Done DealsSales pick up at Ardmore Park

EP18&19

Your NeighbourhoodLakefront living

in Jurong EP14&15

OffshoreHatten Land takes RTO

route for SGX listing EP4

A PULLOUT WITH

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

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF FEBRUARY 27, 2017 | ISSUE 768

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

Orchard Road’s latest landmark

CapitaLand to showcase Cairnhill Nine’s unsold units in Singapore and Jakarta following the project’s completion last October.

See our Cover Story on Pages 10 and 11.

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Under the HammerEstate sales of landed homes

EP8

EP2 • THEEDGE SINGAPORE | FEBRUARY 27, 2017

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42-room boutique hotel up for saleChinatown Hotel (above), a 42-room

boutique hotel located on Teck Lim

Road, has been put up for sale by ex-

pression of interest (EOI). The indica-

tive price for the hotel is $40 million,

or about $952,000 per room.

The hotel occupies three 3½-storey

adjoining shophouses and is located with-

in the Chinatown-Bukit Pasoh Conser-

vation Area and Keong Saik Road area.

According to Cushman & Wakefield, the

marketing agent for the sale, the new

owner has the option to continue to op-

erate China town as a hotel, which is

the “highest and best use”, or convert

it to F&B use on the ground floor, with

offices on the upper floors, subject to

approval from the relevant authorities.

The EOI closes on March 28.

Qingjian unveils first EC for 2017, iNz ResidenceOn Feb 24, Qingjian Realty unveiled the

first Executive Condominium (EC) for

2017, iNz Residence (top, right) in Choa

Chu Kang. E-applications for iNz Resi-

dence began on the same day and will close

on March 5. The 497-unit iNz Residence

will have a mix of two- to four-bedroom

apartments of 689 to 1,378 sq ft, and five-

bedroom maisonettes of 1,690 to 1,711 sq

ft. The units are spread across nine 15- and

16-storey blocks, with landscaped deck,

sky terrace, communal facilities and one

common basement car park floor.

Separately, Qingjian has tied up with

Singapore Telecommunications (Singtel)

and smart home solutions provider HiLife

Interactive to provide internet-ready smart

home solutions. With this collaboration,

Qingjian hopes to make iNz Residence

the first internet-ready smart EC.

The collaboration means that all resi-

dential units in iNz Residence will come

fitted with 1Gbps Singtel fibre broadband.

Singtel will also provide WiFi services to

the other facilities and common spaces

within iNz Residence, such as the club-

house, fitness gym and poolside.

Overwhelming crowd at Grandeur Park previewAbout 10,000 people attended the preview

of Grandeur Park Residences (above) over

the weekend of Feb 18 and 19.

The 99-year leasehold condo by CEL

Development, the property development

arm of listed construction group Chip

Eng Seng Corp, is located next to the

Tanah Merah MRT station, at the corner

of New Upper Changi Road and Bedok

South Avenue 3.

“We expected a good response, but it

was overwhelming,” says CEL executive

director Chng Chee Beow. He reckons

the response was fuelled by the price

quantum and pent-up demand as there

has been no new launch in the area for

the past three years.

Sales of the 720-unit Grandeur Park

Residences will start on March 4. The

units will be priced at an average of $1,350

psf, says Raymond Chia, Chip Eng Seng’s

executive chairman and group CEO. — Compiled by Michael Lim

| BY SAM CHAMBERS & SVENJA O’DONNELL |

Britain’s Chancellor of the

Exchequer Philip Hammond

will not be able to offer sig-

nificant concessions to retailers

facing a hike in taxes on their

stores in his Budget next month,

according to an official familiar

with his plans.

There is little room to help

high-street retailers on March 8

as the scale of reform needed

is too broad, the official says.

With Article 50 set to be trig-

gered by end-March, Hammond

has limited capacity for give-

aways, according to the official,

who asked not to be identified

because the talks are private.

Business rates, a tax on com-

mercial properties, earn the UK

government about £26 billion

($46 billion) a year, according

to real estate advisers Colliers

International. A revalua tion of

the levy, determined by the rent-

al value of the premises rath-

er than the sales generated by

the site, is set to come into ef-

fect in England, Scotland and

Wales in April.

“The business rates system is

out of line with any other devel-

oped country; it’s no longer fit

for purpose,” Helen Dickinson,

CEO of the British Retail Con-

sortium, says in a telephone

interview. “The government

is persisting with this system

because it’s a great revenue

generator. From the Treasury’s

point of view, it’s a lovely tax.”

A boom in property prices,

particularly across London and

the southeast of England, means

many businesses will suffer dra-

matic increases to one of their

largest outgoings. The rental

value on shops in some central

London districts has jumped by

more than 200%, according to

Colliers.

UK retailers — from multi-

billion-pound businesses such

as J Sainsbury to small inde-

pendents — have pressured the

government to reform a system

which they claim does not re-

flect their industry in the 21st

century. Lawmakers from Prime

Minister Theresa May’s Conserv-

ative Party have been vocal in

their support for the campaign.

Store-based retailers say they

are being unfairly discriminated

against because business rates

have little impact on online-

only retailers such as Amazon.

com. Online sales account for

over 12% of all retail sales in

the UK, the highest proportion

globally, according to market

research firm Mintel.

The Treasury official acknow-

ledges that the current system is

out of step with the rise of the dig-

ital economy, saying Hammond

is in “listening mode”. Changes

to the tax system could be in-

troduced in the autumn Budget,

which will become the chan-

cellor’s main fiscal event of the

year, the official says.

Business rates are typically

revalued every five years. The

government delayed this year’s

review by two years, claiming it

would create uncertainty among

businesses, in the process making

this year’s increases more dra-

matic. — Bloomberg LP

An American Apparel fashion retail store on Carnaby Street, London. The UK government earns about £26 billion a year from business rates, according to Colliers International.

UK set to give limited rates relief to beleaguered retailers

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Hatten Land’s Tan brothers make their markin Singapore with reverse takeover| BY CECILIA CHOW |

When Colin Tan took over a com-

pany called Lianbang Ventures

in 2005 in order to revive an

abandoned shopping mall pro-

ject in Melaka, his friends used

to tease him about the firm’s name. That was

when Tan decided to choose a company name

that will endure.

“I’ve always liked the name ‘Hilton’, and

I’m also an admirer of Japanese culture,” says

the 33-year-old. It was fortuitous that the word

“hatten” means growth and development in Jap-

anese. He therefore decided to name the com-

pany he co-founded with his brother, 34-year-

old Edwin, Hatten Group.

Over the past decade, Hatten Group has

become a leading property player in Melaka,

where it is headquartered. Hatten Group’s core

businesses range from property development

and investment to hospitality, retail and edu-

cation. The group has a landbank of 215 acres,

mainly in Melaka, with some parcels in Cyber-

jaya, Selangor and Seremban.

As the developments became increasingly

large-scale and mixed-use, the Tan brothers

decided to spin off their development arm

into a separate Singapore-listed entity called

Hatten Land. “We are seeking to expand

through mergers and acquisitions, joint ven-

tures or strategic alliances with internation-

al business partners as we want to grow at

a faster pace,” says Tan.

This was done via a reverse takeover of

the Singapore Exchange-listed VGO Corp.

The RTO process was kick-started when VGO

Corp, formerly known as sporting goods

chain World of Sports, acquired privately

held Sky Win Management Consultancy in

June last year.

Sky Win Management Consultancy was in

turn a company controlled by the Tans and

owned a portfolio of four development pro-

jects in Melaka. The acquisition cost of Sky

Win Management Consultancy totalled $386

million, and would be made via the issue of

close to 1.188 billion consideration shares at

32.5 cents a share.

SGX listingOn completion of the acquisition of Sky Win

Management, VGO Corp was renamed Hatten

Land on Jan 26. Assuming the 123.1 million

new shares are fully placed out, the indicative

market capitalisation for Hatten Land will be

$393 million.

Trading of Hatten Land shares on the Catalist

board of the SGX will start on Feb 28. Tan has

been appointed executive chairman and manag-

ing director of Hatten Land, while Edwin is ex-

ecutive director and deputy managing director.

Hatten Land’s initial portfolio of four de-

velopment projects in Melaka are three mixed-

use projects (Hatten City Phases 1 and 2 and

Harbour City on Pulau Melaka) and the Vedro

by the River mall.

Hatten City Phases 1 and 2 are located in

the city centre fronting the Malacca Straits. The

RM628 million ($200 million) Phase 1 was com-

pleted in March 2016. Within the complex are

Elements Mall, with 1,530 strata shops; the 745-

unit SilverScape Residences; Hatten Suites, with

589 serviced apartments; and the 277-room Dou-

bleTree by Hilton, which is managed by Hilton

Worldwide. As at end-June last year, 34% of the

strata shops at Elements Mall were sold, while

85% of units at SilverScape Residences and

93% of Hatten Suites were taken up.

Hatten City Phase 2 is scheduled for com-

pletion in 2H2017. The project was valued at

RM363 million last June, and is made up of

Imperio Mall, with 786 shops; and the 950-

unit Imperio Residences. The building has

a stepped façade, with the cascading terrac-

es providing a jogging path with views of the

coast and the city. Imperio Residences is said

to feature 10 cabana villas, each spanning three

levels, with a floor area of 3,930 sq ft, private

swimming pool, private lift lobby and private

parking space for two cars. As at June 2016,

about half of the residences were sold, while

60% of the shops were taken up.

Under development is Harbour City on the

reclaimed island of Pulau Melaka, fronting the

Malacca Straits. The RM849 million mixed-

use development sits on a six-acre site and

comprises the Harbour City Mall, with 1,831

Tan: As a developer, we want to create quality and iconic projects. And people don’t just want a property — they want quality amenities with healthcare, wellness or lifestyle facilities.

Scheduled for completion in 2H2017, Hatten City Phase 2 comprises Imperio Mall, with 786 shops; and the 950-unit Imperio Residences

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OFFSHORE

Hatten Land to develop iconic projects to attract tourists

FROM PAGE EP4

shops; a water-theme park; and three hotel

blocks — the 648-unit Harbour City Suites, the

637-unit Harbour City Resort and a 325-room

luxury hotel. The development is targeted for

completion in phases from 2H2019 to 1H2020.

The fourth development, Vedro by the Riv-

er, was last valued at RM65 million. The mall

sits on two acres of land and will have a gross

floor area of 213,547 sq ft when completed in

1H2017. So far, 65% of the 736 shops in the

mall have been snapped up.

Development land pipelineHatten Land has the right of first refusal when

it comes to acquiring development parcels from

the privately held Hatten Group, which is also

controlled by the Tans. On Feb 10, Hatten Land

announced that it had signed a memorandum

of understanding with the Tans to exercise the

call option for the acquisition of five develop-

ment sites, of which four are 99-year leasehold

sites in Daerah Melaka Tengah. The fifth is a

freehold site in Cyberjaya.

One of the leasehold sites in Melaka is a

2.05-acre land parcel with a plot ratio of 5.8.

It is slated for the development of an integrat-

ed project with a hotel and serviced apartment

block called Thea Wellness. The second site

is a 9.34-acre parcel at Kawasan Bandar I that

will be used for a mixed-use project called

MICC. The project will comprise a mall, cine-

plex, convention hall and auditorium, meet-

ing rooms, a hotel block and a serviced apart-

ment block, with a plot ratio of 4.0. Both Thea

Wellness and MICC have obtained develop-

ment approval.

The third site is a 66-acre land parcel with

a plot ratio of 6.0 located on six parcels of land

at Kawasan Bandar XL. The land parcel is still

at the reclamation stage. The fourth site — also

at Kawasan Bandar XL — is made up of three

leasehold sites totalling 17.69 acres with a plot

ratio of 6.0, which can be amalgamated and de-

veloped into a mixed-use project with a “Mov-

ie Town” theme, comprising retail, residential

and hospitality components. Concept planning

is still underway.

The fifth site at Cyberjaya is a 25.55-acre

freehold land parcel with a plot ratio of 5.2. It

will be developed in three phases, with a mix

of retail, office, residential, hospitality units

and a hospital. The project’s concept plan is

still in progress. The acquisition will be made

through the purchase of the entire issued and

paid-up capital of Admiral Merger Sdn Bhd,

which owns the development rights to the land.

Large-scale, distinctive projectsEach project has a distinctive theme, says

Tan. The developer is able to secure relative-

ly high plot ratios for its large-scale, mixed-

use projects. “We have an established track

record,” he adds. “As a developer, we want to

create quality and iconic projects. And people

don’t just want a property — they want quali-

ty amenities with healthcare, wellness or life-

style facilities.”

In hindsight, his foray as a developer into

Melaka was an opportune one as being a de-

veloper in the state is not as capital-intensive

as it is in Singapore, says Tan, who is a Singa-

pore citizen. “There was also very little com-

petition then.”

According to Tan, the main guiding force

behind the brothers’ venture into the proper-

ty business is their father, Eric Tan Eng Huat,

who remains an adviser and mentor at Hatten

Group. Eric Tan shot to fame in Singapore in

the mid-1990s when he acquired more than 30

properties and sites in Geylang, earning him

the moniker “Geylang king”.

When Hatten Group first started developing

projects in Melaka, the population was around

750,000, recounts Tan. Melaka is a small state

and its population was estimated to be around

900,000 as at 2016.

Tourist arrivals in Melaka increased sig-

nificantly following its inclusion in the list of

Unesco’s World Heritage Sites in 2008. Tour-

ist arrivals hit a new high of 15.7 million in

2015, with tourism receipts up 39.5% y-o-y,

the highest annual growth since 2010.

According to Tan, the developer is developing

iconic projects that will put the state on the in-

ternational tourist map. He sees the target audi-

ence for Hatten Land’s developments being wid-

er than just the residents in Melaka. “If you look

at a 200km radius, that includes Indonesia, Kua-

la Lumpur and Singapore, which means a pop-

ulation of 15 million,” he estimates.

The current buyer profile for Hatten Land’s

properties is 69% Malaysians, with Singapore-

ans making up 15%, while Chinese and Taiwan-

ese make up 3% each.

Retail supplyThe retail scene in Melaka had been relative-

ly stagnant, hovering between 3.7 million and

3.9 million sq ft between 2010 and 2013. It was

only in 2014 that several new malls opened,

including The Shore Shopping Gallery in Mel-

aka city centre and Freeport A’Famosa Outlet

in Alor Gajah. Today, Melaka is said to have

19 shopping centres and eight hypermarkets,

with total retail space of 4.7 million sq ft.

Of the 19 shopping centres, 14 are located

within the city. The increase in retail space,

coupled with sluggish sales, however, has con-

tributed to a decline in average occupancy rate,

from 83% in 2014 to 80% in 2015. Nevertheless,

major malls in Melaka, such as Dataran Pahla-

wan Melaka Megamall and Aeon Mall, contin-

ue to have an occupancy rate of 90% to 100%.

Dataran Pahlawan Melaka Megamall, which

was the abandoned mall that the Tans revived

when they first took over Lianbang Ventures 12

years ago, is still the biggest and most visited

mall in Melaka today. Those who purchased

the strata shop units at RM1,800 psf in 2006

were able to sell them for about RM3,000 psf

in the resale market, according to Tan. Most

of the upcoming malls developed by Hatten

Group are also strata malls. Generally, the sell-

ing prices of these strata retail units in Melaka

range from RM1,500 to RM3,500 psf.

Residential supply and demandBesides the retail segment, Tan believes that

the other real-estate sectors, ranging from resi-

dential to serviced apartments and hotels, have

also benefited from Melaka’s elevated profile

following its inclusion on the list of Unesco

World Heritage Sites.

Based on the latest figures from the National

Property Information Centre, as at 3Q2016, Mel-

aka had an existing housing stock of 167,676

units, of which condominiums and apartments

accounted for 10,060 units (6%). However, in

terms of residences under construction, the to-

tal number of units was 30,326, with condos

and apartments making up 1,980 units (6.5%).

In the planning stage are another 13,542 units,

of which 2,329 units are condos and apartments

(17.2%). Notable upcoming developments in-

clude Impression City, Melaka Gateway, Cheng

Ho City and Eco Marine Theme Park.

For the first nine months of 2016, about

6,720 residential units were sold in Melaka,

just 1.5% lower than the 6,824 units record-

ed over the same period in 2015. The whole of

2015 saw total transactions of 8,914 residential

units, 3% fewer than the 9,187 units in 2014.

Despite the contraction in home sales in 2015,

total transacted value saw a moderate increase

of 1.7%, from RM1.94 billion in 2014 to RM1.97

billion in 2015. This reflects the 8.4% y-o-y in-

crease in the House Price Index in 4Q2015.

Future growthWith the upcoming Kuala Lumpur-Singapore

High Speed Rail having a stop at Ayer Keroh,

Melaka, sites in the area are likely to benefit

from their proximity to the train station, says

Tan. Incidentally, Hatten Group’s landbank in-

cludes several prime sites in Ayer Keroh.

The expansion of the Malacca International

Airport and the introduction of weekly sched-

uled flights between Guangzhou and Mela-

ka are likely to boost the number of Chinese

tourists. In fact, mainland China is already the

top contributor of foreign tourists to Melaka,

with 29.3%, followed by Singapore (26.7%),

Indonesia (14.8%), Taiwan (3.2%) and Japan

(2.8%), based on 2015 tourist arrival figures.

However, what has really grabbed every-

one’s attention is the announcement last Sep-

tember of the RM30 billion Melaka Gateway

project. The land reclamation project is a joint

venture between Malaysian master develop-

er KAJ Development, which will hold a 51%

stake, and Powerchina International, which

will take the lead in bringing in investors and

handling the construction of the project. Con-

struction is reportedly underway, and slated

for completion by 2025.

Melaka Gateway is a mixed-use develop-

ment off the coast of the city centre, with three

reclaimed islands and one natural island oc-

cupying a total area of 5.52 sq km. The first

three islands will be used for tourism, com-

mercial, property and maritime developments.

The fourth island, Pulau Melaka, has been

earmarked for a maritime activities centre with

a container and bulk terminal, shipbuilding

and ship-repair services, as well as a maritime

industrial park to be developed by KAJ Devel-

opment, China’s Guangdong state government

and Chief Minister Incorporated (CMI), an en-

tity wholly-owned by the state.

Expansion plansPulau Melaka is where Hatten Land will be devel-

oping its 99-year leasehold Harbour City project.

Tan is also open to partnerships and joint

ventures with other developers for his upcom-

ing projects. “We have had Chinese developers

with similar interests coming to discuss with

us,” he says. “And that is why we want to list

Hatten Land, as it will give us a greater plat-

form to collaborate with more international

business partners in our future developments.”

While Melaka remains Hatten Land’s main

focus for now, Tan is also interested in expand-

ing the company’s presence in Southeast Asia.

Completed in March 2016, Hatten City Phase 1 comprises Elements Mall, with 1,530 strata shops; the 745-unit SilverScape Residences; Hatten Suites, with 589 serviced apartments; and the 277-room DoubleTree by Hilton

Vedro by the River, which sits on two acres of land, will have a gross floor area of 213,547 sq ft when completed in 1H2017 E

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Harbour City will sit on close to 100 acres of reclaimed land on the island of Pulau Melaka, fronting the Malacca Straits

THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP7

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UNDER THE HAMMER

Estate sales of landed homes | BY CECILIA CHOW |

Up for auction are several

landed homes, one of which

is a detached house at One

Tree Hill. The double-storey

detached house, believed

to have been built in 1963, sits on a

freehold regular-shaped site of 4,520

sq ft. An executor’s sale, the proper-

ty has a guide price of $12.8 million

($2,832 psf).

According to Mok Sze Sze, JLL

head of auction, an executor’s sale

is similar to an estate sale. The de-

tached house at One Tree Hill made

its debut at JLL’s auction on Feb 23.

The site has been seeing “intense

interest” from owner-occupiers giv-

en its location in prime District 10

and the rarity of a landed housing

estate accessible via Grange, Tom-

linson and Paterson Roads, just off

Orchard Boulevard, adds Mok. The

estate has mainly semi-detached and

detached houses.

The detached house is also attract-

ing interest as it is zoned for rede-

velopment into a pair of double-sto-

rey semi-detached houses, subject

to approval by the relevant authori-

ty, says Mok.

The most recent sale of a semi-

detached house at One Tree Hill was

for a property sitting on a 4,499 sq ft

freehold plot. The property fetched

$9.38 million ($2,086 psf), accord-

ing to a caveat lodged in June 2015.

Redevelopment potentialThe latest transaction of a detached

house at One Tree Hill, based on ca-

veats lodged so far, was in October

2014, when a newly built detached

house sitting on a freehold site of

4,499 sq ft was sold by niche de-

veloper Wah Khiaw Developments

for $17.2 million ($3,826 psf). A

caveat lodged earlier showed that

Wah Khiaw had paid $3.86 million

for the site in February 2006, when

a semi-detached house occupied the

land parcel.

Subsequent to the purchase, the

developer demolished the house and

built a detached house on the site af-

ter obtaining rezoning approval. Wah

Khiaw was able to do that as the land

area was bigger than 400 sq m (4,306

sq ft). Based on URA guidelines, a

site for a semi-detached house can

be rezoned for a detached house if

the land area is at least 400 sq m.

Another semi-detached house that

is up for estate sale is one where the

land area is just 10 sq m short of the

minimum 400 sq m required before

the property can be rezoned for a de-

tached house. The 1960s single-sto-

rey semi-detached house sits on a

999-year leasehold site of 4,201 sq

ft (390 sq m) on Farleigh Avenue in

Serangoon Garden, another popular

landed housing estate.

The semi-detached house was put

up for sale by the estate for the first

time at Colliers International’s prop-

erty auction on Feb 22. The indica-

tive price for the house is said to be

$3.85 million ($916 psf).

Mortgagee saleMeanwhile, up for auction for the

sixth time by JLL on Feb 23 was a

detached house at Eng Kong Garden

in the Upper Bukit Timah neighbour-

hood of District 21. The three-storey

detached house was built in 1997, but

has been renovated over the years.

The six-bedroom house has a built-

up area of 5,167 sq ft and sits on a

freehold land area of 4,316 sq ft. The

indicative price for the property in

the JLL auction on Feb 23 was $4.5

million ($1,043 psf).

The indicative price for the house

reflects a downward adjustment of

$1 million from the opening price of

$5.5 million when the property was

first put up for auction by JLL last

September.

Unlike the house at One Tree Hill

and Farleigh Avenue that are execu-

tor’s and estate sales, the house at

Eng Kong Garden is a mortgagee sale.

Word on the street is that the house

was previously owned by Ivy Lee, one

of Singapore’s top realtors.

This detached house at One Tree Hill sits on a regular-shaped site of 4,520 sq ft that can be redeveloped into two semi-detached houses

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This three-storey detached house at Eng Kong Garden was put up for auction by JLL for the sixth time on Feb 23, with an indicative price of $4.5 million

This semi-detached house on Farleigh Avenue was put up for auction with a guide price of $3.85 million

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CapCo writes down value of London Earls Court land by 20%| BY JACK SIDDERS |

Capital & Counties Properties plc wrote

down the value of its land holdings in

west London by 20%, less than expect-

ed by some analysts, as higher taxes and po-

litical uncertainty weaken sentiment in the UK

capital’s housing market.

The company, which plans to build 10,000

homes at Earls Court with venture partners, cut

the value of its sites in the district to £1.1 billion

($1.94 billion) from £1.4 billion a year earlier,

according to a statement on Feb 22. JPMorgan

Chase & Co had estimated a write-down of 30%.

“The reduction in Earls Court was driven main-

ly by a higher assumed developer’s margin for

consented development land, trimming of sales

values as well as some cost inflation,” JPMor-

gan analyst Neil Green writes in a note to clients.

CapCo’s shares climbed as much as 4.2% to

the highest since the day after the Brexit vote, and

were up 2.8% at 8.30am in London on Feb 22.

Home values in London’s best districts fell

an average of 6.7% in the 12 months through

January as successive sales tax increases

dampened demand, broker Knight Frank LLP

says in a report this month. The government

brought in a 3% levy on second-home pur-

chasers and landlords in April 2016, having

earlier increased charges for all luxury-home

buyers in December 2014.

CapCo’s net asset value fell 5.9% to 340 pence

a share. The company intends to pay a final divi-

dend of one pence a share, in line with a Bloomb-

erg dividend forecast. The firm says it expects the

open market rents at its Covent Garden holdings

to reach £125 million a year by December 2020

compared with £96 million at end-2016.

Buyers have now purchased or reserved

59 homes in the second phase of the Lillie

Square project at Earls Court compared with

41 apartments in July, with pricing at a “mod-

est premium” to sales in the first phase. —

Bloomberg LP

OFFSHORE

THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP9

EP10 • THEEDGE SINGAPORE | FEBRUARY 27, 2017

COVER STORY

CapitaLand to showcase Cairnhill Nine’s unsold units in Singapore and Jakartafollowing the project’s completion last October

Orchard Road’s latest landmarkOrchard Road’s latest landmark| STORIES BY FEILY SOFIAN |

Interest in luxury homes typically picks up

once they are completed as well-heeled buy-

ers can personally inspect the design and

quality of the project. For Cairnhill Nine,

an integrated development by CapitaLand,

it also means aspiring buyers can experience

for themselves the project’s proximity to Par-

agon, a luxury shopping mall in the Orchard

Road shopping belt.

Only 48 units have remained unsold at Cairn-

hill Nine since the project was launched a year

ago. Following the project’s completion in Oc-

tober, CapitaLand will showcase these units in

Singapore and Jakarta starting from Feb 25.

The robust sales at Cairnhill Nine were pri-

marily driven by its prime location. The devel-

opment is directly linked to Paragon via a cov-

ered overhead bridge. Cairnhill Nine is part of

an integrated development that includes As-

cott Orchard Singapore, a 20-storey luxury ser-

viced residence with 220 units.

In addition to the one-bedroom units,

buyers have also snapped up all the 22 four-

bedroom units and eight penthouse units within

the first two months of launch. Prices ranged

from $1.3 million for a one-bedroom unit to

$6.7 million for a 3,864 sq ft penthouse unit.

The remaining 48 units are mainly two-bed-

room units of 1,033 sq ft, with prices ranging

from $2.5 million to $2.9 million. This works out

to $2,400 to $2,750 psf. A majority of the units

are above the 14th floor, although there are still

a handful of lower-floor units available. High-

floor two-bedroom units sold over the past six

months have ranged from $2,513 psf for a 14th-

floor unit to $2,915 psf for a 27th-floor unit.

More than 20% of the buyers are from In-

donesia, according to a CapitaLand spokes-

person. This is not surprising as the Orchard

Road micro-market has traditionally been pop-

ular with Indonesian buyers.

“For them, the main draw is the conven-

ient location — with shopping, food and

medical facilities at the doorstep,” says Jerry

Tan, founder and managing director of JTR-

esi, a marketing agent specialising in luxu-

ry property. The site’s leasehold tenure, as a

result, took a backseat in their purchase de-

cision, he notes.

Luxury finishesResidents at Cairnhill Nine will be able to enjoy

hospitality services provided by the adjoining

Ascott Orchard, including concierge, housekeep-

ing, laundry and even grocery shopping ser-

vices. Each unit comes fully fitted with marble

flooring and Miele kitchen appliances, includ-

ing a coffee machine, microwave oven, slim-

line hood, induction/gas hob and concealed

refrigerator, as well as a Bosch washer-dryer.

The two-bedroom-plus-study unit features a

swivel TV panel that can pivot to face the liv-

ing room or the study. Meanwhile, the smart

home system allows residents to remotely con-

trol home devices such as the air-condition-

ing, digital lock with biometric access and se-

curity camera.

Unlike in most projects, Cairnhill Nine units

will be fitted with LED lighting and cove light-

ing in the living area. Homeowners therefore

need only buy soft furnishings before moving

in while investors can rent out the units im-

mediately.

As at end-January, there were eight rental

contracts for one-bedroom units in Cairnhill

Nine ranging from $3,700 to $5,500 a month.

There were four rental contracts for two-bedroom

units at between $5,900 and $6,850 a month.

Facilities in the project include a 50m lap

pool, children’s pool, spa pods, barbecue areas,

cabanas as well as two clubhouses that house a

gymnasium, golf simulator room, music room,

function room, wine room, spa room and read-

ing room. Ascott Orchard has a separate range

of facilities for its guests.

Homes for the global richCapitaLand has an established footprint in the

Cairnhill area, having developed Urban Suites

and Urban Resort Condominium, located just

across Cairnhill Nine. Unlike Cairnhill Nine,

which comprises predominantly one- and

two-bedroom apartments, units start from 1,044

sq ft at Urban Suites for two-bedroom apart-

ments and 2,121 sq ft at Urban Resort Condo-

minium for three-bedroom apartments. The

freehold developments were completed in 2013.

Both Urban Suites and Urban Resort Con-

dominium were designed by Kerry Hill Archi-

tects, whose portfolio includes Aman Tokyo,

dubbed Aman’s first city retreat. More than

half of the buyers at the condo projects were

foreign nationals, including Singapore perma-

nent residents and non-PRs.

The latest transaction at Urban Suites was

for a 2,045 sq ft unit that fetched $5.2 million,

or $2,518 psf. Meanwhile, the latest transac-

tion for a 1,044 sq ft, two-bedroom unit was

in January 2015. The unit on the 13th floor

changed hands at $2.9 million, or $2,758 psf.

The last two penthouses in Urban Resort

Condominium were snapped up in February

The newly completed Ascott Orchard serviced residences (left) and Cairnhill Nine apart-ment block on Cairnhill Road

The show suite of a 1,066 sq ft, two-bedroom-plus-study unit with a TV swivel panel between the living room and study

PICT

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THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP11

COVER STORY

Ascott The Residence returns to Orchard Road

Orchard Road’s latest landmark

last year, by a Singaporean and a Chinese

national. The 4,715 sq ft penthouse on the

17th floor was sold for $8.5 million, or $1,803

psf, according to a caveat lodged on Feb 25,

2016. The 6,857 sq ft penthouse on the 19th

floor went for $12.2 million, or $1,779 psf,

according to a caveat lodged on Feb 17, 2016.

Aside from Cairnhill Nine, CapitaLand

also launched two luxury residences — Vic-

toria Park Villas and The Nassim — in 2016.

Victoria Park Villas comprises 106 semi-de-

tached houses and three bungalows on a

403,000 sq ft, 99-year leasehold site. The

project’s main appeal lies in its location at

the junction of Coronation Road and Victo-

ria Park Road, flanked by Good Class Bun-

galow areas in prime District 10.

Mok Wei Wei of W Architects was the mas-

ter planner for Victoria Park Villas. Mok col-

laborated with AR43, HYLA Architects and

Studio Wills + Architects, which designed

the individual houses. Transacted prices at

Victoria Park Villas ranged from $4.2 million

to $5.1 million, based on caveats lodged.

The Nassim is a luxury condo compris-

ing only 55 units on a sprawling 122,600 sq

ft freehold site. CapitaLand had envisioned

a project reminiscent of the black-and-white

bungalows of the early 1900s and commis-

sioned W Architects’ Mok to deliver this vision.

The development made headlines last

June when an Indonesian family picked up

two units at $20.3 million and $13.7 million.

In September, a Singaporean buyer shelled

out $14 million, or $3,204 psf, for a 4,370

sq ft unit in the project.

Earlier this year, CapitaLand announced

that its wholly-owned subsidiary, CRL Realty

Pte Ltd, had sold its 100% stake in Nassim

Hill Realty to Kheng Leong Co. NHR owned

the remaining 45 unsold units at The Nassim.

The purchase consideration was $411.6 mil-

lion. The 10 units that were sold to individu-

al buyers fetched prices ranging from $2,248

psf for the $20.3 million unit to $3,260 psf for

a 1,927 sq ft unit, based on caveats lodged.

The Nassim was completed in 3Q2015

and CapitaLand would have had to pay ex-

tension charges if had failed to sell all the

units by 3Q2017, that is, two years from the

date of completion.

The soft opening of Ascott Orchard Singapore on Dec 1, 2016 marked the return of the Ascott The Residence brand to Orchard Road after a decade-long hiatus. The 20-storey serviced residence comprises 220 luxury units ranging from 323 sq ft studios to 861 sq ft two-bedroom units. With a hotel licence, Ascott Orchard offers both short- and long-term stays.

The online rates for a studio unit for a one-night stay on May 6 start from $352 a night, excluding taxes. Meanwhile, the two-bedroom penthouse suite is going for $1,224 a night. The eight penthouse suites on the top floor are furnished and fitted out by Fendi Casa, the lifestyle living subsidiary of the Italian high fashion house. 

Ascott Orchard is currently running at about 50% occupancy, two months into operations, according to Norman Lim, country general manager for Singapore at The Ascott Ltd. “There is an equal mix of short- and long-term guests. With its proximity to Orchard Road and world-class medical facilities at Paragon Medical Singapore and Mount Elizabeth Orchard, all less than five minutes away, this serviced residence is ideal for business, leisure and medical travellers,” he says.

Facilities at Ascott Orchard include a gymnasium, swimming pool and residents’ lounge. Breakfast is served at Kith Café, a favourite haunt among foodies and brunch enthusiasts. 

Ascott The Residence ceased its Orchard Road operations about a decade ago. In 2004, The Ascott Group entered into a conditional agreement with Wheelock Properties, formerly known as Marco Polo Developments, to sell its Scotts Shopping Centre and The Ascott Singapore serviced residence located above the mall. The site is now occupied by Scotts Square, a luxury mixed-use development comprising a four-storey retail mall and 338-unit freehold apartments.

The overhead bridge linking Cairnhill Nine with Paragon

The swimming pool and corridor leading to the entertainment rooms on the right

E

The facilities deck of Ascott Orchard (right) and the adjacent Cairnhill Nine (left)

Residents’ lounge at Ascott Orchard A penthouse unit at Ascott Orchard

Show suite of a 1,033 sq ft, two-bedroom unit at Cairnhill Nine

EP12 • THEEDGE SINGAPORE | FEBRUARY 27, 2017

OFFSHORE

Toronto facing a speculative real estate dilemma

| BY THEOPHILOS ARGITIS |

Toronto’s housing boom is

unrelenting.

Prices in Canada’s largest

city surged more than 20%

over the past year, the fast-

est pace in three decades, data re-

cently released shows. Some of the

city’s neighbouring towns are post-

ing even bigger gains.

It has become a matter of con-

siderable alarm. Stability is one

concern — if the market tumbles,

so will Canada’s economy. Pricier

real estate also drives away less-af-

fluent, younger people and boosts

the cost of doing business, eroding

competitiveness.

“I don’t think anybody is cheer-

ing,” says Doug Porter, the Toron-

to-based chief economist of Bank

of Montreal, who used the dread-

ed “bubble” word to describe the

market. “I don’t see who benefits

other than real estate agents. It’s

trapped wealth.”

So, what is driving the boom?

The housing industry — builders

and brokers — claim lack of supply

is the main culprit. Others, Porter

included, see demand as the prob-

lem. Lately, evidence is mounting

that speculation is behind the jump.

Supply constraintsBuilders say they are being held back

by everything from regulations to pro-

hibitive taxes and land restrictions.

Ontario’s green-belt region around

Toronto is one example.

This is no doubt true for one seg-

ment of the market: single-detached

homes. Just over one-quarter of the

176,000 homes built in Toronto over

the past five years were single-de-

tached. That is well down from the

1990s, when they accounted for al-

most half of all construction.

Supply constraints do not explain

the price gains for condominiums,

which have seen a flood of new com-

pletions. The average sale price of a

condo is up 15% y-o-y. That is af-

ter builders completed more than

54,000 apartment units over the

past two years, easily a record sup-

ply for Toronto.

Canada’s recent census results,

released this month, also provide

some evidence against the shortage

argument. Occupied private dwell-

ings have risen by 7.2% in Toronto

over the past five years, faster than

population growth.

The census, however, does not

say what type of homes are being

built. Plus, there is also the recent

puzzle of disappearing listings.

New listings in Toronto fell 17%

in January from a month earli-

er, the biggest one-month decline

since 2002. Sales as a share of new

listings rose above 90%, smashing

the record.

Is this a sign of a bubble? Are sell-

ers holding off putting their homes

on the market to see where prices

settle? Has supply become so tight

that potential sellers are pulling out

of the market altogether since they

have nowhere to move to?

“The market is thinning out basi-

cally — you know what that means,”

David Madani, an economist at Cap-

ital Economics in Toronto, says in a

telephone interview.

First-timersSo, if home sellers are not driving

demand, is it first-time homebuyers?

It is tough to argue yes. The fed-

eral government has been tighten-

ing mortgage rules for a decade,

and took some significant steps in

October. But the moves — which

particularly hit first-time buyers —

have done little to curtail the re-

cent run-up.

“If it’s not sellers, if it’s not first-

time buyers, then who is buying?”

asks Robert Hogue, an economist at

Royal Bank of Canada. “We can’t say

for sure, but by deduction it’s got

to be probably investors are buying

quite a bit.”

Policy responseIf speculators are the cause of Toron-

to’s stratospheric home-price gains,

it makes it difficult for the federal

government to intervene, since its

primary tool is mortgage insurance

rules that do not apply as much to

investors.

One possibility may be to clamp

down on the country’s unregulated

private mortgage industry — so-

called shadow banking. There may

also be other avenues, such as curb-

ing foreign investment. But Prime

Minister Justin Trudeau’s govern-

ment has not shown much interest

in such a move, partly because it

would affect the national market,

not just Toronto.

In fact, the only place where gov-

ernment steps to rein in prices seems

to have worked has been in British

Columbia, which introduced a 15%

tax on foreign buyers in August. Van-

couver home prices are down 3.7%

over the past six months. Still, that

is a paltry retreat in a market that

long ago ceased to be affordable for

most Canadians.

The British Columbia experi-

ence shows that while stability of

the market may be an achievable

goal, affordability is a more daunt-

ing challenge.

“If policy success is measured by

affordability, not sure we’re quite there

yet,” Hogue says. — Bloomberg LP

China home prices increased

last month in the fewest

cities in a year, signalling

property curbs to deflate a po-

tential housing bubble are tak-

ing effect.

New-home prices, excluding

government-subsidised hous-

ing, gained last month in 45 of

the 70 cities tracked by the gov-

ernment, down from 46 in De-

cember, the National Bureau of

Statistics said on Feb 22. Pric-

es fell in 20 cities and were un-

changed in five.

Chinese authorities have ex-

panded curbs on home purchas-

es and tightened restrictions on

property lending in an attempt to

avoid a housing bubble and re-

duce financial risks. Some bank

branches in Beijing, Guangzhou

and Chongqing have raised mort-

gage rates for first-time buyers,

people familiar with the matter

said earlier this month.

New-home prices in Shen-

zhen, the nation’s hottest mar-

ket early last year, fell 0.5% in

January from December, the

fourth straight monthly decline,

data shows. Prices in Shanghai

declined 0.1%, a third month-

ly decline, and were unchanged

in Beijing. Values continued to

increase in the southern city of

Guangzhou, gaining 0.6%.

A drop in land releases this

year may keep pressure on pric-

es in the capital.

Beijing plans to supply just

260ha of residential land, exclud-

ing government subsidised hous-

ing, this year, down from 850ha

last year, Beijing News reports,

citing a government document.

Cooling measuresWhile the statistics bureau said

home values “stabilised further”

in mega and midsize cities due

to curbs, the government is like-

ly to hold steadfast on cooling

measures this year, says Bloomb-

erg Intelligence senior analyst

Patrick Wong. Further tighten-

ing of mortgage lending could

come after at least seven local

city governments stepped up

existing buying curbs since De-

cember, he adds.

Early private data shows resi-

dential transactions are recover-

ing slightly in February in large

cities. New-home sales in key cit-

ies tracked by China Internation-

al Capital Corp rose to a three-

month high in mid-February.

China’s central bank vowed to

“strictly limit” the flow of credit

into speculative housing purchas-

es in its fourth-quarter monetary

policy report on Feb 18. Apart

from adopting prudent monetary

policies, it encourages “city-spe-

cific” credit conditions to ensure

“reasonable” growth in housing

mortgages, the report says.

The wording is “a clear mes-

sage” that China’s central bank

will roll out more policy tools tar-

geting developers and households

to prevent a potential property

bubble, David Yang, a Shang-

hai-based analyst at UOB Kay

Hian Investment Co, wrote in a

report on Feb 21.

Land pricesCurbs have been tightened on

developer financing amid con-

cern easy credit helped send land

prices to record highs last year.

Some property bond sales were

halted on mainland exchanges in

October; this month, private eq-

uity investments in property pro-

jects were banned in key cities.

“Land prices are an expecta-

tion for where property prices

will be going,” says James Mac-

donald, Shanghai-based head

of China research for Savills.

“Cooling the residential market

through restrictions on hous-

ing purchases was not sustain-

able, as we saw last year. So the

government went to cool down

competition for land to have a

bigger impact.”

There are signs that the curbs

are biting. Three plots of residen-

tial land in Shanghai a couple of

weeks ago sold at a small pre-

mium to the starting offer pric-

es. — Bloomberg LP

New listings in Toronto fell 17% in January from a month earlier, the biggest one-month decline since 2002

China home prices rise in fewest cities in a year amid curbs

Chinese authorities have expanded curbs on home purchases and tightened restrictions on property lending

E

E

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OM

BERG

THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP13

EP14 • THEEDGE SINGAPORE | FEBRUARY 27, 2017

YOUR NEIGHBOURHOOD

| BY MICHAEL LIM |

The picturesque Jurong Lake area is turn-

ing into the residential area of choice

for those staying in the western part of

Singapore. Not only do the residents of

the condominiums surrounding Jurong

Lake enjoy a scenic view, the serene neighbour-

hood also provides them with respite from the

hustle and bustle of city life.

“The area’s biggest draw is that it is the

only lakefront residential area in the western

part of Singapore,” says Alice Tan, head of re-

search with Knight Frank and a Jurong West

resident for more than 30 years. “On week-

ends, you can see children playing as well as

adults exercising and jogging around Jurong

Lake, the Chinese Garden and Japanese Gar-

den, enjoying the fresh air and tranquillity of

the lake and its surrounding area.”

The area in focus is bordered by Corpo-

ration Road and Jurong Canal and is served

by the Lakeside MRT Station. There are eight

99-year leasehold condos within a 10-minute

walk of the Lakeside MRT station. They range

from the latest developments by MCL Land —

Lakeville and Lake Grande — to the oldest,

Lakepoint, a 34-year-old project by JTC Corp.

Strong demand for new and old condosThe 304-unit Lakepoint was completed in

1983. It comprises two-bedroom units of 915

to 1,044 sq ft, maisonettes of 1,884 to 2,217

sq ft, penthouses of 2,734 to 3,261 sq ft and

townhouses of 2,486 to 3,401 sq ft.

Despite having just 65 years left on its lease,

this development remains popular among buy-

ers. Based on caveats lodged with Realis, there

have been on average six transactions a year

over the past three years. The latest transaction

was for a 2,217 sq ft, four-bedroom unit that

was sold in January for $1.23 million ($555 psf).

“Most of the new buyers are cash-rich in-

vestors who are buying because of its en-bloc

potential,” says Ryan Yeo, associate deputy di-

vision director with Knight Frank Property Net-

work, who specialises in marketing residential

developments in the western part of Singapore.

“I know of a few owners who have bought

and are not concerned whether they are able

to rent the unit out because their intention is

to hold on to the unit and wait for en-bloc.”

He reckons that owners of Lakepoint will

start the en-bloc process once the property

market improves because it is an ageing de-

velopment with no facilities.

The two newest additions to the area are

Lakeville and Lake Grande. The 696-unit Lake-

ville, located on Jurong Lake Link, is expected

to be completed by 1Q2017. The development

consists of one- to five-bedroom units of 560 to

1,862 sq ft. There are also four- and five-bed-

room penthouses of 1,981 to 2,680 sq ft.

Lakeville was launched for sale in April

2014 and about 180 units were snapped up

on the first day at an average price of $1,300

psf. According to MCL Land, most of the units

sold then were one- and two-bedroom apart-

ments and almost 90% of the buyers were

Singaporeans, with HDB upgraders account-

ing for the bulk of the purchasers.

According to the latest January developers’

sales data compiled by the URA, 689 out of

the total 696 units were sold at a median price

of $1,174 psf. The most recent unit sold was

a 1,423 sq ft, four-bedroom unit. It changed

hands in January for $1.65 million ($1,156

psf), according to caveats lodged with Realis.

Located just directly across from Lakeville

is Lake Grande, which is expected to be com-

pleted by 2019. The 710-unit, 99-year leasehold

condo was launched for sale last July and 436

units of the development, or 61%, were sold

during the launch weekend at an average price

of $1,368 psf.

According to MCL Land, two-bedroom units

at Lake Grande were the most popular, with

260 such units sold. The average two-bedder

is about 660 sq ft and was sold at $1,365 psf,

or around $900,000.

Some 85% of the buyers were Singaporeans,

while 12% were permanent residents and the

remainder, foreigners, says MCL Land.

According to the January developers’ sales

View of the Jurong Lake area with Lakefront Residences on the right

From left: The 629-unit Lakefront Residences by Keppel Land, 712-unit Caspian by Frasers Centrepoint and 369-unit Lakeholmz by Frasers Centrepoint

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Lakefront living in Jurong

THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP15

YOUR NEIGHBOURHOOD

The 696-unit Lakeville, located on Jurong Lake Link, is expected to be completed by 1Q2017

MCL Land’s 710-unit Lake Grande is under construction, with Lakeville on its left and Lakeshore Residences on its right

The 848-unit The Lakeshore by Far East Organization was completed in 2007

The 304-unit Lakepoint by JTC Corp was completed in 1983The 638-unit Parc Vista (right) by Far East Organization was completed in 1997

E

in June 2009 for $645,000 ($689 psf).

Two slightly newer developments, Caspian

and Lakefront Residences, were completed less

than five years ago. The 712-unit Caspian by

Frasers Centrepoint is fully sold and was com-

pleted in 2013. Units in the project are spread

across six 17-storey blocks and comprise two-

to four-bedroom apartments of 872 to 1,593 sq

ft. The latest transaction was for a 1,302 sq ft,

three-bedroom unit that was sold in January

for $1.37 million ($1,052 psf).

The 629-unit Lakefront Residences by Keppel

Land was completed in 2014 and is fully sold.

It is made up one- to four-bedders of 484 to

1,938 sq ft and penthouses of 2,000 to 3,186

sq ft. The latest transaction was for a 1,389 sq

ft, four-bedroom unit that was sold in January

for $1.65 million ($1,188 psf).

Jurong Lake GardensThe park around Jurong Lake will get a make-

over under the Jurong Lake District master plan

and will be renamed Jurong Lake Gardens.

According to Tan, the government is looking

at redesigning and revamping the park through

landscaping, adding new paths and exercise

areas as well as clusters of commercial space.

Residents at all eight developments will be

able to look forward to the new and revamped

Jurong Lake Gardens when it is unveiled sec-

tion by section starting from next year with the

Jurong Lake West Garden on Yuan Ching Road.

“Once the transformation of the Jurong Lake

area is completed, not only will residents be

able to experience a new lakefront lifestyle,

they are also likely to see the value of their

properties rise,” says Tan.

data, 559 out of the total 710 units were sold

at a median price of $1,302 psf. The latest

transaction was for a 980 sq ft, three-bed-

room unit that was sold in February for $1.17

million ($1,195 psf), based on caveats lodged

with Realis.

Both Lakeville and Lake Grande are ideal

for young families with children, given their

close proximity to Rulang Primary School, one

of the top three primary schools in the west of

Singapore, says Knight Frank’s Tan.

Other developmentsBesides Lakepoint, there are three other 99-

year leasehold developments in the area that

are 10 years old or older: Parc Vista, Lakeholmz

and The Lakeshore. Demand for all three de-

velopments remains high; at The Lakeshore,

28 units changed hands in 2016, while at Parc

Vista and Lakeholmz, 19 and 14 units were

transacted respectively.

Yeo notes that there is a growing number of

non-resident Indian professionals with perma-

nent resident status renting or buying in the

area, owing to its close proximity to the Inter-

national Business Park. Many of these profes-

sionals are in the IT industry and like to live

near their workplace, he says.

As many of these Indians have extended

families, they tend to favour big units, espe-

cially those at Parc Vista, The Lakeshore and

Lakepoint, where three-bedroom units start

from 1,100 sq ft compared with the newer con-

dos, explains Yeo. “Most of these older condos

are going for less than $1,000 psf and this is a

key pull factor,” he says.

The 638-unit Parc Vista by Far East Organi-

zation was completed in 1997. Units are a mix

of two- to four-bedders of 1,044 to 1,636 sq ft

and maisonettes of 1,938 to 2,379 sq ft. The lat-

est transaction was for a 1,076 sq ft, two-bed-

room unit in December that fetched $850,000

($790 psf). The seller had purchased it in Jan-

uary 1996 for $687,000 ($639 psf).

The 369-unit Lakeholmz was developed by

Frasers Centrepoint and completed in 2005.

Lakeholmz consists of two- to four-bedroom

units of 1,001 to 2,616 sq ft. The latest trans-

action was for a 1,249 sq ft, three-bedroom

unit that was sold in February for $1.04 mil-

lion ($831 psf). The seller had bought it in Sep-

tember 2005 for $567,000 ($454 psf).

The 848-unit The Lakeshore by Far East

Organization was completed in 2007. It is

made up of two- to four-bedroom apartments

of 861 to 1,900 sq ft. A 936 sq ft, two-bedroom-

plus-study unit changed hands in February for

$995,000 ($1,063 psf). The seller had bought it

EP16 • THEEDGE SINGAPORE | FEBRUARY 27, 2017

GAINS AND LOSSES

Residential transactions with contracts dated Feb 7 to 14

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Most profi table deals

Non-profi table deals

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

NON-LANDED

1 Ardmore Park 10 2,885 Feb 9 3,293 Sept 9, 2002 1,699 4,600,000 94 5 14.4

2 Goldenhill Park Condominium 20 1,335 Feb 9 1,371 April 10, 2001 732 853,500 87 4 15.8

3 Costa Rhu 15 1,765 Feb 14 1,146 May 1, 1995 733 729,480 56 2 21.8

4 Mera Springs 8 1,292 Feb 8 1,215 June 29, 2006 687 682,000 77 6 10.6

5 Duchess Crest 10 1,711 Feb 9 1,208 July 22, 2009 830 648,000 46 5 7.6

6 Pebble Bay 15 1,894 Feb 8 1,161 May 11, 1996 822 643,000 41 2 20.8

7 Amaryllis Ville 11 1,259 Feb 9 1,294 April 19, 2002 853 556,000 52 3 14.8

8 Limau Park 16 1,270 Feb 8 875 Sept 1, 2006 450 540,000 94 7 10.4

9 The Lucent 15 1,324 Feb 14 1,114 Jan 23, 2009 750 482,000 49 5 8.1

10 The Tate Residences 9 3,218 Feb 9 2,424 Oct 10, 2006 2,276 476,000 6 1 10.3

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Scotts Square 9 947 Feb 7 2,956 Sept 3, 2007 4,184 1,163,195 29 4 9.4

2 Orchard Scotts 9 2,088 Feb 10 1,389 Feb 13, 2012 1,858 980,000 25 6 5.0

3 The Arcadia 11 3,778 Feb 8 810 Oct 20, 2009 1,006 740,000 19 3 7.3

4 Jewel Of Balmoral 10 2,411 Feb 13 1,410 Dec 10, 2007 1,667 620,000 15 2 9.2

5 The Arcadia 11 3,735 Feb 7 904 July 24, 2007 1,031 475,000 12 1 9.6

6 St Martin Residence 10 603 Feb 8 2,148 Sept 12, 2012 2,488 205,000 14 3 4.4

7 8 @ Mount Sophia 9 1,464 Feb 9 1,455 Aug 14, 2007 1,560 153,000 7 1 9.5

8 Rivergate 9 1,507 Feb 13 1,891 March 14, 2011 1,980 133,860 4 1 5.9

9 Laguna Park 15 1,615 Feb 8 879 Jan 10, 2011 929 80,000 5 1 6.1

10 D’Leedon 10 1,389 Feb 8 1,440 Jan 24, 2013 1,496 77,910 4 1 4.0

Note: The profit and loss computation excludes transaction costs such as stamp duties URA caveat record downloaded on Feb 17 and 21

All seven units transacted at Orchard Scotts since 2015 were sold at a loss. Find the most affordable unit in the project at bit.ly/OrchardScottsEdge.

Ardmore Park is a freehold condominium completed in 2001. Find the most affordable unit in the project at bit.ly/ArdmoreParkEdge.

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Ardmore Park unit makes $4.6 mil profit| BY LIN ZHIQIN |

On Feb 9, a 2,885 sq ft unit

at Ardmore Park in prime

District 10 was sold at a

$4.6 million profit. The gain

works out to 94%, or 5%

a year over 14 years. The previous

owner bought it at $4.9 million, or

$1,699 psf, in September 2002 and

sold it at $9.5 million, or $3,293 psf.

This was the first transaction at

Ardmore Park this year. The next

most recent transaction, in Decem-

ber 2016, resulted in a $3.18 million

profit for the seller. The 2,885 sq ft

unit was bought at $6.4 million, or

$2,219 psf, in August 2006 and sold

at $9.58 million, or $3,321 psf. The

profit works out to 50%, or 4% a

year over 10 years.

There were 58 rental contracts for

units of 2,800 to 2,900 sq ft at Ard-

more Park in 2H2016, with month-

ly rents averaging $14,598. This im-

plies a 2% gross rental yield for the

recently transacted unit. Completed

in 2001, Ardmore Park is a freehold

condominium comprising 330 units.

For private non-landed homes

sold in the week of Feb 7 to 14, the

biggest loss of $1.16 million was in-

curred by the seller of a 947 sq ft unit

at Scotts Square in prime District 9.

The unit was bought from the devel-

oper at $3.96 million, or $4,184 psf,

in September 2007 and sold at $2.8

million, or $2,956 psf, on Feb 7. The

loss works out to 29%, or 4% a year

over nine years.

There were 19 rental contracts for

units of 900 to 1,000 sq ft at Scotts

Square in 2H2016, with monthly

rents averaging $6,511. This implies

a 3% gross rental yield for the re-

cently transacted unit.

Based on the matching of URA

caveat data, both units transact-

ed at Scotts Square so far this year

were sold at a loss. A week earlier,

on Feb 3, a 1,249 sq ft unit was sold

at a $1.56 million loss, the biggest

at Scotts Square so far. The seller

bought the unit at $5.2 million, or

$4,171 psf, from the developer in Au-

gust 2007 and sold it at $3.65 mil-

lion, or $2,923 psf.

All seven units at Scotts Square

transacted last year, whose previ-

ous caveats could be traced, were

also sold at a loss. The sellers sus-

tained losses ranging from $647,088

to $1.2 million, with an average loss

of $910,579, or 24%. Scotts Square

is a mixed-use development com-

pleted in 2011. It has 338 freehold

residential units and is located with-

in walking distance of the Orchard

MRT station.

For private non-landed homes

sold in the week of Feb 7 to 14, the

second-biggest loss of $980,000 was

incurred by the seller of a 2,088 sq ft

unit at Orchard Scotts in prime District

9. The unit was bought at $3.88 mil-

lion, or $1,858 psf, in February 2012

and sold at $2.9 million, or $1,389

psf, on Feb 10. The loss works out to

25%, or 6% a year over five years.

There were two rental contracts

for units of 2,000 to 2,100 sq ft at Or-

chard Scotts in 2H2016, with monthly

rents at $9,200 and $12,000.

Based on the matching of URA

caveat data, all seven units transact-

ed at Orchard Scotts since 2015 were

sold at a loss. The sellers sustained

losses ranging from $823,923 to $2.4

million, with an average loss of $1.6

million, or 35%. Orchard Scotts is a

99-year leasehold condo completed

in 2008. It comprises 387 units and

is located within walking distance of

the Newton MRT station.

THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP17

BUDGET 2017

| BY LIN ZHIQIN |

On Feb 20, Finance Minister Heng

Swee Keat announced in his Budget

statement that, with immediate ef-

fect, the Central Provident Fund’s

(CPF) Housing Grant had been raised

to $50,000 for first-timer couples buying four-

room or smaller HDB flats from the resale mar-

ket. For those who purchase five-room or big-

ger flats, the grant has been raised to $40,000.

The CPF Housing Grant was previously

capped at $30,000. Including the Addition-

al CPF Housing Grant, capped at $40,000,

and the Proximity Housing Grant, capped at

$20,000, first-timer couples can now receive

up to $110,000 in subsidies.

According to Cushman &

Wakefield Research director

Christine Li, the move is time-

ly, as a large volume of build-

to-order HDB units, totalling

about 18,000 units, reached the

end of their Minimum Occu-

pation Period as at end-2016.

This is 80% higher than the

number of units that reached

MOP in 2015.

“The grant can therefore

help soak up additional HDB

resale supply, particularly for

those who need to dispose of resale flats af-

ter they have taken pos session of new BTOs,

executive condomi niums and private proper-

ties,” says Li.

RHB Research expects the move to trans-

late into a slight boost in demand for resale

HDB units and help stabilise resale prices. It

will also alleviate demand pressure on new

BTO launches, especially in mature estates.

ERA key executive officer Eugene Lim agrees.

He expects resale HDB transaction volume “to

receive a good boost, as resale flats are now

cheaper, and this might swing more purchas-

ers towards a resale flat instead of having to

wait three years or so for a BTO flat”.

The Budget did not include the easing of

property cooling measures.

Minister for National Develop-

ment Lawrence Wong signalled

in an interview with Bloomb-

erg TV on Feb 21 that the res-

idential property curbs were

expected to stay for some time.

Wong said the cooling

measures had “helped achieve

a soft landing in the property

market” and demand remained

“very resilient”. He also add-

ed that the government was

studying measures to boost

revenue, including higher

taxes, to help ease pressure on the budget as

spending increases.

Earlier this month, president and CEO of

CapitaLand Lim Ming Yan said the cooling

measures are expected to stay in place for at

least another year. “We see volume picking up

and price declines have slowed. We see this

trend continuing for 2017. There is no compel-

ling reason for the government to make major

changes at this point,” he said.

Private-home prices declined 3% in 2016,

in a third consecutive year of decline. As no

changes were introduced to the existing proper-

ty cooling measures, RHB Research maintains

its expectation of a 3%-to-7% decline in resi-

dential property prices this year.

Help for first-timers buying resale HDBs, but no easing of cooling measures

First-timer couples buying resale HDBs can now receive up to $110,000 in subsidies

The Budget delivered by Heng did not include any easing of property cooling measures E

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EP18 • THEEDGE SINGAPORE | FEBRUARY 27, 2017

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 Feb 7 to 14

District 1 MARINA ONE RESIDENCES Apartment 99 years Feb 7, 2017 1,119 2,765,070 - 2,470 Uncompleted New SaleMARINA ONE RESIDENCES Apartment 99 years Feb 7, 2017 1,119 2,729,331 - 2,438 Uncompleted New SaleV ON SHENTON Apartment 99 years Feb 9, 2017 689 1,450,000 - 2,105 Uncompleted Sub SaleDistrict 3 ALEX RESIDENCES Apartment 99 years Feb 8, 2017 1,044 1,821,848 - 1,745 Uncompleted New SaleASCENTIA SKY Condominium 99 years Feb 10, 2017 1,475 2,198,000 - 1,491 2013 ResaleCOMMONWEALTH TOWERS Condominium 99 years Feb 7, 2017 1,076 1,642,000 - 1,525 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Feb 8, 2017 904 1,539,100 - 1,702 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Feb 10, 2017 463 808,000 - 1,746 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Feb 12, 2017 700 1,313,400 - 1,877 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 8, 2017 807 1,337,000 - 1,656 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 8, 2017 1,076 1,889,000 - 1,755 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 8, 2017 764 1,193,000 1,188,000 1,554 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 9, 2017 506 897,000 892,000 1,763 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 9, 2017 484 785,000 - 1,621 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 9, 2017 1,076 1,833,000 1,828,000 1,698 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 11, 2017 797 1,270,000 - 1,594 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 8, 2017 495 822,000 - 1,660 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 10, 2017 840 1,443,000 - 1,719 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 11, 2017 624 966,000 - 1,547 Uncompleted New Sale

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

QUEENS PEAK Condominium 99 years Feb 12, 2017 947 1,361,000 - 1,437 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 12, 2017 495 826,000 - 1,668 Uncompleted New SaleTHE CREST Condominium 99 years Feb 10, 2017 797 1,340,000 - 1,682 Uncompleted New SaleTHE CREST Condominium 99 years Feb 11, 2017 915 1,540,000 - 1,683 Uncompleted New SaleDistrict 4 SEASCAPE Condominium 99 years Feb 7, 2017 4,069 6,200,000 - 1,524 2011 ResaleTHE COAST AT SENTOSA COVE Condominium 99 years Feb 9, 2017 2,820 4,880,000 - 1,730 2009 ResaleTHE COAST AT SENTOSA COVE Condominium 99 years Feb 10, 2017 2,357 3,720,000 - 1,578 2009 ResaleDistrict 5 THE TRILINQ Condominium 99 years Feb 7, 2017 1,356 1,615,000 - 1,191 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 7, 2017 1,055 1,405,000 - 1,332 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 9, 2017 538 804,000 - 1,494 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 10, 2017 538 815,000 - 1,514 Uncompleted New SaleVILLAGE @ PASIR PANJANG Condominium Freehold Feb 8, 2017 1,410 1,700,000 - 1,206 2016 New SaleDistrict 8 MERA SPRINGS Condominium Freehold Feb 8, 2017 1,292 1,570,000 - 1,215 2008 ResaleSTURDEE RESIDENCES Condominium 99 years Feb 10, 2017 657 1,114,300 - 1,697 Uncompleted New SaleDistrict 9 8 @ MOUNT SOPHIA Condominium 103 years Feb 7, 2017 861 1,110,000 - 1,289 2007 Resale8 @ MOUNT SOPHIA Condominium 103 years Feb 9, 2017 1,464 2,130,000 - 1,455 2007 ResaleESPADA Apartment Freehold Feb 8, 2017 721 1,650,000 - 2,288 2013 ResaleORCHARD SCOTTS Condominium 99 years Feb 10, 2017 2,088 2,900,000 - 1,389 2007 ResaleOUE TWIN PEAKS Condominium 99 years Feb 7, 2017 1,399 3,533,340 - 2,525 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 7, 2017 1,399 3,491,400 - 2,495 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 8, 2017 549 1,508,800 - 2,748 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 8, 2017 570 1,227,650 - 2,152 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 14, 2017 549 1,618,300 - 2,948 2015 ResaleRIVERGATE Apartment Freehold Feb 13, 2017 1,507 2,850,000 - 1,891 2009 ResaleSCOTTS SQUARE Apartment Freehold Feb 7, 2017 947 2,800,000 - 2,956 2011 ResaleSOPHIA HILLS Condominium 99 years Feb 9, 2017 700 1,416,000 - 2,024 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 9, 2017 700 1,361,000 - 1,945 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 11, 2017 700 1,403,000 - 2,005 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 11, 2017 700 1,355,000 - 1,937 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 12, 2017 700 1,354,000 - 1,935 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 12, 2017 700 1,329,000 - 1,899 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 12, 2017 700 1,336,000 - 1,909 Uncompleted New SaleTHE RISE @ OXLEY - RESIDENCES Apartment Freehold Feb 9, 2017 646 1,550,000 - 2,400 Uncompleted New SaleTHE RISE @ OXLEY - RESIDENCES Apartment Freehold Feb 10, 2017 646 1,510,000 - 2,338 Uncompleted New SaleTHE TATE RESIDENCES Condominium Freehold Feb 9, 2017 3,218 7,800,000 - 2,424 2009 ResaleDistrict 10 ARDMORE II Condominium Freehold Feb 13, 2017 2,024 4,900,000 - 2,421 2010 ResaleARDMORE PARK Condominium Freehold Feb 9, 2017 2,885 9,500,000 - 3,293 2001 ResaleARDMORE THREE Condominium Freehold Feb 13, 2017 1,787 6,096,285 - 3,412 2014 ResaleBELMOND GREEN Condominium Freehold Feb 10, 2017 1,550 2,150,000 - 1,387 2004 ResaleD’LEEDON Condominium 99 years Feb 8, 2017 1,389 2,000,000 - 1,440 2014 ResaleDUCHESS CREST Condominium 99 years Feb 9, 2017 1,711 2,068,000 - 1,208 1998 ResaleHOLLAND RESIDENCES Condominium Freehold Feb 8, 2017 1,356 2,550,000 - 1,880 2012 ResaleJEWEL OF BALMORAL Apartment Freehold Feb 13, 2017 2,411 3,400,000 - 1,410 2000 ResaleLEEDON RESIDENCE Condominium Freehold Feb 8, 2017 4,704 10,550,000 - 2,243 2015 ResaleLEEDON RESIDENCE Condominium Freehold Feb 13, 2017 4,704 8,800,000 - 1,871 2015 ResaleSHAMROCK PARK Semi-Detached Freehold Feb 10, 2017 4,080 5,960,000 - 1,460 1992 ResaleST MARTIN RESIDENCE Condominium Freehold Feb 8, 2017 603 1,295,000 - 2,148 2001 ResaleTHE TRIZON Condominium Freehold Feb 10, 2017 1,044 1,690,000 - 1,619 2012 Resale

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

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Sales pick up at Ardmore Park area| BY TAN CHEE YUEN |

Over the past couple of weeks,

sales activities at the pres-

tigious Ardmore Park neigh-

bourhood have been brisk.

Ardmore Three, a freehold

development by Wheelock Proper-

ties, registered the sale of a fourth

unit in as many weeks. The latest

transaction, on Feb 13, was for the

sale of a 1,787 sq ft, three-bedroom

unit on the 23rd floor for $6.1 mil-

lion ($3,412 psf).

The renewed interest in Ardmore

Three came after Wheelock Proper-

ties launched its deferred payment

scheme towards end-January. Un-

der the DPS, buyers need only pay

a 1% booking fee, followed by 4% a

fortnight later and another 15% four

weeks later, with the remainder only

due two years from the date of sign-

ing the option to purchase. However,

there is a catch for those who opt for

the DPS, as they will receive only a

12% additional buyer’s stamp duty

(ABSD) rebate instead of 15% under

the normal payment scheme.

Wheelock Properties has been

offering a 15% discount and a 15%

ABSD assistance package to buyers

of Ardmore Three since last April. So

far, the developer has sold about 60

units at the 84-unit freehold project

that was completed in 2014.

Besides Ardmore Three, two oth-

er luxury condominiums in Whee-

lock Properties’ Ardmore series have

also seen some renewed interest re-

cently. At Ardmore II, a unit on the

14th floor was sold for $4.9 million

($2,421 psf), according to a caveat

lodged with Realis on Feb 13. It is

the first unit transacted at the de-

velopment this year. The last time

a unit changed hands at Ardmore

II was in December, when a unit on

the 30th floor was sold for $5.3 mil-

lion ($2,619 psf).

Ardmore II is a freehold devel-

opment with 118 identical four-bed-

room units of 2,024 sq ft each in

two 36-storey towers. The project

was launched in mid-2006, a dec-

ade after the launch of the Ardmore

Park condo.

Prices at Ardmore II peaked in Au-

A 2,885 sq ft, four-bedroom unit on the 25th floor of Ardmore Park changed hands for $9.5 million ($3,293 psf)

A 2,024 sq ft, four-bedroom unit on the 14th floor at Ardmore II was sold for $4.9 million ($2,421 psf) in February

Wheelock Properties launched a new DPS at Ardmore Three towards end-January and since then, four units have been sold

gust 2007, a year before the collapse

of Lehman Brothers, when a unit on

the 26th floor fetched $7.28 million

($3,599 psf). Since then, owing to

the property cooling measures, prices

have softened to between $2,483 and

$2,619 psf in 2016. The last time a unit

at Ardmore II changed hands above

the $3,000 psf mark was in April 2010

when a unit on the 29th floor was

sold for $6.19 million ($3,061 psf).

At Ardmore Park, a 2,885 sq

ft, four-bedroom unit on the 25th

floor changed hands for $9.5 mil-

lion ($3,293 psf). The seller bought

the unit for $4.9 million ($1,699 psf)

in September 2002. Last December,

an adjacent unit was sold for $9.58

million ($3,321 psf).

“Despite its age, Ardmore Park

remains a highly sought-after free-

hold development among the well-

heeled because of the size of the

units and the surrounding grounds;

buyers realise such a development

is very hard to find, especially in

a prime residential district,” says

Samuel Eyo, managing director at

Singapore Christie’s International

Real Estate. The 330-unit project

was completed in 2001 and contin-

ues to be held as the standard for

luxury projects to emulate.

At the neighbouring The Tate Residences, a prime freehold condo

project located on Claymore Road, a

3,218 sq ft, four-bedroom unit on the

21st floor of one of the twin 36-sto-

rey towers was sold in February

for $7.8 million ($2,424 psf). The

unit was purchased for $7.32 mil-

lion ($2,276 psf) in October 2006.

The 85-unit project by Hong Leong

Holdings was completed in 2009 and

comprises three-bedroom units of at

least 1,895 sq ft and four-bedroom

units that start from 3,200 sq ft.

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THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP19

DISCLAIMER:Source: URA Realis. Updated Feb 21, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium

Residential transactions with contracts dated Feb 7 to 14

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

YGK GARDEN Condominium Freehold Feb 13, 2017 2,067 2,900,000 - 1,403 2008 ResaleDistrict 11 6 DERBYSHIRE Condominium Freehold Feb 10, 2017 732 1,532,755 - 2,094 2017 New SaleAMARYLLIS VILLE Condominium 99 years Feb 9, 2017 1,259 1,630,000 - 1,294 2004 ResaleSKY@ELEVEN Condominium Freehold Feb 8, 2017 2,271 3,100,000 - 1,365 2010 ResaleTHE ARCADIA Condominium 99 years Feb 7, 2017 3,735 3,375,000 - 904 1983 ResaleTHE ARCADIA Condominium 99 years Feb 8, 2017 3,778 3,060,000 - 810 1983 ResaleDistrict 12 AVA TOWERS Apartment Freehold Feb 8, 2017 1,281 1,150,000 - 898 1993 ResaleBEACON HEIGHTS Condominium 999 years Feb 8, 2017 1,076 1,130,000 - 1,050 2012 ResaleCALARASI Apartment Freehold Feb 8, 2017 1,184 1,250,000 - 1,056 2004 ResaleCHELSEA GROVE Apartment Freehold Feb 9, 2017 980 1,080,000 - 1,103 2007 ResaleEIGHT RIVERSUITES Condominium 99 years Feb 7, 2017 700 1,050,000 - 1,501 2016 Sub SaleGEM RESIDENCES Condominium 99 years Feb 11, 2017 452 750,000 - 1,659 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Feb 12, 2017 1,055 1,553,000 - 1,472 Uncompleted New SaleREGENT RESIDENCES Apartment Freehold Feb 10, 2017 1,615 1,700,000 - 1,053 2015 ResaleTREVISTA Condominium 99 years Feb 8, 2017 915 1,200,000 - 1,312 2011 ResaleDistrict 13 E MAISON Apartment Freehold Feb 9, 2017 936 1,329,000 - 1,419 2016 New SaleMACPHERSON GARDEN ESTATE Terrace Freehold Feb 13, 2017 883 1,550,000 - 1,754 Unknown ResaleSUITES@BRADDELL Apartment Freehold Feb 10, 2017 420 560,000 - 1,334 2015 ResaleTHE POIZ RESIDENCES Apartment 99 years Feb 7, 2017 538 786,000 - 1,460 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Feb 9, 2017 592 692,000 - 1,169 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 7, 2017 861 1,060,605 - 1,232 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 9, 2017 850 1,163,000 - 1,368 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 9, 2017 850 1,140,720 - 1,341 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 10, 2017 1,238 1,770,615 - 1,430 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 10, 2017 850 1,148,805 - 1,351 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 11, 2017 840 1,148,070 - 1,367 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 11, 2017 840 1,150,000 - 1,370 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 11, 2017 1,270 1,585,000 - 1,248 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 12, 2017 840 1,158,000 - 1,379 Uncompleted New SaleDistrict 14 # 1 SUITES Apartment Freehold Feb 9, 2017 614 630,000 - 1,027 2016 New SaleEUHABITAT Condominium 99 years Feb 10, 2017 1,270 1,345,000 - 1,059 2015 Sub SaleREZI 3TWO Apartment Freehold Feb 7, 2017 818 1,120,000 - 1,369 Uncompleted New SaleREZI 3TWO Apartment Freehold Feb 7, 2017 463 729,000 - 1,575 Uncompleted New SaleREZI 3TWO Apartment Freehold Feb 11, 2017 818 1,140,000 - 1,394 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Feb 7, 2017 484 728,757 - 1,505 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Feb 7, 2017 657 822,000 - 1,252 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Feb 12, 2017 1,033 1,367,432 - 1,323 Uncompleted New SaleVACANZA @ EAST Condominium Freehold Feb 9, 2017 1,119 1,080,000 - 965 2014 ResaleDistrict 15 COSTA RHU Condominium 99 years Feb 14, 2017 1,765 2,023,000 - 1,146 1997 ResaleFLAMINGO VALLEY Condominium Freehold Feb 8, 2017 1,636 2,165,000 - 1,323 2014 ResaleLAGUNA PARK Apartment 99 years Feb 8, 2017 1,615 1,420,000 - 879 1978 ResaleSTILL LANE Terrace Freehold Feb 10, 2017 2,540 2,800,000 - 1,100 Unknown ResaleONE AMBER Condominium Freehold Feb 7, 2017 570 990,000 - 1,735 2010 ResalePEBBLE BAY Condominium 99 years Feb 8, 2017 1,894 2,200,000 - 1,161 1997 ResaleSANCTUARY GREEN Condominium 99 years Feb 7, 2017 1,119 1,230,000 - 1,099 2004 ResaleTHE LUCENT Apartment Freehold Feb 14, 2017 1,324 1,475,000 - 1,114 2011 ResaleDistrict 16 LIMAU PARK Condominium Freehold Feb 8, 2017 1,270 1,112,000 - 875 1991 ResaleTHE CLEARWATER Condominium 99 years Feb 8, 2017 1,442 1,200,000 - 832 2001 ResaleTHE GLADES Condominium 99 years Feb 7, 2017 990 1,398,000 - 1,412 2016 New SaleTHE GLADES Condominium 99 years Feb 12, 2017 484 696,800 - 1,439 2016 New SaleWATERFRONT WAVES Condominium 99 years Feb 10, 2017 1,378 1,300,000 - 944 2011 ResaleDistrict 17 BALLOTA PARK CONDOMINIUM Condominium Freehold Feb 9, 2017 1,249 840,000 - 673 2000 ResaleDistrict 18 CHANGI RISE CONDOMINIUM Condominium 99 years Feb 8, 2017 1,259 950,000 - 754 2004 ResaleCOCO PALMS Condominium 99 years Feb 7, 2017 1,098 1,124,000 - 1,024 Uncompleted New SaleCOCO PALMS Condominium 99 years Feb 10, 2017 1,744 1,819,200 - 1,043 Uncompleted New SaleD’NEST Condominium 99 years Feb 10, 2017 1,410 1,329,900 - 943 Uncompleted New SaleD’NEST Condominium 99 years Feb 11, 2017 1,270 1,299,480 - 1,023 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Feb 7, 2017 689 727,000 - 1,055 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Feb 7, 2017 700 743,000 - 1,062 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Feb 7, 2017 700 749,000 - 1,071 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 7, 2017 753 792,000 - 1,051 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 7, 2017 743 792,000 - 1,066 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 8, 2017 753 784,000 - 1,041 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 8, 2017 753 805,000 - 1,068 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 10, 2017 753 793,000 - 1,052 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 11, 2017 753 779,130 - 1,034 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 11, 2017 753 760,320 - 1,009 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 11, 2017 764 771,200 - 1,009 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 12, 2017 753 779,000 - 1,034 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 12, 2017 1,109 1,196,910 - 1,080 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 7, 2017 2,239 1,900,000 - 849 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 9, 2017 700 785,000 - 1,122 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 11, 2017 797 865,000 - 1,086 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 12, 2017 1,346 1,265,000 - 940 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 12, 2017 700 786,000 - 1,123 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 12, 2017 1,464 1,193,500 - 815 Uncompleted New SaleWATERVIEW Condominium 99 years Feb 13, 2017 786 818,888 - 1,042 2014 ResaleDistrict 19 BOTANIQUE AT BARTLEY Condominium 99 years Feb 11, 2017 1,130 1,481,760 - 1,311 Uncompleted New SaleFOREST WOODS Condominium 99 years Feb 9, 2017 969 1,376,000 - 1,420 Uncompleted New SaleLA FIESTA Condominium 99 years Feb 7, 2017 452 620,000 - 1,371 2016 Sub SaleONE SURIN Terrace Freehold Feb 8, 2017 4,004 2,600,000 - 649 2017 New SaleONE SURIN Terrace Freehold Feb 9, 2017 4,004 2,550,000 - 637 2017 New SalePARK RESIDENCES KOVAN Apartment Freehold Feb 14, 2017 355 583,000 - 1,641 2014 ResaleRIO VISTA Condominium 99 years Feb 8, 2017 1,249 815,000 - 653 2004 ResaleRIVERSAILS Condominium 99 years Feb 9, 2017 1,184 1,262,000 - 1,066 2016 ResaleTHE QUARTZ Condominium 99 years Feb 8, 2017 1,367 1,150,000 - 841 2009 ResaleTHE SCALA Apartment 99 years Feb 8, 2017 1,550 1,577,900 - 1,018 2013 ResaleTHE TEMBUSU Condominium Freehold Feb 7, 2017 1,464 2,098,500 - 1,433 2016 New SaleTHE TERRACE EC 99 years Feb 7, 2017 1,001 814,600 - 814 Uncompleted New SaleTHE TERRACE EC 99 years Feb 10, 2017 1,001 814,600 - 814 Uncompleted New SaleTHE TERRACE EC 99 years Feb 10, 2017 1,001 791,700 - 791 Uncompleted New SaleTHE TERRACE EC 99 years Feb 11, 2017 1,001 798,600 - 798 Uncompleted New SaleTHE TERRACE EC 99 years Feb 11, 2017 1,001 810,600 - 810 Uncompleted New SaleTHE TERRACE EC 99 years Feb 11, 2017 1,001 806,600 - 806 Uncompleted New SaleTHE TERRACE EC 99 years Feb 11, 2017 1,001 802,600 - 802 Uncompleted New SaleTHE TERRACE EC 99 years Feb 12, 2017 1,001 766,600 - 766 Uncompleted New SaleTHE TERRACE EC 99 years Feb 12, 2017 1,001 790,600 - 790 Uncompleted New SaleTHE TERRACE EC 99 years Feb 12, 2017 1,001 766,600 - 766 Uncompleted New SaleTHE VALES EC 99 years Feb 7, 2017 753 685,020 - 909 Uncompleted New SaleTHE VALES EC 99 years Feb 12, 2017 753 650,888 - 864 Uncompleted New Sale

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

THE VALES EC 99 years Feb 12, 2017 904 741,000 - 820 Uncompleted New SaleTRILIVE Condominium Freehold Feb 11, 2017 549 882,000 - 1,607 Uncompleted New SaleDistrict 20 GOLDENHILL PARK Condominium Freehold Feb 9, 2017 1,335 1,830,000 - 1,371 2004 ResaleCONDOMINIUM ISLAND COUNTRY VILLAS Semi-Detached 99 years Feb 8, 2017 2,411 2,150,000 - 892 1999 ResaleSKY HABITAT Condominium 99 years Feb 10, 2017 1,399 2,078,900 - 1,486 2015 ResaleTHE PANORAMA Condominium 99 years Feb 9, 2017 1,066 1,277,257 - 1,199 Uncompleted New SaleTHE WINDSOR Condominium Freehold Feb 8, 2017 2,174 2,050,000 - 943 1989 ResaleTHOMSON IMPRESSIONS Apartment 99 years Feb 7, 2017 1,055 1,425,700 - 1,352 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Feb 9, 2017 463 754,300 - 1,630 Uncompleted New SaleDistrict 21 CAVENDISH PARK Condominium 99 years Feb 8, 2017 958 1,066,000 - 1,113 1996 ResaleJALAN KAMPONG CHANTEK Detached Freehold Feb 10, 2017 27,502 27,588,888 - 1,003 Unknown ResalePANDAN VALLEY Condominium Freehold Feb 7, 2017 2,024 1,800,000 - 889 1978 ResaleSIGNATURE PARK Condominium Freehold Feb 9, 2017 1,421 1,350,000 - 950 1998 ResaleSUMMERHILL Condominium Freehold Feb 7, 2017 1,259 1,360,000 - 1,080 2002 ResaleTHE CREEK @ BUKIT Condominium Freehold Feb 8, 2017 969 1,500,000 - 1,548 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold Feb 10, 2017 936 1,610,129 - 1,719 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold Feb 12, 2017 1,206 1,645,000 - 1,365 Uncompleted New SaleDistrict 22 LAKE GRANDE Condominium 99 years Feb 7, 2017 818 1,061,000 - 1,297 Uncompleted New SaleLAKE GRANDE Condominium 99 years Feb 12, 2017 980 1,171,000 - 1,195 Uncompleted New SaleLAKEHOLMZ Condominium 99 years Feb 10, 2017 1,249 1,038,000 - 831 2005 ResaleLAKEPOINT CONDOMINIUM Condominium 99 years Feb 13, 2017 1,001 790,000 - 789 Unknown ResalePARC OASIS Condominium 99 years Feb 8, 2017 1,076 820,000 - 762 1994 ResaleTHE LAKESHORE Condominium 99 years Feb 10, 2017 936 995,000 - 1,063 2007 ResaleTHE MAYFAIR Condominium 99 years Feb 7, 2017 1,227 1,030,000 - 839 2000 ResaleWESTWOOD RESIDENCES EC 99 years Feb 7, 2017 1,152 881,892 - 766 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 7, 2017 1,033 837,400 - 810 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 8, 2017 1,033 860,000 - 832 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 9, 2017 1,238 998,217 - 806 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 10, 2017 1,152 949,600 - 824 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 11, 2017 1,238 984,300 - 795 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 11, 2017 1,475 1,129,491 - 766 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 12, 2017 990 728,900 - 736 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 12, 2017 1,152 961,200 - 835 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 12, 2017 1,475 1,160,500 - 787 Uncompleted New SaleDistrict 23 CASHEW HEIGHTS Condominium 999 years Feb 8, 2017 1,658 1,520,000 - 917 1992 ResaleCONDOMINIUM GLENDALE PARK Condominium Freehold Feb 7, 2017 1,216 1,249,000 - 1,027 2000 ResaleHILLION RESIDENCES Apartment 99 years Feb 10, 2017 463 641,240 - 1,385 Uncompleted New SaleHILLVIEW REGENCY Condominium 99 years Feb 8, 2017 1,130 920,000 - 814 2006 ResaleMAYSPRINGS Apartment 99 years Feb 7, 2017 1,410 960,000 - 681 1998 ResalePALM GARDENS Condominium 99 years Feb 8, 2017 958 720,000 - 752 2000 ResaleSOL ACRES EC 99 years Feb 7, 2017 1,184 875,000 - 739 Uncompleted New SaleSOL ACRES EC 99 years Feb 7, 2017 614 502,000 - 818 Uncompleted New SaleSOL ACRES EC 99 years Feb 8, 2017 926 714,000 - 771 Uncompleted New SaleSOL ACRES EC 99 years Feb 9, 2017 614 476,000 - 776 Uncompleted New SaleSOL ACRES EC 99 years Feb 11, 2017 1,044 797,000 - 763 Uncompleted New SaleSOL ACRES EC 99 years Feb 11, 2017 1,044 809,000 - 775 Uncompleted New SaleSOL ACRES EC 99 years Feb 12, 2017 1,066 810,000 - 760 Uncompleted New SaleSOL ACRES EC 99 years Feb 12, 2017 1,066 809,000 - 759 Uncompleted New SaleSOL ACRES EC 99 years Feb 12, 2017 926 690,000 - 745 Uncompleted New SaleSOL ACRES EC 99 years Feb 12, 2017 732 596,000 - 814 Uncompleted New SaleWANDERVALE EC 99 years Feb 7, 2017 1,098 830,000 - 756 Uncompleted New SaleWANDERVALE EC 99 years Feb 10, 2017 1,098 855,000 - 779 Uncompleted New SaleWANDERVALE EC 99 years Feb 11, 2017 1,098 830,000 - 756 Uncompleted New SaleYEWTEE RESIDENCES Apartment 99 years Feb 13, 2017 1,119 1,010,000 - 902 2008 ResaleDistrict 25 BELLEWOODS EC 99 years Feb 7, 2017 1,227 958,000 - 781 Uncompleted New SaleBELLEWOODS EC 99 years Feb 12, 2017 1,249 982,000 - 786 Uncompleted New SaleDistrict 26 LENTOR VILLAS Terrace Freehold Feb 9, 2017 4,736 3,400,000 - 719 1997 ResaleTHE SPRINGSIDE Terrace Freehold Feb 11, 2017 1,711 3,008,000 - 1,756 2016 New SaleTHE SPRINGSIDE Terrace Freehold Feb 12, 2017 3,369 3,458,000 - 1,026 2016 New SaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years Feb 8, 2017 700 938,080 - 1,341 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Feb 8, 2017 700 950,400 - 1,358 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Feb 9, 2017 700 974,160 - 1,392 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Feb 9, 2017 700 943,360 - 1,348 Uncompleted New SalePARC LIFE EC 99 years Feb 7, 2017 1,066 855,000 852,700 800 Uncompleted New SalePARC LIFE EC 99 years Feb 9, 2017 1,550 1,214,100 1,211,800 782 Uncompleted New SalePARC LIFE EC 99 years Feb 10, 2017 1,001 785,650 783,350 783 Uncompleted New SalePARC LIFE EC 99 years Feb 12, 2017 1,066 829,350 827,050 776 Uncompleted New SaleSEMBAWANG SPRINGS ESTATE Semi-Detached 999 years Feb 9, 2017 3,972 2,722,000 - 685 Unknown ResaleSIGNATURE AT YISHUN EC 99 years Feb 12, 2017 1,184 898,000 - 758 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Feb 7, 2017 797 838,000 - 1,052 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Feb 9, 2017 786 876,000 - 1,115 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Feb 12, 2017 786 871,000 - 1,108 Uncompleted New SaleTHE BROWNSTONE EC 99 years Feb 12, 2017 883 725,600 - 822 Uncompleted New SaleTHE CRITERION EC 99 years Feb 7, 2017 1,023 796,000 - 778 Uncompleted New SaleTHE CRITERION EC 99 years Feb 8, 2017 1,378 1,138,400 - 826 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 8, 2017 1,152 947,700 - 823 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 9, 2017 1,152 826,000 - 717 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 10, 2017 980 805,000 - 822 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 10, 2017 1,119 858,000 - 766 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 10, 2017 958 786,000 - 820 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 11, 2017 1,023 845,000 - 826 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 11, 2017 980 782,000 - 798 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 11, 2017 980 816,000 - 833 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 12, 2017 1,152 972,000 - 844 Uncompleted New SaleTHE WISTERIA Apartment 99 years Feb 7, 2017 969 965,000 - 996 Uncompleted New SaleTHE WISTERIA Apartment 99 years Feb 12, 2017 893 959,000 - 1,073 Uncompleted New SaleTHE WISTERIA Apartment 99 years Feb 12, 2017 1,173 1,280,100 - 1,091 Uncompleted New SaleTHE WISTERIA Apartment 99 years Feb 12, 2017 969 1,029,612 - 1,063 Uncompleted New SaleTHE WISTERIA Apartment 99 years Feb 12, 2017 893 941,888 - 1,054 Uncompleted New SaleDistrict 28 RIVERBANK @ FERNVALE Condominium 99 years Feb 10, 2017 1,044 1,067,000 - 1,022 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 947 920,000 - 971 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 1,012 970,000 - 959 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 1,012 1,021,000 1,016,000 1,004 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 1,055 970,000 - 920 Uncompleted New Sale

DONE DEALS

EP20 • THEEDGE SINGAPORE | FEBRUARY 27, 2017

DEAL WATCH

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

Oct 8, 2015 1,798 2.970 1,652

Sept 25, 2015 1,690 2.768 1,638

July 7, 2015 1,851 3.000 1,620

April 11, 2014 1,690 2.680 1,586

March 3, 2014 1,690 2.750 1,627

Recent transactions at The View @ Meyer

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

1,652

1,638

1,620

1,586

1,627

PRICE ($ PSF)

1,798

1,690

1,851

1,690

1,690

AREA (SQ FT)

TABL

ES: U

RA, T

HE E

DGE

PRO

PERT

Y

Recent rental contract for a 1,600 to 1,700 sq ft unit at The View @ Meyer

LEASE DATE MONTHLY RENT $ $ PSF

April 2016 6,200 3.806,200

The View @ Meyer unit selling at $1,598 psf| BY TAN CHEE YUEN |

A 1,690 sq ft unit at The View

@ Meyer is on the market

for $2.7 million ($1,598

psf). The three-bedroom

unit is currently vacant,

according Javier Koh, a property

agent from ERA Realty who is mar-

keting the property. The unit is very

well-maintained and retains most of

its original fittings, he adds.

No transactions have taken place

at the development since October

2015. The latest comparable trans-

action of a similar-sized unit was

in September 2015 when another

1,690 sq ft three-bedroom unit on

the 13th floor was sold for $2.77

million ($1,638 psf).

That year also saw the sale of

two four-bedroom units at the de-

velopment: a 1,798 sq ft unit on the

19th floor changed hands for $2.97

million ($1,652 psf), while a 1,851

sq ft unit on the 20th floor was sold

for $3 million ($1,620 psf).

The last time prices for a three-

bedroom unit fell below the $1,600

psf mark was in April 2014 when a

1,690 unit on the 11th floor changed

hands for $2.68 million ($1,586 psf).

The View @ Meyer is a freehold

apartment across the road from Ka-

tong Park in District 15. The single

23-storey tower with 45 apartments

was developed by GuocoLand and

completed in 2010. Buyers of the

property will benefit from the up-

coming Katong Park MRT station

of the Thomson-East Coast Line,

which is scheduled to be complet-

ed by 2023.

There was one rental contract for

a 1,600-to-1,700 sq ft, three-bedroom

unit in April 2016. The monthly rent

was $6,200, which translates into a

potential gross rental yield of 2.8%

based on the asking price.

Visit tinyurl.com/DealWatch-S768

for more information. E

A 1,690 sq ft unit at The View @ Meyer is on the market for $2.7 million ($1,598 psf)

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

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