PROPERTY PERSONALISED · condo project in two years. Its last launch was the 99-year leasehold...

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Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of September 9, 2019 | ISSUE 898-120

MCI (P) 045/08/2019 PPS 1519/09/2012 (022805)

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Choo Chong Ngen, chairman of Worldwide Hotels, and his daughter, Carolyn Choo, who is the group’s managing director and CEO

New LaunchGuocoLand’s freehold

Meyer Mansion to preview on Sept 7 ep3

Spotlight Triplex penthouse at Mount Faber Lodge

going for $4.8 mil ep6-7

Under the Hammer GCB in Bukit Panjang,

Neil Road shophouse up for auction ep17

OffshoreForest City to hand

over more than 20,000 residential units ep18-19

Homegrown hotelier with global ambitions

From owning a lone Hotel 81 in Geylang, Choo

Chong Ngen is now a tycoon with 38 hotels in

Singapore and controls 10% of the city state’s

hotel inventory. Where will the self-made

entrepreneur go and what will he buy next?

Turn to our Cover Story on Pages 10, 11 & 20.

EP2 • EDGEPROP | SEPTEMBER 9, 2019

PROPERTY BRIEFS

EDITORIALeditor | Cecilia Chowdeputy editor | Amy Tansenior writers | Charlene ChinTimothy Taywriter | Bong Xin Yinghead, copy editing | Pek Tiong Geecopy editor | Rachel Hengphoto editor | Samuel Isaac Chuaphotographer | Albert Chuaeditorial coordinator | Yen Tandesigner | Bryan TjoaKim Sy

ADVERTISING + MARKETING ADVERTISING SALES

vice-president, sales & operations | Diana Limaccount director | Ivy Hong deputy account director |Janice Zhuaccount manager |Pang Kai Xinregional business development manager | Cole Tanhead of marketing & branding |Rachel Lim Shuling

CIRCULATIONpartnership manager | Jackiera Astley manager | Ashikin Kaderexecutive | Malliga Muthusamy

CORPORATE chief executive officer | Bernard Tong

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

PRINTERKHL Printing Co Pte Ltd57 Loyang DriveSingapore 508968Tel: (65) 6543 2222Fax: (65) 6545 3333

PERMISSION AND REPRINTSMaterial in The Edge Property may not be reproduced in any form without the written permission of the publisher

We welcome your commentsand criticism: [email protected]

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

Retail and office podium in Raffles Place up for saleJLL Singapore and Cushman & Wakefield (C&W) are jointly marketing a retail po-dium and office space in Raffles Place. The guide prices are $5,000 to $5,500 psf on net lettable area (NLA) for the retail podium, and $3,000 to $3,300 psf on strata area for the office podi-um. The strata lots can be purchased individually or collectively.

30 Raffles Place (former Chevron House) is currently undergoing an as-set enhancement initiative (AEI) pro-gramme. The refurbishment works cost about $100 million and are expected to be completed by 1Q2020. Major AEI works include a new mechani-cal & equipment plant, new façade work, upgrading of toilets, lifts and lift lobbies.

Specifically for the retail podium, the AEI works will also include the conversion of carpark to retail space, reconfiguration of layout, new end-of-trip facilities, structural strengthening and new façade works.

The retail podium consists of two strata lots and spreads across four floors, from Basement 2 to Level 2. It has a NLA of 51,376 sq ft and a stra-ta area of 61,516 sq ft. It is currently 80% pre-committed to a mix of do-

mestic and international tenants. The common walkway forms part of the strata area.

With significant frontage and a di-rect link from Basement 1 into the Raf-fles Place underground network and MRT station, it is one of the most rec-ognisable commercial assets in Raffles Place. It has seamless connectivity and heavy footfall from the professionals working in and around the CBD.

The office podium at 30 Raffles Place consists of three strata lots and is located from Levels 3 to 5. It has a total strata area of 58,286 sq ft. It can be easily accessed via escalator from Level 1. Each floor features a floor-to-floor height of 4.2m to 5.14m. The of-fice podium is highly visible from the Raffles Place commercial square and owner-occupiers/tenants can poten-tially have signage rights.

They will be marketed through an expression of interest exercise which closes on Oct 10, at 3pm.

The Lavender Collection going for $138 milThe Lavender Collection, comprising 32 freehold shophouses along Laven-der Street and Serangoon Road, has been put up for sale via public tender with a guide price of $138 million. The shophouses have a combined land area of approximately 49,244 sq ft and esti-mated gross floor area (GFA) of around 79,502 sq ft. JLL is the exclusive mar-keting agent of the collection.

Under the 2019 Draft Master Plan, the site is zoned for commercial use with a gross plot ratio of 3.0. The Lav-ender Collection has a combined main road frontage of over 300m and is with-in walking distance to Boon Keng and Farrer Park MRT Stations on the North-East Line and Bendemeer MRT Station on the Downtown Line.

With the portfolio located within the Jalan Besar Secondary Settlement conservation area, the new owner can construct a six-storey rear extension at the back of the shophouses to dou-ble the portfolio’s GFA to 147,732 sq ft. This is subject to approval by the relevant authorities.

“With the prices of CBD shop-houses rising over the last two years, we notice that investors are starting to divert their attention to city-fringe shophouses instead as prices have yet to catch up and rental yields are com-paratively higher,” says Clemence Lee, senior director, capital markets, JLL. He expects interest from developers, real estate funds, family offices and local companies.

There is no additional buyer’s stamp duty or seller’s stamp duty im-posed on the purchase of The Laven-der Collection.

The public tender exercise closes on Wednesday, Oct 16, at 3pm.

Conservation shophouses in Geylang and Joo Chiat up for saleTwo sets of conservation shophouses in Geylang and Joo Chiat are up for sale. They are a row of seven freehold adjoining conservation shophouses in Geylang, and two freehold adjoining shophouses at Joo Chiat Road. Both sets of shophouses are up for sale via expression of interest (EOI). The guide price for the seven shophouses is about $40 million to $42 million, while the guide price for the two tenanted shop-houses is at $7 million to $7.5 million.

Located at the corner of Geylang Road and Lorong 14 Geylang, the row of seven shophouses is close to Alju-nied MRT Station. They have a total land area of 10,520 sq ft and gross floor

area (GFA) of about 18,000 sq ft. There will be no additional buyer’s stamp duty and seller’s stamp duty payable. Foreigners and companies are also el-igible to purchase.

The shophouses are currently fully tenanted and comprise a corner cof-feeshop, mobile phone retailer, mas-sage parlour and other retail trades. The properties are suitable for F&B outlets and retail uses on the ground floor, while the upper floors can be designated for office use.

Meanwhile, near the junction of Joo Chiat Road and Koon Seng Road, the two adjoining shophouses have a land area of 2,393 sq ft and a GFA of about 4,600 sq ft. The properties are near Parkway Parade, 112 Katong, Kinex, Paya Lebar Square and SingPost Centre.

Both sets of shophouses are zoned for commercial use with a plot ratio of 3 under the 2014 Master Plan. The EOI for the two sets of shophouses – both marketed by Knight Frank Singapore – will close at 3pm on Oct 3, 2019.

Three-storey conservation shophouse in Chinatown for sale at $8.5 milA 99-year leasehold, three-storey con-servation shophouse at 18 Sago Street is up for sale at an indicative price of $8.5 million. This translates to $2,660 psf, based on the gross floor area of 3,196 sq ft. The property has a land area of about 1,115 sq ft.

JLL

JLL

Artist’s impression of 30 Raffles Place

The Lavender Collection comprises 32 free-hold shophouses along Lavender Street and Serangoon Road

KNIGHT FRANK

The guide price for the seven shophouses in Geylang is about $40 million to $42 million

| BY BONG XIN YING |

At the seventh annual Mob-Ex Awards held at Shangri-La Ho-tel Singapore on Aug 30, Edge-

Prop Singapore was awarded Gold in the “Best App – Property” category for the Mobile Consumer App, surpass-ing UEM Sunrise and PropertyGuru, which received Silver and Bronze re-spectively.

Mob-Ex Awards is the region’s pre-mier programme for mobile-market-ing excellence. In its seventh year, the Awards has become the benchmark for mobile marketing excellence. It was judged by an expert panel of 30 industry leaders and senior-level pro-fessionals from marketing and related mobile marketing fields.

Bernard Tong, CEO of EdgeProp Sin-gapore, says: “As our app comes with different tools, such as fair value, re-search tools and transaction reports, I hope that it will help consumers make better property decisions when it comes to finding their homes.”

EdgeProp wins ‘Best App – Property’ at Mob-Ex AwardsEDGEPROP SINGAPORE

EdgeProp Singapore was awarded Gold in the “Best App – Property” category for the Mobile Consumer App

CONTINUES ON PAGE EP4

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EDGEPROP | SEPTEMBER 9, 2019 • EP3

NEW LAUNCH


Singapore-listed property firm Guoco- Land will preview the 200-unit Mey-er Mansion on Sept 7, with the offi-cial launch scheduled for Sept 13. The freehold development is the firm’s first

condo project in two years. Its last launch was the 99-year leasehold Martin Modern at Martin Place.

Targeted for completion in 2024, Mey-er Mansion will offer a range of units from 484-sq-ft, one-bedroom units to 2,142-sq-ft, four-bedroom premium units. The 25-storey residential tower will feature eight different layouts, each with only 25 units available.

With Meyer Mansion, GuocoLand intends to bring the luxury lifestyle it created in Mar-tin Modern to District 15, according to Cheng Hsing Yao, group managing director of Guo-coLand Singapore.

“It has been eight years since the last good-sized high-rise condominium launch along Meyer Road,” he says.

Luxury holiday homesThe Meyer Mansion site is a redevelopment of the former Casa Meyfort. GuocoLand pur-chased the site in a collective sale in July last year for $319.8 million, including an es-

timated development charge of $57.2 mil-lion. This works out to be about $1,580 psf per plot ratio (ppr).

While the site could have yielded more units, Cheng states that the firm decided to build only 200 units to maintain the “feel of a holiday home”, considering that the site fac-

es the sea. The idea of a holiday home was also inspired by Meyer Road’s history. In the 1800s, many affluent businessmen built their holiday mansions along the coast.

Some 80% of the 86,000-sq-ft site area has been dedicated to landscaping and amenities, with palms and frangipani trees expected to be a common sight on the grounds.

All units will have a view; the lower-floor units will have views of Meyer Mansion’s own gardens, while the higher-floor units will have unblocked panoramic views of the sea, the Marina Bay and Beach Road skyline, or the open views above the landed housing area of Meyer and Mountbatten. These views are framed by floor-to-ceiling windows with a height of at least three metres.

In addition, units will come with top-end appliances and finishings from V-Zug, Lieb-herr, Whirlpool, Duravit and Hansgrohe.

Coveted addressWhile the prices for Meyer Mansion have yet to be released, Dominic Lee, head of PropNex Luxury Team, estimates the breakeven price to be around $2,300 to $2,400 psf. “If you look at [pricing], you need to look at what’s being provided. For this project, we have got very nice finishes,” he says.

Christine Sun, head of research and con-

sultancy at OrangeTee & Tie, agrees. “Poten-tial buyers could be Singaporeans living in the east and families who are attracted by the surrounding good schools. Investors who see the potential of the area and foreigners may also be potential buyers,” she says.

Meanwhile, Eugene Lim, key executive officer at ERA, believes that Meyer Mansion will appeal to “die-hard District 15 buyers”, especially those who stay in the surround-ing landed housing estate.

A four-bedroom apartment with fantastic views will appeal to this group of buyers who are used to having a lot of space, he adds.

Meyer Mansion is a 450m walk via an underpass to East Coast Park while the CBD and Changi Airport are just a 10-minute drive away. Katong Park MRT Station on the Thom-son-East Coast Line will be a six-minute walk away when it opens in 2023. This station will provide a direct transit to Gardens by the Bay, Marina Bay and Orchard MRT Stations.

“I think the point about GuocoLand’s pro-jects is always the lifestyle,” says Guoco- Land’s Cheng. “It is extremely rare for a high-rise freehold site along Meyer Road to become available, and it will be increasingly so in the future. An opportunity like Meyer Mansion will be very hard to come by, go-ing forward.”

GuocoLand’s freehold Meyer Mansion to preview on Sept 7

GUOCOLAND SINGAPORE

Singapore-listed GuocoLand will preview on Sept 7 the new Meyer Mansion, which will comprise 200 units in a 25-storey block

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SAMUEL ISAAC CHUA/ EDGEPROP SINGAPORE

The living area of a three-bedroom showflat unit at Meyer Mansion The layout of this four-bedroom show unit is just one of eight different ones featured in Meyer Mansion

Cheng: It is extremely rare for a high-rise freehold site along Meyer Road to become available, and it will be increasingly so in the future

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PROPERTY BRIEFS

The sale will be done via expression of interest (EOI), with CBRE as the sole mar-keting agent.

The property is zoned for commercial use under the 2014 Master Plan. It enjoys high visibility, and has a 5.4m frontage along Sago Street. It is located less than 300m from the Chinatown MRT Interchange Station. The up-coming Maxwell MRT Station on the Thom-son-East Coast Line, which is 150m away, will enhance accessibility when it opens in 2021.

“Commercial conservation shophous-es, particularly those in prime central loca-tions such as Chinatown, have been con-stantly sought after by investors, including private real estate funds, family offices and high-net- worth individuals,” says Ange-la Lim, senior manager, capital markets, of CBRE. According to her, based on URA Re-alis, among all the conservation shophouses along the streets within the Kreta Ayer Con-servation Area, those along Sago Street rare-ly changed hands.

At $8.5 million, Lim notes that it is “an attractive offer as the price is at a palatable quantum”. She says: “Based on past transac-tions, capital appreciation for conservation shophouses is about 4% to 8% per annum. The successful buyer will enjoy immediate rental income as the shophouse is fully ten-anted with leases expiring between 2020 and 2022.”

She adds: “He/she can also explore val-ue-adding to the property by conducting A&A [additions & alterations] refurbishment works or converting the second and third floor into a capsule hostel, subject to authorities’ ap-proval.” The ground-floor space has been ap-proved for F&B use.

The property is open to both locals and foreigners. There will be no additional buyer’s stamp duty or seller’s stamp duty imposed.

The EOI exercise will close on Oct 2, 2019, at 3pm.

The Parkhouse Fukuoka Towers East to launch in SingaporeMitsubishi Estate Residence will launch The Parkhouse Fukuoka Towers East at Hilton

Hotel Singapore during the weekend of Sept 7 and 8.

Spanning over 72,118 sq ft, The Parkhouse Fukuoka Towers East is the first high-rise con-do building in Fukuoka, and comprises 292 apartments across 28 floors. It is the largest redevelopment project in Fukuoka, with both residential and retail aspects.

The new development is within walking distance from Momochi Beach, and is situat-ed next to one of the largest shopping malls in Fukuoka, Mark IS Fukuoka-Momochi.

Fukuoka, the largest city in Kyushu Island in southern Japan, is becoming one of the top tech start-up cities in Asia. It ranked 12th in Monocle’s top 25 most liveable cities around the world last year, based on quality-of-life measures including crime rate, public trans-portation, culture and economy.

Hard Rock Hotel opens in the MaldivesHard Rock Hotel has opened in the Maldives as part of Crossroads Maldives, the country’s first and only integrated resort. Nestled within the Emboodhoo Lagoon, the hotel is 15 min-utes by boat from Malé International Airport.

As the first Maldivian outpost of the hotel brand, Hard Rock Hotel Maldives features a full range of signature experiences and facil-ities, including a Hard Rock Cafe, Body Rock fitness centre, Rock Spa, Rock Shop, Hard Rock Roxity Kids Club and Teen Spirit Club.

The 178 spacious rooms include fami-ly suites, beach villas, overwater villas and overwater pool villas, presenting options for every occasion.

The two-bedroom Silver Family Suite al-lows parents and kids to stay together with bunk beds and direct beach access, while the 460-sq-m (4,950-sq-ft) Rock Star Villa fea-tures spacious outdoor living areas, an infin-ity pool, a tuk-tuk bar on the terrace, pano-ramic ocean views and a private boat jetty.

ET&Co rebrands as Edmund TieEdmund Tie & Co (ET&Co) has rebranded as Edmund Tie in Singapore and Thailand, and Nawawi Tie in Malaysia.

The new brands will serve to unify corpo-rate identity across all offices in these coun-tries. New logos will be rolled out across all customer touchpoints, including on proper-ty and marketing sales channels, digital, so-cial media and advertising.

CEO Ong Choon Fah says: “Giving our brand a refresh is part of our organisation’s efforts to enhance our corporate image and strengthen our market positioning across Southeast Asia as we transform for the fu-ture. Our plan includes initiatives that rede-fine our value proposition, streamline oper-ations and invest in our people to deliver on our signature philosophy.”

Savills appoints Sharon Teo as managing director of business space Savills Singapore has appointed Sharon Teo as the managing director of the business space team. She will be a part of the senior lead-ership team and will report to Marcus Loo,

CEO of Savills Singapore.“This appointment is part of our ongo-

ing evolution and growth strategy in Singa-pore to expand our service offering to our clients as they become increasingly diversi-fied,” says Loo. Teo will tap into the growing business parks, industrial and logistics mar-kets in Singapore, helping both end-users and landlords, and third-party logistics service providers with their business space needs.

With 20 years of experience in the real estate industry, Teo joins from UEM Sunrise Bhd, and was also seconded to M+S, where she spearheaded the successful commercial leasing of Singapore’s Marina One and DUO. Prior to these roles, Teo was with Ascend-as and DTZ Debenham Tie Leung (SEA). — Compiled by Bong Xin Ying

Ascott to expand footprint in Singapore with four property openings by end-2019 Ascott Limited, CapitaLand’s wholly-owned lodging business unit, is about to be the larg-est serviced residence operator in Singapore with a record number of openings this year as well as the signing of its first Citadines Connect business hotel.

Including Citadines Connect City Centre Singapore, which was secured under a fran-chise agreement, the group’s portfolio would increase to more than 3,100 units across 17 properties in Singapore.

Ascott has announced it is launching four properties in Singapore this year, adding 846 units to the lodging scene. The properties to open this month are lyf Funan Singapore, fol-lowed by Citadines Balestier Singapore and Ji Hotel Orchard Singapore. Citadines Rochor Singapore is expected to open in December.

To meet rising demand for short-stay ac-commodation, lyf Funan Singapore, Ji Hotel Orchard Singapore and Citadines Rochor Sin-gapore will have the flexibility of taking in daily stays under full hotel licences.

In addition, Ascott is slated to open Cita-dines Raffles Place Singapore, lyf Farrer Park Singapore and lyf one-north Singapore in the next two years.

Ervin Yeo, Ascott’s regional general man-ager for Singapore, Malaysia and Indonesia,

says, “We are on a strong growth trajectory, with our presence in our home market of Sin-gapore expanding by over 60% in the past two years. We have a record opening of four properties this year and another four are ex-pected to open by 2021.”

He adds: “With the government’s pro-busi-ness policies as well as exciting initiatives to rejuvenate the city and attract investors and tourists, we see strong demand for interna-tional-class lodging properties. We will fur-ther step up Ascott’s presence in Singapore through strategic acquisitions, partnerships, management contracts, franchises and leas-es.” — The Edge Singapore

City Developments secures $250 mil sustainability-linked loan from DBSCity Developments Ltd (CDL) has secured an SDG Innovation Loan worth $250 million from DBS, to accelerate innovative solutions that promote UN sustainable development goals (SDGs).

According to a joint statement by CDL and DBS on Sept 4, the loan encompasses a three-year revolving credit facility from DBS, and will be used for CDL’s general working capital and corporate funding.

CEO of CDL Sherman Kwek says, “Our SDG Innovation Loan will enable us to test bed fresh innovations that will exponentially enhance the way we build as well as raise the quality and performance of our buildings.”

The property developer will also be eligi-ble for a discount on the interest rate of the loan when it achieves sustainability-related performance targets mutually agreed with DBS on innovations that contribute positive-ly to the SDGs.

To qualify, CDL is required to be the first in Singapore to adopt and apply such inno-vations to its projects. An authoritative ex-pert or expert panel will be appointed to independently assess and endorse the inno-vative nature of CDL’s proposal against mar-ket norms. In addition, CDL must remain listed on at least one leading global sustain-ability index.

The loan will support three SDGs out of the 17 adopted by UN member states in 2015 – namely SDG 9: Industry Innovation and In-frastructure; SDG 11: Sustainable Cities and Communities and SDG 13: Climate Action.

CDL has been integrating ESG practices into its business for over two decades. In April, the company secured its first green loans amounting to $500 million, marking the first time that green loans in Singapore would be used for new property developments.

Managing director and global head of real estate, institutional banking Chew Chong Lim says, “This latest SDG Innovation Loan is an extension of our commitment to not only pro-vide financial solutions that meet the changing demands of businesses but to advance SDGs to generate long-term value. We believe that partnerships like these can strengthen collec-tive efforts to address increasingly complex sustainability challenges in new and differ-ent ways.” — The Edge Singapore E

FROM PAGE EP2CBRE

The 99-year leasehold, three-storey conservation shophouse at 18 Sago Street

HARD ROCK HOTEL MALDIVES

The overwater villas and overwater pool villas at Hard Rock Hotel Maldives

ASCOTT

lyf Funan Singapore is set to open this month

SAVILLS

Sharon Teo will report to Marcus Loo, CEO of Savills Singapore

JLL

The Parkhouse Fukuoka Towers East will launch at Hilton Hotel Singapore during the weekend of Sept 7 and 8


One of the brightest stars in the gal-axy, The Antares illuminates the night sky with its distinctive red radiance, a magnificent sight to be-hold. Inspired by this fiery red al-

pha star, The Antares, developed by consor-tium FSKH Development is set to be a rising star at Mattar Road in District 14.

As it stands, Mattar Road in the MacPher-son area has seen a scarcity of new private residential launches in recent years. When the site for The Antares was put up for ten-der under the Government Land Sales (GLS) Programme in 2018, it attracted 10 bids, al-luding to the attractiveness of the site. FSKH Development, comprising renowned develop-ers: Hock Lian Seng Holdings, Keong Hong Holdings and TA Corporation, won the site and has envisioned The Antares as a bench-mark for new launches in the area.

With a total of 265 apartments ranging from one- to four-bedroom apartments, The Antares will offer a respite for those looking

to disconnect from the daily hustle and bus-tle of city life. At the same time, the project is designed to satisfy the needs and desires of modern urbanites with its close proximity to the city centre.

Redefining Accessibility Located right next to Mattar MRT station on the Downtown Line, Macpherson MRT station is just one stop away. The interchange station serves both the Circle and Downtown lines. For added convenience, The Antares will be building an exit that leads to a sheltered walk-way that connects directly to Mattar MRT sta-tion, reducing the walking distance to a mere one minute.

Meanwhile, Paya Lebar MRT station is just two stops away from Mattar. Another inter-change station, Paya Lebar MRT station provides access to both the Circle and East West lines.

Next to the station, one can also find the upcoming regional business hub Paya Lebar Central. Here, retail and lifestyle options are

aplenty with offerings at the recently com-pleted Paya Lebar Quarter (PLQ), Paya Lebar Square, SingPost Centre and Lifelong Learn-ing Institute.

Commuting to work has never been easi-er. The Antares is just 20 minutes away from Downtown, Telok Ayer, Chinatown and Bugis MRT stations via the Downtown Line.

Closer to home, Serangoon MRT station, an interchange station for the North East and Circle lines, is just four stops away. The sta-tion is connected to Nex, the largest mall in North-East Singapore and one of Singapore’s largest suburban malls.

Those who prefer to drive will be delight-ed that the Pan Island Expressway (PIE) and Kallang-Paya Lebar Expressway (KPE) are within a 10-minute drive from The Antares. The project is also within a quick 15-minute drive to the CBD via Nicoll Highway.

Food and amenities galoreFor nature lovers, a tributary of the Kallang Riv-er called Pelton Canal cuts diagonally through the MacPherson estate. The 2.52km Pelton Canal Park Connector links to the Kallang Park Connector, providing users with access to Kallang Riverside Park and Bishan-Ang Mo Kio Park. The upcoming Bidadari Park is also just a short walk away from The Antares.

Connectivity aside, The Antares has a host of amenities and food options within its vi-cinity. Foodies will be spoiled for choice with a mix of local food haunts and café delights. Popular hawker fare can also be found at the nearby Circuit Road Hawker Centre.

For families with children, The Antares is surrounded by good schools such as the up-coming flagship campus for Nexus Internation-al School, Canossa Catholic Primary School, Kong Hwa Primary School and Geylang Meth-odist Primary and Secondary schools.

The Antares has also been designed as a reprieve from the bustle. Its facilities include an indoor swimming pool with lighting that

mimics the sky, giving residents the feel of swimming under a blanket of stars. The pro-ject also has a serene open space for yoga and other outdoor activities as well as a gym.

With these conveniences and amenities, FSKH Development expects the project to ap-peal to both owner-occupiers and investors. Bearing this, unit sizes range from 452 sq ft for a one-bedroom apartment to 1,604 sq ft for a four-bedroom penthouse.

The Antares also has three-bedroom flexi units ranging from 883 to 1,023 sq ft. These units provide flexibility for owner-occupiers and investors to reconfigure the space accord-ing to their needs.

Against this backdrop of well-appointed lay-out, connectivity and amenities, The Antares is set to light up Mattar Road and MacPher-son. To gaze upon this rising star, The An-tares’ showflat is located at Kallang Airport Drive and is open for public preview on Sept 7 and launched on Sept 14.

Reach for the stars at The Antares

Swim under the stars at The Antares’ indoor pool

With a total of 265 apartments ranging from one- to four-bedroom apartments, The Antares will offer a respite for those looking to disconnect from the daily hustle and bustle of city life

PICTURES: THE ANTARES

Call: 8318 8933

Show Suites @ KALLANG AIRPORT DRMinutes Walk From Kallang MRT Station

BROUGHT TO YOU BY THE ANTARES


SPOTLIGHT

| BY TIMOTHY TAY |

Those who want a penthouse with a van-tage point of the future Greater Southern Waterfront from the comfort of their own balcony need look no further than the triplex penthouse at Mount Faber Lodge.

Perched on the slope of Mount Faber Hill, the freehold Mount Faber Lodge stands out for its red-brick façade. The project was complet-ed in 1983 and contains just 84 units. The pro-ject has sizeable units, ranging from 1,098 sq ft studios to two-bedroom units from 1,173 sq ft and three-bedroom units from 2,454 sq ft. The penthouses are all five-bedroom triplexes,

occupying the sixth to eighth floors and sized from 3,703 to 3,724 sq ft. There just 20 such penthouses within the development.

Early last year, at the height of the en bloc fever, some of the owners of Mount Faber Lodge had attempted a collective sale, but it never got off the ground.

On the market is one of the penthouses at Mount Faber Lodge: a 3,703 sq ft, triplex pent-house with a price tag of $4.8 million ($1,296 psf). Jon Lau, senior associate sales director at SRI, is the exclusive marketing agent.

Owing to the generous unit sizes and the unblocked views from the balcony on the sev-

enth floor, most of the penthouses are own-er-occupied. As such, the penthouse that Lau is marketing is one of the rare few currently on the market.

The owner is said to be a British expatriate family, and they are selling the unit as they are moving back to the UK, says Lau. The pent-house was purchased by the owners 8½ years ago for $3.98 million. They spent more than $800,000 on gutting and renovating the pent-house to suit their needs.

The interiors of the penthouse were designed by Janet McGlennon, an interior designer who has been based in Singapore for the past 15

years. Her designs include luxury residences such as a bungalow in Dalvey Estate, a pent-house in d’Leedon and a show unit at Nouvel 18 luxury condo.

The penthouse at Mount Faber Lodge fea-tures an open-concept kitchen with high-end Miele appliances, including food warmers, oven, double-door refrigerators, wine chiller and dish-washer. The bathrooms have also been reno-vated, and feature top-end bathroom fittings and sanitary wares.

The kitchen and dining room are on the first floor of the triplex penthouse. The living room – which has a balcony and entertainment area

PICTURES: JON LAU/SRI

The freehold penthouse will be at the doorstep of the Greater Southern Waterfront

Triplex penthouse at Mount Faber Lodge going for $4.8 mil

The kitchen is filled with Miele appliances worth close to $30,000 The penthouse has common areas for entertaining, including a TV area and a dining area on the second floor


SPOTLIGHT

– and two of the bedrooms are on the second level. On the top floor are the master suite and two other bedrooms.

The master suite comes with an en suite master bathroom and walk-in wardrobe. It has a balcony facing the greenery of Mount Faber Park. One of the bedrooms on the top level is a guest room; the other has been converted into an art studio for the owner’s wife who is an artist. “The natural lighting and view from the room are ideal for an art studio,” notes SRI’s Lau.

While the bedrooms of the triplex penthouse enjoy a view of Mount Faber Park, the living room, dining area and kitchen have unblocked views of the marina at Keppel Bay.

“On top of the generous living space, which are mostly enclosed, you enjoy a lot of privacy as well as unblocked views,” says Lau. “The next owner will enjoy a ringside view of the the Greater Southern Waterfront, and the capi-tal appreciation that comes with it.”

The penthouse at Mount Faber Lodge was put on the market just three months ago, and has attracted interest, especially from other ex-patriates who like the unit size, views and lo-cation amid the greenery, adds Lau.

With an asking price of $1,296 psf, freehold tenure and location in District 4, Lau sees the penthouse as attractively priced.

Announcement of the plans for the upcom-ing Greater Southern Waterfront has certainly created a lot of interest in the new launches in the area, he adds.

Units at the 99-year leasehold, Kent Ridge Residences (a redevelopment of the former Vista Park) on South Buona Vista Road have been seeing brisk sales, with at least 221 units snapped up at an average price of just under $1,700 psf, according to caveats lodged with URA Realis.

The freehold, 262-unit Sky Everton (redevel-opment of the former Asia Gardens) on Everton Road on the CBD fringe, which was launched in June, has seen 146 units snapped up at pric-es averaging $2,540 psf.

An upcoming launch nearby is the 99-year leasehold, 1,074-unit Avenue South Residence, with prices starting from $1,780 psf.

For those who want a completed unit that they could move into immediately, the pent-house at Mount Faber Lodge could be an at-tractive alternative, says Lau.

The five-bedroom penthouse was designed by Janet McGlennon Interiors

Wooden stairs connect the three floors of the penthouse

The en suite bathroom of the master bedroom with double vanity wash basins, a bathtub and shower

A study room on the top floor was used as an art studio for its views and natural light

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INDUSTRY INSIGHT

| BY VIVEK KAUL |

Experiences pervade retail. Especially here in the Asia-Pacific. What does this mean though? Simply put, as consum-ers become more sophisticated, so too do the retail offerings they seek. Land-

lords and retailers, in turn, have to upgrade their malls and physical stores into experien-tial hubs where sensory stimulation and mem-ories are born.

The proliferation of online retailing has al-lowed consumers to access countless prod-ucts at the mere click of a button, so the need for retailers to deploy new strategies comes as no coincidence. The function of a retail store, then, now extends beyond providing an out-let through which purchases can be made, to quenching shoppers’ thirst for entertainment and pleasure. This fusing of shopping with en-tertainment is known as retailtainment.

Retailtainment, not dissimilar to other mar-keting initiatives, sits on a spectrum. An in-store yoga class for an athleisure line serves as one example on the low end of the spectrum, while an indoor theme park is a more drastic marketing effort on the high end.

The interactive experiences offered by retail-tainment allow brands to occupy mental real estate in the minds of potential and existing

customers in a way that online shopping can-not achieve. Retailtainment efforts, then, pro-vide a necessary counterpoint to e-commerce’s disruptive influence. There is no war between technology and retail, though – one needn’t up-end another. Through leveraging data-driven insights on competitor performance and con-sumers’ behaviour and preferences, retailers can tailor optimal marketing strategies to in-crease footfall and revenue. For example, iden-tifying which areas a shopping mall’s patron frequents after office hours can help a landlord in determining which tenants should be part of the F&B mix.

The rise of retailtainment in the region (over 200 retailers have incorporated activi-ty-based leisure in Tier 1 Chinese cities since 2018) points to an evolvement in consumers’ pursuit of pleasure. This is not to say that in the past, shoppers did not enjoy leisurely expe-riences – but they are now more willing than ever to spend money on entertainment. Euro-monitor data projects an additional spending of US$825 billion ($1.15 trillion) by 2030 on expe-rience-based retailing. This trend is particular-ly pronounced in this region. In Hong Kong’s Pacific Place, AMC Cinemas houses a VIP sec-tion called “The Oval Office” offering leather reclining seats, food delivery at the push of a button, and free-flow beverages.

Activating a space to incite a positive emotional response is how retailtainment generates value. Take the 32,000-sq-ft Starbucks Reserve Roast-ery in Tokyo, for example, which offers augment-ed reality elements and a craft-oriented experi-ence. This capitalises on shoppers’ increasing inclination to spend on personalised, premi-um experiences, while also expanding Star-bucks’ imprint in the minds of store patrons and anyone who has scrolled through Insta-gram recently. Two birds, one stone.

New retail formats have arisen as a result of retailtainment. This applies to both the ten-ant mix in a mall and the mall itself. One of the

largest occupiers in square footage are indoor theme parks/entertainment centres – think Le-goland Discovery centres across Japan, Chi-na and Australia, which replicate Legoland theme parks. Aside from weaving new, enter-tainment-based retailers into the tenant mix, shopping mall operators are looking into place-making methods to breathe life into physical spaces – giving visitors a reason to return. This can range from something as simple as a foun-tain, to a more interactive immersion like an outdoor cinema. All are investments in experi-ence. All entice us to a retail space for reasons other than purchasing.

From our current vantage point, the scope to which retailtainment can grow is broad. Tech-nology will be an enabler in terms of produc-ing behavioural insights through data as well as widening the scope of activities. For in-stance, Seoul’s Gangnam district has a 4,000-sq-ft virtual reality station which allows players

to interact through racing, biking and surfing games. This is a testament to the reactivity of retail to consumer trends. A virtual reality sta-tion taps into the same desires as a gaming ar-cade. But the increase in shoppers’ disposable incomes, together with new technologies in retailers’ arsenal, has allowed retail spheres to push new frontiers.

In this new retail landscape, individual retail-ers and shopping-mall landlords need to be more consumer-centric than ever. The force of their marketing efforts will be more heavily charged towards shoppers’ experience rather than sin-gle products. While this may require a heavier capital outlay, big data will help to determine what works and what doesn’t. The connection shoppers have with retail spaces will deepen, as both grow in sophistication.

Vivek Kaul is head of retail, Asia, at CBRE.

PICTURES: CBRE

A virtual reality station taps into the same desires as a gaming arcade. Technology will be an enabler in the growth of retailtainment in terms of widening the scope of activities.

The function of a retail store now extends beyond providing an outlet through which purchases can be made, to quenching shoppers’ thirst for entertainment and pleasure

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The refurbishment of retail


RETAIL

| BY CHARLENE CHIN |

Ahead of its grand opening on Oct 24, PLQ Mall by Lendlease is about 90% leased, with some rentals under final negotiations. The new mall will have over 200 shops. Anchor tenants are

Shaw Theatres, FairPrice Finest and KopiTime, a new thematic food court by Kopitiam. Shaw Thea- tres will feature 12 halls and an Imax theatre.

There will be new-to-Singapore F&B dining options such as Mom’s Touch, a popular South Korean fried chicken chain; Hayai, serving Japa-nese rice sandwich; Wursthans Switzerland, of-fering authentic Swiss sausages; and Fong Sheng Hao, a famous charcoal-grilled toast and milk tea cafe from Taiwan. Meanwhile, Morphine Coffee’s menu focuses on a healthier option for local coffee lovers. The team has cut the use of sugar and butter in roasting the coffee beans, and boasts in-house coffee-roasting facilities.

Shoppers can also look forward to family-friend-ly stores like Komma, a DIY craft supplies store and workshop; My Art Studio; Smigy Kid’s In-door Play; and Sing My Song Family Karaoke.

Other tenants include Uniqlo, Tokyu Hands, Foot Locker, Cotton On, Laneige, Innisfree, Etude House, Haidilao Hot Pot, The Providore, Wine Connection and Starbucks Reserve, and home-grown brands such as Challenger, Popular Book-store, TungLok Seafood, Duckland, as well as UOB High Street Wealth Centre.

Paya Lebar Quarter (PLQ) is a $3.6 billion in-tegrated development that comprises PLQ Mall, three Grade-A office towers spanning one mil-

lion sq ft, and three residential towers with 429 units. PLQ has direct links to Paya Lebar MRT Station, an interchange station serving both the East-West and Circle Lines.

Conceived as a placemaking project, PLQ will also offer a range of alfresco dining options at PLQ Parkside; a sheltered PLQ Plaza to host events; and an outdoor children’s play area amid 100,000 sq ft of greenery.

PLQ is part of the URA’s plans for the 12ha Paya Lebar Central precinct to be a sub-region-al business hub for Singapore. Its office compo-nent offers close to 900,000 sq ft of space with tenants such as CBRE, JLL, NTUC Income, Great Eastern, Bayer and Intellectual Property Office of Singapore (IPOS).

“We are proud to be contributing to the URA’s vision of the transformation of Paya Lebar, the

most centralised sub-regional business and life-style hub in Singapore,” says Tony Lombardo, CEO, Asia, of Lendlease.

“PLQ is a great showcase of Lendlease’s core expertise in urban regeneration and placemak-ing by combining quality retail, entertainment and lifestyle options with community-centric spaces that resonate with the rich heritage and culture of the area,” he adds.

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE

SAMUEL ISAAC CHUA/EDGEPROP SINGAPORE LENDLEASE

LENDLEASE

Morphine Coffee boasts in-house coffee-roasting facilities

Fong Sheng Hao, at PLQ Mall, is a famous charcoal-grilled toast and milk tea cafe from TaiwanPLQ Mall features new-to-Singapore F&B options such as Mom’s Touch, a South Korean fried chicken chain

At Morphine Coffee, the menu focuses on a healthier option for local coffee lovers

PLQ Mall by Lendlease will have more than 200 shops

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PLQ Mall almost 90% leased ahead of October official opening


COVER STORY

| BY CECILIA CHOW AND TIMOTHY TAY |

From having one Hotel 81 in Geylang back in 1993, Singaporean Choo Chong Ngen has since grown his portfolio of hotels to

38 properties in Singapore and owns another eight hotels in five other countries including Australia, Japan, Malaysia and South Korea.

With 6,500 hotel rooms in Singapore, the chairman of Worldwide Hotels now controls 10.2% of the total inventory of completed ho-tel rooms, which number 63,850 as at end-2018, according to the Singapore Tourism Board (STB).

As Choo’s hotel empire grew, so did his net worth, which increased 2.5 times from US$1.1 billion in March 2014 to US$2.8 billion ($3.9 bil-lion) today, according to Forbes, which ranked him Singapore’s 10th richest man.

The inspiration to enter the no-frills, budget hotel business came while he was holidaying in Japan in the early 1990s. “I saw how a small hotel can still do well,” says the 66-year-old Choo in Mandarin. “At that time, there were not many professionally-managed budget ho-tels in Singapore.”

Homegrown brandsChoo may have started his Hotel 81 brand of hotels in the red-light district of Geylang. But he has since grown the portfolio of Hotel 81 to 28 hotels across the island. “We have many Hotel 81 outside Geylang,” he says. Most of them are in the city fringe, such as Balestier,

Lavender and Bugis, with one each in Kovan and Changi.

Perhaps the most visible Hotel 81 is the one in Chinatown. Located at the junction of Upper Cross Street and New Bridge Road, the row of conservation shophouses in which it is locat-ed were formerly tenement houses or living quarters for civil servants during the colonial era. Choo purchased the shophouses at a URA auction in May 2002 and converted them into Hotel 81 Chinatown with 99 rooms.

“That’s our flagship Hotel 81,” says Carolyn Choo, managing director and CEO of World-wide Hotels. Carolyn is Choo’s only daughter. A father of four, Choo has three sons, two of whom are in the business too: his eldest son is involved in the human resources department, while one of his younger sons is a director of sales. Choo is also a grandfather of eight, with his grandchildren ranging in age from six to 17.

Carolyn joined the company in 2002 – “af-ter the Asian Financial Crisis”, she says. At that time, Choo had 12 hotels, all branded Ho-tel 81. “The management team was very lean then,” she recounts. It was made up of her fa-ther, her cousin and herself. Having spent three years in commercial banking after graduating from university, Carolyn was made the finan-cial controller.

Since 2009, Choo has increased his portfo-lio of homegrown brands to six: Besides Hotel 81, there’s Hotel Boss, Hotel Mi, V Hotel, Val-ue Hotel and Venue Hotel. To achieve econo-mies of scale, Choo has focused on the econ-

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From owning a lone Hotel 81 in Geylang, Choo Chong Ngen is now a tycoon with 38 hotels in Singapore and controls 10% of the city state’s hotel inventory. Where will the self-made entrepreneur go and what will he buy next?

Homegrown hotelier with global ambitions

The 1,500-room Hotel Boss is the biggest in the portfolio of Worldwide Hotels Group in terms of number of rooms

Venue Hotel is a line of budget hotels located within shophouses in heritage areas such as Joo Chiat


COVER STORY

| BY CECILIA CHOW AND TIMOTHY TAY |

Chairman of Worldwide Hotels Choo Chong Ngen had dropped out of school at the age of 14. “I didn’t like to study,”

he concedes. “I was very playful and always cutting classes.”

However, the hotel tycoon has always been very entrepreneurial. He grew up in a kampong in Hougang, which in the early days was mainly forested area with several pig farms before it was developed into Sin-gapore’s biggest HDB housing estate with 51,000 housing units.

At the age of 10, he started selling ice-cream for five cents to passers-by. “My fa-ther didn’t give me any pocket money, so I [sold] ice-cream to earn money for my-self,” says Choo.

He went on to become a fishmonger, and then sold textiles. By the age of 21, he had saved enough to purchase his first invest-ment property – a strata-titled shop unit in Katong Shopping Centre.

The next decade saw him amass more strata-titled shop units in Katong Shop-ping Centre, City Plaza, Sultan Plaza and Lucky Plaza.

“He has sold most of the shop units, although we still own six units in Sultan Plaza,” says his daughter, Carolyn Choo, Worldwide Hotels’ managing director and CEO. “But since going into hotels, he has expanded his portfolio to more than 100 in-vestment properties.” Choo’s hotel portfolio was recently valued at $3 billion.

Choo had also developed six apartment projects in Singapore – both within and out-side of Geylang – before focusing on hotels for the past 25 years.

His early years as a hotel owner and op-erator were “very difficult”, he says. His first hotel was at Geylang Lorong 16. “I had to run around and tackle all the issues myself,” says Choo in Mandarin.

He is still very hands-on today. After at-tending board meetings most mornings, Choo will visit his hotels, resolve issues and inspect his properties to see if anything

needs upgrading. “My father is personally involved in the design of the hotels,” says Carolyn. “He likes to talk to the staff and get customer feedback.”

Choo’s fortune is likely to rise on the back of Singapore’s strong tourism performance over the past two years. Singapore attracted 11.1 million visitors in the first seven months of 2019. This was 1.8% higher than the same period in 2018. For the whole of 2018, total visitor arrivals totalled 18.5 million.

The average occupancy rate (AOR) for hotels in the first seven months of 2019 was 86.1%, just 10 basis points shy of last year’s 86.2%, which had been the highest since 2007 when the AOR hit 86.8%.

Certainly, the global market uncertainty and the US-China trade war are having an impact on the Singapore economy. However, Choo remains confident about Singapore’s prospects. “In Singapore, land is very limit-ed,” he says. Development land is “getting lesser and lesser”, he adds.

Carolyn agrees. Prior to the tender for the Club Street hotel site which they pur-chased, the last hotel development site of-fered for sale in the Government Land Sales (GLS) programme was in 2013. That site was on East Coast Road and has since been de-veloped by a joint venture between Master Contract Services and Keong Hong Holdings into two hotels: a 131-room Hotel Indigo and a 451-room Holiday Inn Express; as well as Katong Square, a multi-storey complex with carpark, F&B outlets and retail shops.

An upcoming hotel site that will be launched for sale is on River Valley Road. The hotel site is on the Reserve List of the 2H2019 GLS programme. The future hotel will be linked to the Fort Canning MRT Sta-tion, and is located within walking distance of Clarke Quay and Fort Canning Park.

Hence, Choo believes there will “defi-nitely” be opportunities. He adds: “It’s how you view an opportunity and make use of it.” That was how he made his fortune: By entering the no-frills, budget hotel business in Singapore, which slipped under the radar of most of the giant hotel groups.

Self-made billionaire

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Worldwide Hotels chairman Choo Chong Ngen’s first business was selling ice-cream at the age of 10

omy and mid-tier segments. Room rates range from under $100 to about $150 per night. Aver-age occupancy rate (AOR) has been consistently in the “mid-80s” over the years, says Carolyn.

In Singapore, the group has 1,100 staff to-day, excluding contract staff. “Manpower con-straints is one of the key challenges in the ho-tel business, especially with the lowering of the foreign manpower quota next year,” con-cedes Carolyn.

Regional footprintThe group celebrated its 25th year in business and incorporated Worldwide Hotels in October last year. “It also marked our second phase of growth, which will see us expanding further overseas,” says Carolyn.

Choo has been venturing abroad since 2017. He now owns eight hotels in five countries, including Ibis Budget Osaka Umeda in Japan; the Travelodge Dongdaemun in Seoul, South Korea; Swiss Garden Kuala Lumpur, Malaysia; and Holiday Inn Perth City Centre, Australia. “Our aim is to have 20 hotels by our 30th an-niversary,” says Carolyn. “For overseas assets, we are very particular about location and we

will buy only if we can secure 100% owner-ship and freehold tenure.”

While the hotels in Singapore are whol-ly-owned and managed by Worldwide Hotels, the overseas properties are managed by inter-national hotel management companies. “This is because we don’t have a competitive edge there yet,” she adds. So far, the group has in-vested $500 million in acquiring overseas as-sets and is projecting to double its capital in-vestment to $1 billion for further acquisitions.

The economy and mid-tier segments in Sin-gapore have proven to be more resilient than the luxury and upscale hotels: The AORs for luxury and upscale hotels were 91.4% and 92.2% respectively in July, while the mid-tier segment achieved AOR of 96.1% and the econ-omy segment, 93.1%, over the same month.

This July, hotels in Singapore enjoyed an oc-cupancy rate of 93.8% – the highest since 2005, when the STB began compiling such statistics.

First PPVC-constructed hotelThat could explain Worldwide Hotels’ record bid of $562.2 million ($2,148.5 psf per plot ratio or

The exterior (top) and lobby of Hotel 81 Orchid in Geylang Lorong 8, one of 28 Hotel 81-branded properties in Singapore today

CONTINUES ON PAGE EP20

The 342-room Hotel Mi on Bencoolen Street is targeted at millennial travellers

PICTURES: WORLDWIDE HOTELS



On Aug 30, the Ministry of National Development announced changes in development charge (DC) rates. For the period of Sept 1, 2019, to Feb 29, 2020, DC rates for commercial use

(Use Group A) will increase by 1.7% on av-erage, while those for non-landed residential use (Use Group B2) will decrease by 0.3% on average. The DC rates for the remaining use groups – landed residential, industrial, and hotel – remain unchanged.

DC rates are payable when planning per-mission is granted to carry out development projects that increase the value of the land, for example, re-zoning to a higher value use and/or increasing the plot ratio. These rates are revised on a half-yearly basis.

The revised rates take into account the chief valuer’s assessment of land values and recent land sales. They are classified accord-ing to use groups across 118 geographical sec-tors in Singapore.

Property consultants observed that the new DC rates are “within expectations” amid the current macroeconomic environment.

“Benefitting from business relocations and investment diversion amid heightened uncer-tainties and the global slowdown, Singapore appears to be more appealing as an invest-ment safe haven,” says Christine Li, head of research, Singapore and Southeast Asia, Cush-man & Wakefield (C&W).

“As such, for the period of September 2019 to February 2020, DC rates for commercial use increased, while those for non-landed residen-tial use decreased,” she explains.

Commercial The increases in DC rates for commercial use saw adjustments of between 2.6% and 6.9%, averaging at 1.7% across 59 out of the total 118 geographical sectors. The highest increase of 6.9% was for suburban areas: Sector 100 (Tampines Road/Hougang/Punggol/Sengkang), Sector 105 (Ang Mo Kio/Yio Chu Kang/Sele-tar) and Sector 112 (West Coast Highway/Ju-rong East).

Ong Teck Hui, JLL’s senior director, research and consultancy, Singapore, attributes the in-crease in DC rates for commercial use in sub-urban areas to the investment interest seen in the preceding six months.

In March, SC Capital Partners purchased Rivervale Mall in Sengkang for $230 million or $2,833 psf on net lettable area (NLA).

In May, Frasers Centrepoint Trust acquired a one-third stake in Waterway Point in Pung-gol from its sponsor Frasers Property at $440.6 million or $3,502 psf on NLA.

C&W’s Li says: “Suburban malls are pro-jected to continue posting robust growth in capital values as the strong performance of well-managed retail spaces in choice locations continues to attract demand from retailers.”

Meanwhile, DC rates for sectors under the CBD Incentive Scheme (Sectors 7, 9 and 10) have seen steady increases since September 2016, according to JLL’s Ong. He highlights that the latest round of revision is the lowest increase in seven rounds of revision.

“Together with DC rates for hotel and non-landed residential holding flat in these sectors, [the changes] are less likely to impede potential redevelopment plans under the CBD Incentive Scheme,” he adds.

Non-landed residential DC rates for non-landed residential use were reduced by 0.3% on average, with seven out of the 118 sectors registering reductions of 3.8% to 7.4%.

“This comes after a 5.5% decrease in DC rates during the March 2019 review, and it is the first successive back-to-back decline since

the September 2014/March 2015 review,” states Tricia Song, head of research for Singapore at Colliers International.

“The trimming of the DC rates for non-land-ed residential use in this review should be modestly comforting for property developers who have had to grapple with more uncer-tainties following the roll-out of new cooling measures in July 2018,” she adds.

The largest decrease of 7.4% was seen in Sector 112 which includes Bukit Batok East Avenue 6, Upper Bukit Timah Road, Clemen-ti and West Coast Highway. She reckons this could be due to the bid price for the Govern-ment Land Sales (GLS) Clementi Avenue 1 site tender which closed on July 3. “The bid price of $788.30 psf per plot ratio [ppr] was below market expectations and significantly below the implied land rate ($883 psf ppr derived from the March DC rate) in this sector,” she says.

Elsewhere, the DC rate in Sector 34, which includes Sophia Road, Upper Wilkie Road and Mackenzie Road, decreased around 6.5%. “A small apartment block with five units was re-portedly sold collectively in March at $9.28 million. Although the land rate was not re-ported, this transaction could have contrib-uted to the decline in residential non-landed DC rate for that sector,” says Nicholas Mak, ERA Realty Network’s head of research and consultancy.

He adds that the new DC rates “will not re-sult in the recovery in the residential collective sale market as the en bloc sale market has been muted by the July 2018 cooling measures”.

Hotel and industrialThe DC rates for hotels remain unchanged. This follows a sharp hike of 45.6% on av-erage in the last revision. Colliers’ Song ob-serves that this could be partly due to the lack of significant hotel transactions in the last few months.

“While investors are still interested in hos-pitality assets, the 45.6% hike in DC rates for hotel use since March 1, 2019, proved to be too punitive for hotel land deals,” she says. “Hotel transactions since then have focused on income assets such as Bay Hotel, Ibis No-vena and a stake sale in Marina Mandarin.”

The DC rates for industrial use has also been kept stable. “The chief valuer likely took into consideration the relatively stable indus-trial property market, as well as the cautious outlook for the sector given the stronger head-winds ahead,” notes JLL’s Ong.

According to JTC statistics, island-wide oc-cupancy rate for industrial buildings remained unchanged for the second consecutive quarter at 89.3% in 2Q2019.

MARKET TRENDS

SECTOR LOCATION DC RATE ($) RATE OF CHANGE (%)

34 Dhoby Ghaut 10,150 -6

97 Bedok South 5,600 -6

98 Tampines/ Kaki Bukit/ Bedok 5,600 -6

100 Hougang/ Sengkang/ Punggol 5,390 -4

105 Ang Mo Kio/ Yio Chu Kang 5,390 -4

112 Clementi/ Jurong East 6,160 -7

113 Tengah/ Bukit Batok/ Bukit Panjang/ Lakeside 5,950 -6ERA, URA

Non-landed residential DC rates & sectors (Sept 1, 2019, to Feb 29, 2020)

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DC rates up 1.7% for commercial, down 0.3% for non-landed residential use

The increases in DC rates for commercial use saw changes of between 2.6% and 6.9%, averaging at 1.7% across 59 out of the total 118 geographical sectors

SOURCE: COLLIERS INTERNATIONAL, URA


Residential transactions with contracts dated Aug 20 to 27Singapore — by postal district LOCALITIES DISTRICTS

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

PROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019)LAND AREA/

FLOOR AREA(SQ FT)TRANSACTED

PRICE ($)UNIT PRICE

($ PSF)COMPLETION

DATETYPE OF

SALE



PRICE ($)UNIT PRICE

($ PSF)COMPLETION

DATETYPE OF

SALE

District 1 MARINA ONE RESIDENCES Apartment 99 years Aug 25 1,141 2,633,700 2,308 2017 New SaleDistrict 2 ICON Apartment 99 years Aug 20 570 1,045,000 1,832 2007 ResaleICON Apartment 99 years Aug 23 1,259 2,130,000 1,691 2007 ResaleSKY EVERTON Apartment Freehold Aug 21 958 2,413,000 2,519 Uncompleted New SaleDistrict 3 ARTRA Apartment 99 years Aug 24 829 1,729,400 2,087 Uncompleted New SaleARTRA Apartment 99 years Aug 24 1,044 2,185,800 2,093 Uncompleted New SaleMARGARET VILLE Apartment 99 years Aug 23 915 1,611,904 1,762 Uncompleted New SaleMARGARET VILLE Apartment 99 years Aug 24 829 1,475,096 1,780 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 23 700 1,598,000 2,284 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 24 431 1,051,000 2,441 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 24 743 1,819,000 2,449 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 24 570 1,421,000 2,491 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 25 560 1,471,000 2,628 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 25 893 2,170,000 2,429 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 25 431 1,042,000 2,420 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 21 786 1,451,000 1,847 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 22 657 1,192,000 1,815 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 23 441 941,000 2,132 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 25 689 1,313,000 1,906 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 25 689 1,285,000 1,865 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 25 1,345 2,419,000 1,798 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Aug 25 441 935,000 2,119 Uncompleted New SaleDistrict 4 CORALS AT KEPPEL BAY Condominium 99 years Aug 20 840 1,898,000 2,261 2016 Resale

REFLECTIONS AT KEPPEL BAY Condominium 99 years Aug 21 1,249 1,969,920 1,578 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Aug 23 1,302 2,051,145 1,575 2011 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years Aug 23 1,249 2,046,680 1,639 2011 ResaleDistrict 5 BANYAN CONDOMINIUM Condominium Freehold Aug 21 1,227 1,520,000 1,239 1995 ResaleBOTANNIA Condominium 956 years Aug 26 1,593 1,950,000 1,224 2009 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years Aug 21 474 816,000 1,723 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years Aug 23 646 963,000 1,491 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years Aug 24 1,076 1,855,260 1,724 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years Aug 25 1,927 3,083,000 1,600 Uncompleted New SaleONE-NORTH RESIDENCES Apartment 99 years Aug 21 1,421 2,145,710 1,510 2009 ResaleWHISTLER GRAND Apartment 99 years Aug 22 614 859,880 1,401 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 23 614 888,930 1,449 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Aug 24 1,281 1,637,590 1,278 Uncompleted New SaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years Aug 26 1,410 3,688,994 2,616 2014 ResaleSOUTH BEACH RESIDENCES Apartment 99 years Aug 21 2,260 8,240,000 3,645 2016 ResaleSOUTH BEACH RESIDENCES Apartment 99 years Aug 21 2,260 7,727,400 3,419 2016 ResaleTHE BENCOOLEN Apartment 99 years Aug 23 829 1,100,000 1,327 1999 ResaleDistrict 9 8 SAINT THOMAS Condominium Freehold Aug 22 506 1,563,000 3,089 2018 Resale8 SAINT THOMAS Condominium Freehold Aug 23 506 1,600,000 3,163 2018 Resale8 SAINT THOMAS Condominium Freehold Aug 23 549 1,760,000 3,206 2018 ResaleALBA Apartment Freehold Aug 26 2,303 7,380,000 3,204 2015 ResaleHAUS ON HANDY Condominium 99 years Aug 21 624 1,783,200 2,856 Uncompleted New SaleHAUS ON HANDY Condominium 99 years Aug 21 517 1,488,800 2,882 Uncompleted New SaleHORIZON TOWERS Condominium 99 years Aug 23 2,303 2,920,000 1,268 1984 ResaleMARTIN MODERN Condominium 99 years Aug 21 764 2,150,700 2,814 Uncompleted New SaleMARTIN MODERN Condominium 99 years Aug 21 764 1,988,000 2,601 Uncompleted New SaleMARTIN MODERN Condominium 99 years Aug 24 764 2,153,800 2,818 Uncompleted New SaleMARTIN PLACE RESIDENCES Condominium Freehold Aug 20 646 1,545,000 2,392 2011 ResalePARC EMILY Condominium Freehold Aug 22 549 1,100,000 2,004 2008 ResalePARC MACKENZIE Apartment Freehold Aug 27 1,335 1,920,000 1,438 2009 ResaleRESIDENCES AT 338A Apartment Freehold Aug 20 1,163 2,070,000 1,781 2004 ResaleROBERTSON EDGE Apartment 999 years Aug 22 474 1,000,000 2,111 2008 ResaleTHE WHARF RESIDENCE Condominium 999 years Aug 23 1,539 3,000,000 1,949 2012 ResaleDistrict 10 3 CUSCADEN Apartment Freehold Aug 20 463 1,560,000 3,370 Uncompleted New Sale3 CUSCADEN Apartment Freehold Aug 23 474 1,720,619 3,633 Uncompleted New SaleALLSWORTH PARK Condominium 999 years Aug 20 1,033 1,580,000 1,529 1985 ResaleARDMORE PARK Condominium Freehold Aug 21 2,885 8,800,000 3,051 2001 ResaleASTRID MEADOWS Condominium Freehold Aug 23 1,356 2,350,000 1,733 1990 ResaleBALMORAL 8 Condominium Freehold Aug 26 1,905 3,476,000 1,824 2003 ResaleBALMORAL PLAZA Apartment Freehold Aug 20 2,379 3,100,000 1,303 1994 ResaleBELMOND GREEN Condominium Freehold Aug 23 1,399 2,380,000 1,701 2004 ResaleBOULEVARD 88 Apartment Freehold Aug 23 2,777 10,651,200 3,835 Uncompleted New SaleHOLLAND HILL PARK Condominium Freehold Aug 20 1,421 2,100,000 1,478 1992 ResaleSPRING GROVE Condominium 99 years Aug 23 1,012 1,600,000 1,581 1996 ResaleTHE HYDE Condominium Freehold Aug 21 1,249 3,551,000 2,844 Uncompleted New SaleTHE SIXTH AVENUE RESIDENCES Condominium Freehold Aug 23 969 1,580,000 1,631 2009 ResaleDistrict 11 AMARYLLIS VILLE Condominium 99 years Aug 20 1,690 2,628,000 1,555 2004 ResaleCALDECOTT HILL ESTATE Detached Freehold Aug 23 9,881 10,380,000 1,050 2001 ResaleTHOMSON 800 Condominium Freehold Aug 21 1,399 1,980,000 1,415 1999 ResaleDistrict 12 CASA FORTUNA Apartment Freehold Aug 20 926 1,200,000 1,296 2011 Resale

DONE DEALS

| BY CECILIA CHOW AND AMY TAN |

Sales have been brisk for Bukit Sembawang Estates’ Signature Collection, the latest phase of houses at Luxus Hills. All the 32 units offered for sale in the first phase were snapped up on the first day of pre-

view, on Friday, Aug 30. The developer released another 46 units the next day, of which 39 units were taken up. By 11am on Sunday, Sept 1, a total of 71 units (91%) of the entire phase of 78 units in the Signature Collection had been sold.

According to Bukit Sembawang, 95% of the buyers were owner-occupiers. About 76% of these buyers were those aged between 30 and 60 years, indicating interest from multi-gener-ational buyers.

As the houses are already completed, the developer rolled out several flexible payment schemes on top of the normal payment scheme. About 75% of the buyers opted for the flexible payment schemes.

“Buyers were largely attracted to Luxus Hills because of the large living spaces in these rare, landed, 999-year homes in a family-friendly en-vironment,” says Ho Jenny, general manager (marketing) at Bukit Sembawang Estates. “Our flexible payment schemes with the option for immediate occupancy also proved popular with buyers who could then comfortably plan their move-in and financing timelines.”

The majority of the buyers were those living in Districts 28 and 19. The houses are complet-ed and fully-fitted with top-end appliances and

fittings, and are ideal for those who want to up-grade to a new home in the vicinity.

“Luxus Hills is a completed project by well-known local developer Bukit Sembawang,” says Eugene Lim, key executive officer of ERA Realty Network. “The houses are well-priced and come with attractive and flexible payment schemes. These are compelling reasons for Singaporean homebuyers to purchase the landed homes.”

ERA Realty is jointly marketing the Signa-ture Collection at Luxus Hills with Edmund Tie & Co, Huttons Asia and Savills Singapore.

Located off Ang Mo Kio Avenue 5, the Sig-nature Collection represents phases 8 and 9 of Luxus Hills. Of the 78 units for sale, 58 are in-termediate terraced houses, 10 are corner ter-raced houses, and another 10 are semi-detached houses. Prices start from $3.058 million ($1,893

psf) for an intermediate terraced house, from $3.6 million for a corner terraced house, and from $4.2 million for a semi-detached.

Meanwhile, SingHaiyi Group sold 324 units at Parc Clematis on the first day of sales on Aug 31. The developer had released 465 units for sale in the first phase, which translates to a sales rate of 70%. The average price achieved for the units sold was $1,580 psf.

According to the developer, about 48% of the units sold were the one-bedroom and var-ious two- and three-bedroom dual-key units. Most of the buyers were drawn to Parc Clem-atis’ location in the Clementi estate, given the proximity of the residential project to amenities at Clementi Mall, which is linked to the bus in-terchange and MRT station.

Eight of the buyers were former own-

ers of Park West, which was sold en bloc to SingHaiyi for $840 million in January 2018. Parc Clematis has 1,468 units and sits on a 633,644 sq ft, 99-year leasehold site. There are nine 24-storey towers within the develop-ment, 12 strata terraced houses and six stra-ta detached houses.

“We are heartened to see brisk sales of larg-er apartment types which typically appeal to buyers looking to stay in them, in addition to strong buyer demand for one- and two-bedroom units which are suitable for both residents and investors,” says Celine Tang, group managing director of SingHaiyi.

Based on first-day sales for a new project launch this year to date, Parc Clematis is con-sidered “the best-selling new mega private res-idential project”.

Ismail Gafoor, CEO of PropNex, one of the marketing agents for Parc Clematis, says: “The sale of over 300 units on the first day is definite-ly one of the highest this year. Sales momen-tum is building up as buyers gain confidence, especially when they feel that the price is right and the location is right.”

Clementi is a sought-after location, adds Ga-foor, given its centrality, as well as its proxim-ity to top educational institutions and employ-ment hubs such as the National University of Singapore and National University Hospital, one-north and the Jurong area. “Clementi is also an area with a huge middle-class popu-lation,” adds Gafoor. “As such, the project at-tracts both upgraders and investors.”

Strong weekend sales at Luxus Hills and Parc Clematis

E

BUKIT SEMBAWANG ESTATES SINGHAIYI GROUP

The crowd in one of the show houses at the Signature Collection in Luxus Hills

The crowd at the balloting tent of Parc Clematis on the first day of sales on Aug 31, when 324 units were snapped up


Residential transactions with contracts dated Aug 20 to 27



PRICE ($)UNIT PRICE

($ PSF)COMPLETION

DATETYPE OF

SALEPROJECT NAME PROPERTY TYPE TENURE SALE DATE (2019)LAND AREA/


PRICE ($)UNIT PRICE

($ PSF)COMPLETION

DATETYPE OF

SALE

Source: URA Realis. Updated Sep 3, 2019.EC stands for executive condominium

DISCLAIMER:The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

N.A. Apartment Freehold Aug 23 1,130 1,250,000 1,106 Unknown ResaleONE DUSUN RESIDENCES Apartment Freehold Aug 26 667 1,020,000 1,528 2016 ResaleREGENT RESIDENCES Apartment Freehold Aug 22 409 628,000 1,535 2015 ResaleTHE ELYSIA Apartment 999 years Aug 20 850 860,888 1,012 2005 ResaleDistrict 13 BARTLEY RIDGE Condominium 99 years Aug 23 969 1,375,000 1,419 2016 ResaleBARTLEY RIDGE Condominium 99 years Aug 23 850 1,200,000 1,411 2016 ResaleSENNETT RESIDENCE Condominium 99 years Aug 26 3,154 4,100,200 1,300 2016 ResaleTHE ADDITION Apartment Freehold Aug 25 797 1,400,000 1,758 Uncompleted New SaleDistrict 14 CASA EMERALD Apartment Freehold Aug 20 1,044 1,020,000 977 2001 ResaleEUHABITAT Terrace 99 years Aug 20 3,380 2,600,000 769 2015 ResaleLE REVE Condominium Freehold Aug 27 1,410 1,565,000 1,110 2007 ResalePARC ESTA Apartment 99 years Aug 21 420 745,000 1,775 Uncompleted New SalePARC ESTA Apartment 99 years Aug 22 1,023 1,460,000 1,428 Uncompleted New SalePARC ESTA Apartment 99 years Aug 23 743 1,211,000 1,631 Uncompleted New SalePARC ESTA Apartment 99 years Aug 24 1,023 1,573,000 1,538 Uncompleted New SalePARC ESTA Apartment 99 years Aug 24 635 1,103,000 1,737 Uncompleted New SalePARC ESTA Apartment 99 years Aug 25 452 824,000 1,823 Uncompleted New SalePARC ESTA Apartment 99 years Aug 25 1,001 1,615,000 1,613 Uncompleted New SalePARC ESTA Apartment 99 years Aug 25 1,098 1,690,000 1,539 Uncompleted New SalePARC ESTA Apartment 99 years Aug 25 635 1,099,000 1,731 Uncompleted New SalePARC ESTA Apartment 99 years Aug 25 635 1,095,000 1,724 Uncompleted New SalePARC ESTA Apartment 99 years Aug 25 958 1,550,000 1,618 Uncompleted New SalePARC ESTA Apartment 99 years Aug 25 1,033 1,727,000 1,671 Uncompleted New SaleSIMS RESIDENCES Apartment 99 years Aug 22 1,421 1,185,000 834 2002 ResaleSIMS URBAN OASIS Condominium 99 years Aug 23 409 700,000 1,711 2017 ResaleTHE TRUMPS Condominium 99 years Aug 21 1,356 1,630,000 1,202 2005 ResaleDistrict 15 AMBER PARK Condominium Freehold Aug 23 743 1,836,270 2,472 Uncompleted New SaleEASTSIDE LOFT Apartment Freehold Aug 23 1,324 1,730,000 1,307 2002 ResaleEMERY POINT Apartment Freehold Aug 20 1,324 1,800,000 1,360 2003 ResaleHAIG COURT Condominium Freehold Aug 26 1,453 1,955,000 1,345 2004 ResaleHAIG ELEVEN Apartment Freehold Aug 20 872 1,200,000 1,376 2005 ResaleLAGUNA PARK Apartment 99 years Aug 23 1,453 1,300,000 895 1978 ResaleMARGATE POINT Apartment Freehold Aug 23 1,281 1,780,000 1,390 1998 ResaleNYON Apartment Freehold Aug 22 818 1,898,000 2,320 Uncompleted New SaleSEAVIEW PARK Semi-Detached Freehold Aug 20 3,401 5,630,000 1,655 Unknown ResaleTHE AMARELLE Apartment Freehold Aug 20 614 750,000 1,222 2009 ResaleTHE ESTA Condominium Freehold Aug 23 1,561 2,750,000 1,762 2008 ResaleTHE RAMFORD Apartment Freehold Aug 20 1,044 1,635,000 1,566 Uncompleted New SaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years Aug 21 1,324 1,240,000 937 2001 ResaleAQUARIUS BY THE PARK Condominium 99 years Aug 23 1,227 1,060,000 864 2001 ResaleARCHIPELAGO Condominium 99 years Aug 23 829 1,070,000 1,291 2015 ResaleCOSTA DEL SOL Condominium 99 years Aug 27 1,345 1,550,000 1,152 2004 ResaleTANAH MERAH GREEN Semi-Detached 99 years Aug 26 2,691 2,180,000 811 1999 ResaleTHE BAYSHORE Condominium 99 years Aug 26 936 938,000 1,002 1997 ResaleTHE GLADES Condominium 99 years Aug 22 721 1,050,000 1,456 2016 ResaleDistrict 17 CARISSA PARK CONDOMINIUM Condominium Freehold Aug 27 1,001 850,000 849 2001 ResaleLOYANG VILLAS Terrace 99 years Aug 23 1,615 1,400,000 867 1996 ResalePALM ISLES Condominium 99 years Aug 22 560 568,000 1,015 2015 ResalePARC KOMO Apartment Freehold Aug 23 1,001 1,523,000 1,521 Uncompleted New SaleTHE JOVELL Condominium 99 years Aug 22 441 580,700 1,316 Uncompleted New SaleTHE JOVELL Condominium 99 years Aug 24 678 882,000 1,301 Uncompleted New SaleTHE JOVELL Condominium 99 years Aug 24 452 622,200 1,376 Uncompleted New SaleTHE JOVELL Condominium 99 years Aug 24 1,033 1,232,000 1,192 Uncompleted New SaleDistrict 18 BELYSA EC 99 years Aug 23 893 810,000 907 2014 ResaleCHANGI RISE CONDOMINIUM Condominium 99 years Aug 23 1,281 1,010,000 788 2004 ResaleMODENA Condominium 99 years Aug 21 958 888,000 927 2001 ResaleNV RESIDENCES Condominium 99 years Aug 22 764 745,000 975 2013 ResaleSAVANNAH CONDOPARK Condominium 99 years Aug 26 1,023 855,000 836 2005 ResaleTHE PALETTE Condominium 99 years Aug 21 1,066 1,050,000 985 2015 ResaleTHE TAPESTRY Condominium 99 years Aug 20 1,130 1,437,750 1,272 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Aug 23 990 1,173,690 1,185 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Aug 25 689 1,033,200 1,500 Uncompleted New SaleTHE TROPICA Condominium 99 years Aug 20 990 858,000 866 2000 ResaleTHE TROPICA Condominium 99 years Aug 20 990 870,000 879 2000 ResaleTREASURE AT TAMPINES Condominium 99 years Aug 20 581 797,000 1,371 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 20 1,722 1,924,000 1,117 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 20 463 688,000 1,486 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 20 1,033 1,363,000 1,319 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 21 1,033 1,382,000 1,337 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 21 581 835,000 1,437 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 22 463 675,000 1,458 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 22 1,238 1,501,000 1,213 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 22 463 660,000 1,426 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 23 581 801,000 1,378 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 23 1,033 1,315,000 1,273 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 24 840 1,037,000 1,235 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 24 678 904,000 1,333 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 24 1,033 1,361,000 1,317 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 24 581 812,000 1,397 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 24 915 1,157,000 1,265 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 24 463 653,000 1,411 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 24 883 1,162,000 1,316 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 25 592 819,000 1,383 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 25 1,238 1,670,000 1,349 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 25 463 682,000 1,473 Uncompleted New SaleDistrict 19 A TREASURE TROVE Condominium 99 years Aug 21 1,044 1,230,000 1,178 2015 ResaleA TREASURE TROVE Condominium 99 years Aug 21 1,044 1,168,888 1,120 2015 ResaleAFFINITY AT SERANGOON Apartment 99 years Aug 20 753 1,188,000 1,577 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 21 753 1,217,000 1,615 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 21 538 803,000 1,492 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 24 850 1,307,000 1,537 Uncompleted New SaleCENTRAL VIEW Condominium 99 years Aug 22 980 890,000 909 2002 ResaleCHUAN PARK Condominium 99 years Aug 21 1,173 1,150,000 980 1985 ResaleD’ZIRE Apartment 999 years Aug 21 1,421 1,200,000 845 2014 ResaleFONTAINE PARRY Condominium 999 years Aug 20 1,550 1,600,000 1,032 2010 ResaleFOREST WOODS Condominium 99 years Aug 20 1,249 1,881,000 1,506 Uncompleted New SaleFOREST WOODS Condominium 99 years Aug 20 1,249 1,979,000 1,585 Uncompleted New SaleJADE RESIDENCES Apartment Freehold Aug 22 549 916,000 1,669 2017 ResaleKINGSFORD WATERBAY Apartment 99 years Aug 20 474 628,000 1,326 2018 Sub SaleMINT RESIDENCES @ JANSEN Apartment 999 years Aug 20 1,507 1,600,000 1,062 2009 ResaleTAMPINES ROAD Semi-Detached Freehold Aug 23 3,046 3,380,000 1,111 2011 ResalePIERMONT GRAND EC 99 years Aug 23 1,367 1,455,200 1,064 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 23 1,528 1,538,400 1,006 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 23 990 1,090,200 1,101 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 23 840 954,400 1,137 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 24 904 988,000 1,093 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 24 904 1,009,600 1,117 Uncompleted New SalePIERMONT GRAND EC 99 years Aug 25 904 1,010,400 1,117 Uncompleted New SalePRIVE EC 99 years Aug 20 1,055 1,100,000 1,043 2013 ResaleRIVERFRONT RESIDENCES Apartment 99 years Aug 25 1,109 1,402,000 1,265 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Aug 25 1,109 1,358,000 1,225 Uncompleted New SaleRIVERPARC RESIDENCE EC 99 years Aug 20 1,076 985,000 915 2014 Resale

RIVERSOUND RESIDENCE Condominium 99 years Aug 20 2,196 1,750,000 797 2015 ResaleRIVERSOUND RESIDENCE Condominium 99 years Aug 22 1,367 1,310,000 958 2015 ResaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 20 926 1,279,000 1,382 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 21 721 1,015,000 1,407 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 21 667 1,003,000 1,503 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 23 474 727,000 1,535 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 23 635 921,000 1,450 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 23 667 951,000 1,425 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 24 936 1,308,000 1,397 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 24 1,087 1,601,000 1,473 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 484 693,000 1,431 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 635 885,000 1,394 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 926 1,299,000 1,403 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 926 1,289,000 1,392 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 527 754,000 1,430 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 936 1,298,000 1,386 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 667 965,000 1,446 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 667 995,000 1,491 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 484 681,000 1,406 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 667 983,000 1,473 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 25 474 734,000 1,550 Uncompleted New SaleTHE FLORENTINE Apartment 947 years Aug 21 1,184 1,180,000 997 2011 ResaleTHE GARDEN RESIDENCES Apartment 99 years Aug 24 517 802,700 1,554 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years Aug 25 614 905,700 1,476 Uncompleted New SaleTHE LUXURIE Condominium 99 years Aug 21 1,249 1,350,000 1,081 2015 ResaleTHE MINTON Condominium 99 years Aug 26 936 969,888 1,036 2013 ResaleWATERTOWN Apartment 99 years Aug 23 915 1,261,320 1,379 2017 Sub SaleDistrict 20 JADESCAPE Condominium 99 years Aug 21 764 1,300,500 1,702 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 24 1,647 2,863,600 1,739 Uncompleted New SaleJADESCAPE Condominium 99 years Aug 25 1,012 1,696,600 1,677 Uncompleted New SaleLATTICE ONE Apartment Freehold Aug 20 872 1,564,000 1,794 Uncompleted New SaleLATTICE ONE Apartment Freehold Aug 21 1,023 1,816,000 1,776 Uncompleted New SaleSEMBAWANG HILLS ESTATE Terrace Freehold Aug 21 2,013 2,120,000 1,054 1991 ResaleSEMBAWANG HILLS ESTATE Semi-Detached Freehold Aug 22 3,455 3,650,000 1,056 Unknown ResaleTHE WINDSOR Condominium Freehold Aug 26 2,045 2,430,000 1,188 1988 ResaleTHOMSON HILLS ESTATE Terrace Freehold Aug 20 2,207 2,600,000 1,179 Unknown ResaleTHOMSON THREE Apartment 99 years Aug 27 710 1,155,000 1,626 2016 ResaleTHOMSON VIEW CONDOMINIUM Condominium 99 years Aug 20 2,024 1,930,000 954 1987 ResaleDistrict 21 DAINTREE RESIDENCE Condominium 99 years Aug 25 667 1,047,600 1,570 Uncompleted New SaleGARDENVISTA Condominium 99 years Aug 23 1,130 1,620,000 1,433 2006 ResaleMAPLE WOODS Condominium Freehold Aug 21 1,862 2,930,000 1,573 1997 ResaleMAYFAIR GARDENS Condominium 99 years Aug 20 753 1,463,000 1,942 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years Aug 24 753 1,436,000 1,906 Uncompleted New SaleMONT TIMAH Terrace 99 years Aug 20 4,542 3,600,000 793 2011 ResalePINE GROVE Condominium 99 years Aug 22 1,755 1,600,000 912 Unknown ResaleSUITES DE LAUREL Apartment 999 years Aug 27 517 750,000 1,452 2012 ResaleTHE STERLING Condominium Freehold Aug 23 1,432 1,900,000 1,327 2000 ResaleVIEW AT KISMIS Apartment 99 years Aug 20 893 1,444,000 1,616 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 22 592 981,000 1,657 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 23 603 1,023,000 1,697 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 24 1,270 2,033,000 1,601 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 24 700 1,177,000 1,682 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 24 592 1,005,000 1,698 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 24 603 1,064,000 1,765 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 24 592 1,016,000 1,716 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 25 700 1,257,000 1,797 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 25 710 1,230,000 1,731 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 25 592 1,016,000 1,716 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 25 689 1,149,000 1,668 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Aug 25 689 1,187,000 1,723 Uncompleted New SaleDistrict 22 PARC VISTA Condominium 99 years Aug 27 1,055 903,888 857 1997 ResaleTHE LAKESHORE Condominium 99 years Aug 20 1,152 1,200,000 1,042 2007 ResaleTHE LAKESHORE Condominium 99 years Aug 23 947 1,020,000 1,077 2008 ResaleDistrict 23 LE QUEST Apartment 99 years Aug 21 883 1,253,000 1,420 Uncompleted New SaleLE QUEST Apartment 99 years Aug 22 883 1,223,000 1,386 Uncompleted New SaleLE QUEST Apartment 99 years Aug 24 1,141 1,479,000 1,296 Uncompleted New SaleLE QUEST Apartment 99 years Aug 25 883 1,219,000 1,381 Uncompleted New SaleNORTHVALE Apartment 99 years Aug 21 1,292 978,000 757 1998 ResalePALM GARDENS Condominium 99 years Aug 21 1,206 860,000 713 2000 ResaleTHE DAIRY FARM Condominium Freehold Aug 26 1,238 1,600,000 1,293 1985 ResaleTHE SKYWOODS Condominium 99 years Aug 26 1,302 1,650,000 1,267 2016 ResaleDistrict 25 LA CASA EC 99 years Aug 20 980 690,000 704 2008 ResaleNORTHOAKS EC 99 years Aug 22 1,249 788,000 631 2000 ResaleDistrict 26 MEADOWS @ PEIRCE Condominium Freehold Aug 23 1,270 1,590,000 1,252 2012 ResaleMEADOWS @ PEIRCE Condominium Freehold Aug 27 2,702 2,625,000 972 2012 ResaleMEADOWS @ PEIRCE Condominium Freehold Aug 27 1,195 1,430,000 1,197 2012 ResaleLENTOR PLACE Terrace Freehold Aug 26 2,680 2,870,000 1,073 1992 ResaleTHE ESSENCE Apartment 99 years Aug 21 1,001 1,127,000 1,126 Uncompleted New SaleTHE ESSENCE Apartment 99 years Aug 22 1,044 1,368,180 1,310 Uncompleted New SaleTHOMSON GROVE Condominium Freehold Aug 23 2,895 2,680,000 926 1984 ResaleDistrict 27 KANDIS RESIDENCE Condominium 99 years Aug 21 936 1,209,900 1,292 Uncompleted New SaleKANDIS RESIDENCE Condominium 99 years Aug 21 732 956,200 1,306 Uncompleted New SaleYISHUN SAPPHIRE Condominium 99 years Aug 21 1,324 990,000 748 2001 ResaleDistrict 28 BELGRAVIA GREEN Terrace Freehold Aug 24 3,423 3,028,000 885 Uncompleted New SaleBELGRAVIA GREEN Terrace Freehold Aug 25 3,466 3,049,870 880 Uncompleted New SaleH2O RESIDENCES Condominium 99 years Aug 22 883 930,000 1,054 2015 ResaleHIGH PARK RESIDENCES Apartment 99 years Aug 20 452 575,000 1,272 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 20 667 820,000 1,229 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 22 581 740,000 1,273 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 23 452 615,000 1,360 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 26 474 608,000 1,284 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 27 1,163 1,380,000 1,187 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Aug 27 581 732,000 1,259 2019 Sub SalePARC BOTANNIA Condominium 99 years Aug 20 872 1,182,000 1,356 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 21 980 1,340,000 1,368 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 21 969 1,315,000 1,357 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 22 775 971,000 1,253 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 22 980 1,328,000 1,356 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 22 872 1,147,000 1,316 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 22 1,281 1,593,900 1,244 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 23 980 1,373,520 1,402 Uncompleted New SalePARC BOTANNIA Condominium 99 years Aug 24 667 917,280 1,374 Uncompleted New SaleSUNRISE GARDENS Condominium 99 years Aug 21 1,281 920,000 718 1998 Resale

DONE DEALS


GAINS AND LOSSES

| BY TIMOTHY TAY |

The sale of a three-bedroom unit at Bal-moral 8 topped the chart as the most profitable deal for the week of Aug 20 to 27. The 1,905-sq-ft unit fetched $3.48 million ($1,824 psf) when it was sold

on Aug 26. It had been bought for $2 million ($1,044 psf) in November 2002, which means that the recent sale earned the seller a profit of $1.48 million, or an annualised profit of 3.3% over a 16-year holding period.

Balmoral 8 is a freehold development along Balmoral Road in prime District 10. The 40-unit condo was completed in 2003 and comprises three-bedroom units of 1,701 to 1,916 sq ft, as well as penthouse units of 2,928 to 3,757 sq ft.

This latest sale at Balmoral 8 is the second

most profitable transaction at the condo so far. The most profitable deal at Balmoral 8 was in 2010, when the sale of a 1,841-sq-ft unit raked in a $1.6 million (89%) profit. The unit first changed hands for $1.8 million ($978 psf) in 2004, and later fetched $3.4 million ($1,847 psf) when it was sold in July 2010.

Over the past 13 years, profits at the 40-unit condo have ranged from $40,000 to $1.6 million across 25 transactions, according to the match-ing of URA caveats.

The week in review also recorded the sale of a four-bedroom unit at Thomson View Con-dominium in District 20. The 2,024-sq-ft unit on the second floor was sold for $1.98 million ($954 psf) on Aug 20, but had been bought for $488,000 ($241 psf) in October 2005. Thus, the seller walked away with a $1.44 million profit,

or an annualised profit of 10% over a holding period of nearly 14 years.

This latest transaction at Thomson View Condominium is the second most profitable deal at the 99-year leasehold development. The most profitable deal at the development oc-curred in 2012 when a 3,843-sq-ft townhouse fetched $2.85 million ($742 psf), producing a profit of $2.01 million. It had been purchased for $839,900 ($219 psf) back in 1999.

Thomson View Condominium is a 255-unit development that was completed in 1987. The privatised HUDC estate attempted its fourth col-lective sale last year, but did not manage to se-cure the required majority approval.

So far this year, five units there have been sold at prices ranging from $1.33 million ($1,014 psf) to $1.95 million ($964 psf), including the

transaction on Aug 20. Lastly, the most unprofitable deal during the

week occurred at the 47-unit D’Zire on Robey Crescent off Hougang Avenue 2. The 999-year leasehold condo was completed in 2014 and has only recorded two resale transactions so far, both unprofitable, according to the match-ing of URA caveats.

The latest transaction was the sale of a 1,421-sq-ft unit which changed hands for $1.2 million ($845 psf) on Aug 21. The two-bedroom unit had been bought for $1.36 million ($961 psf) in July 2013, which means the seller in-curred a loss of $164,800. The other unprofit-able resale transaction at D’Zire saw the sell-er walk away with a loss of $1,370 when his 431-sq-ft, one-bedroom unit changed hands for $565,000 ($1,312 psf) last November.

Top gains and losses from Aug 20 to 27

Non-profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

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

(YEARS)

1 D'ZIRE 19 1,421 Aug 21 845 Jul 4, 2013 961 164,800 12 2 6.12 SPRING GROVE 10 1,012 Aug 23 1,581 Aug 27, 2007 1,690 110,000 6 1 12.03 SUITES DE LAUREL 21 517 Aug 27 1,452 Apr 30, 2014 1,517 50,000 6 1 5.34 COSTA DEL SOL 16 1,345 Aug 27 1,152 Jan 25, 2013 1,189 50,000 3 0.5 6.65 REGENT RESIDENCES 12 409 Aug 22 1,535 Nov 18, 2011 1,552 6,800 1 0.1 7.86 HORIZON TOWERS 9 2,303 AUG 23 1,268 Dec 2, 2011 1,270 5,000 0.2 0.02 7.7

Source: URA, EdgeProp Note: Computed based on URA caveat data as at Sept 3 for private non-landed houses transacted between Aug 20 and 27The profit and loss computation excludes transaction costs such as stamp duties.

Most profitable deals PROJECT DISTRICT AREA (SQ

FT)SOLD ON

(2019)SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE

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

(YEARS)

1 BALMORAL 8 10 1,905 Aug 26 1,824 Nov 8, 2002 1,044 1,476,000 74 3 16.82 THOMSON VIEW CONDOMINIUM 20 2,024 Aug 20 954 Oct 31, 2005 241 1,442,000 295 10 13.83 MAPLE WOODS 21 1,862 Aug 21 1,573 Apr 26, 2007 838 1,370,000 88 5 12.34 THOMSON GROVE 26 2,895 Aug 23 926 Mar 9, 2009 518 1,180,000 79 6 10.55 HAIG COURT 15 1,453 Aug 26 1,345 Apr 29, 2004 635 1,031,600 112 5 15.36 PINE GROVE 21 1,755 Aug 22 912 Mar 13, 2001 422 860,000 116 4 18.57 THE DAIRY FARM 23 1,238 Aug 26 1,293 Apr 4, 2009 630 820,000 105 7 10.48 THOMSON 800 11 1,399 Aug 21 1,415 Jul 15, 2000 858 780,000 65 3 19.19 THE ESTA 15 1,561 Aug 23 1,762 Jun 11, 2012 1,281 750,000 38 5 7.210 THE STERLING 21 1,432 Aug 23 1,327 Aug 13, 2001 810 740,000 64 3 18.011 THE WHARF RESIDENCE 9 1,539 Aug 23 1,949 Jan 18, 2011 1,495 699,195 30 3 8.612 ASTRID MEADOWS 10 1,356 Aug 23 1,733 May 1, 1997 1,246 660,000 39 1 22.313 BOTANNIA 5 1,593 Aug 26 1,224 Aug 14, 2009 839 613,210 46 4 10.014 MEADOWS @ PEIRCE 26 2,702 Aug 27 972 Sep 15, 2009 772 539,100 26 2 10.015 GARDENVISTA 21 1,130 Aug 23 1,433 Nov 12, 2009 989 502,000 45 4 9.8

E

Three-bedroom unit at Balmoral 8rakes in $1.48 mil profit

The three-bedroom unit at Balmoral 8 fetched $3.48 million on Aug 26Thomson View Condominium is a 32-year-old development with 255 units

PICTURES: THE EDGE SINGAPORE


UNDER THE HAMMER

| BY CHARLENE CHIN |

A Good Class Bungalow (GCB) at 7 Chestnut Crescent in Bukit Pan-jang and a conservation two-sto-rey shophouse at 65 Neil Road will be put up for auction on Sept 30.

There are 39 gazetted GCB areas in Sin-gapore, of which the highly sought-after loca-tions are the Nassim, White House Park and Dalvey neighbourhoods.

“GCBs are seen as the crème de la crème of the Singapore property market and this presents a rare chance to own a GCB at a relatively affordable price. A key attraction lies in its redevelopment potential – from the current single-storey home to a 2½- storey luxury property,” says Steven Tan, di-rector of capital markets and investment ser-vices at Colliers International.

Subject to relevant approvals, the buyer may also acquire an adjacent state land that spans 263.5 sq m (about 2,836 sq ft), which

could help to lower the overall effective land rate below $975 psf, notes Tan.

The GCB put up for auction is set in a tran-quil neighbourhood. It is a short drive from the Dairy Farm Quarry and Bukit Timah Na-ture Reserve. Other amenities in the vicini-ty include Hillion Mall, Petir Park, Pang Sua Pond, and schools such as Bukit Panjang Pri-mary School, Assumption English School, CHIJ Our Lady Queen of Peace, and Fajar Sec-ondary School.

The property is close to several train sta-tions such as Cashew and Bukit Panjang MRT Stations on the Downtown Line, and Pending LRT Station.

Meanwhile, the conservation two-storey shophouse with attic also up for auction is in Outram and within the Chinatown-Tan-jong Pagar Conservation Area. The own-er is asking for at least $8 million ($2,800 psf). The shophouse has a gross floor area of 2,834 sq ft and occupies a land area of

1,413 sq ft. It is on a 99-year lease with ef-fect from July 1989.

Colliers understands that the owner has engaged an architect to review potential ad-ditions and alteration works, which could add an estimated 603 sq ft to the gross floor area, bringing the psf price down to $2,500.

The ground floor of the shophouse is cur-rently tenanted to an entertainment estab-lishment, which has been leasing the space for the past 15 years. The second floor is ten-anted to an occupier whose lease will expire by end-2019.

Subject to approval by the URA, the sec-ond floor of the shophouse can be for vari-ous commercial uses like a night club or ka-raoke, and even for residential purposes such as co-living operations, says Colliers.

The property, located on the cusp of the CBD, could potentially benefit from the gov-ernment’s plans to rejuvenate the city centre under the 2019 Draft Master Plan, adds Colliers.

The shophouse is within walking distance to the upcoming Maxwell MRT Station on the Thomson-East Coast Line, which is slated to open in 2021. Nearby eateries include Maxwell Food Centre and Tanjong Pagar Plaza Market and Food Centre.

“Shophouses have always been a sought- after class of real estate among investors ow-ing to their prime locations, heritage charm and scarcity,” comments Tan. “Those in [the] prime areas are considered a good invest-ment option owing to their superior location, healthy pedestrian traffic, and the vibrant ac-tivities in the vicinity. Generally, shophouses also see good leasing demand and enjoy rel-atively good return.”

He adds: “We have definitely seen height-ened interest in such properties since new cool-ing measures were introduced in July 2018.”

Additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD) are not applicable as the shophouse is zoned for commercial use. E

Good Class Bungalow in Bukit Panjang and shophouse at Neil Road up for auction

The GCB at 7 Chestnut Crescent is up for auction with an asking price of of $9 millionThe conservation two-storey shophouse with attic that will be up for auction is in Outram and within the Chinatown-Tanjong Pagar Conservation Area

PICTURES: COLLIERS INTERNATIONAL


OFFSHORE


Located within the Iskandar Malaysia special economic zone (SEC) in south-ern Johor, Forest City comprises four man-made islands spanning 30 sq km. This year, more than 20,000 residential

units are expected to be handed over to own-ers. More than 4,000 residential units have al-ready been transferred to owners since March.

The first phase of 482 units at Cerulean Bay in Forest City were handed over to own-ers in September last year. Prices range from RM13,000 psm to RM18,000 psm, or the equiv-alent of $399 psf to $552 psf, for most of the residential units, according to its developer Country Garden Pacificview (CGPV).

CGPV is a 60:40 joint venture between Coun-try Garden and Esplanade 88 Danga Bay Sdn Bhd (EDSB), an associate company of Kumpu-lan Prasarana Rakyat Johor (KPRJ).

Investors take ‘wait-and-see’ approachTo date, investments into Forest City total more than RM17 billion. The first island (Island 1) is 50% reclaimed and comprises a fully occu-pied retail complex, the five-star Phoenix In-ternational Marina Hotel, commercial units, a sales gallery, and Shattuck-St Mary’s Forest City International School.

The remaining three islands (Islands 2-4) will be built based on “property demand and supply”, according to CGPV.

In August last year, Malaysian Prime Minis-ter Mahathir Mohamad announced that while foreigners can purchase residential units at Forest City, they will not be granted visas to live there. Following that, a statement from Malaysia’s Prime Minister’s Office said that

property purchases by foreign nationals must abide by the country’s rules and regulations which are publicly available.

Buying property does not guarantee auto-matic residency. Foreigners who wish to make Malaysia their permanent residence can con-sider the Malaysia My Second Home (MM2H) government programme.

“Due to Dr Mahathir’s comments last year, many international investors have taken a wait-and-see approach towards their investments in Malaysia. [Because of] this condition, Forest City was inevitably affected,” says Zhou Jun, For-est City’s brand management general manager.

Buyers of Forest City hail from over 35 plac-es including China, Malaysia, Singapore, Viet-

nam, Indonesia, Macau, Taiwan, Hong Kong, South Korea, Japan, Canada, the US, Venezue-la, the UK, Russia, and Australia, says Zhou.

“However, over time, we understand that the Malaysian government continues to welcome foreign investments,” adds Zhou. “Thanks to the comprehensive legislative system, Forest City was not badly impacted despite the Prime

Forest City to hand over more than 20,000 residential units this year, unveils new golf course

PICTURES: COUNTRY GARDEN PACIFICVIEW

Located within the Iskandar special economic zone, Forest City comprises four man-made islands spanning 30 sq km

Since end-March this year, more than 4,000 residential units have been transferred to owners


OFFSHORE

Minister’s remarks. On the contrary, as we are able to contribute to the Malaysian economy, create job opportunities and promote technol-ogy and knowledge transfer, we have received a lot of support from the government.”

In order to facilitate the growth of the Ma-laysian economy, Forest City has awarded con-tracts worth RM1.6 billion to local companies, and contributed more than RM300 million of tax to the federal and state governments. In addition, over RM10 million has been donat-ed and sponsored, in terms of corporate social responsibility initiatives.

Classic Golf Course unveiledFor now, it’s “business as usual” at Forest City, says Zhou. On Aug 18, CGPV unveiled a 172-acre (70ha) Classic Golf Course at Forest City

Golf Resort. This followed the opening of the 183-acre Legacy Golf Course, designed by Jack Nicklaus and his son Jack Nicklaus II, in Sep-tember last year. There are also plans for the construction of a third golf course. The Forest City Golf Resort spans 8 sq km and is located about 7km from Forest City.

Designed by landscape architect and golf course designer Liang Guo Kun, the 18-hole Classic Golf Course is a parkland course, com-monly known for its lush greenery and rolling contours, he explains. Liang is also the exec-utive director and vice president of Country Garden Holdings.

“The Legacy Golf Course is desert-themed, and while it has an open terrain, I designed the Classic Golf Course with a hilly terrain,” says Liang. “If I were to design it the same way,

where is the fun in playing then?” He adds: “When people come [to the

course], they would find the views pleasing to the eye, having a scenery to admire with every step.”

According to Zhou, Forest City’s main fo-cus for 2019 and 2020 is to build up the in-dustrial component as part of Forest City’s In-

dustry Integration Blueprint 2020. It intends to attract industries to set up in the industrial hub, and further enhance the tourism compo-nent of Forest City.

In addition, Forest City’s landmark Carnel-ian Tower, a 45-storey integrated building com-prising of residential units, Grade-A offices and retail shops, is slated to open in 2020.

The five-star Phoenix International Marina Hotel is part of the first island of Forest City

The Legacy Golf Course, designed by Jack Nicklaus and his son Jack Nicklaus II, opened in September last year

Designed by landscape architect and golf course designer Liang Guo Kun, the 18-hole Classic Golf Course is filled with lush greenery and lakes

E

PICTURES: COUNTRY GARDEN PACIFICVIEW


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

$1,150,00073 Eng Watt StreetD3 ENG WATT STREET | 99 years Size(sqm): 93 | PSM: $12,366Bedroom: 2

Stylishly renovated 2-bedroom apartment located in premiere location in historic Tiong Bahru conservation area. Level 2 walk-up. Rare privacy - wide tree-lined street. Bright, airy interior with uncluttered finishes. No commercial below. A peaceful haven just 2 MRT stops to Tanjong Pagar.

$5,873,000UE SquareD9 RIVER VALLEY ROAD | 929 years Size(sqft): 3,090 | PSF: $1,901Bedroom: 5

$24,000,000Good Class Bungalow D23 CHESTNUT DRIVE | Freehold Built-Up(sqft): 12,800 | Land(sqft): 18,466PSF: $1,300

A rare opportunity to own this prize-winning penthouse below $2000psf in District 9. No gimmick. All lived-in space. 5 spacious bedrooms + family area. The most accessible locale where family, works, nature, lifestyle meet together. Greatest intrinsic value to be realised! Exclusive view.

Architecture: Modern Tropical Minimalist & Exquisite. Land size: 18,466 sq ft, with centrepiece ornamental pool. BIA: 12,800 sq ft 2 storey with front porch and rear garden. Condition: Meticulately maintained in showflat condition. Description: Luxurious, Exclusive, Tranquil, Intimate & Homey.

Anne Hicks SAVILLS RESIDENTIAL PTE LTD R045479Z

65 9730 3672

$3,988,888Camelot By-The-WaterD15 TANJONG RHU ROAD | 99 years Size(sqft): 2,433 | PSF: $1,639 Bedroom: 3

Cream of the Crop property in sought after Camelot by the water, near MRT shopping CBD airport. Fully renovated by ID Designer Ansana. 3 large bedrooms 2433 sqf overlooking the pool with maids room/toilet. Stunning spacious unit on offer for a fortunate new Proud owner. Just move in & enjoy life.

PROP HUNT CLASSIFIEDS

$2,190,000One Oxley RiseD9 OXLEY RISE | Freehold Size(sqft): 1,365 | PSF: $1,604Bedroom: 3

$1600psf for this 10 years old apartment is a steal. 6 mins stroll to Somerset MRT & Killiney eating belt. The apartment comes with a patio for outdoor dining and 3 bedrooms.

Yap Boon Seng ORANGETEE & TIE PTE LTDR013005F 65 9760 7757

Jerry Lum ERA REALTY NETWORK PTE LTD R032056D 65 8288 0098

$39,600,000Shophouse D3 KAMPONG BAHRU ROADBuilt-Up(sqft): 17,596 | Land(sqft):7,068PSF: $2,251 (Built-Up)

A Rare Row of 6 Freehold Conservation Shophouses, opposite Singapore Largest Medical Centre with potential capital appreciation for sale. Just outside CBD. Ample Parking. Located 500m away from future Greater Southern Waterfront. Highly Accessible via AYE, CTE and ECP. Call now.

Jessica Lee TUSCANY REALTY PTE LTDR001118I 65 9100 7981

Lindy Lee ORANGETEE & TIE PTE LTD R049099J

65 9455 4388

$3,300,000The Suites at Central D9 DEVONSHIRE ROAD | Freehold Size(sqft): 1,378 | PSF: $2,395 Bedroom: 3

A beautifully crafted freehold D9 condominium located at the privileged neighborhood of Devonshire Rd embedded with luxurious full condo facilities. Mins walking distance to Somerset and Orchard MRT. Many nearby amenities. Easily accessible via the Central Expressway. Contact Lindy @94554388 now!

View To OfferDetached HouseD11 JALAN TEMPUA | Freehold Built-Up(sqft): 7,500 | Land(sqft): 4,850

Capitol Park (Off Kheam Hock) 2.5 storey Detached House. 5 spacious ensuites. Supreme master suites with connecting study room.Unblock with lush greenery views at doorsteps. With lift & swimming pool. 9 mins stroll to Botanic Garden MRT & amenities. Great locale & design. Lovely house for home stay.

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ppr) for the Government Land Sales (GLS) hotel development site at Club Street at the close of the tender in January this year. “The location in Club Street was a main factor – strategically located in the CBD as well as the Chinatown cultural district,” says Carolyn. “This is a very rare hotel site; the last time a ho-tel site was put up for sale in the GLS programme was in 2013.”

The group intends to launch a new brand for the upcom-ing hotel at Club Street, adds Carolyn. The new hotel will be in the economy to mid-tier segment, and will have over 900 rooms.

The 20-storey building on Club Street will be the first hotel in Singapore to be constructed using full concrete PPVC (Pre-fabricated Prefinished Volumetric Construction) method. It will be built by listed construction company, Tiong Seng Holdings, which was awarded the $130.5 million contract on Aug 27. The hotel rooms will be on the second to 20th levels, with the first level to be occupied by shops and restaurants. There will also be basement parking. The hotel will be linked underground to the Telok Ayer MRT Station on the Downtown Line.

Big, bigger, biggestLast November, Worldwide Hotels purchased the freehold Gold-en Wall Centre, off Rochor Canal Road near Little India, in a collective sale for $276.2 million ($2,331 psf ppr). A strata-

titled commercial complex, Golden Wall Centre has received approval for redevelopment into a hotel. However, the collec-tive sale has been stalled, following some objections raised by one of the subsidiary proprietors. The case is pending a High Court hearing at the end of the month.

If the collective sale is successful, the new hotel on the Gold-en Wall Centre site will not be as big as the upcoming property on Club Street, says Carolyn.

With more than 900 rooms, the new hotel on Club Street will be the second biggest in Worldwide Hotels’ portfolio when completed at the end of 2021. The Hotel Boss, located at the junction of Jalan Sultan and Victoria Street, is the biggest with 1,500 rooms.

The second biggest hotel is currently the V Hotel Lavender on Jellicoe Road, which has 888 rooms. It is linked to the Lav-ender MRT Station and opposite the ICA (Immigration & Check-points Authority) Building on Kallang Road.

Over the years, Choo has been approached by interested in-vestors about his portfolio, but he has never considered sell-ing any of his hotels. “My dad is very steadfast,” says Carolyn. “Throughout the cycles and even during the economic down-turns – from Asian Financial Crisis, SARS [severe acute respira-tory syndrome] outbreak and Global Financial Crisis – he nev-er sold a single hotel. When you have been holding a hotel for 25 years, there is significant capital appreciation.” E

FROM PAGE EP11

The 888-room V Hotel Lavender is the second biggest hotel in World-wide Hotels’ portfolio today

WORLDWIDE HOTELS GROUP

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