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Aug 16, 2016 775 886,000 - 1,143 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Aug 17, 2016 700 796,000 - 1,138 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Aug 17, 2016 775 894,000 - 1,154 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Aug 18, 2016 797 848,000 - 1,065 Uncompleted New SaleDistrict 19 BELLEWATERS Executive Condominium 99 years Aug 16, 2016 1,216 992,740 - 816 Uncompleted New SaleECOPOLITAN Executive Condominium 99 years Aug 18, 2016 1,087 858,000 - 789 Uncompleted New SaleECOPOLITAN Executive Condominium 99 years Aug 21, 2016 1,216 972,800 - 800 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Aug 17, 2016 484 595,000 - 1,228 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Aug 18, 2016 689 659,000 - 957 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years Aug 18, 2016 678 827,000 - 1,220 Uncompleted New SaleKOVAN MELODY Condominium 99 years Aug 16, 2016 1,410 1,540,000 - 1,092 2006 ResaleKOVAN MELODY Condominium 99 years Aug 19, 2016 893 968,000 - 1,083 2006 ResaleLEITH ROAD Terrace 999 years Aug 23, 2016 2,293 3,100,000 - 1,350 2015 ResalePARC CENTROS Condominium 99 years Aug 17, 2016 990 1,058,000 - 1,068 2016 Sub SalePARC CENTROS Condominium 99 years Aug 18, 2016 990 1,090,000 - 1,101 2016 Sub SaleREGENTVILLE Apartment 99 years Aug 17, 2016 1,152 888,000 - 771 1999 ResaleROSALIA PARK Condominium Freehold Aug 18, 2016 1,690 1,390,000 - 823 1995 ResaleSERANGOON VILLE Apartment 100 years Aug 18, 2016 1,733 912,000 - 526 Unknown ResaleST. ANNE’S WOOD Terrace 999 years Aug 19, 2016 2,164 2,250,000 - 1,042 1996 ResaleSUNGLADE Condominium 99 years Aug 18, 2016 1,378 1,270,000 - 922 2003 ResalePONGGOL SEVENTEENTHAVENUE Detached 999 years Aug 17, 2016 3,671 1,930,000 - 526 2009 ResaleTHE BENTLY RESIDENCES@KOVAN Apartment Freehold Aug 16, 2016 1,701 1,930,000 - 1,135 Uncompleted New SaleTHE FLORIDA Executive Condominium 99 years Aug 23, 2016 1,959 1,250,000 - 638 2000 ResaleTHE MINTON Condominium 99 years Aug 18, 2016 1,216 1,250,000 - 1,028 2013 ResaleTHE QUARTZ Condominium 99 years Aug 17, 2016 1,539 1,103,888 - 717 2009 ResaleTHE RIVERVALE Executive Condominium 99 years Aug 19, 2016 1,302 890,000 - 683 2000 ResaleTHE RIVERVALE Executive Condominium 99 years Aug 19, 2016 1,259 853,800 - 678 2000 ResaleTHE TERRACE Executive Condominium 99 years Aug 16, 2016 1,076 844,700 834,700 775 Uncompleted New SaleTHE TERRACE Executive Condominium 99 years Aug 17, 2016 1,076 836,500 826,500 768 Uncompleted New SaleTHE TERRACE Executive Condominium 99 years Aug 18, 2016 1,076 869,700 859,700 799 Uncompleted New SaleTHE TERRACE Executive Condominium 99 years Aug 19, 2016 1,076 804,200 794,200 738 Uncompleted New SaleTHE VALES Executive Condominium 99 years Aug 18, 2016 904 724,425 - 801 Uncompleted New SaleTHE VALES Executive Condominium 99 years Aug 20, 2016 915 742,840 - 812 Uncompleted New SaleTHE VALES Executive Condominium 99 years Aug 20, 2016 904 730,275 - 808 Uncompleted New SaleTHE VALES Executive Condominium 99 years Aug 21, 2016 915 774,200 - 846 Uncompleted New SaleTHE VALES Executive Condominium 99 years Aug 21, 2016 1,033 792,015 - 766 Uncompleted New SaleTHE VALES Executive Condominium 99 years Aug 21, 2016 904 725,200 - 802 Uncompleted New SaleTHE VALES Executive Condominium 99 years Aug 21, 2016 904 746,850 - 826 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 1,076 838,000 - 779 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 1,076 839,000 - 779 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 1,152 788,000 - 684 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 1,152 792,000 - 688 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 1,152 840,000 - 729 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 1,152 862,000 - 748 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 1,152 834,000 - 724 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 958 731,000 - 763 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 958 702,000 - 733 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 1,152 849,000 - 737 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 1,152 852,000 - 740 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 16, 2016 1,076 811,000 - 753 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 17, 2016 1,076 777,000 - 722 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 19, 2016 1,076 835,000 - 776 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 20, 2016 1,076 784,000 - 728 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 20, 2016 958 716,000 - 747 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 20, 2016 1,076 807,000 - 750 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 21, 2016 1,076 839,000 - 779 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 21, 2016 1,076 814,000 - 756 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 21, 2016 1,076 844,000 - 784 Uncompleted New SaleTREASURE CREST Executive Condominium 99 years Aug 21, 2016 1,076 781,000 - 726 Uncompleted New SaleTRILIVE Condominium Freehold Aug 20, 2016 904 1,377,800 - 1,524 Uncompleted New SaleTRILIVE Condominium Freehold Aug 20, 2016 624 1,076,000 - 1,723 Uncompleted New Sale

District 20 GOLDENHILL PARK CONDOMINIUM Condominium Freehold Aug 16, 2016 1,313 1,660,000 - 1,264 2004 ResaleTHOMSON IMPRESSIONS Apartment 99 years Aug 16, 2016 463 727,000 - 1,571 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Aug 16, 2016 1,055 1,590,400 - 1,508 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Aug 20, 2016 463 733,887 - 1,586 Uncompleted New SaleDistrict 21 FLORIDIAN Condominium Freehold Aug 22, 2016 1,658 2,680,000 - 1,617 2012 ResaleGARDENVISTA Condominium 99 years Aug 19, 2016 947 1,185,000 - 1,251 2006 ResaleLORONG KISMIS Terrace Freehold Aug 22, 2016 2,777 3,220,000 - 1,158 Unknown ResaleHILLVIEW GREEN Condominium 999 years Aug 22, 2016 1,173 1,060,000 - 903 1998 ResaleCHUN TIN ROAD Terrace Freehold Aug 22, 2016 1,938 2,560,000 - 1,320 1972 ResalePANDAN VALLEY Condominium Freehold Aug 19, 2016 5,317 3,450,000 - 649 1978 ResaleSOUTHAVEN II Condominium 999 years Aug 18, 2016 1,539 1,510,000 - 981 1999 ResaleSPRINGDALE CONDOMINIUM Condominium 999 years Aug 22, 2016 1,130 1,138,000 - 1,007 1998 ResaleDistrict 22 LAKE GRANDE Condominium 99 years Aug 16, 2016 818 1,077,000 - 1,317 Uncompleted New SaleLAKE GRANDE Condominium 99 years Aug 17, 2016 624 916,000 - 1,467 Uncompleted New SaleLAKE GRANDE Condominium 99 years Aug 17, 2016 614 833,000 - 1,358 Uncompleted New SaleLAKE GRANDE Condominium 99 years Aug 18, 2016 947 1,213,000 - 1,281 Uncompleted New SaleLAKE GRANDE Condominium 99 years Aug 19, 2016 474 687,000 - 1,451 Uncompleted New SaleLAKE GRANDE Condominium 99 years Aug 19, 2016 614 824,000 - 1,343 Uncompleted New SaleLAKE GRANDE Condominium 99 years Aug 20, 2016 721 951,000 - 1,319 Uncompleted New SaleLAKE GRANDE Condominium 99 years Aug 20, 2016 775 1,017,000 - 1,312 Uncompleted New SaleLAKE GRANDE Condominium 99 years Aug 20, 2016 1,012 1,287,000 - 1,272 Uncompleted New SaleLAKEVILLE Condominium 99 years Aug 17, 2016 969 1,210,938 - 1,250 Uncompleted New SaleLAKEVILLE Condominium 99 years Aug 17, 2016 1,163 1,440,450 - 1,239 Uncompleted New SaleLAKEVILLE Condominium 99 years Aug 18, 2016 1,270 1,533,599 1,530,000 1,205 Uncompleted New SaleLAKEVILLE Condominium 99 years Aug 20, 2016 1,270 1,597,939 - 1,258 Uncompleted New SaleTHE FLORAVALE Executive Condominium 99 years Aug 18, 2016 1,324 830,000 - 627 2000 ResaleWESTWOOD RESIDENCES Executive Condominium 99 years Aug 20, 2016 1,033 760,678 - 736 Uncompleted New SaleWESTWOOD RESIDENCES Executive Condominium 99 years Aug 20, 2016 1,238 1,008,000 - 814 Uncompleted New SaleWESTWOOD RESIDENCES Executive Condominium 99 years Aug 21, 2016 1,152 934,500 - 811 Uncompleted New SaleDistrict 23 ECO SANCTUARY Condominium 99 years Aug 18, 2016 990 1,361,160 - 1,375 Uncompleted New SaleGLENDALE PARK Condominium Freehold Aug 17, 2016 1,033 1,038,800 - 1,005 2000 ResaleGLENDALE PARK Condominium Freehold Aug 22, 2016 1,033 1,050,000 - 1,016 2000 ResaleGUILIN VIEW Condominium 99 years Aug 16, 2016 1,259 996,000 - 791 2000 ResaleHILLION RESIDENCES Apartment 99 years Aug 16, 2016 474 662,480 - 1,399 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years Aug 18, 2016 474 664,300 - 1,403 Uncompleted New SaleHILLVIEW HEIGHTS Condominium Freehold Aug 16, 2016 1,421 1,450,000 - 1,021 1996 ResaleKINGSFORD . HILLVIEW PEAK Condominium 99 years Aug 19, 2016 549 756,000 - 1,377 Uncompleted New SaleREGENT HEIGHTS Condominium 99 years Aug 16, 2016 1,173 911,000 - 776 1999 ResaleSOL ACRES Executive Condominium 99 years Aug 17, 2016 710 568,000 - 800 Uncompleted New SaleSOL ACRES Executive Condominium 99 years Aug 19, 2016 1,098 839,000 - 764 Uncompleted New SaleSOL ACRES Executive Condominium 99 years Aug 21, 2016 1,163 982,000 - 845 Uncompleted New SaleSOL ACRES Executive Condominium 99 years Aug 21, 2016 570 475,000 - 833 Uncompleted New SaleSOL ACRES Executive Condominium 99 years Aug 21, 2016 1,098 853,000 - 777 Uncompleted New SaleSOL ACRES Executive Condominium 99 years Aug 21, 2016 1,012 738,000 - 729 Uncompleted New SaleTHE DAIRY FARM Condominium Freehold Aug 16, 2016 1,507 1,380,000 - 916 1985 ResaleTHE HILLIER Apartment 99 years Aug 18, 2016 517 700,000 - 1,355 2016 Sub SaleTREE HOUSE Condominium 99 years Aug 22, 2016 1,959 1,620,000 - 827 2013 ResaleWANDERVALE Executive Condominium 99 years Aug 16, 2016 958 765,000 - 799 Uncompleted New SaleWANDERVALE Executive Condominium 99 years Aug 21, 2016 958 671,000 - 700 Uncompleted New SaleWINDERMERE Executive Condominium 99 years Aug 22, 2016 1,453 960,000 - 661 1999 ResaleYEWTEE RESIDENCES Apartment 99 years Aug 17, 2016 1,163 980,000 - 843 2008 ResaleDistrict 25 BELLEWOODS Executive Condominium 99 years Aug 16, 2016 1,066 817,740 - 767 Uncompleted New SaleBELLEWOODS Executive Condominium 99 years Aug 17, 2016 1,066 806,540 - 757 Uncompleted New SaleBELLEWOODS Executive Condominium 99 years Aug 18, 2016 1,184 930,600 - 786 Uncompleted New SaleBELLEWOODS Executive Condominium 99 years Aug 18, 2016 1,528 1,145,000 - 749 Uncompleted New SaleBELLEWOODS Executive Condominium 99 years Aug 20, 2016 1,066 815,760 - 766 Uncompleted New SaleBELLEWOODS Executive Condominium 99 years Aug 20, 2016 1,066 820,000 - 769 Uncompleted New SaleBELLEWOODS Executive Condominium 99 years Aug 20, 2016 1,528 1,156,320 - 757 Uncompleted New SaleBELLEWOODS Executive Condominium 99 years Aug 20, 2016 1,227 954,360 - 778 Uncompleted New SaleBELLEWOODS Executive Condominium 99 years Aug 21, 2016 1,227 977,060 - 796 Uncompleted New SaleBELLEWOODS Executive Condominium 99 years Aug 21, 2016 1,346 1,027,620 - 764 Uncompleted New SaleBELLEWOODS Executive Condominium 99 years Aug 21, 2016 1,346 1,032,570 - 767 Uncompleted New SaleNORTHWAVE Executive Condominium 99 years Aug 19, 2016 1,464 1,104,450 - 754 Uncompleted New SaleNORTHWAVE Executive Condominium 99 years Aug 20, 2016 1,270 945,800 - 745 Uncompleted New SaleNORTHWAVE Executive Condominium 99 years Aug 20, 2016 893 669,350 - 749 Uncompleted New SalePARC ROSEWOOD Condominium 99 years Aug 18, 2016 517 520,000 - 1,006 2014 ResaleROSEWOOD SUITES Condominium 99 years Aug 19, 2016 1,259 1,050,000 - 834 2011 ResaleDistrict 26 LENTOR TERRACE Semi-Detached Freehold Aug 17, 2016 3,767 3,200,000 - 849 1988 ResaleDistrict 27 PARC LIFE Executive Condominium 99 years Aug 20, 2016 1,550 1,273,020 1,270,720 820 Uncompleted New SaleSELETARIS Condominium Freehold Aug 16, 2016 1,636 1,275,000 - 779 2001 ResaleSIGNATURE AT YISHUN Executive Condominium 99 years Aug 17, 2016 947 770,275 - 813 Uncompleted New SaleSIGNATURE AT YISHUN Executive Condominium 99 years Aug 19, 2016 1,098 854,500 - 778 Uncompleted New SaleSIGNATURE AT YISHUN Executive Condominium 99 years Aug 20, 2016 1,098 807,331 - 735 Uncompleted New SaleSKYPARK RESIDENCES Executive Condominium 99 years Aug 21, 2016 1,593 1,228,000 - 771 2016 New SaleSYMPHONY SUITES Condominium 99 years Aug 16, 2016 786 833,000 - 1,060 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Aug 17, 2016 797 812,000 - 1,019 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Aug 20, 2016 689 743,000 - 1,079 Uncompleted New SaleTHE BROWNSTONE Executive Condominium 99 years Aug 16, 2016 947 785,600 - 829 Uncompleted New SaleTHE BROWNSTONE Executive Condominium 99 years Aug 20, 2016 883 717,600 - 813 Uncompleted New SaleTHE BROWNSTONE Executive Condominium 99 years Aug 20, 2016 915 740,800 - 810 Uncompleted New SaleTHE VISIONAIRE Executive Condominium 99 years Aug 18, 2016 980 790,000 - 807 Uncompleted New SaleTHE VISIONAIRE Executive Condominium 99 years Aug 20, 2016 1,313 1,063,500 - 810 Uncompleted New SaleTHE VISIONAIRE Executive Condominium 99 years Aug 20, 2016 980 803,000 - 820 Uncompleted New SaleTHE VISIONAIRE Executive Condominium 99 years Aug 21, 2016 958 772,500 - 806 Uncompleted New SaleTHE WISTERIA Apartment 99 years Aug 20, 2016 1,173 1,120,500 - 955 Uncompleted New SaleYISHUN EMERALD Condominium 99 years Aug 17, 2016 1,023 725,000 - 709 2002 ResaleDistrict 28 H2O RESIDENCES Condominium 99 years Aug 17, 2016 1,668 1,320,000 - 791 2015 ResaleHIGH PARK RESIDENCES Apartment 99 years Aug 18, 2016 980 965,112 - 985 Uncompleted New SaleLUXUS HILL AVENUE Semi-Detached 999 years Aug 16, 2016 2,250 3,330,000 - 1,482 2015 ResaleRIVERBANK @ FERNVALE Condominium 99 years Aug 16, 2016 1,055 1,105,000 - 1,048 Uncompleted New SaleSERENITY PARK Condominium Freehold Aug 18, 2016 1,432 1,300,000 - 908 1995 ResaleSERENITY PARK Condominium Freehold Aug 19, 2016 1,098 950,000 - 865 1995 ResaleSUNRISE GARDENS Condominium 99 years Aug 17, 2016 1,453 1,050,000 - 723 1998 Resale

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

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

Residential transactions with contracts dated Aug 16 to 23

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