Street-level commercial Workplace concierge First Contact … Week of... · Street-level commercial...

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Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of November 25, 2019 | ISSUE 909-131

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

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

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ShophousesBugis and Duxton

units on the market ep4

SpotlightStreet-level commercial site at St Martin’s Drive going for $5,900 psf ep6

Office Workplace conciergeFirst Contact comes

to town ep10

Gains and LossesResale unit at Tanglin

Residences reaps $1.5 mil profit ep14

James Koh, executive chairman and CEO of Fragrance Group, sitting in front of the 237-unit Urban Treasures scale model

Urban Treasures: A gem in the east

The freehold project is a redevelopment of the former Eunos Mansion, in an area where neighbouring projects are already sold out.

Turn to our Cover Story on Pages 8 & 9.

EP2 • EDGEPROP | NOVEMBER 25, 2019

ADVERTISING + MARKETING ADVERTISING SALES

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PROPERTY BRIEFS

JTC rejects bids for industrial site at Tampines North Drive 5 There has been no successful bidder for the industrial site at Tampines North Drive 5, Plot 9, JTC announced on Nov 20.

The tender for the site was launched on July 30 and closed on Oct 22.

Although two bids were re-ceived for the site, the higher bid was not accepted as the price offered was below the reserve price, it says.

The Tampines North Drive 5 site was launched under the sec-ond half of the 2019 Industrial Government Land Sales (IGLS) programme. It has a lease tenure of 20 years and is zoned under “B2” for heavier industrial use. The land spans 0.49ha and has a gross plot ratio of 2.5.

Dairy Farm Residences preview draws crowd of 1,000 The preview of the 460-unit Dairy Farm Residences by Singa-pore-listed United Engineers Ltd (UEL) drew a crowd of 1,000 over the weekend of Nov 16 and 17.

Dairy Farm Residences marks the first new condo offering in the Dairy Farm area since The Skywoods was launched in 2013. The Skywoods is a 420-unit, 99-year leasehold condo. Developed by a consortium of three listed property players – Hock Lian

Seng Holdings, King Wan Corp and TA Corp – it was completed in 2016 and is fully sold to date.

“We are pleased with the turnout and it shows that there is inherent interest in living near nature,” comments Stephanie Chua, UEL’s head of develop-ment sales. Dairy Farm Resi-dences is in proximity to Dairy Farm Nature Park and the Bukit Timah Nature Reserve.

The interest came mostly from those who are already re-siding in the west of Singapore, although some visitors stay in the central area, and some po-tential buyers came from as far as Pasir Ris, Chua shares.

Apartment layouts offered in-clude two-bedroom units from 624 to 775 sq ft, three-bedroom units from 915 to 1,313 sq ft, and four-bedroom apartments from 1,324 to 1,475 sq ft.

UEL is launching Dairy Farm Residences in a few phases, at an average starting price from $1,500 to $1,700 psf. The two-bed-room units will start from below $1 million.

CapitaLand sells The Star Vista for $296 mil CapitaLand will sell The Star Vis-ta to Rock Productions, owner of The Star Performing Arts Cen-tre, for $296 million, the proper-ty group announced on Nov 20.

The divestment is targeted to be completed by end-2019,

and is expected to generate net proceeds of about $145 million, and a net gain of about $32 mil-lion for CapitaLand. Based on the latest independent valua-tion as at June 30, The Star Vis-ta was valued at $262 million.

“The divestment of The Star Vista is in line with CapitaLand’s active and disciplined asset recy-cling strategy. In the year to date, CapitaLand has divested close to $5.7 billion worth of assets, ex-ceeding our annual target divest-ment of $3 billion,” says Jason Leow, president, Singapore & In-ternational, CapitaLand Group.

Upon completion of the di-vestment, CapitaLand will own 19 malls in Singapore, one of which is under development.

The Star Vista is right next to Buona Vista MRT Interchange Station on the Circle and East-West Lines. It is part of a 15- storey integrated development, which includes a 5,000-seat au-ditorium.

Opened in September 2012, the mall comprises three levels of retail space, with a net letta-ble area of about 162,500 sq ft.

The mall registered an oc-cupancy of 95% as at June 30, 2019. Main tenants include Beau-ty in the Pot and LeNu, Can-ton Paradise Teahouse, Redman by Phoon Huat, Swee Lee and Cold Storage.

CBRE appoints head of valuation and advisory services for Singapore CBRE has appointed Png Poh Soon to join the firm as head of valuation & advisory services for Singapore, with effect from Jan 2, 2020.

Png has 17 years of experi-ence in real estate professional services with specialisation in land acquisitions and proper-ty tax. He will report to Moray Armstrong, managing director of CBRE Singapore, and Vamshi KK Nakirekanti, head of valua-tion & advisory services, South East Asia.

“[Png’s] vast experience in working with leading multina-tional companies, financial in-stitutions and regulatory bodies, as well as his extensive network of industry contacts, will further extend CBRE’s reach and offer-ings to grow our valuation busi-ness; in particular, expanding our share of pie in mortgage valua-tion,” says Armstrong.

Png last served as senior di-rector of valuation & advisory at Knight Frank, where he led ap-praisal projects such as Maple-tree Business City, Frasers Tower and Jurong Country Club. Prior to that, he was Knight Frank’s head of research & consultancy for four years.

Png started his career work-

ing at the Singapore Land Au-thority and Inland Revenue Au-thority of Singapore.

Singapore’s office market is one of the strongest in the world: JLL Singapore’s office market has shown one of the strongest per-formances in the world, with vol-umes rising by over 175% y-o-y due to strong rental growth and net absorption, highlights JLL in its report on global capital flows.

Transaction volume in Singa-pore reached an all-time high, supported by Allianz and Gaw Capital’s US$1.15 billion ($1.6 billion) acquisition of Duo Tow-er in July.

China also saw an increase in transaction volumes. Notably, investment in Shanghai reached US$14.4 billion in the year to date, with US$3.5 billion received in the third quarter of the year.

Shanghai was the largest re-cipient of cross-border invest-ments among Asia-Pacific cit-ies in the first three quarters of the year, followed by Singapore

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CONTINUES ON PAGE EP4

PICTURES: SAVILLS

The crowd at the preview of Dairy Farm Residences

The Star Vista was valued at $262 million as at June 30

| BY CHARLENE CHIN |

Savills Singapore has appointed four senior leaders in its investment sales and capital markets team.

Joining the company is Jeremy Lake as managing director, Galven Tan as deputy managing director, Yap Hui Yee as director, and Sophia Lim as senior manager.

Lake and Tan bring with them 43

years of experience in the Singapore investment market, says Savills. In the last five years, both of them were in charge of real estate transactions of over $19 billion across the office, retail, residential, hotel and industri-al sectors.

Marcus Loo, CEO of Savills Singa-pore, says: “I am extremely delighted that we have been able to secure the top investment team here in Singapore.”

“Jeremy and his team bring with them tremendous depth of experience in this marketplace, having handled a significant portion of Singapore’s largest investment transactions across a myri-ad of asset classes,” Loo says.

“This is significant for us as their stellar track record and extensive client contact base will enable Savills to serve our clients better, not just in Singapore, but in the region as well,” he adds.

Chris Marriott, CEO of Savills South East Asia, says: “Jeremy and Galven have built up a reputation for their pro-fessionalism in underwriting, market-ing and executing transactions for sov-ereign wealth, institutional funds and private clients, both locally and globally.

“As cross-border investment grows, Savills is carving out a dominant posi-tion in this sector of the region’s real estate service industry.”

Savills makes four top appointments in investment sales and capital markets team

EDGEPROP | NOVEMBER 25, 2019 • EP3

MARKET TRENDS


Private new home sales – excluding ex-ecutive condos (ECs) – fell by 26.9% m-o-m to 928 units in October, accord-ing to developers’ monthly sales data released by the URA. However, this is

an 84.9% increase from the 502 units sold in October 2018.

The drastic fall in sales on an m-o-m basis came as new launches declined 48% m-o-m to 892 units in October. “There were fewer attrac-tive launches,” comments Tricia Song, head of research for Singapore at Colliers International.

The best-selling private residential project in October was Parc Esta, which moved 92 units at a median price of $1,686 psf. This was followed by Treasure at Tampines, which sold 88 units at a median price of $1,373 psf. Neu at Novena took third place, transacting 54 units at a median price of $2,585 psf. Parc Botannia moved 49 units at a median price of $1,334 psf, while Midtown Bay saw 48 units sold at a median price of $2,900 psf.

New home sales for October were mainly driven by Singaporeans, observes Wong Xian Yang, senior manager, research, for Singapore and Southeast Asia at Cushman & Wakefield. Singaporeans made up 82% of the buyers, followed by permanent residents at 11% and foreigners at 7%.

From January to October 2019, develop-ers sold 8,397 new homes (excluding ECs), a 12.5% increase from 7,461 sold over the same period in 2018.

Cushman & Wakefield’s Wong believes this points to “market resilience and strong pent-up demand” in the property market.

“Singaporeans are still bullish on the long-term prospects for Singapore residen-tial private property, despite cooling meas-ures. Given the uncertain economic environ-ment and geo-political developments in the region, Singapore real estate is perceived as a ‘safe haven’ for growth and preservation of wealth,” she adds.

Meanwhile, new residential project launch-es in November included Sengkang Grand Residences and Pullman Residences. Seng-kang Grand Residences sold 216 of the 280 units released at its weekend launch on Nov 2 and 3, at an average selling price of $1,700 psf, notes Colliers’ Song.

“We believe the good demand at Sengkang Grand Residences could be due to it being the first integrated community and lifestyle hub in the northeast region. It appears buyers are willing to award a 30% premium for superi-or convenience and amenities, as pure resi-dential projects nearby such as The Quartz (completed in 2009) and Jewel (2016) trans-acted at about $1,000 to $1,300 psf in 2019 to date,” remarks Song.

On the other hand, Pullman Residences, a 340-unit hotel-branded residences with con-cierge services in Newton, sold 12 out of 25 units released over its Nov 9 and 10 week-end launch, at an average price of $3,000 psf.

OrangeTee & Tie has observed that the number of private homes sold above $2,500

psf reached 844 units for January to October 2019, hitting a 10-year high. In October alone, 186 units were sold above $2,500 psf.

Luxury properties in Singapore remained popular among both locals and foreigners, states OrangeTee. Singaporeans made up 72.7% of buy-ers, purchasing 133 of non-landed new homes in the Core Central Region (CCR) in October.

The number of new luxury non-landed homes bought by foreigners in the CCR con-tinued to rise, with 36 units sold in October.

From January to October 2019, foreigners bought 173 new luxury non-landed homes, which is higher than the number sold over

the same period in 2016 (160 units), 2017 (150 units) and 2018 (161 units).

Colliers’ Song expects new home prices to “continue to stabilise and rise by 2% for the full year 2019”. However, this “will likely be kept in check with the economic slowdown and an ample launch pipeline”, which com-prises 4,653 private homes (excluding ECs) that have been launched but remain unsold, she notes.

Cushman & Wakefield’s Wong forecasts that total new home sales are likely to reach 9,500 to 10,500 units this year, surpassing 2018’s sales of 8,795 units.

Private new home sales fall 26.9% m-o-m to 928 units in October

SHUTTERSTOCK

The drastic fall in new home sales on an m-o-m basis came as new launches declined 48% m-o-m to 892 units in October

Number of new non-landed homes sold at psf prices of over $2,500 psf

Non-landed home sales transacted at $5 million and above in the first 10 months of 2019

URA REALIS, ORANGETEE & TIE

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PROJECT STREET LOCALITY UNITS SOLD IN THE MONTH

MEDIAN PRICE ($PSF) IN THE

MONTH

% SOLD TO DATE (OF

TOTAL)

Parc Esta Sims Avenue RCR 92 1,686 62

Treasure at tampines Tampines Lane OCR 88 1,373 37

Neu At Novena Moulmein Rise CCR 54 2,585 62Parc Botannia Fernvale Street OCR 49 1,334 90Midtown Bay Beach Road CCR 48 2,900 22Stirling Residences Stirling Road RCR 45 1,848 69Riverfront Residences Hougang Avenue 7 OCR 43 1,337 80Royalgreen Anamalai Avenue CCR 42 2,741 15Avenue South Residences Silat Avenue RCR 40 1,990 37Parc Clematis Jalan Lempeng OCR 32 1,606 31

Top 10 projects by unit sales in October 2019 (including ECs)

COLLIERS INTERNATIONAL, URA

URA REALIS, ORANGETEE & TIE


and Sydney. Globally, Shanghai ranked third after Paris and London.

Sydney has logged several large-scale transactions this year. The larg-est deal was Blackstone’s US$1.1 bil-lion acquisition of a portfolio of office assets from Scentre Group in the sec-ond quarter.

In the third quarter, foreign invest-ments in Sydney came primarily from Canadian pension funds and Singapo-rean groups.

Cross-border capital inflows to Syd-ney is 88% higher year-to-date than the same period last year, with US$3.5 billion invested by foreign investors.

Asia-Pacific economies were also among the biggest capital sources for cross-border investments in the first nine months of this year, with Sin-gapore, South Korea and Hong Kong making it to the top 10 list of capital exporters, observes JLL in the report.

“Asian investors are spreading their capital more broadly and are looking at markets such as continental Europe where debt costs are low, assets are available and markets such as Germany and France are seen to be beneficiar-ies post-Brexit,” says Stuart Crow, CEO of Asia Pacific Capital Markets at JLL.

“Asia Pacific’s real estate market is likely to hold steady as investors con-tinue to allocate vast amounts of cap-ital to commercial real estate in their search for yield without exposure to excessive risk,” he says.

JLL expects the Asia-Pacific’s com-mercial real estate investments to grow 13% for the whole of this year, indi-cating a further acceleration in the fourth quarter of 2019.

Amsterdam is M&G Real Estate’s top pick for residential market investments in Europe for 2020 For 2020, global real estate invest-ment manager M&G Real Estate has named Amsterdam as the top invest-ment choice for the residential sector in Europe, the Paris submarkets for offices, and Stockholm for logistics.

The firm cites Amsterdam’s first-place ranking in the Organisation for Economic Co-operation and Develop-ment (OECD) for work-life balance, 80% use of green transport to commute, and a 5% rental growth in unregulat-ed assets as the reasons for its choice.

For the office market, M&G lists three factors for choosing the sub-markets of Paris as its top investment

pick – the opening of the Grand Par-is infrastructure project, opportuni-ties for leasing/capital expenditure (capex) risk, and greater value out-side of the CBD.

Stockholm was chosen for logistics as it is backed by its fastest population growth in Europe, mature e-commerce market and attractive value-on-offer at a 4.75% net initial yield.

Overall, the outlook for European residential “remains highly attractive”, highlights M&G Real Estate in the re-port, “given the potential it offers for both diversification and income at this stage of the cycle”.

Meanwhile, the logistics sector in Europe has outperformed all oth-er sectors for the sixth consecutive year, states M&G. The firm expects this trend to continue.

“With both e-commerce and city urbanisation rates expected to contin-ue growing, we expect rents for indus-trial stock in the right locations and with the best specifications to see fur-ther uplifts,” it notes.

The office sector in Europe is be-lieved to remain a key target for in-vestors, says M&G. In CBDs such as that in Paris, vacancy rates are excep-tionally low, which would allow in-

vestors to take on measured leasing or manage capex risk to drive higher risk-adjusted returns.

Office investments in the Nordics continue to offer some of the best op-portunities to maintain and grow in-come, highlights the report. Markets such as Utrecht, Brussels and Luxem-bourg offer “some of the best value with limited downside risk”, it states.

M&G adds that German cities with record low vacancies, such as Berlin and Munich, offer “some of the best income growth potential” in Europe’s office sector.

SC Capital Partners buys Melbourne office building for A$107 mil Real estate firm SC Capital Partners has purchased an office building at 412 St Kilda Road, Melbourne, for A$107.08 million ($99 million).

The building will undergo a A$40 million refurbishment and capitalise on its strategic location above the new Anzac Train Station.

The property comprises 19 storeys, with a total lettable area of 175,290 sq ft, and a parking space that fits 174 cars. It is at the corner of St Kilda Road and Bowen Crescent, with a further

frontage to Queens Lane. The prop-erty also overlooks the Shrine of Re-membrance, Royal Botanic Gardens, the Melbourne CBD, Albert Park and Port Phillip Bay.

“This will be the most significant office regeneration project the St Kil-da Road precinct has witnessed in the past 20 years,” comments Mark Frinsdorf, director of Artifex Proper-ty Group, which is overseeing the re-furbishment works.

The works are expected to commence in early 2020, and the building will be available for occu-pation in 1Q2021. — Compiled by Charlene Chin

SHOPHOUSES

FROM PAGE EP2

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The office building at 412 St Kilda Road, Melbourne

SC CAPITAL PARTNERS

PROPERTY BRIEFS


Three city-fringe shophouses, in the Bugis and Duxton neighbourhood, are up for sale. The two shophouses in Bugis, at 13 and 14 Bali Lane, have been put up for sale jointly, at a guide price of $9.8

million. The third shophouse, 42 Duxton Road, is for sale from $4.9 million.

The shophouse pair for sale along Bali Lane spans two storeys, is zoned for commercial use, and sits on a land size of 1,470 sq ft with a to-tal floor area of 2,581 sq ft. It is currently par-tially tenanted.

The two shophouses are within a five-min-ute walk to Bugis MRT Interchange Station on the Downtown and East-West Lines. They

are next to Blue Jazz Cafe, a popular hotspot. “Bugis is becoming increasingly attractive

to a growing pool of multinational companies based in Grade-A office developments Duo Tow-er, Bugis Junction Towers and upcoming Guoco Midtown,” comments Loyalle Chin, associate director at Propnex Realty, which is market-ing the property.

The area also attracts “millennials who ap-preciate the diversity in Bali Lane and Haji Lane, filled with live local music, coffee places and attractive F&B establishments”, Chin adds.

A number of notable transactions have taken place in the Bugis enclave. In July, Allianz and Gaw Capital purchased Duo Tower for $1.6 bil-lion. On Oct 8, it was announced that Hoi Hup Realty would acquire luxury hotel Andaz Singa-

pore at $475 million from M+S Pte Ltd, a joint venture between Malaysia and Singapore.

New commercial developments in the Bugis vicinity also include Guoco Midtown and the new Shaw Towers development.

Meanwhile, the shophouse at 42 Duxton Road sits on a land of 1,118 sq ft, with a total floor area of 2,035 sq ft.

It is currently tenanted to Kokuyo, a furni-ture and space design company with offices in China, Thailand, Hong Kong, Malaysia and Sin-gapore. The rental yield is 3.3%, says PropNex.

“With rental yields generally compressed between 1.8% and 2.5%, this is certainly one of the highest rental yields for a shophouse in the CBD,” says Chin.

In the vicinity, 37 Duxton Road was trans-

acted in January at $5.65 million ($2,897 psf). In February, 29 Stanley Street was sold at $22.1 million ($3,400 psf).

The lower guide price for the shophouse at 42 Duxton Road, within $5 million, would al-low easier entry for high-net-worth individu-als to invest in CBD shophouses and allow for further capital appreciation, states PropNex.

Duxton is in close vicinity to three MRT stations: Outram Park MRT Interchange Sta-tion on the East-West and North-East Lines, Tanjong Pagar MRT Station on the East-West Line, and the future Maxwell MRT Station on the Thomson-East Coast Line, which is slated for completion in 2021.

The tender exercise for the three shophous-es will close on Dec 17 at 3pm.

Bugis and Duxton shophouses on the market

The shophouse at 42 Duxton Road is currently tenanted to Kokuyo, a furniture and space design companyThe shophouse at 14 Bali Lane Exterior of 42 Duxton Road

PICTURES: PROPNEX REALTY

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SHOPHOUSE

| BY TIMOTHY TAY |

A 99-year leasehold shophouse at 13 Bussorah Street - located within the Kampong Glam conservation area - has been put up for sale for $6.1 mil-lion. The two-storey shophouse sits

on a 1,559 sq ft plot and has a built up area of close to 2,800 sq ft. The price translates to $3,913 psf on the land area while the leasehold tenancy started in Nov 2003.

The interior of the shophouse was designed by Singapore-based design consultancy Elliot James Interiors. The company also took out a lease of the second floor of the shophouse until October this year. Savills Singapore’s as-

sociate director of heritage buildings Simon Monteiro - the agent marketing the property - says the shophouse will be fully tenanted un-til July next year and the average monthly rent is $11,200 per month.

An independent valuation of the property conducted in July this year by UOB Bank also valued the property at $6.5 million, he adds.

According to URA Realis, the shophouse at 13 Bussorah last changed hands for $4.78 million ($3,067 psf) in Dec 2013. Records also show that the shophouse was sold for $2.8 mil-lion ($1,796 psf) in Feb 2012, and for $868,000 ($557 psf) in June 2005.

The most recent transaction in the area was a corner shophouse at 11/11A/11B Bali Lane

which changed hands for $18.8 million on Oct 11 this year. The building sits on a 999-year lease-hold plot of 1,668 sq ft that faces Ophir Road.

Another shophouse at 68 Arab Street - a free-hold property that sits on a 1,184 sq ft plot - was sold for $5.23 million ($4,405 psf) in Jan-uary this year. Monteiro reckons that the area is primed to benefit from rejuvenation efforts and new developments along Beach Road that have lifted the overall profile of the entire lo-cale. This includes footfall from the Andaz Sin-gapore Hotel in the neighbouring DUO integrat-ed development, which also features 570,000 sq ft of Grade-A offices.

Upcoming projects in the area include Guo-coLand’s $2.4 billion integrated complex Guo-

co Midtown on Beach Road. The development includes Midtown Bay, a 33-storey residential tower with 219 units, offices, retail and F&B spaces as well as public spaces. The develop-er expects to draw in an additional 10,000 vis-itors to the Beach Road area when the entire project is completed.

This type of shophouse asset would be well suited for an investor looking for a long-term in-vestment, with the aim to build a family office or as a legacy asset. It also does not come with any additional buyers stamp duty and owner-ship is open to foreigners, says Monteiro. There are only about 9,000 conservation shophouses in Singapore and only a handful are available for foreign ownership, he adds.

Shophouse on Bussorah Street going for $6.1 mil

The historic Sultan Mosque is easily visible from the front of the shophouse in the Kampong Glam Conservation Area

The shophouse at 13 Bussorah Street (centre) has a 99-year leasehold tenure that began in 2003 The shophouse is fully tenanted and rent is $11,200 per month

PICTURES:SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE

SHOPHOUSES

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SPOTLIGHT

PICTURES: SAMUEL ISAAC CHUA/ THE EDGE SINGAPORE

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| BY TIMOTHY TAY |

Located between the prime shopping belt on Orchard Road and the exclusive Nas-sim Road residential enclave, a street-lev-el commercial site at 1 St Martin’s Drive is on the market for about $55.3 million.

The price translates to $5,900 psf on the free-hold land area.

The 9,375 sq ft commercial plot for sale lies below the 16-unit St Martin’s Apartment. The entire 17,000 sq ft site at 1 St Martin’s Drive comprises both the commercial and res-idential components, but only the commer-cial component is for sale and it represents 42% of the share ownership of the entire site.

The commercial site at 1 St Martin’s Drive is in a prime location given its proximity to luxury residential developments, hotels, em-bassies, and several high-end shopping malls. Directly facing the site on Tanglin Road is Tu-dor Court Shopping Gallery and Tanglin Pla-za, while Tanglin Shopping Centre lies further down the road. The site is close to high-end hotel chains such as The Regent Singapore, Hotel Jen Tanglin Singapore, and St Regis Hotel Singapore.

The site is also surrounded by several lux-ury residential developments. Just behind the site on St Martin’s Drive are Tanglin Res-idences and St Martin Residence, while the Good Class Bungalow areas of Nassim Road and Cluny Park straddle the nearby Nassim Road. Close to the site is Orchard Boulevard and Cuscaden Road which have seen new luxury developments spring up, including 3 Orchard By-The-Park, Cuscaden Reserve, Boulevard 88, and 3 Cuscaden.

Given the centrality of the site to these prime residential and shopping areas, the commercial site at 1 St Martin’s Drive has been used for a variety of purposes over the past decade, including a Shell petrol station

and a sales gallery for a property developer. The latest tenant was a failed Korean barbe-cue restaurant that never opened due to is-sues with Singapore’s Fire Safety Bureau.

The owner has decided to sell the site after holding on to it for close to 10 years, says Simon Monteiro, associate director of heritage buildings at Savills Singapore, and the exclusive marketing agent for the sale of the property.

Monteiro says: “This site would be very nice as a family office, especially for wealthy individuals looking to make Singapore into a home base.” Alternatively, the new own-er could explore a potential en bloc scenar-io to redevelop the entire site, including the residential component. However, this would require buying up enough residential units to begin the en bloc process, says Monteiro.

He points out that it is very rare for a street-level commercial site on Tanglin Road to come onto the market since such sites are tightly held. He adds that this particular site is especially rare because the frontage boasts a generous car park space.

If the new owner chooses to continue rent-ing out the site, they will find that there is strong demand for such highly visible sites in the central region, says Monteiro. A local developer has already approached him to rent out the space as a showflat, while other businesses such as boutique furniture shops have also offered monthly rents of close to $69,000 to lease the street-level storefront.

According to the current owner, “who-ever takes over this site needs to be able to see its potential. While the site is currently untapped, there is nowhere else in this area that offers a street-level site with its own frontage with space to park several cars”. The site could also be turned into a luxury car showroom to take advantage of its prom-inent frontage, he says.

Street-level commercial site at St Martin’s Drive going for $5,900 psf

The commercial site shares the plot with the 16-unit St Martin’s Apartment. The carpark is above the commercial site for sale.

The commercial site has a prominent frontage on Tanglin Road


MARKET INSIGHT

B2 JTC INDUSTRIAL COMPLEX FOR SALE We invite offers to purchase the following property on an “as-is, where-is” basis: • Type of Property: A JTC Industrial Complex Comprising A 2-Storey Administration

And Canteen Block, A 4-Storey Building And A Single-Storey Factory Block • Land Area: 13,117.9 sqm • Floor Area: Approximately 13,863.34 sqm • Lease: 30 years commencing 01/01/2003 • Master Plan 2014: Business 2 • Location: 121 Neythal Road, Singapore 628606• Type of sale: Mortgagee saleInterested parties are required to submit their offers in the manner as prescribed in the Terms and Conditions of Tender by 5:00 pm on 3 January 2020. For further details and viewing, please contact:- Ian Low at +65 6715 1113 or email: [email protected] Tong Chong at +65 6715 1106 or email: [email protected] STRICTLY BY APPOINTMENT ONLY.

| BY AMY TAN |

Singapore presents the best prospect in the Asia-Pacific region for investment, according to “Emerging Trends in Real Estate Asia Pacific 2020”, a real estate forecast jointly published by the Urban

Land Institute (ULI) and PwC. The city-state saw a surge in transactions in

1H2019, mostly driven by cross-border capital, and volumes are expected to remain strong in 2H2019. With a glut in office supply absorbed, sentiment for Singaporean assets has now re-bounded from the lows of 2017.

With vacancies now minimal, investor confi-dence has returned, with foreign investors lead-ing the charge as buying activity surges, accord-ing to the report.

“As recently as our 2017 report, Singapore placed just 21st in our investment rankings, un-derlining how quickly the tides can shift,” says ULI’s global CEO, Edward Walter.

Tokyo, Sydney and Melbourne also placed within the top five, reflecting overall investor preference for regional markets that are large, liquid and defensive, the report states.

Meanwhile, Ho Chi Minh City, in third place,

is the only emerging market that investors viewed favourably due to its strong economic growth as it absorbs Chinese manufacturing capacity moving offshore. The city is also in first place for city development prospects for 2020.

Aside from Ho Chi Minh City, only Bangkok and Mumbai – ranked at 11th and 12th for in-vestment prospects respectively – were among the emerging-market cities that made it to the top 10 for development prospects.

ULI anticipates that with fears of recession looming in the US, investors will always be wary of emerging markets, as past experience showed that in times of economic uncertainty, illiquid-ity and currency volatility make these markets unsafe for investors.

Focus on ESGWalter observes that the ongoing US-China trade war has undoubtedly had an impact on real es-tate investment globally. Based on the report’s findings, trade wars emerged as the most prob-lematic issue for real estate investors, ahead of low yields and global economic growth. “Many MNCs are now putting their expansion plans on hold,” he notes.

When it comes to property prices, he points out that most markets are still in rela-tive balance to market fundamentals. The ex-ception are markets like Hong Kong that has been reeling from the impact of the ongoing street protests.

Against this backdrop, investors are taking a long-term view by focusing on environmental, social and governance [ESG]. “One thing that has changed is that ESG, in particular sustaina-bility, is becoming more prominent. Developers and owners are paying more attention to this than in the past and it is a trend that’s only go-ing to continue,” he says.

From an investing perspective, he notes that this shift started in Europe and it moved to America and the Asia-Pacific. He elaborates: “Investors are now at the point where they re-ally want to know that a company has a strate-gy around those issues. Otherwise, they are not comfortable to invest.”

Thus, companies are now paying attention to these issues. “For a lot of companies, a lot of the carbon impact is from the real estate that they use and so companies are interested in being

located in buildings that have been certified to be environmentally responsible. This is regard-less of whether they are looking for an office, residential, retail or industrial space,” he adds.

Office sector most popularMeanwhile, Walter believes that the office sec-tor will continue to be the most popular among investors in the Asia-Pacific region. He points to the report’s findings that the huge lot sizes in Asia-Pacific markets mean that more prop-erties are being sold to joint ventures or invest-ment clubs.

In addition, the office sector will be buoyed by the inflow of institutional capital for core properties in regional markets.

Walter expects that demand for co-working spaces will continue to remain strong in most

Asia-Pacific markets. While naysayers ques-tion the sustainability of the co-working busi-ness model following WeWork’s failure, he be-lieves that co-working satisfies a need for agile workspaces.

And increasingly, landlords are entering joint ventures or investing in co-working operators in order to expand their share of the co-working market, he adds. This is in contrast to leasing vacant office space to co-working operators on a sub-leasing basis.

“The technical barriers [for starting a co-work-ing space] are relatively low because if you have space, it doesn’t take that much to create a co-working environment. I’d say the bigger issue is around the branding of the co-working operator providing it. Brand value takes a while to build,” he explains.

Singapore has the best prospects for investment in Asia-Pacific

ULI global CEO Edward Walter believes that the office sector will continue to be the most popular among investors in the Asia-Pacific region

ALBERT CHUA/THE EDGE SINGAPORE

E

1 Singapore

2 Tokyo

3 Ho Chi Minh City

4 Sydney

5 Melbourne

6 Shenzhen

7 Shanghai

8 Osaka

9 Guangzhou

10 Seoul

11 Bangkok

12 Mumbai

13 Beijing

14 Taipei

15 New Delhi

16 Bangalore

17 Manila

18 Jakarta

19 Auckland

20 China–second-tier cities

21 Kuala Lumpur

22 Hong Kong SAR

6.31

6.11

6.06

5.99

5.95

5.86

5.73

5.69

5.36

5.29

5.11

5.07

4.97

4.95

4.93

4.90

4.87

4.86

4.83

4.77

4.73

3.93

Generally poor Fair Generally good

1 Ho Chi Minh City

2 Singapore

3 Sydney

4 Tokyo

5 Melbourne

6 Shenzhen

7 Shanghai

8 Osaka

9 Mumbai

10 Bangkok

11 Manila

12 Seoul

13 Guangzhou

14 Bangalore

15 New Delhi

16 China–second-tier cities

17 Jakarta

18 Auckland

19 Taipei

20 Kuala Lumpur

21 Beijing

22 Hong Kong SAR

5.96

5.77

5.71

5.64

5.56

5.35

5.32

5.28

5.21

5.10

5.08

5.07

5.06

5.04

5.03

4.91

4.86

4.82

4.76

4.71

4.63

3.96

Generally poor Fair Generally good

1 2 3 4 5 6 7 8 9Least

problematicNeutral Most

problematic

6.64

6.32

6.12

6.00

5.85

5.84

5.74

5.22

4.36

4.04

Trade wars

Low yields

Global economic growth

Asian economic growth

Lack of investable properties

Currency volatility

Competition from Asian buyers

Competition from global buyers

Cost of finance

Impending interest rate hikes

City investment prospects for 2020

City development prospects for 2020

Most problematic issues for real estate investors

ULIULI

ULI


| BY CECILIA CHOW |

When James Koh, executive chairman, CEO and founder of Fragrance Group, spotted the spalling concrete pavement below the altar for the Earth

God, he dashed out of the Urban Treasures sales gallery. He asked one of his workers to mix a batch of plaster for him while he went to fetch a trowel from his Rolls-Royce, and proceeded to smoothen the concrete. He got quite a lot of work done before surrendering the trowel to the worker.

“[Koh] is very hands-on,” says P Aravindan, deputy CEO of Singapore-listed property devel-oper, investor and hotelier Fragrance Group.

Upon returning to the sales gallery of Ur-ban Treasures, Koh said he had relocated the Earth God’s altar to its current position as he felt it imparts “a sense of serenity” to the place. It was only after the relocation that he noticed the spalling concrete.

Koh was at the sales gallery of Urban Treas-ures ahead of the weekend preview on Nov 23 and 24. “After such a lengthy planning process and having obtained all the relevant clearance, we’re finally ready to go,” he says.

Fragrance purchased the former Eunos Man-sion site at Jalan Eunos 1½ years in a collec-tive sale for $220 million. Based on the plot ratio of 1.6 and 10% bonus balcony space, the purchase price for the land translated to $1,118 psf per plot ratio (ppr).

Eunos Mansion has since been demolished for the construction of the upcoming Urban Treasures. The freehold site is 111,735 sq ft and is bordered by Bedok Reservoir Road, Eu-nos Link and Jalan Eunos.

“It’s a huge piece of land and it’s free-hold,” comments Koh. “That’s why it’s called Urban Treasures – it’s a real treasure in this part of Singapore. With a big site like this, you can have lush landscaping, large swim-ming pool, wading pool, gym, tennis court and all the other condo facilities that a small site will not be able to provide.”

There is a mix of one- to four-bedroom unit types, with sizes from 452 to 1,270 sq ft. Indicative prices are from $1,830 psf, which means that one-bedroom apartments will start from $880,000 while two-bedroom units will be upwards of $1.18 million.

‘TAKING A CUE’“The fact that the land was purchased for about $1,118 psf ppr and is now launching at prices from $1,830 psf shows that the de-veloper is taking a cue from current mar-ket conditions,” says Ismail Gafoor, CEO of PropNex Realty, one of the three appointed marketing agencies of Urban Treasures. The other two marketing agencies are ERA Real-ty Network and SRI.

Urban Treasures is considered to be within the suburbs or Outside Central Region, but it lies close to the border demarcating the city fringe or Rest of Central Region (RCR), adds Ismail. “In the RCR, 99-year leasehold projects are already going for about $1,700 to $1,800 psf,” observes Ismail. “Urban Treasures, be-ing freehold, is priced from $1,830 psf, which makes it attractive.”

In the RCR in the east, 99-year leasehold projects such as Parc Esta, which sits in front of Eunos MRT Station, has already sold 913 out of 1,399 units at an average price of $1,675 psf since its launch a year ago.

COVER STORY

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Urban Treasures: A gem in the east

The freehold project is a redevelopment of the former Eunos Mansion, in an area where neighbouring projects are already sold out

Two-bedroom showflat featuring Bosch kitchen appliances

Showflat of a two-bedroom unit at Urban Treasures where sizes start from 646 sq ft for classic units to 721 sq ft for premium units

The scale model of the twin 12-storey towers of Urban Treasures on Jalan Eunos


Park Place Residences at Paya Lebar Quar-ter (PLQ), which is also 99-year leasehold and considered a RCR project, is part of an integrat-ed development linked directly to Paya Lebar MRT Interchange Station. The 429-unit pro-ject is fully sold at an average price of $1,875 psf. In fact, many of the units at Park Place Residences were sold at prices above $2,200 psf, with the highest for a one-bedroom unit hitting $2,281 psf in April 2018.

‘POTENTIAL GROWTH’“Urban Treasures’ pricing is attractive and there is potential for future growth,” notes Ken Low, managing partner of SRI. “Buy-ers today are looking for projects with either product or price differentiation.”

Urban Treasures is located a nine-min-ute walk to Ubi MRT Station and an 11-min-ute walk to Kaki Bukit MRT Station, both of which are located on the Downtown Line. It is a four-minute drive to Eunos MRT Sta-tion on the East-West Line and a six-minute drive to PLQ.

Being close to PLQ is also a draw as the integrated development is part of Paya Leb-ar Central, which the URA has designated as a commercial hub in the eastern region, says Nicholas Mak, head of research & consultan-cy at ERA Realty.

The Paya Lebar Airbase will also be relo-cated to Changi by 2030, which means the whole area is set for rejuvenation. The URA has plans to further develop Defu Industri-al Estate in the northeast region and Changi

region, including Changi Business Park and Changi Airport, as part of the latest Master Plan.

MIXED NEIGHBOURHOODIn the neighbourhood of Urban Treasures is a mix of landed, private and HDB estates, notes SRI’s Low. “This mix is important for the pool of potential buyers in the secondary market, who may either be looking to upgrade or buy for their children. The merits of being near HDB estates is that amenities such as super-markets and eateries are within a six-minute walk from the condo.”

Urban Treasures is also near a few new de-velopments, namely the 48-unit The Navian, a boutique, freehold development launched two years ago and is now fully sold at an av-erage price of $1,588 psf.

Next door to The Navian is the 99-year leasehold EuHabitat, which has 748 units and is also fully sold. The project was launched in 2011, and average price achieved to date is about $1,083 psf. The project was complet-ed in 2015.

“EuHabitat is a good testament of the rent-ability in that locale,” says SRI’s Low. “Close to half of the entire development was rented out in a year.”

One street away on Foo Kim Lin Road is the 105-unit, freehold Tropika East: launched in 2012, it was completed in 2016. Units sold averaged $1,224 psf.

Fragrance Group’s Koh reckons that the area is “sought after”. The main attraction is Urban Treasures’ freehold tenure, “which

is rare”, he adds. “So our target audience is wide – from the neighbouring areas, East Coast or Bedok.”

‘FOOTLOOSE INVESTORS’ERA’s Mak agrees. “There could be interest coming from those living in the landed and low-rise private housing projects to the east of Urban Treasures,” he observes. “But the project could also draw buyers from further afield. There will be some buyers who are quite footloose, especially those buying for investment and are seeking projects that are perceived to have good price appreciation or rental potential.”

PropNex’s Ismail conducted a consum-er seminar at Urban Treasures’ sales gallery on Monday night, Nov 18. “There was quite a good crowd considering it was a Monday night,” he says. “Eighty people had regis-tered and more than 50 people showed up.” The freehold tenure attracted not just those living in the private housing estate nearby, for instance at Jalan Punai, Jalan Rimau, Foo Kim Lin and Teo Kim Eng Roads, but those from the established, private housing estates in District 15, namely Frankel and Opera es-tates as well, he notes.

Of the mix of one-bedroom to four-bedroom units at Urban Treasures, about 48 units are one-bedroom or one-bedroom premium units, with sizes ranging from 452 to 517 sq ft; and 10 units are four-bedroom premium units of 1,270 sq ft. The majority of the units are two- and three-bedroom units, which come in clas-

sic or premium types. Two-bedroom units are sized from 646 to 721 sq ft; while three-bed-room units are 883 to 1,012 sq ft.

The units are designed to be very effi-cient, says Fragrance’s Aravindan. As the project is designed as two 12-storey blocks, they occupy a footprint of about 30% of the site area, he says. This means that 70% of the site area is available for landscaping and facilities. SAA Architects, a member of Sur-bana Jurong Group, is the design architect, while Ecoplan Asia is the landscape architect for Urban Treasures.

‘LOWER TEMPO’ NOT A CONCERNKoh says: “Urban Treasures is a real gem. It’s near two MRT stations; amenities like eateries, supermarkets and schools are also nearby; and it’s just a 10-15 minute drive to Changi Airport, and another 10-15 minute drive to the CBD.”

He is going ahead with his near year-end preview of Urban Treasures even though it is traditionally a slower period. “I am not wor-ried about people going on holiday,” says Koh. “If their heart is set on buying a unit, they will commit to the purchase, regardless of where they are.”

PropNex’s Ismail adds: “Typically in Novem-ber and December, the sales momentum switch-es to a lower tempo as people make plans for their year-end holidays. However, when a pro-ject is ready for launch, it’s better to just roll it out rather than wait. Delaying a project launch until next year may not necessarily make a dif-ference in terms of impact.”

COVER STORY

E

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Showflat of a three-bedroom unit, where sizes range from 883 sq ft for classic units to 1,012 sq ft for premium units

Master bedroom and en suite bathroom of the two-bedroom showflat


OFFICE

| BY AMY TAN |

When Paul Schmeja, CEO of work-place concierge services compa-ny First Contact, enters any office building, the first thing he looks out for is whether the reception

is manned by security staff. “Typically, the security guard is your first

point of contact when you enter an office build-ing. Security has an important role to play but the security staff shouldn’t be the first person who greets you. This does not create a welcom-ing or positive first impression,” he observes.

Sensing a business opportunity, Schmeja co-founded First Contact in 2006 in Melbourne, Australia, to introduce professional, five-star ho-tel concierge services to the commercial prop-erty segment.

Thirteen years later, First Contact services over 70 locations across Australia. Last month, it officially launched in Singapore and has plans to further expand in the Asia-Pacific region. In

Australia, some of its largest clients include ANZ Bank, JLL, Optus, Ernst & Young and span across sectors such as banking and finance to tech companies.

Art of anticipationSchmeja, who established his career in the hos-pitality sector, sees staff from this industry as a natural fit for workplace concierge services, so much so that the company exclusively hires people with a background in hospitality. For in-stance, the company’s operations manager in Singapore was formerly the front office man-ager at Marina Bay Sands.

“There’s just something about people who work in hospitality. We derive a buzz from mak-ing someone’s day better,” he opines. Trans-late this experience from a hotel to an office and Schmeja believes First Contact has a win-ning formula.

The problem with many office buildings with security staff doubling up as receptionists though is that it transforms the visitor’s arrival experience into one that is purely transaction-al. “You arrive, get your visitor pass and that’s it,” he laments.

However, if the building or office’s reception is staffed with hotel-trained concierge, Schmeja says they will be able to anticipate the needs of visitors and exceed their expectations.

“This extra layer is what we call the art of an-ticipation – automatically knowing what everyone needs even before being asked,” says Schmeja.

Following its success in Australia, First Con-tact has expanded its service offerings to include workplace and other ad-hoc services. This is because while its concierge services are largely targeted at building owners and anchor tenants, First Contact is also seeing demand for its work-place services from both start-ups and MNCs.

The range of services now on offer includes handling personal requests from clients, mail-room management, IT support, induction for the client’s new recruits as well as maintenance and cleanliness issues.

And growing start-ups have found this par-ticularly useful. Schmeja recounts how one it

is working with saw a 300% increase in head-count in the last six months.

“Companies like that are growing so fast that HR is struggling to accommodate the new hires. When they partner with us, they can get support on running their workplace at a frac-tion of the cost of engaging a big facilities man-agement company,” he says.

While Schmeja declines to provide the cost of services due to non-disclosure agreements signed with clients, he points out that costs vary according to the scope of services required by each client.

According to him, having a workplace con-cierge improves the welfare of employees as it provides a single point of contact for all manner of help. This is increasingly important as work-places evolve from cubicles to open plan and flexible working arrangements are introduced.

“Giving people flexible working environments improves productivity, employee engagement and staff retention. But with this comes new office tools and fancy gadgets and helping em-ployees navigate them,” he observes.

Alternative career pathAs the needs of each client differ, First Contact provides training for the staff it assigns to the company and also manages them. This applies to all its services.

Typically, Schmeja and his team would first start by understanding the needs of each com-pany and learn more about the brand image they want to convey through their concierge. First Contact can also tailor the uniforms of the concierge based on the requirements of clients.

A team is then assembled and trained ac-cordingly. In order to ensure a high standard of service, First Contact has a customised train-ing checklist and requires the team to complete the training before putting them on the job. In addition, new staff are also partnered with an experience staff to learn on the job. The whole process usually takes two to four weeks de-pending on the scale of the role.

Even when they are on the job, Schmeja em-phasises constant skills upgrading. This can be

learning about new office software programs, business writing, email etiquette and leader-ship. These courses are either delivered in the classroom or via an online platform.

“We believe in upskilling our people so that they can take on other roles and progress when the time is right,” he says.

Schmeja credits First Contact’s ability to hire experienced hospitality staff to the company’s close links with the industry. He previously worked with hospitality brands such as Grand Hyatt Melbourne and boutique hotels such as COMO Melbourne.

Specialising in front office and rooms divi-sion management, Schmeja was also involved in the pre-openings of hotels such as The Man-sion Hotel at Werribee Park, The Ascott Group Serviced Residences and the Mantra Deep Blue Geothermal Spa Resort on the Great Ocean Road.

He also took on the role of village operations manager for the Melbourne 2006 Commonwealth Games, where he managed the planning, exe-cution and delivery of accommodation servic-es for the 6,500 bed Athletes Village.

While he continues to be passionate about hospitality, Schmeja notes that most hospitality roles require staff to work on weekends, public holidays and at odd hours.

“I love working in hotels but when you are married, have kids or setting up your own home, the hours are just not very family-friendly. The typical age of our staff is around 30 to 31. By this age, people start thinking about what they want for their future,” he says.

Consequently, with the training First Con-tact provides, Schmeja sees First Contact as a means to provide an alternative path of career progression for those in the hospitality industry.

“Some of our best people have also gone on to work for our clients. Some have become junior facilities managers or executive assis-tants with banks so this is a win-win for every-one,” he quips.

“We don’t want to retain people for too long either. We like our people to provide friendly and engaging service but not when they are bored.”

Australia’s workplace concierge First Contact launches in Singapore; eyes regional expansion

While First Contact’s concierge services are largely targeted at building owners and anchor tenants, the company’s CEO Paul Schmeja is seeing demand for its workplace services from both start-ups and MNCs

FIRST CONTACT

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

First Contact provides clients with concierge services such as personal requests, mailroom management, IT support, induction for the client’s new recruits as well as maintenance and cleanliness issues

E


OFFSHORE

| BY TIMOTHY TAY |

On Oct 19, Japanese property devel-oper Keihan Real Estate held a pre-view in Singapore for one of its resi-dential projects – The High Horie, to be located in the trendy Nishi ward

in Osaka, Japan. The project is a 12-storey residential devel-

opment that sits on a 10,918 sq ft site. It has 141 units comprising studios, one-bedroom and two-bedroom units. With sizes ranging from 325 sq ft to 798 sq ft, the freehold development also features meeting rooms and open spaces. It is expected to be completed in 1Q2021.

Indicative prices for the units at The High Horie are said to range from $385,000 to $1.2 million. The developer had intended to put aside half the units for international buyers.

At least 10 potential buyers had registered their interest in the project following last month’s preview, says real estate services company JLL’s director of international residential projects Ken-taro Sato. JLL is the exclusive international mar-keting agency for The High Horie, which will be launched in Singapore on Nov 23.

Project developer Keihan Real Estate is the property development arm of conglomerate Kei-han Group in Japan. The group had its origins as Keihan Electric Railway in 1906, providing rail services in Osaka, Kyoto and Shiga prefec-tures. Today, the corporation has 50 different businesses under its umbrella including trans-portation services, real estate development, re-tail distribution and leisure services.

The real estate arm acquires and develops sites along the railway lines managed by Kei-han Group. According to its FY2018 annual re-port, real estate sales and development projects contributed ¥113 billion or 33.4% of the com-pany’s operating revenue.

Keihan Real Estate has since developed high-end condominiums and houses in major Jap-anese cities like Tokyo, Sapporo, Kobe, Osaka, Fukuoka, and Okinawa.

“Osaka is one of the fastest growing cities in Japan, yet average property prices in the city are about 70% that of Tokyo,” says JLL’s Sato. Given the unit types and location of The High Horie, he reckons the project will attract singles or couples working in Osaka. It is also likely to

appeal to those involved in freelance work or small business owners who want facilities such as private meeting rooms and lounges where they can meet up with their clients, he adds.

The Nishi ward is a trendy residential neigh-bourhood located close to popular shopping and entertainment districts Shinsaibashi and Nam-ba. The area is also well connected by major ar-terial roads and well served by amenities such as public transport and hospitals, says Keihan Real Estate spokeswoman Mayuko Takahashi.

Given that Nishi ward is a popular residen-tial district – particularly with those in their 30s and 40s – average land prices has also in-creased 25.4% since 2018, notes Takahashi. That’s the highest land price increase in the whole of Osaka, she adds.

“Over the past few years, property prices in central Osaka have also increased by about 5% each year,” says JLL’s Sato. Osaka is the largest metropolitan area in Japan and the sec-ond largest economy after Tokyo, he adds. “As the city prepares to host the 2025 World Expo, there will be lots of construction work to boost its economy.”

Osaka has also been identified as one of the “candidate cities” for the development of an integrated resort with casino in Japan. “If that happens, the economy of Osaka is also expect-ed to benefit,” notes Sato. E

Keihan Real Estate launches Osaka’s The High Horie in

Singapore

PICTURES: KEIHAN REAL ESTATE

The High Horie is a freehold residential development in Osaka by Keihan Real Estate

The lounge area in The High Horie This is the first time Keihan is marketing one of its projects in Singapore

Prices are expected to start from $385,000 for a studio unit

Keihan develops high-end condominiums and land-ed houses in the major cities in Japan


THE IVERIA Apartment Freehold Nov 9 904 2,316,000 - 2,561 Uncompleted New SaleTHE IVERIA Apartment Freehold Nov 9 904 2,428,000 - 2,685 Uncompleted New SaleTHE IVERIA Apartment Freehold Nov 9 915 2,434,000 - 2,660 Uncompleted New SaleTHE IVERIA Apartment Freehold Nov 9 915 2,517,000 - 2,751 Uncompleted New SaleTHE IVERIA Apartment Freehold Nov 10 947 2,392,000 - 2,525 Uncompleted New SaleTHE IVERIA Apartment Freehold Nov 10 947 2,472,000 - 2,610 Uncompleted New SaleTHE IVERIA Apartment Freehold Nov 10 947 2,546,000 - 2,688 Uncompleted New SaleTHE IVERIA Apartment Freehold Nov 10 904 2,438,000 - 2,696 Uncompleted New SaleTHE LAURELS Condominium Freehold Nov 6 1,001 2,700,000 - 2,697 2013 ResaleTHE PATERSON EDGE Apartment Freehold Nov 12 840 1,928,000 - 2,296 1999 ResaleTHE PROMONT Apartment Freehold Nov 8 2,013 3,999,000 - 1,987 2009 ResaleTRIBECA Condominium Freehold Nov 11 1,765 3,618,250 - 2,050 2010 ResaleWILKIE 48 Apartment Freehold Nov 11 1,292 1,868,000 - 1,446 1999 ResaleDistrict 10

3 ORCHARD BY-THE-PARK Condominium Freehold Nov 11 1,776 6,393,600 - 3,600 2017 ResaleBALMORAL HILLS Condominium Freehold Nov 6 1,389 2,940,000 - 2,117 2008 ResaleCORONATION ARCADE Apartment Freehold Nov 6 1,281 1,560,000 - 1,218 1994 ResaleD’LEEDON Condominium 99 years Nov 11 1,679 2,580,000 - 1,536 2014 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years Nov 10 484 1,156,000 - 2,387 Uncompleted New SaleGALLOP GREEN Condominium Freehold Nov 5 4,187 7,630,000 - 1,822 2002 ResaleLE NOUVEL ARDMORE Condominium Freehold Nov 8 3,929 16,500,000 - 4,200 2014 ResaleLOFT @ NATHAN Apartment Freehold Nov 5 452 820,000 - 1,814 2014 ResaleCORONATION DRIVE Detached 999 years Nov 5 5,576 13,580,000 - 2,436 Unknown ResaleMARYLAND DRIVE Detached 999 years Nov 5 21,915 30,000,000 - 1,369 1998 ResaleONE DRAYCOTT Apartment Freehold Nov 5 797 3,000,000 - 3,766 Uncompleted New SaleONE DRAYCOTT Apartment Freehold Nov 5 797 3,000,000 - 3,766 Uncompleted New SaleONE DRAYCOTT Apartment Freehold Nov 5 732 2,500,000 - 3,416 Uncompleted New SaleSTELLAR RV Apartment Freehold Nov 8 581 980,000 - 1,686 2015 ResaleTANGLIN HILL CONDOMINIUM Condominium Freehold Nov 7 2,917 4,200,000 - 1,440 1982 ResaleTANGLIN RESIDENCES Condominium Freehold Nov 7 1,819 3,950,000 - 2,171 2005 ResaleTHE ASTON Apartment Freehold Nov 6 657 980,000 - 1,493 2002 ResaleTHE LADYHILL Condominium Freehold Nov 11 2,271 5,600,000 - 2,466 2002 ResaleTHE LEVELZ Condominium Freehold Nov 7 958 1,618,000 - 1,689 2004 ResaleTHE TRIZON Condominium Freehold Nov 8 7,083 7,100,000 - 1,002 2012 ResaleWING ON LIFE GARDEN Apartment Freehold Nov 5 3,498 6,100,000 - 1,744 1982 ResaleDistrict 11

35 GILSTEAD Apartment Freehold Nov 7 1,033 2,396,000 - 2,319 Uncompleted New SaleCUBE 8 Condominium Freehold Nov 6 926 1,500,000 - 1,620 2013 ResaleVANDA AVENUE Semi-Detached Freehold Nov 5 3,617 9,000,000 - 2,491 Unknown ResaleDALKEITH ROAD Detached Freehold Nov 5 11,259 18,000,000 - 1,598 Unknown ResaleNEU AT NOVENA Apartment Freehold Nov 6 818 2,180,000 - 2,665 Uncompleted New SaleNEU AT NOVENA Apartment Freehold Nov 7 657 1,746,000 - 2,659 Uncompleted New SaleNEU AT NOVENA Apartment Freehold Nov 9 657 1,703,000 - 2,594 Uncompleted New SaleNEU AT NOVENA Apartment Freehold Nov 9 657 1,743,000 - 2,655 Uncompleted New SaleNEU AT NOVENA Apartment Freehold Nov 9 657 1,763,000 - 2,685 Uncompleted New SaleNEU AT NOVENA Apartment Freehold Nov 9 657 1,780,000 - 2,711 Uncompleted New SaleNEU AT NOVENA Apartment Freehold Nov 9 646 1,712,000 - 2,651 Uncompleted New SaleNEWTON SUITES Apartment Freehold Nov 12 1,238 2,610,000 - 2,108 2007 ResalePARK INFINIA AT WEE NAM Condominium Freehold Nov 8 893 2,000,000 - 2,239 2008 ResalePAVILION 11 Condominium Freehold Nov 6 1,485 2,138,000 - 1,439 2009 ResalePULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 463 1,375,000 - 2,971 Uncompleted New SalePULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 667 1,901,000 - 2,849 Uncompleted New SalePULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 667 1,898,000 - 2,844 Uncompleted New SalePULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 667 2,046,000 - 3,066 Uncompleted New SalePULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 463 1,311,000 - 2,832 Uncompleted New SalePULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 667 2,184,000 - 3,273 Uncompleted New SalePULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 1,378 4,085,000 - 2,965 Uncompleted New SalePULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 9 667 1,881,000 - 2,819 Uncompleted New SalePULLMAN RESIDENCES, NEWTON Apartment Freehold Nov 10 1,378 4,260,000 - 3,092 Uncompleted New SaleTEN @ SUFFOLK Apartment Freehold Nov 7 1,087 1,530,000 - 1,407 2006 ResaleTHE SPRINGS Apartment Freehold Nov 5 1,884 2,480,000 - 1,317 2003 ResaleDistrict 12

BEACON HEIGHTS Condominium 999 years Nov 8 1,109 1,150,000 - 1,037 2012 ResaleGEM RESIDENCES Condominium 99 years Nov 5 452 680,000 - 1,504 Uncompleted Sub SaleSKYSUITES17 Apartment Freehold Nov 11 366 633,000 - 1,730 2014 ResaleST MICHAEL’S PLACE Apartment Freehold Nov 5 1,259 1,330,000 - 1,056 1997 ResaleTHE ABERDEEN Condominium Freehold Nov 5 1,399 1,520,000 - 1,086 1997 ResaleVISTA RESIDENCES Condominium Freehold Nov 12 646 993,000 - 1,538 2013 ResaleDistrict 13

8@WOODLEIGH Condominium 99 years Nov 12 1,453 1,780,000 - 1,225 2012 ResaleEURO-ASIA PARK Condominium Freehold Nov 12 1,421 1,770,000 - 1,246 1996 ResaleNIN RESIDENCE Apartment 99 years Nov 7 850 1,028,000 - 1,209 2014 ResaleTHE TRE VER Condominium 99 years Nov 7 1,109 1,704,000 - 1,537 Uncompleted New SaleTHE TRE VER Condominium 99 years Nov 9 1,378 2,174,000 - 1,578 Uncompleted New SaleTHE TRE VER Condominium 99 years Nov 9 1,012 1,618,000 - 1,599 Uncompleted New SaleTHE TRE VER Condominium 99 years Nov 9 1,012 1,627,000 - 1,608 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Nov 5 721 1,421,000 - 1,970 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Nov 7 1,076 2,149,000 - 1,996 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Nov 9 689 1,324,000 - 1,922 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Nov 9 592 1,120,000 - 1,892 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Nov 10 592 1,067,000 - 1,802 Uncompleted New SaleWOODSVILLE MANSIONS Apartment Freehold Nov 6 1,916 1,920,000 - 1,002 1987 ResaleDistrict 14

ARENA RESIDENCES Apartment Freehold Nov 8 807 1,503,500 - 1,862 Uncompleted New SaleGUILLEMARD SUITES Apartment Freehold Nov 8 721 990,000 - 1,373 2017 ResaleJALAN PARAS Terrace Freehold Nov 5 1,884 2,600,000 - 1,377 Unknown ResaleJALAN PUNAI Semi-Detached Freehold Nov 5 3,606 4,030,000 - 1,119 2009 ResalePARC ESTA Apartment 99 years Nov 5 635 1,062,000 - 1,672 Uncompleted New SalePARC ESTA Apartment 99 years Nov 5 700 1,232,000 - 1,761 Uncompleted New SalePARC ESTA Apartment 99 years Nov 5 1,227 2,048,000 - 1,669 Uncompleted New SalePARC ESTA Apartment 99 years Nov 6 700 1,244,000 - 1,778 Uncompleted New SalePARC ESTA Apartment 99 years Nov 7 635 1,062,000 - 1,672 Uncompleted New SalePARC ESTA Apartment 99 years Nov 7 915 1,483,000 - 1,621 Uncompleted New SalePARC ESTA Apartment 99 years Nov 7 452 833,000 - 1,843 Uncompleted New SalePARC ESTA Apartment 99 years Nov 8 1,119 1,849,000 - 1,652 Uncompleted New SalePARC ESTA Apartment 99 years Nov 9 1,001 1,610,000 - 1,608 Uncompleted New SalePARC ESTA Apartment 99 years Nov 9 635 1,058,000 - 1,666 Uncompleted New SalePARC ESTA Apartment 99 years Nov 9 635 1,156,000 - 1,820 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 743 1,261,000 - 1,698 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 1,227 1,890,000 - 1,540 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 1,206 1,726,000 - 1,432 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 420 774,000 - 1,844 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 1,001 1,600,000 - 1,598 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 840 1,336,000 - 1,591 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 635 1,058,000 - 1,666 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 915 1,488,000 - 1,626 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 926 1,605,000 - 1,734 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 1,119 1,826,000 - 1,631 Uncompleted New SalePARC ESTA Apartment 99 years Nov 10 549 933,000 - 1,700 Uncompleted New Sale

DONE DEALS

Residential transactions with contracts dated Nov 5 to 12

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2019)LAND AREA/

FLOOR AREA(SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE


(2019)LAND AREA/


PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

District 1

MARINA ONE RESIDENCES Apartment 99 years Nov 8 1,163 2,457,408 - 2,114 2017 ResaleMARINA ONE RESIDENCES Apartment 99 years Nov 11 678 1,450,000 - 2,138 2017 ResaleMARINA ONE RESIDENCES Apartment 99 years Nov 11 1,163 2,467,011 - 2,122 2017 ResaleDistrict 2

WALLICH RESIDENCE Apartment 99 years Nov 8 1,098 3,450,000 - 3,142 2017 ResaleDistrict 3

ARTRA Apartment 99 years Nov 6 1,044 1,800,600 - 1,725 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 5 1,109 2,140,000 - 1,930 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 5 527 1,128,000 - 2,139 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 732 1,486,000 - 2,030 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 732 1,323,000 - 1,807 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 527 1,118,000 - 2,120 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 947 1,879,000 - 1,984 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 527 982,000 - 1,862 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 8 527 993,000 - 1,883 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 9 732 1,332,000 - 1,820 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 9 689 1,378,000 - 2,000 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 10 732 1,359,000 - 1,857 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Nov 10 657 1,278,000 - 1,946 Uncompleted New SaleECHELON Condominium 99 years Nov 11 1,313 2,160,000 - 1,645 2016 ResaleMARGARET VILLE Apartment 99 years Nov 5 1,184 2,030,952 - 1,715 Uncompleted New SaleMARGARET VILLE Apartment 99 years Nov 7 527 1,135,926 - 2,154 Uncompleted New SaleONE PEARL BANK Apartment 99 years Nov 5 431 1,066,000 - 2,476 Uncompleted New SaleRIVIERE Apartment 99 years Nov 5 840 2,536,550 - 3,021 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Nov 5 689 1,320,000 - 1,916 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Nov 7 624 1,214,000 - 1,945 Uncompleted New SaleTHE CREST Condominium 99 years Nov 7 1,744 3,919,000 - 2,247 2017 ResaleTHE CREST Condominium 99 years Nov 7 1,722 3,817,000 - 2,216 2017 ResaleTWIN REGENCY Condominium Freehold Nov 12 2,120 3,200,000 - 1,509 2007 ResaleDistrict 4

CARIBBEAN AT KEPPEL BAY Condominium 99 years Nov 12 1,227 1,900,000 - 1,548 2004 ResaleSEASCAPE Condominium 99 years Nov 5 2,164 4,388,000 - 2,028 2011 ResaleTHE INTERLACE Condominium 99 years Nov 6 2,357 3,000,000 - 1,273 2013 ResaleTHE PEARL @ MOUNT FABER Condominium 99 years Nov 6 1,389 1,650,000 - 1,188 2005 ResaleDistrict 5

BOTANNIA Condominium 956 years Nov 8 1,249 1,628,000 - 1,304 2009 ResaleKENT RIDGE HILL RESIDENCES Apartment 99 years Nov 5 517 944,000 - 1,827 Uncompleted New SaleKENT RIDGE HILL RESIDENCES Apartment 99 years Nov 10 517 945,000 - 1,829 Uncompleted New SalePARC CLEMATIS Apartment 99 years Nov 6 689 1,100,000 - 1,597 Uncompleted New SalePARC CLEMATIS Apartment 99 years Nov 7 904 1,436,000 - 1,588 Uncompleted New SalePARC CLEMATIS Apartment 99 years Nov 7 904 1,434,000 - 1,586 Uncompleted New SalePARC CLEMATIS Apartment 99 years Nov 8 915 1,455,000 - 1,590 Uncompleted New SalePARC CLEMATIS Apartment 99 years Nov 8 732 1,133,000 - 1,548 Uncompleted New SalePARC CLEMATIS Apartment 99 years Nov 9 689 1,047,000 - 1,520 Uncompleted New SalePARC CLEMATIS Apartment 99 years Nov 10 915 1,446,000 - 1,580 Uncompleted New SaleTWIN VEW Apartment 99 years Nov 9 1,184 1,718,000 - 1,451 Uncompleted New SaleTWIN VEW Apartment 99 years Nov 10 710 1,080,000 - 1,520 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Nov 6 1,281 1,626,800 - 1,270 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Nov 7 958 1,352,180 - 1,411 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Nov 9 1,066 1,526,020 - 1,432 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Nov 9 506 808,520 - 1,598 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Nov 10 506 766,700 - 1,515 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Nov 10 506 749,490 - 1,481 Uncompleted New SaleDistrict 7

MIDTOWN BAY Apartment 99 years Nov 7 743 1,962,300 1,926,300 2,594 Uncompleted New SaleDistrict 9

8 @ MOUNT SOPHIA Condominium 103 years Nov 5 1,453 2,100,000 - 1,445 2007 ResaleCAIRNHILL PLAZA Apartment Freehold Nov 5 2,820 4,680,000 - 1,659 1978 ResaleCAVENAGH HOUSE Apartment Freehold Nov 8 1,636 2,638,000 - 1,612 Unknown ResaleEMILY RESIDENCE Apartment Freehold Nov 11 980 1,610,000 - 1,644 2006 ResaleHAUS ON HANDY Condominium 99 years Nov 10 463 1,340,000 - 2,895 Uncompleted New SaleHILLTOPS Condominium Freehold Nov 11 7,728 25,080,000 - 3,245 2011 ResaleMARTIN MODERN Condominium 99 years Nov 5 764 2,017,000 - 2,639 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 5 764 2,020,000 - 2,643 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 7 764 1,979,800 - 2,591 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 7 764 1,986,500 - 2,599 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 8 764 2,096,700 - 2,743 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 8 764 2,152,000 - 2,816 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 8 1,733 4,738,600 - 2,734 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 8 1,733 4,720,600 - 2,724 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 8 764 2,060,500 - 2,696 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 8 764 2,074,800 - 2,715 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 8 764 2,049,000 - 2,681 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 8 764 2,082,200 - 2,725 Uncompleted New SaleMARTIN MODERN Condominium 99 years Nov 8 764 2,070,600 - 2,709 Uncompleted New SaleNEWTON EDGE Apartment Freehold Nov 7 1,292 1,780,000 - 1,378 2011 ResaleOLEANAS RESIDENCE Condominium Freehold Nov 7 1,636 3,100,000 - 1,895 1999 ResalePARC CENTENNIAL Apartment Freehold Nov 7 1,550 2,200,000 - 1,419 2011 ResaleTHE IVERIA Apartment Freehold Nov 9 947 2,540,340 - 2,682 Uncompleted New SaleTHE IVERIA Apartment Freehold Nov 9 947 2,556,000 - 2,698 Uncompleted New SaleTHE IVERIA Apartment Freehold Nov 9 904 2,306,000 - 2,550 Uncompleted New Sale

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


Residential transactions with contracts dated Nov 5 to 12


(2019)LAND AREA/


PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2019)LAND AREA/


PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

REZI 24 Apartment Freehold Nov 7 646 986,500 - 1,527 Uncompleted New SaleREZI 24 Apartment Freehold Nov 9 495 793,100 - 1,602 Uncompleted New SaleSIN CHUAN GARDEN Semi-Detached Freehold Nov 5 3,014 3,200,000 - 1,061 1983 ResaleSTARVILLE Condominium Freehold Nov 6 1,270 1,300,000 - 1,023 2006 ResaleSUITES@CHANGI Apartment Freehold Nov 12 409 525,000 - 1,284 2012 ResaleDistrict 15

11 AMBER ROAD Apartment Freehold Nov 5 1,496 2,100,000 - 1,404 2004 ResaleAQUARINE GARDENS Apartment Freehold Nov 5 732 825,000 - 1,127 2004 ResaleCAYMAN RESIDENCES Terrace Freehold Nov 7 1,744 4,200,000 - 2,409 2019 New SaleFERNWOOD TOWERS Condominium Freehold Nov 8 1,636 1,860,000 - 1,137 1994 ResaleEAST COAST ROAD Terrace Freehold Nov 7 1,927 2,780,000 - 1,446 Unknown ResaleELITE PARK AVENUE Terrace Freehold Nov 8 1,668 2,300,000 - 1,377 Unknown ResaleCEYLON ROAD Terrace Freehold Nov 11 3,380 3,850,000 - 1,141 Unknown ResaleSEASIDE RESIDENCES Apartment 99 years Nov 6 1,087 1,580,000 - 1,453 Uncompleted Sub SaleTHE WATERSIDE Condominium Freehold Nov 5 2,400 3,500,000 - 1,458 1993 ResaleWILKINSON 8 Detached Freehold Nov 8 3,154 2,850,000 - 904 2008 ResaleDistrict 16

BAYSHORE PARK Condominium 99 years Nov 5 936 920,000 - 982 1986 ResaleBAYSHORE PARK Condominium 99 years Nov 7 936 850,000 - 908 1986 ResaleJALAN HAJI SALAM Semi-Detached Freehold Nov 7 6,501 4,580,000 - 704 Unknown ResaleTHE CALYPSO Apartment Freehold Nov 7 764 810,000 - 1,060 2005 ResaleTHE SPRINGFIELD Terrace 99 years Nov 12 2,357 1,500,000 - 636 1999 ResaleWATERFRONT GOLD Condominium 99 years Nov 7 893 1,015,000 - 1,136 2014 ResaleDistrict 17

AVILA GARDENS Condominium Freehold Nov 6 893 755,000 - 845 1995 ResaleEDELWEISS PARK CONDOMINIUM Condominium Freehold Nov 6 1,389 1,200,000 - 864 2006 ResaleTHE JOVELL Condominium 99 years Nov 5 452 643,000 - 1,422 Uncompleted New SaleDistrict 18

ARC AT TAMPINES EC 99 years Nov 8 1,130 1,068,900 - 946 2014 ResaleBELYSA EC 99 years Nov 5 1,249 1,030,000 - 825 2014 ResaleBELYSA EC 99 years Nov 8 969 870,000 - 898 2014 ResaleCHANGI RISE CONDOMINIUM Condominium 99 years Nov 5 1,259 980,000 - 778 2004 ResaleD’NEST Condominium 99 years Nov 11 947 1,050,000 - 1,108 2017 ResalePINEVALE EC 99 years Nov 5 1,625 1,125,000 - 692 1999 ResaleSAVANNAH CONDOPARK Condominium 99 years Nov 11 1,227 988,000 - 805 2005 ResaleSEA ESTA Condominium 99 years Nov 6 980 1,018,000 - 1,039 2015 ResaleTHE TAMPINES TRILLIANT EC 99 years Nov 12 1,130 1,130,000 - 1,000 2015 ResaleTHE TAPESTRY Condominium 99 years Nov 5 1,130 1,412,640 - 1,250 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Nov 5 1,130 1,419,120 - 1,256 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Nov 5 441 679,780 - 1,540 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Nov 6 926 1,214,420 - 1,312 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Nov 9 1,130 1,432,080 - 1,267 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Nov 10 1,130 1,453,140 - 1,286 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Nov 10 990 1,270,080 - 1,283 Uncompleted New SaleTHE TAPESTRY Condominium 99 years Nov 10 1,130 1,508,800 - 1,335 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Nov 5 581 785,000 - 1,351 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Nov 5 678 890,000 - 1,312 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Nov 8 915 1,188,000 - 1,298 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Nov 9 581 851,000 - 1,464 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Nov 9 657 934,000 - 1,422 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Nov 9 463 682,000 - 1,473 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Nov 9 883 1,175,000 - 1,331 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Nov 10 1,238 1,523,000 - 1,230 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Nov 10 1,033 1,360,000 - 1,316 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Nov 10 850 1,166,000 - 1,371 Uncompleted New SaleDistrict 19

AFFINITY AT SERANGOON Apartment 99 years Nov 6 538 798,000 - 1,483 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Nov 7 624 1,051,000 - 1,683 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Nov 8 1,076 1,592,000 - 1,479 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Nov 8 538 792,000 - 1,472 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Nov 9 1,098 1,539,450 - 1,402 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Nov 10 1,152 1,666,170 - 1,447 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Nov 10 904 1,411,000 - 1,561 Uncompleted New SaleBOTANIQUE AT BARTLEY Condominium 99 years Nov 7 732 1,118,000 - 1,527 2019 Sub SaleBOTANIQUE AT BARTLEY Condominium 99 years Nov 7 657 950,000 - 1,447 2019 Sub SaleBOTANIQUE AT BARTLEY Condominium 99 years Nov 11 732 978,000 - 1,336 2019 Sub SaleCHILTERN PARK Condominium 99 years Nov 7 1,518 1,528,000 - 1,007 1995 ResaleCHUAN SEVEN Detached 99 years Nov 12 4,478 3,000,000 - 670 2000 ResaleESPARINA RESIDENCES EC 99 years Nov 5 1,163 1,340,888 - 1,153 2013 ResaleKOVAN MELODY Condominium 99 years Nov 5 1,292 1,428,000 - 1,106 2006 ResaleKOVAN REGENCY Condominium 99 years Nov 7 893 1,055,000 - 1,181 2015 ResaleKOVAN REGENCY Condominium 99 years Nov 8 614 850,000 - 1,385 2015 ResaleNAUNG RESIDENCE Apartment 999 years Nov 7 1,023 800,000 - 782 2015 ResalePALM GROVE CONDOMINIUM Condominium 999 years Nov 11 1,410 1,480,000 - 1,050 2002 ResalePALM GROVE TERRACE Terrace 999 years Nov 7 1,636 2,600,000 - 1,594 1998 ResalePARC VERA Condominium 99 years Nov 5 872 910,000 - 1,044 2014 ResalePIERMONT GRAND EC 99 years Nov 6 1,335 1,508,800 - 1,130 Uncompleted New SalePIERMONT GRAND EC 99 years Nov 9 990 1,067,200 - 1,078 Uncompleted New SalePIERMONT GRAND EC 99 years Nov 9 1,023 1,084,400 - 1,060 Uncompleted New SalePIERMONT GRAND EC 99 years Nov 10 1,507 1,672,800 - 1,110 Uncompleted New SalePIERMONT GRAND EC 99 years Nov 10 1,055 1,121,500 - 1,063 Uncompleted New SaleREGENTVILLE Apartment 99 years Nov 5 1,152 875,000 - 760 1999 ResaleRIVERFRONT RESIDENCES Apartment 99 years Nov 5 517 708,000 - 1,370 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Nov 5 517 723,000 - 1,399 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Nov 5 463 663,000 - 1,432 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Nov 6 1,109 1,405,000 - 1,267 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Nov 7 463 672,000 - 1,452 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Nov 8 915 1,227,000 - 1,341 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Nov 9 721 980,000 - 1,359 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Nov 10 915 1,249,000 - 1,365 Uncompleted New SaleRIVERPARC RESIDENCE EC 99 years Nov 8 1,227 1,068,000 - 870 2014 ResaleSENGKANG GRAND RESIDENCES Apartment 99 years Nov 5 474 846,400 - 1,787 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Nov 5 624 1,183,200 - 1,895 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Nov 7 624 1,105,600 - 1,771 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 624 1,110,400 - 1,779 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 1,033 1,747,200 - 1,691 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 1,324 2,276,000 - 1,719 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 1,324 2,265,600 - 1,711 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 1,324 2,255,200 - 1,703 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Nov 10 474 828,000 - 1,748 Uncompleted New SaleSERANGOON GARDEN ESTATE Semi-Detached 999 years Nov 5 4,219 5,980,000 - 1,419 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years Nov 5 2,702 4,700,000 - 1,740 2019 ResaleSERANGOON GARDEN ESTATE Terrace 999 years Nov 6 1,841 3,300,000 - 1,794 Unknown ResaleSUNGLADE Condominium 99 years Nov 5 1,023 1,170,000 - 1,144 2003 ResaleTHE CHUAN Condominium 999 years Nov 6 1,658 2,488,000 - 1,501 2007 ResaleTHE FLORENCE RESIDENCES Apartment 99 years Nov 5 484 713,000 - 1,472 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Nov 6 667 1,028,000 - 1,540 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Nov 6 527 808,000 - 1,532 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Nov 6 474 734,000 - 1,550 Uncompleted New Sale

THE FLORENCE RESIDENCES Apartment 99 years Nov 8 667 1,012,000 - 1,516 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Nov 8 635 956,000 - 1,505 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Nov 9 484 709,000 - 1,464 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Nov 10 484 732,000 - 1,511 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Nov 10 527 814,000 - 1,543 Uncompleted New SaleTHE QUARTZ Condominium 99 years Nov 7 1,367 1,320,000 - 966 2009 ResaleTRILIVE Condominium Freehold Nov 6 463 796,000 - 1,720 2018 ResaleDistrict 20

COUNTRY ESQUIRE Condominium Freehold Nov 6 1,270 1,618,000 - 1,274 1992 ResaleCOUNTRY ESQUIRE Condominium Freehold Nov 12 1,270 1,642,000 - 1,293 1992 ResaleFLAME TREE PARK Condominium Freehold Nov 5 1,593 2,250,000 - 1,412 1989 ResaleJADESCAPE Condominium 99 years Nov 5 904 1,585,400 - 1,753 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 5 904 1,518,000 - 1,679 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 5 904 1,482,000 - 1,639 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 6 904 1,446,000 - 1,599 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 6 764 1,235,000 - 1,616 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 7 1,259 2,117,200 - 1,681 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 7 775 1,397,400 - 1,803 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 7 1,055 1,716,000 - 1,627 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 7 1,012 1,653,000 - 1,634 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 8 1,012 1,710,000 - 1,690 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 8 1,055 1,819,000 - 1,724 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 9 527 826,000 - 1,566 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 9 527 841,000 - 1,595 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 9 1,259 2,054,000 - 1,631 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 9 1,421 2,478,600 - 1,744 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 9 1,055 1,785,500 - 1,693 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 10 904 1,518,000 - 1,679 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 10 527 860,000 - 1,631 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 10 1,012 1,769,300 - 1,749 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 10 1,055 1,819,000 - 1,724 Uncompleted New SaleJADESCAPE Condominium 99 years Nov 10 1,259 2,110,100 - 1,675 Uncompleted New SaleSEMBAWANG HILLS ESTATE Terrace Freehold Nov 5 1,496 1,800,000 - 1,200 Unknown ResaleDistrict 21

CAVENDISH PARK Condominium 99 years Nov 5 1,270 1,358,000 - 1,069 1996 ResaleDAINTREE RESIDENCE Condominium 99 years Nov 9 1,055 1,660,550 - 1,574 Uncompleted New SaleHOCK SENG PARK Semi-Detached Freehold Nov 7 3,003 5,500,000 - 1,830 1971 ResaleBINJAI PARK Detached Freehold Nov 11 9,020 10,500,000 - 1,164 1993 ResalePINE GROVE Condominium 99 years Nov 6 1,690 1,430,000 - 846 Unknown ResaleSPRINGDALE CONDOMINIUM Condominium 999 years Nov 12 926 1,120,000 - 1,210 1998 ResaleVIEW AT KISMIS Apartment 99 years Nov 10 689 1,190,000 - 1,727 Uncompleted New SaleDistrict 22

J GATEWAY Condominium 99 years Nov 7 474 888,000 - 1,875 2016 ResaleLAKESIDE TOWER Apartment 99 years Nov 8 1,970 999,999 - 508 Unknown ResalePARC OASIS Condominium 99 years Nov 7 1,076 980,000 - 910 1994 ResaleTHE CENTRIS Apartment 99 years Nov 6 1,335 1,430,000 - 1,071 2009 ResaleTHE FLORAVALE EC 99 years Nov 5 1,249 820,000 - 657 2000 ResaleDistrict 23

BLOSSOM RESIDENCES EC 99 years Nov 11 753 705,000 - 936 2014 ResaleLE QUEST Apartment 99 years Nov 8 936 1,271,000 - 1,357 Uncompleted New SaleTHE HILLIER Apartment 99 years Nov 6 581 770,000 - 1,325 2016 ResaleYEW MEI GREEN EC 99 years Nov 5 1,292 883,000 - 684 2000 ResaleDistrict 25

PARC ROSEWOOD Condominium 99 years Nov 6 517 530,000 - 1,026 2014 ResaleTHE WOODGROVE Apartment 99 years Nov 8 883 607,000 - 688 1998 ResaleWOODSVALE EC 99 years Nov 8 1,292 768,200 - 595 2000 ResaleDistrict 26

CASTLE GREEN Condominium 99 years Nov 11 1,302 915,888 - 703 1997 ResaleDALLA VALE Semi-Detached Freehold Nov 8 3,261 2,060,000 - 632 2008 ResaleDistrict 27

KANDIS RESIDENCE Condominium 99 years Nov 5 764 949,200 - 1,242 Uncompleted New SaleSEMBAWANG SPRINGS ESTATE Terrace Freehold Nov 7 1,711 1,700,000 - 991 Unknown ResaleSTRAITS GARDENS Terrace Freehold Nov 8 4,521 3,000,000 - 664 2005 ResaleDistrict 28

H2O RESIDENCES Condominium 99 years Nov 6 743 830,000 - 1,118 2015 ResaleHIGH PARK RESIDENCES Apartment 99 years Nov 5 947 1,080,000 - 1,140 2019 Sub SaleHIGH PARK RESIDENCES Apartment 99 years Nov 12 388 500,000 - 1,290 2019 Sub SalePARC BOTANNIA Condominium 99 years Nov 5 872 1,219,000 - 1,398 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 6 861 1,073,000 - 1,246 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 6 872 1,194,620 - 1,370 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 6 1,163 1,410,000 - 1,213 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 6 786 1,057,000 - 1,345 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 6 786 1,046,000 - 1,331 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 7 786 1,001,000 - 1,274 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 7 980 1,334,000 - 1,362 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 7 969 1,251,300 - 1,292 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 7 872 1,107,740 - 1,271 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 8 980 1,350,440 - 1,379 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 8 980 1,322,000 - 1,350 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 8 1,281 1,613,110 - 1,259 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 8 786 1,042,720 - 1,327 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 9 980 1,367,100 - 1,396 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 9 980 1,314,180 - 1,342 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 9 980 1,308,300 - 1,336 Uncompleted New SalePARC BOTANNIA Condominium 99 years Nov 9 980 1,344,560 - 1,373 Uncompleted New SaleSELETAR GARDEN Semi-Detached Freehold Nov 11 3,961 4,500,000 - 1,136 1985 ResaleTHE GREENWICH Condominium 99 years Nov 7 904 898,000 - 993 2014 Resale

DONE DEALS

Source: URA Realis. Updated Nov 19, 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.


GAINS AND LOSSES

| BY BONG XIN YING |

The seller of a unit at Tanglin Residences made the top gain of $1.5 million over the week of Nov 5 to 12. The 1,819 sq ft unit on the second floor was bought for $2.45 million ($1,347 psf) in Sep-

tember 2005, and sold for $3.95 million ($2,171 psf) on Nov 7. The seller made a 61% prof-it, or an annualised profit of 3% over more than 14 years.

Located on St Martin’s Drive in prime Dis-trict 10, the freehold condo was completed in 2005. Developed by CapitaLand, it has 43 units

spread over four storeys. The development is a nine-minute walk from the future Orchard Boulevard MRT Station on the Thomson-East Coast Line.

The second biggest gain made over the week – a 96% profit of $1.22 million – was at The Chuan, located along Chuan Lane in District 19. The 1,658 sq ft unit on the ninth floor was purchased for $1.27 million ($767 psf) in April 2007, and sold for $2.49 million ($1,501 psf) on Nov 6. This means that the seller made an an-nualised profit of 5% over 12½ years.

Completed in 2007, the 106-unit, 999-year leasehold The Chuan was developed by Kheng

Leong Developments. The condo is a four- minute walk from Lorong Chuan MRT Station on the Circle Line.

Meanwhile, a unit sold at Woodsville Man-sions, on Woodsville Close in District 13, made the third most profitable transaction over the period, netting a 118% profit of $1.04 million for the seller. The 1,916 sq ft unit on the fourth floor was bought in June 2007 for $880,000 ($459 psf), and sold for $1.92 million ($1,002 psf) on Nov 6. The seller therefore made an an-nualised profit of 6% over more than 12 years.

Woodsville Mansions, completed in 1987, is a five-minute walk from Potong Pasir MRT

Station on the North-East Line.On the other hand, the biggest loss incurred

over the week was from the resale of a 2,271 sq ft unit at The Ladyhill, in prime District 10. The property was sold for $5.6 million ($2,466 psf) on Nov 11, at a 12% loss of $780,000. The unit was purchased in February 2010 for $6.38 million ($2,809 psf). Over a holding period of close to 10 years, this translates into an annu-alised loss of 1%.

The Ladyhill, a freehold development by SC Global Developments, was completed in 2002. It is a 55-unit boutique luxury condo located just off Orange Grove Road.

A unit at The Ladyhill sustained a 12% loss of $780,000 after it was sold for $5.6 million ($2,466 psf) on Nov 11

Top gains and losses from Nov 5 to 12

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 THE LADYHILL 10 2,271 Nov 11 2,466 Feb 3, 2010 2,809 780,000 12 1 9.8

2 THE LAURELS 9 1,001 Nov 6 2,697 Jun 29, 2010 3,285 588,000 18 2 9.4

3 D'LEEDON 10 1,679 Nov 11 1,536 Jan 25, 2013 1,666 217,900 8 1 6.8

4 STELLAR RV 10 581 Nov 8 1,686 Jul 18, 2012 2,051 211,900 18 3 7.3

5 SUITES@CHANGI 14 409 Nov 12 1,284 Jan 29, 2013 1,594 127,000 19 3 6.8

6 THE CALYPSO 16 764 Nov 7 1,060 Sep 4, 2013 1,222 123,888 13 2 6.2

7 THE PROMONT 9 2,013 Nov 8 1,987 Sep 9, 2011 2,037 101,000 2 0.3 8.2

8 VISTA RESIDENCES 12 646 Nov 12 1,538 Dec 11, 2014 1,641 67,000 6 1 4.9

9 CORONATION ARCADE 10 1,281 Nov 6 1,218 Nov 28, 2012 1,265 60,000 4 1 6.9

10 MARINA ONE RESIDENCES 1 678 Nov 11 2,138 Nov 6, 2014 2,147 5,894 0.4 0.1 5.0

11 THE CENTRIS 22 1,335 Nov 6 1,071 Jul 4, 2011 1,075 5,000 0.3 0.04 8.3

12 ECHELON 3 1,313 Nov 11 1,645 Jun 12, 2013 1,647 2,980 0.1 0.02 6.4

Source: URA, EdgeProp Note: Computed based on URA caveat data as at Nov 19 for private non-landed houses transacted between Nov 5 and 12The 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 TANGLIN RESIDENCES 10 1,819 Nov 7 2,171 Sep 16, 2005 1,347 1,500,000 61 3 14.2

2 THE CHUAN 19 1,658 Nov 6 1,501 Apr 18, 2007 767 1,217,000 96 5 12.6

3 WOODSVILLE MANSIONS 13 1,916 Nov 6 1,002 Jun 8, 2007 459 1,040,000 118 6 12.4

4 THE PEARL @ MOUNT FABER 4 1,389 Nov 6 1,188 Apr 21, 2004 547 890,000 117 5 15.6

5 TANGLIN HILL CONDOMINIUM 10 2,917 Nov 7 1,440 Feb 2, 2007 1,148 850,000 25 2 12.8

6 COUNTRY ESQUIRE 20 1,270 Nov 6 1,274 Apr 1, 1995 673 763,000 89 3 24.6

7 BOTANNIA 5 1,249 Nov 8 1,304 Aug 2, 2007 738 705,960 77 5 12.3

8 BALMORAL HILLS 10 1,389 Nov 6 2,117 Sep 11, 2009 1,635 670,000 30 3 10.2

9 THE PATERSON EDGE 9 840 Nov 12 2,296 Oct 14, 1997 1,517 654,500 51 2 22.1

10 TEN @ SUFFOLK 11 1,087 Nov 7 1,407 Sep 22, 2006 828 630,000 70 4 13.1

11 OLEANAS RESIDENCE 9 1,636 Nov 7 1,895 Oct 31, 2014 1,552 561,200 22 4 5.0

12 NEWTON SUITES 11 1,238 Nov 12 2,108 Apr 23, 2010 1,656 560,000 27 3 9.6

13 THE TRIZON 10 7,083 Nov 8 1,002 Sep 29, 2009 932 498,400 8 1 10.1

14 SPRINGDALE CONDOMINIUM 21 926 Nov 12 1,210 Jun 4, 2007 702 470,000 72 4 12.4

15 WILKIE 48 9 1,292 Nov 11 1,446 Dec 20, 2010 1,100 446,800 31 3 8.9

E

Resale unit at Tanglin Residences reaps $1.5 mil profit

The 1,819 sq ft unit on the second floor of Tanglin Residences was bought for $2.45 million ($1,347 psf) in September 2005, and sold for $3.95 million ($2,171 psf) on Nov 7

SAMUEL ISAAC CHUA/ THE EDGE SINGAPORETHE EDGE SINGAPORE


UNDER THE HAMMER

| BY TIMOTHY TAY |

A freehold two-storey semi-detached house at the end of a cul-de-sac at Clementi Crescent has been put on the block by its owner.

Marketed by the Auction Team at Knight Frank Singapore, the property has a guide price of between $7 million and $7.5 million. This translates to between $1,465 psf and $1,570 psf on the land area.

The house sits on a 4,778 sq ft land plot and has a built-up area of 3,831 sq ft. Based on URA Realis, the property was purchased for $2.55 million ($534 psf) back in 1999 and has not changed hands since.

The property has only been on the market for three months and the owner is prepared to hear all reasonable offers, says Tricia Tan, associate director with the Auction Team at Knight Frank.

The expression of interest exercise will close on Dec 4 while the auction will be con-ducted separately on Dec 9.

Located off Clementi Road in District 21, the house sits in a three-storey mixed land-ed estate. The property is also close to the bungalow estate and mixed landed estate on Sunset Way.

Having been renovated way back in 2000, the owner recently carried out new addition and alteration works. The house comprises five

bedrooms that can each fit a king-sized bed and has an en-suite bathroom. As the prop-erty sits on elevated land, the view from the roof terrace overlooks most of neighbouring houses as well as the surrounding greenery.

Tan says families with school-going chil-dren should find the house attractive as there are several tertiary educational institutes in the Clementi area.

The property is close to Singapore Univer-sity of Social Sciences and Ngee Ann Poly-technic. There are also many popular schools in the neighbourhood including Pei Tong Pri-mary School, Henry Park Primary School, An-glo-Chinese School (Independent), and Nan Hua High School.

“Parents living in Clementi do not need to worry about meeting their children’s educa-tional needs from primary all the way to the tertiary level,” adds Tan.

Having a central location also means that it is convenient to travel to the city centre and other parts of the island by the Pan-Island Expressway and the Ayer Rajah Expressway.

“Lately, many landed home buyers have started house hunting in Districts 9 and 10, but they are gradually discovering District 21 and the many merits of residing there. In addition, there is a limited supply of avail-able landed houses in the district, which makes this a valuable buying opportuni-ty,” says Tan.

PICTURES: KNIGHT FRANK

E

Freehold semi-detached house atClementi Crescent on the block for $7 mil

The two-storey house is being sold through an expression of interest exercise

Each of the five-bedrooms in the house has space for a king-sized bed and an en-suite bathroom

Built on elevated land, the house overlooks the landed estate and sur-rounding greenery


OFFSHORE

PROP HUNT CLASSIFIEDS

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$9,800,000Detached HouseD13 BRADDELL HEIGHTS ESTATE | Freehold Built-Up(sqft): 10,000 | Land(sqft): 5,300 PSF: $1,849

Awesome 2 storey + attic + basement bungalow by an Award-winning developer who has many projects published in magazines, architectural journals & books. Infinite-edge pool. 2 extremely large master bedrooms. Roof top fish pond and garden. 3 cars covered garage. Quality built.

Kent Tan HOME GURU PTE LTDR023645H 65 9777 6777

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

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

Elaine SC Tan ERA REALTY NETWORK PTE LTD R051086Z 65 9367 2242

$6,900,000Terrace HouseD9 JALAN ELOK | Freehold Built-Up(sqft): 1,650 | Land(sqft): 3,300PSF: $2,091

Award winning design home in the heart of Orchard Road. A 3 storey high home with a rooftop terrace offering unblocked views of the area. Located behind Paragon Mall, minutes walk to Orchard Road. High rental potential. Parking space for 2 cars.

Elaine SC Tan ERA REALTY NETWORK PTE LTD R051086Z 65 9367 2242

$8,671,500International Plaza - Office for saleD2 ANSON ROAD | 99 yearsSize(sqft): 4,230 | PSF: $2,050

Rare large office unit for sale. Great corporate image. Tenanted till 2022 @ $5.90psf. High floor and column-free. Great for own use/ investment. Centrally located & next to Tanjong Pagar MRT. Plenty of rental demand.

Alex Chong ORANGETEE & TIE PTE LTDR046782D 65 9026 8168

| BY CHERYL ARCIBAL |

When anti-government protesters rampaged through the Festival Walk in Kowloon, Hong Kong, on Nov 12, they smashed glass panels and some of the 200-odd

stores in the sprawling mall. They also inad-vertently dented one of Singapore’s biggest in-vestments in the region.

Acquired by Temasek Holdings’ wholly owned Mapletree Investments unit in 2011 for HK$18.8 billion, the retail and office property is now part of the assets in Mapletree North Asia Commercial Trust after a reorganisation in 2013. The price of the real estate investment trust tumbled to a 10-month low in Singapore after the news.

The “extensive damage” reflects how the situation has taken a turn for the worst as vio-lence escalates after more than five months of anti-government protests, deepening the slump in retail sales and crashing property values. It is also turning Hong Kong into an investment landmine for investors as the Kowloon district became the latest fiery battleground.

“What is happening in Hong Kong at the moment is that we haven’t seen the end of the tunnel yet,” said Louis Tse Ming-kwong, man-aging director of VC Asset Management in Hong Kong. “We now, inter alia, have to take the state of the local economy into our consideration and that’s a bit of a challenge. Investors have too many variables at play to evaluate now to get a satisfactory return, not just for us but for oth-ers like Temasek.”

Like other global money managers, Temasek has raised its stake in the region in recent years to latch on to China’s economic boom. About 10% of Temasek’s $313 billion of assets is de-nominated in the local dollar, the third largest by currency exposure, according to its 2019 an-nual review.

The Festival Walk, which will shut down through Dec 1, is not the first casualty in Te-

masek’s pool of investments in the region. Rad-ical protesters have vandalised retail stores with links to mainland business groups, while bank branches have become frequent targets in run-ning battles with police.

Among Hong Kong-listed entities, Te-masek held a stake in China Construction Bank Corp (3%), Industrial and Commercial Bank of China (2%) and AIA Group (3%) as of March 31, according to its annual review published in July.

A botched initial public offering of New York-based WeWork, an office co-working space op-erator, prompted a US$9.5 billion ($12.9 billion) rescue by SoftBank group last month after a slump in valuations.

Temasek is also one of the major backers of WeWork China, seeding the unit that op-erates such offices in cities across the coun-try, where vacancy rates have risen amid the slowest economic growth since at least 1992. In Hong Kong, WeWork is reportedly seeking

to withdraw from some locations as business travellers and tourists alike gave the city a miss.

Temasek does not have any comment on the matter, a spokesman said in an email in response to a query from the South China Morning Post on its investments in Hong Kong.

The Singapore state investment firm is not alone in bearing the brunt of Hong Kong’s po-litical crisis. Restaurant operator Fulum Group has put up eight properties worth some HK$2.57 billion ($480 million) for sale. Snack food chain Best Mart 360, and Genki Sushi, whose Hong Kong operations are run by Maxim’s Group, are rethinking their store leases.

“Demonstrations are just amplifying a more profound problem, which is that Hong Kong is not as attractive a retail destination as it used to be,” said Pascal Martin, a partner at OC&C Strategy Consultants who is based in Hong Kong. “Brands have dramatically cut down price dif-ferences between markets which were favour-able to Hong Kong.”

To be sure, the value of Festival Walk’s 1.2 million sq ft of retail and office space in Kow-loon Tong has soared since Mapletree bought it from Swire Properties in 2011. The price tag is HK$28.75 billion, based on the most recent valuation on March 31. Tenant sales amount-ed to HK$2.4 billion in the six months to Sept 30, it said in an email reply.

“Recovery works including cleaning up of the debris and the assessment of repair works, are ongoing,” the manager of the Mapletree Reit said in an update on Nov 19. “The insurers have been notified, and the assessment of claims is under way.” The mall will remain closed until further notice, it added.

“I view shopping malls as an ongoing busi-ness and for long-term investment,” said Thom-as Lam, executive director and head of valua-tion and advisory at Knight Frank. The value of Festival Walk should be higher than the 2011 price as the rental and cash flow have increased over the past few years, he added. – South China Morning Post E

REUTERS

Mapletree Reit hit by Hong Kong protests

A protester is seen through broken glass after protesters vandalised Festival Walk mall in Kowloon Tong, Hong Kong, on Nov 12

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