SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Collective sale … · 2017-06-23 · Central Park within a 10km radius. Trav-elling to various parts of the city from the Joyce-Collingwood SkyTrain

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JUNE 26, 2017 | ISSUE 785-7

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

Collective saleboom or a blip?

The recent spate of collective sales has sparked enthusiasm among owners of ageing condos. Most property consultants see a window of opportunity in this frenzy, but how long will it last?

See our Cover Story on Pages 8 to 10.

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

Serangoon Ville is the latest privatised HUDC estate to hit the collective sale market

Market WatchNew launches to

look out for in 2H2017EP4

Property TakeConversation with

HK agent marketingIskandar properties EP6

Done DealsUnits at high-end condos

in District 9 cross$3,000 psf EP12-14

Gains and LossesUnit at Urbana

sees $2 million lossEP15

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EP2 • THEEDGE SINGAPORE | JUNE 26, 2017

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

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ADVERTISING + MARKETING ADVERTISING SALES

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PROPERTY BRIEFS

Two strata-titled units at Orchard Towers up for sale at $63 mil Two strata-titled units at Orchard Tow-

ers (above) on Orchard Road have been

put up for sale by expression of inter-

est (EOI). The guide price for the units

— one on the ground floor and the oth-

er in the basement — is $63 million.

According to Cushman & Wakefield, the

appointed agent, both units will be sold

with existing tenancies.

The 4,198 sq ft ground-floor unit is

currently leased to a 24-hour conveni-

ence store, a tailor, restaurant and a jew-

ellery shop. The 3,907 sq ft basement

unit is leased to a food court operator.

The gross monthly rent achieved by

both units is about $141,000.

The EOI closes on July 26.

TripleOne Somerset penthouse on the market for $31.4 milPerennial Real Estate Holdings has put

the penthouse unit at TripleOne Som-

erset’s Somerset Tower up for sale by

EOI. According to CBRE, the appointed

marketing agent for the sale, the indic-

ative price for the 10,537 sq ft unit is

$31.4 million ($2,980 psf).

The unit will be sold with existing

tenancy and the prospective buyer will

be able to enjoy a rental yield of 3.5%

per annum, says CBRE. The unit is cur-

rently leased to global luxury group Ker-

ing, which has brands such as Bottega

Veneta and Gucci in its stable.

TripleOne Somerset is undergoing an

extensive asset enhancement exercise

that will involve the revamp of the pro-

ject’s retail podium and enhancement of

connectivity between its carpark, retail

area and medical suites. Since this is a

commercial property, buyers do not have

to pay additional buyer’s stamp duty

or seller’s stamp duty for the property.

The closing date for the EOI is July 21.

URA to launch Beach Road siteURA has accepted an application from

a developer to put a commercial site on

Beach Road up for sale by public ten-

der. According to URA, the site will be

launched in about two weeks.

URA says the developer has com-

mitted to bid at a price of not less than

$1.138 billion in the tender for the 2ha

land parcel. The plot, with a land lease

of 99 years, includes the conserved build-

ing that was previously the Beach Road

Police Station. The site will have a max-

imum permissible gross floor area of

88,313 sq m (950,600 sq ft), of which

at least 61,820 sq m (665,430 sq ft) are

for office use. The land parcel was first

made available for sale on the Reserved

List in November 2014, says URA.

“The triggering of this site comes in

tandem with positive investment senti-

ment in the office property market and

also at a time when office rents appear

to be firming after two years of decline,”

says Ong Teck Hui, national director, re-

search and consultancy at JLL.

“The development of the subject site

augurs well for the office market as it

will increase the supply of quality of-

fice space in the CBD fringe area that is

more affordable than those in the prime

CBD,” adds Ong.

Westbank to launch its latest condo in Vancouver for sale Canadian developer Westbank will be

launching its latest condominium devel-

opment, JOYCE (bottom, left), located

at Joyce Street in Vancouver, for sale in

Singapore on July 1 and 2.

The 30-storey freehold development

comprises 256 one-, two- and three-bed-

room apartments ranging from 492 to

1,236 sq ft. The development is ex-

pected to be completed by 2020. It is

ideal for families as 65% of the units

are two- and three-bedroom apartments.

Westbank says it has set aside 40

one- to three-bedroom units with pan-

oramic views of the Vancouver city sky-

line and the North Shore Mountains for

sale to Singaporean buyers. Prices start

from C$715,825 ($750,000) for the one-

bedroom units. Singapore will be the

second stop following the development’s

global launch in Vancouver, China, Hong

Kong and Taipei on June 17 and 18. So

far, 85% of the units have been sold.

The Joyce-Collingwood neighbour-

hood is well served by transit and boasts

an abundance of green space, with parks

such as Collingwood, Renfrew Ravine and

Central Park within a 10km radius. Trav-

elling to various parts of the city from the

Joyce-Collingwood SkyTrain station is con-

venient as well. Metrotown is just two

SkyTrain stations away, while the Central

Business District is just six stations away.

OKP secures second JTC Corp contract in June worth $8.7 milEng Lam Contractors, a wholly-owned

subsidiary of OKP Holdings, announced

on June 20 that it had won a JTC Corp

contract for infrastructure works in Bu-

lim at Jurong West. The contract, worth

$8.7 million, marks OKP’s second JTC

contract in June, and brings the group’s

net construction order book of secured

contracts extending to 2019 to $326.6

million.

Over an estimated period of eight

months, Eng Lam will construct a tem-

porary road and its ancillaries, includ-

ing lamp posts and drains, at the Jurong

West site. The contract also involves

earthworks and other ancillary and in-

cidental works.

OKP’s other JTC projects in the pipe-

line include infrastructure works at

Punggol worth $19.3 million and con-

struction and soil improvement works

at Tuas South Avenue 7/14 worth $20.4

million. The group has secured other on-

going projects from the Land Transport

Authority for road resurfacing works at

expressways and has inked contracts

with PUB for drainage improvement

and reconstruction works in areas such

as Lorong 22 to 44, Geylang and West

Coast Road.

Crown Group sells $317 mil worth of apartments at Waterfall by Crown GroupAustralian developer Crown Group says

it has sold more than A$300 million

($315.6 million) worth of apartments

at the launch of its mixed-use develop-

ment Waterfall by Crown Group. The

property was launched for sale simul-

taneously in Sydney, Singapore, Hong

Kong and Jakarta. According to Crown

Group, the bulk of the apartments were

sold to buyers in Sydney.

Crown Group says response from

owner- occupiers and investors to the

initial A$200 million worth of apartments

was overwhelming and it has therefore

released a further A$100 million worth

of apartments for sale. These are units

that were planned to be released for sale

at a later date.

Scheduled for completion in 2020,

the 331-unit Waterfall by Crown Group

comprises three seven-storey build-

ings, a 20-storey tower and what will

be Australia’s tallest man-made wa-

terfall. Units, which include studios,

one-, two- and three-bedroom apart-

ments, courtyard apartments and dou-

ble-storey penthouses, were sold at

prices starting from A$650,000. The

development will also house six re-

tail outlets.

Ho Bee Land buys Grade A commercial property inLondon for $228 milStream Field Investments, a wholly-

owned subsidiary of Ho Bee Land,

has acquired Emmatown Properties

from Dublin-based developer Green

Property Holdings for £129.3 million

($228 million). Following the acquisi-

tion, Ho Bee Land now owns Emma-

town Properties’ Grade A commercial

building located at 67 Lombard Street

(bottom, right) in London.

67 Lombard Street is a 94,000 sq ft

mixed-use building that houses 93,640

sq ft of commercial space, a restaurant

and accommodation. The nine-storey

property, redeveloped by Green Prop-

erty Holdings in 2014, is about 100m

from the Bank of England and the Roy-

al Exchange.

The property is 100% leased to six

tenants, with Arthur J Gallagher as the

anchor tenant occupying more than 50%

of the office space. Besides total annual

rental income of about £5.3 million, it

has a weighted average unexpired lease

term of 10.2 years. The sale of the prop-

erty was brokered by CBRE and Cush-

man & Wakefield.

Country Garden Pacificview says Forest City’s Stage 2 development on trackCountry Garden Pacificview announced

on June 20 that the US$280 million

($389.3 million) Stage 2 development

of Forest City in Iskandar Malaysia, Jo-

hor, is on track. Stage 2, which is set to

add eight sq km to Forest City, will see

the completion of tourism, healthcare

and education facilities. These include

three 18-hole golf courses, a five-star

306-room hotel and a medical centre

operated by Taiwanese healthcare man-

agement provider MJ Group. The cen-

tre is expected to receive its first pa-

tients in August.

Seven kilometres from Forest City is

the site for the first of three golf cours-

es of Forest City’s Stage 2 development,

designed by American golfer Jack Nick-

laus and his son, Jack Nicklaus II. The

golf course is expected to be complet-

ed in 2018.

Another Stage 2 project is Shattuck-St

Mary’s Forest City, an international

school for Grade 6 to 12 students. The

school is likely to break ground in July,

start enrolment for its inaugural batch

of students in September and begin its

academic year in August 2018.

Luxurious estate home for sale at £4.5 milThe Lake House, a luxurious 5,591 sq ft

detached home in West Sussex, the UK,

has been put up for sale. The house, lo-

cated on The Forestry Road, Plaistow,

comes with five en-suite bedrooms and

sits on a 21-acre plot with a three-acre

rainbow trout lake. According to The

Grantley Group, which is marketing the

property, the asking price for the house

is £4.5 million ($7.9 million).

Besides the main house, there are an-

cillary buildings of more than 4,800 sq

ft comprising a workshop, triple-bay ga-

rage, helicopter hangar, barn and wine

cellar. There is also a self-contained

one-bedroom summer house with its

own private patio that can be used as

staff quarters or a studio.

The property’s extensively land-

scaped grounds within a parkland set-

ting offer delightful privacy. The gar-

dens are beautifully designed and from

the rear terrace, one can enjoy a view

of the trout lake with jetty, a wild flow-

er meadow, an ancient bluebell wood-

land and grounds suitable for paddocks.

There is also an excellent tennis court

perfect for practice or games with fam-

ily and friends. — Compiled by Angela

Teo and Michael Lim

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THEEDGE SINGAPORE | JUNE 26, 2017 • EP3


MARKET WATCH

| BY LIN ZHIQIN |

Developers could launch eight new pro-

jects, including one executive condo-

minium (EC), in the second half of

this year. About 2,200 private non-

landed homes and 531 EC units will

be available for sale.

Hundred Palms Residences EC by Hoi Hup

Realty, Le Quest by Qingjian Realty and Martin

Modern by GuocoLand are said to be gearing

up for a July launch.

District 9Three of the potential new launches are located

in prime District 9, in the vicinity of the up-

coming Great World MRT station — one stop

from the Orchard MRT station — which will

be an interchange for the Thomson-East Coast

Line and North-South Line.

The 450-unit Martin Modern is located at the

intersection of Martin Place and River Valley

Close. In June 2016, GuocoLand set the market

abuzz when it submitted the top bid of $595.1

million for the 171,535 sq ft site. The govern-

ment land sale (GLS) site attracted a total of

13 bids, with GuocoLand’s bid edging out the

second-highest by just 1.2%. There has been

no new launch in the Martin Road-Martin Place

area since Starlight Suites in 2010.

Also in the area, a 250-unit project on St

Thomas Walk could be launched by Bukit

Sembawang later this year. Bukit Sembawang

bought the 63,260 sq ft site through the $202

million collective sale of the former Airview

Towers in 2007.

The 124-unit New Futura by City Develop-

ments is also located in the vicinity. The tower

on Leonie Hill Road is a redevelopment of the

former Futura project. City Developments paid

$287 million for the 87,034 sq ft site in 2006.

City-fringe and suburbsDeveloper TEE Land has a 24-unit project called

24 One Residences, which sits on a 12,930

sq ft freehold site at 241 Pasir Panjang Road.

TEE Land acquired the site when it bought

Ley Choon Development, a subsidiary of con-

struction firm Ley Choon Group Holdings, for

$11.5 million last year. Ley Choon Development

paid $13 million for the site in December 2012.

At Bukit Batok West Avenue 6 is Qingjian

Realty’s 516-unit Le Quest. In May 2016, Qing-

jian submitted the top bid of $301.2 million for

the 158,194 sq ft mixed commercial and resi-

dential site. Under the conditions of tender for

the GLS site, URA stipulated a maximum gross

floor area of 64,582 sq ft for the commercial

component, which must include a supermar-

ket of at least 10,764 sq ft and a food court of

at least 5,382 sq ft. The developer must also

build a childcare centre of at least 5,382 sq ft,

which will form part of the development’s

common area.

Kandis Residence by Tuan Sing Holdings is

a 130-unit project on Jalan Kandis. Tuan Sing

bought the 75,838 sq ft GLS site near Semba-

wang Park for $51.1 million in April 2016.

Water cove, an 80-unit strata-landed project

by Bukit Sembawang, is also near Sembawang

Park. It was the only new launch this year, in

May, and 16 out of the 20 units released were

sold at a median price of $744 psf.

In September 2016, Sing Development and

Wee Hur Development submitted the top bid of

$287.1 million for a 185,095 sq ft site on Fern-

vale Road, less than 100m from the Thanggam

LRT station. The top bid was $13,399 higher

than the second-highest bid in the GLS tender,

which drew keen interest from developers. The

site is being developed into a 700-unit condo.

Hundred Palms Residences is an upcoming

531-unit EC by Hoi Hup Realty. It sits on a

198,302 sq ft site on Yio Chu Kang Road, in an

established residential estate in Hougang. Hoi

Hup submitted the top bid of $183.8 million

for the land sale site in February 2016.

Projects to look out for in 2H2017

Tuan Sing’s Kandis Residence and Bukit Sembawang’s Watercove are near Sembawang ParkArtist’s impression of the arrival court at Martin Modern, one of the three potential new launches in prime District 9 in 2H2017

URA,

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PROPERTY TAKE

Conversation with a Hong Kong property agent marketing properties in Iskandar Malaysia

I recently had breakfast with

a Hong Kong property agent

who has been marketing Ma-

laysian real estate in Hong

Kong and China for the past

10 years. He started by plying

beach resort properties at Batu

Ferringhi on Penang island in

2007, and then moved to the

capital city of Kuala Lumpur,

where projects in Kuala Lum-

pur City Centre and Mont Ki-

ara were popular. More recently,

though, he has been active in

Iskandar Malaysia in the south-

ern state of Johor, where he comes every other

month, leading groups of mainland Chinese

and Hong Kong buyers.

From what I see, he has been very success-

ful in getting these buyers to invest in Iskan-

dar Malaysia’s property market. Given his un-

derstanding of the buying behaviour of Hong

Kong and Chinese investors, I took the oppor-

tunity to pick his brains.

Why do Hongkongers and the Chinese in-

vest in Iskandar Malaysia?

Shenzhen’s runaway economic success and

surging property prices as a hinterland to Hong

Kong are an easy comparison to the Iskan-

dar-Singapore story. For Hongkongers and Chi-

nese, it is easy to relate Iskandar Malaysia to

Shenzhen 20 years ago. And he makes compari-

sons in terms of cost of living and cost of doing

business in both countries to prove the point.

What are the key differences between Shen-

zhen and Iskandar Malaysia today?

Today, there are five immigration check-

points between Hong Kong and Shenzhen

that you can drive through, and the traffic is

not as wearisome as the one at the Iskandar

Malaysia-Singapore border at the Causeway

and Second Link. He believes there should

be a third-link bridge between Singapore

and Iskandar Malaysia. In his

opinion, the cross-border ve-

hicular traffic today more than

justifies it.

He highlighted the impor-

tance of the Hong Kong-Shen-

zhen MRT link for those crossing

the border for work or business.

A HSR [high speed rail] between

Guangzhou and Hong Kong will

further integrate China’s econ-

omy with Hong Kong’s.

Once the Kuala Lumpur-Sin-

gapore HSR and MRT system

linking Singapore to Johor are

completed, the upside potential from closer in-

tegration is inevitable.

He also highlighted the shortage of quality

hotels in Iskandar Malaysia. Currently, only a

handful of hotels in Johor Bahru meet inter-

national standards, whereas Shenzhen has a

wide variety of five-star and business hotels

as well as serviced apartments.

Are Hongkongers and the Chinese concerned

about a property oversupply in Iskandar

Malaysia?

Buyers from mainland China or Hong Kong who

have the ability to invest in overseas proper-

ty do so with cash they can afford to lose. In-

vesting in Malaysia is attractive owing to the

low absolute prices and freehold status, which

gives them comfort in terms of capital appre-

ciation over the long term.

These buyers often either pay for the prop-

erty entirely in cash, or with just 50% financ-

ing. Hence, their holding power is much bet-

ter, and they are more willing to accept lower

rental yields. As they are not locals, these buy-

ers are not able to ascertain whether there is

an oversupply in the market. Hence, they are

advised to take a longer-term investment ho-

rizon, and to reassess their investments once

the connectivity to Singapore improves and

there is economic spillover.

| BY RYAN KHOO |

Why do they prefer to buy projects by Chi-

nese developers?

Many of the buyers made money by investing

with these same Chinese developers during

China’s property boom in the 1990s and ear-

ly 2000s. Rapid property price escalations in

China and Hong Kong have also made it easy

to convince middle-income earners to invest

overseas, especially if they were to purchase

from a trusted developer whose name they are

familiar with back home.

Country Garden’s projects in Iskandar Ma-

laysia, such as Danga Bay and Forest City, may

seem high-density to Singaporeans and Malay-

sians, but are considered “normal” to Hong-

kongers and Chinese, who are accustomed to

much higher densities in their local property

market. The relatively clean air, sea and prom-

ise of water views, integrated projects with

shopping malls and international schools, rel-

atively low property prices and a well-regard-

ed Chinese developer appear to be a safer bet

to these Chinese and Hong Kong buyers com-

pared with Malaysian and Singaporean devel-

opers with whom they are unfamiliar.

Chinese developers in Iskandar Malaysia also

regularly use large numbers of Chinese sales

staff. This helps to bridge the cultural gap and

assist the buyers in understanding the Malay-

sian property market, its rules and regulations

as well as other areas of interest, for instance,

children’s education or applying for the Ma-

laysia My Second Home programme (MM2H).

How attractive is Iskandar Malaysia relative

to Australia or the UK?

A significant number of these buyers have also

invested in Australia or the UK. Malaysia has

emerged as an attractive investment destina-

tion since regulations in the country are still

relatively foreigner-friendly.

Will these buyers live in Malaysia in the

future?

Most buyers are primarily investors looking for

a store of value and potential capital apprecia-

tion. It is still too early to make any clear de-

cision on living in Malaysia, especially when

Iskandar Malaysia is still largely in develop-

ment. But he has seen increasing numbers of

Hongkongers and mainland Chinese in Johor

Bahru who are primarily here to take advantage

of affordable quality education for their chil-

dren through private or international schools,

better work-life balance for their family, and

business opportunities as Chinese companies

expand into Southeast Asia.

For now, these buyers prefer to lease out

their properties for the short term in order

to achieve higher gross rental yields. It also

gives them the flexibility to use the proper-

ty as a vacation home when they are on hol-

iday in Malaysia.

Iskandar Malaysia is certainly on its way

to achieving its goal of becoming an interna-

tional city. The increase in foreign population

has been noticeable — it’s not just Singapore-

ans, but Chinese, Hongkongers, Japanese and

Koreans who are making their presence felt in

Iskandar Malaysia.

Ryan Khoo is co-founder of Singapore-based

Alpha Marketing, a real estate investment con-

sultancy that focuses on the Malaysian mar-

ket, especially Iskandar Malaysia. The views

expressed here are his own.

For Hongkongers and the Chinese, it is easy to relate Iskandar Malaysia to Shenzhen 20 years ago

Country Garden’s projects in Iskandar Malaysia, such as Danga Bay and Forest City, may seem high-density to Singaporeans and Malaysians, but are considered ‘normal’ to Hongkongers and the Chinese, who are accustomed to much higher densities in their local property market

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COVER STORY

| BY CECILIA CHOW |

Singaporean property investor Victor

Ng is one of the owners at the 330-unit

Eunosville who will stand to get a wind-

fall of around $2.3 million each upon

the completion of its en bloc purchase

by MCL Land. The developer paid $765.78 mil-

lion for the privatised HUDC estate early this

month, a 17.3% to 19.1% premium to the orig-

inal asking price of $643 million to $653 mil-

lion ($780 to $790 psf per plot ratio, or ppr)

when the site was put up for tender in April

by marketing agent OrangeTee.

This was Eunosville’s second collective sale

attempt and “the timing was perfect”, says Ng.

The tender for the project closed just a week

after that of Rio Casa’s on May 23 that saw

strong bids. Rio Casa, another privatised HUDC

estate with 286 units and located on Hougang

Avenue 7, was sold for $575 million to a con-

sortium comprising Oxley Holdings, KSH Hold-

ings, Lian Beng Group and the private invest-

ment arm of Super Group’s Teo family. This

was also higher than the initial asking price

of $450.8 million for Rio Casa.

The sale price for Rio Casa, inclusive of

the differential premium of $208 million for

the lease top-up and intensification of land

use, translated into $706 psf ppr. The owners

at Rio Casa are also expected to walk away

with about $2 million each upon the success-

ful conclusion of the sale. It was Rio Casa’s

first attempt at a collective sale, after it was

privatised in 2014. The marketing agent was

Knight Frank.

In Ng’s view, a successful en bloc sale needs

“a bit of luck”, as the collective sale process can

take one to two years. “The demand-and-sup-

ply situation could change drastically during

that period of time, and we could be in a to-

tally different phase of the property cycle,” he

says. Hence, he advises investors not to try

to time en bloc sales. “You may find yourself

stuck with an old and depreciating asset for a

long time,” he warns.

This was what happened in Eunosville’s

first collective sale attempt back in June 2013.

“The timing wasn’t right then,” says Ng. De-

velopers had turned cautious after the govern-

ment hiked the additional buyer’s stamp duty

to 15% and required developers to develop and

sell all the units on a residential development

site within five years of purchase in order to

be eligible for the ABSD clawback on the land

cost. The total debt servicing ratio (TDSR) loan

framework came into effect on June 29, 2013

and further cooled property demand.

Ng had purchased his unit at Eunosville in

2012, a year after the HUDC estate was priva-

tised. “I thought it had great potential for cap-

ital appreciation or collective sale, given its lo-

cation and the Paya Lebar growth story,” he

relates. “I also liked the estate as it was well

maintained and newly privatised. The icing

on the cake was that the seller rented the unit

back from me to house his aged parents, so I

enjoyed instant rental returns.”

Property agents who know Ng owns a unit

at Eunosville are already asking him to buy a

new property now. “I will use the money to re-

invest selectively in undervalued properties,”

he says. “As with any sound property invest-

ment, I’m prepared to hold it for the medium

to long term.”

‘Small window of opportunity’Is this the start of another collective sale

fever? “It’s more likely a small window of op-

portunity,” says Lee Liat Yeang, senior part-

ner at law firm Dentons Rodyk and Davidson.

Developers are still price-sensitive and will

retreat if they feel that asking prices for col-

lective sales are going up, he cautions. This

is because they are still concerned about the

requirement to sell all the units in a project

within the five-year time frame to be eligible

for the ABSD clawback. “This will continue

to dampen their willingness to pay high prices

for sites,” he points out.

The collective sales of Eunosville and Rio

Casa bring the total number of successful sales

of privatised HUDC estates to four in a time

span of about 12 months. It started in May last

year, when 82% of the owners at the 358-unit

Shunfu Ville agreed to sell the privatised HUDC

estate to Qingjian Realty after lowering the re-

serve price from $688 million to $638 million.

However, Shunfu Ville’s sale completion

was held up by a handful of owners who had

objected to the collective sale. It was only at

the end of April this year that the Court of Ap-

peal dismissed the appeal filed by the objec-

tors, which cleared the way for the comple-

tion of the sale in July, more than a year later.

Qingjian’s purchase price of $638 million trans-

lates into $747 psf ppr, with the owners expect-

ing to pocket an average of $1.8 million each.

JLL was the marketing agent for Shunfu Ville.

Last October, Raintree Gardens was sold

collectively for $334.1 million, or $797 psf

ppr. The buyer was a joint-venture compa-

ny formed by UOL Group and United Indus-

trial Corp. The 175-unit privatised HUDC es-

tate at Potong Pasir was successful in its first

collective sale attempt when it was launched

for tender last September at a guide price of

$315 million.

Jumping on the bandwagonThe latest to hit the collective sale market is

Serangoon Ville, a former HUDC estate on Seran-

goon North Avenue 1 that was privatised in

2014. The 244-unit project sits on a land area

of 296,913 sq ft with a plot ratio of 2.8. More

than 80% of the owners in the development

have signed the collective sale agreement, says

Stanley Koo, ERA Realty Network’s division di-

rector, who is marketing the project.

The owners of Serangoon Ville are expect-

ing $400 million to $430 million for the site,

with another $200 million to $220 million to

be spent for land intensification and top-up

to a fresh 99-year lease. Serangoon Ville has

69 years left on its lease. The total land cost,

inclusive of the differential premium, works

out to $720 to $750 psf ppr. The collective sale

tender closes on July 25. Each unit owner is

expected to receive $1.6 million to $1.7 mil-

lion from the sale.

At Tampines Court, 458 out of the 560 own-

ers in the development had signed the collec-

tive sale agreement as at June 15, according to

a blog set up by one of the owners. This will

mark Tampines Court’s third collective sale

attempt. The first two attempts were made in

2007 and 2011 respectively.

COLLECTIVE SALE BOOM OR BLIP?The recent spate of collective sales has sparked enthusiasm among owners of ageing condos. Most property consultants see a window of opportunity in this frenzy, but how long will it last?

The latest privatised HUDC estate to hit the collective sale market is Serangoon Ville on

Serangoon North Avenue 1. The 244-unit project, which was privatised in 2014, has an indicative

price of $720 to $750 psf per plot ratio.

Florence Regency, a privatised HUDC estate with 336 units located on Hougang Avenue 2, has already formed its collective sale committee and appointed JLL as the marketing agent

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Meanwhile, Florence Regency,

a privatised HUDC estate with 336

units located on Hougang Avenue 2,

has already formed its collective sale

committee and appointed JLL as the

marketing agent. The process of col-

lecting signatures for the collective

sale agreement is currently underway.

“We’re seeing more privatised

HUDC estates entering the market,

as the psf price of such sites are still

lower than that of freehold sites, and

this proves to be attractive to devel-

opers,” says Lee of Dentons Rodyk

and Davidson. “I think owners of

such developments are also more re-

alistic, owing to the shorter leases.”

Lee was involved in three of the

four collective sales over the past 12

months, representing the buyers of

Shunfu Ville and Raintree Gardens

as well as the owners of Rio Casa.

He also acted for the buyer of Goh &

Goh Building, namely BBR Holdings,

which acquired the mixed-use prop-

erty en bloc for $101.5 million in May.

The owners of the freehold Changi

Garden condominium on Jalan Mar-

iam; the freehold Cairnhill Mansions

in prime District 9, which will be

making its fourth collective sale at-

tempt; and Cavenagh Gardens, a free-

hold condo on Cavenagh Road, also

in District 9; have appointed Lee to

represent them.

Biggest competition — GLS sitesThe current wave of collective sales

may be short-lived, says Alex Oh,

OrangeTee’s director of investments

and advisory department. Collective

sales have a longer gestation peri-

od compared with sites purchased

through the Government Land Sales

programme. Those who want sites

with a fast turnaround time will there-

fore opt for GLS sites. “The biggest

competition for leasehold collective

sale sites is, therefore, the GLS sites,”

he adds. “Once the GLS programme

for 2H2017 is released, we will have

a better gauge of what the competi-

tion will be.”

The current appetite for collec-

tive sale sites among developers

shows that they have become more

optimistic in the face of depleting

unsold inventory and strong new

home sales, says Suzie Mok, Sav-

ills Singapore’s senior director of

investment sales. This could also

explain the aggressive bids for GLS

sites in 1H2017.

In the first six GLS land tenders in

1H2017, there were nine to 13 bids

received at the close of each tender,

with the highest being that for the

land parcel on Toh Tuck Road, which

drew 24 bids in February. The winner

was Malaysian developer S P Setia,

which paid $265 million ($939 psf ppr)

for the site, which has a gross floor

area of 1.87ha and plot ratio of 1.4.

S P Setia plans to develop a 327-

unit, five-storey condo with 327 apart-

ments on the site, and is expected

to launch the project next year. The

99-year leasehold site on Toh Tuck

Road had attracted strong interest,

owing to its proximity to the Beau-

ty World MRT station, Bukit Timah

Nature Reserve and Bukit Batok

Nature Park.

For the recent tender of a 99-year

leasehold site for a mixed-use devel-

opment (residential and commercial)

at Bidadari Estate, a consortium com-

prising Singapore Press Holdings and

Kajima Development placed the high-

est bid of $1.13 billion ($1,181 psf ppr).

The site will be developed into a project

with more than 600 residential units

and 310,000 sq ft commercial space, as

well as a community club and neigh-

bourhood police station. The site on

Upper Serangoon Road saw 11 other

bidders, which included Singapore de-

velopers such as Far East Organization,

CapitaLand, City Developments, Chip

Eng Seng Corp, GuocoLand and Sim

Lian Group, as well as Chinese play-

ers Kingsford Development and Nan-

shan Group Singapore.

Most property consultants such

as Ian Loh, Knight Frank’s executive

director and head of investment and

capital markets, are expecting the

government to increase the supply

of residential development sites in

the 2H2017 GLS programme. “Ulti-

mately, the government will be con-

cerned if the property market starts

to heat up again,” he says. “Compe-

tition for GLS sites has been keen in

recent quarters, with winning bids

usually exceeding analysts’ expec-

tations. Collective sale sites, on the

other hand, are not as hotly contest-

ed compared with GLS sites.”

Pent-up demandThe last collective sale boom was a

decade ago, from 2005 to 2007, and

was fuelled by a huge undersupply

in both the public and private hous-

ing sectors, says Tan Hong Boon,

JLL regional director of investments.

“This time around, the collective sale

wave is partly due to demand being

suppressed by the property cooling

measures and the TDSR, which had

also crimped affordability.”

With prices having fallen in 14

consecutive quarters, many poten-

tial homebuyers were sitting on the

sidelines. New home sales had hov-

ered around 7,500 annually in 2014

to 2015, before crossing 8,000 last

year. In the first five months of 2017,

developers sold 5,544 new homes.

Hence, JLL is projecting 2017 to

end with a high of 11,000 to 12,500

units, even with fewer launches in

2H2017 compared with 1H2017. “If

you look at the last peak in 2012,

more than 22,000 new homes were

sold,” notes JLL’s Tan. “The 7,500 to

8,000 units sold over the last three

years is a sign of pent-up demand.”

During the last collective sale

boom, it was the sites in the prime

districts that took off first, before

the trend filtered down to the mid-

tier and mass markets, recounts Tan.

This time around, it is the mass mar-

ket that is moving first, starting with

the collective sales of the privatised

HUDC estates, he adds.

For instance, Eunosville’s en bloc

price translates into $909 psf ppr, mak-

ing it the highest psf ppr price paid for

the collective sale of a privatised HUDC

estate so far. It includes the differential

premium of $194 million payable to the

state for intensifying the land use to the

maximum gross plot ratio of 2.8 and for

topping up the lease to 99 years. The

site has 71 years left on its lease.

The eventual selling price of the

new 1,399-unit development on the

site of Eunosville is estimated to be

$1,500 to $1,600 psf, based on the

land cost. OrangeTee’s Oh points to

Lendlease’s Park Place Residences,

located one MRT stop from Eunos-

ville. The 99-year leasehold 429-

unit condo is part of the Paya Lebar

Quarter mixed-use development and

achieved an average selling price of

$1,800 psf when the first phase was

launched in March. “The $909 psf ppr

for Eunosville is just a reflection of

the current market conditions at the

Paya Lebar regional centre,” says Oh.

Prime-district prices yet to revisit previous peakEarly this month, 1 Draycott Park

was sold for $72 million through a

private-treaty deal. The buyer of the

site was SDB Asia, the property arm

of Malaysia-listed Selangor Dredging

Bhd. The freehold site containing a

seven-storey block with eight apart-

ments has a land area of 17,442 sq

ft. The site is zoned for residential

use and has a plot ratio of 2.8. It can

be redeveloped into a new 36-storey

condo block.

Savills’ Mok, who brokered the

sale, reckons the new development

will feature relatively compact one-

and two-bedroom units that will be

affordable to buyers in the current

market. The $72 million price tag trans-

lates into $1,787 psf ppr, including a

development charge of $15.3 million.

Across the road, Hong Kong’s Swire

Properties acquired all 12 units at

the former Hampton Court (2 Dray-

cott Park) in an en bloc purchase

for $155 million ($2,526 psf ppr) in

December 2012.

While transaction volume in the

high-end segment of the residential

market has picked up, prices are

not yet at their previous peak, notes

OrangeTee’s Oh. This is evident from

the sale price of 1 Draycott Park.

“Developers are looking for sites,

but they are still very price-sensi-

tive,” says Oh. “This is unlike dur-

ing the past collective sale boom a

decade ago, when each new collec-

tive sale was done at a higher per

sq ft price.”

At Tampines Court, 458 out of the 560 owners in the development had signed the collective sale agreement as at June 15. This is Tampines Court’s third collective sale attempt.

Eunosville was sold to MCL Land for $765.78 million, at a premium of 17.3% to 19.1% above the original asking price of $643 million to $653 million

Rio Casa was sold to a consortium comprising Oxley Holdings, KSH Holdings and Lian Beng Group for $575 million, which is at a premium to its original asking price of $450.8 million

Early this month, 1 Draycott Park was sold for $72 million to SDB Asia, the property arm of Malaysia-listed Selangor Dredging Bhd. Savills was the marketing agent.

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Besides Serangoon Ville and Tampines Court, other privatised HUDC estates that are exploring a collective sale include Ivory Heights in Jurong East, Pine Grove in the Mount Sinai area, Laguna Park in Marine Parade and Chancery Court on Dunearn Road.

It will be Ivory Heights’ first attempt at a collective sale. For Laguna Park, it will be the third collective sale attempt. Other former government housing projects similar to HUDC estates that have also activated the collective sale process include the 488-unit Normanton Park near Kent Ridge and the 480-unit Lagoon View at Marine Parade. It will be Lagoon View’s first collective sale attempt. It was built in 1977 to house Singapore Armed Forces (SAF) personnel and their families, and was later privatised.

Normanton Park also used to house SAF personnel and their families, and was later privatised. It was first put up for collective sale tender in late October 2015. At that time, the reserve price was $840 million.

Besides the privatised HUDC estates, other 99-

year leasehold condominiums that are attempting a collective sale are said to be Chuan Park, Thomson View and Pearl Bank Apartments. For the owners of Pearl Bank Apartments, it will be their fifth collective sale attempt. They have appointed Colliers International as their marketing agent.

There are at least 30 projects at various stages of the collective sale process — either trying to form a collective sale committee, or having formed one, are in the process of appointing a property consultant or lawyer to act on their behalf. And the figures could increase by next month, says Tan Hong Boon, JLL regional director of investments.

“With the school holidays in June, many condos are holding an extraordinary general meeting in July to try and form a collective sale committee,” notes Tan. “This could add another 10 or more collective sales to the list by next month. It’s a very dynamic list that’s changing almost every day.”

Not all collective sale attempts will take off. “Some may not achieve the 80% agreement,” says Tan. “Others may hit 80%, but at a reserve price that is prohibitive to developers. So, there are many factors that come into play.”

JLL has been active in collective sales. Apart

from handling the successful collective sale of Shunfu Ville, Raintree Gardens and Goh & Goh Building, the property consultant has also been appointed to represent the owners of Florence Regency, Amber Park and Brookvale Park in their collective sale process. JLL is also the appointed marketing agent for Boon Teck Tower in Balestier and The Albracca on Meyer Road.

While Florence Regency is a privatised HUDC estate, Amber Park and Brookvale Park Condominium are private condos. Brookvale Park is a 160-unit development located on a 373,000 sq ft, 999-year leasehold site with a plot ratio of 1.6. The low-rise condo is on Brookvale Drive, off Sunset Way near Clementi and this is its first collective sale attempt.

For Amber Park, however, it will be its fourth collective sale attempt. The third attempt was in 2015, with a reserve price of $743.9 million, which translated into a land cost of $1,225 psf ppr, based on the freehold land area of 213,676 sq ft and a plot ratio of 2.8.

CBRE is the marketing agent for the collective sale of Cairnhill Mansions and Villa D’Este. Cairnhill Mansions, a 54-year-old freehold building, had been put up for collective sale at least three times. Meanwhile, Villa D’Este, a 12-unit apartment block on Dalvey Road, will also be put up for collective sale again. Savills Singapore has been appointed the marketing agent for Hollandia on Holland Road.

Knight Frank has been appointed for the collective sale of Kemaman Point, located off Balestier Road, and Dunearn Court. Both are boutique freehold developments (see table).

“Collective sale is part of the rejuvenation of the city,” says Galven Tan, CBRE’s director of investment properties. “It’s inevitable and just a matter of time.” In some cases, a number of times as well.

The list of collective-sale hopefuls continues to lengthen. “It feels like the whole of Singapore is up for collective sale,” remarks Alex Oh, director of investment and advisory department at OrangeTee.

Collective-sale hopefuls

Collective-sale hopefulsVA

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Ivory Heights, a 654-unit privatised HUDC estate in Jurong East, is said to be exploring a collective sale

The owners at Amber Park have appointed JLL to handle the marketing of their collective sale

The owners at Pearl Bank Apartment haveappointed Colliers International as the market-ing agent in their fifth collective sale attempt

The owners at Thomson View are believed to be exploring another collective sale attempt

NAME OF CONDO LOCATION PROPERTY TYPE NO OF UNITS LAND SIZE (SQ FT) PLOT RATIO TENURE COMPLETION DATE

Amber Park Amber Gardens Private condo 200 213,676 2.8 Freehold 1986Brookvale Park Brookvale Drive, off Sunset Way Private condo 160 373,000 1.6 999 years 1983Boon Teck Tower Boon Teck Road, off Balestier Road Private condo 78 57,588 2.8 Freehold 1984Cairnhill Mansions Cairnhill Road Private apartment 61 43,103 2.8 Freehold 1963Cavenagh Gardens Cavenagh Road Private aparrtment 172 128,256 2.1 Freehold 1975Chancery Court Dunearn Road Privatised HUDC 144 259,137 1.4 99 years 1981Chuan Park Lorong Chuan Private condo 452 402,995 2.1 99 years 1984Changi Gardens Jalan Mariam Private condo 60 200,080 NA Freehold 1980City Towers Bukit Timah Road Private apartment 78 104,535 2.1 Freehold 1973Crystal Tower Ewe Boon Road Private apartment 28 60,482 1.6 Freehold 1974Dunearn Court Dunearn Road Private apartment 12 19,203 1.4 Freehold 1993Florence Regency Hougang Avenue 2 Privatised HUDC 336 389,239 2.8 99 years 1988Gilstead Court Gilstead Road Private condo 48 75,479 1.4 Freehold 1978Hollandia Holland Road Private apartment 48 53,507 1.8 Freehold 1985Ivory Heights Jurong East Privatised HUDC 654 825,500 1.6 99 years 1986Kemaman Point Jalan Kemaman, off Balestier Road Private apartment 89 43,826 2.8 Freehold 1993Lagoon View Marine Parade Road Former government housing 480 535,326 2.8 99 years 1970Laguna Park Marine Parade Road Privatised HUDC 528 677,493 2.8 99 years 1978Normanton Park Normanton Park Former government housing 488 667,368 2.1 99 years 1977Pearl Bank Apartments Pearl Bank, Outram Private condo 288 82,377 7.4 99 years 1976Pine Tree Condo Balmoral Park Private condo 50 41,361 1.6 Freehold 1996Tampines Court Tampines Street 11 Privatised HUDC 560 702,155 2.8 99 years 1984Thomson View Bright Hill Drive Privatised HUDC 254 540,314 2.1 99 years 1987Villa D’Este Dalvey Road Private condo 12 55,480 NA* Freehold 1983


OFFSHORE

Trump’s net worth slips to US$2.9 bilas his three towers underperform| BY CALEB MELBY |

Donald Trump’s office properties are

not bringing in as much cash as banks

that loaned him money had expected.

That is the biggest finding in an up-

dated assessment of the US president’s

net worth, which has slipped to US$2.9 billion

($4.03 billion), according to the Bloom berg

Billionaires Index, down from US$3 billion a

year ago. The calculation, five months after

Trump’s inauguration, relies on figures com-

piled from lenders, mortgage documents, an-

nual reports, market data and a new financial

disclosure released on June 16.

The decrease is driven mostly by a drop in

the value of three office properties in Manhat-

tan, where financial data compiled by Trump’s

lenders offer a consistent picture: They are

underperforming appraisals conducted when

Trump was issued loans. The buildings — 40

Wall Street, Trump Tower and 1290 Avenue of

the Americas, a tower in which Trump holds a

30% stake — are victims of a changing New

York office market, where gleaming new sky-

scrapers are attracting tenants and demand for

space in vintage properties is falling.

The Bloomberg calculation, which previously

relied in part on banks’ estimates and apprais-

als, is now based solely on the three properties’

actual financial results disclosed by managers of

mortgage-security trusts that hold Trump debt.

The present value of the properties has been

revised down by a combined US$380 million.

Allen Weisselberg, chief financial officer of the

Trump Organization, and Jeffrey McConney,

the company’s controller, did not respond to

emails detailing Bloomberg’s methodology. An

outside spokeswoman did not return calls for

comment. Hope Hicks, a White House spokes-

woman, did not respond to emails.

Liquid assetsThe decrease in the value of the three towers

was almost offset by successes in other corners

of Trump’s empire. His portfolio of liquid assets,

including cash, has jumped to US$230 million

from US$170 million following condominium

sales and other payouts from the Trump Inter-

national Hotel Las Vegas, as well as the sale

of a Manhattan penthouse apartment. He

sold most of his stock portfolio last summer,

a spokesman said in December.

Trump’s companies received new licensing

fees for branded projects in Vancouver, Canada

and Kolkata, India, the financial disclosure

shows. On an annualised basis, revenue at his

16 golf and resort properties rose 3%. Mar-a-

Lago, which Trump has visited frequently since

the US election, saw a 25% jump in sales.

The properties now have a combined value of

US$720 million, up from US$710 million, ac-

cording to the index, an increase damped by

declining multiples for golf course properties.

At the same time, Trump’s debt load has

shrunk to at least US$550 million from about

US$630 million last year, according to lender

data and repayment schedules.

Three towersThe Wall Street building, appraised at US$540

million in 2015, had projected annual net ope-

rating income of US$22.6 million, according

to documents shared at the time with poten-

tial investors in the property’s debt. It earned

US$17.4 million in 2016, a year in which it

was on a lender watchlist for three months

because rental income barely covered debt

payments. The property was removed from

the list as its situation improved. The index

values the property at US$400 million, based

on last year’s performance.

Trump Tower, the president’s home and

headquarters before he moved to the White

House, is facing a similar problem. Its offices

and stores were appraised at US$480 million

in 2012, with net income estimated at US$20.4

million. The property generated $14.1 million

of net income last year after higher expenses

ate into revenue, lender documents show. The

building, including Trump’s penthouse apart-

ment, is now valued at US$450 million.

The office tower at 1290 Avenue of the

Americas, which Trump owns in partnership

with Vornado Realty Trust, has also failed to

meet lender expectations. The building was ap-

praised at US$2 billion in 2012, on the assump-

tion it would throw off US$97.7 million of

annual net income. But it generated US$77.7

million last year.

“We’re in the biggest development pipe-

line in Manhattan since the 1980s,” says Keith

DeCoster, director of real estate analytics at

Savills Studley. “Older buildings — circa 1980s,

1990s — are having a tougher time competing.”

Trump has retained his ownership interest

in his companies. Unlike previous occupants of

the Oval Office, he neither divested his assets

nor set up a blind trust. Instead, he transferred

his holdings to a revocable trust managed by

his adult sons, Donald Jr and Eric, and Weissel-

berg, the Trump Organization’s CFO.

Trump’s own estimates of his net worth are

frequently higher than independent appraisals.

When he announced his candidacy in 2015, his

campaign released a document stating he had

a net worth of US$8.7 billion. Later that year,

when Bloomberg first assessed his net worth

at US$3 billion, he described it as “a stupid

report”. He later repeatedly asserted he was

worth more than US$10 billion.

One difference between Trump’s estimates

and Bloomberg’s is the value of his personal

brand. The 2015 document released by Trump’s

campaign said his ability to license his name

and likeness to everything from international

hotels to mattresses is worth US$3.3 billion.

Bloomberg assigns it a value of US$35 mil-

lion, or one-times sales from ongoing licens-

ing deals. That value has not changed since

Trump won the Republican nomination last

July. — Bloomberg LP

Wang Shi, who built China

Vanke Co into the country’s

biggest developer after found-

ing it 33 years ago, stepped down as

chairman after an ownership tussle

that ended with a state entity be-

coming its biggest investor.

The exit of the 66-year-old Wang

comes after metro line builder Shen-

zhen Metro Group Co emerged as a

white knight last year and did a deal

this month to boost its shareholding.

Statements from Vanke and its found-

er did not make it clear whether he

was severing all ties.

“One key question is whether

Wang Shi’s departure is clear-cut, or

whether he will still play some role as

a consultant or adviser,” says Kristy

Hung of Bloomberg Intelligence.

The twist comes just as the nation’s

biggest developer by market value

is seemingly set for a new phase of

stability after a tussle that Vanke says

threatened projects, contracts and the

firm’s credit profile. In 2016, Vanke

ceded its top position for contracted

sales to rival China Evergrande Group,

and it now sits behind Country Garden

Holdings Co.

Unlike his counterparts at big

Chinese rivals, Wang does not have

a controlling stake in the company.

That left the field wide open for the

raid in 2015 by Baoneng Group.

Younger teamOn WeChat, Wang, a high-profile

businessman with a big public follow-

ing says he is handing “the baton”

to the younger team of president Yu

Liang, 52. Wang’s name was missing

from a list of board nominees that

included Yu.

“Wang has largely kept his hands

off the firm’s day-to-day manage-

ment since Yu Liang took the role

of president, so it’s natural for him

to abdicate in favour of executives

actively involved,” says Danielle

Wang, a China property analyst at

DBS Vickers Hong Kong.

“But he will definitely remain as

Vanke’s spiritual leader, like a con-

sultant or think tank. I’m sure Yu

Liang can still turn to him when he

needs advice,” Wang adds.

Vanke’s share price in Hong Kong

has fallen 8% since Yu said in Decem-

ber 2015 that the company faced a

hostile takeover from Baoneng, a

slump that compares with gains of

139% and 184% for China Evergrande

and Country Garden, respectively. On

June 21, Vanke’s stock gained 1% in

Hong Kong as at 3.26pm, local time.

Wang, a veteran of the People’s

Liberation Army, founded Vanke in

Shenzhen as a trading firm before

it became a real estate juggernaut.

Vanke listed in Shenzhen in 1991 and

Hong Kong in 2014. From December

2015, the company was embroiled in

China’s most high-profile corporate

battle, involving a tangled web of

state-owned shareholders, competi-

tors and a hostile predator.

In past years, Wang was a role

model for entrepreneurs who flocked

to his motivational speeches and

devoured his books. His micro

blog has almost 24 million follow-

ers and he has been known for his

personal feats and style, climbing

the highest peaks on seven conti-

nents, and featuring on the cover

of GQ China.

Shenzhen Metro will have a 29.4%

shareholding after agreeing this month

to buy a stake in Vanke from China

Evergrande. The Shenzhen firm says

it hopes Vanke will continue with its

existing strategy and operations under

Yu’s leadership. Vanke said on June 21

that three Shenzhen Metro execu-

tives were nominated to its board:

chairman Lin Maode, general manag-

er Xiao Min and CFO Chen Xianjun.

Shareholders’ meetingBaoneng owns 25% of Vanke and

can start selling on July 6 when a

lock-up ends, according to Bloom-

berg calculations based on Chinese

securities regulations that can pre-

vent a listed firm’s biggest share-

holder from selling down within a

year of its last purchase.

Shareholders are due to vote on

the board at an annual meeting on

June 30, after directors’ terms expired

in March.

Of those nominated for the

11-strong board, six people are

from Vanke and Shenzhen Metro

and at least two are from compa-

nies backed by Shenzhen’s state-

owned assets supervisor, the enti-

ty which owns Shenzhen Metro.

— Bloomberg LP

Vanke’s Wang exits after tussle over China’s No 1 developer

The 40 Wall Street building was appraised at US$540 million in 2015. Based on last year’s performance, the Bloomberg Billionaires Index now values the property at US$400 million.

BLO

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BERG

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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 June 6 to 13

District 1

EMERALD GARDEN Condominium 999 years June 09 1,259 2,000,000 - 1,588 1999 Resale

MARINA BAY SUITES Condominium 99 years June 06 1,615 3,050,000 - 1,889 2013 Resale

THE CLIFT Apartment 99 years June 09 527 950,000 - 1,801 2011 Resale

District 2

ALTEZ Apartment 99 years June 07 861 1,500,000 - 1,742 2014 Resale

ICON Apartment 99 years June 08 936 1,600,000 - 1,709 2007 Resale

ONZE @ TANJONG PAGAR Apartment Freehold June 09 1,044 2,430,000 - 2,327 2017 New Sale

ONZE @ TANJONG PAGAR Apartment Freehold June 10 1,044 2,410,758 - 2,309 2017 New Sale

SPOTTISWOODE SUITES Apartment Freehold June 09 786 1,600,000 - 2,036 2017 New Sale

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

District 3

ALEX RESIDENCES Apartment 99 years June 10 657 1,284,800 - 1,957 Uncompleted New Sale

ASCENTIA SKY Condominium 99 years June 09 947 1,310,000 - 1,383 2013 Resale

COMMONWEALTH TOWERS Condominium 99 years June 06 441 858,000 - 1,944 Uncompleted New Sale






COMMONWEALTH TOWERS Condominium 99 years June 07 1,055 1,703,000 - 1,614 Uncompleted New Sale


COMMONWEALTH TOWERS Condominium 99 years June 07 689 1,288,000 - 1,870 Uncompleted New Sale











HIGHLINE RESIDENCES Condominium 99 years June 06 904 1,680,100 - 1,858 Uncompleted New Sale




PRINCIPAL GARDEN Condominium 99 years June 06 861 1,491,000 1,486,000 1,726 Uncompleted New Sale

QUEENS Condominium 99 years June 09 1,184 1,445,000 - 1,220 2002 Resale

QUEENS PEAK Condominium 99 years June 06 624 1,032,000 - 1,653 Uncompleted New Sale

QUEENS PEAK Condominium 99 years June 09 1,001 1,664,000 - 1,662 Uncompleted New Sale

THE CREST Condominium 99 years June 09 1,184 2,072,000 - 1,750 2017 New Sale

District 4

CARIBBEAN AT KEPPEL BAY Condominium 99 years June 07 1,216 1,700,000 - 1,398 2004 Resale

CORALS AT KEPPEL BAY Condominium 99 years June 09 1,593 3,360,000 - 2,109 2016 New Sale

COVE GROVE Detached 99 years June 08 9,731 16,600,000 - 1,707 2010 Resale

REFLECTIONS AT KEPPEL BAY Condominium 99 years June 07 1,012 1,430,000 - 1,413 2011 Resale

District 5

DOVER PARKVIEW Condominium 99 years June 08 936 1,000,000 - 1,068 1997 Resale


DONE DEALS

Units at TwentyOne Angullia Park andThe Orchard Residences sold above $3,000 psf

| BY TAN CHEE YUEN |

Transactions of units at high-

end condominiums in Singa-

pore’s prime District 9 have

continued in recent weeks,

with more units commanding

more than $3,000 psf. At Twenty-

One Angullia Park, a 3,154 sq ft,

four-bedroom unit on the 20th floor

of the 36- storey tower was sold for

$10.5 million ($3,329 psf), accord-

ing to a caveat lodged on June 7. In

January, another 3,154 sq ft unit on

the 30th floor of the high-end condo

fetched $11.99 million ($3,800 psf).

The 54-unit TwentyOne Angullia

Park is a flagship project by CS Land,

formerly known as China Sonangol,

and was completed in 2014. It was

designed by Chan Soo Khian of SCDA

Architects, the same architect behind

The Marq on Paterson Hill.

At the peak of the market in June

2013, the 7,718 sq ft penthouse at

TwentyOne Angullia Park and the

2,260 sq ft three-bedroom unit di-

rectly below it were sold to Malay-

sian businessman Low Taek Jho,

also known as Jho Low, for $42.91

million ($5,560 psf) and $11.53 mil-

lion ($5,099 psf) respectively, or a

total of $54.44 million. Low has been

linked to the scandal involving state

fund 1Malaysia Development Berhad.

Prices at TwentyOne Angullia Park

sank below $3,000 psf last year, when

a 2,777 sq ft, four-bedroom unit on

the second floor fetched $8.3 million

($2,989 psf).

In March this year, the unsold

units at TwentyOne Angullia Park

were reportedly sold to a consortium

of Singaporean investors, who pur-

chased the company that developed

the luxury condo before a new ad-

ditional conveyance stamp duty for

bulk purchases kicked in on the 11th

of that month.

At The Orchard Residences,

a 2,852 sq ft, four-bedroom unit

on the 11th floor of the 54- storey

tower was sold for $8.9 million

($3,120 psf) on June 9. The seller

purchased the unit for $8.5 mil-

lion ($2,980 psf) in June 2010. The

Orchard Residen ces sits on top of

ION Orchard mall and the Orchard

MRT station underground.

There were two other transactions

at The Orchard Residences this year.

One was for a 1,808 sq ft, three-bed-

room unit on the 13th floor that

changed hands for $3.8 million ($2,101

psf) in April. The price was the low-

est psf price achieved at the devel-

opment historically. The seller paid

$6.99 million ($2,836 psf) for the

unit in April 2007. The other trans-

action saw a 2,174 sq ft, three-bed-

room unit on the 47th floor changing

hands for $7.4 million ($3,403 psf)

in March.

The Orchard Residences was joint-

ly developed by CapitaLand and Sun

Hung Kai Properties and completed

in 2010.

Samuel Eyo, managing director

of Singapore Christie’s International

Real Estate, foresees more transac-

tions crossing the $3,000 psf thresh-

old in the high-end segment in the

coming months. “Buyers are return-

ing to the luxury condo market as

they feel prices are at an attractive

level,” he notes.

In the neighbourhood of Hol-

land Road-Farrer Road is Sommer-

ville Park, a freehold development

with 396 apartments and 57 town-

houses, where two townhouses were

sold recently. One of them was a

three-storey, 4,101 sq ft unit that de-

buted as a mortgagee sale at Colliers

International’s auction on Oct 27

last year. It changed hands for $4.8

million ($1,170 psf), according to a

caveat lodged on June 7. The other

townhouse, a 3,294 sq ft unit, was

sold for $4.05 million ($1,230 psf),

according to a caveat lodged on

June 12.

A 2,852 sq ft, four-bedroom unit on the 11th floor of The Orchard Residences was sold for $8.9 million ($3,120 psf) on June 9

A 3,154 sq ft, four-bedroom unit on the 20th floor of TwentyOne Angullia Park fetched $10.5 million ($3,329 psf), according to a caveat lodged on June 7

PICT

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DOVER PARKVIEW Condominium 99 years June 9 969 1,070,000 - 1,105 1997 Resale

MONTEREY PARK CONDOMINIUM Condominium 999 years June 12 1,625 1,860,000 - 1,144 2005 Resale

PARC RIVIERA Condominium 99 years June 6 603 785,000 - 1,302 Uncompleted New Sale

PARC RIVIERA Condominium 99 years June 6 1,012 1,176,000 - 1,162 Uncompleted New Sale




PARC RIVIERA Condominium 99 years June 8 904 1,136,800 - 1,257 Uncompleted New Sale

PARC RIVIERA Condominium 99 years June 11 904 1,104,000 - 1,221 Uncompleted New Sale

THE CLEMENT CANOPY Apartment 99 years June 9 732 1,097,000 - 1,499 Uncompleted New Sale

THE CLEMENT CANOPY Apartment 99 years June 11 732 1,093,000 - 1,493 Uncompleted New Sale

THE ORIENT Apartment Freehold June 11 581 1,070,300 - 1,841 Uncompleted New Sale

THE SPECTRUM Condominium Freehold June 8 1,281 1,280,000 - 999 2005 Resale

THE TRILINQ Condominium 99 years June 8 1,518 1,897,000 - 1,250 2017 New Sale




District 8

CITY SQUARE RESIDENCES Condominium Freehold June 8 1,518 2,050,000 - 1,351 2008 Resale

LE SOMME Apartment Freehold June 9 592 780,000 - 1,318 2014 Resale

MERA SPRINGS Condominium Freehold June 8 1,044 1,420,000 - 1,360 2008 Resale

MERA SPRINGS Condominium Freehold June 8 1,227 1,580,000 - 1,288 2008 Resale

District 9

ASPEN HEIGHTS Condominium 999 years June 8 1,324 2,000,000 - 1,511 1998 Resale

ASPEN HEIGHTS Condominium 999 years June 12 1,324 1,960,000 - 1,480 1998 Resale

CAIRNHILL ASTORIA Apartment Freehold June 6 3,035 4,000,000 - 1,318 1983 Resale

CAIRNHILL NINE Apartment 99 years June 11 1,044 2,891,000 - 2,769 2016 New Sale

EURO-ASIA COURT Apartment Freehold June 6 1,668 2,280,000 - 1,367 1994 Resale

LEONIE HILL RESIDENCES Apartment Freehold June 6 1,389 2,680,000 - 1,930 2005 Resale

MARTIN PLACE RESIDENCES Condominium Freehold June 12 1,421 2,570,000 - 1,809 2011 Resale

RIVERGATE Apartment Freehold June 8 1,055 2,530,000 - 2,398 2009 Resale

SCOTTS SQUARE Apartment Freehold June 8 635 1,905,000 - 3,000 2011 Resale

SOPHIA HILLS Condominium 99 years June 6 710 1,342,000 - 1,889 Uncompleted New Sale







ST THOMAS SUITES Condominium Freehold June 6 1,819 3,250,000 - 1,787 2010 Resale

THE LIGHT @ CAIRNHILL Condominium Freehold June 8 1,658 3,100,000 - 1,870 2004 Resale

THE ORCHARD RESIDENCES Apartment 99 years June 9 2,852 8,900,000 - 3,120 2010 Resale

TWENTYONE ANGULLIA PARK Condominium Freehold June 7 3,154 10,500,000 - 3,329 2014 Resale

URBANA Condominium Freehold June 7 2,314 3,520,000 - 1,521 2007 Resale

District 10

ARDMORE THREE Condominium Freehold June 8 1,776 7,700,000 - 4,335 2014 Resale

ARDMORE THREE Condominium Freehold June 9 1,776 7,317,055 - 4,120 2014 Resale

AVALON Condominium Freehold June 7 4,123 5,550,000 - 1,346 1999 Resale

BELMOND GREEN Condominium Freehold June 8 1,302 2,300,000 - 1,766 2004 Resale

D’LEEDON Condominium 99 years June 12 6,534 5,014,000 - 767 2014 Resale

DUCHESS CREST Condominium 99 years June 7 1,367 1,750,000 - 1,280 1998 Resale

JERVOIS REGENCY Apartment Freehold June 7 1,173 1,550,000 - 1,321 2003 Resale

LEEDON RESIDENCE Condominium Freehold June 6 3,746 6,300,000 - 1,682 2015 Resale

LEEDON RESIDENCE Condominium Freehold June 13 3,283 5,600,000 - 1,706 2015 Resale

MON JERVOIS Condominium 99 years June 12 1,518 3,250,414 - 2,142 2016 Resale

MUTIARA CREST Apartment Freehold June 8 1,324 1,770,000 - 1,337 2000 Resale

KING’S WALK Detached 999 years June 7 8,396 8,200,000 - 977 1976 Resale

LEEDON PARK Detached Freehold June 9 31,216 40,880,000 - 1,310 1992 Resale

ONE BALMORAL Condominium Freehold June 9 1,410 3,139,000 - 2,226 2016 Resale

ORANGE GROVE RESIDENCES Condominium Freehold June 6 2,002 3,333,000 - 1,665 2009 Resale

POLLEN & BLEU Condominium 99 years June 9 1,163 2,149,650 - 1,849 2016 Resale



SHAMROCK PARK Semi-Detached Freehold June 7 4,015 7,750,000 - 1,931 Unknown Resale

SOMMERVILLE PARK Terrace Freehold June 7 4,101 4,800,000 - 1,170 1990 Resale

SOMMERVILLE PARK Terrace Freehold June 12 3,294 4,050,000 - 1,230 1985 Resale

THE ASTON Apartment Freehold June 8 667 980,000 - 1,468 2002 Resale

VICTORIA PARK VILLAS Semi-Detached 99 years June 10 2,325 3,990,000 - 1,717 Uncompleted New Sale

VIZ AT HOLLAND Condominium Freehold June 6 818 1,270,000 - 1,552 2008 Resale

District 11

HILLCREST PARK Semi-Detached Freehold June 6 4,112 7,028,888 - 1,710 2011 Resale

L’VIV Apartment Freehold June 8 614 1,240,000 - 2,021 2013 Resale

MEDGE Apartment Freehold June 8 861 1,180,000 - 1,370 2007 Resale

MIRO Apartment Freehold June 7 1,249 1,960,000 - 1,570 2012 Resale

JALAN TEMPUA Detached Freehold June 6 5,974 10,268,000 - 1,718 1995 Resale

PARK INFINIA AT WEE NAM Condominium Freehold June 9 1,464 2,650,000 - 1,810 2008 Resale

PAVILION 11 Condominium Freehold June 13 958 1,500,000 - 1,566 2009 Resale

RESIDENCES @ EVELYN Condominium Freehold June 9 2,250 3,600,000 - 1,600 2007 Resale

SOLEIL @ SINARAN Condominium 99 years June 12 506 948,000 - 1,874 2011 Resale

THOMSON 800 Condominium Freehold June 6 1,421 1,720,000 - 1,211 1999 Resale

VIVA Condominium Freehold June 13 1,518 2,968,000 - 1,956 2012 Resale

WATTEN ESTATECONDOMINIUM Condominium Freehold June 9 2,465 2,650,000 - 1,075 1983 Resale

WHITLEY VILLAS Semi-Detached Freehold June 13 2,917 2,650,000 - 908 2009 Resale

District 12

GEM RESIDENCES Condominium 99 years June 7 1,055 1,601,000 - 1,518 Uncompleted New Sale

GEM RESIDENCES Condominium 99 years June 11 484 823,000 - 1,699 Uncompleted New Sale

KEMAMAN POINT Apartment Freehold June 6 861 918,000 - 1,066 1993 Resale

MAR THOMA MANSIONS Apartment 999 years June 13 1,528 1,290,000 - 844 1995 Resale

NEEM TREE Apartment Freehold June 8 710 1,099,080 - 1,547 Uncompleted New Sale

PRESTIGE HEIGHTS Apartment Freehold June 12 334 555,000 - 1,663 2011 Resale

THE MEZZO Apartment Freehold June 8 840 1,038,000 - 1,236 2012 Resale

District 13

8@WOODLEIGH Condominium 99 years June 12 829 1,030,000 - 1,243 2012 Resale

E MAISON Apartment Freehold June 6 904 1,228,672 - 1,359 2016 New Sale

E MAISON Apartment Freehold June 10 1,636 1,779,968 - 1,088 2016 New Sale

THE POIZ RESIDENCES Apartment 99 years June 9 1,206 1,595,000 - 1,323 Uncompleted New Sale

THE POIZ RESIDENCES Apartment 99 years June 10 1,206 1,689,200 - 1,401 Uncompleted New Sale


THE VENUE RESIDENCES Apartment 99 years June 11 1,378 1,741,930 - 1,264 2017 New Sale

THE VENUE RESIDENCES Apartment 99 years June 11 1,238 1,690,000 - 1,365 2017 New Sale

District 14

PARK 1 SUITES Apartment Freehold June 6 603 880,453 - 1,461 2017 New Sale

REZI 3TWO Apartment Freehold June 11 646 945,000 - 1,463 2017 New Sale

SILVERSCAPE Apartment Freehold June 7 560 682,500 - 1,219 2015 Resale

SIMS URBAN OASIS Condominium 99 years June 6 700 992,100 - 1,418 Uncompleted New Sale

SIMS URBAN OASIS Condominium 99 years June 7 700 1,022,800 - 1,462 Uncompleted New Sale

SIMS URBAN OASIS Condominium 99 years June 7 581 815,640 - 1,403 Uncompleted New Sale


SIMS URBAN OASIS Condominium 99 years June 10 1,033 1,421,000 - 1,375 Uncompleted New Sale



SIMS URBAN OASIS Condominium 99 years June 11 1,206 1,608,430 - 1,334 Uncompleted New Sale

SINGA HILLS Apartment Freehold June 9 807 1,106,845 - 1,371 2016 Resale

SINGA HILLS Apartment Freehold June 9 667 947,720 - 1,420 2016 Resale

THE ALCOVE Apartment 99 years June 7 1,378 1,057,500 - 768 2004 Resale

THE SUNNY SPRING Apartment Freehold June 8 1,044 1,028,000 - 985 1998 Resale

THE SUNNY SPRING Apartment Freehold June 12 1,066 980,000 - 920 1998 Resale

VACANZA @ EAST Condominium Freehold June 7 807 878,000 - 1,088 2014 Resale

WINDY HEIGHTS Condominium Freehold June 12 2,476 2,060,000 - 832 1983 Resale

District 15

38 I SUITES Apartment Freehold June 7 667 940,000 - 1,409 2014 Resale

8M RESIDENCES Apartment Freehold June 9 646 1,314,000 - 2,035 2016 Resale

AALTO Condominium Freehold June 9 1,528 2,559,000 - 1,674 2010 Resale

AMBER SKYE Apartment Freehold June 11 1,335 2,503,320 - 1,876 2017 New Sale

CELESTIA Apartment Freehold June 12 850 950,000 - 1,117 2009 Resale

COTE D’AZUR Condominium 99 years June 8 840 1,000,000 - 1,191 2004 Resale

FRUITION Apartment Freehold June 12 883 988,000 - 1,119 2009 Resale

FULCRUM Condominium Freehold June 6 635 1,274,000 - 2,006 2016 Resale

FULCRUM Condominium Freehold June 7 775 1,548,000 - 1,997 2016 Resale

GALAXY TOWERS Apartment Freehold June 8 1,066 1,020,000 - 957 1989 Resale

HAIG APARTMENTS Apartment Freehold June 8 2,034 1,450,000 - 713 1991 Resale

LAGUNA PARK Apartment 99 years June 6 1,615 1,428,000 - 884 1978 Resale

LE CONNEY PARK Apartment Freehold June 12 1,216 1,160,000 - 954 1991 Resale

MARINE BLUE Condominium Freehold June 8 732 1,253,800 - 1,713 2016 New Sale

MARINE BLUE Condominium Freehold June 8 732 1,362,600 - 1,862 2016 New Sale

EVERITT ROAD Terrace Freehold June 7 1,163 2,550,000 - 2,187 1991 Resale

NATURALIS Apartment Freehold June 9 807 1,036,000 - 1,283 2011 Resale

NEPTUNE COURT Apartment 99 years June 6 1,270 870,000 - 685 1975 Resale

PEBBLE BAY Condominium 99 years June 7 2,626 3,680,000 - 1,401 1997 Resale

SANCTUARY GREEN Condominium 99 years June 6 786 920,000 - 1,171 2003 Resale

SANDALWOOD Apartment Freehold June 12 850 1,000,000 - 1,176 2005 Resale

SILVERSEA Condominium 99 years June 13 1,582 2,300,000 - 1,454 2014 Resale

SUITES @ EASTCOAST Condominium Freehold June 8 377 570,000 - 1,513 2012 Resale

TAIPAN GRAND Apartment Freehold June 6 2,400 1,820,000 - 758 2005 Resale

THE MEYERISE Condominium Freehold June 13 1,281 2,265,000 - 1,768 2014 Resale

THE SEA VIEW Condominium Freehold June 6 1,647 2,678,000 - 1,626 2008 Resale

VERSAILLES Condominium Freehold June 12 700 770,000 - 1,101 1994 Resale

VIBES @ EAST COAST Apartment Freehold June 6 646 848,000 - 1,313 2014 Resale

VILLA MARINA Condominium 99 years June 8 1,152 1,030,000 - 894 1999 Resale

District 16

BAYSHORE PARK Condominium 99 years June 9 936 750,000 - 801 1986 Resale

BAYSHORE PARK Condominium 99 years June 12 624 628,000 - 1,006 1986 Resale

BEDOK COURT Condominium 99 years June 13 2,411 1,500,000 - 622 1985 Resale

CASA MERAH Apartment 99 years June 8 1,281 1,350,000 - 1,054 2009 Resale

CASCADALE Condominium Freehold June 8 1,561 1,220,000 - 782 1994 Resale

EAST COAST RESIDENCES Apartment Freehold June 7 1,023 1,180,000 - 1,154 2011 Resale

EASTWOOD VILLE Terrace 99 years June 9 1,938 2,000,000 - 1,033 1999 Resale

GRANDEUR PARK RESIDENCES Condominium 99 years June 10 560 798,000 - 1,426 Uncompleted New Sale

GRANDEUR PARK RESIDENCES Condominium 99 years June 11 667 963,000 - 1,443 Uncompleted New Sale

KEW GATE Terrace 99 years June 12 2,422 1,280,000 - 529 1996 Resale

KEW GREEN Condominium 99 years June 7 2,939 1,969,000 - 670 1997 Resale

MERAGI CLOSE Semi-Detached 999 years June 6 2,992 2,900,000 - 969 1993 Resale

WILTSHIRE ROAD Detached Freehold June 7 4,768 5,380,000 - 1,128 1974 Resale

SALAM WALK Terrace Freehold June 9 1,679 2,370,000 - 1,408 1991 Resale

JALAN ANGIN LAUT Detached Freehold June 12 6,932 4,800,000 - 693 1985 Resale

THE CLEARWATER Condominium 99 years June 9 1,206 990,000 - 821 2001 Resale

THE GLADES Condominium 99 years June 6 484 766,800 - 1,583 2016 New Sale

THE GLADES Condominium 99 years June 6 1,948 2,500,000 - 1,283 2016 New Sale

THE GLADES Condominium 99 years June 6 1,281 1,770,000 - 1,382 2016 New Sale




THE TROPIC GARDENS Condominium Freehold June 13 1,249 1,270,000 - 1,017 1995 Resale

WATERFRONT ISLE Condominium 99 years June 13 947 1,160,000 - 1,225 2015 Sub Sale

District 17

COASTAL VIEW RESIDENCES Apartment 999 years June 8 2,110 1,780,000 - 844 2009 Resale

FERRARIA PARK CONDOMINIUM Condominium Freehold June 8 1,722 1,190,000 - 691 2009 Resale

HEDGES PARK CONDOMINIUM Condominium 99 years June 13 764 740,000 - 968 2015 Resale

LOYANG VILLAS Terrace 99 years June 9 1,615 1,360,000 - 842 1996 Resale

SANDY PALM Condominium 99 years June 7 1,399 930,000 - 665 2002 Resale

THE GALE Condominium Freehold June 6 1,464 1,280,000 - 874 2013 Resale

THE GALE Condominium Freehold June 13 1,485 1,360,000 - 916 2013 Resale

District 18

COCO PALMS Condominium 99 years June 7 1,389 1,371,750 - 988 Uncompleted New Sale

COCO PALMS Condominium 99 years June 8 1,378 1,341,000 - 973 Uncompleted New Sale

COCO PALMS Condominium 99 years June 9 1,259 1,406,400 - 1,117 Uncompleted New Sale

D’NEST Condominium 99 years June 9 1,432 1,420,000 - 992 Uncompleted Sub Sale

ELIAS GREEN Condominium 99 years June 8 1,528 853,000 - 558 1994 Resale

LIVIA Condominium 99 years June 6 1,346 995,000 - 740 2011 Resale

MELVILLE PARK Condominium 99 years June 8 958 650,000 - 678 1996 Resale

SAVANNAH CONDOPARK Condominium 99 years June 7 1,238 960,000 - 776 2005 Resale

SAVANNAH CONDOPARK Condominium 99 years June 9 2,680 1,950,000 - 728 2005 Resale

SEASTRAND Condominium 99 years June 9 1,195 1,020,000 - 854 2014 Resale

THE ALPS RESIDENCES Condominium 99 years June 6 700 784,000 - 1,121 Uncompleted New Sale

THE ALPS RESIDENCES Condominium 99 years June 7 689 756,080 - 1,098 Uncompleted New Sale

DONE DEALS

CONTINUES NEXT PAGE


DONE DEALS




THE ALPS RESIDENCES Condominium 99 years June 8 1,410 1,404,000 - 996 Uncompleted New Sale

THE ALPS RESIDENCES Condominium 99 years June 8 1,066 1,104,000 - 1,036 Uncompleted New Sale

THE ALPS RESIDENCES Condominium 99 years June 11 1,066 1,147,420 - 1,077 Uncompleted New Sale

THE PALETTE Condominium 99 years June 6 1,066 985,000 - 924 2015 Resale

THE SANTORINI Condominium 99 years June 6 1,152 1,142,000 - 992 2017 New Sale

THE SANTORINI Condominium 99 years June 6 1,119 1,158,000 - 1,034 2017 New Sale






THE SANTORINI Condominium 99 years June 7 915 960,000 - 1,049 2017 New Sale













VUE 8 RESIDENCE Condominium 99 years June 8 2,723 2,043,250 - 750 2017 New Sale

District 19

A TREASURE TROVE Condominium 99 years June 13 1,206 1,200,000 - 995 2015 Resale

AMARANDA GARDENS Condominium Freehold June 6 1,163 1,640,000 - 1,411 2004 Resale

CHEPSTOW VILLE Semi-Detached 999 years June 6 3,315 2,119,000 - 639 2010 Resale

COMPASS HEIGHTS Apartment 99 years June 6 667 700,000 - 1,049 2002 Resale

FOREST WOODS Condominium 99 years June 7 1,475 1,787,000 - 1,212 Uncompleted New Sale

FOREST WOODS Condominium 99 years June 10 732 1,065,000 - 1,455 Uncompleted New Sale

KINGSFORD WATERBAY Terrace 99 years June 7 1,625 1,805,000 - 1,111 Uncompleted New Sale

KINGSFORD WATERBAY Apartment 99 years June 7 1,033 1,229,760 - 1,190 Uncompleted New Sale

KINGSFORD WATERBAY Apartment 99 years June 7 893 1,060,000 - 1,186 Uncompleted New Sale


KINGSFORD WATERBAY Apartment 99 years June 7 861 976,000 - 1,133 Uncompleted New Sale






KINGSFORD WATERBAY Apartment 99 years June 11 678 893,966 - 1,318 Uncompleted New Sale

KOVAN MELODY Condominium 99 years June 7 1,421 1,480,000 - 1,042 2006 Resale

YIO CHU KANG ROAD Terrace 999 years June 7 2,508 2,008,800 - 800 Unknown Resale

HILLSIDE DRIVE Semi-Detached 999 years June 8 3,638 3,900,000 - 1,073 2009 Resale

JALAN GOTONG ROYONG Terrace Freehold June 8 1,302 1,750,000 - 1,349 1963 Resale

JALAN HOCK CHYE Semi-Detached Freehold June 8 2,960 3,100,000 - 1,048 2002 Resale

DA SILVA LANE Terrace 999 years June 8 1,733 1,725,000 - 994 Unknown Resale

PRIVE EC 99 years June 13 1,087 940,000 - 865 2013 Resale

SERANGOON GARDEN ESTATE Terrace 999 years June 8 2,164 3,050,000 - 1,413 Unknown Resale

SERANGOON GARDEN ESTATE Terrace Freehold June 8 2,379 3,380,000 - 1,423 1977 Resale

STARS OF KOVAN Apartment 99 years June 7 743 1,106,280 - 1,490 Uncompleted New Sale



STARS OF KOVAN Apartment 99 years June 10 506 823,880 - 1,629 Uncompleted New Sale


THE TEMBUSU Condominium Freehold June 9 1,701 2,418,000 - 1,422 2016 Resale

THE VALES EC 99 years June 7 1,033 845,000 - 818 2017 New Sale

THE VALES EC 99 years June 8 904 743,000 - 822 2017 New Sale

VIBES @ KOVAN Apartment Freehold June 6 441 550,000 - 1,246 2014 Resale

District 20

ADANA @ THOMSON Apartment Freehold June 7 872 1,415,000 - 1,623 Uncompleted New Sale

BOONVIEW Condominium Freehold June 8 1,518 1,738,000 - 1,145 2003 Resale

CLOVER BY THE PARK Condominium 99 years June 9 1,292 1,565,000 - 1,212 2011 Resale

CLOVER BY THE PARK Condominium 99 years June 12 1,765 1,950,000 - 1,105 2011 Resale

COUNTRY GRANDEUR Condominium Freehold June 8 1,442 1,530,000 - 1,061 1996 Resale

FAR HORIZON GARDENS Condominium 99 years June 6 1,948 1,350,000 - 693 1986 Resale

FAR HORIZON GARDENS Condominium 99 years June 7 1,948 1,380,000 - 708 1986 Resale

GOLDEN HILL ESTATE Terrace Freehold June 8 1,948 2,500,000 - 1,285 1980 Resale

LAKEVIEW ESTATE Apartment 99 years June 7 1,615 1,280,000 - 793 1977 Resale



MAYFLOWER PLACE Semi-Detached Freehold June 8 3,444 3,280,000 - 954 Unknown Resale

JALAN KHAMIS Semi-Detached Freehold June 8 2,121 2,700,000 - 1,276 Unknown Resale

SEASONS VIEW Condominium 99 years June 8 1,152 1,190,000 - 1,033 2000 Resale

SEMBAWANG HILLS ESTATE Terrace Freehold June 8 1,808 1,785,000 - 989 Unknown Resale

SEMBAWANG HILLS ESTATE Terrace Freehold June 9 1,475 1,570,000 - 1,065 Unknown Resale

SKY HABITAT Condominium 99 years June 12 2,077 3,078,700 - 1,482 2015 Resale

THE GARDENS AT BISHAN Condominium 99 years June 12 1,227 1,290,000 - 1,051 2004 Resale

District 21

CLEMENTI PARK Condominium Freehold June 6 484 578,000 - 1,193 1983 Resale

TOH TUCK TERRACE Detached Freehold June 8 4,994 6,700,000 - 1,341 Unknown Resale

SIGNATURE PARK Condominium Freehold June 12 1,023 1,045,000 - 1,022 1998 Resale

SOUTHAVEN II Condominium 999 years June 8 1,442 1,415,000 - 981 1999 Resale

THE CREEK @ BUKIT Condominium Freehold June 6 786 1,244,510 - 1,584 Uncompleted New Sale





THE CREEK @ BUKIT Condominium Freehold June 10 1,206 1,725,000 - 1,431 Uncompleted New Sale


THE CREEK @ BUKIT Condominium Freehold June 11 463 861,800 - 1,862 Uncompleted New Sale

District 22

LAKE GRANDE Condominium 99 years June 6 818 1,097,000 - 1,341 Uncompleted New Sale

LAKE GRANDE Condominium 99 years June 10 1,173 1,484,000 - 1,265 Uncompleted New Sale

LAKE GRANDE Condominium 99 years June 11 818 1,090,000 - 1,332 Uncompleted New Sale

LAKE GRANDE Condominium 99 years June 11 743 953,000 - 1,283 Uncompleted New Sale

LAKEHOLMZ Condominium 99 years June 8 1,238 1,058,000 - 855 2005 Resale

LAKEPOINT CONDOMINIUM Condominium 99 years June 6 915 765,000 - 836 Unknown Resale

THE CENTRIS Apartment 99 years June 8 1,238 1,400,000 - 1,131 2009 Resale

WESTWOOD RESIDENCES EC 99 years June 6 1,033 779,400 - 754 Uncompleted New Sale




WESTWOOD RESIDENCES EC 99 years June 11 947 717,255 - 757 Uncompleted New Sale

District 23

CASHEW PARK CONDOMINIUM Condominium 999 years June 8 1,367 1,200,000 - 878 1983 Resale

CASHEW PARK CONDOMINIUM Condominium 999 years June 12 1,367 1,100,000 - 805 1983 Resale

ECO SANCTUARY Condominium 99 years June 7 1,604 1,515,660 - 945 2016 New Sale

HILLINGTON GREEN Condominium 999 years June 7 1,776 1,600,000 - 901 2002 Resale

INZ RESIDENCE EC 99 years June 7 1,173 904,000 - 770 Uncompleted New Sale


INZ RESIDENCE EC 99 years June 8 990 766,000 - 774 Uncompleted New Sale





MAYSPRINGS Apartment 99 years June 12 818 715,000 - 874 1998 Resale

SOL ACRES EC 99 years June 7 732 613,000 - 837 Uncompleted New Sale




SOL ACRES EC 99 years June 8 1,044 866,000 - 829 Uncompleted New Sale



SOL ACRES EC 99 years June 10 1,044 869,000 - 832 Uncompleted New Sale




THE DAIRY FARM Condominium Freehold June 7 1,281 1,200,000 - 937 1985 Resale

District 25

NORTHWAVE EC 99 years June 8 1,098 833,150 - 759 Uncompleted New Sale

NORTHWAVE EC 99 years June 8 678 546,250 - 806 Uncompleted New Sale



NORTHWAVE EC 99 years June 11 980 750,800 - 766 Uncompleted New Sale

District 26

THE SPRINGSIDE Terrace Freehold June 8 1,765 2,728,000 - 1,543 2016 Resale

THE SPRINGSIDE Terrace Freehold June 8 1,744 2,688,000 - 1,541 2016 Resale

District 27

EIGHT COURTYARDS Condominium 99 years June 9 1,141 1,070,000 - 938 2014 Resale

JALAN LENGKOK SEMBAWANG Semi-Detached Freehold June 9 3,283 2,200,000 - 671 1977 Resale

NORTH PARK RESIDENCES Apartment 99 years June 6 969 1,263,600 - 1,304 Uncompleted New Sale

PARC LIFE EC 99 years June 7 936 697,300 - 745 Uncompleted New Sale

PARC LIFE EC 99 years June 8 1,066 817,000 - 767 Uncompleted New Sale


PARC LIFE EC 99 years June 11 936 733,400 - 783 Uncompleted New Sale



SIGNATURE AT YISHUN EC 99 years June 7 1,098 812,295 - 740 Uncompleted New Sale

SIGNATURE AT YISHUN EC 99 years June 7 1,302 1,093,000 - 839 Uncompleted New Sale



SYMPHONY SUITES Condominium 99 years June 6 786 852,600 - 1,085 Uncompleted New Sale

SYMPHONY SUITES Condominium 99 years June 6 915 943,740 - 1,031 Uncompleted New Sale

SYMPHONY SUITES Condominium 99 years June 7 1,023 1,097,600 - 1,073 Uncompleted New Sale




THE BROWNSTONE EC 99 years June 10 980 780,000 - 796 Uncompleted New Sale

THE CRITERION EC 99 years June 7 1,001 776,000 - 775 Uncompleted New Sale




THE CRITERION EC 99 years June 11 1,249 1,012,800 - 811 Uncompleted New Sale

THE VISIONAIRE EC 99 years June 6 1,023 827,000 - 809 Uncompleted New Sale


THE VISIONAIRE EC 99 years June 8 1,335 1,030,000 - 772 Uncompleted New Sale

THE VISIONAIRE EC 99 years June 10 872 694,425 - 796 Uncompleted New Sale



THE VISIONAIRE EC 99 years June 11 1,313 1,064,500 - 811 Uncompleted New Sale


THE WISTERIA Apartment 99 years June 9 969 1,060,612 - 1,095 Uncompleted New Sale

THE WISTERIA Apartment 99 years June 9 969 1,075,212 - 1,110 Uncompleted New Sale

WATERCOVE Terrace Freehold June 6 3,348 2,594,000 - 775 Uncompleted New Sale

District 28

BELGRAVIA VILLAS Semi-Detached Freehold June 10 3,961 3,536,380 - 893 Uncompleted New Sale

BELGRAVIA VILLAS Terrace Freehold June 10 3,520 2,580,000 - 733 Uncompleted New Sale

GRANDE VISTA Condominium 999 years June 6 2,024 1,570,000 - 776 1992 Resale

LUXUS HILLS Terrace 999 years June 9 1,615 2,300,000 - 1,425 2013 Resale

MIMOSA PARK Terrace Freehold June 8 3,197 2,134,000 - 668 1978 Resale

JALAN TARI ZAPIN Terrace 999 years June 9 1,346 2,000,000 - 1,488 Unknown Resale

SELETAR HILLS ESTATE Terrace 999 years June 6 3,261 2,920,000 - 896 1997 Resale

SELETAR HILLS ESTATE Semi-Detached Freehold June 12 3,423 3,768,000 - 1,100 Unknown Resale

SELETAR SPRINGS CONDOMINIUM Condominium 99 years June 7 2,110 1,350,000 - 640 2000 Resale

DISCLAIMER:Source: URA Realis. Updated June 20, 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

FROM PREVIOUS PAGE


GAINS AND LOSSES

| BY LIN ZHIQIN |

The seller of a 2,314 sq ft unit

at Urbana in prime District 9

incurred the biggest loss for

the week of June 6 to 13. He

bought the unit in a sub-sale

for $5.55 million ($2,399 psf), the pro-

ject’s highest price on record in terms

of both quantum and psf price, in Au-

gust 2007 and sold it for $3.52 million

($1,521 psf) on June 7. The $2.03 mil-

lion loss, the biggest at Urbana so far,

translates into 37%, or 5% a year over

a holding period of nearly 10 years.

Based on URA caveat data, the unit

also fetched the highest profit on record

at Urbana when it changed hands at

a $3.41 million profit in August 2007.

The previous seller bought it from the

developer for $2.14 million ($923 psf)

in December 2004 and made a 160%

profit, or 43% annualised profit in less

than three years. Urbana is a freehold

condominium with 126 units. It was

completed in 2007 and is located with-

in walking distance of the upcoming

Great World MRT station.

June 8 saw the 11th unprofitable

transaction at Scotts Square in prime

District 9 this year. The seller of a 635

sq ft, one-bedroom unit made a loss

of $771,525. He bought the unit for

$2.68 million ($4,214 psf) from the de-

veloper in September 2007 and sold

it for $1.91 million ($3,000 psf). This

translates into a 29% loss, or 3% a

year over 10 years.

There have been no profitable

transactions at Scotts Square since

September 2015 when a 1,227 sq ft

unit changed hands at a $295,650

profit. There were seven unprofita-

ble transactions last year. The sell-

ers sustained losses ranging from

$647,088 to $1.2 million, with an

average loss of $910,579, or 24%.

Scotts Square is a mixed-use devel-

opment completed in 2011. It has

338 freehold residential units and

is located within walking distance

of the Orchard MRT station.

Meanwhile, a 2,626 sq ft, four-bed-

room unit at Pebble Bay fetched the

biggest profit of the week on June 7.

The previous owner bought the unit

for $2.08 million ($792 psf) from the

developer in April 1996 and made a

$1.6 million profit when he sold it

for $3.68 million ($1,401 psf). He

realised a 77% gain, or 3% a year

over 21 years.

This marks the ninth profitable

transaction at Pebble Bay this year. It

is also the most profitable transaction

since November 2015, when a 2,745

sq ft unit changed hands for a $1.91

million profit. Prices at Pebble Bay

peaked in 2013 when 19 units were

sold at an average price of $1,424 psf.

In 2016, 16 units changed hands at

an average price of $1,181 psf. Prices

have recovered this year, with 11 units

transacted so far at an average price of

$1,292 psf. Completed in 1997, Peb-

ble Bay is a 99-year leasehold condo

comprising 510 units. The project is

located opposite the upcoming Tan-

jong Rhu MRT station.

On June 7, a 4,123 sq ft unit at

Avalon in prime District 10 fetched a

$1.57 million profit, the week’s sec-

ond highest. The unit was purchased

at $3.98 million ($965 psf) in April

2006 and sold for $5.5 million ($1,346

psf). The seller made a 39% profit, or

3% annualised profit over a holding

period of 11 years. Completed in 1999,

Avalon is a freehold condo with 82 units.

It is located on Anderson Road and

opposite Raffles Girls’ Secondary

School.

Unit at Urbana sees $2 million loss

Top 10 gains and losses from June 6 to 13

URA

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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)

1 Pebble Bay 15 2,626 June 7 1,401 April 30, 1996 792 1,600,000 77 3 21.1

2 Avalon 10 4,123 June 7 1,346 April 24, 2006 965 1,570,000 39 3 11.1

3 Park Infinia at Wee Nam 11 1,464 June 9 1,810 Feb 9, 2007 1,130 995,680 60 5 10.3

4 Windy Heights 14 2,476 June 12 832 May 1, 1995 431 992,000 93 3 22.1

5 Monterey Park Condominium 5 1,625 June 12 1,144 May 7, 2004 608 872,000 88 5 13.1

6 City Square Residences 8 1,518 June 8 1,351 March 23, 2009 791 850,000 71 7 8.2

7 Icon 2 936 June 8 1,709 Feb 17, 2005 847 806,525 102 6 12.3

8 Thomson 800 11 1,421 June 6 1,211 Nov 3, 1998 680 754,000 78 3 18.6

9 Caribbean at Keppel Bay 4 1,216 June 7 1,398 Oct 13, 2004 779 752,660 79 5 12.7

10 Viva 11 1,518 June 13 1,956 Sept 8, 2009 1,470 736,900 33 4 7.8

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

1 Urbana 9 2,314 June 7 1,521 Aug 7, 2007 2,399 2,031,200 37 5 9.8

2 Orange Grove Residences 10 2,002 June 6 1,665 May 21, 2007 2,069 809,000 20 2 10.1

3 Scotts Square 9 635 June 8 3,000 Sept 5, 2007 4,214 771,525 29 3 9.8

4 Altez 2 861 June 7 1,742 Feb 25, 2013 2,314 492,700 25 6 4.3

5 Marina Bay Suites 1 1,615 June 6 1,889 Dec 22, 2009 2,064 282,000 8 1 7.5

6 L’Viv 11 614 June 8 2,021 Oct 8, 2010 2,357 206,200 14 2 6.7

7 Reflections at Keppel Bay 4 1,012 June 7 1,413 May 2, 2007 1,566 154,495 10 1 10.1

8 Seastrand 18 1,195 June 9 854 April 22, 2013 981 152,300 13 3 4.1

9 Soleil @ Sinaran 11 506 June 12 1,874 Sept 16, 2011 2,174 152,000 14 3 5.7

10 The Clift 1 527 June 9 1,801 June 21, 2007 2,067 140,000 13 1 10.0

Note: Computed based on URA caveat data as at June 20 for private non-landed houses transacted between June 6 and 13. The profit-and-loss computation excludes transactions costs such as stamp duties.

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

Non-profi table deals

Urbana is a freehold condominium located within walking distance of theupcoming Great World MRT station. Find the most affordable listing in theproject at edgepr.link/Urbana.

A 2,626 sq ft unit at Pebble Bay fetched a $1.6 million profit on June 7. Find the most affordable listing in the project at edgepr.link/PebbleBay.

E

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DEAL WATCH

Recent transactions at Parc Sophia

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

Jan 6, 2017 667 1.010 1,513

Oct 17, 2016 667 1.050 1,573

May 16, 2016 1,066 1.529 1,435

Nov 25, 2015 474 0.875 1,847

Sept 17, 2015 732 1.250 1,708

TABL

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Recent rental contracts for 600 to 700 sq ft units at Parc SophiaLEASE DATE MONTHLY RENT $ $ PSF

May 2017 2,400 3.70

May 2017 2,800 4.30

May 2017 2,650 4.10

| BY DELICIA LIM |

Parc Sophia is a freehold condominium

located along Adis Road in District 9.

The 152-unit project was fully sold and

completed at the end of 2011 by listed

Singapore developer Oxley Holdings.

The project contains predominantly one- and

two-bedroom apartments. Unit sizes range

from 464 to 549 sq ft for one-bedroom units,

and 667 to 732 sq ft for one-bedroom+study

and two-bedroom units.

On the market is a 689 sq ft, one-bedroom

unit on the ground floor that was recently

listed for sale at $1 million ($1,451 psf) on

TheEdgeProperty.com.sg. The unit is current-

ly leased until August 2018 at a monthly rent-

al rate of $2,300, according to Caleb Seah, a

property agent from ERA Realty Network who

is marketing the unit.

The development is popular with inves-

tors, owing to its proximity to Plaza Singapura

shopping mall, Dhoby Ghaut MRT interchange

station, as well Bencoolen MRT station on the

Downtown Line and Bras Basah MRT station

on the Circle Line.

There has been only one transaction at Parc

Sophia this year, and it was for the sale of a 667

sq ft, one-bedroom+study unit on the second

level that fetched $1.01 million ($1,513 psf) in

January. The unit last transacted for $959,813

($1,439 psf) in September 2008, when the pre-

vious owner purchased it from the developer.

Parc Sophia unit up for sale at $1 mil

A 689 sq ft, one-bedroom unit on the ground floor of Parc Sophia was recently listed for sale at $1 million ($1,451 psf)

In the vicinity, the most recent transaction

was at Sophia Hills, a new 493-unit develop-

ment by Hoi Hup Realty and Sunway Group.

A 689 sq ft, one-bedroom unit was sold for

$1.379 million ($2,002 psf) earlier this month.

The 99-year leasehold project is scheduled for

completion next year.

Meanwhile, a 560 sq ft, one-bedroom unit at

Mount Sophia Suite fetched a price of $888,000

($1,586 psf) in April 2017. Mount Sophia Suites

is a 50-unit freehold project that was complet-

ed in 2010.

Based on URA data for the month of May

2017, three units of 600 to 700 sq ft at Parc

Sophia were leased at monthly rental rates of

$2,400 to $2,800. This translates to a potential

gross rental yield of 3.4% based on the asking

price of $1 million for the one-bedroom unit

at Parc Sophia.

Visit edgepr.link/DealWatch-S785 for more

information. E

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SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Collective sale … · 2017-06-23 · Central Park within a 10km radius. Trav-elling to various parts of the city from the Joyce-Collingwood SkyTrain