Property PicksHow big a premium do

integrated developments command? EP3

OffshoreUEM Sunrise to strike

balance between mid-tier and luxury projects EP6

Gains and LossesUnit at The Balmoral

sold for profi t of $5.4 mil EP10&11

Done DealsSpike in Gramercy Park sales in April

EP12,13&14

MCI (P) 079/05/2017 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF MAY 15, 2017 | ISSUE 779

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Office deals pick upAfter recording the highest sales in nine years in 1Q2017, the offi ce market

is expected to remain healthy for the rest of the year, in anticipation of rental growth in 2018 and a lull in supply for the next couple of years.

See our Cover Story on Pages 8 and 9.

EP2 • THEEDGE SINGAPORE | MAY 15, 2017

One Tree Hill Gardens sold for $65 milOne Tree Hill Gardens (top left), sold for $65 million

to Lum Chang Group, is the first collective sale deal

for 2017. The price works out to a land rate of $1,664

psf. According to Knight Frank, owners will get $4.3

million to $9.1 million each, depending on the size

of their properties.

One Tree Hill Gardens comprises six maisonettes

and seven apartments ranging from 1,916 to 4,682 sq

ft. The freehold site with a land area of 39,063 sq ft

is zoned for two-storey semi-detached residential use

under the 2014 master plan.

Knight Frank says the site could be redeveloped

into eight semi-detached homes plus five bungalows,

or 10 semi-detached homes plus three bungalows. In

its filing to the Singapore Exchange, Lum Chang says

the proposed acquisition represents a rare opportunity

to acquire such a sizeable piece of real estate in the

prime Orchard Road area.

Singapore 1Q property investment deals jump 67.4% from a year ago: JLLAbout $4.99 billion worth of real estate investment

deals were sealed in the first three months of this

year. That is a 67.4% jump over the same period

a year ago, with the private sector accounting for

90% of the total sales value in the first quarter. “The

engine of growth for Singapore’s private investment

sales market in 1Q2017 was the office sector, which

took the lion’s share of sales, at 47.5%,” says Tay

Huey Ying, head of research and consultancy at JLL

Singapore.

JLL notes that $2.12 billion was pumped into

the office sector in 1Q2017, a 60.6% jump from the

preceding quarter and the highest first-quarter private-

sector office sales value amassed since 2008. On a

y-o-y basis, it jumped 294.6%, up from $540 mil-

lion in 1Q2016.

The residential segment saw $1.69 billion in pri-

vate investment sales for properties valued at $5 mil-

lion and above in the first quarter. This was a 35.3%

drop from that of 4Q2016, but double that of 1Q2016,

which was $840 million.

Two other segments, retail and industrial, saw

y-o-y private investment sales more than double

from 1Q2016 to $280 million for retail and $390 mil-

lion for industrial in 1Q2017. Going forward, JLL is

upbeat about 2017’s prospects for the retail and resi-

dential sectors. The successful sale of Jurong Point to

Mercatus Co-operative for $2.2 billion could propel

the full-year sales value of retail properties, challeng-

ing the $3.35 billion concluded in 2013.

Sale of Shunfu Ville gets nod from Court of AppealQingjian Realty has reportedly obtained the Court of

Appeal’s approval to proceed with the acquisition

of Shunfu Ville estate (above). According to market

sources, two of the owners had objected to the sale,

asking if the deal was made in good faith, taking into

account the sale price of $638 million, which is $50

million below the reserve price.

The sale committee had launched two public

tenders since 2015 and both were at a reserve price

of $688 million. In both tender exercises, no formal

bids were received. Though no written judgment was

issued, the two objecting owners have 30 days to file

an appeal. In May 2016, 82% of Shunfu Ville owners

had agreed to sell the 358-unit privatised Housing and

Urban Development Company estate to Qingjian Realty

for $638 million. Each flat owner stood to pocket an

average of $1.78 million.

Qingjian says it plans to build about 1,000 homes

on the site. These will be a mix of high-rise apartments

of up to 25 storeys and landed units.

Brisbane City Council approves Fortitude Valley transformationThe Brisbane City Council has approved plans for a

new 23-storey commercial office tower to be located

next to the Fortitude Valley railway station (bottom left)

in Brisbane, Australia. The tower will sit on a 7,000

sq m regeneration site. The commercial office tower

will be the first stage of LaSalle Investment Manage-

ment’s transformation plans for the Valley area. The

plans, unveiled last November by LaSalle, show the

Fortitude Valley railway station sitting at the centre of

an A$500 million ($520 million) master-planned resi-

dential, retail and business hub.

According to LaSalle Investment Management, the

approval will reinforce the Valley’s renaissance as a

business centre and rejuvenate this formerly neglect ed

part of the Valley. LaSalle Investment Management is

also planning the development of a 32-storey apartment

tower with 207 units and refurbishment of the Valley

Metro retail centre.

The current lease of the retail space above the

Valley station expires in 2071 and LaSalle Investment

Management is in discussions to convert the lease-

hold interest to freehold. Construction of the commer-

cial tower is subject to tenant pre-commitments, but

is expected to start in the next 12 months.

Urban & Civic launches Manchester New SquareUK developer Urban & Civic will be launching its

latest residential scheme, Manchester New Square

(top right), for sale in Singapore on May 13 and 14.

The scheme will have a total of 351 apartments spread

across The Carding Building, The Linter Building and

The Calico Building, and is expected to be completed

by 2019. The developer had launched the 117-unit The

Carding Building for sale in the UK in April.

According to JLL, the appointed marketing agent,

Urban & Civic will be releasing The Linter Building

for sale in Singapore, its first international stop. This

building has 139 units, comprising 59 one-bedders,

64 two-bedders, and 16 three-bedroom units.

The one-bedders are from 553 to 623 sq ft, with

prices starting from around $400,000. The two- bedders

of 755 to 945 sq ft are priced from $620,000. The

three-bedroom units are from 987 to 1,151 sq ft and

are priced from $790,000.

The developer has appointed Lendlease as its

preferred contractor and initial works will start on

site this month. Manchester New Square, designed by

Simpson Haugh & Partners, is located at the corner of

Whitworth Street and Princess Street and comprises

three residential buildings surrounding a landscaped

and tranquil square. On the ground floor level, there

will be a mixture of artisan restaurants and retailers,

as well as a private residents’ gym, lounge and 24-

hour concierge service.

Italy introduces €100,000 flat tax to draw rich foreignersWell-heeled individuals thinking of migrating can now

add another country, Italy, to their list. On March 9,

the Italian government introduced a flat tax for wealthy

foreigners who would like to live in Italy. The tax is

its attempt to compete with similar incentives offered

in Britain and Spain.

The income revenue authority has made it possible

for foreigners to move to Italy and pay a flat tax of only

€100,000 ($153,364) on all income accrued abroad,

and a further €25,000 for every family member who

wants to register his or her fiscal address in Italy.

According to local reports, those who wish to par-

ticipate in this scheme will need to have a net worth

of at least €15 million. The flat tax will only be paid on

income made abroad, while any money made in Italy

will be taxed at a normal rate. A person is considered

an Italian resident for tax purposes if he or she has been

in the country for more than 183 days, or six months.

According to Italian tax authorities, the flat tax will

be renewable every year for a maximum of 15 years.

The impact of this law, implemented on March 8,

has been significant. Based on research carried out

by Lionard Luxury Real Estate SpA, there has been a

17% increase in the demand for luxury properties in

Italy. — Compiled by Michael Lim

EDITORIALCHIEF EDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY SECTION EDITOR |Michael LimSENIOR ANALYST | Lin ZhiqinANALYST | Tan Chee Yuen

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean,Shanthi MurugiahPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Fey TohDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, ADVERTISING & SALES | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimACCOUNT MANAGERS | Priscilla Wong, James Chua, Ben Ng

CIRCULATIONBUSINESS DEVELOPMENT DIRECTOR | Victor TheEXECUTIVES | Malliga Muthusamy, Ashikin Kader,Winnie Lim

CORPORATE MANAGING DIRECTOR | Bernard Tong

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620

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PROPERTY BRIEFS

Correction Our story “IE Singapore helps SMEs tap booming Vietnam market” (Issue 778, May 8), should have said United Overseas Bank will be issued in-principleapproval for a foreign-owned subsidiary bank licenceby the State Bank of Vietnam by June 2017, and notas published.

In addition, Mapletree’s development in Ho Chi Minh City is Mapletree Business Centre, and not as published.

The errors are regretted.

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How big a price premium do integrated developments command?| BY MICHAEL LIM |

Over the past decade, condominium

projects linked to an MRT station

have generated strong sales. This is

especially so for projects that are not

only linked to an MRT station, but

also part of an integrated development with

a sizeable commercial component such as a

shopping mall.

According to Alice Tan, head of research

and consultancy at Knight Frank, an integrat-

ed development is defined as a mixed-use de-

velopment with a residential and large com-

mercial element that is seamlessly connected

to a transport node and public spaces.

Alan Cheong, head of research for Sav-

ills Singapore, agrees. “It’s basically conveni-

ence at your doorstep,” he says. “You save on

time that you would otherwise spend travel-

ling to shop for your daily necessities, or tak-

ing a bus or walking 10 to 20 minutes to the

MRT station.”

Paya LebarLendlease’s recently launched Park Place Resi-

dences at Paya Lebar Quarter is an example of

a private condo project that is part of an inte-

grated development. More than 250 units —

about half of the 429 units — at the project

were snapped up at an average price of $1,801

psf over the first weekend of sales. The show

suites were closed after the sale of the first

phase; the second phase will be launched at

a later stage. Park Place Residences is linked

to three office blocks with about a million sq

ft of office space and a 340,000 sq ft shop-

ping mall as well as the Paya Lebar MRT In-

terchange station.

The average launch price of Park Place

Residences is 12.5% higher than the average

price of $1,600 psf that Katong Regency was

launched at. Katong Regency is a 244-unit

freehold development sitting on top of One

KM shopping mall, which is located within

Lendlease’s 429-unit Park Place Residences at PLQ is expected to be completed by 2019

walking distance of the Paya Lebar MRT In-

terchange station. The project was launched

in 2012 and completed in 2015; all units were

snapped up in less than a month.

Apart from Katong Regency, two other pri-

vate condo developments in the same district

as Park Place Residences are GuocoLand’s

1,024-unit Sims Urban Oasis, which is expect-

ed to be completed later this year. The 99-

year leasehold project was launched in 2015;

more than 70% of the units have been sold.

About 60 units were sold in April at an average

of $1,380 psf.

The other development is the 99-year lease-

hold TRE Residences adjacent to the Aljunied

MRT station. The 250-unit private condo was

jointly developed by Sustained Land, MCC Land

and Greatview Development and launched in

November 2014 at an average of $1,416 psf.

In March and April, 54 units were sold at an

average price of $1,456 psf, based on caveats

lodged with URA Realis.

Compass Heights — Singapore’s first integrated developmentThe first truly integrated development in Singa-

pore was Compass Heights in Sengkang. The

536-unit, 99-year leasehold private condo com-

EP4 • THEEDGE SINGAPORE | MAY 15, 2017

PROPERTY PICKS

Compass Heights and The Centris the trendsettersFROM PREVIOUS PAGE

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prises two 14-storey blocks, which are linked

seamlessly to the new Compass One mall (re-

vamped Compass Point shopping centre), the

Sengkang MRT station, LRT Station and bus

interchange.

When Compass Heights was launched in

February 2001, units were sold at an aver-

age of $480 psf. It was the first private condo

launched in Sengkang and completed in 2002.

Across the road from Compass Heights is

The Luxurie at Sengkang Square, a 622-unit,

99-year leasehold development by Keppel

Land. Launched in September 2011, its units

were sold at an average of $980 psf. From July

to September 2011, units at Compass Heights

changed hands at an average of $841 psf, ac-

cording to caveats lodged with URA Realis.

The Luxurie and Compass Heights were com-

pleted in 2015 and 2002 respectively. “If one

does not mind living in an older condominium

project that comes with the convenience of be-

ing part of an integrated development, Compass

Heights offers value for money, as the units are

relatively larger than [those at] The Luxurie,”

says Savills’ Cheong.

Most recently, a 1,292 sq ft, three-bedroom

unit on the ninth floor of one of the twin tow-

ers at Compass Heights was sold at $990,000

($766 psf) in April. Prior to that, a 1,324 sq ft,

three-bedroom unit on the same floor fetched

$1.13 million ($853 psf).

The Centris — price gap widened post-completionGenerally, when integrated developments are

launched, developers will build in a 20% to

25% premium over other private condos in the

same area, notes Knight Frank’s Tan.

Take, for example, The Centris, which was

launched for sale in October 2006. The 610-

unit, 99-year leasehold condo is located at Ju-

rong West Central 3, is integrated with the Boon

Lay bus interchange and has a link to Jurong

Point shopping centre and the Boon Lay MRT

station. There are no other private condos in

its vicinity, which comprises mainly HDB flats.

The nearest private condos are located one

MRT stop away at Lakeside MRT station. MCL

Land launched Lake Grande, adjacent to the

MRT station, last July. Within the first week

of sales, about 500 units were sold at an av-

erage price of $1,364 psf. So far, about 85%

of the 710 units have been sold. Next door to

Lake Grande is the 696-unit Lakeville, also

developed by MCL Land. The 99-year lease-

hold condo was launched in April 2014 at an

average price of $1,325 psf and is fully sold.

When The Centris was launched in 2006,

the existing 99-year leasehold private condos in

the vicinity of Lakeside MRT station were the

304-unit Lakepoint Condo, a privatised apart-

ment project for the middle class and devel-

oped by JTC Corp in 1983; the 638-unit Parc

Vista by Far East Organization, completed in

1997; and the 369-unit Lakeholmz by Frasers

Centrepoint, which was completed in 2005.

The initial average price of units sold at

The Centris in October and November 2006

was $497 psf, according to caveats lodged

with URA Realis.

The closest comparable project then was

Lakeholmz, which was completed in 2005.

Prices of resale units sold at Lakeholmz av-

eraged $478 psf between September and No-

vember 2006, according to caveats lodged. The

premium that The Centris was commanding

then was just 4% above Lakeholmz.

From January to April this year, howev-

er, units at Lakeholmz have changed hands

at an average of $816 psf. Meanwhile, at The

Centris, which was completed in 2009, units

were sold at an average of $972 psf in the same

four-month period in 2017, based on caveats

lodged with URA Realis. This means the price

gap has widened to 19.1%.

Premium eroded with new competitionWhen the Frasers Centrepoint’s 712-unit Cas-

pian, a 99-year leasehold condo within walk-

ing distance of Lakeside MRT station, was

launched in February 2009, units were sold at

an average of $598 psf. At the time, The Centris

was close to completion, and its units sold in

January to February 2009 averaged $552 psf,

according to caveats lodged with URA Realis.

The Caspian was completed in 2012 and

units sold from January to April 2017 averaged

$1,054 psf, based on caveats lodged.

While the premium of integrated develop-

ments may not hold up against newer private

condos in the vicinity, they can still maintain

their prices better over the long term, says

Knight Frank’s Tan.

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Compass Heights, which sits atop Compass One mall, was the only private condo in Sengkang when it was launched for sale in 2001

The 610-unit The Centris by Guthrie GTS and Lee Kim Tah Holdings was completed in 2009

Jurong Point, one of the largest integrated suburban malls, is connected to Boon Lay bus interchange and MRT station

MCC

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In an ageing HDB town such as Bedok Town

Centre, however, a new condo that is part of

an integrated development sitting on top of

a shopping mall linked to an air-conditioned

bus interchange and MRT station generates

not only interest but also queues ahead of the

launch. This was exactly what happened on

the eve of the launch of the 583-unit Bedok

Residences in November 2011, with 400 peo-

ple queuing overnight.

On the first day of launch, CapitaLand sold

more than 350 units in the project at an ave-

rage of $1,350 psf. Completed in 2015, Bedok

Residences is linked to Bedok Mall, the Bedok

MRT station and the bus interchange. In the

first four months of 2017, units changed hands

in the resale market at an average of $1,445

psf. A 657 sq ft, one-bedroom unit that was

sold in a sub-sale for $1,599 psf in April 2015

achieved the highest price in the development.

Bedok Residences has been able to com-

mand a price premium because it is the only

99-year leasehold private condo located in an

ageing HDB town. The nearest private con-

dos are located one MRT stop away in the vi-

cinity of Tanah Merah and include the newly

launched Grandeur Park Residences by Chip

Eng Seng Corp’s property development arm,

CEL Development.

Since its launch in late February, the 99-year

leasehold Grandeur Park Residences, which

will be linked to the Tanah Merah MRT station,

has sold more than 530 units, or close to 74%

of the total, at an average of $1,350 psf. Gran-

deur Park Residences is a mixed-use develop-

ment and will offer a childcare centre, shops

and F&B units when completed.

Integrated development with lifestyle elementsPunggol Central awaits the completion of 992-

unit Watertown by a consortium comprising

Far East Organization, Frasers Centrepoint and

Sekisui House. The Watertown private condo

sits on top of Waterway Point mall, which is

connected to the Punggol MRT and LRT sta-

tions as well as the bus interchange. Moreover,

it is located on the man-made Punggol Water-

way, where the entertainment and recreational

facilities are located.

Watertown was launched for sale in Janu-

ary 2012 at an average of $1,200 psf, or 22%

more than A Treasure Trove, where units were

being sold in the subsale market at an average

of $940 psf. The 99-year leasehold, 882-unit A

Treasure Trove by Sim Lian was launched in

September 2011 at an average of $870 psf and

completed in 2015.

Meanwhile, Parc Centros, a 618-unit pri-

vate condo located across the road from Wa-

tertown, was launched in August 2012 at an

average of $970 psf, or 23% below Water-

town’s initial launch price. The 618-unit Parc

Centros by Wee Hur Holdings was completed

in 2016. Both A Treasure Trove and Parc Cen-

tros are located just across Punggol Central

Road from Watertown.

According to caveats lodged with URA Re-

alis, the average selling price of units sold in

sub-sales at Watertown between January and

April this year was $1,220 psf. This is still 5%

higher than the average price at A Treasure

Trove ($1,160 psf) and about 10% higher than

that of Parc Centros ($1,100 psf).

The Watertown is the second integrated

deve lopment after Compass Heights to be

located on the Northeast MRT line. The third

integrated development located seven MRT

stops away is The Poiz Residences and The

Poiz Centre.

The Poiz Residences comprises 731 units in

six 18-storey blocks sitting on top of a 50,000

sq ft retail-cum-lifestyle complex named The

Poiz Centre. The project will be seamlessly

linked to the adjacent Potong Pasir MRT sta-

tion. The retail complex will have 84 stra-

ta-titled shops, which MCC Land says it will

manage to ensure it has the right tenant mix

to cater for the needs of residents in the area.

About 90% of units at The Poiz Residences

have been sold since it was launched in Novem ber

2015. In April, units were sold at an average of

$1,510 psf, based on caveats lodged.

Meanwhile, the 335-unit Sennett Residence

— located on Upper Serangoon Road, across

from The Poiz Centre — was completed last

year. The latest transaction at Sennet Residences

was done last November, when a unit was sold

for $1,301 psf. The average price for units sold

is $1,419 psf, based on transactions so far.

Adjacent to Sennett Residence is the 214-

unit Sant Ritz, also completed last year. The

most recent transaction was that of a 1,109 sq

ft, two-bedroom unit that fetched $1,092 psf

in February. The average price of units sold

is $1,369 psf.

While Sennett Residence and Sant Ritz may

be adjacent to the Potong Pasir MRT station,

Poiz Residences is the only integrated devel-

opment in the area, hence its price premium,

notes Knight Frank’s Tan.

Northward boundThere are two integrated developments in

the northern region of Singapore. One is the

546-unit Hillion Residences, a 99-year lease-

hold condo development directly linked to the

adja cent Bukit Panjang MRT and LRT stations

and bus interchange. Developed by Sim Lian

Group, the mall was completed at end-2016

and is fully leased. More than 420 units have

been sold, at an average of $1,362 psf, based

on caveats lodged.

At least 34 units were sold in March and 22

in April — at an average of $1,430 psf. With

the Downtown Line in operation and the mall

open since February, interest in Hillion Resi-

dences has picked up, notes a property agent.

Located about 300m away and on the other

end of the Bukit Panjang MRT station is Far

East Organization’s 338-unit The Tennery, com-

pleted in 2013. The project previewed in De-

cember 2010, and about 80% of the units were

sold within a month at an average of $1,200

psf. The latest transaction was in February

this year, when a unit was sold at $1,139 psf.

The Tennery is considered an integrated de-

velopment, as it sits on top of the Junction 10

shopping mall, which in turn is directly linked

to the Ten Mile Junction LRT station and the

Bukit Panjang MRT station.

In Yishun, the most significant integrated

development is North Park Residences. The

920-unit private condo comprises 12 blocks

sitting atop Northpoint City. It was launched

in April 2015 and 313 of the 400 units released

in the first weekend of sales were snapped up

at an average of $1,300 psf. North Park Resi-

dences is 83% sold.

Northpoint City is the expanded Northpoint

shopping centre, which will have 500 shops.

It will be integrated with the Yishun bus in-

terchange, Yishun public library and a com-

munity club, and will also be linked to the

Yishun MRT station.

The government’s aim is that, by 2030,

80% of households will live within a 10-min-

ute walk of an MRT station. Perhaps the pre-

mium that an integrated development has over

other private condos in the area will depend

on how close the others are to the MRT sta-

tion and amenities of the integrated develop-

ment, says Savills’ Cheong.

Knight Frank’s Tan believes, however, that

integrated developments in the suburbs and

on the city fringe will be much better able to

hold their value and appeal over the long term

than those in the central area. “Those living

farther away from town will place greater value

on an integrated development because it will

save them travelling time,” she says. EMCC Land’s 731-unit The Poiz Residences is expected to be completed by 2019

The 992-unit Watertown by Far East Organization, Frasers Centrepoint and Sekisui House was completed this year and sits atop Waterway Point mall, which is connected to the Punggol MRT station

CapitaLand’s 583-unit Bedok Residences was completed in 2015 and sits atop Bedok Mall, which is also a bus interchange and is connected to the Bedok MRT station

Frasers Centrepoint Homes’ 536-unit, 99-year leasehold Compass Heights was completed in 2002

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EP6 • THEEDGE SINGAPORE | MAY 15, 2017

OFFSHORE

UEM Sunrise to strike balance between mid-market and luxury projects| BY E JACQUI CHAN |

Although Malaysian develop er

UEM Sunrise may be more

conservative than its com-

petitors in its approach, it

has proven to be resilient

in a challenging market. It ended

FY2016 with sales of RM1.36 billion

($441.5 million) — 37% higher than

the targeted and revised RM1 billion.

It is worth noting that the results were

bolstered by the southern region,

which contributed 50% to total sales

versus 12% in 2015.

For now, UEM Sunrise has three

priorities: to build the brand into a

reputable, value-driven developer

of signature properties; to expand

its geo graphical base and adjacent

businesses; and to nurture a service-

orient ed culture.

“Engagement” appears to be the

key word for the developer as it

seeks to keep its customers happy

and create products suited for the

current market.

Anwar Syahrin Abdul Ajib, the de-

veloper’s managing director and CEO,

says: “We want to engage our cus-

tomers more. We want to keep them

happy and keep them in the loop on

what is happening at the organisa-

tion. We do surveys, go to property

fairs to talk to buyers. We have about

15,000 Tresorians. All this gives us

an insight into the various markets

that we have and the kind of things

that we should look at.”

Tresorians are holders of UEM Sun-

rise’s privilege card, Tresor, which is

designed to reward customers who

have purchased its properties.

“We recognise that customer expe-

rience is critical to building our brand

value and we are placing more em-

phasis on creating a customer-cen-

tric mindset within the organisation,”

says Anwar, who is very happy that

the developer’s post-sales customer

service and engagement have im-

proved significantly.

The developer is also working to

enhance its completed projects. An-

war says, “For example, we are doing

a few things to beautify East Ledang

in Johor. We are doing up Signature

Lake there because it was not done

properly. We are putting in a jogging

track and other facilities so that the

residents can enjoy what they bought

a lot more.

Diversifying productsand locationUEM Sunrise is looking to diversify

its product offerings by venturing into

both the mid- and exclusive land-

ed property markets. Anwar points

out that the former is enjoying high

demand now whereas the latter of-

fers the potential for an altogether

different kind of luxurious lifestyle

ensconced in serenity and privacy.

UEM Sunrise has two mid-mar-

ket projects ready to be launched:

Dahlia in Serene Heights, Bangi and

Serimbun in Bukit Indah, Johor. The

former comprises 170 two-storey

terraced houses with an estimated

gross development value (GDV) of

RM144.1 million; the latter consists

of 214 two-storey houses with an

estimated GDV of RM106.7 million.

Dahlia will be launched in 2Q2017

and Serimbun in 3Q2017.

“These amounts of GDV are a bit

more contained and the take-up will

be good. Launches like these will al-

low us to manage our costs better

than a big launch with a big GDV.

We have to be very clear about our

target market. I always challenge the

team to know the target market and

whether they will buy,” says Anwar.

UEM Sunrise plans to launch

RM1.7 billion worth of projects this

year, with a sales target of RM1.2 bil-

lion. Also scheduled to be launched

in the second half of the year are

the integrated Solaris Parq in Sola-

ris Dutamas and the high-rise res-

idential Mayfair, St Kilda Road, in

Melbourne, Australia. The former

comprises 576 serviced apartments

with an estimated GDV of RM735

million and the latter will have 158

units with an estimated GDV of

RM713 million.

Anwar says, “We are still work-

ing on the unit price psf for both pro-

jects, so the GDV is just an estima-

tion. We had more than 900 units in

Aurora Melbourne Central and more

than 400 in Conservatory, Melbourne.

Mayfair will be smaller but it will be

very exclusive.

“With Mayfair, we are trying to

cater more for the local market. For

Aurora and Conservatory, we had

20% to 30% local buyers. This time,

we are aiming for 40% to 50%,”

says Anwar.

Mayfair is designed by world-re-

nowned Zaha Hadid Architects and is

targeted at the ultra high-end market.

“We are going to do 10 units per

floor and, honestly, coming up with

the layout has been tricky for us. We

are putting in two- and three-bed-

room units and five that measure

3,000 sq ft. Normally, to be safe,

we do smaller units in Melbourne

but, here, we are catering for the lo-

cal market. With only 158 units, we

reckon there shouldn’t be a prob-

lem,” says Anwar.

Geographical diversificationIn a bid to strike a balance in its port-

folio, the developer is looking to be

more diverse when it comes to its ge-

ographical locations. “Geographical

diversity will help reduce our mar-

ket risk and strengthen our revenue

profile. Within Malaysia, we believe

there is scope for much greater ex-

pansion beyond Iskandar Puteri. We

are actively looking to increase our

landbank in the central region with

a focus on hot spots that carry high

potential for growth,” says Anwar.

As for the international market,

UEM Sunrise is wrapping up its ope-

rations in Canada. The developer re-

cently sold three plots totalling 4.9

acres in the country for RM372.6 mil-

lion to local developer South Street

Development Group. This move will

allow the developer to focus on the

Malaysian market and Australia.

“We are pleased with our perfor-

mance in Melbourne and will be open

to acquiring more landbank in this city

as well as others in Australia and else-

where in the international space that

fits our brand profile,” says Anwar.

Iskandar Malaysia stilla key marketTo support these strategies, the de-

veloper will continue to emphasise

operational efficiencies and keep its

costs low, as it expects profit mar-

gins to keep narrowing as the cost

of labour and materials rises.

At home, the southern region re-

mains a key area for the developer

as most of its landbank is located

there. It has about 8,900 acres, in-

cluding through joint ventures, in

Iskandar Puteri, Desaru, Kulai and

Mersing comprising land for pro-

jects in the pipeline and ongoing

ones such as Puteri Harbour, SILC

and Afiat Healthpark. The total es-

timated GDV of the to-be-launched

projects is RM93 billion.

Anwar says, “I know people’s view

of Johor is not favourable and our

share price is tied to that. But we are

doing something about it. In general,

about 50% of our sales come from

Johor, and the central region and in-

ternational market contribute about

25% each. Moving forward, we hope

to increase the contribution from the

central region, so we are looking at

more launches outside Johor.

“We are not just another developer

building houses in Iskandar. As a part

of Khazanah Nasional, we are a part

of a bigger agenda because Iskandar

Malaysia is Khazanah’s brainchild.

To create a metropolis there, we had

to build catalytic developments such

as Puteri Harbour.”

Iskandar Puteri (formerly Nusa-

jaya) is essential to UEM Sunrise

as a long-term growth driver in the

southern region.

With the Malaysia-Singapore high-

speed rail coming into play, UEM

Sunrise has more plans for its de-

velopments in Iskandar Malaysia. It

will be developing Gerbang Nusa-

jaya, which is expected to gener-

ate a GDV of RM42 billion, over the

next 25 years.

Location is one of several decisive

factors in the company’s land acquisi-

tions, says Anwar. “The location must

already have developed value or have

the potential to be developed into a

premier address. In developing a pre-

mier destination, we seek strategic

partnerships to [build] the necessary

infrastructure, facilities and amenities

for sustainable communities.

“We will also build on our place-

making aspiration by capitalising on

our current assets — such as Puteri

Harbour, Publika, Mall of Medini and

Anjung — to undertake activities that

create dynamic and vibrant commu-

nities in all our built environments.”

Sluggish market sentimentAnwar expects the property market

to continue to be sluggish this year.

Although demand remains flat, he

believes there will be bright spots,

especially in the mid-market landed

and affordable segments.

UEM Sunrise has close to 500 acres

in the Klang Valley, which will gen-

erate enough GDV for the next five

to 10 years.

“The products we have in Mont’Ki-

ara are high-end and the ones in Ban-

gi are mid-market. We need to have

the mid-market products somewhere

between Bangi and the centre of KL.

That is the strategy, so we are looking

for sizeable land now. We are talking

to a few parties and, hopefully, we

can secure something,” says Anwar.

“Ultimately, it is about the prod-

uct, and what drives it is our vision

of building communities. It has never

been about building a fancy building;

it is about the kind of community we

try to create. So, it is important for

us to really understand the market

we want and the communities we

want to create.

“We are buying in Melbourne part-

ly because we already have a team

there. I’m not convinced by the mar-

kets in other parts of Australia yet,

although it has been said that Bris-

bane is the next place of growth. We

may look at London if the market

and prices are right.”

UEM Sunrise has about RM4.1 bil-

lion in unrecognised revenue, which,

Anwar says, will provide near-term

earnings visibility from progress bill-

ings. “We will also continue to adopt

strategic approaches and space out

our launches in line with consum-

er sentiments and market demand.

This has proved to be a success, as

shown by our launch of Melia Resi-

dences in Johor.”

Melia Residences is the develop-

er’s first landed residential develop-

ment in Gerbang Nusajaya and it

contributed RM126.6 million to to-

tal sales of RM1.36 billion last year.

“We aim to maintain our position

as a leader in the property develop-

ment industry by bringing in con-

cepts that are original and unique.

We will also continue to benchmark

ourselves against the industry in

terms of being the best-in-class de-

velopments to our customers,” con-

cludes Anwar.

E Jacqui Chan is a deputy editor of

City & Country at The Edge Malaysia

PICT

URE:

UEM

SUN

RISE

UEM Sunrise’s Mayfair project in Melbourne is designed by Zaha Hadid Architects and targeted at the ultra high-end market

E

Anwar: We recognise that customer experience is critical to building our brand value

THEEDGE SINGAPORE | MAY 15, 2017 • EP7

EP8 • THEEDGE SINGAPORE | MAY 15, 2017

COVER STORY

Office market deals pick up

| BY CECILIA CHOW |

The office market is now abuzz,

as sentiment has swung from

pessimism to optimism in just

one year. Fears of an oversup-

ply in the office market 18

months ago have evaporated, with

investors now forecasting a period of

relatively modest supply in 2018 to

2020. Jeremy Lake, CBRE executive

director of capital markets, observes:

“Singapore goes through periods of

too much office space, and then pe-

riods of relative shortage.”

In the first four months of 2017,

$3.39 billion worth of office deals

were transacted. They include deals

valued above $100 million, ranging

from the sale of substantial strata

space to stakes in a building or an

entire building. The latest office deal

done early this month was the sale

of a 50% stake in Grade-A office

building One George Street for $590

million ($2,650 psf). The buyer was

FWD Group, the insurance arm of

investment vehicle Pacific Century

Group, controlled by Richard Li, the

younger son of Hong Kong’s richest

tycoon Li Ka-shing.

CBRE brokered four of the six office

deals done so far this year, amount-

ing to $1.91 billion, or 56% of the to-

tal $3.39 billion transacted. This in-

cludes the sale of the 50% stake in

One George Street and DBS Bank’s en-

tire interest in the holding company

of PWC Building to an indirect sub-

sidiary of Manulife Financial Corp for

$746.8 million, considered one of the

After recording the highest sales in nine years in 1Q2017, the office market is expected to remain healthy for the rest of the year, in anticipation of rental growth in 2018 and a lull in supply for the next couple of years

biggest office deals in 1Q2017.

The two other office deals bro-

kered by CBRE this year were the

sale of Sime Darby Centre to Tuan

Sing Holdings for $365 million; and

the sale of 79,500 sq ft of strata space

in Prudential Tower to private-equity

firm, One Tree Partners, for $206.6

million (see table).

The remaining two office deals

that CBRE was not involved in were

direct deals between the vendors and

buyers. One was the sale of the entire

interest in Plaza Ventures Pte Ltd —

the registered owner and developer

of GSH Plaza — to Fullshare Hold-

ings for $725.2 million. The other

direct deal was the sale of the 61%

stake in Triple One Somerset to Hong

Kong-listed Shun Tak Holdings for

$758.2 million.

Investor confidence upToday, investor confidence in Singa-

pore’s office market is on the rise,

says Greg Hyland, JLL Singapore’s

head of capital markets. “They are

acutely aware that the window of op-

portunity to acquire available assets

at an attractive point in the cycle is

fast closing. The office leasing mar-

ket is already showing signs of sta-

bility at the prime CBD end.”

Things could not have been more

different 18 months ago. At the start

of 2016, there were fears of an im-

pending oversupply arising from the

completion of Guoco Tower at Tan-

jong Pagar Centre, Marina One of-

fice towers at the New Downtown

and UIC Building at V on Shenton.

Investors were unsure what the im-

pact would be on rents.

Towards mid-2016, however, sen-

timent started to shift. The catalyst

was the sale of Asia Square Tower

1 to Qatar Investment Authority for

$3.38 billion in June, coupled with

two deals in May: Straits Trading

Building, which was sold to Indo-

nesian tycoon Tahir’s MYP for $560

million; and the sale of a 60% stake

in CapitaGreen to CapitaLand Com-

mercial Trust for $960 million.

Leasing at the new office tow-

ers also picked up towards 2H2016.

Today, Guoco Tower is 91% leased.

UIC Building is about 50% taken

up and DUO is about 45% leased.

Meanwhile, more than one million

sq ft has already been pre-leased at

the Marina One office towers, which

have about 1.8 million sq ft of pre-

mium office space.

Investors were emboldened by the

leasing progress at these new office

schemes as well as the pace of office

transactions in 2H2016, says CBRE’s

Lake. In fact, 2016 ended on a high

note with two office deals in Novem-

ber: the sale of a 50% stake in Capi-

tal Square to ARA Asset Management

for $475.5 million and the sale of 77

Robinson Road for $530.8 million to

CLSA Capital Partners. Both deals

were said to be brokered by CBRE.

“By January 2017, five out of 10

investors would consider buying an

office space, and today, it’s more like-

ly to be six in 10,” notes Lake. “Just

a year ago in January 2016, only one

in 10 would consider buying.”

In 1Q2017, the office sector was

already the top performer in terms of

investment deals, with $2.12 billion

— or 47.5% — of a total of $4.99 bil-

lion in sales across all sectors of the

real estate market, says JLL in a re-

lease on May 8. The 1Q2017 figure

was also the highest 1Q performance

in nine years for the office sector since

the peak in 1Q2008, when $3.41 bil-

lion worth of office deals took place.

Office rents bottoming outTherefore, some investors believe

that rents today may have bottomed.

According to Corporate Locations’

Singapore Market Review in March

2017, average top rental rates are

now in the range of $8.50 to $9.50

psf per month. The rate of decline in

the prime segment of the office mar-

ket has slowed significantly and, in

some cases, such as that of Guoco

In the first four months of 2017, $3.39 billion worth of office deals took place

Tuan Sing Holdings recently purchased Sime Darby Centre, which has redevelopment potential

CBRE

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THEEDGE SINGAPORE | MAY 15, 2017 • EP9

COVER STORY

Offi ce sales in 2016 and 2017 to date

*Redevelopment potential

CBRE

RES

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PROPERTY DATE PRICE NET LETTABLE PRICE PSF TENURE ESTIMATED BUYER VENDOR ($ MIL) AREA (SQ FT) ($ PSF) (YEARS) YIELD (%)

2017 Prudential Tower (strata sale) January 206.6 79,461 2,600 78 4.0 One Tree Partners Epic Land

Triple One Somerset (61%) January 758.2 565,000 2,200 57 3.0 Shun Tak Holdings Perennial-led consortium

PWC Building February 746.8 355,650 2,100 78 3.3 Manulife DBS Bank

GSH Plaza (strata sale) March 725.2 250,069 2,900 72 – Fullshare Holdings GSH Corp-led consortium

Sime Darby Centre* April 365.0 202,712 1,800 999 2.5 Tuan Sing Holdings Blackstone Group

One George Street (50%) May 590.0 446,473 2,650 86 3.2 FWD Group CapitaLand Commercial Trust

2016

78 Shenton Way (50%) January 301.4 362,199 1,665 66 4.0 Alpha Investment Partners CommerzReal

CapitaGreen (60%) May 960.0 703,000 2,276 57 3.1 CapitaLand Commercial Trust CapitaLand JV

Straits Trading Building May 560.0 158,902 3,524 999 2.3 MYP Ltd Sun Venture Group

Asia Square Tower 1 June 3,380.0 1,250,000 2,700 90 3.2 Qatar Investment Authority BlackRock Real Estate

Mapletree Business City (Phase 1) July 571.9 420,544 1,360 80 4.0 Mapletree Commercial Trust Mapletree Investments

139 Cecil Street* (60%) September 75.0 55,047 2,270 64 – Zhou family of Hengda Group Vibrant Group and DB2 Group

77 Robinson Road November 530.8 293,269 1,810 77 3.5 CLSA Capital Partners Savills Investment Management

Capital Square (50%) November 475.5 388,215 2,450 79 3.5 ARA Asset Management Alpha Investment Partners

Offi ce supply (2017 to 2021)

DEVELOPMENT LOCATION ESTIMATED SIZE COMPLETION (SQ FT) DATE

Vision Exhange Jurong East 475,000 January 2017

Oxley Tower Robinson Road 130,000 January 2017

UIC Building Shenton Way 276,000 April 2017

Marina One New Downtown 1,800,000 April 2017

Frasers Tower Cecil Street 690,000 April 2018

Robinson Tower Robinson Road 195,000 April 2018

Paya Lebar Quarter Paya Lebar 883,500 December 2018

Park Mall Orchard Road 352,000 1Q2019

Franklin, Science Park 1 Buona Vista 260,000 1Q2019

Aquarius, Science Park 2 Pasir Panjang Road 376,750 2Q2019

CPF Building redevelopment Robinson Road 500,000 1Q2020

Central Boulevard New Downtown 1,000,000 2Q2020

Golden Shoe Car Park Raffles Place 1,000,000 1Q2021

Afro-Asia Building Robinson Road 180,000 2Q2021

Woods Square Woodlands Central 630,000 2Q2021

LOCATION ESTIMATED SIZE COMPLETIONDEVELOPMENT ESTIMATED SIZE (SQ FT) DATE (SQ FT)

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Tower, rates are even higher than

they were six months ago. “General-

ly, we expect top prime rates to sof-

ten only marginally, by around 5%

during the course of 2017, but they

are beginning to bottom out,” says

the office specialist.

It will be the mid-tier office mar-

ket that will experience the greatest

pressure over the next 12 months,

with further falls in rents of around

10%, notes Corporate Locations.

“There will be some huge voids ap-

pearing in some of the older estab-

lished buildings, as a result of major

relocation this year, and these build-

ings will be under the most pressure.”

Property consultants are project-

ing that office rents will recover next

year. According to Corporate Loca-

tions, 2018 will be an important year

for office relocations. “There will be

a lull in new supply for a couple of

years after that, with the next wave

of supply not coming onstream until

2020/21.” (See table on office supply

for 2017 to 2021.)

Wave of Hong Kong moneyAnother interesting trend is the wave

of capital from Hong Kong into the

office market. For instance, Ma-

cau casino king Stanley Ho’s Shun

Tak Holdings raised its stake in Tri-

ple One Somerset; Pacific Century

Group’s FWD acquired a stake in One

George Street; and Hong Kong-listed

Fullshare Holdings, which acquired

the entity behind GSH Plaza, is the

investment holding company con-

trolled by mainland Chinese billion-

aire Ji Changqun.

“In all the time I’ve been working

here, I’ve never seen as much inter-

est from Hong Kong groups,” says

Lake, who has been with CBRE since

1991. Lake reckons the wave of Hong

Kong money into Singapore’s office

market is due to the perception that

it is coming out of a dip. “With pric-

es and rents having softened, these

Hong Kong groups feel it’s timely to

relook at Singapore, as it presents

good value,” he says.

Likewise, the wave of Chinese

money into Singapore will also in-

crease. “In many cases, the Hong

Kong and Chinese groups have al-

ready invested in London, Australia

or New York. So, the missing piece in

the jigsaw puzzle is perhaps Singa-

pore,” notes Lake.

The spectrum of buyers is also

The building is on the market by

expression of interest, with a price

tag of $210 million, and Cushman &

Wakefield is the marketing agent.

The price is equivalent to the amount

paid by Shanghai Hengda Group, a

Chinese real estate group headed

by the Zhou family from Shanghai,

for neighbouring building 137 Cecil

Street in December 2015.

Hengda Group had purchased the

60% stake in 139 Cecil Street for $75

million last September. The remaining

40% stake in the building is held by a

joint venture between Vibrant Group

and DB2 Group. Shaun Poh, Cush-

man & Wakefield executive director

of capital markets, says: “The reason

for the sale [of 139 Cecil Street] is

that the vendor was approached by

several parties that made offers for

the building. That prompted the ex-

pression of interest exercise.”

The building on Cecil Street is

also attracting Chinese and Hong

Kong companies looking for an of-

fice building in the CBD where they

can have naming and signage rights.

Strata sales to returnThe original intention of the vendors

of 139 Cecil Street was to carve up

the office building into strata units

for sale. They have already obtained

approval to strata-subdivide the new

development at 139 Cecil Street into

99 office units and three retail units.

Eighteen months ago, interest in the

strata office market became muted

when there were fears of a looming

oversupply. “The subsequent owner

has the option to sell the strata-titled

purchase of unsold units in a resi-

dential development by buying the

holding company and enjoy substan-

tial savings in stamp duties, unlike

those who purchased the residential

units directly.

“But it’s not the sole reason for

the shift in interest from residential

to office deals,” says Poh. “There’s a

lot more interest in office buildings,

especially when there are very few

office buildings in the CBD that are

in the $100 million-to-$200 million

price range.”

With the more positive outlook for

the office market, interest and activ-

ity in the strata office space will also

pick up, says CBRE’s Lake. In addi-

tion to the strata sale of the 79,500

sq ft of office space in January for

$206.6 million, another strata sale

of about $150 million is underway

at Prudential Tower.

In February, an entire strata floor

of more than 13,000 sq ft at Samsung

Hub (adjacent to Prudential Tower)

was sold for $43 million ($3,280 psf).

The price of $3,280 psf is equivalent

to the price achieved in the sale of

the entire strata floor sale on the

floor above, the 21st level, which was

slightly smaller at 12,841 sq ft and

sold in October 2014 for $42.1 mil-

lion, according to a caveat lodged.

According to Lake, average of-

fice prices today are still 10% be-

low the last peak in late 2007 and

1Q2008. “We expect more deals dur-

ing the rest of the year and activity

to continue.”

Lake: With prices and rents having softened, Hong Kong groups feel it’s timely to relook at Singapore, as it presents good value

diverse. In addition to Chinese and

Hong Kong money, there are also

sovereign wealth funds. Abu Dhabi

Investment Authority, for instance,

is in a joint venture with Lendlease

at Paya Lebar Quarter; Qatar Invest-

ment Authority now owns Asia Square

Tower 1; and Norway’s US$935 bil-

lion ($1.3 trillion) sovereign wealth

fund, the world’s largest, is also re-

portedly seeking suitable real estate

projects in Singapore and Tokyo.

Redevelopment potentialSome companies are buying proper-

ties with the intention of redeveloping

them. For example, the site that Sime

Darby Centre occupies is zoned for

commercial use. It is therefore like-

ly to be redeveloped by Tuan Sing

into a new commercial building with

a mix of office and retail space. “A

commercial development has high-

er value than residential,” says Lake.

A 100% interest in the 11-storey

office building at 139 Cecil Street is

on the market for sale. Built in the

1980s, the property occupies a 7,936

sq ft site and has a 99-year lease dat-

ing from August 1981. The building

is vacant, as the vendor intends to

redevelop it into a 16-storey bou-

tique commercial building with of-

fice space on the upper floors, F&B

outlets on the ground floor and car-

park facilities. The new building will

have a total lettable area of 85,000 sq

ft, which includes a communal roof

terrace and recreational facilities. It

will be sold on a completed basis,

with redevelopment scheduled for

completion by 2Q2018.

units when the market returns in the

future,” says Cushman & Wakefield’s

Poh. “The strata sale market seems

to be coming back, but the trend ap-

pears to be for bulk purchase.”

He reckons it is partly due to the

diversion of some funds from the res-

idential market when the opportunity

for bulk purchase closed on March 11.

That was when the government im-

posed a new rule in the form of addi-

tional conveyance duties for residen-

tial property transactions that involve

acquiring a significant equity interest

in entities that hold primarily resi-

dential properties.

This effectively plugged a loop-

hole that allowed Singaporean in-

vestors to participate in the bulk

EP10 • THEEDGE SINGAPORE | MAY 15, 2017

GAINS AND LOSSES

Top 10 gains and losses from April 18 to 25

URA

, THE

EDG

E PR

OPE

RTY

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 The Balmoral 10 7,653 April 21 1,385 Aug 2, 1997 679 5,400,000 104 4 19.72 Ardmore Park 10 2,885 April 18 3,363 June 15, 2009 2,513 2,450,000 34 4 7.83 The Waterside 15 2,411 April 19 1,493 July 1, 2000 805 1,660,000 86 4 16.84 Watermark Robertson Quay 9 1,636 April 19 1,711 April 1, 2005 815 1,466,830 110 6 12.15 Sky@Eleven 11 2,713 April 20 1,475 July 17, 2007 961 1,394,000 53 4 9.86 Haig Court 15 1,550 April 22 1,310 April 7, 2004 636 1,043,950 106 6 13.07 Maple Woods 21 1,378 April 20 1,292 March 8, 2005 544 1,030,000 137 7 12.18 The Regalia 9 1,216 April 24 1,439 May 30, 2005 686 915,000 110 6 11.99 Southbank 7 958 April 24 1,514 July 19, 2006 611 865,000 148 9 10.810 Casa Sarina 14 1,324 April 19 906 Oct 18, 2006 397 675,000 129 8 10.5

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

1 Duchess Residences 10 2,756 April 21 1,306 June 28, 2007 1,826 1,411,000 28 3 9.82 Scotts Square 9 1,249 April 24 3,043 Oct 18, 2007 4,026 1,227,225 24 3 9.53 Paterson Suites 9 1,679 April 19 2,233 Jan 24, 2013 2,769 900,000 19 5 4.24 One Shenton 1 1,206 April 19 1,576 Sept 13, 2011 2,181 729,080 28 6 5.65 Horizon Residences 5 1,356 April 18 1,364 Nov 23, 2010 1,765 544,340 23 4 6.46 Volari 10 2,282 April 19 1,862 Aug 7, 2009 2,067 467,720 10 1 7.77 Duet 10 1,744 April 20 1,290 Sept 20, 2007 1,548 450,000 17 2 9.68 The Laurels 9 1,001 April 19 2,577 May 25, 2010 2,990 412,980 14 2 6.99 The Metz 9 1,066 April 18 2,205 Nov 4, 2010 2,468 280,000 11 2 6.510 Belle Vue Residences 9 2,002 April 21 1,728 July 30, 2009 1,847 238,100 6 1 7.7

Note: Computed based on URA caveat data as at May 9 for private non-landed houses transacted between April 18 to 25. The profit and loss computation excludes transaction costs such as stamp duties.

Profit of $5.4 mil at The Balmoral

Top 10 gains and losses from April 25 to May 2

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 Sun Rosier 19 2,336 April 25 824 June 4, 2003 491 1,270,000 194 8 13.92 Park Infinia at Wee Nam 11 1,464 April 28 1,728 Sept 6, 2005 865 1,264,000 100 6 11.63 Gallop Gables 10 2,648 April 25 1,594 April 24, 2009 1,178 1,099,600 35 4 8.04 Euro-Asia Park 13 1,550 April 26 1,084 April 8, 1999 477 940,000 127 5 18.15 Caribbean at Keppel Bay 4 1,227 April 26 1,479 May 19, 2006 752 892,455 97 6 10.96 Amber Point 15 1,690 April 28 1,320 July 1, 1999 793 890,000 66 3 17.87 Valley Park 10 1,109 April 28 1,470 May 1, 1995 753 795,000 95 3 22.08 The Raintree 21 1,270 April 25 1,008 Dec 20, 2006 474 678,320 113 8 10.49 Park West 5 1,894 April 27 705 May 1, 2001 351 670,000 101 4 16.010 The Waterina 14 1,227 April 26 1,178 June 11, 2002 641 659,000 84 4 14.9

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

1 The Botanic on Lloyd 9 1,819 May 2 1,748 June 21, 2010 1,935 340,000 10 1 6.92 Beacon Heights 12 1,109 April 27 902 July 31, 2012 1,150 275,000 22 5 4.73 76 Shenton 2 592 April 26 1,824 April 9, 2010 1,980 92,100 8 1 7.14 Le Regal 14 420 April 28 1,139 Jan 25, 2013 1,287 62,487 12 3 4.35 Visioncrest 9 947 April 28 1,774 Aug 23, 2007 1,831 54,000 3 0.3 9.76 D’Leedon 10 786 May 2 1,766 March 14, 2013 1,832 51,820 4 1 4.17 Thomson Grand 20 1,356 April 28 1,208 April 9, 2012 1,242 46,640 3 1 5.1

Note: Computed based on URA caveat data as at May 9 for private non-landed houses transacted between April 25 to May 2. The profit and loss computation excludes transaction costs such as stamp duties.*There were only seven non-profitable deals in the week

| BY LIN ZHIQIN |

Seven private non-landed houses were

sold for a profit of more than $1 million

each in the week of April 18 to 25. On

April 21, a 7,653 sq ft unit at The Bal-

moral in prime District 10 was sold at a

$5.4 million profit. The seller had bought the

first-floor unit for $5.2 million ($679 psf) in Au-

gust 1997 and sold it at $10.6 million ($1,385

psf). The profit works out to 104%, or 4% a

year over 20 years.

Based on the matching of URA caveat data

for The Balmoral, there have been 18 profitable

transactions, with an average profit of $1.76

million (79%), and seven unprofitable transac-

tions, with an average loss of $536,714 (16%).

A 7,642 sq ft unit that was bought for $4.7

million ($615 psf) in September 1995 and sold

at $12 million ($1,570 psf) in September 2013

earned a profit of $7.3 million, the highest at

The Balmoral. The profit works out to 155%,

or 5% a year over 18 years. The 81-unit The

Balmoral is a freehold condominium complet-

ed in 1986 and is located within 600m of the

Stevens MRT station.

A 2,885 sq ft unit at Ardmore Park in prime

District 10 fetched the second-biggest profit of

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The unit was bought for $7.25 million ($2,513

psf) in June 2009 and sold at $9.7 million

($3,363 psf) on April 18. The profit works out

to 34%, or 4% a year over eight years. Based

on the matching of URA caveat data, the unit

has changed hands thrice. The first seller had

bought it from the developer for $5.76 mil-

lion ($1,991 psf) in 1996 and sold it at $5 mil-

lion ($1,733 psf) in 2003, a 13% loss, or 2% a

year. In 2009, the next seller made a profit of

$2.25 million when he sold the unit at $7.25

million. The profit works out to 45%, or 7%

a year over 5½ years.

Based on the matching of URA caveat data,

there have been four profitable transactions

and one unprofitable transaction at Ardmore

Park so far this year. The profits range from

$2.45 million (34%) to $4.6 million (94%). The

unit that was sold at a $70,000 (1%) loss was

bought for $8.25 million ($2,860 psf) in June

2011 and sold at $8.18 million ($2,836 psf) on

April 5. The freehold Ardmore Park was com-

pleted in 2001 and has 330 units.

Two sellers suffered losses of more than $1

million each in the week of April 18 to 25. On

April 21, a 2,756 sq ft unit at Duchess Residenc-

es in prime District 10 was sold at the biggest

loss of $1.41 million for the week. The seller

had bought it for $5.01 million ($1,826 psf)

from the developer in June 2007 and sold it at

$3.6 million ($1,306 psf). The loss works out

to 28%, or 3% a year over 10 years.

There were six rental contracts for units

ranging from 2,700 to 2,800 sq ft at Duchess

Residences in 2H2016, with the monthly rent

averaging $8,350. This implies a 3% gross rent-

al yield for the recently transacted unit. The

120-unit Duchess Residences is a 999-lease-

hold condo completed in 2011 and adjacent

to Hwa Chong Institution.

A 1,249 sq ft unit at Scotts Square in prime

District 9 was sold at the second-biggest loss

of $1.23 million for the week. The seller had

bought it for $5.03 million ($4,026 psf) from

the developer in October 2007 and sold it at

$3.8 million ($3,043 psf) on April 24. The loss

works out to 24%, or 3% a year over 9½ years.

There were seven rental contracts for Scotts

Square units ranging from 1,200 to 1,300 sq

ft in 1Q2017, with the monthly rent averaging

$7,271. This implies a 2% gross rental yield

for the recently transacted unit. The freehold

Scotts Square is a mixed-use development lo-

cated on Scotts Road, within walking distance

of the Orchard MRT station. It was completed

in 2011 and has 338 units.

Separately, a 6,232 sq ft unit at The Marq

on Paterson Hill in prime District 9 was sold

at a $4.64 million loss on April 12. The seller

had bought it for $26.44 million ($4,294 psf)

from the developer in July 2007 and sold it at

$21.8 million ($3,498 psf). The loss works out

to 18%, or 2% a year over 10 years. The 66-

unit The Marq on Paterson Hill is a freehold

condo completed in 2011.

From April 25 to May 2Three private non-landed houses were sold for

a profit of more than $1 million each in the

week of April 25 to May 2; there were only

seven unprofitable transactions.

On April 25, a 2,336 sq ft unit at Sun Rosier

in District 19 fetched the week’s biggest profit

of $1.27 million. The seller had bought it for

$655,000 ($491 psf) in June 2003 and sold it

at $1.93 million ($824 psf). The profit works

out to 194%, or 8% a year over 14 years. The

78-unit Sun Rosier is a freehold condo com-

pleted in 1985. It is located within walking dis-

tance of the Bartley MRT station.

A 1,464 sq ft unit at Park Infinia at Wee

Nam in prime District 11 fetched the week’s

second-biggest profit of $1.26 million. The

seller had bought it for $1.27 million ($865

psf) from the developer in September 2005

and sold it at $2.53 million ($1,728 psf) on

April 28. The profit works out to 100%, or

6% a year over 11.6 years. This transaction

also marks the most profitable deal at Park

Infinia so far this year.

Based on the matching of URA caveat data,

all eight transactions at Park Infinia so far this

year have resulted in profits for the sellers. The

average profit is $774,677, or 62%. The free-

hold, 486-unit Park Infinia at Wee Nam was

completed in 2008 and is located about 600m

from the Newton MRT station.

A 2,648 sq ft unit at Gallop Gables in prime

District 10 fetched the week’s third-biggest prof-

it of $1.1 million. The seller had bought it for

$3.12 million ($1,178 psf) in April 2009 and

sold it at $4.22 million ($1,594 psf) on April

25. The profit works out to 35%, or 4% a year

over eight years.

Based on the matching of URA caveat data,

there have been 45 profitable transactions and

one unprofitable transaction at Gallop Gables.

The profits average $876,488, or 50%. In No-

vember 2016, a 2,852 sq ft unit was sold at

a $348,760 loss. The seller had bought it for

$4.65 million ($1,630 psf) in April 2010 and

sold it at $4.3 million ($1,507 psf). The previ-

ous seller of this unit bought it for $3.33 mil-

lion ($1,169 psf) in April 2009 and made a

$1.32 million (39%) profit when he sold it a

year later. The freehold, 140-unit Gallop Ga-

bles was completed in 1997 and is located near

the Farrer Road MRT station.

There have been four profitable and one unprofitable transaction at Ardmore Park so far this year. Find the most affordable listing in the project at bit.ly/ArdmoreParkEdge.

So far this year, all eight transactions at Park Infinia at Wee Nam have been profit-able. Find the most affordable listing in the project at bit.ly/ParkInfiniaEdge.

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The 120-unit Duchess Residences is a 999-year leasehold condo completed in 2011. Find the most affordable listingin the project at bit.ly/DuchessResidencesEdge.

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EP12 • THEEDGE SINGAPORE | MAY 15, 2017

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

Residential transactions with contracts dated April 25 to May 2

District 1 THE SAIL @ MARINA BAY Apartment 99 years April 26 1,076 1,700,000 - 1,579 2008 ResaleV ON SHENTON Apartment 99 years April 27 441 1,020,000 - 2,311 Uncompleted Sub SaleV ON SHENTON Apartment 99 years April 27 1,206 2,538,495 - 2,106 Uncompleted New SaleDistrict 2 76 SHENTON Apartment 99 years April 26 592 1,080,000 - 1,824 2014 ResaleDistrict 3 ALEX RESIDENCES Apartment 99 years April 25 904 1,585,333 - 1,753 Uncompleted New SaleALEX RESIDENCES Apartment 99 years April 26 474 1,045,500 - 2,207 Uncompleted New SaleALEX RESIDENCES Apartment 99 years April 28 883 1,573,000 - 1,782 Uncompleted New SaleALEX RESIDENCES Apartment 99 years April 30 678 1,425,500 - 2,102 Uncompleted New SaleALEX RESIDENCES Apartment 99 years April 30 1,023 1,905,000 - 1,863 Uncompleted New SaleALEX RESIDENCES Apartment 99 years April 30 926 1,710,000 - 1,847 Uncompleted New SaleARTRA Apartment 99 years April 28 1,044 1,979,999 1,970,099 1,887 Uncompleted New SaleARTRA Apartment 99 years April 28 829 1,437,999 - 1,735 Uncompleted New SaleARTRA Apartment 99 years April 28 829 1,377,999 - 1,663 Uncompleted New SaleARTRA Apartment 99 years April 28 829 1,352,999 - 1,632 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,479,999 - 1,786 Uncompleted New SaleARTRA Apartment 99 years April 29 786 1,366,999 - 1,740 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,437,999 - 1,735 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,423,999 - 1,718 Uncompleted New SaleARTRA Apartment 99 years April 29 786 1,348,999 - 1,717 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,419,999 - 1,713 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,412,999 - 1,705 Uncompleted New SaleARTRA Apartment 99 years April 29 786 1,326,999 - 1,689 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,397,999 - 1,687 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,393,999 - 1,682 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,383,999 - 1,670 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,376,999 - 1,661 Uncompleted New SaleARTRA Apartment 99 years April 29 786 1,289,999 - 1,642 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,360,999 - 1,642 Uncompleted New SaleARTRA Apartment 99 years April 29 786 1,273,999 - 1,621 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,336,999 - 1,613 Uncompleted New SaleARTRA Apartment 99 years April 29 786 1,265,999 - 1,611 Uncompleted New SaleARTRA Apartment 99 years April 29 786 1,265,999 - 1,611 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,332,999 - 1,608 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,320,999 - 1,594 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,312,999 - 1,584 Uncompleted New SaleARTRA Apartment 99 years April 29 829 1,304,999 - 1,575 Uncompleted New SaleARTRA Apartment 99 years April 30 829 1,415,999 - 1,708 Uncompleted New SaleARTRA Apartment 99 years April 30 786 1,324,999 - 1,686 Uncompleted New SaleARTRA Apartment 99 years April 30 786 1,319,999 - 1,680 Uncompleted New SaleARTRA Apartment 99 years April 30 786 1,305,999 - 1,662 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

ARTRA Apartment 99 years April 30 786 1,297,999 - 1,652 Uncompleted New SaleARTRA Apartment 99 years April 30 786 1,295,999 - 1,649 Uncompleted New SaleARTRA Apartment 99 years April 30 829 1,356,999 - 1,637 Uncompleted New SaleARTRA* Apartment 99 years April 29 786 1,352,999 - 1,722 Uncompleted New SaleASCENTIA SKY Condominium 99 years April 25 947 1,350,000 - 1,425 2013 ResaleCOMMONWEALTH TOWERS Condominium 99 years April 25 474 875,000 - 1,847 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 25 474 867,000 - 1,831 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 25 904 1,584,300 - 1,752 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 25 797 1,318,000 - 1,655 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 26 689 1,298,200 - 1,884 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 26 1,076 1,778,100 - 1,652 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 26 904 1,492,900 - 1,651 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 27 904 1,539,100 - 1,702 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 29 441 828,000 - 1,876 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 29 463 858,000 - 1,854 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 29 753 1,368,000 - 1,816 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 29 463 838,000 - 1,811 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 29 753 1,348,000 - 1,789 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 29 753 1,348,000 - 1,789 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 29 753 1,348,000 - 1,789 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 29 753 1,348,000 - 1,789 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 29 904 1,583,300 - 1,751 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 29 904 1,538,100 - 1,701 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 30 463 858,000 - 1,854 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 30 463 858,000 - 1,854 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 30 463 838,000 - 1,811 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 30 1,033 1,707,100 - 1,652 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 30 1,033 1,705,100 - 1,650 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 25 915 1,653,500 - 1,807 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 26 506 1,106,500 - 2,187 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 26 635 1,348,000 - 2,123 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 26 1,152 2,106,900 - 1,829 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 26 1,109 1,997,700 - 1,802 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 27 915 1,735,600 - 1,897 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 27 1,152 1,991,300 - 1,729 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 29 915 1,663,900 - 1,819 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 29 1,109 2,004,000 - 1,808 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 29 915 1,646,800 - 1,800 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 30 635 1,334,500 - 2,101 Uncompleted New SaleLANDMARK TOWER Apartment 99 years April 25 1,399 1,108,000 - 792 1985 ResalePRINCIPAL GARDEN Condominium 99 years April 25 764 1,224,000 - 1,602 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 26 861 1,362,000 - 1,582 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 27 495 799,000 - 1,614 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 28 807 1,453,000 - 1,800 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 28 807 1,363,000 - 1,688 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 28 786 1,306,000 1,301,000 1,656 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 29 495 836,000 - 1,688 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 30 807 1,463,000 1,458,000 1,806 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 30 786 1,311,000 - 1,668 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 30 786 1,283,000 - 1,633 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 30 495 802,000 - 1,620 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 26 431 778,000 - 1,807 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 26 484 832,000 - 1,718 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 26 495 838,000 - 1,692 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 26 484 776,000 - 1,602 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 27 775 1,178,000 - 1,520 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 27 807 1,223,000 - 1,515 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 27 947 1,354,000 - 1,429 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 30 1,507 2,373,112 - 1,575 Uncompleted New SaleTHE ANCHORAGE Condominium Freehold April 27 1,830 2,300,000 - 1,257 1997 ResaleTHE CREST Condominium 99 years April 25 1,216 1,968,000 - 1,618 2017 New SaleTHE CREST Condominium 99 years April 25 1,033 1,672,000 - 1,618 2017 New SaleTHE CREST Condominium 99 years April 26 1,216 1,968,000 - 1,618 2017 New SaleTHE CREST Condominium 99 years April 28 1,227 1,986,000 - 1,618 2017 New SaleTHE CREST Condominium 99 years April 30 1,216 1,920,600 - 1,579 2017 New SaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years April 25 1,206 1,750,000 - 1,452 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years April 26 1,227 1,815,000 - 1,479 2004 ResaleTHE OCEANFRONT@ SENTOSA COVE Condominium 99 years May 2 1,711 2,850,000 - 1,665 2010 ResaleDistrict 5 DOVER PARKVIEW Condominium 99 years April 28 1,249 1,330,000 - 1,065 1997 ResalePASIR PANJANG ROAD Apartment Freehold April 27 1,389 1,080,000 - 778 1977 ResaleONE-NORTH RESIDENCES Apartment 99 years April 26 592 845,000 - 1,427 2009 ResalePARC RIVIERA Condominium 99 years April 25 990 1,217,000 - 1,229 Uncompleted New SalePARC RIVIERA Condominium 99 years April 25 1,152 1,373,000 - 1,192 Uncompleted New SalePARC RIVIERA Condominium 99 years April 25 990 1,132,560 - 1,144 Uncompleted New SalePARC RIVIERA Condominium 99 years April 25 1,227 1,394,000 - 1,136 Uncompleted New SalePARC RIVIERA Condominium 99 years April 27 603 804,000 - 1,334 Uncompleted New SalePARC RIVIERA Condominium 99 years April 27 990 1,240,266 - 1,252 Uncompleted New SalePARC RIVIERA Condominium 99 years April 28 710 962,000 - 1,354 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

| BY TAN CHEE YUEN |

Sales of luxury condominiums in the prime

districts have been picking up steadily.

This was evident in April. Gramercy Park was one of the projects that attract-

ed keen interest among buyers in the

past month. The freehold 174-unit twin-tower

condo on Grange Road was developed by City

Developments (CDL) and completed in 2016.

The 15-storey towers contain 87 units each and

are named North and South Towers.

The sizes of units at Gramercy Park range

from 1,184 sq ft for a two-bedder to 7,287 sq

ft for a five-bedroom penthouse. It was de-

signed by NBBJ of New York, the architect be-

hind CDL’s other landmark development, the

1,111-unit The Sail @ Marina Bay.

For all of April and early May, there were

15 caveats lodged for units sold in the North

Tower (Phase 1) of Gramercy Park. Transaction

prices ranged from $3.4 million ($2,872 psf) for

a 1,184 sq ft, two-bedroom unit on the fourth

floor of the tower to $7.95 million ($2,978 psf)

for a 2,669 sq ft, four-bedroom unit on the first

level, according to caveats lodged.

According to CDL, 74 units (85%) of the

North Tower had been sold as at May 8. All

two-bedroom-plus-study units in the North

Tower have been sold, while the take-up rate

for three- and four-bedroom units has been

good, says the developer.

Riding on the positive sales momentum

for Gramercy Park’s North Tower (Phase 1),

the South Tower (Phase 2) was soft launched

at the end of March. Of the 20 units released

at the South Tower, 16 units had been sold as

at May 8. Average sale prices have risen from

more than $2,600 psf in Phase 1 to more than

$2,800 psf in Phase 2.

Early bird prices for the South Tower (Phase 2)

start from $3.4 million for a two-bedroom-plus-

study unit; $5.1 million for a three-bedroom

unit; and $6.8 million for a four-bedroom unit.

About 24% of the buyers at Gramercy Park

are said to be Singaporeans, with the remainder

being a mix of permanent residents and foreigners,

according to CDL.

“Gramercy Park is attractive to buyers, ow-

ing to its prime location on Grange Road,” says

Samuel Eyo, managing director of Singapore

Christie’s International Real Estate. “There has

not been a new launch of a luxury condo pro-

ject along Grange Road in more than five years.”

Tomlinson Heights is another luxury con-

do development that saw a pickup in trans-

actions last month. The boutique condo is a

single 36-storey tower with just 70 units. Com-

pleted in 2014, the freehold condo comprises

2,745 sq ft, three-bedroom units and 4,047 sq ft,

five-bedroom units. Tomlinson Heights is ad-

jacent to a bigger luxury condo: the 202-unit

Four Seasons Park Residences, which was com-

pleted in 1994. Both projects were developed

by Hotel Properties.

Of the five units at Tomlinson Heights that

were sold last month, two were five-bedroom

units: One was on the 14th floor and sold for

$10.75 million ($2,656 psf); the other was on

the 34th floor and sold for $11.15 million ($2,755

psf). The remaining three were three-bedroom

units, located on the 27th, 29th and 31st floors.

Each was sold for $7.5 million ($2,752 psf).

This brings total sales in the development

so far this year to about 75%.

Prior to the recent spate of transactions, the

latest ones at Tomlinson Heights took place in

December. Both were 4,047 sq ft, five-bedroom

units: The one on the eighth floor fetched $11.1

million ($2,743 psf); the one on the 30th floor

was sold for $12.2 million ($3,014 psf). E

DONE DEALS

Spike in sales at Gramercy Park in April

As at May 8, about 85% — or 74 units — of the North Tower of Gramercy Park had been sold

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THEEDGE SINGAPORE | MAY 15, 2017 • EP13

Residential transactions with contracts dated April 25 to May 2

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

PARC RIVIERA Condominium 99 years April 28 710 956,000 - 1,346 Uncompleted New SalePARC RIVIERA Condominium 99 years April 28 904 1,148,000 - 1,270 Uncompleted New SalePARC RIVIERA Condominium 99 years April 28 1,184 1,300,000 - 1,098 Uncompleted New SalePARC RIVIERA Condominium 99 years April 29 990 1,269,000 - 1,281 Uncompleted New SalePARC RIVIERA Condominium 99 years April 29 1,184 1,362,240 - 1,151 Uncompleted New SalePARC RIVIERA Condominium 99 years April 30 710 930,000 - 1,309 Uncompleted New SalePARK WEST Condominium 99 years April 27 1,894 1,335,000 - 705 1986 ResaleTHE CLEMENT CANOPY Apartment 99 years April 25 732 1,047,000 - 1,430 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years April 25 1,141 1,535,000 - 1,345 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years April 28 1,346 1,709,000 - 1,270 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years April 30 710 1,065,000 - 1,499 Uncompleted New SaleTHE INFINITI Condominium Freehold April 26 1,249 1,210,000 - 969 2008 ResaleTHE TRILINQ Condominium 99 years April 25 1,518 1,838,000 - 1,211 Uncompleted New SaleTHE TRILINQ Condominium 99 years April 25 1,109 1,338,000 - 1,207 Uncompleted New SaleTHE TRILINQ Condominium 99 years April 25 1,109 1,302,000 - 1,174 Uncompleted New SaleWEST COAST GARDENS Semi-Detached 956 years April 28 4,607 3,999,888 - 868 1976 ResaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years April 25 1,098 1,615,000 - 1,471 2014 ResaleDistrict 8 CITY LOFT Apartment Freehold April 28 334 500,000 - 1,498 2012 ResaleRESIDENCES @ SOMME Apartment Freehold May 2 506 580,000 - 1,146 2008 ResaleSTURDEE RESIDENCES Condominium 99 years April 30 721 1,190,700 - 1,651 Uncompleted New SaleDistrict 9 CAIRNHILL NINE Apartment 99 years April 25 1,066 2,900,000 - 2,721 2016 New SaleCAIRNHILL NINE Apartment 99 years April 27 1,044 2,829,000 - 2,709 2016 New SaleCAIRNHILL NINE Apartment 99 years April 29 1,033 2,807,000 - 2,716 2016 New SaleCAIRNHILL NINE Apartment 99 years April 30 1,033 2,618,000 - 2,534 2016 New SaleLEONIE SUITES Apartment 99 years May 2 926 1,500,000 - 1,620 2006 ResaleLIV ON WILKIE Apartment Freehold April 29 452 988,000 - 2,185 Uncompleted New SaleLUMA Apartment Freehold April 27 904 1,620,000 - 1,792 2011 ResaleOUE TWIN PEAKS Condominium 99 years April 25 549 1,616,500 - 2,945 2015 ResaleOUE TWIN PEAKS Condominium 99 years April 25 549 1,561,600 - 2,845 2015 ResaleOUE TWIN PEAKS Condominium 99 years April 26 1,604 4,800,000 - 2,993 2015 ResaleOUE TWIN PEAKS Condominium 99 years April 28 1,055 2,991,500 - 2,836 2015 ResaleRICHMOND PARK Condominium Freehold April 28 1,259 2,850,000 - 2,263 1996 ResaleSOPHIA HILLS Condominium 99 years April 25 570 1,148,000 - 2,012 Uncompleted New SaleSOPHIA HILLS Condominium 99 years April 28 700 1,477,000 - 2,111 Uncompleted New SaleST THOMAS SUITES Condominium Freehold April 27 2,013 3,750,000 - 1,863 2010 ResaleTHE BOTANIC ON LLOYD Condominium Freehold May 2 1,819 3,180,000 - 1,748 2006 ResaleTHE PIER AT ROBERTSON Apartment Freehold April 26 678 1,222,000 - 1,802 2006 ResaleVISIONCREST Apartment Freehold April 28 947 1,680,000 - 1,774 2007 ResaleDistrict 10 D’ DALVEY Apartment Freehold April 26 958 1,570,000 - 1,639 2005 ResaleD’LEEDON Condominium 99 years April 25 4,941 3,951,520 - 800 2014 ResaleD’LEEDON Condominium 99 years April 27 1,055 1,817,000 - 1,722 2014 ResaleD’LEEDON Condominium 99 years April 28 2,250 3,215,000 - 1,429 2014 ResaleD’LEEDON Condominium 99 years April 28 3,810 3,063,720 - 804 2014 ResaleD’LEEDON Condominium 99 years May 2 786 1,388,000 - 1,766 2014 ResaleD’LEEDON Condominium 99 years May 2 1,055 1,851,000 - 1,755 2014 ResaleD’LEEDON Condominium 99 years May 2 5,264 6,477,960 - 1,231 2014 ResaleGALLOP GABLES Condominium Freehold April 25 2,648 4,220,000 - 1,594 1997 ResaleGRAMERCY PARK Condominium Freehold April 28 1,948 5,828,000 - 2,991 2016 ResaleGRAMERCY PARK Condominium Freehold April 28 2,669 7,950,600 - 2,978 2016 ResaleGRAMERCY PARK Condominium Freehold May 2 1,981 5,676,040 - 2,866 2016 ResaleGRAMERCY PARK Condominium Freehold May 2 1,249 3,574,400 - 2,863 2016 ResaleGRAMERCY PARK Condominium Freehold May 2 1,884 5,088,800 - 2,701 2016 ResaleILLOURA Semi-Detached Freehold May 2 4,176 3,650,000 - 874 2009 ResaleLEEDON RESIDENCE Condominium Freehold April 27 3,767 6,150,000 - 1,632 2015 ResaleLEEDON RESIDENCE Condominium Freehold April 28 2,508 5,700,000 - 2,273 2015 ResaleMADISON RESIDENCES Condominium Freehold April 27 1,776 3,210,000 - 1,807 2012 ResaleONE BALMORAL Condominium Freehold April 28 969 2,258,000 - 2,331 2016 ResaleROBIN RESIDENCES Condominium Freehold April 27 1,593 3,728,000 - 2,340 2015 ResaleROBIN RESIDENCES Condominium Freehold April 28 1,830 4,347,000 - 2,376 2015 ResaleTHE ASANA Apartment Freehold April 28 1,033 2,280,000 - 2,206 Uncompleted New SaleTOMLINSON HEIGHTS Condominium Freehold April 26 2,745 7,500,000 - 2,732 2014 ResaleTOMLINSON HEIGHTS Condominium Freehold April 26 2,745 7,500,000 - 2,732 2014 ResaleTOMLINSON HEIGHTS Condominium Freehold April 26 2,745 7,500,000 - 2,732 2014 ResaleVALLEY PARK Condominium 999 years April 28 1,109 1,630,000 - 1,470 1997 ResaleDistrict 11 DUNEARN SUITES Apartment Freehold April 25 1,324 1,900,000 - 1,435 2011 ResaleHILLCREST VILLA Terrace 99 years May 2 3,154 2,900,000 - 920 2009 ResaleMIRO Apartment Freehold April 25 1,249 1,820,000 - 1,458 2012 ResaleORIOLE CRESCENT Detached Freehold April 28 10,000 13,200,000 - 1,320 1992 ResalePARK INFINIA AT WEE NAM Condominium Freehold April 28 560 1,010,000 - 1,804 2008 ResalePARK INFINIA AT WEE NAM Condominium Freehold April 28 1,464 2,530,000 - 1,728 2008 ResaleDistrict 12 BEACON HEIGHTS Condominium 999 years April 27 1,109 1,000,000 - 902 2012 ResaleGEM RESIDENCES Condominium 99 years April 26 484 789,000 - 1,629 Uncompleted New SaleGEM RESIDENCES Condominium 99 years April 30 678 1,122,660 - 1,656 Uncompleted New SaleGEM RESIDENCES Condominium 99 years April 30 775 1,169,000 - 1,508 Uncompleted New SaleGEM RESIDENCES Condominium 99 years April 30 775 1,142,000 - 1,474 Uncompleted New SaleGEM RESIDENCES Condominium 99 years April 30 936 1,369,000 - 1,462 Uncompleted New SaleDistrict 13 BARTLEY RIDGE Condominium 99 years April 27 1,130 1,244,888 - 1,101 2016 Sub SaleE MAISON Apartment Freehold April 25 1,313 1,796,000 - 1,368 2016 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

EURO-ASIA PARK Condominium Freehold April 26 1,550 1,680,000 - 1,084 1996 ResaleMACPHERSON GARDEN ESTATE Terrace Freehold April 27 883 1,330,000 - 1,503 Unknown ResaleMACPHERSON GARDEN ESTATE Terrace Freehold April 28 883 1,405,000 - 1,588 Unknown ResaleMACPHERSON GARDEN ESTATE Terrace Freehold April 28 883 1,380,000 - 1,560 Unknown ResaleKEE CHOE AVENUE Semi-Detached Freehold April 26 2,659 3,000,000 - 1,128 1955 ResaleJALAN RIANG Terrace Freehold May 2 1,658 1,910,000 - 1,156 Unknown ResaleOASIS @ MULBERRY Terrace Freehold April 28 2,422 3,028,888 - 1,249 2006 ResaleTHE POIZ RESIDENCES Apartment 99 years April 25 538 813,000 - 1,511 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 27 420 625,000 - 1,489 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 29 538 810,000 - 1,505 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 29 1,184 1,636,000 - 1,382 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years April 26 1,130 1,476,615 - 1,306 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years April 26 1,152 1,489,193 - 1,293 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years April 29 1,238 1,730,000 - 1,398 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years April 29 1,076 1,295,000 - 1,203 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years April 30 850 1,250,000 - 1,470 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years April 30 1,238 1,760,000 - 1,422 Uncompleted New SaleDistrict 14 ASTORIA PARK Condominium 99 years April 28 743 720,000 - 969 1995 ResaleD’WEAVE Apartment Freehold April 26 420 607,000 - 1,446 2014 ResaleLE REGAL Apartment Freehold April 28 420 478,000 - 1,139 2015 ResalePARK PLACE RESIDENCES AT PLQ Apartment 99 years April 25 667 1,219,999 - 1,828 Uncompleted New SaleSARINA TERRACE Terrace Freehold April 28 1,808 2,238,000 - 1,236 1990 ResaleSIMS URBAN OASIS Condominium 99 years April 27 818 1,228,500 - 1,502 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 27 560 754,000 - 1,347 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 28 667 930,100 - 1,394 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 29 700 991,300 - 1,417 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 29 667 926,700 - 1,389 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 30 667 940,300 - 1,409 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 30 667 933,600 - 1,399 Uncompleted New SaleSIMSVILLE Condominium 99 years April 26 980 940,000 - 960 1998 ResaleTHE CENTREN Apartment Freehold April 26 1,012 1,125,000 - 1,112 2016 ResaleTHE WATERINA Apartment Freehold April 26 1,227 1,445,000 - 1,178 2005 ResaleTRE RESIDENCES Condominium 99 years April 25 764 1,087,000 - 1,422 Uncompleted New SaleTRE RESIDENCES Condominium 99 years April 27 764 1,092,000 - 1,429 Uncompleted New SaleTRE RESIDENCES Condominium 99 years April 30 947 1,308,000 - 1,381 Uncompleted New SaleWATERBANK AT DAKOTA Condominium 99 years April 26 484 720,000 - 1,486 2013 ResaleWATERBANK AT DAKOTA Condominium 99 years April 27 883 1,255,000 - 1,422 2013 ResaleDistrict 15 AMBER POINT Condominium Freehold April 28 1,690 2,230,000 - 1,320 1991 ResaleAMBER SKYE Apartment Freehold April 25 527 1,053,000 - 1,996 Uncompleted New SaleAMBER SKYE Apartment Freehold April 28 1,119 1,870,000 - 1,670 2017 New SaleFORTUNE JADE Apartment Freehold April 25 1,216 1,250,000 - 1,028 2003 ResaleFORTUNE SPRING Apartment Freehold April 26 1,033 1,200,000 - 1,161 2003 ResaleFULCRUM Condominium Freehold April 25 474 971,000 - 2,050 2016 ResaleFULCRUM Condominium Freehold April 27 474 943,000 - 1,991 2016 ResaleFULCRUM Condominium Freehold April 28 678 1,479,000 - 2,181 2016 ResaleHAWAII TOWER Condominium Freehold April 28 2,239 2,430,000 - 1,085 1984 ResaleMANDARIN GARDENS Condominium 99 years April 25 1,528 1,270,000 - 831 1986 ResaleMANDARIN GARDENS Condominium 99 years May 2 1,528 1,200,000 - 785 1986 ResaleMODA Apartment Freehold April 28 1,819 2,291,940 - 1,260 2014 ResaleCEYLON ROAD Terrace Freehold April 28 1,668 2,450,000 - 1,469 Unknown ResaleNEPTUNE COURT Apartment 99 years April 28 1,636 1,140,000 - 697 1975 ResaleNEPTUNE COURT Apartment 99 years April 28 1,270 860,000 - 677 1975 ResaleONE EIGHTIES RESIDENCES Apartment Freehold April 26 614 898,888 - 1,465 2015 ResaleOPERA ESTATE Terrace Freehold April 28 1,389 1,650,000 - 1,185 Unknown ResaleSANCTUARY GREEN Condominium 99 years April 28 1,119 1,198,000 - 1,070 2003 ResaleSEASIDE RESIDENCES Apartment 99 years April 26 1,130 1,970,000 - 1,743 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 26 506 845,000 - 1,670 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 26 1,259 1,970,000 - 1,564 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 27 1,733 3,270,000 - 1,887 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 27 1,206 2,013,000 - 1,670 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 27 786 1,281,000 - 1,630 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 28 786 1,246,000 - 1,586 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 29 1,130 1,994,000 - 1,764 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 29 1,087 1,807,000 - 1,662 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 29 829 1,341,000 - 1,618 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 29 678 1,066,230 - 1,572 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 30 1,130 1,759,000 - 1,556 Uncompleted New SaleTHE MEYERISE Condominium Freehold April 26 883 1,798,000 - 2,037 2014 ResaleTHE MEYERISE Condominium Freehold April 27 883 1,750,000 - 1,983 2014 ResaleTIERRA VUE Condominium Freehold April 28 947 1,370,000 - 1,446 2009 ResaleVERSILIA ON HAIG Condominium Freehold April 28 1,335 1,650,000 - 1,236 2010 ResaleVILLA MARTIA Condominium Freehold April 28 1,281 1,500,000 - 1,171 2000 ResaleDistrict 16 CASA MERAH Apartment 99 years May 2 1,249 1,280,000 - 1,025 2009 ResaleCASAFINA Condominium 99 years May 2 1,604 1,250,000 - 779 1999 ResaleCOSTA DEL SOL Condominium 99 years May 2 1,227 1,590,000 - 1,296 2003 ResaleEAST MEADOWS Condominium 99 years April 28 1,216 1,080,000 - 888 2002 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years April 25 1,453 1,890,000 - 1,301 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years April 26 1,141 1,246,000 - 1,092 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years April 27 893 1,237,000 - 1,385 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years April 28 624 902,000 - 1,445 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years April 29 969 1,274,000 - 1,315 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years April 29 1,141 1,245,000 - 1,091 Uncompleted New Sale

DONE DEALS

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EP14 • THEEDGE SINGAPORE | MAY 15, 2017

DONE DEALS

Residential transactions with contracts dated April 25 to May 2

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

GRANDEUR PARK RESIDENCES Condominium 99 years April 30 883 1,163,000 - 1,318 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years April 30 893 1,126,000 - 1,260 Uncompleted New SaleOPTIMA @ TANAH MERAH Condominium 99 years April 27 1,195 1,300,000 - 1,088 2012 ResalePICARDY GARDENS Terrace Freehold April 25 6,803 4,380,000 - 644 1975 ResaleSTRATFORD COURT Condominium 99 years April 25 1,152 915,000 - 794 1998 ResaleSTRATFORD COURT Condominium 99 years April 26 1,410 1,110,000 - 787 1998 ResaleTHE BAYSHORE Condominium 99 years April 25 1,184 1,060,000 - 895 1996 ResaleTHE GLADES Condominium 99 years April 26 1,281 1,728,000 - 1,349 2016 New SaleTHE GLADES Condominium 99 years April 27 1,023 1,430,000 - 1,398 2016 New SaleVENEZIO Apartment Freehold April 27 1,216 1,220,000 - 1,003 2006 ResaleVILLAS AT KEW Semi-Detached 99 years April 27 2,411 1,860,000 - 772 1997 ResaleDistrict 17 AZALEA PARK CONDOMINIUM Condominium 999 years April 26 1,507 1,060,000 - 703 1996 ResaleFERRARIA PARK CONDOMINIUM Condominium Freehold April 26 646 622,000 - 963 2009 ResaleDistrict 18 COCO PALMS Condominium 99 years April 27 1,389 1,371,200 - 988 Uncompleted New SaleCOCO PALMS Condominium 99 years April 27 1,378 1,356,400 - 984 Uncompleted New SaleCOCO PALMS Condominium 99 years April 29 1,259 1,360,800 - 1,081 Uncompleted New SaleD’NEST Condominium 99 years April 29 1,270 1,333,888 - 1,050 Uncompleted New SaleD’NEST Condominium 99 years April 29 1,410 1,322,880 - 938 Uncompleted New SalePINEVALE EC 99 years April 26 1,292 870,000 - 674 1999 ResaleSIMEI GREEN CONDOMINIUM EC 99 years May 2 1,378 990,000 - 719 1999 ResaleTHE ALPS RESIDENCES Condominium 99 years April 25 689 735,000 - 1,067 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 25 689 723,000 - 1,050 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 26 700 784,000 - 1,121 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 26 700 752,000 - 1,075 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 26 689 739,000 - 1,073 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 26 689 731,000 - 1,061 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 26 689 727,000 - 1,055 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 26 700 705,000 - 1,008 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 26 1,087 1,056,112 - 971 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 28 936 1,006,000 - 1,074 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 28 1,066 1,104,000 - 1,036 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 29 689 707,000 - 1,026 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 29 1,087 1,113,800 - 1,025 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 30 700 701,000 - 1,002 Uncompleted New SaleTHE PALETTE Condominium 99 years April 27 1,163 1,080,000 - 929 2015 ResaleTHE SANTORINI Condominium 99 years April 25 1,119 1,218,000 - 1,088 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 25 1,130 1,186,000 - 1,049 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 25 1,367 1,413,000 - 1,034 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 25 1,259 1,290,000 - 1,024 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 25 1,259 1,275,120 - 1,012 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 25 1,130 1,133,550 - 1,003 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 25 1,119 1,114,000 - 995 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 26 1,184 1,176,000 - 993 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 26 1,152 1,142,000 - 992 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 27 915 948,675 - 1,037 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 27 1,130 1,125,000 - 995 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 29 1,378 1,362,240 - 989 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 30 1,152 1,179,000 - 1,024 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 30 1,152 1,153,000 - 1,001 Uncompleted New SaleTROPICAL SPRING Condominium 99 years April 26 1,076 940,888 - 874 2002 ResaleVUE 8 RESIDENCE Condominium 99 years April 26 797 822,000 - 1,032 2017 New SaleDistrict 19 BARTLEY RESIDENCES Apartment 99 years April 25 797 1,020,000 - 1,281 2015 ResaleBOATHOUSE RESIDENCES Condominium 99 years May 2 624 730,000 - 1,169 2015 ResaleBOTANIQUE AT BARTLEY Condominium 99 years April 25 1,130 1,453,320 - 1,286 Uncompleted New SaleBOTANIQUE AT BARTLEY Condominium 99 years April 27 1,130 1,462,230 - 1,294 Uncompleted New SaleBOTANIQUE AT BARTLEY Condominium 99 years April 27 1,130 1,434,720 - 1,269 Uncompleted New SaleFLORENCE REGENCY Apartment 103 years April 27 1,625 905,000 - 557 Unknown ResaleFONTAINE PARRY Condominium 999 years April 26 1,163 1,038,000 - 893 2010 ResaleFOREST WOODS Condominium 99 years April 25 1,475 1,889,000 - 1,281 Uncompleted New SaleFOREST WOODS Condominium 99 years April 29 1,076 1,387,000 - 1,289 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 25 883 1,037,000 - 1,175 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 26 1,109 1,242,000 - 1,120 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 27 883 1,018,000 - 1,153 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 27 980 1,116,000 - 1,139 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 27 1,356 1,543,000 - 1,138 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 27 1,098 1,152,000 - 1,049 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 27 1,098 1,129,000 - 1,028 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 28 850 955,350 - 1,123 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 29 678 870,000 - 1,283 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 29 883 1,048,000 - 1,187 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 29 1,356 1,554,300 - 1,146 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 29 1,356 1,549,350 - 1,142 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 30 689 878,000 - 1,275 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 30 1,216 1,431,000 - 1,176 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 30 1,195 1,395,520 - 1,168 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 30 1,044 1,204,655 - 1,154 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 30 850 965,000 - 1,135 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 30 1,023 1,142,600 - 1,117 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 30 1,109 1,230,930 - 1,110 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 30 850 942,000 - 1,108 Uncompleted New SaleJALAN RINDU Terrace Freehold April 28 1,851 2,520,000 - 1,361 2001 ResaleRIVERSAILS Condominium 99 years April 28 506 605,000 - 1,196 2016 ResaleSERANGOON GARDEN ESTATE Detached 999 years April 25 4,187 4,700,000 - 1,123 1997 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years April 26 2,164 2,720,000 - 1,255 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years April 28 2,680 2,550,000 - 950 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 2 2,949 3,700,000 - 1,255 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 2 2,164 2,380,000 - 1,102 Unknown ResaleSTARS OF KOVAN Apartment 99 years April 25 743 1,109,720 - 1,494 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years April 27 732 1,100,260 - 1,503 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years April 28 732 1,055,540 - 1,442 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years April 29 743 1,073,000 - 1,445 Uncompleted New SaleSUN ROSIER Condominium Freehold April 25 2,336 1,925,000 - 824 1985 ResaleTHE FLORENTINE Apartment 947 years April 26 947 935,000 - 987 2011 ResaleTHE RIVERVALE EC 99 years April 25 1,259 870,000 - 691 2000 ResaleTHE TERRACE EC 99 years April 29 1,001 848,000 - 847 Uncompleted New SaleTHE TERRACE EC 99 years April 29 1,076 859,000 - 798 Uncompleted New SaleTHE VALES EC 99 years April 25 764 648,888 - 849 Uncompleted New SaleTHE VALES EC 99 years April 25 753 633,000 - 840 Uncompleted New SaleTHE VALES EC 99 years April 27 904 739,000 - 817 Uncompleted New SaleTHE VALES EC 99 years April 27 1,711 1,290,000 - 754 Uncompleted New SaleTRILIVE Condominium Freehold April 28 1,163 1,800,000 - 1,548 Uncompleted New SaleTRILIVE Condominium Freehold April 30 904 1,487,000 - 1,645 Uncompleted New SaleDistrict 20 FABER GARDEN CONDOMINIUM Condominium Freehold April 28 1,572 1,850,000 - 1,177 1984 ResaleGRANDEUR 8 Condominium 99 years May 2 1,195 1,138,000 - 952 2005 ResaleHORIZON GARDENS Terrace 99 years April 25 2,992 1,733,300 - 579 2002 ResaleJALAN SEMBILANG Terrace Freehold April 28 1,851 2,180,000 - 1,179 Unknown ResaleSHANGRI-LA PARK Semi-Detached Freehold April 26 3,703 3,200,000 - 865 1988 ResaleTHE PANORAMA Condominium 99 years April 29 1,561 2,030,000 - 1,301 Uncompleted New SaleTHE PANORAMA Condominium 99 years April 29 1,141 1,407,827 - 1,234 Uncompleted New SaleTHOMSON GRAND Condominium 99 years April 28 1,356 1,638,000 - 1,208 2015 ResaleDistrict 21 CAVENDISH PARK Condominium 99 years April 27 1,227 1,250,000 - 1,019 1996 ResaleCLEMENTI PARK Detached Freehold April 26 7,944 9,500,000 - 1,195 Unknown ResaleGOODLUCK GARDEN Condominium Freehold April 27 1,023 1,150,000 - 1,125 1984 ResalePARC PALAIS Condominium Freehold May 2 1,335 1,280,000 - 959 1999 ResalePINE GROVE Condominium 99 years April 26 1,755 1,288,888 - 735 Unknown ResalePINE GROVE Condominium 99 years May 2 1,755 1,310,000 - 747 Unknown ResaleTHE CASCADIA Condominium Freehold April 26 2,207 1,750,000 - 793 2010 ResaleTHE CREEK @ BUKIT Condominium Freehold April 25 657 1,119,000 - 1,704 Uncompleted New SaleTHE HILLSIDE Condominium Freehold April 27 1,313 1,420,000 - 1,081 2001 ResaleTHE RAINTREE Condominium 99 years April 25 1,270 1,280,000 - 1,008 2008 ResaleDistrict 22 LAKE GRANDE Condominium 99 years April 29 861 1,145,000 - 1,330 Uncompleted New SaleLAKE GRANDE Condominium 99 years April 29 818 1,069,000 - 1,307 Uncompleted New Sale

LAKE GRANDE Condominium 99 years April 30 775 1,033,000 - 1,333 Uncompleted New SaleLAKEVILLE Condominium 99 years April 30 1,281 1,522,988 - 1,189 2017 New SaleTHE LAKEFRONT RESIDENCES Condominium 99 years April 26 2,099 2,100,000 - 1,000 2014 ResaleWESTWOOD RESIDENCES EC 99 years April 27 1,033 785,700 - 760 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years April 28 1,152 934,500 - 811 Uncompleted New SaleDistrict 23 ECO SANCTUARY Condominium 99 years April 25 1,292 1,249,480 - 967 2016 New SaleHAZEL PARK CONDOMINIUM Condominium 999 years April 25 1,335 1,230,000 - 922 2000 ResaleHILLBROOKS Condominium Freehold April 25 700 750,000 - 1,072 1999 ResaleHILLION RESIDENCES Apartment 99 years April 25 463 709,650 - 1,533 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 29 474 714,400 - 1,508 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 29 474 674,250 - 1,424 Uncompleted New SaleHILLVIEW REGENCY Condominium 99 years April 28 1,130 970,000 - 858 2005 ResaleINZ RESIDENCE EC 99 years April 29 1,109 909,000 - 820 Uncompleted New SaleKINGSFORD . HILLVIEW PEAK Condominium 99 years April 26 1,378 1,650,000 - 1,198 2017 Sub SaleMERA WOODS Condominium 999 years April 25 1,001 945,000 - 944 1999 ResaleJALAN GUMILANG Terrace Freehold April 26 2,971 2,360,000 - 795 Unknown ResalePHOENIX HEIGHTS Apartment 99 years April 26 980 600,000 - 613 1980 ResaleSOL ACRES EC 99 years April 25 926 708,000 - 765 Uncompleted New SaleSOL ACRES EC 99 years April 25 1,044 785,000 - 752 Uncompleted New SaleSOL ACRES EC 99 years April 25 926 678,000 - 732 Uncompleted New SaleSOL ACRES EC 99 years April 26 872 717,000 - 822 Uncompleted New SaleSOL ACRES EC 99 years April 26 872 714,000 - 819 Uncompleted New SaleSOL ACRES EC 99 years April 26 926 699,000 - 755 Uncompleted New SaleSOL ACRES EC 99 years April 27 1,044 818,000 - 783 Uncompleted New SaleSOL ACRES EC 99 years April 28 570 463,000 - 812 Uncompleted New SaleSOL ACRES EC 99 years April 28 926 714,000 - 771 Uncompleted New SaleSOL ACRES EC 99 years April 28 1,044 786,000 - 753 Uncompleted New SaleSOL ACRES EC 99 years April 28 1,044 773,000 - 740 Uncompleted New SaleSOL ACRES EC 99 years April 29 872 733,000 - 841 Uncompleted New SaleSOL ACRES EC 99 years April 29 850 695,000 - 817 Uncompleted New SaleSOL ACRES EC 99 years April 29 926 723,000 - 781 Uncompleted New SaleSOL ACRES EC 99 years April 29 732 562,000 - 768 Uncompleted New SaleSOL ACRES EC 99 years April 29 926 711,000 - 768 Uncompleted New SaleSOL ACRES EC 99 years April 29 1,044 778,000 - 745 Uncompleted New SaleSOL ACRES EC 99 years April 29 495 360,000 - 727 Uncompleted New SaleSOL ACRES EC 99 years April 30 872 715,000 - 820 Uncompleted New SaleSOL ACRES EC 99 years April 30 926 726,000 - 784 Uncompleted New SaleSOL ACRES EC 99 years April 30 732 571,000 - 780 Uncompleted New SaleSOL ACRES EC 99 years April 30 570 445,000 - 780 Uncompleted New SaleSOL ACRES EC 99 years April 30 926 711,000 - 768 Uncompleted New SaleSOL ACRES EC 99 years April 30 926 693,000 - 749 Uncompleted New SaleSOL ACRES EC 99 years April 30 926 690,000 - 745 Uncompleted New SaleTHE DEW EC 99 years April 27 1,206 955,000 - 792 2003 ResaleWANDERVALE EC 99 years April 26 1,098 845,000 - 770 Uncompleted New SaleWANDERVALE EC 99 years April 29 1,098 845,000 - 770 Uncompleted New SaleDistrict 25 BELLEWOODS EC 99 years April 25 1,227 1,050,390 - 856 2017 New SaleBELLEWOODS EC 99 years April 26 1,249 988,020 - 791 2017 New SaleBELLEWOODS EC 99 years April 27 1,227 949,100 - 773 2017 New SaleBELLEWOODS EC 99 years April 27 1,249 946,680 - 758 2017 New SaleBELLEWOODS EC 99 years April 29 1,227 945,460 - 770 2017 New SaleFORESTVILLE EC 99 years April 29 2,153 1,555,000 - 722 2016 New SaleLA CASA EC 99 years April 26 980 765,000 - 781 2008 ResaleBEECHWOOD GROVE Detached 99 years April 26 6,135 4,026,000 - 656 1999 ResaleNORTHWAVE EC 99 years April 28 753 587,100 - 779 Uncompleted New SaleNORTHWAVE EC 99 years April 28 980 713,450 - 728 Uncompleted New SaleNORTHWAVE EC 99 years April 29 1,098 828,400 - 755 Uncompleted New SaleNORTHWAVE EC 99 years April 29 1,464 1,075,400 - 735 Uncompleted New SaleNORTHWAVE EC 99 years April 29 990 713,050 - 720 Uncompleted New SaleNORTHWAVE EC 99 years April 30 990 738,700 - 746 Uncompleted New SaleNORTHWAVE EC 99 years April 30 753 558,600 - 741 Uncompleted New SaleNORTHWAVE EC 99 years April 30 990 713,050 - 720 Uncompleted New SaleDistrict 26 THE BROOKS I & II Apartment Freehold April 26 603 794,453 - 1,318 2016 New SaleTHE BROOKS I & II Apartment Freehold April 26 818 1,029,044 - 1,258 2016 New SaleTHE BROOKS I & II Apartment Freehold April 28 1,066 1,310,967 - 1,230 2016 New SaleTHE BROOKS I & II Apartment Freehold April 29 818 1,055,220 - 1,290 2016 New SaleTHE CALROSE Condominium Freehold April 27 1,249 1,430,000 - 1,145 2007 ResaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years April 25 861 1,109,700 - 1,289 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years April 30 829 1,087,200 - 1,312 Uncompleted New SalePARC LIFE EC 99 years April 25 1,001 725,800 723,500 723 Uncompleted New SalePARC LIFE EC 99 years April 26 1,109 822,700 820,400 740 Uncompleted New SalePARC LIFE EC 99 years April 27 1,001 749,550 747,250 746 Uncompleted New SalePARC LIFE EC 99 years April 29 764 596,600 594,300 778 Uncompleted New SalePARC LIFE EC 99 years April 30 1,066 898,660 896,360 841 Uncompleted New SalePARC LIFE EC 99 years April 30 764 590,900 - 773 Uncompleted New SalePARC LIFE EC 99 years April 30 1,109 842,880 840,580 758 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 26 1,098 876,645 - 798 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 27 1,184 892,980 - 754 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 28 775 579,645 - 748 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 29 775 613,305 - 791 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 30 775 593,010 - 765 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 25 893 947,000 - 1,060 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 25 1,023 1,053,000 - 1,030 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 27 689 738,000 - 1,071 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 27 1,023 1,020,000 - 997 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 28 915 932,000 - 1,019 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 29 915 943,000 - 1,031 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 30 797 843,000 - 1,058 Uncompleted New SaleTHE BROWNSTONE EC 99 years April 28 947 769,600 - 812 Uncompleted New SaleTHE BROWNSTONE EC 99 years April 29 958 751,200 - 784 Uncompleted New SaleTHE CRITERION EC 99 years April 26 1,119 894,400 - 799 Uncompleted New SaleTHE CRITERION EC 99 years April 28 786 664,000 - 845 Uncompleted New SaleTHE CRITERION EC 99 years April 29 915 712,800 - 779 Uncompleted New SaleTHE CRITERION EC 99 years April 29 1,195 866,400 - 725 Uncompleted New SaleTHE CRITERION EC 99 years April 30 1,249 1,039,200 - 832 Uncompleted New SaleTHE CRITERION EC 99 years April 30 1,001 795,200 - 794 Uncompleted New SaleTHE CRITERION EC 99 years April 30 1,023 780,800 - 764 Uncompleted New SaleTHE CRITERION EC 99 years April 30 1,195 847,200 - 709 Uncompleted New SaleTHE MILTONIA RESIDENCES Condominium 99 years April 27 517 588,000 - 1,138 2014 ResaleTHE SHAUGHNESSY Terrace 99 years April 27 3,305 1,600,000 - 484 2006 ResaleTHE VISIONAIRE EC 99 years April 25 980 796,000 - 813 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 25 1,141 894,000 - 784 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 25 1,292 984,555 - 762 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 26 1,206 863,000 - 716 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 27 1,141 937,000 - 821 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 28 1,141 954,000 - 836 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 28 1,313 1,056,330 - 804 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 28 1,281 1,004,000 - 784 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 29 1,152 964,000 - 837 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 30 980 809,000 - 826 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 30 1,453 1,134,000 - 780 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 30 1,012 767,000 - 758 Uncompleted New SaleTHE WISTERIA Apartment 99 years April 25 969 1,058,712 - 1,093 Uncompleted New SaleTHE WISTERIA Apartment 99 years April 25 969 1,026,345 - 1,059 Uncompleted New SaleTHE WISTERIA Apartment 99 years April 29 969 1,059,900 - 1,094 Uncompleted New SaleDistrict 28 MIMOSA PARK Condominium Freehold April 28 1,894 1,560,000 - 823 1979 ResaleRIVERBANK @ FERNVALE Condominium 99 years April 26 1,012 1,018,000 - 1,006 2017 New SaleSELETAR HILLS ESTATE Semi-Detached 999 years April 26 3,154 3,600,000 - 1,143 Unknown Resale

DISCLAIMER:Source: URA Realis. Updated May 9, 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* Not all the 125 caveats lodged for ARTRA are reflected in the table

FROM PREVIOUS PAGE

THEEDGE SINGAPORE | MAY 15, 2017 • EP15

LEARNING WITH WINE

Valuable tips on real estate investing

On April 26, The Edge Property collaborated with Country

Garden to hold the Learning with Wine event at

the latter’s Singapore sales office. Functioning as

a knowledge-transfer platform, the event facilitat-

ed the sharing of valuable tips by real estate pro-

fessionals. Lydia Liew, a business development director from

Accountancy Hub, gave a presentation on “Tax Filing for Sole

Proprietor”; Terence Tan, an advocate and solicitor from Alpha

Law LLC, elaborated on “Legal Issues in Buying For-

eign Property”. A tasting of rosé wines with Catherine

Chevalier from The French Cellar rounded off the evening. E

Country Garden hosted the event at its Singapore sales gallery

Jia Ling, marketing consultant for Forest City, educating guests on the project

Alpha Law LLC’s Tan giving a presentation on ‘Tax Issues in Buying Foreign Properties’

Exploring rosé wines with The French Cellar’s Chevalier

The crowd at the Country Garden Singapore sales gallery Chevalier sharing pointers with guests at the wine-tasting session

Accountancy Hub’s Liew talking about ‘Tax Filing for Sole Proprietor’

EP16 • THEEDGE SINGAPORE | MAY 15, 2017

DEAL WATCH

Recent transactions at Pavilion 11

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

Nov 17, 2016 958 1.55 1,618July 26, 2016 4,219 4.50 1,066Nov 20, 2015 958 1.60 1,673Oct 23, 2015 1,485 2.03 1,367Sept 1, 2015 1,485 2.20 1,481

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Recent rental contracts for 1,400 to 1,500 sq ft units at Pavilion 11

LEASE DATE MONTHLY RENT

$ $ PSF

March 2017 5,000 3.40March 2017 6,200 4.30March 2017 4,650 3.20March 2017 4,700 3.20March 2017 4,300 3.00March 2017 4,200 2.90

Unit at Pavilion 11 up for sale at $1,390 psf| BY TAN CHEE YUEN |

When the freehold Pavilion 11

was launched a decade ago,

all 180 units in the condomini-

um were fully sold in less than

two months. Developed by

UOL Group, the project is located in a qui-

et enclave at the corner of Akyab and Mim-

bu Roads, off Balestier Road.

In the vicinity are a mix of old and new

private apartments and condos. There have

been few transactions in the area, as it com-

prises a mix of owner-occupiers and long-

term investors. For instance, just across the

road from Pavilion 11 is the 22-unit apartment

block, D’Ixoras, completed in 2011. The last

transaction at D’Ixoras was in 2013, when a

980 sq ft, three-bedroom unit changed hands

for $1.48 million ($1,511 psf), according to

a caveat lodged with URA Realis.

Meanwhile, at Kheng Leong Group’s 100-

unit The Ansley, the last transaction was in

July 2016, when a 1,098 sq ft, two-bedroom

unit was sold for $1.35 million ($1,230 psf).

Located opposite Pavilion 11 are two old-

er condos: Mandalay Towers and Manda-

lay Mansion. The last time a unit changed

hands at Mandalay Mansion was in June

2016, when a 2,088 sq ft, four-bedroom unit

fetched $2.08 million ($996 psf).

Meanwhile, the 56-unit Mandalay Tow-

ers was completed in 1974. Most recently,

a 2,508 sq ft, four-bedroom unit was sold in

March for $2.3 million ($917 psf). This is the

third time the fifth-floor unit has changed

hands. The last transaction was in June 2007,

when it fetched $1.67 million ($666 psf). Pri-

or to that, the unit was sold for $1.22 mil-

lion ($486 psf) in February 1996.

At Pavilion 11, the last transaction was in

November 2016, when a 958 sq ft, two-bed-

room unit on the 20th floor of the 33-storey

tower was sold for $1.55 million ($1,618 psf).

Now, a 1,475 sq ft, three-bedroom unit

at Pavilion 11 is on the market for $2.05 mil-

lion ($1,390 psf). “The three-bedroom unit

is currently vacant,” says PropNex Realty’s

Richard Wong, who is marketing the prop-

erty on the TheEdgeProperty.com.

The main attraction of Pavilion 11 is

that it is developed by a reputable develop-

er, UOL Group. In addition, it is near Ren

Ci Nursing Home and Health City Novena,

and is a five-minute drive to the shopping

malls in the Novena area such as Velocity,

Square Two and United Square, says Wong.

Three-bedroom units at Pavilion 11 that

were leased out in March fetched rental rates

of $4,200 to $6,200 a month. Based on the

$2.05 million asking price of the three-bed-

room unit that is currently on the market,

the gross rental yield translates into 3.6%.

Visit tinyurl.com/DealWatch-S779 for

more information. E

A 1,475 sq ft unit at Pavilion 11 is on the marketfor $2.05 million ($1,390 psf)

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