A PULLOUT WITH

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

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF NOVEMBER 14, 2016 | ISSUE 754

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

EPJ2 • THEEDGE SINGAPORE | NOVEMBER 14, 2016

A PULLOUT WITH

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

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF NOVEMBER 14, 2016 | ISSUE 754

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

Collective salessputtering back to lifeThe collective sales of Shunfu Ville and Raintree Gardens have prompted owners of some privatised HUDC estates

and freehold prime condos to attempt the same.See our Cover Story on Pages 6 and 7.

One Tree Hill Gardens is also exploring a collective sale

Gains & LossesUnit at Orange Grove

Residences incurs $1.8 mil loss

EP11

Property PicksLanded homes

for under $2 milEP8&9

Market NewsIOI Properties bids$2.6 bil for Central

Boulevard siteEP4

Done DealsCommonwealth Towers,Principal Garden benefi t

from Queens Peak launchEP12&13

EP2 • THEEDGE SINGAPORE | NOVEMBER 14, 2016

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

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

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean,Geraldine TanPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Rahayu MohamadDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, 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

THE EDGE SINGAPORE

ADVERTISING + MARKETING

ADVERTISING SALES

CHIEF MARKETING OFFICER |Cecilia KaySENIOR MANAGER | Windy TanMANAGER | Elaine TanEVENTS

SENIOR MANAGER | Sivam KumarMARKETING

EXECUTIVES | Tim Jacobs, Sam Ridzam

COORDINATOR | Nor Aisah Bte Asmain

CIRCULATIONBUSINESS DEVELOPMENT DIRECTOR | Victor TheASSISTANT MANAGER | Sandrine GerberEXECUTIVES | Malliga Muthusamy, Ashikin Kader

CORPORATE CHIEF EXECUTIVE OFFICER | Ben PaulDIRECTOR | Anne Tong CORPORATE AFFAIRS DIRECTOR | Ng Say Guan

PUBLISHERThe Edge Publishing Pte Ltd150 Cecil Street #08-01Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620

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

We welcome your commentsand criticism: propertyeditor.sg@bizedge.com

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

PROPERTY BRIEFS

E

Sansiri announces global launch of The Line Sukhumvit 101Thai-listed developer Sansiri has an-

nounced the global launch of The Line

Sukhumvit 101 (above, left) in six Asian

cities: Singapore, Kuala Lumpur, Hong

Kong, Shanghai, Taipei and Bangkok.

Overseas presale events will be avail-

able in Singapore and Taipei on Nov

19; and in Hong Kong and Shanghai

on Nov 19 and 20.

Located on Sukhumvit Road, The Line

Sukhumvit 101 is a five-minute walk to

BTS Punnawithi station. The 37-storey

residential building comprises 778 units

ranging from one-bedroom units sized

from 288 sq ft to two-bedroom duplex-

es sized from 681 sq ft. The price starts

from $147,156 (THB3.7 million). The

$166 million project is scheduled for

completion in January 2020.

The Line Sukhumvit 101 is jointly de-

veloped by Sansiri and BTS Group. The

Singapore leg of the exhibition will be

held at the Mandarin Oriental.

Frasers Centrepoint Asset Management Commercial announces succession planFrasers Centrepoint Asset Management

Commercial Ltd (FCAMCL), manager

of Frasers Commercial Trust, has an-

nounced that Low Chee Wah will step

down as CEO of FCAMCL with effect

from Dec 31. Jack Lam (left) has been

appointed CEO-designate with imme-

diate effect. Lam will assume the CEO

role on Jan 1, 2017.

Low will relinquish his current role to

assume wider responsibilities at Frasers

Centrepoint Ltd (FCL), parent compa-

ny of FCAMCL, and will remain on the

board of FCAMCL as a non-executive

and non-independent director.

Lam has more than 20 years’ ex-

perience in the real estate industry

including investment, asset manage-

ment, advisory and research. He also

has experience in real estate invest-

ment trust management since 2002.

He joined FCL Group in 2006 and has

held several senior management and

leadership roles prior to this appoint-

ment. Since July 2011, he was gener-

al manager (investment and business

development) in the commercial and

Greater China division of FCL.

Investment activity in 3Q2016 driven largely by portfolio transactions, says RCAInvestment activity in 3Q2016 was driv-

en largely by several portfolio transac-

tions in China and Japan, according to

Real Capital Analytics’ latest report.

Completed sales of properties in

Asia-Pacific, excluding development sites,

amounted to US$30.4 billion ($42.3 bil-

lion) in 3Q2016, down 1.1% y-o-y. Port-

folio deals collectively accounted for

43% of overall volume in the region. The

largest portfolio deal was Citic Group’s

US$4.7 billion residential assets sale to

China Overseas.

China outperformed the rest of the

region with US$10 billion in direct real

estate transactions in 3Q2016, up 28%

y-o-y. Thus, China has overtaken Aus-

tralia to become the second most active

Asia-Pacific market, with one-fifth of the

overall year-to-date volume in the region.

In Singapore, overall sales volume

grew 54% y-o-y, driven mainly by in-

vestments in the office sector — notably,

the sale of a stake in Capital Square by

Keppel Land to ARA Asset Management.

Property yields in Asia-Pacific re-

mained largely stable over the quarter.

However, Australia saw a 20-basis-point

decline in 12-month average yield in

3Q2016 to reach its historic 2007 low.

— Compiled by Tan Chee Yuen

| BY JACK SIDDERS & NEIL CALLANAN |

Ireland’s National Asset Man-

agement Agency (NAMA) has

appointed receivers to a com-

pany that owns a luxury-home

project in London’s St John’s

Wood district after the devel-

opment stalled under its cur-

rent management.

“Over the last two to three

years, attempts have been made

to move forward with develop-

ing the site and have reached

various stages, only to fall at

the final hurdle,” David Oprey,

one of the two administrators,

said by email on Nov 8. “Our

appointments have come as a

result of the asset managers’ de-

cision to take a new approach.”

The site, which has approv-

al for about 80 luxury homes

with a rooftop swimming pool

and views over Lord’s crick-

et ground, is held by compa-

nies linked to developer Mar-

cus Cooper. Oprey and Richard

Toone of CVR Global were ap-

pointed as fixed-charge receivers

to the companies that own the

site. Under that arrangement,

lenders can quickly secure con-

trol of an asset, according to the

industry’s lobby group.

A spokesman for NAMA, the

lender for the land, declined to

comment. Cooper, who owns

properties on some of the UK’s

most expensive streets, did not

reply to emails and calls to his

office seeking comment.

Land values in London’s best

districts fell 6.9% in the third

quarter, the biggest decline in

at least five years, according

to broker Knight Frank. Higher

taxes and concerns about the

UK’s vote to leave the Europe-

an Union have dampened de-

mand for luxury homes in the

UK capital.

The project was previously

offered for sale through Jones

Lang LaSalle, according to a

brochure on the broker’s web-

site. The completed develop-

ment would include afforda-

ble homes as well as the luxury

properties.

“The site is very well known

and situated in a prestigious lo-

cation and, as such, has great

potential,” Oprey said in the

email. “We’re in discussions

with existing agents about our

sales strategy, moving forward,

and we are expecting strong

interest in the development.”

Cooper, 50, is a low-profile

London luxury-home developer.

He bought seven houses over-

looking Regent’s Park in 2007

from the Crown Estate for £23.7

million ($41 million), according

to the Daily Mail. He later sold

the homes to competitor Chris-

tian Candy. Cooper sold Mar-

co Polo House, a site in south-

west London, to Berkeley Group

Holdings in 2013 for more than

£100 million, having bought it

for £63 million in 2006, accord-

ing to Property Week.

NAMA was set up in 2009

to take on €74 billion ($114.1

billion) in commercial real

estate loans held by Ireland’s

banks and sell them over as

many as 10 years. The agen-

cy held loans valued at €7.8

billion at the end of last year,

according to its annual report.

— Bloomberg LP

Receivers offer Londonluxury-home project for sale

E

SAN

SIRI

FCAM

CL

BLO

OM

BERG

W. ATELIER Level One, 75 Bukit Timah Road T +65 6270 8828 watelier.com/lightyears-sale

THEEDGE SINGAPORE | NOVEMBER 14, 2016 • EP3

““

Help Home FindersMake Better Decisions

bit.ly/condoreview

Rating:

Quiet surrounding especially those unit not close to road. In the morning and at night can be very cooling. It is nestled in between Bukit Batok and Bukit Timah.

Hume Park I

“

“

Rating:

The neighbors here are generally helpful and warm. The present MC members are also very proactive in organizing events to bring neighbors together. Most recent is the Halloween event for children .

Submit a review & get access to:

The Quartz

““

Rating:

Though the project is 15 years old it's quite well maintained. Reasonable and livable size, logical layout seldom found in new projects.

The Floravale

Reviews byother residents

Indicative ValuationReport

Floor Plan

Start Review

* Actual resident reviews

EP4 • THEEDGE SINGAPORE | NOVEMBER 14, 2016

MARKET NEWS

| BY FEILY SOFIAN |

Malaysia’s IOI Properties

Group has emerged as

the top bidder for a white

site at Central Boulevard

in Marina Bay. The group

put in a bid of $2.57 billion, or $1,689

per sq ft per plot ratio, a whopping

16% higher than the next highest bid

by Mapletree Investments, at $2.21

billion, or $1,451 psf ppr.

A total of seven developers con-

tested for the site. Nanshan Group,

which was tipped to have triggered

the site, came in third with an offer

of $2.19 billion, or $1,438 psf ppr.

The median bid for the Central

Boulevard site stood at $2.13 bil-

lion, or $1,398 psf ppr, and came

from Hongkong Land and Cheung

Kong Property Holdings partnership.

All consultants attribute the strong

bids to a long-term confidence in

Singapore’s office market, under-

pinned by the country’s solid funda-

mentals. The site has a maximum

gross floor area of 1.52 million sq

ft, of which at least 1.08 million sq

ft must be set aside for office. Retail

use, which includes shops and res-

taurants, is capped at 53,820 sq ft.

The remaining GFA can be used for

more office space, hotel, serviced

apartments and/or residential.

Still, IOI’s bullish bid means it is

pricing the commercial component at

IOI Properties bids $2.6 bilfor Central Boulevard site

Seven developers contested for the site with a median bid of $1,398 psf ppr

a significant premium to Asia Square

Tower 1, located next door. In June,

sovereign wealth fund Qatar Invest-

ment Authority acquired Asia Square

Tower 1 from BlackRock for $3.4 bil-

lion, or $2,668 psf on net lettable area.

The site itself had fetched $1,409 psf

ppr in a state tender in 2007.

Alan Cheong, head of research at

Savills Singapore, says, “For this kind

of mixed development, it is better to

use the discounted cash flow method

to analyse the site. At $1,689 psf ppr,

the weighted cost of capital used to

derive the net present value of the

office component is about 4%, as-

suming the long-term rental growth

for prime offices is imputed at just

under 2% per annum from the cur-

rent $10 psf per month.”

Cheong says a 4% discount rate

is still decent because the consensus

view is that interest rates, which may

be tweaked up slightly, are expect-

ed to stay benign for the foresee-

able future.

Tay Huey Ying, head of research

at JLL Singapore, offers another per-

spective. “The bid price reflects the

highest bidder’s confidence that prime

new projects such as Guoco Tower

and Marina One.

Separately, a developer might not

be worse off if it decides to include

a residential component in the de-

velopment.

Desmond Sim, CBRE’s head of re-

search for Singapore and Southeast

Asia, says it is also possible that

the top bidder has explored oth-

er uses, including selling residen-

tial units that might help improve

their cash flows.

In addition, the saleable area for

residential is usually higher than

the leasable area for offices. Near-

by, Marina One Residences fetched

$2,308 psf on average this year.

Meanwhile, Marina Bay Residenc-

es commanded an average price of

$2,996 psf at the peak of the mar-

ket in 2013. However, Additional

Buyer’s Stamp Duty on land will

be applicable if the developer fails

to sell all the residential units by

the stipulated deadline.

Other tenderers for the site in-

clude the CapitaLand and Great Eagle

Group tie-up, and Yanlord Commer-

cial Property Investments. A consor-

tium comprising OUE, Guangzhou

R&F Properties Co and Tang City

Properties put in the lowest bid of

$1.91 billion, or $1,256 psf ppr.

This article first appeared on TheEdge-

Property.com.SA

MUE

L IS

AAC

CHUA

/THE

EDG

E SI

NG

APO

RE

E

Hong Kong flats sell for record price, defying latest home curbs| BY JILL MAO |

Wheelock Properties sold adjoining luxu-

ry flats in Hong Kong’s exclusive Peak

neighbourhood for a record price, days

after the government rolled out curbs to cool

the property market.

The 8,702-sq-ft adjoining flats in the Mount

Nicholson project were sold for HK$912 million

($117.6 million), with the price psf exceeding

the previous record at the project by 23%, ac-

cording to the company. The buyers also pur-

chased another unit at the Mount Nicholson

project for HK$312 million, says the developer.

The deal came just three days after Hong

Kong’s leaders moved to damp Hong Kong’s

resurgent property market, where prices have

climbed after a six-month dip. The govern-

ment on Nov 4 announced plans to raise the

stamp duty to 15% for all residential purchas-

es — except for first-time buyers who are per-

manent residents.

Investors who are permanent residents now

have to pay a 15% stamp duty on home pur-

chases, while non-residents need to pay 30%.

The Mount Nicholson project is a joint ven-

ture between Wharf Holdings and Nan Fung

Group, and developed by Wheelock Properties.

The developers recently sold another pair of

adjoining flats in the project for HK$749 mil-

lion, or an average price of HK$85,000 psf. —

Bloomberg LP

The 8,702-sq-ft adjoining flats in the Mount Nicholson project were sold for HK$912 million ($117.6 million), with the price psf exceeding the previous record at the project by 23%, according to Wheelock

OFFSHORE

E

BLO

OM

BERG

office rents in the Marina Bay area

will recover to the 1Q2015 peak of

$12.90 psf per month or higher by

2021,” she says.

Tay also points out that the de-

sire to develop a trophy commercial

building in Singapore’s new down-

town, amid the expectation of in-

tense competition, means the ten-

derers have to outbid competitors

by submitting an aggressive price.

Christine Li, director of research

at Cushman & Wakefield, notes that

developers could be encouraged by

the recent pre-commitment rates for

Singapore 77 Bencoolen St | Kuala Lumpur Level 3 The Intermark Jalan Tun Razak | Sydney, Melbourne, Brisbanespacefurniture.asia | Instagram @spacefurnitureasia

THEEDGE SINGAPORE | NOVEMBER 14, 2016 • EP5

PROPERTY TAKE

How developers can continue to whet homebuyers’ appetite

Developers have to contend

with many challenges in the

local residential market as

a number of factors have

combined to create a most

unprofit able situation of modest

demand and oversupply. The anti-

speculative measures put in place by

the authorities to prevent runaway

asset inflation caused by cheap and

abundant liquidity is continuing to

dampen purchasing interest. As a

consequence, property prices are

starting to slide and unsold inven-

tory to build up.

Developers will need to behave

and think like modern-age techno-

logical entrepreneurs and develop

solutions to drive property buyers’

imagination and aspirations. Bringing

social-club amenities to the residen-

tial domain is no longer a value-add

feature but a minimum requirement

for any private condominium buyer.

Given the competitive landscape,

developers will have to differentiate

themselves by creating communities

with unique identities. In the early

days, having a country club or social

club was an aspiration for many.

Bringing the clubhouse to the door-

step was a great thing in the past and

developers have started to churn out

very similar products, albeit in dif-

ferent locations and under different

names.

With increasing land prices,

| BY BENEDICT LIM |

developers are minting private condos

with smaller living spaces to ensure

an equilibrium price for healthy take-

up. Have developers given consumers

less for more, or really more for less?

It is time to rethink.

The millennials of today are

idealists. Providing bricks-and- mortar

units alone is no longer enough to

capture their imagination and push up

housing demand. What they are look-

ing for is a community and activi ties

not available online. Developers must

think hard about the existing proper-

ty management approach and adopt

a more club manage ment approach.

They need to remain engaged in the

development and not walk away from

the project after the 12-month defect

liability period has expired.

For example, bringing in inter-

national or recognised commercial

brand operators to handle profession-

al maintenance of equipment or ser-

An alternative to a live-in foreign domestic helper would be serviced-residence support, such as house-cleaning and laundry services, provided by the private condo

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

vices, especially for gymnasiums and

other facilities, is a way of providing

a certain level of service. If the opera-

tor takes charge of an entire chain of

gymnasiums in the developer’s res-

idential portfolio, it will be very at-

tractive if home owners in these pro-

jects can access the facili ties that it

manages and operates in town and

locations near their workplace.

Besides millennials, developers

should also consider the needs of

Gen-X clients. Many of them have

growing or grown-up children. The

priority of many in this group are

their careers and families. As most

are dual-income families, the majori-

ty have live-in domestic help. An al-

ternative to a live-in foreign domestic

helper would be serviced-residence

support, such as house-cleaning and

laundry services, provided by the pri-

vate condo.

The other is the phenomenon of

online shopping. However, the in-

convenience of that is having some-

one at home to receive the delivery.

Condo developments can provide a

service to receive goods on behalf

of residents and either deliver them

to their doorstep or have the resi-

dents pick them up from a service

desk. This is a convenience many

would want.

Value-add activities such as en-

richment classes for the young, prac-

tice examinations for students, mah-

jong sessions for the old, outings to

unique destinations, yoga or Zumba

classes and other activities to en-

gage residents’ participation will do

much towards creating a sense of

community.

Sense of place and pride of owner-

ship will continue to drive home-

buyers’ imagination. Developers

should stay connected and not just

leave the project in the hands of the

Management Corporation Strata Title

to sustain the initial aspiration of

quality environment and care.

While the underlying business is

still bricks and mortar, it has to evolve

to include software by providing the

services and amenities to meet the

lifestyle needs of Gen X and millen-

nials in the same development. This

will provide developers with a point

of difference in their products, en-

hance their brand and perhaps create

a new revenue opportunity. But what

is clear is that buying land to develop

and sell will no longer be enough to

ensure success.

Benedict Lim is a partner and prin-

cipal with EY, as well as the Asean Real

Estate leader and managing director

for EY Corporate Finance

E

E

| BY CHADNER NAVARRO | 

Leonardo DiCaprio’s much-ballyhooed Black-

adore Caye Resort off the Atlantic coast of

Belize is finally taking shape. Renderings

were unveiled on Nov 4 for what the living

structures will look like once the property is

fully completed (projected for late 2018). Lead

design architect Jean-Michel Gathy, known for

his work with Aman and One&Only, drew in-

spiration from Belize’s ancient Mayan ruins,

with minimalist designs that subtly nod to Cen-

tral American pyramids while remaining res-

olutely modern — thatched roofs over plenty

of natural materials such as wood and mar-

ble. There will be 36 residential estate homes

and 36 bookable bungalows spread over the

island’s 104 acres.

Paul Scialla, a partner at Blackadore

Develop ment Group, says the “goal is to

create a development true to the history of

the area”. Sustainability and environmental

integrity will continue to remain top priorities

during construction, which will start early next

year, he says. “From a materials standpoint,

our plan is to source as much local materials

as possible that support the local economy

Leonardo DiCaprio’s private island resort takes new direction

Lead design architect Gathy drew inspiration from Belize’s ancient Mayan ruins, with minimalist designs while remaining resolutely modern

and minimise emissions.”

To that end, the trendy overwa-

ter bungalows have been scrapped

— a major selling point in the in-

itial furore when news broke last

year of the Oscar winner’s intent

to turn his private paradise into

a hotel. The development team

spent six months gathering feed-

back from local stakeholders and

citizens about the project ahead

of the building timeline, says

Scialla, leading to that significant

change, among others. Sustaina-

bility is still the word of the day

on Blackadore Caye.

Inside the homes and bunga-

lows, eco-tech and design fea-

tures are being deployed with

an eye towards improving the quality of the

air, water and light to promote, if you buy into

the resort’s PR spin, “better nutrition, men-

tal acuity”. For instance, rooms will have cir-

cadian lighting, which modulates the colour/

wavelengths of light throughout the day to

help with your natural sleep and wake cycles

(blue in the morning and warmer tones in the

evening, like Apple’s Night Shift function for

your living room). Plus, a no-fossil-fuel and

“no-chemical” policy is planned for the re-

sort; everything used to furnish these spaces

will also be vetted so that any lingering tox-

ins can be removed.

Outside, solar panels will be installed to

generate as much renewable energy as possible,

and there will also be an on-site

treatment facility for waste and

rainwater. All this helps lower the

environmental impact of building

a multi-use resort on an island

already suffering from deforesta-

tion, overfishing and an eroding

coastline. In line with DiCaprio’s

well-known environmental advo-

cacy — and this is his own pri-

vate island, after all — Black-

adore Development Group plans

to enlist ecologists, marine bio-

logists and zoologists to address

those problems and oversee the

Caye’s  rehabilitation such as

planting native flora, and creating

additional armature for reef and

fish breeding.

Once operational, the resort is expecting to

create 400 permanent jobs, from hotel staff to

workers for surrounding organic farms. Scialla

says the group is projecting that the resort will

create revenue of roughly 400 million Belize

dollars ($277 million) over the next 20 years.

No word yet on parcel prices or per-night room

rates. — Bloomberg LP

OFFSHORE

DEN

NIS

TON

INTE

RNAT

ION

AL A

RCHI

TECT

S &

PLAN

NER

S

COVER STORY

| BY CECILIA CHOW |

After a two-year drought with zero

sales in 2014 and the lone en bloc

deal of Thong Sia Building last year,

the recent three deals topping $1 bil-

lion foreshadow an awakening of the

collective sale market.

“Based on a three-year snapshot, natural-

ly $1 billion sounds like a lot,” says Karamjit

Singh, JLL’s international director and head

of residential. “But when compared with the

preceding four years — from 2010 to 2013 —

during which collective sales averaged $1.9 bil-

lion a year, it’s still low.” (See chart.)

Singh attributes the recent collective sale

deals to a confluence of factors: developers’

outlook having turned more positive as pro-

jects launched recently have sold reasonably

well; inventory of unsold units has been re-

duced, spurring developers’ need to replenish

their land bank; and reduced supply of devel-

opment land available under the government

land sales (GLS) programme since 2H2015,

prompting developers to turn to collective sale

sites as an alternative.

JLL brokered the sale of Thong Sia Build-

ing for $380 million in July last year; it marked

the largest collective sale of a mixed-use de-

velopment to date. The project is located just

off prime Orchard Road, opposite Paragon

shopping centre.

This year, JLL brokered two of the three col-

lective sale deals: The 358-unit Shunfu Ville

sold to mainland Chinese developer Qingjian

Realty for $638 million in May, and the 175-unit

Raintree Gardens at Potong Pasir sold to a joint

venture (JV) between Singapore-listed devel-

opers UOL Group and sister company United

Industrial Corp for $334.2 million in October.

The third sale this year was Harbour View

Gardens in Pasir Panjang, a freehold 14-unit

apartment block purchased by Singapore-list-

ed property group Roxy-Pacific Holdings for

$33.25 million at end-August.

These successful deals have spurred owners

of other ageing private condominiums to re-

visit the collective sale route. “Many owners

are asking if this is a good time to embark on

a collective sale process,” says Singh.

Owners sitting on a goldmine?Other property consultants have also been re-

ceiving similar calls. “These are mainly from

hopeful owners wondering if the boom times

have returned, and whether they are sitting on

a goldmine,” says Jeremy Lake, CBRE execu-

tive director of investment properties.

The enquires straddle all segments — pri-

vatised HUDC estates, older leasehold private

condos, and some of the old private freehold

projects that may have been unsuccessful in

the past and are now looking to revive the col-

lective sale process, Lake adds.

Even lawyers have been besieged by phone

calls. After representing the buyers in the collec-

tive sale of Shunfu Ville and Raintree Gardens,

Lee Liat Yeang, senior partner of real estate

practice group at Dentons Rodyk & Davidson,

says he has received many enquiries from de-

Collective sales sputteringback to life

With the recent sale of Shunfu Ville and Raintree Gardens, more owners of ageing privatised HUDC estates are hopeful about doing the same. Even owners of older freehold prime condos are reviving their attempts.

velopers. Most of their concerns revolve around

the issue of lease top-up and the likelihood of

obtaining approval at the High Court or Strata

Titles Board (STB) stage, Lee observes.

Shunfu Ville, a privatised HUDC estate, has

69 years left on its lease. Therefore, part of the

purchase price of $638 million includes a dif-

ferential premium payable to the state to top

up the lease for another 99 years and intensi-

fy the land use.

Based on the site’s land area of 408,927 sq

ft and gross plot ratio of 2.8, the new develop-

ment can potentially yield over 1,100 units of

an average size of 1,000 sq ft. JLL has estimat-

ed a breakeven price of $1,250 psf, with sell-

ing prices in the range of $1,400 to $1,500 psf.

Qingjian had hoped to build towers of 30

to 36 storeys, but was told by URA to stick

to the height limit of 21 to 23 storeys for the

new project, according to news reports last

month. This means the residential blocks

will be lower and stouter. That could affect

the premium it could otherwise command for

high floor units with unblocked views, prop-

erty observers say.

Obstacles part of collective sale processAlthough 82% of the owners at Shunfu Ville

had agreed to the collective sale, there were

five who raised objections. After two media-

tion sessions failed, the STB issued a stop or-

der to the collective sales committee, which

has since applied to the High Court to seek

approval for the sale.

Shunfu Ville marks Qingjian Realty’s first

en bloc purchase after eight years as a devel-

oper in Singapore. “We will await the final out-

come of the [en bloc] purchase,” says Li Jun,

managing director of Qingjian Realty (South

Pacific) Group in response to email queries

from The Edge Singapore. “We will definite-

ly want to maximise the plot ratio, within the

scope of the URA guidelines, when it is time

to embark on the design.

“Whatever the outcome, Qingjian Realty re-

mains committed to building homes that are

relevant to, and complement, the lifestyles of

Eunosville, a 330-unit privatised HUDC, is making another collective sale attempt

The 286-unit Rio Casa at Hougang Avenue 7 is attempting its first collective sale

PICT

URES

: ALB

ERT

CHUA

/THE

EDG

E SI

NG

APO

RE

EP6 • THEEDGE SINGAPORE | NOVEMBER 14, 2016

COVER STORY

our homeowners,” says Li.

At $638 million, each of the 358 owners at

Shunfu Ville will walk away with an average of

$1.782 million — which is almost 50% higher

than the price an individual unit could com-

mand in the resale market, says JLL. And this

is despite the fact that the sale price is below

the reserve price of $688 million.

For Raintree Gardens, the sale price of

$334.2 million reflects a land cost of $797 psf

per plot ratio on the potential gross floor area,

inclusive of a differential premium payable to

the state to top up the lease and for a redevel-

opment of the site to a gross plot ratio of 2.8.

Raintree Gardens is also a privatised HUDC

estate, with 70 years left on its existing lease.

If the sale is successful, each apartment

owner at Raintree Gardens will get an aver-

age of $1.9 million. The sale is subject to sev-

eral conditions, including an order of sale by

the STB or High Court.

Minority owner objections throw spanner in the works“For bigger developments, [there is] the prob-

ability of some owners filing objections. That’s

the nature of collective sales,” says JLL’s Sin-

gh. However, there is also a clear legal path

that both the majority and minority owners

can take to resolve issues.

The objections which can be raised by mi-

nority owners are also clearly defined. One is

if they can prove that the entire collective sale

process was not entered into in good faith,

and that could include the sale price, method

of apportionment, how decisions were made,

the conduct of the sales committee, disclo-

sures and conflicts of interest, explains Singh.

A second valid objection is if an owner suf-

fers a financial loss. However, in most collec-

tive sales, even an owner who purchased a unit

recently and is subject to the Seller’s Stamp

Duty will still register a gain, says JLL’s Singh.

A third objection could be if minority own-

ers are forced into some kind of joint devel-

opment arrangement with a developer, which

rarely happens in a collective sale, he adds.

What has also changed in recent years is

the role of the STB, which has been reduced to

that of a mediator. When mediation is unsuc-

cessful, the collective sales committee will seek

approval from the High Court. At this stage,

both parties will have to engage legal counsel

to represent them. “They need to be very clear

and certain that this is the course they want to

pursue because of the legal costs, which the

owners will have to pay,” says Singh.

Risk factorsThe usual time frame for the completion of a

collective sale is nine to 12 months. Howev-

er, a protracted completion period increases

the risk for developers as they fear the mar-

ket could turn against them, says Suzie Mok,

Savills Singapore’s senior director of invest-

ment sales. Therefore, most developers pre-

fer the straightforward route of buying a 99-

year leasehold government land site, she adds.

Developers are also mindful of the 15%

Additional Buyer’s Stamp Duty (ABSD) that

they will incur if they are unable to develop

and sell all the units in a project by the end

of the five-year remission period. The ABSD

was raised to 15% in 2013 from 10% in 2011

and applies to sites purchased from then on-

wards. “The ABSD is punitive as it is based

on the land cost and will eat into developers’

profit margins,” says Mok.

In the current market uncertainty, develop-

ers also prefer a faster turnaround time, and

not be saddled with unsold units. Smaller plots

therefore appeal to them, especially those be-

low $300 million, she notes.

Sandra Ho, deputy head of real estate at

RHTLaw Taylor Wessing, agrees. “These small-

er sites will be more popular, especially those

that are in good locations. Costs will also be

more manageable and the projects more sale-

able,” she says.

Privatised HUDC estates — collective sale hopefulsSavills’ Mok reckons Shunfu Ville and Raintree

Gardens are attractive to developers given their

location relative to available residential sites

on the GLS programme. For instance, Shunfu

Ville is located in the popular Bishan/Thom-

son area and just a short walk from the Mary-

mount MRT station on the Circle Line. Rain-

tree Gardens fronts the Kallang River.

Shunfu Ville is the biggest collective sale of

a privatised HUDC estate since the sale of the

618-unit Farrer Court nine years ago, for a re-

cord-breaking $1.34 billion. The latter has since

been redeveloped into the 1,715-unit d’Leedon

by a CapitaLand-led consortium.

Since 2006, only five of the 18 privatised

HUDC estates have been successfully sold en

bloc, according to JLL. Apart from Farrer Court,

the other four were Gillman Heights (for $548

million), Waterfront View ($385 million), Min-

ton Rise ($342 million) and Amberville ($183

million). All five were sold during the last col-

lective sale boom in 2006 to 2007.

However, there is no shortage of collective

sale hopefuls among privatised HUDC estates.

Owners at the 330-unit Eunosville near the

Eunos MRT station are said to be considering

reviving the collective sale process. The col-

lective sale committee at the 560-unit Tamp-

ines Court located on Tampines Street 11 is also

said to be drafting a sale agreement. Both had

attempted collective sales twice.

Attempting a collective sale for the first time

is Rio Casa, the privatised HUDC estate with

286 units located on Hougang Avenue 7. The

sales committee of the 30-year-old project has

appointed Knight Frank as the marketing agent.

Freehold sites in prime districtsIn prime District 9, Cairnhill Mansions is con-

sidering another collective sale attempt. The

61-unit freehold condo block located on Cairn-

hill Road was built 53 years ago. It had made

four collective sale attempts, the latest in 2014.

Another is the 12-unit Villa D’Este on Dalvey

Road, located within the Good Class Bungalow

estate of White House Park in prime District

10. The freehold site has an area of 55,480 sq

ft and a gross floor area of 49,071 sq ft. The

last time Villa D’Este attempted a collective

sale was in 2010. CBRE is once again the ap-

pointed marketing agent for both Villa D’Este

and Cairnhill Mansions.

On its first attempt at a collective sale is

the 12-unit Dunearn Court, a freehold apart-

ment block on Dunearn Road in prime District

11. Developed by Lian Hup, the property was

completed in 1993.

One Tree Hill Gardens, a low-rise project

with just 13 units, will also be attempting its

maiden collective sale. The three-storey low-rise

freehold development was completed in 1988

and is located on One Tree Hill, just off Grange

Road in prime District 10. Knight Frank is the

appointed marketing agent for both Dunearn

Court and One Tree Hill Gardens.

While some developers may have suffi-

cient inventory in the prime districts, others

may not have any, especially new developers

from mainland China and Hong Kong, says

CBRE’s Lake. “We anticipate there will still

be developers willing to pay good prices for

prime land,” he reckons. “Interest level from

Hong Kong and mainland Chinese developers

are at an all-time high.”

The heightened interest in Singapore property

could be owing to a number of factors, includ-

ing more punitive property cooling measures

introduced in Hong Kong effective from Nov 5,

and in major cities in China such as Guang-

zhou and Shenzhen last month.

Lake points to the recent close of the tender

for the Central Boulevard white site. Partici-

pants include Hong Kong property giants,

Cheung Kong Property Holdings and Hong-

kong Land in a JV and Great Eagle Group in

a JV with Singapore’s CapitaLand. Tang City

Properties which originated from Hong Kong,

and mainland Chinese developer Guangzhou

R&F Properties participated in partnership with

OUE. Besides Guangzhou R&F Properties, other

mainland Chinese developers who participated

in the tender include Nanshan Group, which

triggered the launch of the site in August and

Yanlord Land.

In December 2012, Hong Kong’s Swire

Properties bought all 12 units in the four-storey

Hampton Court at Draycott Park in Singapore.

The purchase price of $155 million translated

to $2,526 psf ppr, inclusive of an estimated de-

velopment charge of $22.3 million. In terms

of land price, it is just $1 psf ppr higher than

the $2,525 psf that Malaysian group YTL paid

for Westwood Apartments (now the upcoming

77-unit 3-Orchard-by-the-Park) in November

2007. Lake, who brokered the sale of Hampton

Court, sees returning interest in such freehold

sites in the prime districts.

No collective sale boom just yetQuite a number of sites are concurrently

kick-starting the collective sale process, says

Ian Loh, head of investment and capital mar-

kets at Knight Frank. “But realistically, the

challenge for developers will still be the ab-

solute price,” he adds.

While sentiments among owners has cer-

tainly received a boost, Loh does not foresee

another collective sale boom in the making as

the global economy remains relatively weak. He

projects collective sale deals in the next year

or two to be around $1 billion to $1.5 billion.

Ho of RHTLaw Taylor Wessing agrees. “No

upturn is expected in the near future,” she

says. “The next upturn would depend on de-

velopers’ appetite as well as the next surge in

renewal of older buildings.”

Dunearn Court, a 12-unit freehold condominium block, is looking at a collective sale The 13-unit low-rise One Tree Hill Gardens is another collective-sale-hopeful

E

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

Successful collective sales (2010 to 2016 YTD)

20100 0

10

20

No

of d

eals

Valu

e

30

40

50

60

500

1,000

1,500

2,000

2,50036

3,000

3,500

($ mil)

2011 2012 2013 2014 2015 2016

Volume ($ mil) No of deals

51

25

16

0 1 3

1,005.25

1,766.25

3,214.58

1,425.701,216.01

380.000.00

JLL

RESE

ARCH

THEEDGE SINGAPORE | NOVEMBER 14, 2016 • EP7

EP8 • THEEDGE SINGAPORE | NOVEMBER 14, 2016

PROPERTY PICKS

Landed homes below $2 mil

Central Region

East Region

| BY THE EDGE PROPERTY |

Landed homes are favoured for their spa-

ciousness and exclusivity. In Singapore,

owning a house is an entitlement enjoy-

ed by the privileged few. As at 2015, only

5.6% of Singapore resident households

live in a house.

There is a total of 72,501 landed homes

(including terraces, semi-detached and de-

tached houses) in Singapore as at 3Q2016,

compared with 293,548 non-landed homes,

excluding HDB units. Only Singapore citizens

can buy a property with no restrictions. Per-

manent residents and foreigners who wish

to purchase a house need to obtain approval

from the Land Dealings Approval Unit.

Owing to its limited supply, the price appre-

ciation of landed homes has outpaced that of

non-landed property over the past decade, at

71% and 50% respectively, according to the

URA property price indices.

In 2016, prices of terraced houses, the lowest

landed housing tier, averaged $2.6 million

while those for private condominiums of at

least 1,000 sq ft averaged $1.9 million. It is,

however, not impossible for homebuyers with

smaller budgets to own a landed home.

The Edge Property has identified several

landed homes, excluding townhouses and

cluster housing, which are currently listed

below $2 million.

Looking for a landed home in the

Central Region that costs below $1

million is challenging. If tenure is

not a concern, aspiring homebuy-

ers may opt for HDB-terraced hous-

es. There are landed homes built

by HDB’s predecessor, the Singa-

pore Improvement Trust. It is un-

derstood that there are only 285

such units and they are centrally

located on Stirling Road in Queen-

stown, as well as on Jalan Bahagia,

Jalan Ma’Mor and Jalan Tenteram

in Kallang/Whampoa.

Last year, one such terraced house

on Jalan Ma’Mor broke the record

when it fetched $1.06 million. It had

a built-up area of 3,013 sq ft and a

balance lease of less than 60 years.

A HDB terraced house on Jalan

Ma’Mor is listed on TheEdgeProp-

erty.com for $898,000. The two-sto-

rey house has three bedrooms —

one on the ground floor and two on

the second level — and is said to be

in move-in condition. For more in-

formation, contact Alan Koh from

PropNex Realty at 9144 5722.

HDB terraced houses on Jalan Bahagia in Kallang/Whampoa

In the Central Region, a budget of

up to $2 million could get you a

freehold terraced house, or an old-

er leasehold detached or semi-de-

tached house. This year, 28 caveats

have been lodged for landed homes

within this price range.

Eleven of them are for freehold

terraced houses in MacPherson Gar-

den Estate and Thomson Garden

Estate. The remaining addresses are

in Bukit Timah, Kallang and Gey-

lang, such as Toh Tuck Crescent,

Joo Chiat Terrace and Ceylon Road.

Prices started at $1.31 million

this year for a freehold terraced

house in MacPherson Garden Es-

tate, which changed hands in Sep-

tember. This worked out to $1,484

psf over a land area of 883 sq ft.

Three caveats accrued to old

leasehold detached and semi-de-

tached houses. In the Bendemeer

area, a detached house on Beng

Wan Road was transacted at $1.03

million in May, or $258 psf, over a

land area of 4,004 sq ft. The property

has a remaining lease of 32 years.

The most affordable listing on

TheEdgeProperty.com is a free-

hold terraced house on Cambridge

Road with a price tag of $1.2 mil-

lion. The property, which sits on

1,450 sq ft of land, may have to be

refurbished because of its age. For

more information, contact Daniel

Chiang from ERA Realty Network

at 9889 3964.

At MacPherson Garden Estate, the

most affordable listing of $1.7 million

is for a freehold terraced house with

a land area of about 1,300 sq ft. Ac-

cording to the marketing agent, the

house was recently renovated and

is in move-in condition. Contact

Melissa Ong from PropNex Realty

at 9168 9304 for details.

Small families may consider this

freehold terraced house in Thomson

Garden Estate. It has one bedroom

and a large hall, and is on the mar-

ket for $1.58 million. The property,

which sits on 885 sq ft of land, was

last renovated in 2009, says its mar-

keting agent. Interested parties may

contact Jason Choo from PropNex

Realty at 9060 1022.

Below $1 million

Below $2 million

MacPherson Garden Estate (left) and Thomson Garden Estate are known for landed homes with smaller price tags

A majority of landed homes in the East Region are

located in Bedok and Pasir Ris. Prominent landed

housing estates include Loyang Villas in Pasir Ris

and Opera Estate in Bedok.

This year, there have been 46 caveats involving

landed homes priced at $2 million or less in the

East Region. Freehold prices started at $1.62 mil-

lion for a terraced house on Jalan Tua Kong in

district 15, which was transacted in August. This

worked out to $1,047 psf, based on a land area

of 1,539 sq ft.

The caveats lodged include those for four semi-

detached houses that changed hands for $2 million

or less. They sit on 99-year leasehold sites with a

balance tenure of 79 years or less.

Separately, a freehold terraced house in Opera

Estate has been put up for sale on TheEdgeProperty.

com at $1.9 million. The single-storey property has

a land area of 1,294 sq ft and comprises two bed-

rooms. For more information, contact Raymond

Lim from CCN Realty at 9138 8805.

Those with a budget below $1.5 million may

consider leasehold properties. At Loyang Villas,

a terraced house with a land area of 1,615 sq ft is

listed on TheEdgeProperty.com at $1.48 million. It

has five bedrooms and is said to be in move-in con-

dition. Interested parties may contact Zac Huang

from ERA Realty Network at 9276 8000.Prominent landed housing estates in the East Region include Loyang Villas in Pasir Ris and Opera Estate (pictured) in Bedok

ALBE

RT C

HUA/

THE

EDG

E SI

NG

APO

RE

ALBE

RT C

HUA/

THE

EDG

E SI

NG

APO

RE

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

THEEDGE SINGAPORE | NOVEMBER 14, 2016 • EP9

PROPERTY PICKS

North Region North-East Region

West Region

There have been 33 caveats this year for landed

homes priced at $2 million or less in the West Re-

gion. Nearly all were for leasehold properties. The

single freehold caveat was for a terraced house

on Pavilion Circle in Bukit Batok, which fetched

$1.9 million in July, or $1,157 psf over a land area

of 1,647 sq ft.

Most of the caveats were for properties located in

Villa Verde in Choa Chu Kang, followed by Westville

and Westwood Park in Jurong West. Prices started

at $1.38 million for a terraced house at Villa Verde,

which changed hands in August. This worked out

to $824 psf over a land area of 1,679 sq ft. The site

has a remaining tenure of less than 80 years.

The most affordable listings on TheEdgeProper-

ty.com are for terraced houses in Westwood Park

and Villa Verde. Both were listed at a guide price

of $1.45 million.

The terraced house at Westwood Park sits on

1,658 sq ft of leasehold land and comprises five

bedrooms. It has granite and parquet flooring,

according to its marketing agent. For more infor-

mation, contact Paul Wong from PropNex Realty

at 8668 0900.

The Villa Verde terraced house has a land area

of 1,680 sq ft and also comprises five bedrooms on

levels two and three. The property is being marketed

by Billy Ng from PropNex Realty (8333 4440).

Up north, 39 freehold landed hous-

es have been sold this year, at pric-

es averaging $2.8 million or $1,068

psf on land area. The lowest price

was for a semi-detached house on

Jalan Janggus near Sembawang Park,

which fetched $1.6 million. The price

worked out to $760 psf over a land

area of 2,110 sq ft. Meanwhile, the

cheapest terraced house was sold

for $1.95 million, or $1,094 psf on

land area of 1,787 sq ft. The proper-

ty is located on Jalan Mata Ayer near

Yishun Junior College.

The most affordable listings for

freehold landed houses in the North

Region are in Sembawang Springs

Estate, near the upcoming Canber-

ra MRT station on the North-South

Line. Two landed properties in the

estate are currently listed for sale

below $2 million.

The first, a two-storey terraced

house with a land area of 1,705 sq

ft, is listed at $1.9 million. Accord-

ing to the marketing agent, buyers

may have to carry out minor alter-

ation works. The property is mar-

keted by Marcus Loo from Knight

Frank Property Network, who can

be contacted at 9457 8480.

The second is a single-storey ter-

raced unit listed at $1.99 million. The

property features a Balinese theme

and comprises three spacious rooms,

a wet and dry kitchen and an alfresco

dining area. Interested buyers can con-

tact Priscilla Ding from ERA Realty

Network at 8318 2796.

Currently the most affordable listings for freehold landed houses in the North Region are in Sembawang Springs Estate

Currently on the market is a sin-

gle-storey terraced house in Sem-

bawang Hills Estate with a land

area of about 1,500 sq ft, with

a price tag of $1.8 million. The

property, which was renovated

four years ago, comes with two

spacious bedrooms, a wet and

dry kitchen, an attic and a gar-

den. Interested parties may con-

tact Jonivien Yeong from ERA

Realty Network at 9101 7266 for

more information.

Off Paya Lebar Road on Jalan

Gotong Royong, a two-storey

freehold terraced house is list-

ed for sale, also at $1.8 million.

The property, which has a land

area of 1,297 sq ft, comprises two

bedrooms on the second level,

a large kitchen and a yard. For

more information, contact Andy

Wong from ERA Realty Network

at 9363 3775.

A terraced house in Sembawang Hills Estate fetched $1.5 million in June

One in three freehold landed hous-

es transacted year to date were

in the North-East Region. Free-

hold terraced properties in this

region averaged $2.6 million or

about $1,200 psf on land area.

Those priced at $2 million or be-

low are mainly located in Sem-

bawang Hills Estate and Seran-

goon Garden Estate.

The lowest price was for a ter-

raced house in Sembawang Hills

Estate which fetched $1.5 million

in June, or $990 psf on land area.

Sembawang Hills Estate is situat-

ed off Upper Thomson Road, near

the Lower Pierce Reservoir Park.

Several popular eateries serving

local and international cuisines

are located in the vicinity.

A freehold terraced house on Jalan Gotong Royong is up for sale at $1.8 million

Major landed housing estates in the West Region include Villa Verde in Choa Chu Kang, as well as Westville and Westwood Park (pictured) in Jurong West E

ALBE

RT C

HUA/

THE

EDG

E SI

NG

APO

RE

ALBE

RT C

HUA/

THE

EDG

E SI

NG

APO

RE

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

EP10 • THEEDGE SINGAPORE | NOVEMBER 14, 2016

INDUSTRY SPOTLIGHT

Lian Beng-Oxley launch strata-titled industrial building in Tampines| BY MICHAEL LIM |

A new ramp-up industrial

development, T-Space, is

coming up on Tampines

North Drive 2, in the vi cinity

of IKEA Tampines, Giant

hypermarket and Courts Megastore.

Developed by Singapore-listed

builders Lian Beng Group and Oxley

Holdings in a 51:49 joint venture

(JV), T-Space is a 30-year leasehold

complex with 260 strata-titled units

spanning nine floors.

The JV partners purchased the

394,881 sq ft site from JTC Corp in

a govern ment land sale for $64.39

million in March 2015.The purchase

price translates to $218 psf per plot

ratio. The developers are spending

close to $120 million on construc-

tion, which brings the total estimated

development cost to about $184.8

million. The project is scheduled to

be completed by 2019.

JTC had requested that the devel-

opers of T-Space create a “business

park environment” so that a com-

munity of businesses can grow and

flourish, says Oxley’s deputy CEO, Eric

Low. T-Space comprises three inter-

connected blocks with four different

unit types. The largest is The Terrace

Collection, where each unit spans four

levels and comes with private internal

lifts. There are only 15 such units in

the entire development and they are

19,063 to 38,072 sq ft. Prices start

from $3.5 million ($182 psf).

The Studio Collection makes up

the largest number of units (95) and

these are between 2,196 and 3,283

sq ft, and include a mezzanine floor.

The Studio units are priced from

$699,000 ($318 psf). There are also

68 double-storey Courtyard units of

2,422 to 3,122 sq ft. They occupy

the uppermost levels of the complex

and have direct access to the roof-

top space, swimming pool, gym

and other amenities. The Courtyard

units are priced from $709,000 ($293

psf). There are 71 Typical units —

single-storey, with areas ranging from

1,636 to 2,573 sq ft, and priced from

$599,000 ($366 psf).

Oxley and Lian Beng launched

the first phase of T-Space for sale in

March this year. So far, 84 out of the

90 units released have been snapped

up. The developers will release another

90 units in the second phase, for sale

over the weekend of Nov 19 and 20.

According to Lian Beng Realty

director Matthew Ong, 95% of the

first-phase buyers were end-users.

Therefore, bigger units, such as those

in the Courtyard and Terrace Col-

lections, were popular. Seven of the

15 Terrace units in that phase were

sold. Sixteen Studio units and 17

Typical units were taken up. So far,

the Courtyard is the bestseller, with

43 units sold.

Christine Li, head of research with

Cushman & Wakefield was not sur-

prised by the strong end-user take-

up rate at T-Space.

“Thirty-year leasehold strata-in-

dustrial developments in good loca-

tions are hard to come by and they

are ideal for end users especially SMEs

that want stability in their business,

and not worry about rents,” she adds.

The short lease should not be a

concern for banks as they will treat

the property as part of a business

loan, which is different from a mort-

gage on a home, says Li.

Kenneth Tay, co-founder and di-

rector of home-grown firm Ciseern

Interior Design, bought a unit in the

Terrace Collection. The company’s

headquarters is currently in Bartley

Biz Centre on Kaki Bukit Road 4

and it has five retail outlets across

Singapore, including one in Courts

Megastore in Tampines. Tay, 43, will

move Ciseern’s HQ to T-Space when

it is ready. He says it makes sense

because the unit is large enough to

cater for future business expansion

and their business partner Courts is

just next door.

Another business owner, Leslie

Foo, founder and CEO of Legate,

a specialist in “invisible grilles” as

well as carpet grass and roller blinds,

purchased three adjoining Courtyard

units for $2.4 million.

Foo, 47, plans to amalgamate the

two largest units into one 6,000 sq

ft unit to house the company’s of-

fice and showroom while reserving

the third unit for a function room as

well as client meeting rooms. When

T-Space is completed, he intends to

relocate his operations and 38 staff

from Legate’s current 1,600 sq ft

premises at Northstar on Serangoon

North Avenue 4.

Foo likes the location as it is not

a typical industrial estate, which

turns into a ghost town on week-

ends, given that T-Space has retail

warehouses in the vicinity, as well

as a future residential development

adjacent to it. He also believes in

providing better work-life balance

for his staff, who will be able to

make use of the swimming pool

and gym above their office.

Besides interior design and home

The main façade of T-Space fronting Tampines North Drive 2

PICT

URES

: OXL

EY &

LIA

N B

ENG

Low (left) and Ong hope to attract e-commerce retailers to T-Space

ALBE

RT C

HUA/

THE

EDG

E SI

NG

APO

RE

furnishing and renovation firms, Oxley

and Lian Beng hope to attract other

trades to T-Space, especially those in

e-commerce. The space is ideal for

e-commerce retailers who will be

able to store and ship their goods,

display merchandise as well as ope-

rate their office within the same unit,

says Oxley’s Low.

A cross section showing the layout of a four-storey terraced unit that is 19,063 to 38,072 sq ft

The interior of a Studio unit, measuring 2,196 to 3,283 sq ft, including a mezzanine floor

E

THEEDGE SINGAPORE | NOVEMBER 14, 2016 • EP11

GAINS AND LOSSES

achieved at the project in the past five years.

The unit was previously purchased in Febru-

ary 2012 at $2,111 psf.

Meanwhile at Newton 21 in prime District

11, a 1,539 sq ft unit fetched a profit of $1.2

million, or an annualised gain of 6% over 12

years, on Oct 27. The seller had purchased the

13th-floor unit from the developer in 2004 at

$812 psf and resold it at $1,611 psf, last month.

This is the second deal at the 69-unit, freehold

condo that resulted in a million-dollar profit

this year. A 1,539 sq ft unit located one level

below changed hands at a $1.1 million prof-

it in August this year. Newton 21, on Newton

Road, was completed in 2004.

In the landed housing segment, the big-

gest gain of $2.1 million in the week accrued

to a semi-detached house at Thomson Ridge

Estate. The seller, who held the property for

more than 20 years, sold it at $3.7 million,

or $1,245 psf on land area, on Oct 31, mak-

ing an annualised profit of 4% from the deal.

He had purchased the house, which sits on

a 2,960 sq ft plot, in January 1996, at $524

psf on land area. The computed price gain

for landed properties, however, excludes any

renovation or refurbishment costs incurred

by the seller.

Separately, a terraced house on Blandford

Drive at Serangoon Garden Estate, fetched a

profit of $1.5 million, or an annualised gain

of 7% over 10 years, on Oct 28. The proper-

ty, which sits on a 2,799 sq ft, 999-year lease-

hold plot, was sold at $3.2 million, or $1,142

psf on land area, almost double its purchase

price of $595 psf in January 2007.

Residential transactions with contracts dated Oct 25 to Nov 1

URA

, THE

EDG

E PR

OPE

RTY

Most profi table deals

Non-profi table deals

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

NON-LANDED

1 Newton 21 11 1,539 Oct 27 1,611 Nov 18, 2004 812 1,230,000 98 6 11.9

2 The Metz 9 1,496 Oct 27 2,072 Aug 1, 2005 1,270 1,200,000 63 4 11.2

3 The Suites at Central 9 1,475 Oct 27 2,102 July 17, 2006 1,443 972,589 46 4 10.3

4 Bayshore Park 16 2,196 Oct 26 743 Jan 9, 2004 342 881,000 117 6 12.8

5 King’s Mansion 15 1,808 Oct 28 1,150 March 26, 2009 708 800,000 63 7 7.6

6 Thomson View Condominium 20 1,313 Oct 26 845 Dec 24, 2003 251 780,000 236 10 12.8

7 The Gardens At Bishan 20 1,572 Oct 25 942 Dec 27, 2001 477 731,020 98 5 14.8

8 Lagoon View 15 1,647 Oct 25 759 Sept 1, 2006 328 710,000 131 9 10.2

9 Casa Novacrest 9 1,582 Oct 31 1,296 Feb 15, 2007 853 700,000 52 4 9.7

10 Aspen Heights 9 1,582 Oct 28 1,422 June 9, 2009 1,011 650,000 41 5 7.4LANDED

1 Semi-detached/Thomson Ridge 20 2,960 Oct 31 1,245 Jan 22, 1996 524 2,130,000 137 4 20.8

2 Detached/Goodman Road 15 7,018 Oct 28 1,496 June 11, 2010 1,237 1,820,000 21 3 6.4

3 Terraced/Blandford Drive 19 2,799 Oct 28 1,142 Jan 25, 2007 595 1,532,000 92 7 9.8

4 Semi-detached/Richards Place 19 3,983 Oct 26 929 April 11, 2011 753 700,000 23 4 5.5

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Orange Grove Residences 10 3,671 Oct 27 1,662 Feb 13, 2007 2,143 1,766,000 22 3 9.7

2 St Regis Residences Singapore 10 2,756 Oct 31 2,214 Oct 9, 2006 2,703 1,348,520 18 2 10.1

3 Terraced/Greenridge Crescent 21 4,585 Oct 31 803 May 3, 2011 872 318,000 8 1 5.5

4 Terraced/Jalan Pintau 20 990 Oct 31 805 Aug 11, 2009 956 150,000 16 2 7.2

5 Kovan Melody 19 1,227 Oct 27 959 Oct 25, 2012 1,035 93,000 7 2 4.0

6 Scotts 28 9 1,647 Oct 26 2,016 June 20, 2008 2,071 90,000 3 0.3 8.4

7 Ava Towers 12 1,227 Oct 31 896 June 8, 2012 953 70,000 6 1 4.4

8 The Viridian 12 527 Oct 26 1,346 April 30, 2012 1,460 60,000 8 2 4.5

9 Residences @ Somme 8 538 Oct 28 1,259 May 16, 2011 1,338 42,500 6 1 5.5

10 Archipelago 16 1,184 Nov 1 1,029 April 2, 2012 1,063 41,000 3 0.7 4.6

Note: The profit and loss computation excludes transaction costs such as stamp dutiesURA caveat record downloaded on Nov 4 and 8

E

Hefty losses in District 10| BY ESTHER HOON |

Two condo units in prime District 10

were offloaded at losses of more than

a million dollars each in the week of

Oct 25 to Nov 1. The bigger loss of $1.8

million came from a 3,671 sq ft pent-

house at Orange Grove Residences off Stevens

Road. The fifth-floor unit fetched $6.1 million,

or $1,662 psf, on Oct 27, 22% below the pur-

chase price of $2,143 psf paid to the developer

in February 2007. The seller incurred an annu-

alised loss of 3% after having held the prop-

erty for close to 10 years.

This is the second-biggest loss at Orange

Grove Residences historically, after the sale

of another penthouse at a $1.8 million loss in

2013. All resale transactions in the project over

the past six years, where the previous transac-

tion could be traced, had been unprofitable,

including the four sold this year. The smallest

loss incurred this year was $846,500, from the

sale of a 2,250 sq ft unit in March.

The smaller loss in District 10 in the week

amounted to $1.3 million. It accrued to a

2,756 sq ft unit at St Regis Residences Singa-

pore. The seller had purchased the 15th-floor

unit from the developer at $2,703 psf. After

a 10-year holding period, the unit changed

hands at $6.1 million, or $2,214 psf, on Oct

31, reflecting an annualised loss of 2%. The

999-year leasehold condominium on Tanglin

Road has witnessed a streak of unprofitable

deals since 2012. Of the six units sold this

year, only two were profitable. One was sold

at a $200,000 profit, while the other, a 5,543

sq ft unit sold in February 2016 at $2,706 psf,

yielded a $3.3 million profit, the biggest gain

A 3,671 sq ft penthouse at Orange Grove Residences was sold at a $1.8 million loss in the week of Oct 25 to Nov 1

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

EP12 • THEEDGE SINGAPORE | NOVEMBER 14, 2016

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 Oct 25 to Nov 1

District 1 MARINA ONE RESIDENCES Apartment 99 years Oct 26 1,507 3,488,840 - 2,315 Uncompleted New saleDistrict 2 ICON Apartment 99 years Oct 26 700 1,208,888 - 1,728 2007 ResaleDistrict 3 ASCENTIA SKY Condominium 99 years Oct 27 1,475 2,150,000 - 1,458 2013 ResaleCOMMONWEALTH TOWERS Condominium 99 years Oct 25 904 1,454,900 - 1,609 Uncompleted New saleCOMMONWEALTH TOWERS Condominium 99 years Oct 27 441 797,200 - 1,806 Uncompleted New saleCOMMONWEALTH TOWERS Condominium 99 years Oct 28 904 1,402,400 - 1,551 Uncompleted New saleCOMMONWEALTH TOWERS Condominium 99 years Oct 29 904 1,388,300 - 1,535 Uncompleted New saleCOMMONWEALTH TOWERS Condominium 99 years Oct 29 904 1,397,700 - 1,546 Uncompleted New saleHIGHLINE RESIDENCES Condominium 99 years Oct 30 904 1,591,700 - 1,760 Uncompleted New salePRINCIPAL GARDEN Condominium 99 years Oct 25 1,572 2,472,000 2,467,000 1,570 Uncompleted New salePRINCIPAL GARDEN Condominium 99 years Oct 26 807 1,385,000 1,380,000 1,709 Uncompleted New salePRINCIPAL GARDEN Condominium 99 years Oct 29 484 778,000 773,000 1,596 Uncompleted New salePRINCIPAL GARDEN Condominium 99 years Oct 29 764 1,211,000 1,206,000 1,578 Uncompleted New salePRINCIPAL GARDEN Condominium 99 years Oct 30 797 1,383,000 1,378,000 1,730 Uncompleted New saleDistrict 4 CORALS AT KEPPEL BAY Condominium 99 years Oct 29 1,302 2,500,000 - 1,919 2016 New saleTHE AZURE Condominium 99 years Oct 26 1,765 2,338,000 - 1,324 2008 ResaleDistrict 5 PASIR PANJANG LODGE Apartment Freehold Oct 26 1,270 1,220,000 - 961 1995 ResaleTHE PARC CONDOMINIUM Condominium Freehold Oct 31 1,302 1,550,000 - 1,190 2010 Resale

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

THE TRILINQ Condominium 99 years Oct 25 1,044 1,422,000 - 1,362 Uncompleted New saleTHE TRILINQ Condominium 99 years Oct 25 915 1,276,000 - 1,395 Uncompleted New saleTHE TRILINQ Condominium 99 years Oct 26 753 1,142,000 - 1,516 Uncompleted New saleTHE TRILINQ Condominium 99 years Oct 28 936 1,226,000 - 1,309 Uncompleted New saleDistrict 7 TEXTILE CENTRE Apartment 99 years Oct 27 904 702,000 - 776 1977 ResaleDistrict 8 CLYDES RESIDENCE Apartment Freehold Oct 31 1,023 1,130,000 - 1,105 2005 ResaleFORTE SUITES Apartment Freehold Oct 28 624 1,240,700 - 1,987 2016 New saleRESIDENCES @ SOMME Apartment Freehold Oct 28 538 677,500 - 1,259 2008 ResaleDistrict 9 ASPEN HEIGHTS Condominium 999 years Oct 28 1,582 2,250,000 - 1,422 1998 ResaleCAIRNHILL CREST Condominium Freehold Oct 25 1,733 2,960,000 - 1,708 2004 ResaleCAIRNHILL NINE Apartment 99 years Oct 26 1,033 2,634,000 - 2,549 Uncompleted New saleCASA NOVACREST Apartment Freehold Oct 31 1,582 2,050,000 - 1,296 1998 ResaleOUE TWIN PEAKS Condominium 99 years Oct 25 1,399 3,455,530 - 2,469 2015 ResaleOUE TWIN PEAKS Condominium 99 years Oct 26 1,055 2,532,000 - 2,400 2015 ResaleOUE TWIN PEAKS Condominium 99 years Oct 27 1,604 4,682,076 - 2,919 2015 ResalePEACE CENTRE/MANSIONS Apartment 99 years Oct 28 2,347 1,250,000 - 533 1977 ResaleSCOTTS 28 Condominium Freehold Oct 26 1,647 3,320,000 - 2,016 1998 ResaleSOPHIA HILLS Condominium 99 years Oct 28 710 1,378,000 - 1,940 Uncompleted New saleSOPHIA HILLS Condominium 99 years Oct 28 1,012 1,873,000 - 1,851 Uncompleted New saleSOPHIA HILLS Condominium 99 years Oct 30 570 1,187,500 - 2,082 Uncompleted New saleSOPHIA HILLS Condominium 99 years Oct 30 700 1,449,000 - 2,071 Uncompleted New saleSOPHIA LODGE Apartment Freehold Oct 31 1,001 1,480,000 - 1,478 2006 ResaleTHE LAURELS Condominium Freehold Oct 25 1,765 4,000,000 - 2,266 2013 ResaleTHE METZ Condominium Freehold Oct 27 1,496 3,100,000 - 2,072 2007 ResaleTHE MORNINGSIDE Apartment Freehold Oct 26 1,722 2,560,000 - 1,486 1992 ResaleTHE RISE @ OXLEY - RESIDENCES Apartment Freehold Oct 26 646 1,492,600 - 2,311 Uncompleted New saleTHE SUITES AT CENTRAL Condominium Freehold Oct 27 1,475 3,100,000 - 2,102 2009 ResaleTRIBECA Condominium Freehold Nov 1 570 1,176,000 - 2,061 2010 ResaleDistrict 10 CHATELET Condominium Freehold Oct 31 1,582 2,100,000 - 1,327 1993 ResaleGRANGE RESIDENCES Condominium Freehold Oct 28 2,852 7,200,000 - 2,524 2004 ResaleLEEDON RESIDENCE Condominium Freehold Oct 26 1,044 2,365,000 - 2,265 2015 ResaleLEEDON RESIDENCE Condominium Freehold Oct 27 4,316 6,950,000 - 1,610 2015 ResaleMON JERVOIS Condominium 99 years Oct 27 1,033 1,870,000 - 1,810 2016 New saleORANGE GROVE RESIDENCES Condominium Freehold Oct 27 3,671 6,100,000 - 1,662 2009 ResaleRV RESIDENCES Condominium 999 years Oct 25 1,292 2,480,000 - 1,920 2015 ResaleST REGIS RESIDENCES S’PORE Apartment 999 years Oct 31 2,756 6,100,000 - 2,214 2008 ResaleTHE PRINCETON Apartment Freehold Oct 27 861 1,238,000 - 1,438 1999 ResaleVALLEY PARK Condominium 999 years Oct 25 764 1,080,000 - 1,413 1997 ResaleVILLAGE TOWER Condominium Freehold Oct 27 1,830 2,300,000 - 1,257 1983 ResaleDistrict 11 26 NEWTON Apartment Freehold Oct 27 474 991,721 - 2,094 2016 New saleNEWTON 21 Apartment Freehold Oct 27 1,539 2,480,000 - 1,611 2004 ResaleRESIDENCES @ EVELYN Condominium Freehold Oct 28 2,250 3,550,000 - 1,578 2007 ResaleSUFFOLK PREMIER Apartment Freehold Oct 31 1,076 1,410,000 - 1,310 2007 ResaleDistrict 12 AVA TOWERS Apartment Freehold Oct 31 1,227 1,100,000 - 896 1993 ResaleEIGHT RIVERSUITES Condominium 99 years Oct 26 2,508 2,200,000 - 877 2016 New saleEURO-ASIA APARTMENTS Apartment Freehold Oct 25 1,238 1,120,000 - 905 1990 ResaleOLEANDER TOWERS Apartment 99 years Nov 1 861 1,000,000 - 1,161 1998 ResalePINNACLE 16 Apartment Freehold Oct 25 1,324 1,570,000 - 1,186 2006 ResaleTHE VIRIDIAN Apartment Freehold Oct 26 527 710,000 - 1,346 2015 Sub saleVA RESIDENCES Apartment Freehold Oct 29 506 841,168 - 1,663 Uncompleted New sale

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

Commonwealth Towers, Principal Garden benefit from launch of Queens Peak| BY TAN CHEE YUEN |

Queens Peak has been

drawing crowds to its sales

gallery and show flats since

the project previewed on

Oct 22 and 23. When the

project was launched for sale on

Nov 5, it moved 242 units by 5pm.

Over the weekend of Nov 5 and 6,

the developer sold 250 out of a total

of 736 units, achieving 34% sales.

The average price of units sold was

$1,632 psf. One-bedroom units of

431 sq ft are priced from $680,000.

Hao Yuan Investment, the devel-

oper of Queens Peak, purchased the

99-year leasehold site on Dundee

Road in June last year for $483.2

million ($871 psf per plot ratio). The

site sits adjacent to the Queenstown

MRT station, and the developer will

have a direct link from the overhead

bridge of the station to Queens Peak,

says MCC Land, the project manager.

According to property agents, the

launch of Queens Peak has stirred

interest in neighbouring projects with

unsold units, especially the Common-

wealth-Alexandra neighbour hood

between the Queenstown and Redhill

MRT stations.

Next door to Queens Peak is Com-

monwealth Towers, an 845-unit,

43- storey twin tower project by Hong

Leong Holdings. Launched in May 2014,

the 99-year leasehold private condo saw

175 units snapped up on the first day

of sales, at prices ranging from $1,635

to $1,690 psf. As at end-September, the

project had sold 428 units (50.7%).

Having sold just two units in Sep-

tember, Commonwealth Towers saw at

least 13 units sold in October, based on

caveats lodged. Prices of units sold in

October ranged from $1,530 to $1,806

psf. Units sold ranged from one-bed-

ders of 441 sq ft priced at $788,200

($1,786 psf) to three-bedders of 904

sq ft, for $1.47 million ($1,621 psf).

Commonwealth Towers was not the

only one to benefit from the launch of

Queens Peak. Principal Garden, lo-

cated on Prince Charles Crescent, off

Alexandra Road, was another benefi-

ciary. Having sold 14 units in Septem-

ber at a median price of $1,651 psf,

it moved a similar number of units

in October, based on caveats lodged.

Units at Principal Garden sold in

October ranged from $1,574 psf for

a four-bedroom fourth-floor unit to

$1,730 psf for a 797 sq ft, two-bed-

room unit. Based on caveats lodged

as at Nov 1, 326 units, or 49% out

of a total of 663, had been sold. The

project is jointly developed by UOL

Group and Kheng Leong Co.

Across the road from Principal

Garden is Wing Tai Holdings’ 373-unit

Ascentia Sky, completed in 2013. The

99-year leasehold condo comprises

a single 45-storey tower. The latest

transaction at Ascentia Sky was of a

1,475 sq ft, three-bedroom unit sold

for $2.15 million ($1,458 psf), ac-

cording to a caveat lodged on Oct 27.

The unit was first purchased by the

buyer for $2.14 million ($1,453 psf)

in April 2011. Both the buyer and

seller are HDB upgraders.

Besides Principal Garden and

Ascen tia Sky, the Alexandra neigh-

bourhood also saw the recent com-

pletion of the 508-unit Echelon. Next

door to Echelon is the 429-unit Alex

Resi dences by United Industrial Corp,

which is over 65% sold and expected

to be completed next year. The most

recent transaction at the 45-storey

tower was for a 657 sq ft, two-bed-

room unit on the 33rd floor for $1.37

million ($2,079 psf), according to a

caveat lodged in October.

Next to Principal Garden is also

the 469-unit The Crest by Wing Tai

Holdings. The 99-year leasehold pri-

vate condo is expected to be completed

sometime next year. The project has

sold about 145 units to date, with

the latest transaction prices ranging

from $1,726 to $1,775 psf, based on

caveats lodged as at end-October.

The crowd at Queens Peak on balloting day on Nov 5

MCC

LAN

D

E

DONE DEALS

THEEDGE SINGAPORE | NOVEMBER 14, 2016 • EP13

DISCLAIMER:Source: URA Realis. Updated Nov 8, 2016. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of,or reliance on, the information provided therein. EC stands for executive condominium

Residential transactions with contracts dated Oct 25 to Nov 1

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

District 13 SANT RITZ Condominium 99 years Oct 27 1,787 1,959,291 - 1,097 2016 New saleSENNETT RESIDENCE Condominium 99 years Oct 28 2,077 2,244,000 - 1,080 2016 New saleTHE POIZ RESIDENCES Apartment 99 years Oct 25 420 643,000 - 1,532 Uncompleted New saleTHE POIZ RESIDENCES Apartment 99 years Oct 26 538 810,000 - 1,505 Uncompleted New saleTHE POIZ RESIDENCES Apartment 99 years Oct 28 538 792,000 - 1,472 Uncompleted New saleTHE POIZ RESIDENCES Apartment 99 years Oct 28 1,152 1,541,000 - 1,338 Uncompleted New saleTHE POIZ RESIDENCES Apartment 99 years Oct 30 1,227 1,675,000 - 1,365 Uncompleted New saleTHE VENUE RESIDENCES Apartment 99 years Oct 29 850 1,265,960 - 1,489 Uncompleted New saleDistrict 14 ESTA RUBY Apartment Freehold Oct 31 1,130 1,450,000 - 1,283 2012 ResaleGOODVIEW APARTMENTS Apartment Freehold Nov 1 1,292 750,000 - 581 1994 ResaleGUILLEMARD EDGE Apartment Freehold Oct 26 409 593,000 - 1,450 2014 ResaleSIMS URBAN OASIS Condominium 99 years Oct 28 667 932,000 - 1,397 Uncompleted New saleSIMS URBAN OASIS Condominium 99 years Oct 29 958 1,366,000 - 1,426 Uncompleted New saleSIMS URBAN OASIS Condominium 99 years Oct 29 958 1,269,200 - 1,325 Uncompleted New saleSIMS URBAN OASIS Condominium 99 years Oct 30 463 738,000 - 1,594 Uncompleted New saleTREASURES@G6 Apartment Freehold Oct 25 452 622,000 - 1,376 Uncompleted New saleDistrict 15 CASA MEYFORT Condominium Freehold Oct 26 1,765 2,300,000 - 1,303 1992 ResaleCOSTA RHU Condominium 99 years Oct 26 1,776 2,029,388 - 1,143 1997 ResaleD’ FRESCO Apartment Freehold Oct 31 1,539 1,330,000 - 864 2010 ResaleFRANKEL ESTATE Semi-Detached Freehold Oct 26 4,209 4,000,000 - 952 1956 ResaleGOLD LEAF MANSIONS Apartment Freehold Oct 25 1,475 1,380,000 - 936 1993 ResaleKING’S MANSION Condominium Freehold Oct 28 1,808 2,080,000 - 1,150 1982 ResaleLAGOON VIEW Apartment 99 years Oct 25 1,647 1,250,000 - 759 Unknown ResalePEBBLE LANE Terrace Freehold Oct 26 2,110 2,450,088 - 1,160 1971 ResaleGOODMAN ROAD Detached Freehold Oct 28 7,018 10,500,000 - 1,496 2004 ResaleBROADRICK ROAD Detached Freehold Oct 31 11,474 13,000,000 - 1,133 1989 ResaleONE EIGHTIES RESIDENCES Apartment Freehold Oct 25 635 870,000 - 1,370 2015 New saleONE EIGHTIES RESIDENCES Apartment Freehold Oct 25 624 940,000 - 1,506 2015 New salePEBBLE BAY Condominium 99 years Oct 25 1,378 1,350,000 - 980 1997 ResaleSUITES TWENTY-TWO Apartment Freehold Oct 25 1,905 1,500,000 - 787 2005 ResaleSUNNYVALE RESIDENCES Apartment Freehold Oct 28 1,130 1,692,309 1,633,421 1,445 Uncompleted New saleSYCAMORE TREE Apartment Freehold Oct 27 388 580,000 - 1,497 Uncompleted Sub saleVENTURA VIEW Apartment Freehold Oct 28 1,163 925,000 - 796 2012 ResaleDistrict 16 ARCHIPELAGO Condominium 99 years Oct 25 527 600,000 - 1,138 2015 Sub saleARCHIPELAGO Condominium 99 years Nov 1 1,184 1,218,000 - 1,029 2015 Sub saleBAYSHORE PARK Condominium 99 years Oct 26 2,196 1,631,000 - 743 1986 ResaleTHE GLADES Condominium 99 years Oct 25 474 778,000 - 1,643 Uncompleted New saleTHE GLADES Condominium 99 years Oct 28 474 706,000 - 1,491 Uncompleted New saleTHE GLADES Condominium 99 years Oct 28 474 755,000 - 1,594 Uncompleted New saleTHE GLADES Condominium 99 years Oct 29 990 1,298,000 - 1,311 Uncompleted New saleTHE GLADES Condominium 99 years Oct 29 474 771,800 - 1,630 Uncompleted New saleTHE GLADES Condominium 99 years Oct 30 624 991,000 - 1,587 Uncompleted New saleTHE GLADES Condominium 99 years Oct 30 990 1,382,000 - 1,396 Uncompleted New saleDistrict 17 ESTELLA GARDENS Condominium Freehold Oct 27 936 720,000 - 769 1999 ResaleDistrict 18 COCO PALMS Condominium 99 years Oct 28 1,744 1,745,000 - 1,001 Uncompleted New saleD’NEST Condominium 99 years Oct 29 1,410 1,399,000 - 992 Uncompleted New saleMELVILLE PARK Condominium 99 years Nov 1 1,475 1,050,000 - 712 1996 ResalePINEVALE EC 99 years Oct 25 1,292 970,000 - 751 1999 ResaleRIPPLE BAY Condominium 99 years Oct 25 484 570,000 - 1,177 2015 ResaleSIMEI GREEN CONDOMINIUM EC 99 years Oct 27 969 838,000 - 865 1999 ResaleTAMPINES COURT Condominium 101 years Oct 25 1,701 860,000 - 506 Unknown ResaleTHE ALPS RESIDENCES Condominium 99 years Oct 25 700 761,000 - 1,088 Uncompleted New saleTHE ALPS RESIDENCES Condominium 99 years Oct 27 936 998,000 - 1,066 Uncompleted New saleTHE ALPS RESIDENCES Condominium 99 years Oct 27 936 1,003,000 - 1,071 Uncompleted New saleTHE ALPS RESIDENCES Condominium 99 years Oct 28 495 571,000 - 1,153 Uncompleted New saleTHE ALPS RESIDENCES Condominium 99 years Oct 29 700 718,000 - 1,026 Uncompleted New saleTHE SANTORINI Condominium 99 years Oct 25 1,119 1,090,000 - 974 Uncompleted New saleTHE SANTORINI Condominium 99 years Oct 26 1,507 1,587,960 - 1,054 Uncompleted New saleTHE SANTORINI Condominium 99 years Oct 27 753 803,000 - 1,066 Uncompleted New saleTHE SANTORINI Condominium 99 years Oct 27 764 785,070 - 1,027 Uncompleted New saleTHE SANTORINI Condominium 99 years Oct 28 1,378 1,458,888 - 1,059 Uncompleted New saleTHE SANTORINI Condominium 99 years Oct 30 753 765,000 - 1,015 Uncompleted New saleTROPICAL SPRING Condominium 99 years Oct 31 1,335 1,100,000 - 824 2002 ResaleVUE 8 RESIDENCE Condominium 99 years Oct 25 1,033 1,052,000 - 1,018 Uncompleted New saleVUE 8 RESIDENCE Condominium 99 years Oct 26 1,346 1,291,000 - 959 Uncompleted New saleVUE 8 RESIDENCE Condominium 99 years Oct 30 1,346 1,340,000 - 996 Uncompleted New saleDistrict 19 FLO RESIDENCE Condominium 99 years Oct 31 1,012 958,000 - 947 2016 Sub saleFLORENCE REGENCY Apartment 103 years Oct 26 1,625 880,000 - 541 Unknown ResaleKINGSFORD WATERBAY Apartment 99 years Oct 25 484 598,888 - 1,236 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 25 678 819,000 - 1,208 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 25 484 596,800 - 1,232 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 25 484 599,000 - 1,237 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 25 678 826,000 - 1,218 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 26 484 600,000 - 1,239 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 26 484 605,000 - 1,249 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 28 484 600,000 - 1,239 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 28 484 602,000 - 1,243 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 28 484 600,000 - 1,239 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 28 484 598,000 - 1,235 Uncompleted New saleKINGSFORD WATERBAY Apartment 99 years Oct 28 689 818,000 - 1,187 Uncompleted New saleKOVAN MELODY Condominium 99 years Oct 27 1,227 1,177,000 - 959 2006 ResaleKOVAN MELODY Condominium 99 years Oct 31 1,216 1,215,000 - 999 2006 ResaleKOVAN REGENCY Condominium 99 years Oct 25 980 1,280,000 - 1,307 2015 ResaleKOVAN REGENCY Condominium 99 years Oct 26 1,055 1,450,000 - 1,375 2015 ResaleRICHARDS PLACE Semi-Detached Freehold Oct 26 3,983 3,700,000 - 929 Unknown ResaleJALAN TELITI Terrace Freehold Oct 28 3,143 3,200,000 - 1,018 Unknown ResaleONE SURIN Terrace Freehold Oct 28 3,789 2,670,000 - 705 Uncompleted New salePARC CENTROS Condominium 99 years Oct 27 1,163 1,150,000 - 989 2016 Sub salePRIMO RESIDENCES Apartment Freehold Oct 27 495 600,000 - 1,212 2012 ResaleRIVERSAILS Condominium 99 years Oct 26 883 815,000 - 923 2016 Sub saleRIVERSAILS Condominium 99 years Oct 31 506 600,000 - 1,186 2016 Sub saleRIVERSOUND RESIDENCE Condominium 99 years Nov 1 1,066 1,055,000 - 990 2015 Sub saleSERANGOON GARDEN ESTATE Semi-Detached 999 years Oct 28 2,476 3,600,000 - 1,452 2016 ResaleSERANGOON GARDEN ESTATE Terrace 999 years Oct 28 2,799 3,200,000 - 1,142 Unknown ResaleSTARS OF KOVAN Apartment 99 years Oct 25 506 776,460 - 1,535 Uncompleted New saleSTARS OF KOVAN Apartment 99 years Oct 29 506 757,540 - 1,497 Uncompleted New saleTHE SPRINGBLOOM Condominium 99 years Oct 28 1,119 1,200,000 - 1,072 1999 ResaleTHE TERRACE EC 99 years Oct 25 1,001 789,400 - 789 Uncompleted New saleTHE TERRACE EC 99 years Oct 25 1,076 829,700 - 771 Uncompleted New saleTHE TERRACE EC 99 years Oct 26 1,076 820,500 - 762 Uncompleted New saleTHE TERRACE EC 99 years Oct 26 1,076 811,300 - 754 Uncompleted New saleTHE TERRACE EC 99 years Oct 26 1,076 821,300 - 763 Uncompleted New saleTHE TERRACE EC 99 years Oct 27 1,001 762,600 - 762 Uncompleted New sale

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2016) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

THE TERRACE EC 99 years Oct 27 1,076 886,300 876,300 814 Uncompleted New saleTHE TERRACE EC 99 years Oct 27 1,076 811,500 - 754 Uncompleted New saleTHE TERRACE EC 99 years Oct 28 1,076 881,300 - 819 Uncompleted New saleTHE TERRACE EC 99 years Oct 30 1,076 860,100 - 799 Uncompleted New saleTHE VALES EC 99 years Oct 25 1,679 1,313,000 - 782 Uncompleted New saleTHE VALES EC 99 years Oct 25 904 746,000 - 825 Uncompleted New saleTHE VALES EC 99 years Oct 29 915 777,000 - 849 Uncompleted New saleTHE VALES EC 99 years Oct 30 753 630,000 - 836 Uncompleted New saleTREASURE CREST EC 99 years Oct 30 1,076 789,000 - 733 Uncompleted New saleTREASURE CREST EC 99 years Oct 30 1,076 771,000 - 716 Uncompleted New saleTREASURE CREST EC 99 years Oct 30 1,076 771,000 - 716 Uncompleted New saleTREASURE CREST EC 99 years Oct 30 1,076 771,000 - 716 Uncompleted New saleTRILIVE Condominium Freehold Oct 30 904 1,412,000 - 1,562 Uncompleted New saleWATERWOODS EC 99 years Oct 26 1,636 1,270,000 - 776 2015 ResaleDistrict 20 FLORAVIEW Apartment Freehold Oct 29 732 896,200 - 1,224 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 30 807 947,300 - 1,173 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 30 1,023 1,128,200 - 1,103 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 30 1,184 1,265,700 - 1,069 Uncompleted New saleFLORAVIEW Apartment Freehold Oct 30 764 924,500 - 1,210 Uncompleted New saleGRANDEUR 8 Condominium 99 years Oct 28 2,207 1,810,000 - 820 2005 ResaleLAKEVIEW ESTATE Apartment 99 years Oct 28 1,615 1,180,000 - 731 1977 ResaleTHE GARDENS AT BISHAN Condominium 99 years Oct 25 1,572 1,480,000 - 942 2004 ResaleTHOMSON GARDEN ESTATE Terrace Freehold Oct 31 990 800,000 - 805 Unknown ResaleTHOMSON IMPRESSIONS Apartment 99 years Oct 25 1,055 1,495,555 - 1,418 Uncompleted New saleTHOMSON IMPRESSIONS Apartment 99 years Oct 28 463 718,000 - 1,551 Uncompleted New saleTHOMSON IMPRESSIONS Apartment 99 years Oct 28 463 720,000 - 1,556 Uncompleted New saleTHOMSON IMPRESSIONS Apartment 99 years Oct 28 463 758,300 - 1,638 Uncompleted New saleTHOMSON IMPRESSIONS Apartment 99 years Oct 29 1,055 1,574,400 - 1,493 Uncompleted New saleTHOMSON IMPRESSIONS Apartment 99 years Oct 29 1,055 1,492,600 - 1,415 Uncompleted New saleTHOMSON RIDGE ESTATE Semi-Detached Freehold Oct 31 2,960 3,680,000 - 1,245 Unknown ResaleTHOMSON VIEW Condominium 99 years Oct 26 1,313 1,110,000 - 845 1987 ResaleTHOMSON VIEW Condominium 99 years Oct 26 2,024 1,668,000 - 824 1987 ResaleDistrict 21 GREENRIDGE Terrace Freehold Oct 31 4,585 3,680,000 - 803 1987 ResaleTHE CREEK @ BUKIT Condominium Freehold Oct 29 1,206 1,649,808 - 1,368 Uncompleted New saleTOH TUCK LODGE Apartment Freehold Oct 28 1,346 1,050,000 - 780 2003 ResaleDistrict 22 LAKE GRANDE Condominium 99 years Oct 25 775 1,087,000 - 1,403 Uncompleted New saleLAKE GRANDE Condominium 99 years Oct 27 947 1,189,000 - 1,255 Uncompleted New saleLAKE GRANDE Condominium 99 years Oct 30 775 1,077,000 - 1,390 Uncompleted New saleLAKEVILLE Condominium 99 years Oct 28 1,270 1,589,297 - 1,251 Uncompleted New saleTHE LAKEFRONT RESIDENCES Condominium 99 years Nov 1 775 1,000,000 - 1,290 2014 ResaleTHE LAKESHORE Condominium 99 years Oct 31 1,044 992,000 - 950 2008 ResaleWESTWOOD RESIDENCES EC 99 years Oct 25 1,033 849,900 - 822 Uncompleted New saleWESTWOOD RESIDENCES EC 99 years Oct 27 1,033 757,400 - 733 Uncompleted New saleWESTWOOD RESIDENCES EC 99 years Oct 27 1,238 984,300 - 795 Uncompleted New saleWESTWOOD RESIDENCES EC 99 years Oct 29 1,033 847,200 - 820 Uncompleted New saleWESTWOOD RESIDENCES EC 99 years Oct 30 1,152 961,200 - 835 Uncompleted New saleDistrict 23 HILLION RESIDENCES Apartment 99 years Oct 25 463 630,200 - 1,362 Uncompleted New saleKINGSFORD . HILLVIEW PEAK Condominium 99 years Oct 27 1,012 960,000 - 949 Uncompleted New saleKINGSFORD . HILLVIEW PEAK Condominium 99 years Oct 27 646 880,000 - 1,363 Uncompleted New saleKINGSFORD . HILLVIEW PEAK Condominium 99 years Oct 27 1,851 1,650,000 - 891 Uncompleted New saleSOL ACRES EC 99 years Oct 26 614 473,000 - 771 Uncompleted New saleSOL ACRES EC 99 years Oct 26 614 490,000 - 799 Uncompleted New saleSOL ACRES EC 99 years Oct 26 926 700,000 - 756 Uncompleted New saleSOL ACRES EC 99 years Oct 28 850 706,000 - 830 Uncompleted New saleSOL ACRES EC 99 years Oct 29 926 692,000 - 748 Uncompleted New saleSOL ACRES EC 99 years Oct 30 850 671,000 - 789 Uncompleted New saleSOL ACRES EC 99 years Oct 30 614 472,000 - 769 Uncompleted New saleSOL ACRES EC 99 years Oct 30 926 718,000 - 776 Uncompleted New saleSOL ACRES EC 99 years Oct 30 1,001 828,000 - 827 Uncompleted New saleSOL ACRES EC 99 years Oct 30 1,098 850,000 - 774 Uncompleted New saleWANDERVALE EC 99 years Oct 28 958 726,000 - 758 Uncompleted New saleWANDERVALE EC 99 years Oct 30 958 741,000 - 773 Uncompleted New saleWANDERVALE EC 99 years Oct 30 958 720,000 - 752 Uncompleted New saleDistrict 25 BELLEWOODS EC 99 years Oct 29 1,249 965,250 - 773 Uncompleted New saleDistrict 26 MANDAI ROAD Semi-Detached Freehold Oct 27 2,357 2,520,000 - 1,070 1997 ResaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years Oct 26 732 1,009,800 - 1,380 Uncompleted New saleNORTH PARK RESIDENCES Apartment 99 years Oct 26 829 1,082,700 - 1,306 Uncompleted New salePARC LIFE EC 99 years Oct 25 936 697,300 695,000 742 Uncompleted New salePARC LIFE EC 99 years Oct 29 764 609,900 607,600 795 Uncompleted New salePARC LIFE EC 99 years Oct 30 1,044 801,800 799,500 766 Uncompleted New salePARC LIFE EC 99 years Oct 30 1,109 838,850 836,550 755 Uncompleted New saleSIGNATURE AT YISHUN EC 99 years Oct 30 1,184 920,000 - 777 Uncompleted New saleSYMPHONY SUITES Condominium 99 years Oct 25 689 733,000 - 1,064 Uncompleted New saleSYMPHONY SUITES Condominium 99 years Oct 28 786 863,000 - 1,098 Uncompleted New saleSYMPHONY SUITES Condominium 99 years Oct 29 689 764,000 - 1,109 Uncompleted New saleTHE BROWNSTONE EC 99 years Oct 26 980 786,400 - 803 Uncompleted New saleTHE BROWNSTONE EC 99 years Oct 27 915 824,900 - 902 Uncompleted New saleTHE BROWNSTONE EC 99 years Oct 28 753 662,400 - 879 Uncompleted New saleTHE BROWNSTONE EC 99 years Oct 29 1,130 776,800 - 687 Uncompleted New saleTHE CRITERION EC 99 years Oct 25 1,023 779,200 - 762 Uncompleted New saleTHE CRITERION EC 99 years Oct 27 1,023 776,000 - 759 Uncompleted New saleTHE CRITERION EC 99 years Oct 27 1,249 956,800 - 766 Uncompleted New saleTHE CRITERION EC 99 years Oct 29 1,001 792,000 - 791 Uncompleted New saleTHE CRITERION EC 99 years Oct 30 1,001 802,400 - 802 Uncompleted New saleTHE CRITERION EC 99 years Oct 30 1,173 944,000 - 805 Uncompleted New saleTHE ESTUARY Condominium 99 years Nov 1 1,302 1,208,000 - 927 2013 ResaleTHE VISIONAIRE EC 99 years Oct 26 1,023 860,675 - 842 Uncompleted New saleTHE VISIONAIRE EC 99 years Oct 28 872 718,000 - 824 Uncompleted New saleTHE VISIONAIRE EC 99 years Oct 29 1,335 996,500 - 747 Uncompleted New saleTHE VISIONAIRE EC 99 years Oct 30 1,346 1,078,000 - 801 Uncompleted New saleTHE WISTERIA Apartment 99 years Oct 29 1,173 1,316,900 - 1,122 Uncompleted New saleTHE WISTERIA Apartment 99 years Oct 30 1,173 1,128,700 - 962 Uncompleted New saleTHE WISTERIA Apartment 99 years Oct 30 969 984,100 - 1,016 Uncompleted New saleDistrict 28 RIVERBANK @ FERNVALE Condominium 99 years Oct 29 1,055 1,071,000 1,066,000 1,011 Uncompleted New saleRIVERBANK @ FERNVALE Condominium 99 years Oct 29 1,012 945,000 940,000 929 Uncompleted New saleRIVERBANK @ FERNVALE Condominium 99 years Oct 29 1,012 1,025,000 - 1,013 Uncompleted New saleSELETAR HILLS ESTATE Semi-Detached 999 years Oct 31 3,724 2,728,000 - 733 Unknown Resale

DONE DEALS

EP14 • THEEDGE SINGAPORE | NOVEMBER 14, 2016

DEAL WATCH

THE

EDG

E SI

NG

APO

RE

E

Unit at Viva selling below $2,000 psf| BY TAN CHEE YUEN |

A four-bedroom unit at Viva

has been listed for sale on

TheEdgeProperty.com at

$3.8 million ($1,940 psf).

The 1,959 sq ft unit was

previously leased, but is currently

vacant. The unit is well-maintained

and in good condition, according to

Jack Tok, an agent with KF Proper-

ty Network who is marketing the

property.

The unit is on the 10th floor of one

of the three 30-storey towers at Viva,

a 235-unit freehold condo developed

by Allgreen Properties. The project

previewed at the trough of the prop-

erty market in September 2008, after

the collapse of Lehman Brothers in-

vestment bank that signalled the start

of the global financial crisis. At that

time, units sold ranged from $1,472

to $1,572 psf, according to caveats

lodged with URA Realis.

Most of the units at Viva were

sold between August and October

2009, at prices ranging from $1,385

psf for a three-bedroom property

on the fifth level to $1,829 psf for a

two-bedroom unit on the 29th floor,

or an average of $1,546 psf, based

on caveats lodged. For a freehold

project in prime District 11, prices

Past rental contracts for 1,900 to 2,000 sq ft units at Viva

LEASE DATE MONTHLY RENT(2016) ($) ($ PSF)August 9,000 4.60March 9,000 4.60January 11,000 5.60January 11,000 5.60

Past transactions at Viva

*Low floors: L1 to 7; Mid floors: L8 to 15; High floors: L16 & above

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

Oct 4, 2016 Mid 1,346 2.70 2,007Oct 3, 2016 High 1,044 2.05 1,963March 24, 2016 High 1,044 2.02 1,935Dec 23, 2015 High 1,346 2.75 2,044Aug 20, 2015 Mid 1,346 2.65 1,970Aug 3, 2015 High 1,959 4.05 2,067

TABL

ES: U

RA, T

HE E

DGE

PRO

PERT

Y

were considered very attractive then.

Completed in 2012, all the units

in Viva are fully sold. The project is

located on Suffolk Walk, within walk-

ing distance of the United Square

shopping mall, which is connected

underground to the Novena MRT sta-

tion and two other shopping malls,

Velocity and Square 2.

According to The Edge Property

Research findings, of the 1,026 resi-

dential units that were purchased in

2009 and resold during the market

peak of 2013, 99.6% registered gains

of at least $500,000. Even though the

private property price index has cor-

rected about 10.8% since 3Q2013,

those who purchased units at the

bottom of the market seven years

ago would still be in the money if

they were to sell them today.

Viva is popular with owner-occu-

piers as well as investors as its units

are sizeable compared with newer de-

velopments in Newton and Novena,

where most of the units are compact

one- and two-bedders. Viva’s two-bed-

ders are sized at 958 sq ft, with the

two-bedroom+study at 1,044 sq ft.

The three- and four-bedroom units

are from 1,323 to 1,528 sq ft and

1,840 to 1,991 sq ft, respectively.

The penthouses are between 4,908

and 6,339 sq ft.

In 2013, a 958 sq ft two-bedder

on the 27th floor fetched $2,500 psf

in a sub-sale, while an identical unit

one floor below changed hands for

$2,349 psf. Even though prices at

Viva have softened along with the

rest of the market following the im-

position of a series of property cool-

ing measures, they have held firm

above the $2,000 psf threshold in

the last four years.

The two most recent transactions

at Viva were in October: A 1,346 sq

ft three-bedder on the 18th floor was

sold for $2.7 million ($2,007 psf),

while a 1,044 sq ft two-bedder+study

on the 28th floor fetched $2.05 mil-

lion ($1,963 psf).

In August last year, a 1,959 sq ft,

four-bedroom unit on the 19th floor

changed hands for $4.05 million ($2,067

psf). The mid-level unit currently up

for sale is in the same block and has

a view of the swimming pool, Tok

says. Given the size of the four-bed-

room units at Viva, they are ideal for

families, he adds.

URA data shows that the four most

recent rental transactions for four-bed-

room units at Viva averaged $10,000

a month. Based on the asking price

for the unit, that would translate to

a gross rental yield of 3.2%.

For more information, call marketing

agent Jack Tok at 9667 7239.

Scan the QR code

for value deals

at Viva

Most of the 235 units at Viva were sold between August and October 2009, at prices ranging from $1,385 to $1,829 psf, or an average of $1,546 psf

Spa Infi nity#02-486 Suntec City Mall Tower 2

For appt: Call 6738 0069 or SMS 9081 8898www.spainfi nity.com.sg

Salon Infi nity

#02-496 Suntec City Mall Tower 2For appt: Call 6268 6277

www.saloninfi nity.com.sg

Opening Hours: Mon to Fri 11am to 9pm | Weekend & PH 10:30am to 8pm

YES! Start my annual subscription now.

$238 (inclusive of GST) for The Edge Collection 3-year plan and

save 70% off newsstand price

$118 (inclusive of GST) for The Edge Collection 1-year plan

TYPE OF SUBSCRIPTION Corporate Personal Gift

Last name (Mr/Ms/Dr )

First name

Company

Job title

Delivery address Home Offi ce

Postal code

Tel Fax

Mobile Email

Date of birth

PAYMENT OPTIONS

1. Credit Card. Please charge to my credit card.

American Express MasterCard Visa

Cardholder’s name

Contact no Email

Card no

Expiry date

Signature

2. Cheque. My cheque payable to ‘The Edge Publishing Pte Ltd’ is enclosed.

Cheque no

3. Online. Visit subscribe.theedgesingapore.com.

4. Phone. Please call 6232 8622 (Monday to Friday, 9am to 5.30pm).

Mail the duly completed subscription form and cheque to:

The Edge Publishing Pte Ltd

150 Cecil Street #08-01 Singapore 069543

Tel: 6232 8622 Fax: 6232 8630 Email: hotlinespore@bizedge.com

*This special promotion ends on November 30, 2016. Subscription to The Edge Collection is non-cancellable and non-re-

fundable.

The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for

non-Singapore addresses. Dining voucher limited to fi rst 200 subscribers each month. Terms and conditions apply.

** You hereby authorise The Edge Publishing Pte Ltd to charge to your credit card

for automatic subscription renewal as per the selected plan until you cancel your subscription.

If you wish to opt out of the auto-renewal, please check this box:

An award-winning spa experience awaits youSpa Infi nity combines time-honoured healing traditions with a dose of modern spa luxury. With 6,600 sq ft of pampering space, it is the perfect getaway for pure relaxation and rejuvenation. The treatments cater for the modern lifestyle and are designed to restore your body, mind and soul.

Salon Infi nity uses Aveda products, which are over 95% naturally derived and sourced responsibly. Love your hair and love the environment.

Subscribe to The Edge and get exclusive discount vouchers to Spa Infi nity and Salon Infi nity!

SAVE 70%

ON SUBSCRIPTIONPLUS

Spa and salon discount vouchers!

COLLECTION 3-Year plan at

$238 onlyThe Edge Singapore

(print + 3 digital access)+ The Edge Malaysia

(1 digital access)

TES753/SPA INFINITY

(NOTE: CVV number is not required for processing payment)

* Terms and conditions apply TES754/SPA INFINITY