PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of November 5, 2018 | ISSUE 855-76

MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)

Next stage of co-workingJonathan O’Byrne, founder and CEO of Collective Works, talks about the shift in the co-working space and why he has chosen to exit as an operator See our Cover Story on Pages 6 and 7.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of November 5, 2018 | ISSUE 855-76

MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)

SpotlightColliers takes over

management of SLA’s B&W bungalows EP4

En Bloc WatchGhost of Brutalist past:

Golden Mile Complex for sale at $800 mil EP5

Co-WorkingCampfi re, JustCo, WeWork

announce expansion plans in Singapore EP8TO10

Done DealsGCB at 2G Bishopsgate

sold for close to $28 mil EP12

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EP2 • EDGEPROP | NOVEMBER 5, 2018

Five freehold conservation shophouses in Geylang for saleFive adjoining freehold conservation

shophouses at 236 to 244 Geylang Road

(above) are up for sale via an expres-

sion of interest (EOI) exercise at an in-

dicative price of $28 million. This works

out to about $1,312 psf, based on the

floor area of about 21,349 sq ft.

Located at the junction of Geylang

Road and Lorong 10 Geylang, the shop-

houses sit on a 7,411 sq ft conservation

site that is zoned “commercial” and has

a plot ratio of 3.0 under the 2014 Mas-

ter Plan. As such, additional buyer’s

stamp duty (ABSD) and seller’s stamp

duty (SSD) are not applicable.

The property was designated for con-

servation on Oct 25, 1991.

According to marketing agent Colliers

International, the price for the shophous-

es is more attractive than the $1,500 psf

achieved in the 733 Geylang Road trans-

action in May this year. The five shop-

houses — all comprising three storeys

plus an attic — are situated within 700m

of Kallang and Aljunied MRT stations.

Currently, about half of the space at the

shophouses is tenanted to multiple users,

including a money changer, café, hair sa-

lon, restaurant and an association.

The EOI exercise will close on Nov 22.

Freehold coffee shop at Changi Road up for saleA corner coffee shop property at 44

and 46 Changi Road has been launched

for sale via an EOI exercise. According

to marketing agent JLL, the indicative

guide price for the freehold property is

about $13.5 million, or around $1,730

psf based on the gross floor area (GFA).

The 3,175 sq ft site has a current GFA

of about 7,800 sq ft. Under the 2014 Mas-

ter Plan, the site is zoned “commercial

and residential”, with a gross plot ratio

of 2.8. The property is fully leased to

ABC Nasi Kandar Restaurant, a 24-hour

coffee shop. It has main road frontage.

As it is located within a mature resi-

dential estate, 44 and 46 Changi Road

has both high footfall and immediate

access to a large residential catchment.

The property is a 10-minute walk

from Paya Lebar and Eunos MRT sta-

tions. It is also a 15-minute drive to the

CBD and is easily accessible via Pan Is-

land Expressway and Kallang Paya Leb-

ar Expressway.

Clemence Lee, senior director of cap-

ital markets at JLL, says: “Being strate-

gically situated within close proximity

to the Paya Lebar growth precinct, the

subject property presents the new own-

er with an exceptional opportunity to

claim a stake in this exciting commer-

cial and lifestyle destination.”

The EOI exercise will close on Nov 29.

Ground-floor F&B space in Grand Building selling for $18 milThe ground-floor commercial space of

Grand Building at 17 Phillip Street is

on the market for $18 million ($6,147

psf), says marketing agent Edmund Tie

& Co (ET&Co). The unit has a 2,928 sq

ft floor area that spans the entire ground

floor of the 11-storey building. It is cur-

rently tenanted to a Teochew restaurant

called Chao Shan Cuisine.

The building is located in the Raffles

Place area. The strata space has prom-

inent street level visibility and enjoys

high footfall from the surrounding of-

fice buildings. Raffles Place MRT inter-

change is also a three-minute walk away.

“Prime ground floor commercial space

in the core CBD area is tightly held and

rarely available for sale. There is no of-

fering of properties with similar attrib-

utes in Raffles Place,” says Swee Shou

Fern, ET&Co’s senior director of invest-

ment advisory. She points out that a

ground-floor unit at The Arcade, along

the nearby Collyer Quay, was recently

sold for $15,097 psf.

Grand Building is suitable for end us-

ers looking to operate their business in

the established, high-traffic area, Swee

says. It will also appeal to investors look-

ing to own an asset in the CBD with

strong tenant profile and stable rental

income, she adds. Foreigners are eligi-

ble to purchase the unit and will not

be subject to ABSD or SSD.The tender closes on Dec 5.

Century Warehouse in Pasir Panjang selling for $57 milCentury Warehouse, an eight-storey

industrial warehouse on Pasir Panjang

Road, is on the market for $57 million,

or $750 psf per plot ratio on the land

area. The freehold development is zoned

for industrial (business 1) use and com-

prises 35 strata units, with a total stra-

ta area of 56,539 sq ft. The site has a

gross plot ratio of 2.5.

The development sits on a 30,402 sq

ft site that has a 35m frontage onto Pasir

Panjang Road. The building is within an

industrial enclave and surrounded by

other buildings such as Interlocal Cen-

tre, OC @ Pasir Panjang and Mapletree

Business City. Pasir Panjang and Lab-

rador Park MRT stations are a 10-min-

ute walk away. It is also accessible via

the West Coast Highway and Ayer Ra-

jah Expressway.

The tender closes on Nov 30.

Private residential prices fall in September; gains in previous month almost wiped outPrivate residential prices in Singapore

fell 0.1% in September compared

with the month before, according to

the Singapore Residential Price Index

released by the National University

of Singapore. Three out of the four

main SRPI indices saw a drop. The

SRPI Overall, SPRI Central and SPRI

Small Units fell 0.1%, 0.3% and 0.2%

m-o-m, respectively. The SRPI Non-

Central index was unchanged.

According to the SPRI data, the pri-

vate residential housing market has not

stabilised and is still finding “a clear di-

rection”, says Nicholas Mak, executive

director of ZACD Group. The declines

recorded for September almost wiped

out the gains in August, when all the

indices increased m-o-m, says Mak. He

says that in the recent four months, the

indices have been “erratic, alternating

between positive growth in June and

August, to negative growth in July and

September”.

However, on a y-o-y basis, the overall

private residential market saw a 7.5%

gain in September. For the month, SPRI

Central, SPRI Non-Central and SPRI

Small Units indices rose 8.0%, 7.2%

and 5.2%, respectively. Mak expects

the indices to end the year with 2% to

4% y-o-y growth, due to gains chalked

up in the first six months. — Compiled

by Bong Xin Ying, Charlene Chin and

Timothy Tay

NEWS POINT

PROPERTY BRIEFS

EDITORIALEDITOR | Cecilia ChowCONTRIBUTING EDITOR |Pek Tiong GeeWRITERS | Timothy Tay, Bong Xin Ying, Charlene ChinDIGITAL WRITER | Fiona Ho

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ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, COMMERCIAL OPERATIONS | Diana LimSENIOR ACCOUNT MANAGERS |Janice Zhu, James ChuaACCOUNT MANAGER |Pang Kai XinSALES STRATEGIST |Han YaoGuang

CIRCULATIONDIRECTOR | Dominic Kevin SimMANAGER | Bryan KekEXECUTIVES | Malliga Muthusamy, Ashikin Kader

CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong

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

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E

Three GLS sites launched for sale in Newton, Tampines and Marina Bay| BY TIMOTHY TAY |

The government has released three sites for

sale under the 2H2018 Government Land

Sales (GLS) programme. Two are residential

sites under the confirmed list — one is an

executive condominium (EC) site on Tamp-

ines Ave 10, and the other is located on Kampong

Java Road. The third is a white site at Marina View

and is on the reserve list.

The Kampong Java GLS site occupies a 125,327

sq ft plot that has a 99-year tenure. Zoned for res-

idential use, the site could be developed to a max-

imum gross floor area (GFA) of 350,925 sq ft and

yield about 380 units of 915 sq ft each. It is located

in the established Newton residential estate and near

schools such as Anglo-Chinese School (Jr) and Eton-

house Pre-School (Newton). Malls such as Velocity @

Novena Square and United Square are also nearby.

Since the site is outside the Central Area, the

units are subject to a requirement of at least 85 sq

m (915 sq ft) in average size. The tender is expect-

ed to draw “healthy interest”, says Nicolas Mak,

executive director of ZACD Group. Property con-

sultants expect the site to attract six to 11 bids, and

the top bid could range from $421 million ($1,200

psf per plot ratio) to $470 million ($1,350 psf ppr).

The EC site in Tampines occupies a 268,438 sq ft

land area that has a maximum GFA of 751,632 sq ft,

but the number of new units is capped at 700. The

site also has a 99-year leasehold tenure. The last EC

site tender in the area was held eight years ago for the

574-unit Arc at Tampines. It attracted six bids with the

top bid of $302 psf ppr jointly submitted by Hoi Hup

Realty and Sunway Developments, says Tricia Song,

Colliers International’s head of research for Singapore.

As at end-September, there were only 13 un-

sold EC units in the market and there is “latent

demand from first-timers and upgraders for ECs”,

says Lee Sze Teck, Huttons Asia’s head of research.

The new site is close to City Developments Ltd’s

The Tapestry, which was launched in March this

year and is more than 62% sold, with an average

selling price of $1,350 psf, says Song.

Property consultants expect the EC site to draw

in six to 11 bids, with a top bid of $398 million (530

psf ppr) to $430 million ($570 psf ppr).

The white site at Marina View will be a resi-

dential and hotel development with about 540 ho-

tel rooms and 905 residential units, complement-

ed by retail and F&B outlets. The plot comprises

an 84,148 sq ft above-ground area as well as a 194

sq ft underground pedestrian link. It has a maxi-

mum GFA of 1.1 million sq ft, with at least 548,959

sq ft for residential use, 279,861 sq ft for hotel use

and 43,055 sq ft for commercial and office uses,

according to Song.

This site is likely to appeal to developers with

hotel interests, says Colliers’ Song. Developers with

varying interests may also choose to jointly devel-

op it. Given the development potential and various

uses of space, the top bid could range from $1.5

billion ($1,380 psf ppf) to $1.75 billion ($1,600 psf

ppr), she says.

The tender for the Tampines and Kampong Java

sites will close on Jan 15 next year. E

EDGEPROP | NOVEMBER 5, 2018 • EP3

BROUGHT TO YOU BY UOL GROUP

Amber45 |IT HAS BEEN more than three months since

the implementation of the latest series of property

cooling measures. We can begin to assess how

the residential landscape has changed and wheth-

er pockets of value are emerging in the market.

HISTORICAL CORRELATIONSFrom Figure 1, we see that the increase of new

launches in the primary market has slowed since

the latest cooling measures. Nevertheless, they

have been resilient.

There is a strong historical correlation between

primary home prices of non-landed properties in

District 15 in the East and those in the prime Orchard

Road Districts of 9, 10 and 11. The likely expla-

nation of this correlation is that both regions are

homes to upper-income households.

PRICE PREMIUM BETWEEN D9-11 AND D15The price premium for non-landed private resi-

dential properties in Districts 9, 10 and 11 over

those in District 15 averaged 39% from 2012

to 2017. However, for the fi rst three quarters of

2018, the premium for non-landed homes in Dis-

tricts 9, 10 and 11 has risen signifi cantly, and is

more than 50% as at the fi rst week of October.

What is likely to happen is that prices in Dis-

trict 15 will rise to close that gap (see Figure

1), because future launches in the district have

higher breakeven prices than those launched in

1H2018, including Amber45.

INCREASING BREAKEVEN PRICESAlthough the collective sales fever has broken, it

should be noted that the market is still primed for

a series of launches at sequentially higher prices

from projects awaiting sales licences.

Figure 3 shows the estimated breakeven pric-

es on a psf basis of developments in District 15

that will arise from the collective sale sites sold

between January 2017 and July 2018 (thick blue

line). Breakeven prices have been trending up.

The red line gives the estimated minimum launch

prices of those projects that have broken even

in the $2,000-to-$2,200 psf range (these proj-

ects are in District 15).

The support for future higher launch prices is

coming not only from higher land costs but also from

future launches of projects in Districts 9, 10 and 11

that, owing to high land cost again, will have to be

sold at exponentially higher prices (see Figure 4).

If the historical price correlation between Dis-

tricts 9, 10 and 11 hold into the future, we should

expect District 15 launch prices to be further aid-

ed by the former.

In this new phase of the Singapore private res-

idential property cycle, we would expect prices

of between $1,700 and $1,900 psf for 99-year

leasehold projects in the Rest of Central Region

launched in 2H2018.

Most of the developers have good balance

sheets and there is little they can do to low-

er prices because, for quite a number of them,

their land price component is high and they have

holding power.

GOOD VALUE PROPOSITION “In this new property cycle, Amber45 is the fi rst

project sale in District 15, setting benchmark prices

for subsequent launches to build on,” says Alan

Cheong, head of research at Savills Singapore.

Future launches in District 15 will be at

higher prices than previous launches done in

1H2018. Prices north of $2,400 psf are expect-

ed for launches here, significantly greater than

the average of $2,100 psf seen in the first week

of October 2018.

In fact, recent transactions of 99-year lease-

hold projects with good attributes have already

surpassed $2,000 psf. This further highlights

the value of Amber45 because of its rare free-

hold tenure and the attractive price.

The completion of the Thomson-East Coast

MRT Line will further hype up the accessibili-

ty factor of District 15, and Amber45 is locat-

ed within a five-minute walk of Tanjong Katong

MRT station. The freehold, 139-unit develop-

ment at 45 Amber Road is a short drive from

a host of top schools, East Coast Park and

swanky restaurants and cafés.

Units in Amber45 are fitted with Laufen bath-

room accessories and De Dietrich and Gaggenau

kitchen appliances. Attractively priced versus

leasehold properties in the vicinity, Amber45 has

upside potential. The project is 70% sold and

units are attractively priced from $1,763,000.

District 15 Future launch prices

The show gallery is at 2 Dunman Road

(near Dakota MRT station).

For private viewing, call 6100 6331.

Figure 1

Figure 3

Figure 2

Figure 4

The freehold, 139-unit development at 45 Amber Road is a short drive from a host of top schools, East Coast Park and swanky restaurants and cafés

Attractively priced versus lease-hold properties in the vicinity,

Amber 45 has upside potential

PICTURES TO UOL GROUP

A value proposition in a sea of current and future launches

CHARTS: SAVILLS RESEARCH

SPOTLIGHT

EP4 • EDGEPROP | NOVEMBER 5, 2018

Colliers takes over leasing and management of 183 heritage bungalows| BY TIMOTHY TAY |

The Singapore Land Authority (SLA) has

appointed Colliers International to the

task of leasing and managing 183 her-

itage bungalows in Singapore. The real

estate consultancy was appointed from

the second quarter of this year and has closed

more than 40 lease transactions for this portfolio

of properties. So far, fewer than 30 of the black-

and-white houses are still available for lease.

The restored properties feature colonial

designs with white-washed walls and col-

umns, clay pitched roofs, dark timber fin-

ishes and spacious, well-ventilated interiors.

“Colonial bungalows are highly sought-after

properties, owing to their iconic design, rich

history, prestige factor as well as generous

land space and large private gardens,” says

Andy Oon, director of real estate manage-

ment services at Colliers International.

The properties, ranging from 8,611 to 142,083

sq ft, are located in various landed residential

neighbourhoods, including those at Adam Drive,

Holland Road, King Albert Park, Tanglin Road

and Watten Estate Road. “The properties Col-

liers manages are largely located in the Core

Central Region,” says Tang Chee Charn, head

of real estate management services at Colliers

International. Tenants are usually a mix of lo-

cals and expatriates drawn to these properties

because of the large land area, heritage value

and prime locations in prestigious residential

areas, he adds.

Lease terms start from a minimum of two

years. Most of the 40 bungalows already leased

by Colliers have rental periods of two to three

years, says Oon.

Rental rates vary, depending on each prop-

erty’s location and site attributes. Most of the

bungalows leased by Colliers have monthly rents

averaging $2.8 psf per month (pm), says Oon.

This is comparable to rental rates of de-

tached houses in the Central Region this year,

says Tang. According to URA Realis data, the

average monthly median rent for detached res-

idential properties in the Central Region was

$2.97 psf pm in 3Q2018, compared with $2.95

psf in the same period last year.

According to SLA’s website, at least one of

the black-and-white bungalows managed by

Colliers was successfully rented through the

government agency this year via a bidding ex-

ercise. A six-bedroom bungalow on Marang

Road on Mount Faber was rented for $11,111

pm for two years. The two-storey house, with

a gross floor area (GFA) of 4,338 sq ft, occu-

pies a 10,387 sq ft site.

Another bungalow that was successfully

leased is on Nassim Road. The two-storey

house, which has five bedrooms and a sepa-

rate two-bedroom annex, has a GFA of 5,264

sq ft and occupies an 83,421 sq ft site. The

bidding for its lease closed on Oct 12, but

the results had yet to be released at the time

of publication. The highest rental bid placed

was $40,800 pm, followed by a bid of $26,800

pm and then $20,100 pm.

The rental index for landed properties has

climbed 4.1% since bottoming in 1Q2018, and

the vacancy rate has stabilised at 5% in the

last two quarters, says Oon. “We expect de-

mand for detached houses in the Central Re-

gion to continue to improve because of the

limited supply [of such houses in the market]

and rising wages.”

Leasing enquiries for the remaining bun-

galows have been “healthy”, but Oon expects

leasing activity to slow down towards the end

of the year, as most prospective tenants are

away during the holiday season. Leasing op-

portunities for this type of houses are expect-

ed, however, to remain “fairly positive” over

the next year, he adds.

Colliers International will manage and lease SLA’s portfolio of black-and-white bungalows, such as this one on Adam Park

This heritage house on Maidstone Road is one of the 183 properties One of the bungalows located in Watten Estate

E

PICTURES: SINGAPORE LAND AUTHORITY

EN BLOC WATCH

EDGEPROP | NOVEMBER 5, 2018 • EP5

Ghost of Brutalist past: Golden Mile Complex for sale at $800 mil| BY CHARLENE CHIN |

Will Singapore’s Brutalist architecture

be a construct of the past? The iconic

Golden Mile Complex, built in 1972,

was put up for collective sale at the

reserve price of $800 million on Oct

30, according to Edmund Tie & Co (ET&Co), which

is brokering the sale.

Golden Mile Complex is one of a handful of build-

ings erected in the 1970s, inspired by the architec-

tural style of using raw concrete for the facade of

buildings. Management of other such landmarks —

People’s Park Complex, People’s Park Centre and

Golden Mile Tower — have also reportedly been in

talks to launch their respective developments for

collective sale.

Golden Mile Complex boasts dual frontage along

Beach Road and Nicoll Highway, occupies 1.3ha of

land and is zoned under commercial use in URA’s

Master Plan. It is one of Singapore’s first integrated

developments and comprises 418 retail shops, 227

office lots, 68 residential units, a car park that ac-

commodates 400 cars and a swimming pool.

The mixed-use development is halfway through

its 99-year lease. “In terms of upkeep, it is quite a

challenge, and the building should be given a new

lease of life,” Ong Choon Fah, CEO of ET&Co, tells

EdgeProp Singapore.

The Beach Road area is undergoing rejuvenation.

City Developments and IOI Group jointly previewed

South Beach Residences on Sept 8 and 9 this year.

The 45-storey, 190-unit luxury residential tower and

634-room hotel are part of an integrated develop-

ment that includes a Grade-A office tower and re-

tail and F&B outlets. In October last year, developer

GuocoLand successfully bid for a commercial site

on the road for $1.62 billion, which includes the for-

mer Beach Road Police Station — a historical land-

mark mandated by the government to be conserved

and restored. Along the same stretch of road, there

is also the integrated development DUO, compris-

ing a 56,000 sq ft retail space, the 340-key Andaz

Hotel, and a 660-unit residential component, linked

directly to Bugis MRT interchange.

As the collective sale of Golden Mile Complex, a

large-scale conserved building, is “unprecedented”,

ET&Co is conducting a “longer tender process to al-

low interested parties to carry out a detailed study”,

says Swee Shou Fern, senior director of investment

advisory at ET&Co. The company, on behalf of the

Collective Sales Committee (CSC), has also submit-

ted an application to the URA to retain the exist-

ing 16-storey building and add an adjoining block.

The URA has said it is open for discussions to fa-

cilitate the conservation of the development.

“Many successful developments that integrate

older buildings not only manage to optimise the

land use efficiency but also leverage on the histo-

ry of the site to bring value to the sense of place

and identity of the development,” says Chan Hui

Min, director of DP Architects. The firm, which de-

signed Golden Mile Complex in the early days, has

been appointed by the CSC as consultant architect

for the development.

The tender for Golden Mile Complex will close

next year, on Jan 30.

Meanwhile, Singapore is already losing one of its

Brutalist structures. The iconic horseshoe-shaped

Pearl Bank Apartments, once the highest residen-

tial tower in the country, was sold for $728 million

to CapitaLand in February. The developer intends

to build an 800-unit, high-rise residential develop-

ment in its place. E

THE EDGE SINGAPORE

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

The tender for the collective sale of Golden Mile Complex will close on Jan 30

Pearl Bank Apartments was sold to

CapitaLand for $728 million in

February

COVER STORY

EP6 • EDGEPROP | NOVEMBER 5, 2018

Next stage of CO-WORKING

| BY CECILIA CHOW |

As a first mover in the co-working

sector, Jonathan O’Byrne, founder

and CEO of Collective Works, has

seen a radical shift in the business

over the past two years. “The game

is now around rapid expansion, growing mar-

ket share and opening more square footage,”

says O’Byrne, 32, an Irish-born expatriate who

has lived in Singapore since 2010. “It’s com-

pletely different from when I started Collec-

tive Works; it was created because we want-

ed a space that was better than home and that

empowered people to live their best lives.”

According to Colliers International Singa-

pore Research, flexible workspace stock in

Singapore has nearly tripled since 2015 from

about one million sq ft to about 2.7 million

sq ft today. The CBD accounts for 84% of the

co-working space, amounting to a footprint of

2.4 million sq ft as at June 2018, says Colliers.

Last year recorded the steepest annual growth

— a 44% increase y-o-y, which translated into

a 680,000 sq ft increase — in co-working space.

The forecast is that the sector will see anoth-

er 30% to 35% y-o-y growth in 2018, or about

670,000 sq ft, given the aggressive expansion

plans of co-working operators. The growth rate

has been forecast to moderate to about 20%

y-o-y next year (see chart).

‘Price war’Amid the pursuit of market share and more lo-

cations, there has been a drop in the number

of members psf. “Singapore is in the middle

of a price war in co-working,” says O’Byrne.

This observation is backed by Colliers’

research, which found that incentives for

members to sign on have ranged from one

month’s free rent to six months’ free rent for

a typical 12- to 24-month tenure for a flex-

ible wokspace membership. Free trial offer-

ings may run from a typical day pass to an

entire month’s free usage.

The average daily utilisation rate varies

widely from 25% in underperforming centres

to above 90% in more popular locations, says

Colliers’ report. “In parallel, the volume of clo-

sures and distressed acquisitions has acceler-

ated over the past 18 months.”

Collective Works is one of the most premi-

um co-working spaces, along with The Great

Room. In the CBD, average pricing for a dedi-

cated desk is in the range of $700 to $900 per

month, with the likes of Collective Works and

The Great Room at the upper end of the range.

Meanwhile, across Singapore, the average pric-

ing for a hot desk in a co-working space is in

the range of $390 to $600, according to Col-

liers’ research.

The top seven co-working and flexible space

operators account for 63% of total space (see

table). The remaining 37% of the overall mar-

ket is shared among more than 110 operators.

With new-to-market operators such as Camp-

fire, Distrii and UCommune and the possible

expansion and consolidation of small to mid-

sized operators, there will be a continual “re-

balancing” of market dynamics, adds Colliers.

Divergence in interestsCollective Works announced on Oct 4 that it

had sold its co-working platform to The Work

Project Kingdom, a new joint venture between

CapitaLand and The Work Project.

O’Byrne believes it is time for him to exit

as a co-working space provider: “It’s impor-

tant to know, as a founder and CEO, where

you are in the cycle,” he says. “I’m an inno-

vator, somebody who comes in early in the

cycle. Now, the market has shifted: It’s about

scaling up, about building a more or less ho-

mogenised product, and that’s not something

that I get excited about.”

According to O’Byrne, the Collective Works

space at both The Globe and Capital Tower is

running at “high occupancy rates”, but he de-

clines to disclose figures.

O’Byrne started Collective Works in De-

cember 2012 with a 2,000 sq ft space at The

Globe, a 15-storey, Grade-B office building at

the corner of Boon Tat Street and Cecil Street.

It expanded at six-month intervals and grew to

10,000 sq ft spanning five floors by 2015. It has

since vacated one floor, as some of the mem-

bers moved to the Collective Works in Capi-

tal Tower when it opened in 2016. Collective

Works now occupies about 8,000 sq ft at The

Globe and is still the biggest tenant there to-

day. “I was breaking even operationally within

two months,” says O’Byrne. “It was at a dif-

ferent stage of the market then.”

Collective Works had formed a 50:50 joint

venture with CapitaLand to launch the first

Grade-A co-working space in the CBD in March

2016. It occupies an entire floor of 22,000 sq

ft at Capital Tower. The community includes

a mix of start-ups and blue-chip companies

such as global venture capital firm 500 Start-

ups, Rockefeller Foundation-backed NGOs,

ING Bank’s innovation lab and Real Capital

Analytics.

For CapitaLand, the Collective Works at

Jonathan O’Byrne, founder and CEO of Collective Works, talks about the shift in the co-working space and why he has chosen to exit as an operator

O’Byrne: My fascination has always been centred on human behaviour. That’s why I love being in the front line.

Collective Works announced on Oct 4 that it had sold its co-working platform to The Work Project Kingdom, a new joint venture between CapitaLand and The Work Project

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

COVER STORY

EDGEPROP | NOVEMBER 5, 2018 • EP7

Capital Tower was a test bed for premium

co-working space. For O’Byrne, it was “my

first foray in working with a [real estate in-

vestment trust], an asset management com-

pany and such institutions”. The 2½ years of

working with CapitaLand have been “an in-

credible success”, says O’Byrne. “We looked at

multiple different ways of expanding the rela-

tionship. As they learnt more about co-work-

ing and as I learnt more about large real es-

tate organisations, we diverged and developed

different interests.”

Spreading its betsBesides its joint venture with Collective Works,

CapitaLand has invested in several other

co-working operators. For instance, it signed

a memorandum of understanding with UCom-

mune (formerly UrWork) in December 2016 to

open co-working spaces in its malls in China,

starting with a 4,100 sq m space at Capita Mall

Minzhongleyuan in Wuhan and a 1,300 sq m

facility in CapitaMall Wangjing in Beijing with

more than 600 workstations.

In September last year, CapitaLand’s corpo-

rate venture fund, C31 Ventures, participated

in the Series-A funding of co-working opera-

tor The Great Room.

In May this year, CapitaLand launched its

first co-working space in China with the open-

ing of C3 (C Cube) in Shanghai. Located in

CapitaLand’s Innov Center office project in

Yangpu district, C3 occupies an area of 2,700

sq m (29,063 sq ft).

On Oct 2, CapitaLand announced that it

had invested $27 million in a 50% stake in

co-working operator The Work Project. The

Work Project was founded by Junny Lee, a

Korean-American turned Singapore citizen.

The Work Project’s flagship space in Singa-

pore is the 20,000 sq ft area on the fourth lev-

el of OUE Downtown Gallery at Shenton Way

that opened in June last year.

This year, The Work Project opened a second

location of 15,000 sq ft at Parkview Square, an

office building on North Bridge Road in the CBD.

Including its offering in Hong Kong, The Work

Project operates a total space of 177,000 sq ft.

Pursuing ‘office of the future’ strategyCapitaLand also announced the launch of its

“office of the future” strategy. It involves inte-

grating a building’s conventional office space

(core) and flexible space (flexi) — of which

co-working is one of the types.

“To build our ‘office of the future’ ecosys-

tem, CapitaLand is going beyond traditional

property management to providing more val-

ue-add services and community experiences

for our office tenants,” says Lucas Loh, presi-

dent (China and investment management) of

CapitaLand Group, in a statement on Oct 2.

“This strategy will serve as a key differentia-

tor from other office landlords and ensure that

CapitaLand’s workplace offerings continue to

be conducive for and complementary to to-

morrow’s consumers and economy.”

CapitaLand will offer this mix of core and

flexi space at Capital Tower and Asia Square

Tower 2. The company had invested in The

Work Project to facilitate the operation of flexi

spaces in its buildings.

Beyond co-working space, Capital Tower

will offer a members-only club, collaboration

spaces for project teams and the first movie

theatre in the CBD. Fit-out works for the new

offerings at Capital Tower and Asia Square Tow-

er 2 are scheduled for completion in 1Q2019.

O’Byrne will stay on at the co-working

platform for six months to ensure that there

will be “an elegant handover”. He adds: “It’s

very easy to sell a business but it takes time

for my team to integrate with the new team

and for clients to acclimatise to the new

community.”

The biggest occupier in terms of space and

headcount at the Collective Works at Capital

Tower is Space Executive, a recruitment firm

with 37 people in Singapore. At The Globe,

the biggest occupier is Credits, a blockchain

platform with 41 workstations, three private

meeting rooms and their own pantry in the

building.

The typical membership agreement at Col-

lective Works is 12 months, says O’Byrne, but

there are companies that sign up for 24 months

or even 48 months.

The Collective Works’ spaces at Capital Tower

and The Globe are expected to be rebranded

The Work Project. Meanwhile, O’Byrne will

be leaving with the Collective Works brand.

“They acquired the platform, the co-work-

ing operating business, but not me. In many

ways, The Collective Works was as much me

as the spaces.”

New directionO’Byrne is moving to the “next stage of co-work-

ing”. When it comes to the physical spac-

es and building a community, “the ideas

behind co-working are not new”, he says.

“What co-working symbolises for small organ-

isations is a tribe, a culture, and that’s what

attracts them to a space — they want to be

part of the tribe.”

Globally, co-working is a very challenging

business, concedes O’Byrne. “You have very

high fixed operating cost, a very high rotating

revenue base. Only about 40% of the operators

in the co-working space globally are profitable”.

O’Byrne is not interested in building more

co-working spaces. Having conducted more

than 800 sales tours of his co-working spaces,

each lasting about 45 minutes, he reckons

he has spent “tens of thousands of hours” in

front of clients as well as teams looking to be-

come members.

“I’ve developed some proprietary intellectu-

al property around customer personas and de-

signs for people’s needs,” he says. “My unique

positioning in co-working is that I’ve spent six

years in running the business. Very few people

have been in the business as long as I have or

have run it the way I have.”

O’Byrne is starting a consulting business

to apply his wealth of knowledge and experi-

ence to managing the real estate of large or-

ganisations. “My fascination has always cen-

tred on human behaviour,” he says. “That’s

why I love being in the front line.”

Flexible workspace operators, including

co-working, occupy 4.5% of the Grade-A and

premium office space in the CBD, making it

among the top five occupiers, according to Col-

liers. Seventy-four per cent of prime CBD of-

fice space in Singapore is occupied by MNCs,

however, with financial services making up

45%; professional services, 13%; energy and

shipping, 10%; and technology, 6%.

As more flexible leasing models — a mix of

conventional (or core) and flexible space op-

tions — are adopted, co-working will gradu-

ally proliferate to a wider cross-section of the

occupier market, says Colliers.

In the future, people will not be leasing

space the conventional way, adds O’Byrne.

“People will look at space on a subscription

basis.” As such, he believes he will be able to

bring his skills and expertise to provide a more

complete workplace solution “for the next-gen-

eration workforce”.

Collective Works occupies a floor plate of 22,000 sq ft on the 12th floor of Capital Tower

Lee’s The Work Project has 177,000 sq ft of co-working space in Singapore and Hong Kong

CapitaLand’s ‘office of the future’ strategy involves integrating a building’s conventional office space (core) and flexible space (flex) into an ecosystem of innovative workplace solutions

CAPITALAND

Total stock, supply and y-o-y growthof flexible workspace in Singapore

2016 2017 2018F 2019F

NLA (’000 sq ft) Y-o-y growth (%)4,000 60

40

20

0

3,000

2,000

1,000

0

31%

44%

30%

20%

Forecast supply Cumulative stock Net supply (YTD for 2018) Y-o-y growth (%)

COLLIERS INTERNATIONAL SINGAPORE RESEARCH

Top fl exible workspace

operators in Singapore

(by size)

COLLIERS INTERNATIONAL SINGAPORE RESEARCH

FLEXIBLE ESTIMATED MARKETWORKSPACE PORTFOLIO SHAREOPERATOR SIZE (SQ FT) (%)

IWG 650,000 23.5

WeWork 344,000 12.5

JustGroup 331,000 12.0

Th e Executive Centre 153,000 5.6

Servcorp 102,000 3.7

Campfi re 85,000 3.1

Th e Great Room 76,000 2.8

63.1E

CO-WORKINGEP8 • EDGEPROP | NOVEMBER 5, 2018

Evolving beyond co-working| BY CECILIA CHOW I

Hong Kong-based start-up

Campfire Collaborative Spac-

es announced on Oct 29 that

it was opening its flagship

space in the CBD at 139

Cecil Street. It will be taking up all

16 floors in the building, or a total

of 85,000 sq ft.

The existing 11-storey building, for-

merly known as Cecil House, is un-

dergoing major renovation works and

will see the addition of five floors and

a roof terrace, with a sky pool, roof-

top bar, outdoor dining area and ca-

banas. This new offering will be made

available to members of Campfire Col-

laborative Spaces when the building

is completed and opens in 3Q2019.

“We’re looking forward to opening

our doors in Singapore and bringing

something completely new to the sec-

tor,” comments Campfire co-found-

er and CEO Wang Tse. “Cecil Street

is a total integration of all aspects of

what we offer at Campfire — work-

life balance, wellness and conveni-

ence, all under one roof.”

Prior to the announcement of its

new location in Singapore, Campfire

had committed to taking up 80,000

sq ft of commercial space at The Har-

bourfront Landmark luxury residen-

tial development in Kowloon, in one

of Hong Kong’s biggest co-working

deals so far. The Harbourfront Camp-

fire is positioned as a co-learning

facility, which houses a kindergar-

ten, learning centre, flexible office

accommodation and restaurants. It

is expected to open early next year.

Founded in 2016 by Wang and

Albert Fung, chairman of the firm,

Campfire originally focused on de-

veloping co-working spaces. It start-

ed with 8,000 sq ft in a single loca-

tion in Kennedy Town, Hong Kong

and now has more than 580,000 sq

ft across 20 locations. In addition to

Singapore, Campfire ventured into

Central London in August, and has

plans to open in more locations, in-

cluding Melbourne and Sydney in

Australia. The company has evolved

beyond co-working and entered the

co-living, co-learning and co-retail

spaces.

In Singapore, Aurum Land, a

At Campfire’s flagship space at 139 Cecil Street, there will be a roof terrace, with a sky pool, roof bar, outdoor dining area and cabanas

PICTURES: CAMPFIRE COLLABORATIVE SPACES

The new 16-storey building anchored by Campfire at 139 Cecil Street will be higher than the original 11-storey building

Wang: Cecil Street [will] deliver this fully integrated lifestyle platform to the commu-nity, offering work-life balance, wellness and convenience, all under one roof

Core Collective at 79 Anson Road focuses on fitness and allied health services

Yong: In Dempsey, our new space will cater more for fam-ilies... and our services are likely to expand into beauty, aesthetics, medical and children’s activities

subsidiary of construction compa-

ny Woh Hup Holdings, ventured

into co-working through Collision 8;

co-living with its investment in Hmlet;

and Core Collective, a collaborative

centre for fitness and wellness en-

thusiasts.

Core Collective’s flagship space

in the CBD opened in April at 79 An-

son Road, It occupies a total area of

23,500 sq ft on the first and second

floors as well as 22nd floor of the

building. Services include physio-

therapy, body wellness, Pilates, box-

ing and even ballet classes.

A second Core Collective loca-

tion is scheduled to open at Loewen

by Dempsey Hill in 1Q2019. It will

occupy an area spanning close to

140,000 sq ft.

Michelle Yong, founder of Core

Collective and Collision8, and direc-

tor of Aurum Land, says: “Our cur-

rent space in Tanjong Pagar focuses

on fitness and allied health services

for professionals in the CBD, whereas

with the expansion into Dempsey, our

new space will cater more for fami-

lies, especially women and children,

and our services are likely to expand

into beauty, aesthetics, medical and

children’s activities.” E

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

CO-WORKINGEDGEPROP | NOVEMBER 5, 2018 • EP9

| BY CECILIA CHOW |

Singapore’s largest co-working space

provider, JustCo, announced on Oct

25 that it had secured a lease for a

space at China Square Central, 18 Cross

Street. The building is currently under-

going extensive renovation works and will be

repositioned as a premium mixed-use com-

mercial complex with retail and office space

as well as a new hotel residence, scheduled

to open by 1Q2019.

JustCo’s new space at China Square Cen-

tral will occupy 35,000 sq ft on the second

level of the building and is scheduled to open

in 4Q2019. It will be JustCo’s 13th location

in Singapore.

“It is the first of a series of projects we are

exploring with Frasers Property, following their

financial investment in JustCo in May 2018,”

says Kong Wan Sing, JustCo’s founder and

CEO. “Their strategic support will be instru-

mental in helping JustCo achieve a dominant

position in Asia.”

In May, Mainboard-listed property group

Frasers Property and Singapore sovereign wealth

fund GIC had invested US$177 million ($245.3

million) with JustCo to develop a co-working

space platform across Asia.

Since then, JustCo has expanded aggres-

sively in Asia with the launch of its third lo-

cation in Bangkok at Samyan Mitrtown, which

will open in 4Q2019 as well as new openings

in the pipeline in Jakarta, Seoul, Sydney, Mel-

bourne, Taipei, Shanghai and other Asian cities.

JustCo opened two new locations in Sin-

gapore in July: in Marina Square retail mall

(60,000 sq ft) and historic building MacDonald

House (17,000 sq ft) on Orchard Road. “We

continue to explore opportunities that add

to the range of options in our portfolio,”

says Kong.

He also believes the traditional commer-

cial real estate model with clearly defined

uses — residential, commercial or retail —

no longer holds. “Today, the mobile millenni-

al workforce wants to work, live and play in

the same area,” says Kong. “We are the first

shared workspace operator to locate one of

our centres in a retail mall, at Marina Square.

At that time, few believed it was possible. To-

day, it is the norm.”

At the new JustCo at China Square Central,

there will be state-of-the-art facilities, includ-

ing a large event space with a platform stage,

pop-up display corners for members to show-

case their products, spacious hot desking and

dedicated desk areas, bespoke suites, a Just-

Brew café and a collaboration and games cor-

ner, says Kong.

In its Series B funding completed in Sep-

tember last year, JustCo raised US$12 million

from Sansiri Global Investment, the Singa-

pore-based subsidiary of Thailand Stock Ex-

change-listed property group Sansiri. This en-

abled JustCo to expand rapidly in Bangkok,

where it has secured three locations totalling

close to 200,000 sq ft. They are in two floors at

AIA Sathorn Tower (to open in 1Q2019), three

floors in Capital Tower at All Seasons Place

and across four floors at Samyan Mitrtown.

Kong intends to increase JustCo’s footprint

in Singapore and across Asia to 100 co-work-

ing centres by 2020.

JustCo to open in China SquareCentral, plans 100 centres by 2020

JustCo opened a 60,000 sq ft co-working space at Marina Square in July, which includes an event space (pictured)

JUSTCO

E

CO-WORKINGEP10 • EDGEPROP | NOVEMBER 5, 2018

WeWork continues rapid expansionwith nine locations in under a year

JLL has launched a new concept aimed

at addressing current and future chal-

lenges in real estate. JLL Liquid Lab

is being piloted in District6, a 10,000 sq

ft co-working space at Odean Towers in

Singapore.

According to JLL, the lab will enable

established corporates and new compa-

nies to develop and test products “that

solve the workspace problems that many

organisations face — whether it’s manag-

ing occupancy levels or providing com-

fortable furniture”.

JLL Liquid Lab allows collaborating

companies to explore the potential of their

ideas and connect directly with end- users.

Firms such as Dell, Haworth, uHoo, Hu-

manscale and PointGrab will test ideas

and products and then use the insights

to improve or scale up their offerings.

Dell is providing the latest, large-for-

mat monitors to live test how employ-

ee productivity in a flexible work envi-

ronment can be improved through ease

of connecting, power and comfort. Dell

is also equipping a studio space with its

premium UltraSharp monitors.

Haworth is providing ergonomic seating

and quiet areas in an open work environ-

ment, and studying whether co-working

members would pay a higher member-

ship fee for improved furniture and work-

place solutions.

uHoo has installed air-quality sensors

throughout the space. It is collecting data

on carbon dioxide, temperature, humidi-

ty, dust particles, airborne chemicals and

other air-quality parameters that affect

people’s health and well-being and HVAC

(heating, ventilation and air-condition-

ing) efficiency.

Humanscale is piloting its new work-

place app that helps users maximise com-

fort by adjusting their chairs, desks, com-

puters and monitors according to the latest

research in ergonomics. Humanscale has

also installed a retrofit sit/stand desk con-

verter that promotes healthy movement

at the workstation throughout the day.

Pointgrab is using its ceiling-based

anonymous occupancy sensing solu-

tion, CogniPoint, to accurately and con-

tinuously count the number of people in

different parts of the space. This gives

District6 data on how the space is being

used before and after a new solution has

been introduced. In tandem, JLL will use

its UtilizationIQ platform to analyse the

data to provide insight and guidance to

District6.

“This is the first of what we hope

will be many JLL Liquid Labs across

the region,” says Ian Chadsey, director

of solutions development, JLL Asia Pa-

cific. “It’s our goal to eventually build

Liquid Labs in our clients’ own offic-

es to help them identify their ongoing

workplace hurdles and find custom-

ised solutions.”

JLL Liquid Lab launches new test bed for workspace solutions

Chadsey: This is the first of what we hope will be many JLL Liquid Labs across the regionE

| BY CECILIA CHOW |

WeWork announced the official

launch of three new locations

in Suntec City Tower 5, City

House on Robinson Road and

8 Cross Street on Oct 31. This

follows the launches of 71 Robinson Road

and 22 Cross Street Anson Road earlier this

year, bringing the latest count of WeWork lo-

cations in Singapore to nine, with a total of

4,000 members.

The WeWork Suntec City Tower 5 will

have 700 desks across two floors; City House

will have 600 desks across four floors; and

8 Cross Street will have 1,200 desks across

four floors.

According to Turochas “T” Fuad, manag-

ing director of WeWork Southeast Asia, en-

terprises with at least 1,000 employees make

up 45% of members of WeWork Singapore,

which is higher than the global average of

25%. This is the fastest-growing segment for

WeWork, he adds.

WeWork is also using Singapore as a launch-

pad to expand across Southeast Asia, with

new locations opening in Bangkok, Ho Chi

Minh City, Jakarta, Kuala Lumpur and Ma-

nila by year-end.

“To empower enterprises, WeWork is also

diversifying its products by leading the world in

thinking about how space, people and technol-

ogy interact,” says Fuad. “Traditionally, many

different groups, from brokers and landlords

to general contractors, architects and interior

designers to human resources, are responsi-

ble for a single company’s workplace experi-

ence. With the company’s Powered by We of-

fering, however, enterprises can now just rely

on WeWork to help them find, build and op-

erate their own space.”

About 25% of WeWork’s members have up-

graded their current spaces since the co-work-

ing space provider opened its flagship space at

WeWork Beach Centre last December.

“We are confident that WeWork will be

a game changer in accelerating the future of

work in Suntec City’s diverse business ecosys-

tem, bringing along a fresh injection of vibran-

cy and dynamism to the Suntec community,”

says Chan Kong Leong, CEO of ARA Trust Man-

agement (Suntec), manager of Suntec REIT.

Founded just eight years ago in New York

by Adam Neumann and Miguel McKelvey, We-

Work is one of the fastest-growing multi-bil-

lion-dollar companies today. With 287 physical

locations in 77 cities and 23 countries, WeWork

has 268,000 members worldwide. It has more

than 43,000 companies as members, ranging

from start-ups to MNCs such as Dell, KPMG,

GE, Microsoft and Samsung.

“As WeWork strengthens its presence in

Southeast Asia — whether it’s work, living,

education, wellness or retail — we can reim-

agine, reshape and rehumanise the architec-

ture of our space, our buildings and our cities

to support and encourage human connection

and creativity,” says Fuad in a statement.

JLL

The common area at WeWork Suntec Tower 5 has 700 desks across two floors

Fuad: As WeWork strengthens its presence in Southeast Asia... we can reimagine, reshape and rehumanise the architecture of our space, our buildings and our cities

E

WEWORK SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

GAINS AND LOSSES

EDGEPROP | NOVEMBER 5, 2018 • EP11

Botanic Gardens View unit reaps $3.03 mil profit

E

Top 10 gains and losses from Oct 16 to 23

URA, EDGEPROP

Most profi table deals

Note: Computed based on URA caveat data as at Oct 30 for private non-landed houses transacted between Oct 16 to 23. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.

Non-profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Cityscape @ Farrer Park 8 1,378 Oct 16 1,292 June 18, 2013 1,391 136,500 7 1 5.3

2 Parc Sophia 9 667 Oct 23 1,573 Aug 1, 2012 1,768 130,000 11 2 6.2

3 East Village 16 1,668 Oct 19 929 April 23, 2012 987 97,493 6 1 6.5

4 One Shenton 1 581 Oct 18 2,064 June 6, 2011 2,219 90,000 7 1 7.4

5 NV Residences 18 743 Oct 16 1,050 Sept 24, 2013 1,131 60,000 7 1 5.1

6 Th e Trilinq 5 915 Oct 17 1,451 April 11, 2013 1,495 40,000 3 1 5.5

7 Water Place 15 1,281 Oct 19 1,358 May 31, 2013 1,382 31,112 2 0.3 5.4

8 Suites@Changi 14 409 Oct 19 1,371 Aug 25, 2010 1,372 305 0.1 0.01 8.2

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 Botanic Gardens View 10 1,615 Oct 16 2,453 Sept 1, 2001 530 3,030,000 326 9 17.1

2 Crystal Court 10 2,562 Oct 17 898 May 25, 2002 451 1,145,000 99 4 16.4

3 Toh Tuck Lodge 21 2,454 Oct 22 725 Jan 5, 2012 277 1,100,000 162 15 6.8

4 Southbank 7 904 Oct 22 1,659 July 14, 2006 553 1,000,000 200 9 12.3

5 Parc Emily 9 904 Oct 17 1,836 May 6, 2005 758 975,010 142 7 13.5

6 Cote D’Azur 15 1,270 Oct 16 1,425 July 18, 2005 661 970,000 115 6 13.3

7 Rivage 15 3,283 Oct 22 1,188 May 15, 2009 914 900,000 30 3 9.4

8 Gardenvista 21 1,141 Oct 16 1,350 Dec 17, 2004 618 834,860 118 6 13.8

9 Heritage View 5 1,195 Oct 23 1,255 March 30, 1999 557 834,385 125 4 19.6

10 Montview 10 1,507 Oct 16 1,679 July 2, 2009 1,128 830,000 49 4 9.3

| BY CHARLENE CHIN |

A unit sold at Botanic Gar-

dens View raked in the

top profit of $3.03 million

over the week of Oct 16 to

23. This is also the high-

est profit made from resales at the

development.

The 1,615 sq ft unit on the first

floor was purchased for $930,000

($530 psf) in September 2001, and sold

for $3.96 million ($2,453 psf) on Oct

16. The seller reaped a 326% profit,

or an annualised profit of 9%, after

holding on to the unit for 17.1 years.

Botanic Gardens View, at Taman

Serasi, is off Cluny Road in prime Dis-

trict 10. It is situated near reputable

schools such as Raffles Girls’ Second-

ary School and Crescent Girls’ School.

Meanwhile, the second top gain

— a 99% profit of $1.145 million —

for the week in review was at Crystal

Court on River Valley Road, a 15-min-

ute walk from Tiong Bahru MRT sta-

tion. The seller bought the 2,562 sq

ft, three bedroom unit on the fourth

floor for $1.155 million ($451 psf) in

May 2002, and sold it for $2.3 mil-

lion ($898 psf) on Oct 17. Over 16.4

years, he made a 4% annualised profit.

The third most profitable transac-

tion for the week in review occurred

at Toh Tuck Lodge, raking in a 162%

profit of $1.1 million. The 2,454 sq ft

unit on the fifth floor was bought for

$680,000 ($277 psf) in January 2012,

and sold for $1.78 million ($725 psf)

on Oct 22. After 6.8 years, the sell-

er pocketed an annualised profit of

15%. The development, on Toh Tuck

Road, is a 12-minute walk from Beauty

World MRT station.

On the other hand, the top loss was

from a resale transaction at Cityscape

@ Farrer Park, on Mergui Road in Dis-

trict 8. The seller incurred a 7% loss

of $136,500, after selling the 1,378 sq

ft, three-bedroom unit for $1.78 mil-

lion ($1,292 psf) on Oct 16. The unit

on the 14th floor was bought for $1.92

million ($1,391 psf) in June 2013. This

means that, over 5.3 years, the seller

sustained an annualised loss of 1%.

The development is a 10-minute walk

from Farrer Park MRT station.

The sale of the 1,615 sq ft unit raked inthe highest profit at Botanic Gardens View

A resale at Crystal Court, on River Valley Road, netted a gain of $1.145 million

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EP12 • EDGEPROP | NOVEMBER 5, 2018

Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8

Orchard/Tanglin/Holland 9 and 10

Newton/Bukit Timah/Clementi 11 and 21

Balestier/MacPherson/Geylang 12 to 14

East Coast 15 and 16

Changi/Pasir Ris 17 and 18

Serangoon/Thomson 19 and 20

West 22 to 24

North 25 to 28

District 1 MARINA ONE RESIDENCES Apartment 99 years October 19, 2018 1,206 2,680,000 - 2,223 2017 New SaleONE SHENTON Apartment 99 years October 18, 2018 581 1,200,000 - 2,064 2011 ResaleDistrict 2 ONZE @ TANJONG PAGAR Apartment Freehold October 22, 2018 1,141 2,840,000 - 2,489 2017 ResaleDistrict 3 ASCENTIA SKY Condominium 99 years October 22, 2018 1,475 2,160,000 - 1,465 2013 ResaleDOMAIN 21 Condominium 99 years October 16, 2018 1,281 1,900,000 - 1,483 2007 ResaleMARGARET VILLE Apartment 99 years October 17, 2018 527 1,060,400 - 2,010 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 16, 2018 1,055 1,661,000 - 1,575 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 17, 2018 786 1,381,000 - 1,758 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 17, 2018 883 1,489,000 - 1,687 Uncompleted New Sale

STIRLING RESIDENCES Apartment 99 years October 18, 2018 689 1,193,000 - 1,732 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 18, 2018 678 1,266,000 - 1,867 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 18, 2018 1,055 1,819,000 - 1,724 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 19, 2018 624 1,155,000 - 1,850 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 19, 2018 624 1,096,000 - 1,756 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 19, 2018 1,345 2,344,000 - 1,742 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 19, 2018 678 1,298,000 - 1,914 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 19, 2018 506 1,037,000 - 2,050 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 20, 2018 764 1,309,000 - 1,713 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 20, 2018 506 953,000 - 1,884 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 21, 2018 635 1,102,000 - 1,735 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 21, 2018 689 1,242,000 - 1,803 Uncompleted New SaleTHE CREST Condominium 99 years October 16, 2018 657 1,378,000 - 2,099 2017 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years October 18, 2018 1,335 2,050,000 - 1,536 2004 ResaleCORALS AT KEPPEL BAY Condominium 99 years October 19, 2018 1,561 3,690,000 - 2,364 2016 ResaleTHE INTERLACE Condominium 99 years October 23, 2018 3,595 3,600,000 - 1,001 2013 ResaleDistrict 5 CLEMENTIWOODS CONDOMINIUM Condominium 99 years October 19, 2018 1,238 1,400,000 - 1,131 2010 ResaleFABER CREST Condominium 99 years October 17, 2018 1,033 950,000 - 919 2001 ResaleHERITAGE VIEW Condominium 99 years October 16, 2018 1,163 1,418,000 - 1,220 2000 ResaleHERITAGE VIEW Condominium 99 years October 23, 2018 1,195 1,500,000 - 1,255 2000 ResaleTHE PARC CONDOMINIUM Condominium Freehold October 17, 2018 1,216 1,650,000 - 1,357 2010 ResaleTHE PARC CONDOMINIUM Condominium Freehold October 18, 2018 2,239 2,250,000 - 1,005 2010 ResaleTHE TRILINQ Condominium 99 years October 17, 2018 915 1,328,000 - 1,451 2017 ResaleWESTCOVE CONDOMINIUM Condominium 99 years October 16, 2018 2,465 2,090,000 - 848 1998 ResaleDistrict 7 SOUTH BEACH RESIDENCES Apartment 99 years October 18, 2018 1,281 4,300,000 - 3,357 2016 ResaleSOUTHBANK Apartment 99 years October 19, 2018 958 1,538,000 - 1,605 2010 ResaleSOUTHBANK Apartment 99 years October 22, 2018 904 1,500,000 - 1,659 2010 ResaleDistrict 8 CITY SQUARE RESIDENCES Condominium Freehold October 17, 2018 840 1,360,000 - 1,620 2008 ResaleCITYSCAPE @FARRER PARK Condominium Freehold October 16, 2018 1,378 1,780,000 - 1,292 2014 ResaleCLYDES RESIDENCE Apartment Freehold October 16, 2018 1,119 1,490,000 - 1,331 2005 ResaleSUITES 123 Apartment Freehold October 22, 2018 581 747,500 - 1,286 2011 ResaleDistrict 9 8 SAINT THOMAS Condominium Freehold October 21, 2018 807 2,862,000 - 3,545 2018 New SaleASPEN HEIGHTS Condominium 999 years October 19, 2018 1,324 2,400,000 - 1,813 1998 ResaleMARTIN MODERN Condominium 99 years October 16, 2018 883 2,356,800 - 2,670 Uncompleted New SaleMARTIN MODERN Condominium 99 years October 21, 2018 764 1,980,500 - 2,591 Uncompleted New Sale

DONE DEALS

Residential transactions with contracts dated Oct 16 to 23

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

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

E

| BY BONG XIN YING |

A freehold Good Class Bungalow in Bish-

opsgate in District 10 was sold for $27.888

million ($1,849 psf), according to a cave-

at lodged on Oct 16. The two-storey GCB

at 2G Bishopsgate occupies a 15,080 sq ft

site, and is located in the Chatsworth Park GCB Area.

According to an INLIS property title search, the

house belonged to the late Liu Cheng Chan, or C C

Liu, who founded Parakou Shipping in Hong Kong

in the mid-1980s. The company has since gone into

liquidation. The house was held jointly by Liu and

his wife, Chik Sau Kam. Following his death in May

last year, Chik became the administrator of his estate.

The GCB was first put on the market in mid-Sep-

tember for $30 million ($1,989 psf), according to a

listing by Claire Phuah, a manager at Savills Singa-

pore, who represented the seller. The transacted

price of $27.888 million ($1,849 psf) was deemed

to be “fair”, says Bruce Lye, managing partner of

SRI, who represented the buyer. Based on a proper-

ty title search, the buyer is a low-profile business-

man named Fang Yiyang who is believed to have

purchased it for his own use.

The house reportedly has seven en-suite bed-

GCB at Bishopsgate sold for close to $28 mil

rooms, an entertainment hall, a family room in the

attic, 13m lap pool and home lift. The basement ga-

rage is big enough to fit six cars.

The house was designed in timeless British archi-

tecture, reminiscent of houses in Mayfair, London,

says Lye. As the property is on an elevated site, it

offers unobstructed views of the surroundings.

“The buyer was very specific about the attrib-

utes he wanted for a GCB, and he was interested

in the Chatsworth area from the start,” Lye adds.

“It’s very rare to see a GCB at Bishopsgate being

put on the market. The Bishopsgate and Chats-

worth area as well as Nassim and Cluny are the

most sought-after GCB enclaves among new Singa-

pore citizens.”

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

The GCB at Bishopsgate occupies an elevated site of 15,080 sq ft

The seven-bedroom house has a lap pool, an entertainment hall, a family room in the attic

and a basement garage big enough for six cars

SRI

EDGEPROP | NOVEMBER 5, 2018 • EP13

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

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

KAMPONG JAVA ROAD Terrace Freehold October 19, 2018 2,045 3,888,888 - 1,903 Unknown ResaleNEW FUTURA Condominium Freehold October 22, 2018 1,830 7,146,300 - 3,905 2017 ResalePARC EMILY Condominium Freehold October 17, 2018 904 1,660,000 - 1,836 2008 ResalePARC SOPHIA Apartment Freehold October 23, 2018 667 1,050,000 - 1,573 2011 ResaleRIVERGATE Apartment Freehold October 19, 2018 1,507 3,200,000 - 2,123 2009 ResaleDistrict 10 BOTANIC GARDENS VIEW Apartment Freehold October 16, 2018 1,615 3,960,000 - 2,453 Unknown ResaleCORONATION GROVE Condominium 999 years October 18, 2018 1,249 1,950,000 - 1,562 1985 ResaleCRYSTAL COURT Apartment Freehold October 17, 2018 2,562 2,300,000 - 898 1983 ResaleD’LEEDON Condominium 99 years October 17, 2018 1,981 3,250,000 - 1,641 2014 ResaleDUCHESS MANOR Condominium 999 years October 23, 2018 829 1,750,000 - 2,111 2005 ResaleGALLOP GREEN Condominium Freehold October 18, 2018 3,218 5,850,000 - 1,818 2002 ResaleMONTVIEW Condominium Freehold October 16, 2018 1,507 2,530,000 - 1,679 2008 ResaleBISHOPSGATE Detached Freehold October 16, 2018 15,080 27,888,000 - 1,849 2008 ResaleHOLLAND ROAD Detached Freehold October 16, 2018 6,738 10,350,000 - 1,537 Unknown ResaleGREENLEAF DRIVE Semi-Detached Freehold October 23, 2018 3,595 6,200,000 - 1,727 1968 ResaleONE JERVOIS Condominium Freehold October 23, 2018 1,066 1,900,000 - 1,783 2009 ResaleSHAMROCK PARK Semi-Detached Freehold October 22, 2018 3,240 6,380,000 - 1,967 Unknown ResaleSHAMROCK VILLAS Detached Freehold October 17, 2018 6,340 3,800,000 - 599 2013 ResaleSPRING GROVE Condominium 99 years October 19, 2018 1,389 1,950,000 - 1,404 1996 ResaleTANGLIN REGENCY Condominium 99 years October 19, 2018 1,259 1,720,000 - 1,366 1998 ResaleTHE BOULEVARD RESIDENCE Apartment Freehold October 23, 2018 2,034 5,080,000 - 2,497 2005 ResaleVALLEY PARK Condominium 999 years October 16, 2018 1,701 2,950,000 - 1,735 1997 ResaleWING ON LIFE GARDEN Apartment Freehold October 16, 2018 7,050 10,200,000 - 1,447 1982 ResaleDistrict 11 HILLCREST VILLA Terrace 99 years October 19, 2018 3,154 3,000,000 - 951 2009 ResaleMONTEBLEU Condominium Freehold October 22, 2018 570 848,000 - 1,486 2010 ResaleWATTEN RISE Semi-Detached Freehold October 18, 2018 3,778 6,600,000 - 1,748 1980 ResaleVANDA ROAD Detached 999 years October 22, 2018 5,145 5,700,000 - 1,107 1997 ResaleSOLEIL @ SINARAN Condominium 99 years October 16, 2018 1,442 2,150,000 - 1,491 2011 ResaleDistrict 12 EIGHT RIVERSUITES Condominium 99 years October 16, 2018 441 720,000 - 1,631 2016 ResaleJUI RESIDENCES Apartment Freehold October 17, 2018 700 1,171,730 - 1,675 Uncompleted New SaleJUI RESIDENCES Apartment Freehold October 20, 2018 431 770,000 - 1,788 Uncompleted New SaleJUI RESIDENCES Apartment Freehold October 21, 2018 657 1,198,000 - 1,825 Uncompleted New SaleDistrict 13 BARTLEY RIDGE Condominium 99 years October 17, 2018 1,550 2,080,000 - 1,342 2016 ResaleBARTLEY RIDGE Condominium 99 years October 17, 2018 850 1,270,000 - 1,493 2016 ResaleBARTLEY RIDGE Condominium 99 years October 23, 2018 495 718,000 - 1,450 2016 ResalePARK COLONIAL Condominium 99 years October 16, 2018 463 830,000 - 1,793 Uncompleted New SalePARK COLONIAL Condominium 99 years October 18, 2018 1,087 1,925,000 - 1,771 Uncompleted New SalePARK COLONIAL Condominium 99 years October 18, 2018 463 831,000 - 1,795 Uncompleted New SalePARK COLONIAL Condominium 99 years October 20, 2018 667 946,000 - 1,418 Uncompleted New SalePARK COLONIAL Condominium 99 years October 21, 2018 463 816,000 - 1,763 Uncompleted New SalePARK COLONIAL Condominium 99 years October 21, 2018 980 1,558,000 - 1,591 Uncompleted New SaleSOMMERVILLE REGENCY Terrace Freehold October 16, 2018 2,562 2,100,000 - 820 2007 ResaleTHE TRE VER Condominium 99 years October 16, 2018 495 736,000 - 1,486 Uncompleted New SaleTHE TRE VER Condominium 99 years October 17, 2018 1,055 1,602,000 - 1,519 Uncompleted New SaleTHE TRE VER Condominium 99 years October 21, 2018 700 1,152,000 - 1,647 Uncompleted New SaleDistrict 14 33 RESIDENCES Apartment Freehold October 19, 2018 700 1,136,000 - 1,624 Uncompleted New SaleMERA EAST Apartment Freehold October 17, 2018 1,098 1,290,000 - 1,175 2007 ResaleMERA EAST Apartment Freehold October 17, 2018 1,281 1,440,000 - 1,124 2007 ResaleLORONG MARZUKI Semi-Detached Freehold October 19, 2018 5,608 4,250,000 - 758 Unknown ResaleNESS Apartment Freehold October 18, 2018 570 670,000 - 1,174 2015 ResalePARK PLACE RESIDENCES AT PLQ Apartment 99 years October 19, 2018 1,076 1,790,000 - 1,663 Uncompleted New SaleSUITES@CHANGI Apartment Freehold October 19, 2018 409 560,888 - 1,371 2012 ResaleTHE HELICONIA Condominium Freehold October 18, 2018 1,302 1,250,000 - 960 2003 ResaleDistrict 15 BERKELEY RESIDENCES Apartment Freehold October 16, 2018 883 1,280,000 - 1,450 2015 ResaleCOTE D’AZUR Condominium 99 years October 16, 2018 1,270 1,810,000 - 1,425 2004 ResaleFRANKEL ESTATE Detached Freehold October 17, 2018 5,199 6,170,000 - 1,186 1954 ResaleFRANKEL ESTATE Detached Freehold October 18, 2018 6,006 9,000,000 - 1,499 Unknown ResaleNEPTUNE COURT Apartment 99 years October 16, 2018 1,636 1,780,000 - 1,088 1975 ResaleONE EIGHTIES RESIDENCES Apartment Freehold October 17, 2018 1,238 1,750,000 - 1,414 2015 ResaleOPERA ESTATE Terrace Freehold October 22, 2018 1,389 1,980,000 - 1,422 Unknown ResaleRIVAGE Apartment Freehold October 22, 2018 3,283 3,900,000 - 1,188 2009 ResaleTHE MAKENA Condominium Freehold October 22, 2018 1,507 2,200,000 - 1,460 1998 ResaleWATER PLACE Condominium 99 years October 19, 2018 1,281 1,738,888 - 1,358 2004 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years October 16, 2018 1,324 1,200,000 - 906 2000 ResaleAQUARIUS BY THE PARK Condominium 99 years October 16, 2018 2,099 1,750,000 - 834 2000 ResaleCOSTA DEL SOL Condominium 99 years October 23, 2018 1,561 2,070,000 - 1,326 2004 ResaleEAST VILLAGE Apartment Freehold October 19, 2018 1,668 1,550,000 - 929 2014 ResaleOPTIMA @ TANAH MERAH Condominium 99 years October 19, 2018 947 1,120,000 - 1,182 2012 ResaleRIA TOWNHOUSES Terrace Freehold October 17, 2018 2,831 2,260,000 - 798 2007 ResaleWATERFRONT GOLD Condominium 99 years October 19, 2018 1,399 1,635,000 - 1,168 2014 ResaleDistrict 17 EDELWEISS PARK CONDOMINIUM Condominium Freehold October 17, 2018 1,625 1,500,000 - 923 2006 ResaleJALAN BATALONG EAST Semi-Detached Freehold October 16, 2018 3,315 3,900,000 - 1,176 Unknown ResalePARC OLYMPIA Condominium 99 years October 22, 2018 1,647 1,430,000 - 868 2015 ResaleTANAH MERAH PARK Semi-Detached Freehold October 23, 2018 2,454 2,538,000 - 1,036 1998 ResaleTHE GALE Condominium Freehold October 16, 2018 969 850,000 - 877 2013 ResaleTHE JOVELL Condominium 99 years October 18, 2018 452 627,000 - 1,387 Uncompleted New SaleTHE JOVELL Condominium 99 years October 21, 2018 721 925,000 - 1,283 Uncompleted New SaleDistrict 18 MELVILLE PARK Condominium 99 years October 18, 2018 1,475 960,000 - 651 1996 ResaleNV RESIDENCES Condominium 99 years October 16, 2018 743 780,000 - 1,050 2013 ResaleRIPPLE BAY Condominium 99 years October 17, 2018 2,336 2,150,000 - 920 2015 ResaleSTRATUM Condominium 99 years October 18, 2018 2,443 2,313,800 - 947 2016 Sub SaleTHE ALPS RESIDENCES Condominium 99 years October 20, 2018 936 1,218,000 - 1,301 Uncompleted New SaleTHE TAPESTRY Condominium 99 years October 16, 2018 603 929,880 - 1,543 Uncompleted New SaleTHE TAPESTRY Condominium 99 years October 19, 2018 474 691,260 - 1,460 Uncompleted New SaleTHE TROPICA Condominium 99 years October 18, 2018 1,238 1,100,000 - 889 2000 ResaleDistrict 19 AFFINITY AT SERANGOON Apartment 99 years October 17, 2018 850 1,278,000 - 1,503 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 18, 2018 732 1,091,000 - 1,491 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 18, 2018 474 676,000 - 1,427 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 20, 2018 538 799,000 - 1,485 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 20, 2018 474 713,000 - 1,505 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 20, 2018 474 712,000 - 1,503 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 21, 2018 614 879,000 - 1,433 Uncompleted New Sale

AFFINITY AT SERANGOON Apartment 99 years October 21, 2018 474 710,000 - 1,499 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years October 21, 2018 474 716,000 - 1,512 Uncompleted New SaleBLISS@KOVAN Condominium Freehold October 23, 2018 797 1,275,000 - 1,601 2015 ResaleCHARLTON VILLAS Terrace Freehold October 19, 2018 2,723 2,200,000 - 808 2010 ResaleCLASSICAL TERRACE Semi-Detached 99 years October 16, 2018 3,283 2,820,000 - 858 1995 ResaleD’PAVILION Apartment Freehold October 19, 2018 1,647 1,860,000 - 1,129 2010 ResaleESPARINA RESIDENCES EC 99 years October 16, 2018 1,163 1,180,000 - 1,015 2013 ResaleESPARINA RESIDENCES EC 99 years October 16, 2018 829 880,000 - 1,062 2013 ResaleESPARINA RESIDENCES EC 99 years October 18, 2018 829 912,000 - 1,100 2013 ResaleESPARINA RESIDENCES EC 99 years October 19, 2018 1,066 1,180,000 - 1,107 2013 ResaleESPARINA RESIDENCES EC 99 years October 23, 2018 829 858,000 - 1,035 2013 ResaleLORONG CHUAN Detached Freehold October 18, 2018 4,596 4,380,000 - 953 1992 ResalePAYA LEBAR CRESCENT Semi-Detached Freehold October 19, 2018 4,467 4,280,000 - 957 1967 ResalePARC CENTROS Condominium 99 years October 16, 2018 764 890,000 - 1,165 2016 ResalePRIVE EC 99 years October 17, 2018 1,130 1,170,000 - 1,035 2013 ResalePRIVE EC 99 years October 17, 2018 1,001 932,000 - 931 2013 ResalePRIVE EC 99 years October 17, 2018 829 830,000 - 1,001 2013 ResalePRIVE EC 99 years October 19, 2018 1,098 1,080,000 - 984 2013 ResaleRIVERCOVE RESIDENCES EC 99 years October 18, 2018 1,184 1,128,000 - 953 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 16, 2018 463 599,000 - 1,294 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 16, 2018 721 935,000 - 1,296 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 16, 2018 463 604,000 - 1,305 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 17, 2018 915 1,221,000 - 1,335 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 18, 2018 1,249 1,517,000 - 1,215 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 19, 2018 721 899,000 - 1,247 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 19, 2018 1,679 2,138,000 - 1,273 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 19, 2018 614 778,000 - 1,268 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 19, 2018 614 846,000 - 1,379 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 19, 2018 614 860,000 - 1,402 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 19, 2018 915 1,143,000 - 1,249 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 20, 2018 614 809,000 - 1,319 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 20, 2018 614 826,000 - 1,346 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 20, 2018 614 814,000 - 1,327 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 20, 2018 1,109 1,392,000 - 1,256 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 20, 2018 614 851,000 - 1,387 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 20, 2018 614 829,000 - 1,351 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 21, 2018 861 1,005,000 - 1,167 Uncompleted New SaleRIVERSAILS Condominium 99 years October 19, 2018 915 980,000 - 1,071 2016 ResaleSERANGOON GARDEN ESTATE Detached 999 years October 19, 2018 4,758 6,280,000 - 1,321 1995 ResaleTHE FLORIDA EC 99 years October 18, 2018 1,216 870,000 - 715 2000 ResaleTHE GARDEN RESIDENCES Apartment 99 years October 16, 2018 452 723,200 - 1,600 Uncompleted New SaleTHE RIVERVALE EC 99 years October 16, 2018 1,367 1,000,000 - 732 2000 ResaleWATERTOWN Apartment 99 years October 22, 2018 581 750,000 - 1,290 2017 Sub SaleDistrict 20 BISHAN LOFT EC 99 years October 23, 2018 1,367 1,520,000 - 1,112 2003 ResaleCLOVER BY THE PARK Condominium 99 years October 17, 2018 1,249 1,765,000 - 1,414 2011 ResaleJADESCAPE Condominium 99 years October 19, 2018 764 1,292,000 - 1,691 Uncompleted New SaleJADESCAPE Condominium 99 years October 20, 2018 527 841,000 - 1,595 Uncompleted New SaleJADESCAPE Condominium 99 years October 21, 2018 904 1,501,000 - 1,660 Uncompleted New SaleTHE PANORAMA Condominium 99 years October 19, 2018 1,324 1,870,000 - 1,412 2017 Sub SaleTHOMSON V TWO Apartment Freehold October 22, 2018 624 750,000 - 1,201 2012 ResaleWINDSOR PARK ESTATE Detached Freehold October 22, 2018 21,991 23,500,000 - 1,068 Unknown ResaleDistrict 21 FLORIDIAN Condominium Freehold October 16, 2018 1,679 3,080,000 - 1,834 2012 ResaleGARDENVISTA Condominium 99 years October 16, 2018 1,141 1,540,000 - 1,350 2006 ResaleMAPLE WOODS Condominium Freehold October 16, 2018 1,324 2,080,000 - 1,571 1997 ResaleMAYFAIR GARDENS Condominium 99 years October 16, 2018 1,249 2,400,000 - 1,922 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 17, 2018 570 1,138,000 - 1,995 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 18, 2018 506 993,000 - 1,963 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 19, 2018 495 1,022,000 - 2,064 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 20, 2018 560 1,159,000 - 2,071 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 20, 2018 753 1,503,000 - 1,995 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 21, 2018 592 1,178,000 - 1,990 Uncompleted New SaleTOH YI ROAD Semi-Detached Freehold October 19, 2018 3,078 4,850,000 - 1,573 1975 ResalePARC PALAIS Condominium Freehold October 19, 2018 1,507 1,700,000 - 1,128 1999 ResaleTOH TUCK LODGE Apartment Freehold October 22, 2018 2,454 1,780,000 - 725 2003 ResaleDistrict 22 THE CENTRIS Apartment 99 years October 16, 2018 1,302 1,415,000 - 1,086 2009 ResaleTHE CENTRIS Apartment 99 years October 19, 2018 1,023 1,180,000 - 1,154 2009 ResaleYUNNAN GARDENS Terrace Freehold October 16, 2018 2,949 2,800,000 - 950 1991 ResaleDistrict 23 LE QUEST Apartment 99 years October 20, 2018 710 1,063,000 - 1,496 Uncompleted New SaleLE QUEST Apartment 99 years October 20, 2018 883 1,242,000 - 1,407 Uncompleted New SaleLE QUEST Apartment 99 years October 21, 2018 980 1,403,000 - 1,432 Uncompleted New SaleLE QUEST Apartment 99 years October 21, 2018 980 1,385,000 - 1,414 Uncompleted New SaleTHE AMSTON Apartment 999 years October 23, 2018 1,819 1,800,000 - 989 1998 ResaleTHE WARREN Condominium 99 years October 22, 2018 1,539 1,338,000 - 869 2004 ResaleDistrict 25 NORTHWAVE EC 99 years October 18, 2018 1,001 864,000 - 863 Uncompleted New SaleNORTHWAVE EC 99 years October 19, 2018 1,098 1,005,000 - 915 Uncompleted New SaleWOODGROVE CONDOMINIUM Condominium 99 years October 17, 2018 1,981 1,295,000 - 654 1999 ResaleDistrict 26 MUN WAH GARDEN Semi-Detached Freehold October 18, 2018 4,080 4,190,000 - 1,027 1995 ResaleSEASONS PARK Condominium 99 years October 19, 2018 1,033 810,000 - 784 1997 ResaleDistrict 27 KANDIS RESIDENCE Condominium 99 years October 16, 2018 764 926,800 - 1,213 Uncompleted New SalePARC LIFE EC 99 years October 19, 2018 764 828,000 825,700 1,080 2018 New SaleSEMBAWANG SPRINGS ESTATE Terrace Freehold October 23, 2018 1,701 2,300,000 - 1,355 Unknown ResaleTHE NAUTICAL Condominium 99 years October 22, 2018 549 600,000 - 1,093 2015 ResaleYISHUN EMERALD Condominium 99 years October 17, 2018 1,389 940,000 - 677 2002 ResaleDistrict 28 PARC BOTANNIA Condominium 99 years October 19, 2018 872 1,167,880 - 1,339 Uncompleted New SalePARC BOTANNIA Condominium 99 years October 21, 2018 980 1,277,490 - 1,304 Uncompleted New SalePARC BOTANNIA Condominium 99 years October 21, 2018 980 1,308,300 - 1,336 Uncompleted New Sale

DONE DEALS

Residential transactions with contracts dated Oct 16 to 23

DISCLAIMER:

Source: URA Realis. Updated Oct 30, 2018. The Edge Property Pte Ltd shall not be responsible for any loss or

liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

# Not all caveats reflected due to the overwhleming number of caveats lodged

EC stands for executive condominium

UNDER THE HAMMER

EP14 • EDGEPROP | NOVEMBER 5, 2018

| BY TIMOTHY TAY |

Three shophouses on Balestier Road in

District 12 will be put up for auction

by Knight Frank on Nov 14. The trio of

two-storey shophouses at 457 Balestier

Road occupies a 4,736 sq ft, freehold

plot and has a guide price of $9.5 million, or a

land rate of $2,006 psf. This is the first time the

properties will be sold in an auction, and they

have been put up by a single corporate owner.

The site is zoned for commercial and res-

idential use with a plot ratio of 3. The shop-

houses have a total floor area of 6,296 sq ft,

and the ground floor units have been amalga-

mated. A restaurant currently leases the amal-

gamated ground floor for $13,200 per month,

with the lease expiring in April 2020. The three

second-storey units are for residential use and

are vacant. There is a public carpark behind

the shophouses.

In September, a three-storey corner shop-

house at 1012 Upper Serangoon Road was sold

at Knight Frank’s auction for $7.5 million. The

freehold shophouse occupies a 2,329 sq ft site,

and the price translates into $3,220 psf on the

land area. The ground floor is also tenanted

to an F&B outlet, with vacant residential units

on the upper floors.

Compared with the price of the Upper Seran-

goon Road shophouse, the price for the trio of

shophouses is “reasonable”, says Sharon Lee,

head of auctions at Knight Frank. After the

property cooling measures were implement-

ed in July, buying interest in shophouses has

grown, and enquiries have already been made

regarding the subject properties, she adds.

The three properties were purchased for

$8.2 million ($1,731 psf) in September 2016, ac-

cording to URA Realis caveats. The most recent

shophouse transaction in the neighbourhood

was at 412 Balestier Road, which fetched $6.8

million ($3,289 psf) when it changed hands

in July. In September last year, the shophouse

at 292 Balestier Road was sold for $4.3 mil-

lion ($3,024 psf).

The trio of shophouses is close to two

new residential projects that were snapped

up in collective sales earlier this year. Ke-

maman Point was bought for $143.9 mil-

lion ($1,173 psf per plot ratio) by Soilbuild

Group in June; Ampas Apartments behind

it was sold to Oxley Holdings for $95 mil-

lion ($1,073 psf ppr) in March. They are also

400m away from the upcoming Tan Tock Seng

Integrated Care Hub, part of the Novena

Health City master plan development. This

will increase footfall on Balestier Road, as

well as demand for rental housing in the

area, says Lee.

Three Balestier Road shophouses going for $9.5 mil

KNIGHT FRANK

The ground floor is occupied by a restaurant, which is leasing it for $13,200 per month

E