ResearchHow to spot the

next en bloc EP4

MalaysiaChina’s liquidity squeeze

casts shadow over Iskandar Malaysia EP10

Done DealsUnit at OUE Twin Peaks

sold for high of $3,260 psf EP12-14

Gains and LossesUnits in District 10 fetch

million-dollar profi ts EP15

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JUNE 5, 2017 | ISSUE 782-4

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

The government-linked company has set its sights on expanding its global footprint by designing townships and infrastructure projects.

See our Cover Story on Pages 6 and 7.

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

SURB

ANA

JURO

NG

An 11,800-unit public housing township in Bandar Cassia in Penang, Malaysia,

master-planned by Surbana Jurong

Surbana Jurong grows through acquisitions, partnerships

EP2 • THEEDGE SINGAPORE | JUNE 5, 2017

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

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

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PROPERTY BRIEFS

Freehold strata office floor near Paya Lebar for sale at $21.6 milA freehold strata office floor on the top level of Hexacube

(above), a five-storey commercial development near

Paya Lebar, has been put up for sale by expression of

interest. According to JLL, the exclusive marketing

agent, the guide price for the property is $21.6 mil-

lion, or about $1,700 psf on the existing strata area.

Hexacube, which is located on Changi Road, was

used by AIA Singapore as part of its agency operations.

The old building was acquired from AIA Singa pore by

Wealth Development in March 2013 for $68 million and

it has since been completely redeveloped. Hexacube

obtained its Temporary Occupation Permit last month.

The development has strata-titled shops and res-

taurants on Basement One up to Level Two, and

offices on levels three to five. The subject property

has a total strata office area of 12,712 sq ft. It com-

prises double- volume office space on Level Five and

the mezzanine floor. It is being offered for sale with

vacant possession.

As Hexacube sits on land zoned for commercial

use, foreigners are eligible to purchase the property.

No additional buyer’s stamp duty or seller’s stamp

duty will be imposed on the purchase of the property.

The expression of interest exercise closes on July 5.

Ascendas sells Woodlands property for $19.3 milAscendas Real Estate Investment Trust has entered

into a sale and purchase agreement to sell 10 Wood-

lands Link (below) to Sengkang Import & Export for

$19.28 million. The property will be sold with vacant

possession.

The proposed divestment is in line with the man-

ager’s proactive asset strategy to redeploy capital and

optimise returns for unitholders, says Ascendas REIT.

The proposed sale price of $19.28 million is 60.7%

higher than the original purchase price of $12 mil-

lion in 2005. The net proceeds after divestment costs

are expected to be $18.9 million. They may be used

to fund committed investments, repay existing debt,

extend loans to subsidiaries, and/or fund general cor-

porate and working capital needs.

The property has been vacant since last Decem-

ber after the expiry of the single tenant’s lease. The

proposed divestment is not expected to have any

material effect on its net asset value and distribution

per unit (DPU) for FY2017/18, says Ascendas REIT.

The transaction is expected to be completed by the

third quarter of this year, following which it will own

102 properties in Singapore and 29 in Australia.

URA launches three residential sites for sale under GLSURA has released three residential sites in Woodleigh,

Serangoon North Avenue 1 and Yishun for sale as part of

the 1H2017 Government Land Sales (GLS) Programme.

Together, the three sites can yield about 1,955 residen-

tial units, URA says.

Two land parcels, located at Woodleigh Lane and

Serangoon North Avenue 1, have been launched for

sale under the Confirmed List. Tenders for the Wood-

leigh Lane site will close on July 11, while that for the

Serangoon North site will close on July 27.

According to property consultants, the Wood leigh

Lane site is the more attractive of the two, owing to

its proximity to the Woodleigh MRT station on the

Northeast Line. The Serangoon North site is far from

any transport node and is irregular in shape.

“The Woodleigh Lane site could draw 10 to 16 bids,

with the top bid coming in between $473 million and

$524 million ($750 to $830 psf per plot ratio),” says

Nicholas Mak, executive director, research and con-

sultancy with SLP International Property Consultants.

He reckons the Serangoon North site could draw nine

to 15 bids, with the top bid ranging from $300 million

to $350 million ($650 to $757 psf ppr).

The Woodleigh Lane site could yield 735 housing

units, while the Serangoon North site could offer 505

units and the Yishun Avenue 9 site, 715 units, says URA.

JustCo inks MOU with PwC’s Venture HubJustCo has signed a memorandum of understanding

(MOU) with PwC’s Venture Hub to facilitate access for

its members to a global network of business expert ise

via PwC’s Global Gateway, including innovation hubs

in Asia, Silicon Valley, Europe and Israel.

This global network will connect businesses with

partners and people on the ground, and help them

capture growth opportunities and expand into key

markets. JustCo has a large and growing member base

of start-ups and early-stage small and medium-sized

enterprises. The tie-up will enable them to seek busi-

ness advice from PwC on a range of activities, from

value chain strategy to business model restructuring

and strategic cost transformation.

JustCo currently has two spaces in Singapore,

with two more at UIC Building and Marina One due

to open this month.

Ascott REIT buys Manhattan hotel for US$106 milAscott Residence Trust (Ascott Reit) is acquiring the

224-unit DoubleTree by Hilton Hotel New York, Times

Square South for US$106 million ($148.4 million).

The freehold property, located on 36th Street, is

within walking distance of many of Manhattan’s

attract ions, such as Times Square, Madison Square

Garden, the Jacob Javits Convention Center and the

Empire State Building. The hotel offers a range of

stylish rooms and facilities, including a 24-hour fitness

centre, business centre, meeting rooms, a restaurant

and bar. It is also close to Penn Station, the busiest

train station in North America.

The acquisition, at an earnings before interest, tax,

depreciation and amortisation yield of 6%, is expected

to increase Ascott REIT’s pro forma distribution income

in FY2016 by US$900,000. This translates into a rise in

DPU from 7.23 cents to 7.29 cents on a pro forma basis.

Ascott REIT says the acquisition will be funded

by bank loans and/or perpetual securities. With this

acqui sition, it will own three properties in Manhattan,

with a total of 1,004 units.

Royal Group sells InterContinental Sydney Double Bay for A$140 milRoyal Hotels Australia, a unit of Singapore’s Royal

Group, has agreed to sell one of its hotel assets, Inter-

Continental Sydney Double Bay (above), to Shanghai

United Real Estate for A$140 million ($145 million).

The sale price is said to be a record for non-CBD hotels

in Australia. The Royal Group is reported to have paid

around A$60 million for the property in 2013.

Shanghai United Real Estate is China’s first real

estate consortium that focuses on global property

developments. The consortium was jointly established

by 10 Chinese well-known property firms, including

Zobon Real Estate Group.

This latest acquisition will be Shanghai United Real

Estate’s sixth property in Sydney. The consortium had

bought five other properties over the past two years.

One is the UDS Castle project, which comprises a

luxury hotel, the international MGallery by Sofitel,

and 36 levels of high-end apartments.

InterContinental Hotels Group will continue to manage

the InterContinental Sydney Double Bay, which takes up

over 3,670 sq m in the harbourside precinct of Double

Bay. The InterContinental Sydney Double Bay sale

marks the first luxury hotel to be sold in Sydney since

Westin Sydney in 2015, says JLL.

Citimac put up for en bloc sale at $430 milThe owners of Citimac, a freehold industrial complex

located on MacPherson Road, have put the develop-

ment up for collective sale. The guide price is $430

million, excluding an estimated development charge

of $99 million payable to the state, says Edmund Tie

& Co, the appointed marketing agent for the collect-

ive sale. If DC were included, the total guide price

would come up to $529 million, or $1,081 psf of po-

tential GFA for the freehold site.

Citimac sits on a land area of 1.3ha and is zoned

Business 1 — White, with a gross plot ratio of 3.5 under

the URA Master Plan 2014. According to Edmund Tie’s

senior director for invest ment advisory, Swee Shou

Fern, the site can yield a maximum GFA of 489,262

sq ft, of which at least 349,473 sq ft (or a plot ratio of

2.5) has to be for Business 1 use, with the remaining

139,789 sq ft (plot ratio 1) for White use.

Citimac is located in the established industrial

and commercial hub of Tai Seng, home to well-

known companies such as BreadTalk Group, Sakae

Holdings, Charles & Keith, Tee Yih Jia Group, Malay-

sia Dairy Industries and Lian Beng Group. The subject

property is located next to the Tai Seng MRT station

on the Circle Line. The tender exercise for the site

will close on July 21.

JTC launches two industrial sites for sale under IGLSJTC has launched a site at Jalan Lam Huat (Plot A)

under the Confirmed List, and another at Tuas South

Link 3 (Plot 25) under the Reserve List, as part of the

1H2017 Industrial Government Land Sales Programme.

Both sites are zoned for Business 2 development.

The 0.8ha Jalan Lam Huat site is flanked on the

East and South by Kranji Road and Kranji Close, and

has a 20-year tenure and maximum permissible gross

plot ratio of 2.5. The tender exercise for this site will

close on July 25. Meanwhile, the 0.47ha site at Tuas

South Link 3 has a 20-year tenure with a maximum

permissible gross plot ratio of 1.4. — Compiled by

Michael Lim

JLL

ROYA

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ROUP

ASCE

NDA

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THEEDGE SINGAPORE | JUNE 5, 2017 • EP3

EP4 • THEEDGE SINGAPORE | JUNE 5, 2017

RESEARCH

Logit model 1, pseudo R2 = 0.35

Logit model 2, pseudo R2 = 0.55

How to spot the next en bloc

Table 1

Table 2

Independent x variables P>|z|Tenure 0.18Age 0.00Units 0.00Segment 0.09Enhancement 0.77Premium 0.02Constant 0.34

Independent x variables P>|z|Tenure 0.95Age 0.00Units 0.00Segment 0.70Enhancement 0.00Premium 0.29Constant 0.06

| BY FEILY SOFIAN |

The residential collective sale

market jolted back to life last

year with the sale of Shunfu

Ville, Raintree Gardens and

Harbour View Gardens, with

total value exceeding $1 billion. The

prospect for collective sale remains

encouraging — One Tree Hill Gardens

was sold for $65 million to a unit of

Lum Chang Group in May.

Amid a tight supply of private

housing sites available for state ten-

ders, developers are looking at the

collective sale market for alternative

land sources. Nearly 30 private hous-

ing sites, excluding executive con-

do sites, were launched for sale in

2011. In comparison, fewer than 10

private housing sites were launched

for sale in 2016.

Homeowners stand to reap at-

tractive gains from collective sales.

In developments that are more than

10 years old, at least 80% of owners

must agree in writing to put up the

property for sale in the open market.

The potential for reaping hefty pro-

ceeds serves as a carrot for home-

owners to give their consent.

On the other hand, a collective sale

is likely to fall through if the asking

price is too high. Developers must

chalk up a reasonable profit margin

from the collective sale with a view

to redeveloping the property into a

new project for sale in the future.

Besides asking price, there are

other factors that would determine

the success of a collective sale. To

identify these factors, The Edge Prop-

erty constructed a logit model, also

known as the logistic regression*.

Based on our first model, there

are three variables that increase the

success of collective sale that are

statistically significant at 5% level:

• Age (older developments have a

higher success rate);

• Number of units in the develop-

ment (smaller developments have

a higher success rate); and

• Premium of new sale and sub-sale

price over the collective sale/ask-

ing price, within the same year

and district.

Interestingly, tenure (freehold ver-

sus leasehold) and location (whether

the property is located in the Central

or Non-Central Region) were statis-

tically insignificant.

Former HUDC estates Rio Casa and

Eunosville, which were put up for

collective sale, have a success prob-

ability of 79.7% and 62.9% respec-

tively, based on our first logit model.

MethodologyThe dependent y variable is the suc-

cess of the collective sale, where 1

represents success and 0 represents

failure.

The independent x variables com-

prise:

• Tenure, where 1 denotes freehold

and 999-year leasehold, and 0 de-

notes leasehold. As developers

have to fork out millions of dol-

lars to top up the property’s re-

mainder lease to a fresh 99 years,

a freehold development may have

better odds in a collective sale;

• Age. Homeowners in ageing de-

velopments could be more moti-

vated to sell, owing to higher ex-

penses to maintain the property

and repair wear and tear. Land-

lords may also face difficulty in

renting out their units, owing to

competition from newer projects;

• Units. This refers to the total num-

ber of units in the development,

which is a proxy for the number

of homeowners in a development.

For a collective sale to materialise, a

majority of homeowners must reach

a common agreement in terms of

asking price and apportionment of

the sale proceeds. It would be eas-

ier for a small group of homeown-

ers to come to an agreement;

• Segment, where 1 denotes Central

Region and 0 denotes Non-Central

Region. Owing to the scarcity of

vacant sites in the Central Region,

developments located in this seg-

ment could be more sought-after

by developers looking for sites;

• Enhancement**. This refers to

potential plot ratio enhancement.

When the plot ratio in the prevail-

ing master plan is higher than the

development’s existing plot ratio,

the land can be redeveloped into

higher gross floor area (GFA), al-

though a development charge is

payable; and

• Premium. This refers to the pre-

mium of new sale and sub-sale

price over the collective sale price

in the same year and district. This

is a proxy for the potential upside

and profit margin that the devel-

oper stands to reap if it were to

redevelop the site into a new pro-

ject for sale.

Factors that matter in Model 1The model comprises 212 successful

collective sales and 38 unsuccessful

deals from 2005 to 2016. Unsuccess-

ful deals refer to developments that

were put up for collective sale but

remain unsold so far.

These deals were selected because

complete information for the inde-

pendent variables can be obtained

from reliable sources, including URA

and the media. They do not repre-

sent the actual number of success-

ful and unsuccessful deals in that

time period.

The logit model finds age, units

and premium to be statistically sig-

nificant variables at 5% level (see

Table 1).

Factors that matter in Model 2Model 2 defines success as obtaining

the required consent from owners for

the site to be put up for collective sale,

even if the deal fell through. This is

because obtaining the required con-

sent from owners is the first hurdle

to cross in the process involved in a

successful collective sale.

There were 250 success cases in

Model 2. They comprised the 212

successful and 38 unsuccessful deals

in Model 1. Failure in Model 2 com-

prised 50 randomly selected devel-

opments islandwide that were nev-

er put up for collective sale.

Model 2 finds age, units and en-

hancements to be statistically sig-

nificant variables at 5% level (see

Table 2).

ConclusionThe logit model found the following

factors — age, number of units, plot

ratio enhancement and the premi-

um of new sale/resale prices over the

collective sale price — increased the

success of a collective sale. However,

potential homebuyers looking to reap

big bucks should note that a collec-

tive sale is not a sure bet and can be

a long process if it does materialise.

Tan Hong Boon, regional direc-

tor for capital markets at JLL, says

the collective sale process can take

between 18 months and four years.

“Discontentment over asking price

is a common source of resistance.

There are owners who are against the

sale because finding a replacement

property of similar size and location

could be a challenge. Some owners

may be liable to pay seller’s stamp

duty if the collective sale takes place

within three or four years from the

date they bought the property. For-

eign nationals would also have to

fork out additional buyer’s stamp

duty if they were to buy a replace-

ment property.” However, when the

asking price is too high, the collec-

tive sale would not be feasible for

potential developers.

Beyond a development’s inherent

features, there are also external factors

that would affect the success of a col-

lective sale, including market cycle and

the availability of quality sites in the

Government Land Sales programme.

Potential homebuyers are advised

to research the development’s zon-

ing, land area, potential plot ratio

enhancement, and if there were pre-

vious collective sale attempts, why

they failed. “Finally, the sale has

to be carried out in good faith and

yield the best price, with proper ap-

portionment of the sale proceeds so

as not to create any ground for ob-

jection. A good collective sale com-

mittee, lawyer and consultant play

an important role in the success of a

collective sale,” Tan says.

*A logit model is usually adopted

when the dependent y variable takes

the value of 1 or 0, which represent

binary outcomes such as success or

failure. The probability density func-

tion of logit distribution is similar to

the normal distribution, except that

the latter has heavier tails.

**As information on existing plot ra-

tio and GFA for old developments is

not readily available, total estimated

strata area was adopted in place of

existing GFA as a proxy for the model.

This article first appeared on

TheEdgeProperty.com on May 24

E

The residential collective sale market jolted back to life last year with the sale of Shunfu Ville (pictured), Raintree Gardens and Harbour View Gardens

JLL

THEEDGE SINGAPORE | JUNE 5, 2017 • EP5

EP6 • THEEDGE SINGAPORE | JUNE 5, 2017

COVER STORY

SURBANA JURONGgrows through acquisitions, partnerships

| BY CECILIA CHOW & ANGELA TEO |

Over the past year, Singapore-based

Surbana Jurong has signed a series of

collaboration and partnership agree-

ments with various companies. The

latest was on May 25, when it an-

nounced a partnership with Moshe Safdie of

Boston-based Safdie Architects.

Safdie is renowned for the projects he has

designed in Singapore — Marina Bay Sands,

Jewel at Changi Airport and Sky Habitat in

Bishan. Overseas, he is famous for Habitat 67

in Montreal, the Yad Vashem Holocaust Mu-

seum in Jerusalem and the National Gallery

of Canada.

The collaboration allows the two firms to

“jointly work on more high-quality design pro-

jects in Asia-Pacific”, says Wong Heang Fine,

group CEO of Surbana Jurong. “More impor-

tantly, [it] allows our younger architects and

designers to learn directly from Moshe and

his team.”

Guarantee for investors in greenfield project bondsOn May 24, Surbana Jurong announced a col-

laboration with Credit Guarantee & Investment

Facility aimed at increasing the use of local cur-

rency-denominated bonds to finance greenfield

infrastructure projects in Southeast Asia. CGIF

was established in 2010 to develop an Asean

local-currency bond market. Its members are

the 10 Asean countries, China, Japan and Ko-

rea (Asean+3), as well as the Asian Devel-

opment Bank. CGIF exists as a trust fund of

ADB and operates independently out of ADB’s

headquarters in Manila.

The collaboration between CGIF and Sur-

bana Jurong aims to deliver the assurance

needed by institutional investors to make in-

vestments in greenfield project bonds. CGIF’s

role will be as a guarantor via its Construction

Period Guarantee, while Surbana Jurong will

lend its expertise in examining and validating

construction-related risks on these projects.

Assurance on project completion and avail-

ability of risk assessment will give long-term

investors the peace of mind to invest in green-

field project bonds. “By joining forces with

CGIF, we are able to offer guarantees on local-

currency bonds issued by our clients, that is,

those undertaking the construction of these in-

frastructure projects,” says Wong. “Local-cur-

rency bonds help mitigate the foreign-exchange

exposure of any project.”

Low-cost, affordable housingIn March, Surbana International Consultants

(Myanmar) signed a memorandum of under-

standing with Myanmar Construction Entre-

preneurs Association to act as lead technical

consultant for low-cost and affordable hous-

ing projects in Myanmar. The MOU comes at

a crucial time as the association is working

with the Myanmar government to meet its

five-year plan of building one million residen-

tial units by 2030.

Surbana Jurong is involved in the mas-

ter plan of the Ayeyarwun-Yadana housing

project in the Dagon Seikkan Township in

Myanmar. The project will be built on 220

acres of land and will yield an estimated to-

tal of 20,000 two-bedroom apartments. Future

homeowners in Myanmar can look forward

to a living space designed to cultivate strong

community bonds and preserve the natural

environment. A range of community-focused

spaces such as courtyards and lobbies will be

integrated into the estates to encourage inter-

action. Landscaped pathways that link resi-

dents to amenities will also be a key feature

of the estates.

The prototype of affordable housing in

Myanmar is modelled after HDB’s designs

for public housing estates in Singapore.

These designs have also been adapted for

the master plan of townships in other coun-

tries, such as the 11,800-unit Bandar Cassia

in Penang, Malaysia, and the 9,600-unit The

Botanica township in Chengdu, China. The

Botanica township is well-served by trans-

port links and facilities such as a shopping

mall, shops, kindergartens, a primary school,

clubhouses and parks.

HDB, JTC heritageSurbana Jurong can trace its lineage to Surba-

na International Consultants, HDB’s building

and development division created in 1960. It

was then hived off from HDB and corporat-

ised in 2003. It became known as HDB Corp

and ventured overseas to lend Singapore’s

urbanisation expertise to other countries,

such as China, in 2003. The company was

acquired by Singapore’s state investment

The government-linked company has set its sights on expanding its global footprintby designing townships and infrastructure projects

The 9,600-unit The Botanica township in Chengdu, China is modelled on Singapore’s HDB townships

PICT

URES

: SUR

BAN

A JU

RON

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From left: Safdie, Liew and Wong at the signing ceremony of the partnership between Safdie Architects and Surbana Jurong on May 25

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

THEEDGE SINGAPORE | JUNE 5, 2017 • EP7

COVER STORY

vehicle Temasek Holdings in 2004 and re-

named Surbana Corp in 2005.

Meanwhile, Jurong International Holdings

started out as the technical services group of

Jurong Town Corp (now known as JTC Corp),

a government agency in charge of developing

and managing Singapore’s industrial estates.

Also set up in the 1960s, Jurong International

Holdings was corporatised in 2001. It became

Singapore’s leading international consultancy

for master-planning and providing infrastruc-

ture engineering services to industrial devel-

opments around the globe.

In February 2015, Surbana Jurong was

created by merging Surbana International Con-

sultants and Jurong International Holdings.

Wholly-owned by Temasek Holdings, Surbana

Jurong has built more than a million homes in

Singapore, crafted master plans for more than

30 countries and developed over 50 industri-

al parks globally.

“Both companies have long, successful

track records in Singapore’s urbanisation,

industrial and infrastructure programmes

over 50 years of national development histo-

ry,” Liew Mun Leong, chairman of Surbana

Jurong, had commented during the merger

two years ago. Liew was the founding pres-

ident and group CEO of CapitaLand Group

from 1996 to 2012, before assuming his cur-

rent position as chairman of Changi Airport

Group and Surbana Jurong.

Going global Since the merger, Surbana Jurong has grown

from a global staff strength of 3,200 with an

annual turnover of $400 million to 13,000

people and turnover of $1.3 billion a year.

The merged company is able to harness the

complementary capabilities, skill sets and

project experience to pursue urbanisation,

industrial infrastructure developments and

smart city initiatives across the world. “Over

just the past two years, we have evolved into

a completely different animal,” says Wong,

who joined Surbana after leaving CapitaLand,

where he was CEO of CapitaLand Singapore

(Residential).

The company has also grown exponen-

tially, owing to several significant acquisi-

tions made last year. The largest was Aus-

tralia-based engineering consultancy SMEC

Holdings, which was purchased for $400 mil-

lion. The deal increased Surbana Jurong’s

headcount to 9,800.

One of SMEC’s significant projects is the

Ipswich Motorway, a major freight transport

link supplying goods to the city of Brisbane

and access to the Port of Brisbane, Australia.

SMEC is involved in the upgrade of Ipswich

Motorway from a major four-lane highway

to a six-lane motorway with the capacity to

further increase to eight lanes in the future.

The firm is also involved in the first stage of

Sydney Metro (formerly known as the North

West Rail Link), Australia’s largest public

transport project.

Outside Australia, SMEC was involved in the

372MW Ulu Jelai hydroelectric project located

on the Bertam River in Cameron Highlands,

Peninsular Malaysia. Once commissioned, the

project will contribute 326GWh of peak energy

annually to Malaysia’s power supply system.

Surbana Jurong’s core markets are Austral-

ia and Singapore, says Wong. “We are building

our presence and operations in China, South

Asia, Middle East and Africa,” he adds. In

Africa, for example, Surbana Jurong has 1,800

employees who are involved in the master

plans of infrastructure projects in various parts

of the country.

In Doha, the capital of Qatar, Surbana

Jurong conceptualised the master plan for Al

Sahan Airport City, an aerotropolis inspired by

an Arabian courtyard. The development will

sit on a 1,400ha plot.

Surbana Jurong has also been commissioned

by Turkey-based leading petrochemical com-

pany Petkim Petrochemical Holdings to de-

sign the master plan for the development of

the latter’s site in Aliaga, Turkey. The project

will be modelled after Jurong Island, and Sur-

bana Jurong will provide integrated clustering

and conceptual infrastructure review studies

for Phase 1 of the development.

“At any moment in time, we have about

7,000 projects running because of the variety

of services that we offer and our geographical

reach,” says Wong.

‘Infrastructure boom’Last October, Surbana Jurong acquired a 100%

stake in security firm Aetos Holdings, one of

three licensed auxillary police organisations

in Singapore. Aetos, a former unit of Temasek

Holdings, was purchased for an undisclosed

sum. The acquisition will give Surbana Jurong

the capacity to conduct audit and risk assess-

ments of building designs and offer security

solutions as part of its portfolio of services to

clients. “Many of our clients are concerned

about security,” says Wong. “So we, can in-

corporate it in many of our projects.”

For instance, Surbana Jurong was the mas-

ter planner for the new capital city of Amara-

vati in Andhra Pradesh, India, which will be

designed as “a world-class smart city”. The

group also master-planned Pulau Muara

Besar, a 955ha island in Brunei Bay that will

be transformed into a contemporary port with

advanced industrial facilities. Surbana Ju-

rong is also involved in the master plan for

the Trincomalee port in Sri Lanka.

According to ADB estimates, developing

countries in Asia-Pacific will require US$26 tril-

lion ($36 trillion) through 2030 to meet current

and future power, water, sanitation, transport

and telecommunication needs, as well as to

maintain regional growth momentum.

Infrastructure spending is booming, notes

Wong. PwC has forecast that infrastruc-

ture spending will grow from US$4 trillion

a year in 2012 to more than US$9 trillion a

year in 2025, with 60% of that taking place

in Asia-Pacific.

Capitalising on Belt and Road initiativeIn March, Surbana Jurong teamed up with

China Highway Engineering Consulting Corp

to provide design and consultancy services

for highway and municipal projects globally.

The joint-venture (JV) company, China High-

way-Surbana Jurong Transportation Design

and Research Co, is 51%-owned by China

Highway and 49%-owned by Surbana Jurong.

A state-owned enterprise with a 25-year

track record in infrastructure design and con-

struction, China Highway is also one of only a

few state-level highway service providers with

projects in China and overseas. It is owned by

CCCC, a state-owned transportation infrastruc-

ture group listed in Hong Kong and Shang-

hai. China Highway’s projects include roads,

bridges, tunnels and buildings.

The JV company will leverage China High-

way’s experience in transportation infrastruc-

ture and Surbana Jurong’s expertise in over-

seas planning and project management to

pursue highway and infrastructure-related

projects globally as well as to undertake pro-

jects under the Belt and Road initiative, says

Surbana Jurong’s Wong. The company aims

to capture a bigger slice of the infrastructure

spending pie. Currently, it has more than 100

engineers in its Beijing office and the number

will be gradually expanded.

From deep tunnelling to farmingAccording to Wong, Surbana Jurong’s order

book stood at close to $2 billion as at end-

1Q2017. The company is looking to expand

its footprint to new markets, namely the US

and Europe.

In Singapore, Surbana Jurong is involved

in the master plan for Tuas mega port. It has

also secured tunnelling projects in the new

Changi East Development, which will house

the future Changi Airport Terminal 5, as well

as projects in connection with PUB’s deep tun-

nel sewerage system.

Surbana Jurong has also translated ver-

tical living in high-rise flats in Singapore to

farming. For instance, the company is col-

laborating with an entrepreneur on the con-

struction of a vertical fish farm to grow ex-

pensive grouper fish.

It is also building a “poultry hub” that can

be leased to multiple tenants handling differ-

ent aspects — from rearing chicken to slaugh-

tering, deboning, cutting and packaging. “We

offer vertical solutions to manufacturing pro-

cesses,” says Wong. “That’s our skill set. Verti-

cal farming solutions are critical in Singapore,

given its scarcity of land.”

Surbana Jurong is also cleaning up one

of the lakes in China famous for harvesting

hairy crabs. And when the lake is cleaned up,

“the hairy crabs will be larger and fetch high-

er prices”, says Wong. “It’s exciting because

there is no other Asian company that is equiva-

lent to us in terms of diversity of skill set [and]

geographical footprint.” E

Surbana Jurong is involved in the master plan of a residential development in Myanmar’s DagonSeikkan Township, which will be built on 220 acres and yield 20,000 two-bedroom apartments

Petkim Petrochemical has been commissioned Surbana Jurong to design the master plan for its new development in Aliaga, Turkey, modelled after Jurong Island

Surbana Jurong was involved in the master plan of the 1,400ha Al Sahan Airport City in Doha, an aerotropolis inspired by an Arabian courtyard

SMEC’s projects include Sydney Metro Northwest, the first phase of Sydney Metro, Australia’s largest public transport project

EP8 • THEEDGE SINGAPORE | JUNE 5, 2017

THEEDGE SINGAPORE | JUNE 5, 2017 • EP9

EP10 • THEEDGE SINGAPORE | JUNE 5, 2017

MALAYSIA

| BY TAN SIEW MUNG & YIMIE YONG |

Invest in the next Shenzhen” and “Right

next to Singapore” are some of the tag-

lines used by China-based developers

to promote their property projects in

Johor Bahru and Iskandar Malaysia.

Banking on the scarcity of land in Singa-

pore and the prospect of improved connec-

tivity with Johor, Chinese developers with

deep pockets started pouring billions of ring-

git into the southern state in 2013, build-

ing homes at a rapid pace. Their entry into

the Johor property market in a big way was

hailed as a move that would give the dec-

ade-old Iskandar Malaysia — which aspired

to be, for Singapore, what Shenzhen’s manu-

facturing and industrial base is to Hong Kong

— a new lease of life.

Some of the mega property projects un-

dertaken by Chinese developers there in-

clude Country Garden Holdings Co’s Forest

City, which has an estimated gross develop-

ment value (GDV) of RM450 billion ($145.6

billion); R&F Properties Co’s Princess Cove

(GDV: RM24.5 billion); and Greenland Group’s

property projects in Tebrau and Danga Bay

(GDV: RM20 billion).

Unfortunately, it has not always been plain

sailing. Singapore’s reluctance to open its bor-

ders to allow greater ease of travel and a hous-

ing glut are some of the speed bumps faced by

the Chinese companies. Now, China’s move to

curb capital outflows since 2H2016 has cast a

pall over some of these projects.

“I maintain my view that the Chinese gov-

ernment will continue its stringent policy in

the next few years. Capital outflows have fallen

recently, but that was mainly due to the gov-

ernment stepping up capital controls. Besides,

the renminbi is still under pressure,” says Prof

Zhang Zun, dean of the economics faculty of

Fudan University.

He tells The Edge Malaysia in a phone in-

terview that the recent meeting between US

President Donald Trump and Chinese Presi-

dent Xi Jinping has not changed China’s cau-

tious stance on capital controls.

China allows its citizens an annual foreign

exchange quota of US$50,000 ($69,083). An

official with a Chinese bank in Malaysia had

said earlier that the Chinese government has

stepped up scrutiny of foreign exchange pur-

chases, and might bar remittances intended

for buying properties abroad.

Property agents The Edge Malaysia spoke

to say Chinese investors generally had ample

funds, with some even paying cash when they

bought properties in Johor.

“Foreign buyers who do not have a steady

income in Malaysia face difficulty getting a

mortgage from local banks, so they will nor-

mally look for offshore sources to finance their

purchases,” says a representative of a Chinese

developer.

But the closure of Forest City sales galler-

ies in China by Country Garden has sound-

ed the alarm and raised the question as to

whether capital controls have forced the de-

veloper’s hand.

In Tanjung Puteri, construction work on

the Princess Cove mixed-use development by

Guangzhou-based R&F is said to have slowed,

while that on Shanghai-based Greenland’s

RM2.2 billion residential project in Danga Bay

seems to have stalled altogether.

The termination of the Bandar Malaysia

share sale agreement, signed between TRX

City (a former unit of 1 Malaysia Develop-

ment Bhd, which is now under the Ministry

of Finance) and Iskandar Waterfront Holdings

and China Railway Engineering Corp, has fur-

ther cast doubt on Chinese investments here.

However, most of the Chinese developers

in Johor have sought to quell the rumours,

saying that they are adjusting their strategy to

shift the focus from mainland Chinese buyers

to those from the region.

“We are not building a Chinatown; we don’t

rely on a single country. We are a company in-

corporated here, with a local partner owning a

40% stake,” Country Garden Pacificview chief

strategy officer Dr Yu Runze tells The Edge Ma-

laysia. CGPV, developer of Forest City, is a joint

venture between Country Garden and Malaysia’s

Esplanade Danga 88 Sdn Bhd, which is linked to

the Sultan of Johor. CGPV is 66%-owned by the

China-based giant.

Yu says the group has not delayed its pro-

ject in Iskandar Malaysia. The second phase

of Forest City, to add another hotel and golf

courses, is due to begin soon, at a cost of RM1.2

billion. It will take two to three years to com-

plete and no residential units will be built un-

der this phase, he adds.

“Sales and construction are ongoing. It is

challenging [because of China’s capital con-

trols], so we are aggressively expanding to

other regional markets,” CGPV executive direc-

tor Md Othman Yusof says in an interview at

his office suite overlooking the newly opened

Phoenix Hotel in Forest City.

The group sold 16,000 condominiums last

year on the first island (Forest City compris-

es four man-made islands of reclaimed land).

Chinese buyers accounted for 70% of the sales,

with Malaysians and Singaporeans accounting

for the remainder.

Othman says Forest City buyers are not

just from China, but also ethnic Chinese from

other countries too. “Some of them do have

overseas accounts [that are not affected by

China’s capital controls].”

Chinese state-owned Greenland says it faces

more restrictions and compliance issues com-

pared with privately owned Country Garden.

However, it has not stopped work in Danga

Bay. To adapt to the challenging market con-

dition, Greenland is building more affordable

smaller units.

“Our development pace has slowed as we

are making adjustments from [building] larg-

er units to smaller ones — from 1,500 to 1,600

sq ft to 700 to 800 sq ft — to better cater for

the market,” a Greenland spokesman tells The

Edge Malaysia at the Greenland Jade Palace

sales gallery in Danga Bay. The Danga Bay

project comprises 13 towers with 2,200 units.

Greenland, a Fortune Global 500 compa-

ny, bought the reclaimed land in Danga Bay

in 2013 and started selling its properties two

years later. The residential project is expected

to be completed in 2019.

“We managed to sell about 600 units, or

30%, of the project. We have started founda-

tion work and [in June], we will complete the

car park,” the spokesman says. “Of course, Chi-

na’s capital controls will have an impact on

our sales, but now, we can be more focused

on the local market or foreign buyers such as

the Singaporeans.”

Greenland’s buyers are predominantly main-

land Chinese (60%) and Malaysians (20%),

with the remainder consisting of Indonesians

and Singaporeans.

R&F, developer of Princess Cove, did not

respond to questions from The Edge Malaysia.

Macrolink International Land (M) — the Ma-

laysian unit of Beijing-based Macrolink Group

— says it is keen to attract more Indonesians

to buy its Iskandar Malaysia properties.

“We are here for the long term. Our tar-

get is still Chinese investors looking to diver-

sify their property investments in Malaysia or

those who see Malaysia as their second home.

It is true that it is challenging to achieve more

sales because of the capital controls, but we

believe the government will relax them next

Forest City is located on four islands of reclaimed land

China’s liquidity squeeze casts shadow over Iskandar Malaysia

Chinese developers’ projects in Johor

KGV INTERNATIONAL PROPERTY CONSULTANTS (JOHOR) SDN BHD; COMPANY INFORMATION; MEDIA REPORTS

PROJECT NAME DEVELOPER NO OF UNITS GDV (RM BIL) START OF PROJECT (YEAR)

Central Park @ Tampoi Damansara Realty and Country Garden Holdings Co 1,778 4.6 2017Helios Cove @ Permas Jaya/Senibong Greenland Group and Southern Crest Development 20,000 18.4 2016Forest City Country Garden Holdings Co and Esplanade Danga 88 700,000 450.0 2015Sovereign Bay @ Permas Jaya/Senibong UE E&C and Sichuan Sanjia Real Estate Group 948 2.9 2015Macrolink Medini Macrolink International Land (M) 1,005 (fi rst phase) NA 2014Greenland Jade Palace @ Danga Bay Greenland Group 2,200 2.2 2014R&F Princess Cove @ Causeway R&F Properties Co 30,000 24.5 2014Paradiso Nuova @ Medini Zhuoyuan Iskandar (Zhuoda Real Estate Group and Iskandar Investment) 382 0.4 2013Country Garden @ Danga Bay Country Garden Holdings Co 9,500 10.0 2013The Marina View @ Permas Jaya/Senibong Capital Extension Land 284 NA 2012

BEN

SHA

NE

LIM

/THE

EDG

E M

ALAY

SIA

THEEDGE SINGAPORE | JUNE 5, 2017 • EP11

MALAYSIA

AVERAGE PRICE PSF (RM)

The Binjai, KLCC 3,208

K-Residence, Avenue K 1,387

Lakeview Homes, Mt Kiara 550

Mount Kiara Banyan 682

Nadi Bangsar 1,270

Kuala Lumpur

ISEA

S-YU

SOF

ISHA

K IN

STIT

UTE

Condominium prices in Johor Bahru,

Kuala Lumpur and Singapore

AVERAGE PRICE PSF (RM)

Forest City 1,280

Horizon Residences, Bukit Indah 623

Fairway Suites, Bukit Indah 497

Johor Bahru

AVERAGE PRICE

PSF (RM)

Seaside Residences 5,321

Clement Canopy 4,382

Singapore

year,” Macrolink International Land president

Hu Song tells The Edge Malaysia.

The privately owned Chinese conglomer-

ate achieved sales of RMB1.6 billion ($322.4

million) last year for its residential and com-

mercial development known as The Macrolink

Medini. About 80% of its buyers were main-

land Chinese and 20%, locals.

According to the Iskandar Regional De-

velopment Authority (IRDA), Iskandar Ma-

laysia recorded total foreign investments of

RM89.07 billion from 2006 to March 2017.

China is the biggest investor in the region,

with a total investment of RM24.61 billion,

followed by Singapore (RM20.23 billion) and

the US (RM6.79 billion).

“The capital controls affect not only Jo-

hor but also the rest of the world. Chinese

developers in Johor are still doing well, but

we should monitor the situation carefully,”

IRDA CEO Datuk Ismail Ibrahim tells The Edge

Malaysia via email. “Nonetheless, the trend

shows that China updates its policy every one

or two years and the situation may change

very soon.”

According to him, the region targets cumu-

lative committed investments of RM25 billion

to RM30 billion a year. For 1Q2017, it record-

ed committed investments of RM5.27 billion.

While industry observers say Iskandar Ma-

laysia should reconsider its business model

to be more business-driven rather than prop-

erty-driven, Ismail says the corridor does not

focus on any specific country for investment,

and the property sector is not the one being

promoted in Iskandar Malaysia.

“Nonetheless, properties come in tandem

with the development and economic growth

by the nine promoted sectors in Iskandar Ma-

laysia,” he says, noting that the corridor is

now in its third phase, in which the focus is

on sustaining and innovating until Iskandar

Malaysia reaches maturity in 2025.

Thus, the focus is on maintaining green

and social agendas, including talent develop-

ment, while ensuring small and medium-sized

enterprises continue to contribute to the growth

of the region.

Indeed, some industry observers, such as

KGV International Property Consultants (Jo-

hor) executive director Samuel Tan, see the

Chinese government’s liquidity squeeze as a

respite for Johor’s overheated property mar-

ket, which will enable developers that are too

dependent on mainland Chinese buyers to

re-strategise and diversify their target segment.

“It is often reported that Chinese buyers

are coming in droves, giving the impression

of an overheated market. The public may not

be aware that their interest is mainly in cer-

tain projects,” Tan says.

He adds that there are no official statistics

on the number of Chinese buyers of Johor

properties, although it is common for them to

buy from developers from their home country.

Thus, the capital controls will force developers

to diversify their target markets to non-main-

land Chinese purchasers, and suitable prod-

ucts will be created towards this end.

However, given the staggering number of

units being built, it may take a while for the

market to comfortably absorb them all.

This story first appeared in The Edge Malaysia

on May 15

Tan Siew Mung is a senior writer and Yimie

Yong is a writer at The Edge Malaysia

E

EP12 • THEEDGE SINGAPORE | JUNE 5, 2017

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

Residential transactions with contracts dated May 16 to 23

District 1 MARINA ONE RESIDENCES Apartment 99 years May 16, 2017 1,119 2,580,200 - 2,305 Uncompleted New SaleTHE CLIFT Apartment 99 years May 16, 2017 495 970,000 - 1,959 2011 ResaleV ON SHENTON Apartment 99 years May 20, 2017 1,528 3,000,000 - 1,963 Uncompleted New SaleDistrict 2 ICON Apartment 99 years May 17, 2017 936 1,610,000 - 1,719 2007 ResaleICON Apartment 99 years May 17, 2017 926 1,480,000 - 1,599 2007 ResaleICON Apartment 99 years May 19, 2017 936 1,510,000 - 1,612 2007 ResaleSPOTTISWOODE RESIDENCES Condominium Freehold May 18, 2017 624 1,208,000 - 1,935 2013 ResaleTHE ARRIS Apartment Freehold May 22, 2017 969 1,675,000 - 1,729 2002 ResaleDistrict 3 ALEX RESIDENCES Apartment 99 years May 19, 2017 678 1,450,000 - 2,138 Uncompleted New SaleALEX RESIDENCES Apartment 99 years May 21, 2017 926 1,750,000 - 1,890 Uncompleted New SaleARTRA Apartment 99 years May 16, 2017 829 1,530,999 - 1,847 Uncompleted New SaleARTRA Apartment 99 years May 19, 2017 829 1,426,999 - 1,722 Uncompleted New SaleARTRA Apartment 99 years May 19, 2017 829 1,369,999 - 1,653 Uncompleted New SaleARTRA Apartment 99 years May 20, 2017 786 1,326,999 - 1,689 Uncompleted New SaleARTRA Apartment 99 years May 21, 2017 1,044 1,743,999 - 1,670 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 17, 2017 753 1,368,000 - 1,816 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 17, 2017 1,055 1,688,000 - 1,600 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 17, 2017 1,302 2,083,900 - 1,600 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 18, 2017 441 858,000 - 1,944 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 18, 2017 904 1,537,100 - 1,700 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 18, 2017 1,076 1,771,100 - 1,645 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 19, 2017 441 838,000 - 1,899 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 19, 2017 441 828,000 - 1,876 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 19, 2017 700 1,288,000 - 1,841 Uncompleted New Sale

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

COMMONWEALTH TOWERS Condominium 99 years May 19, 2017 904 1,628,600 - 1,801 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 19, 2017 753 1,348,000 - 1,789 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 19, 2017 1,055 1,688,000 - 1,600 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 20, 2017 441 848,000 - 1,921 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 20, 2017 753 1,318,000 - 1,749 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 21, 2017 441 858,000 - 1,944 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 21, 2017 463 868,000 - 1,875 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 21, 2017 463 868,000 - 1,875 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years May 16, 2017 506 1,095,000 - 2,164 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years May 17, 2017 1,109 2,104,700 - 1,898 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years May 18, 2017 635 1,339,600 - 2,109 Uncompleted New SalePEARL BANK APARTMENT Apartment 89 years May 17, 2017 1,755 1,280,000 - 730 1976 ResalePRINCIPAL GARDEN Condominium 99 years May 17, 2017 484 790,000 - 1,631 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 18, 2017 484 807,000 - 1,666 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 19, 2017 495 821,000 - 1,658 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 19, 2017 764 1,232,000 - 1,612 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 19, 2017 764 1,194,000 - 1,562 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 20, 2017 807 1,492,000 - 1,848 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 20, 2017 786 1,327,000 - 1,689 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 20, 2017 495 832,000 - 1,680 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 20, 2017 861 1,445,000 - 1,678 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 20, 2017 807 1,327,000 - 1,644 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 21, 2017 1,076 1,966,000 - 1,826 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 21, 2017 495 857,000 - 1,731 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 21, 2017 786 1,307,000 - 1,663 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 21, 2017 797 1,317,000 - 1,653 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 21, 2017 807 1,322,000 1,317,000 1,631 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 21, 2017 764 1,234,000 - 1,615 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 21, 2017 764 1,229,000 - 1,608 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 20, 2017 624 1,050,000 - 1,682 Uncompleted New SaleTHE CREST Condominium 99 years May 18, 2017 1,227 1,980,000 - 1,614 2017 New SaleTHE METROPOLITANCONDOMINIUM Condominium 99 years May 19, 2017 775 950,000 - 1,226 2009 ResaleDistrict 4 MOUNT FABER LODGE Condominium Freehold May 23, 2017 1,173 1,380,000 - 1,176 1983 ResaleTHE INTERLACE Condominium 99 years May 19, 2017 3,864 2,900,000 - 750 2013 ResaleDistrict 5 BLUE HORIZON Condominium 99 years May 17, 2017 1,216 1,210,000 - 995 2005 ResaleJUBILEE RESIDENCE Apartment Freehold May 17, 2017 7,653 6,880,000 - 899 Unknown ResalePARC IMPERIAL Condominium Freehold May 18, 2017 409 657,000 - 1,606 2010 ResalePARC RIVIERA Condominium 99 years May 16, 2017 904 1,123,000 - 1,242 Uncompleted New SalePARC RIVIERA Condominium 99 years May 16, 2017 904 1,119,000 - 1,238 Uncompleted New SalePARC RIVIERA Condominium 99 years May 16, 2017 1,184 1,390,620 - 1,174 Uncompleted New SalePARC RIVIERA Condominium 99 years May 16, 2017 1,184 1,325,000 - 1,119 Uncompleted New SalePARC RIVIERA Condominium 99 years May 17, 2017 904 1,140,000 - 1,261 Uncompleted New SalePARC RIVIERA Condominium 99 years May 17, 2017 1,033 1,049,000 - 1,015 Uncompleted New SalePARC RIVIERA Condominium 99 years May 18, 2017 646 873,000 - 1,352 Uncompleted New SalePARC RIVIERA Condominium 99 years May 19, 2017 1,184 1,400,000 - 1,182 Uncompleted New SalePARC RIVIERA Condominium 99 years May 19, 2017 1,152 1,360,000 - 1,181 Uncompleted New SalePARC RIVIERA Condominium 99 years May 19, 2017 926 911,000 - 984 Uncompleted New SalePARC RIVIERA Condominium 99 years May 21, 2017 904 1,160,000 - 1,283 Uncompleted New SalePARC RIVIERA Condominium 99 years May 21, 2017 904 1,152,000 - 1,274 Uncompleted New SalePARC RIVIERA Condominium 99 years May 21, 2017 1,184 1,315,000 - 1,111 Uncompleted New SalePARC RIVIERA Condominium 99 years May 21, 2017 1,184 1,307,000 - 1,104 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 17, 2017 1,109 1,441,000 - 1,300 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 20, 2017 732 1,010,000 - 1,380 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 20, 2017 990 1,331,000 - 1,344 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 20, 2017 990 1,326,000 - 1,339 Uncompleted New Sale

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

DONE DEALS

Unit at OUE Twin Peaks sold for high of $3,260 psf

| BY TAN CHEE YUEN |

Sales of new and completed pro-

jects in prime residential Districts

9 and 10 have picked up. Interest-

ingly, so have the prices, which

have risen gradually over the past

couple of months.

At OUE Twin Peaks, two units changed

hands in the week of May 16 to 23. A

1,399 sq ft, three-bedroom unit on the

25th floor was sold for $3.89 million

($2,780 psf) on May 23. Meanwhile, a

570 sq ft, one-bedroom unit on the 29th

floor fetched $1.77 million ($3,103 psf)

on May 17.

Prices at OUE Twin Peaks have been

rising steadily over the past few months.

In January, 17 units were sold at prices

ranging from $1.44 million ($2,630 psf)

for a 549 sq ft, one-bedroom unit to $4.62

million ($2,881 psf) for a 1,604 sq ft,

three-bedroom unit. Based on caveats

lodged, all the units were sold at an ave-

rage price of $2,752 psf.

In May, 11 units on the 23rd to 29th

floors were sold at an average price of

$2,982 psf. Of these, nine were one-bed-

room units that changed hands at pric-

es ranging from $1.56 million ($2,837

psf) for a 549 sq ft unit to $1.86 million

($3,260 psf) for a 570 sq ft unit. The re-

maining two transactions involved 1,399

sq ft units sold at $3.89 million ($2,780

psf) and $4.03 million ($2,880 psf) re-

spectively. All in, more than 95% of the

units have been sold.

OUE Twin Peaks comprises two iden-

tical 35-storey towers of 231 units each.

It is located in prime District 9, with-

in walking distance of Orchard Road

and the upcoming Great World MRT

station. The 99-year leasehold project

was deve loped by OUE and completed

in February 2015.

Another development that has seen a

strong take-up rate is the 106-unit Pollen & Bleu by SingLand. Located on Farrer

Drive, the eight-storey, 99-year leasehold

project was completed last December. It

has units with sizes from 549 sq ft for a

one-bedder to 1,593 sq ft for a four-bed-

der. The project also offers two-bedroom

loft units and a mix of three- to five-bed-

room duplex penthouses ranging from

1,841 to 2,831 sq ft.

It has seen a ramp-up in sales over

the past two months. Three units were

sold in the week of May 16 to 23. Two of

them were three-bedroom units: A 980 sq

ft unit fetched $2.26 million ($2,304 psf)

and a 1,184 sq ft unit changed hands for

$2.27 million ($1,920 psf). The remain-

ing transaction was that of a 1,442 sq ft,

four-bedroom unit that fetched $3.34 mil-

lion ($2,317 psf), according to a caveat

lodged on May 16. More than 90% of the

units have been snapped up. The price of

$2,317 psf was notably the highest price

in psf terms in the entire development.

According to Samuel Eyo, managing

director of Singapore Christie’s International

Real Estate (Residential), some of these

units were bought by foreigners during

SQFT Global Properties’ roadshow in

Hong Kong towards end-April.

“Foreign buyers were largely attracted

by the development’s attractive pricing

as well as the deferred payment scheme

offered by the developer,” says Eyo.

Victoria Park Villas is another

develop ment in the prime districts that

saw a spike in transactions. A total of

10 units was sold on May 20 and 21 at

prices ranging from $3.85 million ($1,779

psf) to $4.25 million ($1,595 psf). Cur-

rently, the developer is offering buyers

selected units at a price range of $3.85

million to $4.40 million, according to

property agents.

The 99-year leasehold landed hous-

ing project by CapitaLand comprises 106

semi-detached houses and three bunga-

lows. The project is scheduled for com-

pletion in early 2018. Most of the pur-

chasers at Victoria Park Villas are said

to be Singaporeans, who are either buy-

ing for their own use or for their chil-

dren, say agents.

The average prices of units sold at OUE Twin Peaks have risen 8% since JanuaryE

SAM

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UA/T

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THEEDGE SINGAPORE | JUNE 5, 2017 • EP13

Residential transactions with contracts dated May 16 to 23

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

THE CLEMENT CANOPY Apartment 99 years May 20, 2017 1,346 1,718,000 - 1,277 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 21, 2017 732 1,071,000 - 1,463 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 21, 2017 1,141 1,603,000 - 1,405 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 21, 2017 1,141 1,575,000 - 1,380 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 21, 2017 990 1,338,000 - 1,351 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 21, 2017 1,346 1,717,000 - 1,276 Uncompleted New SaleTHE INFINITI Condominium Freehold May 23, 2017 915 995,000 - 1,088 2008 ResaleTHE PARC CONDOMINIUM Condominium Freehold May 18, 2017 1,421 1,780,000 - 1,253 2010 ResaleTHE PARC CONDOMINIUM Condominium Freehold May 19, 2017 980 1,200,000 - 1,225 2010 ResaleTHE TRILINQ Condominium 99 years May 16, 2017 1,356 1,618,000 - 1,193 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 17, 2017 538 831,000 - 1,544 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 19, 2017 1,356 1,667,000 - 1,229 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 19, 2017 1,356 1,610,000 - 1,187 Uncompleted New SaleTHE TRILINQ Condominium 99 years May 19, 2017 1,356 1,596,000 - 1,177 Uncompleted New SaleVISTA PARK Condominium 99 years May 22, 2017 990 848,000 - 856 1985 ResaleDistrict 7 SOUTHBANK Apartment 99 years May 17, 2017 592 878,000 - 1,483 2010 ResaleDistrict 8 CITY SQUARE RESIDENCES Condominium Freehold May 22, 2017 1,206 1,668,000 - 1,384 2008 ResaleSTURDEE RESIDENCES Condominium 99 years May 20, 2017 721 1,196,700 - 1,659 Uncompleted New SaleTHE URBANITE Apartment Freehold May 18, 2017 484 700,000 - 1,445 2014 ResaleTYRWHITT 139 Apartment Freehold May 19, 2017 344 560,000 - 1,626 2009 ResaleDistrict 9 ASPEN HEIGHTS Condominium 999 years May 17, 2017 1,582 2,130,000 - 1,346 1998 ResaleCAIRNHILL NINE Apartment 99 years May 17, 2017 1,033 2,719,000 - 2,631 2016 New SaleLIV ON WILKIE Apartment Freehold May 17, 2017 452 968,000 - 2,141 Uncompleted New SaleMIRAGE TOWER Condominium Freehold May 23, 2017 958 1,520,000 - 1,587 1996 ResaleNEWTON EDGE Apartment Freehold May 22, 2017 441 770,000 - 1,745 2011 ResaleOUE TWIN PEAKS Condominium 99 years May 17, 2017 570 1,770,000 - 3,103 2015 ResaleOUE TWIN PEAKS Condominium 99 years May 23, 2017 1,399 3,890,000 - 2,780 2015 ResaleRIVERGATE Apartment Freehold May 16, 2017 1,894 3,800,000 - 2,006 2009 ResaleRIVERGATE Apartment Freehold May 19, 2017 1,539 3,220,000 - 2,092 2009 ResaleSAM KIANG MANSIONS Apartment Freehold May 19, 2017 1,281 2,000,000 - 1,561 1999 ResaleSCOTTS 28 Condominium Freehold May 17, 2017 1,658 3,300,000 - 1,991 1998 ResaleSOPHIA HILLS Condominium 99 years May 16, 2017 560 1,137,000 - 2,031 Uncompleted New SaleSOPHIA HILLS Condominium 99 years May 16, 2017 700 1,357,000 - 1,940 Uncompleted New SaleSOPHIA HILLS Condominium 99 years May 17, 2017 700 1,463,000 - 2,091 Uncompleted New SaleSOPHIA HILLS Condominium 99 years May 17, 2017 700 1,400,000 - 2,001 Uncompleted New SaleSOPHIA HILLS Condominium 99 years May 21, 2017 570 1,211,000 - 2,123 Uncompleted New SaleTHE INSPIRA Condominium Freehold May 17, 2017 1,216 2,088,800 - 1,717 2009 ResaleTHE RISE @OXLEY - RESIDENCES Apartment Freehold May 18, 2017 667 1,643,800 - 2,463 Uncompleted New SaleTHE VERMONT ON CAIRNHILL Apartment Freehold May 23, 2017 883 1,850,000 - 2,096 2013 ResaleTHE WHARF RESIDENCE Condominium 999 years May 23, 2017 1,066 2,050,000 - 1,924 2012 ResaleUE SQUARE Apartment 929 years May 16, 2017 807 1,180,000 - 1,462 1997 ResaleUE SQUARE Apartment 929 years May 22, 2017 1,528 2,268,000 - 1,484 1997 ResaleWATERFORD RESIDENCE Apartment 999 years May 19, 2017 1,044 1,635,000 - 1,566 2010 ResaleDistrict 10 ARDMORE PARK Condominium Freehold May 18, 2017 2,885 8,000,000 - 2,773 2001 ResaleARDMORE THREE Condominium Freehold May 19, 2017 1,744 6,130,625 - 3,516 2014 ResaleASTRID MEADOWS Condominium Freehold May 22, 2017 2,433 3,625,000 - 1,490 1990 ResaleBALMORAL GATE Condominium Freehold May 17, 2017 1,711 2,300,000 - 1,344 1994 ResaleBAN GUAN PARK Semi-Detached Freehold May 18, 2017 3,649 5,100,000 - 1,400 1968 ResaleBEAVERTON COURT Condominium Freehold May 17, 2017 2,056 2,550,000 - 1,240 1984 ResaleCITY TOWERS Apartment Freehold May 17, 2017 1,701 1,920,000 - 1,129 Unknown ResaleCORONA VILLE Condominium Freehold May 22, 2017 1,528 1,830,000 - 1,197 1983 ResaleCYAN Condominium Freehold May 19, 2017 1,130 2,200,000 - 1,947 2014 ResaleD’LEEDON Condominium 99 years May 19, 2017 1,033 1,688,000 - 1,634 2014 ResaleDRAYCOTT EIGHT Condominium 99 years May 18, 2017 1,173 2,100,000 - 1,790 2005 ResaleDUCHESS CREST Condominium 99 years May 19, 2017 1,722 2,000,000 - 1,161 1998 ResaleGRAMERCY PARK Condominium Freehold May 16, 2017 2,626 7,497,260 - 2,855 2016 ResaleGRAMERCY PARK Condominium Freehold May 19, 2017 1,259 3,681,600 - 2,923 2016 ResaleLOFT @ NATHAN Apartment Freehold May 19, 2017 452 845,000 - 1,869 2014 ResaleROBIN CLOSE Semi-Detached Freehold May 16, 2017 2,605 5,480,000 - 2,105 2008 ResaleROBIN CLOSE Semi-Detached Freehold May 18, 2017 2,616 5,450,000 - 2,088 2008 ResaleONE BALMORAL Condominium Freehold May 16, 2017 969 2,200,000 - 2,271 2016 ResaleONE BALMORAL Condominium Freehold May 16, 2017 2,228 4,484,000 - 2,012 2016 ResaleONE BALMORAL Condominium Freehold May 17, 2017 1,410 3,284,000 - 2,329 2016 ResaleONE JERVOIS Condominium Freehold May 19, 2017 1,066 1,700,000 - 1,595 2009 ResaleONE JERVOIS Condominium Freehold May 22, 2017 1,292 2,050,000 - 1,587 2009 ResalePINETREE CONDOMINIUM Condominium Freehold May 22, 2017 1,851 2,180,000 - 1,177 1996 ResalePOLLEN & BLEU Condominium 99 years May 16, 2017 1,442 3,342,200 - 2,317 2016 ResalePOLLEN & BLEU Condominium 99 years May 16, 2017 1,184 2,272,900 - 1,920 2016 ResalePOLLEN & BLEU Condominium 99 years May 19, 2017 980 2,256,750 - 2,304 2016 ResaleROBIN RESIDENCES Condominium Freehold May 17, 2017 1,066 2,568,000 - 2,410 2015 ResaleST REGIS RESIDENCESSINGAPORE Apartment 999 years May 17, 2017 1,507 3,500,000 - 2,323 2008 ResaleTHE GRANGE Condominium Freehold May 18, 2017 1,744 3,750,000 - 2,151 2008 ResaleTHE TRIZON Condominium Freehold May 18, 2017 2,013 3,200,000 - 1,590 2012 ResaleTOMLINSON HEIGHTS Condominium Freehold May 16, 2017 2,745 7,800,000 - 2,842 2014 ResaleVALLEY PARK Condominium 999 years May 17, 2017 1,615 2,180,000 - 1,350 1997 ResaleVALLEY PARK Condominium 999 years May 23, 2017 764 1,150,000 - 1,505 1997 ResaleVENTUNO BALMORAL Apartment Freehold May 18, 2017 1,313 1,998,000 - 1,521 2008 ResaleVICTORIA PARK VILLAS Semi-Detached 99 years May 20, 2017 2,164 3,850,000 - 1,779 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years May 20, 2017 2,174 3,870,000 - 1,777 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years May 20, 2017 2,196 3,890,000 - 1,768 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years May 20, 2017 2,260 3,970,000 - 1,757 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years May 20, 2017 2,443 4,100,000 - 1,676 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years May 20, 2017 2,551 4,180,000 - 1,641 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years May 20, 2017 2,669 4,250,000 - 1,595 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years May 21, 2017 2,228 3,910,000 - 1,755 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years May 21, 2017 2,282 4,000,000 - 1,755 Uncompleted New SaleVICTORIA PARK VILLAS Semi-Detached 99 years May 21, 2017 2,260 3,950,000 - 1,749 Uncompleted New SaleDistrict 11 10 SHELFORD Apartment Freehold May 19, 2017 452 750,000 - 1,659 2014 ResaleGILSTEAD BROOKS Terrace Freehold May 19, 2017 2,928 2,910,000 - 994 2004 ResaleIRIDIUM Apartment Freehold May 16, 2017 1,184 1,508,000 - 1,274 2009 ResaleGENTLE ROAD Detached Freehold May 17, 2017 18,579 22,500,000 - 1,211 Unknown ResaleNEWTON 21 Apartment Freehold May 23, 2017 1,539 2,420,000 - 1,572 2004 ResaleNINETEEN SHELFORD ROAD Condominium Freehold May 23, 2017 947 1,240,000 - 1,309 1997 ResalePARK INFINIA AT WEE NAM Condominium Freehold May 18, 2017 850 1,660,000 - 1,952 2008 ResaleSOLEIL @ SINARAN Condominium 99 years May 19, 2017 1,098 1,825,000 - 1,662 2011 ResaleDistrict 12 BALESTIER POINT Apartment Freehold May 23, 2017 1,141 1,110,000 - 973 1986 ResaleCRADELS Apartment Freehold May 17, 2017 441 660,000 - 1,495 2015 ResaleGEM RESIDENCES Condominium 99 years May 18, 2017 484 850,000 - 1,755 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 19, 2017 775 1,119,000 - 1,444 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 19, 2017 775 1,114,000 - 1,437 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 20, 2017 1,055 1,578,000 - 1,496 Uncompleted New Sale

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

GEM RESIDENCES Condominium 99 years May 20, 2017 775 1,129,000 - 1,457 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 21, 2017 936 1,458,000 - 1,557 Uncompleted New SaleRIVERBAY Apartment 999 years May 22, 2017 753 971,300 - 1,289 2014 ResaleRIVIERA 38 Apartment 999 years May 19, 2017 883 1,080,000 - 1,224 2014 ResaleRIVIERA 38 Apartment 999 years May 22, 2017 883 1,060,000 - 1,201 2014 ResaleTHE ARTE Condominium Freehold May 16, 2017 1,399 1,690,000 - 1,208 2010 ResaleTHE ARTE Condominium Freehold May 18, 2017 1,873 2,225,000 - 1,188 2010 ResaleTHE RIVERINE BY THE PARK Apartment Freehold May 18, 2017 1,206 1,750,000 - 1,452 2010 ResaleTHE VERVE Apartment Freehold May 18, 2017 818 850,000 - 1,039 2012 ResaleTRELLIS TOWERS Condominium Freehold May 19, 2017 1,163 1,400,000 - 1,204 2000 ResaleVIIO @ BALESTIER Condominium Freehold May 18, 2017 560 888,000 - 1,586 Uncompleted New SaleVIIO @ BALESTIER Condominium Freehold May 19, 2017 474 790,000 - 1,668 Uncompleted New SaleVISTA RESIDENCES Condominium Freehold May 16, 2017 1,173 1,618,000 - 1,379 2013 ResaleDistrict 13 BLOSSOMS @ WOODLEIGH Condominium Freehold May 16, 2017 1,421 1,600,000 - 1,126 2007 ResaleBLOSSOMS @ WOODLEIGH Condominium Freehold May 19, 2017 1,410 1,750,000 - 1,241 2007 ResaleINTERO Apartment Freehold May 19, 2017 1,012 1,300,000 - 1,285 2008 ResaleDAISY AVENUE Terrace Freehold May 16, 2017 1,658 1,920,000 - 1,156 Unknown ResaleCARMICHAEL ROAD Detached Freehold May 19, 2017 5,694 5,750,000 - 1,010 1994 ResaleSERANGOON PARK Terrace Freehold May 19, 2017 1,658 2,120,000 - 1,281 Unknown ResaleSKY GREEN Condominium Freehold May 19, 2017 743 1,000,000 - 1,346 2015 ResaleTHE POIZ RESIDENCES Apartment 99 years May 19, 2017 1,152 1,601,000 - 1,390 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years May 19, 2017 1,238 1,668,430 - 1,348 2017 New SaleDistrict 14 CAMELLIA LODGE Apartment Freehold May 19, 2017 1,184 960,000 - 811 1997 ResaleCASSIA VIEW Apartment Freehold May 23, 2017 1,206 1,200,000 - 995 1998 ResaleDAKOTA RESIDENCES Condominium 99 years May 17, 2017 1,044 1,315,000 - 1,259 2010 ResaleGRANDLINK SQUARE Apartment Freehold May 18, 2017 1,163 1,150,000 - 989 2000 ResaleGROSVENOR VIEW Condominium Freehold May 18, 2017 1,776 1,530,000 - 861 2006 ResaleHUA YU MANSION Apartment Freehold May 22, 2017 1,905 1,300,000 - 682 1982 ResaleKEMBANGAN SUITES Apartment Freehold May 16, 2017 581 780,000 - 1,342 2011 ResalePARK PLACERESIDENCES AT PLQ Apartment 99 years May 17, 2017 646 1,101,999 - 1,706 Uncompleted New SaleREZI 3TWO Apartment Freehold May 19, 2017 969 1,305,000 - 1,347 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 16, 2017 667 925,700 - 1,387 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 16, 2017 990 1,353,300 - 1,367 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 17, 2017 700 987,000 - 1,411 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 18, 2017 1,023 1,394,000 - 1,363 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 19, 2017 678 935,000 - 1,379 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 19, 2017 1,206 1,615,000 - 1,340 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 20, 2017 667 974,600 - 1,460 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 20, 2017 667 967,600 - 1,450 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 21, 2017 667 960,600 - 1,439 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 21, 2017 958 1,314,400 - 1,372 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 21, 2017 1,033 1,370,000 - 1,326 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 21, 2017 1,206 1,591,700 - 1,320 Uncompleted New SaleSUNNY GROVE Apartment Freehold May 19, 2017 1,109 915,000 - 825 1996 ResaleTRE RESIDENCES Condominium 99 years May 16, 2017 947 1,311,035 - 1,384 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 19, 2017 861 1,230,000 - 1,428 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 19, 2017 947 1,292,000 - 1,364 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 20, 2017 700 987,000 - 1,411 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 20, 2017 947 1,332,000 - 1,406 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 21, 2017 764 1,087,000 - 1,422 Uncompleted New SaleVACANZA @ EAST Condominium Freehold May 23, 2017 1,012 1,110,000 - 1,097 2014 ResaleWATERBANK AT DAKOTA Condominium 99 years May 23, 2017 624 1,015,000 - 1,626 2013 ResaleWINDY HEIGHTS Condominium Freehold May 17, 2017 2,476 1,820,000 - 735 1983 ResaleDistrict 15 AMBER SKYE Apartment Freehold May 18, 2017 1,335 2,356,000 - 1,765 2017 New SaleFRANKEL ESTATE Detached Freehold May 22, 2017 7,212 9,300,000 - 1,290 1955 ResaleFULCRUM Condominium Freehold May 23, 2017 775 1,525,000 - 1,968 2016 ResaleMANDARIN GARDENS Condominium 99 years May 16, 2017 1,528 1,400,000 - 916 1986 ResaleMANDARIN GARDENS Condominium 99 years May 17, 2017 2,013 1,680,000 - 835 1986 ResaleMANILA GARDENS Terrace Freehold May 22, 2017 2,637 3,000,000 - 1,137 1987 ResaleMARINE BLUE Condominium Freehold May 17, 2017 732 1,307,300 - 1,786 2016 New SaleMARINE BLUE Condominium Freehold May 18, 2017 732 1,299,600 - 1,776 2016 New SaleMARINE BLUE Condominium Freehold May 21, 2017 635 1,150,200 - 1,811 2016 New SaleMODA Apartment Freehold May 19, 2017 1,894 2,500,000 - 1,320 2014 ResaleRAMBAI ROAD Terrace Freehold May 19, 2017 1,851 2,748,888 - 1,487 1969 ResaleNEPTUNE COURT Apartment 99 years May 17, 2017 1,636 1,298,000 - 793 1975 ResaleOPERA ESTATE Terrace Freehold May 17, 2017 2,077 3,080,000 - 1,483 Unknown ResalePARK EAST Condominium Freehold May 23, 2017 1,550 1,590,000 - 1,026 1994 ResaleSANCTUARY GREEN Condominium 99 years May 17, 2017 1,593 1,720,000 - 1,080 2003 ResaleSEASIDE RESIDENCES Apartment 99 years May 18, 2017 1,087 1,857,000 - 1,708 Uncompleted New SaleSTILLZ RESIDENCE Apartment Freehold May 16, 2017 980 1,095,000 - 1,118 2011 ResaleSUITES @ EASTCOAST Condominium Freehold May 16, 2017 366 545,000 - 1,489 2012 ResaleTHE MAKENA Condominium Freehold May 22, 2017 1,582 2,120,000 - 1,340 1998 ResaleTHE MEDLEY Apartment Freehold May 17, 2017 1,410 1,370,000 - 972 2009 ResaleTHE MEYERISE Condominium Freehold May 19, 2017 1,302 2,983,000 - 2,290 2014 ResaleTHE SHORE RESIDENCES Condominium 103 years May 16, 2017 1,055 1,570,000 - 1,488 2014 ResaleWATER PLACE Condominium 99 years May 17, 2017 1,216 1,450,000 - 1,192 2004 ResaleDistrict 16 BAYSHORE PARK Condominium 99 years May 17, 2017 1,292 1,040,000 - 805 1986 ResaleCASA MERAH Apartment 99 years May 16, 2017 1,970 1,600,000 - 812 2009 ResaleCOSTA DEL SOL Condominium 99 years May 16, 2017 1,313 1,580,000 - 1,203 2003 ResaleCOSTA DEL SOL Condominium 99 years May 17, 2017 1,475 1,600,000 - 1,085 2004 ResaleCOSTA DEL SOL Condominium 99 years May 19, 2017 1,238 1,565,000 - 1,264 2003 ResaleECO Terrace 99 years May 16, 2017 3,423 3,390,000 - 990 2017 New SaleECO Condominium 99 years May 18, 2017 1,023 1,400,000 - 1,369 2017 Sub SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 16, 2017 1,130 1,502,000 - 1,329 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 16, 2017 904 1,098,000 - 1,214 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 18, 2017 667 974,000 - 1,459 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 20, 2017 624 898,000 - 1,438 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 21, 2017 1,238 1,584,000 - 1,280 Uncompleted New SaleMERA TERRACE Terrace Freehold May 18, 2017 1,615 2,310,000 - 1,431 1996 ResaleEASTWOOD TERRACE Terrace 99 years May 22, 2017 2,777 2,100,000 - 757 1997 ResaleSUNHAVEN Condominium Freehold May 22, 2017 1,744 1,580,000 - 906 2002 ResaleTHE BAYSHORE Condominium 99 years May 19, 2017 1,012 895,000 - 885 1996 ResaleTHE GLADES Condominium 99 years May 16, 2017 1,378 2,136,600 - 1,551 2016 New SaleTHE GLADES Condominium 99 years May 18, 2017 1,281 1,768,000 - 1,380 2016 New SaleTHE GLADES Condominium 99 years May 20, 2017 463 796,000 - 1,720 2016 New SaleDistrict 17 BLUWATERS Apartment 946 years May 18, 2017 818 740,000 - 905 2007 ResaleCARISSA PARK Condominium Freehold May 22, 2017 1,302 970,000 - 745 2001 ResaleDAHLIA PARK Condominium Freehold May 17, 2017 1,507 1,200,000 - 796 2003 ResaleHEDGES PARK Condominium 99 years May 18, 2017 872 830,000 - 952 2015 ResaleLOYANG VALLEY Condominium 99 years May 19, 2017 1,959 1,225,000 - 625 1985 ResaleDistrict 18 CHANGI RISE Condominium 99 years May 23, 2017 1,496 1,200,000 - 802 2004 Resale

DONE DEALS

CONTINUES NEXT PAGE

EP14 • THEEDGE SINGAPORE | JUNE 5, 2017

DONE DEALS

DISCLAIMER:Source: URA Realis. Updated May 30, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium

Residential transactions with contracts dated May 16 to 23

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

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

FROM PREVIOUS PAGE

COCO PALMS Condominium 99 years May 17, 2017 2,067 2,041,600 - 988 Uncompleted New SaleNV RESIDENCES Condominium 99 years May 22, 2017 764 750,000 - 981 2013 ResaleRIS GRANDEUR Condominium Freehold May 17, 2017 1,356 1,200,000 - 885 2005 ResaleTHE ALPS RESIDENCES Condominium 99 years May 16, 2017 936 928,000 - 991 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 18, 2017 1,066 1,049,000 - 984 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 20, 2017 700 742,000 - 1,061 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 20, 2017 1,066 1,064,000 - 998 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 21, 2017 689 774,000 - 1,124 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 21, 2017 689 735,000 - 1,067 Uncompleted New SaleTHE ESPARIS EC 99 years May 19, 2017 1,324 870,000 - 657 2005 ResaleTHE PALETTE Condominium 99 years May 19, 2017 1,163 1,080,000 - 929 2015 ResaleTHE SANTORINI Condominium 99 years May 16, 2017 1,152 1,200,870 - 1,043 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 17, 2017 915 970,200 - 1,060 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 18, 2017 1,378 1,408,770 - 1,022 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 18, 2017 1,249 1,208,700 - 968 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 18, 2017 1,152 1,106,820 - 961 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 19, 2017 1,152 1,237,000 - 1,074 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 19, 2017 915 976,000 - 1,067 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 19, 2017 1,119 1,090,980 - 975 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 20, 2017 904 926,000 - 1,024 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 20, 2017 904 913,000 - 1,010 Uncompleted New SaleTHE SANTORINI Condominium 99 years May 21, 2017 1,787 1,376,000 - 770 Uncompleted New SaleDistrict 19 BLISS@KOVAN Condominium Freehold May 16, 2017 1,679 1,460,000 - 869 2015 ResaleBLISS@KOVAN Condominium Freehold May 18, 2017 1,765 1,535,550 - 870 2015 ResaleBOATHOUSE RESIDENCES Condominium 99 years May 18, 2017 1,561 1,420,000 - 910 2015 ResaleCHILTERN PARK Condominium 99 years May 16, 2017 915 831,888 - 909 1995 ResaleEVERGREEN PARK Apartment 99 years May 17, 2017 1,238 750,000 - 606 1999 ResaleFLORENCE REGENCY Apartment 103 years May 18, 2017 1,701 900,000 - 529 Unknown ResaleFOREST WOODS Condominium 99 years May 16, 2017 915 1,241,000 - 1,356 Uncompleted New SaleFOREST WOODS Condominium 99 years May 18, 2017 915 1,254,000 - 1,371 Uncompleted New SaleJANSEN 8 Semi-Detached Freehold May 16, 2017 3,735 2,050,000 - 549 2011 ResaleKINGSFORD WATERBAY Apartment 99 years May 17, 2017 689 904,000 - 1,312 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 17, 2017 1,216 1,474,000 - 1,212 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 17, 2017 883 1,044,000 - 1,183 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 17, 2017 883 1,030,000 - 1,167 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 17, 2017 883 1,027,000 - 1,164 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 17, 2017 1,033 1,186,000 - 1,148 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 17, 2017 1,033 1,180,000 - 1,142 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 17, 2017 1,109 1,246,000 - 1,124 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 17, 2017 1,216 1,234,000 - 1,015 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 18, 2017 689 893,000 - 1,296 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 18, 2017 1,033 1,214,730 - 1,176 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 18, 2017 1,033 1,211,000 - 1,172 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 18, 2017 883 1,034,000 - 1,171 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 18, 2017 1,033 1,207,000 - 1,168 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 18, 2017 850 974,000 - 1,145 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 18, 2017 1,356 1,548,000 - 1,141 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 19, 2017 883 1,048,000 - 1,187 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 19, 2017 850 949,000 - 1,116 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 20, 2017 883 1,021,240 - 1,157 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 21, 2017 678 859,000 - 1,267 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 21, 2017 915 1,083,000 - 1,184 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 21, 2017 1,033 1,177,000 - 1,139 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 21, 2017 850 942,000 - 1,108 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 21, 2017 850 907,920 - 1,068 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 21, 2017 1,421 1,490,000 - 1,049 Uncompleted New SalePARRY AVENUE Semi-Detached 999 years May 19, 2017 2,002 2,360,000 - 1,178 1994 ResaleSIRAT ROAD Terrace 999 years May 19, 2017 1,927 1,950,000 - 1,012 Unknown ResaleJANSEN CLOSE Terrace Freehold May 22, 2017 2,088 1,980,000 - 948 Unknown ResaleNAUNG RESIDENCE Apartment 999 years May 17, 2017 764 940,000 - 1,230 2015 ResalePALM GROVE Condominium 999 years May 16, 2017 1,841 1,620,000 - 880 2002 ResalePARC CENTROS Condominium 99 years May 17, 2017 1,679 1,720,000 - 1,024 2016 Sub SaleRIVERSAILS Condominium 99 years May 17, 2017 1,109 1,075,000 - 970 2016 ResaleRIVERSAILS Condominium 99 years May 18, 2017 1,109 1,060,000 - 956 2016 ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 17, 2017 2,669 2,628,000 - 985 Unknown ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years May 18, 2017 4,209 4,380,000 - 1,040 1996 ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 19, 2017 2,960 2,930,000 - 990 1995 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years May 21, 2017 4,209 6,000,000 - 1,427 Unknown ResaleSILVER HILL Terrace 945 years May 16, 2017 2,809 2,680,000 - 954 1983 ResaleSTARS OF KOVAN Apartment 99 years May 21, 2017 807 1,136,060 - 1,407 Uncompleted New SaleTAI KENG GARDENS Terrace Freehold May 16, 2017 1,873 2,000,000 - 1,069 Unknown ResaleTERRASSE Condominium 99 years May 19, 2017 538 660,000 - 1,226 2014 ResaleTHE MINTON Condominium 99 years May 23, 2017 1,087 1,030,000 - 947 2013 ResaleTHE QUARTZ Condominium 99 years May 23, 2017 1,055 950,000 - 901 2009 ResaleTHE SUNNYDALE Condominium 99 years May 16, 2017 1,259 1,150,000 - 913 2001 ResaleTHE TEMBUSU Condominium Freehold May 17, 2017 1,216 1,900,000 - 1,562 2016 ResaleTHE VALES EC 99 years May 17, 2017 764 673,000 - 881 Uncompleted New SaleTRILIVE Condominium Freehold May 21, 2017 883 1,435,000 - 1,626 Uncompleted New SaleWATERTOWN Apartment 99 years May 19, 2017 1,216 1,350,000 - 1,110 Uncompleted Sub SaleWATERTOWN Apartment 99 years May 22, 2017 581 735,000 - 1,265 Uncompleted Sub SaleDistrict 20 BRADDELL VIEW Apartment 102 years May 19, 2017 1,615 1,200,000 - 743 1978 ResaleCLOVER BY THE PARK Condominium 99 years May 16, 2017 1,292 1,380,000 - 1,068 2011 ResaleSEMBAWANG HILLS ESTATE Terrace Freehold May 18, 2017 2,002 3,150,000 - 1,575 Unknown ResaleDistrict 21 CLEMENTI GREEN Terrace Freehold May 16, 2017 2,777 2,938,000 - 1,057 1978 ResaleCLEMENTI PARK Condominium Freehold May 17, 2017 1,873 2,010,000 - 1,073 1985 ResaleCLEMENTI PARK Condominium Freehold May 17, 2017 1,722 1,400,000 - 813 1983 ResaleFREESIA WOODS Condominium Freehold May 22, 2017 2,562 1,988,000 - 776 2003 ResaleGARDENVISTA Condominium 99 years May 17, 2017 1,346 1,700,000 - 1,263 2006 ResaleHILLVIEW GREEN Condominium 999 years May 22, 2017 1,615 1,525,000 - 945 1998 ResaleKISMIS VIEW Condominium 99 years May 18, 2017 2,110 1,368,000 - 648 1984 ResaleHUA GUAN AVENUE Detached 999 years May 18, 2017 7,599 9,700,000 - 1,277 1989 ResalePANDAN VALLEY Condominium Freehold May 23, 2017 1,647 1,600,000 - 972 1978 ResalePINE GROVE Condominium 99 years May 16, 2017 1,755 1,360,000 - 775 Unknown ResaleSIGNATURE PARK Condominium Freehold May 19, 2017 1,421 1,560,000 - 1,098 1998 ResaleSOUTHAVEN II Condominium 999 years May 18, 2017 1,539 1,520,000 - 987 1999 ResaleSPRINGDALE Condominium 999 years May 17, 2017 1,152 1,118,000 - 971 1998 ResaleSYMPHONY HEIGHTS Condominium Freehold May 19, 2017 926 975,000 - 1,053 1998 ResaleTHE CREEK @ BUKIT Condominium Freehold May 19, 2017 807 1,238,868 - 1,535 Uncompleted New SaleTHE MONDRIAN Semi-Detached 999 years May 23, 2017 2,573 3,700,000 - 1,436 2002 ResaleDistrict 22 LAKE GRANDE Condominium 99 years May 20, 2017 904 1,185,000 - 1,311 Uncompleted New SaleLAKE GRANDE Condominium 99 years May 21, 2017 818 1,047,000 - 1,280 Uncompleted New SaleLAKE GRANDE Condominium 99 years May 21, 2017 883 1,078,000 - 1,221 Uncompleted New SaleWESTMERE EC 99 years May 18, 2017 1,206 1,030,000 - 854 1999 ResaleDistrict 23 CASHEW HEIGHTS Condominium 999 years May 18, 2017 1,658 1,570,000 - 947 1990 Resale

HAZEL PARK Condominium 999 years May 18, 2017 1,206 1,098,000 - 911 2000 ResaleHILLION RESIDENCES Apartment 99 years May 16, 2017 463 723,900 - 1,564 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 16, 2017 474 672,600 - 1,420 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 16, 2017 549 704,940 - 1,284 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 17, 2017 463 694,450 - 1,500 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 17, 2017 463 691,600 - 1,494 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 17, 2017 474 665,000 - 1,404 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years May 18, 2017 474 698,250 - 1,474 Uncompleted New SaleHILLVIEW HEIGHTS Condominium Freehold May 23, 2017 1,668 1,660,000 - 995 1996 ResaleHILLVIEW PARK Condominium Freehold May 18, 2017 1,227 1,120,000 - 913 1995 ResaleHILLVIEW REGENCY Condominium 99 years May 18, 2017 1,130 906,000 - 802 2005 ResaleINZ RESIDENCE EC 99 years May 20, 2017 1,109 927,000 - 836 Uncompleted New SaleINZ RESIDENCE EC 99 years May 20, 2017 990 795,000 - 803 Uncompleted New SaleINZ RESIDENCE EC 99 years May 20, 2017 990 792,000 - 800 Uncompleted New SaleINZ RESIDENCE EC 99 years May 20, 2017 1,249 988,000 - 791 Uncompleted New SaleINZ RESIDENCE EC 99 years May 21, 2017 1,109 880,500 - 794 Uncompleted New SaleINZ RESIDENCE EC 99 years May 21, 2017 1,206 907,000 - 752 Uncompleted New SaleINZ RESIDENCE EC 99 years May 21, 2017 883 659,000 - 747 Uncompleted New SaleMAYSPRINGS Apartment 99 years May 16, 2017 1,270 960,000 - 756 1998 ResalePARKVIEW APARTMENTS Apartment 99 years May 19, 2017 1,130 780,000 - 690 1998 ResaleSOL ACRES EC 99 years May 16, 2017 872 729,000 - 836 Uncompleted New SaleSOL ACRES EC 99 years May 16, 2017 850 685,000 - 806 Uncompleted New SaleSOL ACRES EC 99 years May 16, 2017 570 427,000 - 748 Uncompleted New SaleSOL ACRES EC 99 years May 17, 2017 850 712,000 - 837 Uncompleted New SaleSOL ACRES EC 99 years May 17, 2017 570 465,000 - 815 Uncompleted New SaleSOL ACRES EC 99 years May 17, 2017 570 453,000 - 794 Uncompleted New SaleSOL ACRES EC 99 years May 17, 2017 872 691,000 - 793 Uncompleted New SaleSOL ACRES EC 99 years May 17, 2017 570 451,000 - 791 Uncompleted New SaleSOL ACRES EC 99 years May 18, 2017 850 703,000 - 827 Uncompleted New SaleSOL ACRES EC 99 years May 18, 2017 850 694,000 - 816 Uncompleted New SaleSOL ACRES EC 99 years May 18, 2017 850 691,000 - 813 Uncompleted New SaleSOL ACRES EC 99 years May 18, 2017 1,098 890,000 - 811 Uncompleted New SaleSOL ACRES EC 99 years May 18, 2017 850 658,000 - 774 Uncompleted New SaleSOL ACRES EC 99 years May 18, 2017 926 708,000 - 765 Uncompleted New SaleSOL ACRES EC 99 years May 19, 2017 570 467,000 - 819 Uncompleted New SaleSOL ACRES EC 99 years May 19, 2017 872 712,000 - 817 Uncompleted New SaleSOL ACRES EC 99 years May 19, 2017 570 433,000 - 759 Uncompleted New SaleSOL ACRES EC 99 years May 19, 2017 495 358,000 - 723 Uncompleted New SaleSOL ACRES EC 99 years May 20, 2017 570 473,000 - 829 Uncompleted New SaleSOL ACRES EC 99 years May 20, 2017 872 718,000 - 824 Uncompleted New SaleSOL ACRES EC 99 years May 20, 2017 570 435,000 - 762 Uncompleted New SaleSOL ACRES EC 99 years May 20, 2017 872 664,000 - 762 Uncompleted New SaleSOL ACRES EC 99 years May 20, 2017 570 429,000 - 752 Uncompleted New SaleSOL ACRES EC 99 years May 21, 2017 732 614,000 - 839 Uncompleted New SaleSOL ACRES EC 99 years May 21, 2017 732 601,000 - 821 Uncompleted New SaleSOL ACRES EC 99 years May 21, 2017 872 709,000 - 813 Uncompleted New SaleTHE HILLIER Apartment 99 years May 16, 2017 624 811,824 - 1,300 2016 Sub SaleTHE TENNERY Apartment 99 years May 18, 2017 883 870,000 - 986 2014 ResaleVILLA VERDE Terrace 99 years May 19, 2017 1,625 1,375,000 - 849 2000 ResaleYEW MEI GREEN EC 99 years May 16, 2017 1,130 780,000 - 690 2000 ResaleYEWTEE RESIDENCES Apartment 99 years May 16, 2017 1,453 1,230,000 - 846 2008 ResaleDistrict 25 BELLEWOODS EC 99 years May 19, 2017 1,442 1,017,000 - 705 2017 New SaleBELLEWOODS EC 99 years May 21, 2017 1,561 1,065,240 - 683 2017 New SaleNORTHWAVE EC 99 years May 20, 2017 678 554,800 - 818 Uncompleted New SaleNORTHWAVE EC 99 years May 21, 2017 1,270 960,450 - 756 Uncompleted New SaleNORTHWAVE EC 99 years May 21, 2017 990 733,950 - 741 Uncompleted New SaleWOODGROVE Condominium 99 years May 16, 2017 1,658 1,050,000 - 633 1999 ResaleWOODSVALE EC 99 years May 17, 2017 1,432 818,000 - 571 2000 ResaleDistrict 26 BULLION PARK Condominium Freehold May 17, 2017 807 830,000 - 1,028 1993 ResaleSEASONS PARK Condominium 99 years May 19, 2017 1,249 1,008,000 - 807 1997 ResaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years May 18, 2017 753 1,080,000 - 1,433 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 16, 2017 893 908,000 - 1,016 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 21, 2017 915 946,000 - 1,034 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 17, 2017 947 761,600 - 804 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 17, 2017 947 746,400 - 788 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 18, 2017 883 778,400 - 882 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 18, 2017 936 743,200 - 794 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 19, 2017 883 725,600 - 822 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 20, 2017 883 784,000 - 888 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 20, 2017 915 740,800 - 810 Uncompleted New SaleTHE CRITERION EC 99 years May 20, 2017 1,173 907,200 - 773 Uncompleted New SaleTHE CRITERION EC 99 years May 21, 2017 1,001 800,800 - 800 Uncompleted New SaleTHE CRITERION EC 99 years May 21, 2017 1,023 777,600 - 760 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 16, 2017 872 733,000 - 841 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 16, 2017 1,141 933,500 - 818 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 17, 2017 872 728,000 - 835 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 18, 2017 1,023 816,000 - 798 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 19, 2017 872 733,000 - 841 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 20, 2017 1,023 851,000 - 832 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 20, 2017 872 715,000 - 820 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 20, 2017 872 714,710 - 820 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 20, 2017 980 792,000 - 809 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 21, 2017 1,141 970,000 - 850 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 21, 2017 1,141 950,000 - 833 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 21, 2017 872 722,000 - 828 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 21, 2017 872 718,000 - 824 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 21, 2017 1,023 825,000 - 807 Uncompleted New SaleWATERCOVE Terrace Freehold May 20, 2017 3,563 2,799,000 - 786 Uncompleted New SaleWATERCOVE Terrace Freehold May 20, 2017 3,348 2,580,000 - 771 Uncompleted New SaleWATERCOVE Terrace Freehold May 20, 2017 3,466 2,635,000 - 760 Uncompleted New SaleWATERCOVE Terrace Freehold May 20, 2017 4,230 3,157,000 - 746 Uncompleted New SaleWATERCOVE Terrace Freehold May 20, 2017 4,521 3,368,000 - 745 Uncompleted New SaleWATERCOVE Terrace Freehold May 20, 2017 3,348 2,486,000 - 743 Uncompleted New SaleWATERCOVE Terrace Freehold May 20, 2017 3,348 2,473,000 - 739 Uncompleted New SaleWATERCOVE Terrace Freehold May 20, 2017 3,466 2,526,000 - 729 Uncompleted New SaleWATERCOVE Terrace Freehold May 20, 2017 3,466 2,509,000 - 724 Uncompleted New SaleWATERCOVE Terrace Freehold May 21, 2017 3,348 2,580,000 - 771 Uncompleted New SaleYISHUN EMERALD Condominium 99 years May 22, 2017 1,206 800,000 - 664 2002 ResaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold May 19, 2017 3,584 2,739,110 - 764 Uncompleted New SaleBELGRAVIA VILLAS Terrace Freehold May 20, 2017 3,584 2,630,000 - 734 Uncompleted New Sale

THEEDGE SINGAPORE | JUNE 5, 2017 • EP15

GAINS AND LOSSES

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Units in District 10 fetch million-dollar profits

Top 10 gains and losses from May 16 to 23

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

NON-LANDED

1 Ardmore Park 10 2,885 May 18 2,773 Feb 9, 2000 1,647 3,250,000 68 3 17.3

2 Beaverton Court 10 2,056 May 17 1,240 April 28, 2006 613 1,290,000 102 7 11.1

3 Newton 21 11 1,539 May 23 1,572 March 27, 2001 955 950,000 65 3 16.2

4 Clementi Park 21 1,873 May 17 1,073 May 11, 2000 569 945,000 89 4 17.0

5 The Arris 2 969 May 22 1,729 July 29, 2003 800 900,000 116 6 13.8

6 Aspen Heights 9 1,582 May 17 1,346 July 7, 1998 780 896,040 73 3 18.9

7 Sam Kiang Mansions 9 1,281 May 19 1,561 Aug 15, 2009 898 850,000 74 7 7.8

8 City Towers 10 1,701 May 17 1,129 May 1, 1999 635 840,000 78 3 18.1

9 Freesia Woods 21 2,562 May 22 776 Dec 11, 2006 451 833,000 72 5 10.5

10 Scotts 28 9 1,658 May 17 1,991 Nov 23, 1995 1,508 800,000 32 1 21.5

Non-profi table deals

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

1 The Interlace 4 3,864 May 19 750 May 16, 2013 910 615,070 17 5 4.0

2 Draycott Eight 10 1,173 May 18 1,790 Oct 25, 2010 2,301 600,000 22 4 6.6

3 Icon 2 936 May 19 1,612 Aug 3, 2011 2,157 510,000 25 5 5.8

4 St Regis Residences Singapore 10 1,507 May 17 2,323 June 2, 2009 2,500 267,500 7 1 8.0

5 The Vermont on Cairnhill 9 883 May 23 2,096 Oct 9, 2012 2,345 220,000 11 2 4.6

6 Pearl Bank Apartment 3 1,755 May 17 730 Aug 1, 2007 844 200,000 14 1 9.8

7 Sky Green 13 743 May 19 1,346 Nov 6, 2012 1,562 160,300 14 3 4.5

8 Icon 2 936 May 17 1,719 March 6, 2008 1,874 145,000 8 1 9.2

9 The Clift 1 495 May 16 1,959 April 4, 2012 2,249 143,750 13 3 5.1

10 Cyan 10 1,130 May 19 1,947 Dec 12, 2012 2,064 133,333 6 1 4.4

Note: Computed based on URA caveat data as at May 16 for private non-landed houses transacted between May 16 and 23. The profit-and-loss computation excludes transactions costs such as stamp duties.

| BY LIN ZHIQIN |

The sellers of two units from

two separate freehold condo-

minium developments located

in District 10 pocketed profits

of more than $1 million each

in the week of May 16 to 23.

The most profitable deal was the

sale of a 2,885 sq ft, four-bedroom unit

at Ardmore Park for a profit of $3.25

million. The previous owner purchased

the unit on the 15th floor for $4.75 mil-

lion ($1,647 psf) in a sub-sale in Feb-

ruary 2000 and sold it for $8 million

($2,773 psf) on May 18. This translates

into a 68% gain over a 17-year holding

period, or an annualised gain of 3%.

Based on caveats lodged with

URA Realis, the unit’s first owner

had bought it directly from the

develop er for $5.05 million ($1,750

psf) in August 1996 and suffered a

$297,235 loss when it was sold at

$4.75 million in February 2000. The

loss translates into 6%, or 2% a year

over 3½ years.

At Ardmore Park, there were 20

rental contracts for four-bedroom

units measuring 2,800 to 2,900 sq

ft in 1Q2017, with the monthly rent

ave raging $14,203. This implies a 2%

gross rental yield, based on the re-

cently transacted price of $8 million.

The transaction on May 18 marks

the fifth profitable transaction at Ard-

more Park this year. Profits have ranged

from $2.45 million to $4.6 million so

far this year. There has been just one

unprofitable transaction this year,

with a $70,000 loss. In 2016, there

was one unprofitable transaction

with a $400,000 loss and six profita-

ble transactions with profits ranging

from $180,000 to $3.53 million.

Ardmore Park was developed by

Wheelock Properties and completed

in 2001. It comprises 2,885 sq ft,

four-bedroom units and penthouses

spanning 8,000 sq ft. Sitting on a

sprawling eight-acre freehold land

site, the project has been regarded

as the standard for luxury residen-

tial projects.

The second-most profitable deal

of the week involved a 2,056 sq ft,

three-bedroom unit at Beaverton Court

that fetched a $1.29 million profit on

May 17. The previous owner bought

the ninth-floor unit for $1.26 million

($613 psf) in April 2006 and sold it

for $2.55 million ($1,240 psf). He

recognised a gain of 102%, or an an-

nualised gain of 7% over a holding

period of 11 years.

Based on caveats lodged with URA

Realis, the previous seller of the unit

purchased it at $1.35 million ($657 psf)

in April 1995 and suffered a $90,000

loss when he sold it in April 2006.

On April 22, 2016, a 2,056 sq ft

unit on the 10th floor fetched a profit

of $1.32 million. The previous owner

purchased it for $1.48 million ($720

psf) in March 2000 and sold it for

$2.8 million ($1,362 psf). This trans-

lates into a gain of 89%, or an an-

nualised gain of 4% over 16 years.

There have been two rental con-

tracts for three-bedroom units rang-

ing from 2,000 to 2,100 sq ft at Bea-

verton Court so far this year, with

monthly rents of $4,600 and $5,700

respectively. Beaverton Court is a

freehold condo completed in 1984.

It has 54 units and is located about

600m from the Dover MRT station.

The biggest loss of the week was

the sale of a 3,864 sq ft, four-bed-

room unit at The Interlace in Dis-

trict 4. The unit was purchased for

$3.52 million ($910 psf) from the

developer in May 2013 and sold at

$2.9 million ($750 psf) on May 19.

After a holding period of four years

and four days, the seller suffered a

$615,070 loss. He would have been

liable for a 4%, or $116,000, seller’s

stamp duty if he had sold the unit

just four days earlier.

This transaction marks the sec-

ond unprofitable transaction at The

Interlace this year. On March 15, a

2,131 sq ft unit was sold at a $26,330

loss. Meanwhile, there have been five

profitable transactions at The Inter-

lace this year, with profits ranging

from $109,500 to $490,400.

The Interlace is located on De-

pot Road, off Alexandra Road. This

99-year leasehold development with

1,040 units was designed by world-ac-

claimed archi tect Ole Scheeren, who

also designed other icons such as

the China Central Television Head-

quarters in Beijing and the floating

auditorium on Nai Pi Lae Lagoon in

Thailand.

The sale of a 2,056 sq ft, three-bedroom unit at Beaverton Court was the second-most profitable deal of the week. Find the most affordable listing in the project at edgepr.link/BeavertonCourt.

A 2,885 sq ft, four-bedroom unit at Ardmore Park fetched a profit of $3.25 million on May 18. Find the most affordable listing in the project at edgepr.link/ArdmorePark.

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EP16 • THEEDGE SINGAPORE | JUNE 5, 2017

DEAL WATCH

Recent transactions for 1,300 to 1,400 sq ft units at Costa Rhu

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

March 15, 2017 1,346 1.4 1,041

March 1, 2017 1,399 1.8 1,286

Feb 27, 2017 1,335 1.7 1,274

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Recent rental contracts for 1,300 to 1,400 sq ft units at Costa Rhu

LEASE DATE MONTHLY RENT $ $ PSF

April 2017 3,550 2.60

April 2017 3,600 2.70

April 2017 3,600 2.70

April 2017 3,700 2.70

April 2017 3,900 2.90

Two-bedder at Costa Rhu going for $1.45 mil| BY DELICIA LIM |

Costa Rhu is a 99-year lease-

hold high-rise condominium

located at the junction of

Tanjong Rhu Road and Rhu

Cross Road. Developed by

Amcol Gardens (now Asia Food and

Properties), the 737-unit project is

the biggest in the Tanjong Rhu area

in terms of number of units.

Costa Rhu was completed nearly

two decades ago and has a mix of

two- to four-bedroom units. Two-bed-

room units are 990 to 1,744 sq ft

and three-bedroom units are 1,647

to 2,153 sq ft. Meanwhile, four-bed-

room units range from 1,970 to 2,648

sq ft and penthouses are more than

3,000 sq ft.

A 1,399 sq ft, two-bedroom unit

on the third floor has been put up for

sale on TheEdgeProperty.com at an

asking price of $1.45 million ($1,037

psf). The unit, owned by a Singapo-

rean, is currently vacant, according

to George Tay, a property agent with

ERA Reality Network.

Costa Rhu is one of the most pop-

ular developments in Tanjong Rhu

among non-resident Indian (NRI)

professionals and businessmen in

the financial and tech sectors, most

of whom work in the CBD. The pro-

ject is popular with them as its two-

and three-bedroom units are larger

than those in neighbouring condos,

reckons Tay.

Most of the NRIs like two-bed-

room apartments that are more than

1,000 sq ft and come with a maid’s

room. For three-bedroom units, they

like those above 1,500 sq ft, and for

four-bedroom units, 2,000 sq ft and

above. The project’s proximity to

sports facilities and East Coast Park

is also important to most of them.

Costa Rhu is located just a short

walk from Gardens by the Bay and

Marina Bay Golf Course via Rhu

Cross Road, which runs below the

East Coast Parkway expressway. As

Costa Rhu fronts the Marina Bay

area, some of its units afford excel-

lent bay views.

Three units of 1,300 to 1,400 sq

ft at Costa Rhu have changed hands

since the beginning of this year. A

1,399 sq ft, two-bedroom unit on

the 16th floor was sold for $1.8 mil-

lion ($1,286 psf) in March. The sell-

er bought the unit in February 2010

for $1.56 million ($1,115 psf).

Meanwhile, a 1,335 sq ft unit on

the ninth floor fetched $1.7 million

($1,274 psf) in February and a 1,346

sq ft unit on the fourth floor changed

hands for $1.4 million ($1,041 psf)

in March. The most recent transac-

tion was that of a 1,776 sq ft unit on

the 11th floor that changed hands

for $2.1 million ($1,182 psf) in May.

Based on the URA data for April,

five units of 1,300 to 1,400 sq ft were

leased at monthly rents of $3,550 to

$3,900. Based on the asking price

of $1.45 million for the two-bed-

room unit at Costa Rhu, this trans-

lates into a potential gross rental

yield of 3.2%.

Visit tinyurl.com/DealWatch-S782

for more information. E

ALBE

RT C

HUA/

THE

EDG

E SI

NG

APO

RE

Costa Rhu was completed nearly two decades ago and has a mix of two- tofour-bedroom units

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