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Park House breaks en blocprice ceilingAt $2,910 psf ppr, this latest collective sale price for the prime Orchard Road site is the highest so far. See our Cover Story on Pages 6 and 7.
PROPERTY PERSONALISED
Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of June 18, 2018 | ISSUE 835-56
MCI (P) 136/08/2017 PPS 1519/09/2012 (022805)
Co-WorkingWeWork growing strong;
Found carves a nicheEP3&4
Gains and LossesSeller at Nassim Mansion
makes $6.5 mil profi tEP11
Done DealsPrice divide atprime districts
EP12
Deal WatchReignwood Hamilton Scotts unit going for
$8 mil EP14
Park House, located at the corner of Orchard Boulevard and Tomlinson Road
SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
EP2 • EDGEPROP | JUNE 18, 2018
| BY CAMILLA RUSSO |
Last month, Ryan Kunzmann went to a bar in New
York to see his 58,000 sq ft property. No, it is not
the world’s biggest bar — his holdings are virtual.
Kunzmann was one of about 20 people meet-
ing to chat and compare their little slices of Gen-
esis City, a digital metropolis they are hoping will
eventually become a major hub for virtual-reality
commerce. Kunzmann, who does tech support for
a property management website, says he intends
to turn one of his larger stretches into a virtual mu-
seum or art gallery. “There’s a lot of great art out
there that people don’t get to see,” he says. “Espe-
cially if you don’t live in a big city.”
While this sounds like a lark, or perhaps another
iteration of the faded online world Second Life, there
is already real money behind the blockchain-based
real estate. In December, Kunzmann paid US$15,000
($20,021) for 62 plots of about 1,100 sq ft apiece,
and he recouped his investment three months later
by reselling a mere eight of them. Today, resellers
can reliably get as much as US$30,000 for a Gen-
esis City plot. Credit network Ripio.com paid al-
most US$150,000 for a spot next to the main square
where visitors appear when they enter the city. The
record is US$200,000, sold by a user who had re-
cently bought the same plot for US$13,000.
Scarcity is driving the speculation. Unlike Second
Life, or games such as SimCity, Genesis has fixed vir-
tual dimensions, some 90,000 plots that make it about
the size of a digital Washington, DC. Argentine cod-
ers Esteban Ordano and Ari Meilich created the city,
part of a broader digital world called Decentraland,
using the Ethereum blockchain. Another key factor,
they say, is that no single corporation can suddenly
change the terms of their virtual world or own users’
data, which helped Decentraland’s initial coin offer-
ing (ICO) raise about US$26 million in 30 seconds
last year. The decentralised nature of Ethereum has
also made it easy for users to trade the fixed supply
of Genesis real estate among themselves, which con-
tributed to a jump in virtual land values after an auc-
tion of plots helped raise an additional US$28 million.
The early adopters have not built much on their
plots yet, but they have already divvied up Genesis
City into themed neighbourhoods, including ones
modelled on Las Vegas, cyberpunk fiction such as Blade Runner, and — this being the internet — a
red-light district. What is there so far looks like a
piecemeal mash-up of video game aesthetics and
projects in need of developers. “Once virtual reality
becomes a mass movement, and we’re heading in
that direction, we’ll come to a critical mass of us-
ers that will need a platform to discover content,”
says Meilich. Besides VR headsets, visitors will be
able to use web browsers to view the plots.
Like other founders of start-ups who have raised
money through ICOs, Meilich and Ordano have based
their business model on their cryptocurrency, Mana to-
kens. The tokens, which were worth two cents apiece
when they began trading in September, rose as high
as 29 cents in January, and are now about 12 cents,
according to cryptocurrency rankings site CoinMar-
ketCap. Decentraland is usually among the 20 most
used applications on the Ethereum network, according
to DAppBoard, a website that monitors such activity.
Ordano and Meilich acknowledge that a VR fu-
ture is a ways off. They will not have even a ba-
sic Genesis City up and running for at least a few
months, by which time they are hoping landowners
will have built up more of the neighbourhoods. And
plot-buyers have little guarantee that the network
will become anything remotely useful, let alone as
commercially valuable as they imagine. But users
such as Kunzmann and Ripio CEO Sebastian Serra-
no say they are patient. Kunzmann is slowly learn-
ing how to code his art gallery, though he says he
will probably subcontract the bulk of the work.
Serrano says he will use his prime virtual real
estate to pitch cryptocurrency loans and other fi-
nancial services. For now, he is hawking mortgag-
es for Genesis City plots on his regular website. “It
allows us to explore at low costs, with less money
at stake and within something that’s like a game,
how blockchain-based mortgages can work,” he
says. “Yes, it sounds crazy.” — Bloomberg LP E
New appointments at Credit Suisse’s SEA businessCredit Suisse has announced two sen-
ior appointments at its Southeast Asia
Investment Banking business.
Yvonne Voon will assume the role of
head of Southeast Asia, real estate in in-
vestment banking and capital markets,
while Felicity Chan has been appointed
head of equity syndicate for Southeast
Asia, in the company’s markets business.
In her new role, Voon will be expand-
ing the bank’s client footprint and de-
livering advisory, capital markets and
financing solutions to companies in
real estate. She has spent 12 years at
Credit Suisse and was previously lead-
ing the company’s property equity re-
search team in Singapore.
Chan will build on the bank’s in-
vestment and private banking platform
to cater for clients in Southeast Asian
countries. She has spent 14 years with
the company and was previously part
of the region’s corporate finance team,
covering equity, debt and merger and
acquisition advisory.
Paya Lebar Quarter signs on two new office tenants Paya Lebar Quarter (PLQ) (above, left) has added two new tenants — local insur-
ance companies Great Eastern and NTUC
Income — at its Grade A office space.
Slated for completion in 1H2019,
PLQ comprises a retail complex with
200 shops, three Grade A office towers
spanning one million sq ft and three res-
idential towers with 429 units.
Great Eastern has leased roughly
125,000 sq ft across four floors in of-
fice Tower 3, while NTUC Income will
occupy 55,000 sq ft across two levels
of office Tower 2.
Meanwhile, listed office outsourc-
ing company IWG is in talks to lease
about 52,000 sq ft in office Tower 1
for Spaces, the co-working business
that it bought in 2015.
Also occupying office Tower 3 are
SMRT Corp, leasing 97,000 sq ft across
three levels, and property consultancy
CBRE, taking up 31,000 sq ft or one of-
fice floor. CBRE will house 600 employ-
ees at its dedicated innovation centre at
PLQ, focused on testing and developing
proptech solutions for clients.
In January, Australian property group
Lendlease announced that over 50% of
PLQ’s office space was either leased, un-
der final offer or in advanced negotia-
tions. Prospective tenants include leading
corporations from the financial services,
infrastructure, real estate and co-work-
ing sectors, as well as a premium gym.
PLQ is a 30:70 joint venture between
Lendlease and Abu Dhabi Investment
Authority. It is located next to Paya Leb-
ar MRT station.
The office spaces are expected to be
completed in 3Q2019.
Frasers unveils serviced residence in Tianjin, China Frasers Hospitality, part of the Frasers
Property Group, has unveiled its second
serviced residence in Tianjin, China.
Fraser Place Binhai Tianjin, targeting
short- and long-term business and lux-
ury travellers, has 224 units, spanning
studio to two-bedroom apartments. It is
located in the Tianjin Economic-Techno-
logical Development Area, close to BMT
station and TEDA MSD shopping centre.
Guests will be able to enjoy dining,
WiFi and room service all day, and have
access to facilities such as a swimming
pool, gym and bar. Business travellers
will be able to use function rooms for
meetings.
“China is key to our future growth, as
it currently represents a quarter of our
portfolio,” says Choe Peng Sum, CEO of
Frasers Hospitality. “In addition to en-
tering new Chinese cities, we are also
building on our presence in cities that
we already operate in so that we may
better provide travellers with more op-
tions that cater for their needs.”
Frasers’ first serviced apartment in
Tianjin, called Fraser Place Tianjin, was
opened in 2016. At present, it records
an average occupancy upwards of 90%,
according to Choe.
He attributes the demand in Chi-
na’s market to the country’s huge pop-
ulation and rising consumption power.
Chinese millennials are also driving
growth, he notes.
To date, Frasers Hospitality has 16 prop-
erties in 11 cities in China: Beijing, Chang-
sha, Chengdu, Dalian, Guangzhou, Nan-
jing, Shanghai, Shenzhen, Tianjin, Wuhan
and Wuxi. It has another 16 properties
in the pipeline in various Chinese cities.
Jervois Hill bungalow sold for record $2,730 psf, at $41.2 millionA freehold bungalow in Jervois Hill
(above, right), on a 15,094 sq ft land
plot, was sold for $41.2 million ($2,730
psf), fetching a record psf price for a
Good Class Bungalow (GCB).
This transaction was followed by a
bungalow in Cluny Hill, on a land plot
of 15,105 sq ft, near Botanic Gardens,
which fetched $2,350 psf last year. The
buyer bought it for $35.5 million.
The Jervois Hill bungalow was sold
by George Lim, an entrepreneur who has
developed 11 GCBs and two semi-de-
tached houses in the past 12 years. It
was a joint collaboration between Lim
and architect Pau Loh, managing part-
ner of Tellus Design.
The entire house has three levels, in-
cluding the basement. The ground floor
features the living and dining areas,
family rooms, dry and wet kitchens, a
pool and a pond. The second floor has
five bedrooms — all with walk-in ward-
robes — and a living room with pantry.
Prominent design features include
a wall aquarium in the basement that
can fit 800 fish and a floating sculptural
staircase that was made using a special-
ly built giant oven to mould the acrylic.
Lim purchased the vacant freehold
site six years ago for $25.8 million
($1,709 psf).
His initial asking price for the bunga-
low was $45 million. He estimated that
the land would cost $28 million, and it
would cost $14 million to $15 million to
build a house with similar specifications.
The GCB comes with sustainable fea-
tures — 300 solar panels on the roof and
outdoor decks made of renewable wood.
Other spaces include a wine cellar,
home theatre, dedicated games room
and carpark that can fit 10 cars.
The sale was brokered by Newsman
Realty. — Compiled by Charlene Chin
PROPERTY BRIEFS
EDITORIALEDITOR | Cecilia ChowCONTRIBUTING EDITOR |Pek Tiong GeeWRITERS | Timothy Tay, Bong Xin Ying, Charlene ChinDIGITAL WRITER | Fiona Ho
COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi MurugiahPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Yen TanDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah
ADVERTISING + MARKETING ADVERTISING SALES
DIRECTOR, COMMERCIAL OPERATIONS | Diana LimSENIOR ACCOUNT MANAGERS |Janice Zhu, James ChuaACCOUNT MANAGER |Bernard WongSALES STRATEGIST |Han YaoGuang
CIRCULATIONDIRECTOR | Dominic Kevin SimMANAGER | Bryan KekEXECUTIVES | Malliga Muthusamy, Ashikin Kader
CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong
PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8688Fax: (65) 6232 8620
PRINTERKHL Printing Co Pte Ltd57 Loyang DriveSingapore 508968Tel: (65) 6543 2222Fax: (65) 6545 3333
PERMISSION AND REPRINTSMaterial in The Edge Property may not be reproduced in any form without the written permission of the publisher
We welcome your commentsand criticism: [email protected]
Pseudonyms are allowed but please state your full name, address and contact number for us to verify.
Making a killing in virtual real estate
SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
E
OFFSHORE
LENDLEASE
CO-WORKINGEDGEPROP | JUNE 18, 2018 • EP3
WeWork’s relentless growth continues| BY CECILIA CHOW &CHARLENE CHIN |
On a Friday morning on June
8, WeWork at 71 Robin-
son Road is bustling. And
it is not just people sitting
around drinking coffee and
looking ornamental. Discussions are
taking place at various seating spac-
es, while other parts of the commu-
nal areas are taken up by those sit-
ting solo with their coffee mugs and
laptops. There are also phone booths
for those making Skype calls. The
glass-enclosed office suites are mostly
occupied, with people glued to their
screens, chatting at doorways or hud-
dled around a white board or screen.
It is a typical workday in an atypi-
cal office. According to Turochas “T”
Fuad, WeWork managing director
for Southeast Asia, the space at 71
Robinson is already more than 90%
taken up. That is quite a feat, con-
sidering that it is WeWork’s second
and biggest space in Singapore by
far, with 1,400 desk spaces, span-
ning four floors and occupying a to-
tal space of 60,000 sq ft.
The flagship Singapore WeWork
space at Beach Centre was official-
ly launched last December. Its 690
desks across three floors in the sev-
en-storey Beach Centre on Beach
Road is fully taken up.
In the next month or so, WeWork is
opening two more spaces in the CBD.
One is a shophouse at 22 Cross Street,
which is part of China Square Cen-
tral complex and has a total space of
28,700 sq ft. The other is a 20,000 sq ft
space at Mapletree Anson, 60 Anson
Road. Next year, WeWork will be
opening a 34,000 sq ft space at City
House on Robinson Road and 40,000
sq ft at the new Funan.
The aggressive growth streak is
unlikely to slow. “I don’t think we
have enough WeWork spaces yet,”
says Fuad. “We’re offering more than
just co-working space. It’s about build-
ing our global network and commu-
nity to create something bigger than
ourselves.”
Global communityThis explains why WeWork, a New
York-based start-up founded in 2010
that popularised the concept of com-
munal office space, is now valued at
US$20 billion ($26.7 billion). It has
a global presence in 253 locations
and a community of 248,000 mem-
bers — roughly the population size
of Tampines.
Besides Singapore, WeWork is
also aggressively growing its foot-
print elsewhere in Southeast Asia.
In Jakarta, it is opening in two sky-
scrapers in the CBD: The WeWork
at Revenue Tower has about 2,000
desk spaces across five floors; and
the one at Sinarmas MSIG Tow-
er will have about 800 desk spac-
es. WeWork is also expanding into
Bangkok, Kuala Lumpur and Ma-
nila next.
“It’s part of the global playbook to
be right smack in the CBD,” says Fuad.
Exponential growthMore than 90% of flexible workspace
centres are still located in Singapore’s
CBD, with 200 centres currently op-
erating in the Central region, accord-
ing to global flexible workspace spe-
cialists The Instant Group in a report
on June 6.
Singapore’s flexible office market
grew 22% last year, making it the
third fastest-growing market after
Melbourne and New York, accord-
ing to The Instant Group.
Co-working and hybrid space in
Singapore have quadrupled over the
past four years. With an average desk
cost of $558 a month, Singapore’s rate
is said to be significantly lower than
in other key cities in Asia, such as
Shanghai and Hong Kong, and 57%
cheaper than in New York. Singapore
is set to see even further growth as
new operators set up in key locations,
says The Instant Group.
This year, the flexible workspace
market in Singapore has already seen
a 17% increase in the number of cen-
tres offering co-working, flexible and
hybrid office space.
‘Powered by We’With office rents on an uptrend, more
companies will seek out WeWork,
reckons Fuad. Incidentally, anoth-
er business offering is “Powered by
We”, which is basically offering of-
fice space as a service — construc-
tion, fitout, decoration, operating and
managing the space on behalf of a
company. WeWork employees will
also be on site to help with commu-
nity programmes.
In the US, WeWork is reportedly
managing buildings for companies
such as IBM, Airbnb and Amazon.
In Hong Kong, Standard Chartered
Bank’s office is going to be “Pow-
ered by We”. It will become, by ex-
tension, a node in the WeWork glob-
al community, says Fuad. And it will
be able to tap the WeWork global
network and applications available
to members.
According to Fuad, WeWork is
currently in discussions with sev-
eral MNCs and local corporations
in Singa pore on adopting Powered
by We.
In the US, WeWork has launched
co-living spaces called WeLive. Late
last year, it opened its first lifestyle
gym branded Rise by We. In an at-
tempt to identify and groom budding
entrepreneurs, WeWork is entering
the education sector with a pilot el-
ementary school programme target-
ing five- to eight-year-olds. Interest-
ingly, WeWork has also invested in
Spain-based Wavegarden, a maker
of wave pools. “We’re changing the
way people work, live and play,”
says Fuad.
As such, he sees no other Singa-
pore co-working players as the com-
pany’s direct competitors. “We are
offering more than just space. We
have ‘Powered by We’ and a lot of
different offerings. For us, it’s about
bridging the different communities
around the globe.”
Nevertheless, WeWork is expected
to be the biggest co-working space
operator in Singapore by year-end.
Localisation and adaptationFor Fuad, adapting to local tradi-
tions and customs is also important.
There will be prayer rooms at We-
Work spaces in Jakarta and, in the
future, in Kuala Lumpur. The inte-
rior design of the space also incor-
porates the character of each neigh-
bourhood that WeWork is in.
For instance, the WeWork at 71 Rob-
inson Road has a “British and Perana-
kan feel”, with hardwood flooring and
artwork by in-house WeWork artists.
On Beach Road, given its location in
the vicinity of conservation shophous-
es, the colours are more vibrant, with
concrete flooring and arches reminis-
cent of the shophouses.
Most WeWork spaces already have
a mother’s nursing room, shower fa-
cilities and recreational areas. There
are also cosy meeting rooms for those
who want privacy. Besides coffee and
fast Internet speed, WeWork now of-
fers its own craft beer on tap. “Un-
derpinning that is our community,
which is something we focus a lot
on,” says Fuad.
Mobile workingThe mobile workforce is also a grow-
ing trend. A survey by International
Workplace Group published at end-
May found that, in Singapore, 63%
of employees work somewhere other
than in the office at least one day a
week. About 47% work remotely for
at least half the week, while 10% work
outside their company’s main office
location five times a week. “People
from Seattle to Singapore, London
to Lagos no longer need to spend
so much time in a particular office,”
says Mark Dixon, founder and CEO
of IWG. “This is a huge shift in the
workspace landscape globally, and
businesses are now looking closely
at what this means for their corpo-
rate real estate portfolios.”
According to The Instant Group,
businesses can save up to 73% by
choosing flexible office space over
conventional leased space in the
world’s major cities. They are also
able to set up in prime locations that
may otherwise be inaccessible. With
larger companies seeing the benefits,
demand continues to grow. The pro-
portion of office space occupied by
flexible workspace in Singapore is
projected to increase steadily as more
operators try to meet this demand.
Fuad: It’s more than just office space. It’s about changing the way people work, live and play.
A room for me-time at WeWork
The new WeWork 71 Robinson is the company’s second and biggest space in Singapore so far, with 1,400 desk spaces
The communal space at WeWork 71 Robinson E
PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
CO-WORKINGEP4 • EDGEPROP | JUNE 18, 2018
| BY TIMOTHY TAY |
Grace Sai, CEO and co-founder of co-work-
ing niche operator Found, believes the
mainstream co-working space is “get-
ting too crowded”. She adds, “We’re
not interested in competing there.”
Found currently operates in two locations
in Singapore — an 8,000 sq ft space on Prin-
sep Street, and another 10,700 sq ft space
on the upper level of the row of shophous-
es at Cuppage Terrace. According to Sai, the
two spaces have an average occupancy rate
of about 80%.
A third space on Amoy Street will open in
September. It will be the operator’s first CBD
location. “Many of our members, as well as
others on our waiting list, have given us feed-
back that they are looking to settle in a CBD
location,” says Sai. The new space will also
be the operator’s flagship space, as it will be
its largest in Singapore, spanning four shop-
houses and occupying a total area of 23,000 sq
ft. It is expected to open with “a very healthy
occupancy rate”, she says.
Sai believes about half of the space at Amoy
Street will be taken up by “corporate inno-
vators” and the other half by start-ups. She
expects the member base to include several
blockchain and fintech enterprises. The new
space will include dedicated studios for idea-
tion and innovation, and an event area with
a capacity of 250 people.
Sai has ambitious plans for the company she
co-founded six years ago. Although Found’s
market share in Singapore is currently in the
single-digit, she hopes to grow it to 10% with-
in the next three years.
Cutting loose and FoundFound was established as the first Asian Impact
Hub six years ago. Impact Hub is the parent
body for a global network of hubs that foster
entrepreneurship, idea incubation and busi-
ness development. It also offers co-working
spaces for its members.
As the Asian pioneers of Impact Hub, Sai
and her team had the responsibility of grow-
ing Impact Hub’s Asian network. She says she
played a major role in selecting many of the
subsequent Asian Impact Hubs.
Last month, however, Sai and her compa-
ny officially parted ways with Impact Hub. She
says it was due to the “two companies having
different ambitions and expansion plans for the
region”. According to Sai, Impact Hub only op-
erates in one location per country; hence, she
would not have been able to increase the num-
ber of locations in Singapore even if she want-
ed to under the previous set-up.
It took two years for Found to separate its
operations from Impact Hub. But it has certainly
moved on. The company announced that it had
renamed itself as Found in May. “The name re-
flects the company’s mission to redefine what
being a founder means,” she says. “Being a
founder doesn’t necessarily mean being the
founder of a highly scalable start-up. Instead,
I believe that everyone can take personal own-
ership and influence a cause or problem they
feel needs to be solved.”
To create awareness in the upcoming Amoy
Street location, Found is working with URA to or-
ganise “Innovation Meets Heritage Festivals” and
set up “Car-Free Lunchtime events” with the hope
of pedestrianising the street during lunchtime.
Found plans to open spaces in Malaysia
and Indonesia by the end of this year and ex-
pand into Thailand and Vietnam by end-2019.
Sai’s target is to have about five to six loca-
tions across Southeast Asia by 2020.
New partnersLast July, Found became Google’s first tech-hub
partner in Southeast Asia, for the “Google for En-
trepreneurs” programme. Found members can
now benefit from Google for Entrepreneurs’ glob-
al network and resources, which span co-work-
ing and community spaces across 135 coun-
tries, says Sai.
Found members also receive mentorship from
technology industry veterans and professionals.
“About 80% of our members are in technology-re-
lated industries such as AI [artificial intelligence],
machine learning and data analytics,” she says.
Found currently has 550 members work-
ing at its physical spaces and another 150 vir-
tual members. They have access to network-
ing events hosted by Found, and can also rent
Co-working operator Found carves out a niche
Sai: We hope to take up about 10% of the [co-working] market share in Singapore in three years
The new space on Amoy Street will be Found’s flagship space in Singapore, occupying 23,000 sq ft across four shophouses
The 10,700 sq ft space on Cuppage Road currently houses about 300 members E
About 250 members work out of Found’s 8,000 sq ft space on Prinsep Street
work space at member rates. Current members
include KK Fund, Gorillaspace, Soho and Our
Better World. Past members are Mashable Asia,
Twilio, Braintree, Survey Monkey, Tech in Asia
and Golden Gate Ventures.
Some of these past members still partici-
pate in various events hosted by Found, as well
as contribute to a venture fund started by it.
These are considered “alumni members” and
number about 2,500, Sai estimates.
CompetitionAn emerging trend in co-working is the increas-
ing use of flexible workspaces by corporations,
either in their own building or in moving small
teams into such spaces, says Sai. She predicts
that 30% of the office workspace in Singapore
will evolve into flexible workspaces by 2030,
up from about 4% today.
In her view, larger operators such as WeWork
and JustCo have adopted a strategy of “space-grab-
bing” and often compete on price alone. “We
do not intend to participate in a price war with
them,” she says. “We will not have promotions
like three-month free rent/half price rent.”
Sai says there are more companies looking
to save cost on office space and are using flex-
ible workspaces as an alternative. She believes
the firm is able to capitalise on that niche and
establish itself as a market leader.
A hotdesk subscription at Found starts from
$350 a month per person, but with the addition
of a dedicated account manager and custom-
ised business solution programme, hotdesking
starts from $500 per person. Corporate mem-
bers, who opt for a dedicated account manager
and customised business solution programme,
pay $3,000 a month onwards.
DifferentiationFound differentiates itself by offering dedicat-
ed services that link corporations to the right
start-ups in the network that will help them
achieve their strategic aims. “Instead of the
usual front-desk or community managers, we
have account managers who look after the
growth of our members, as well as their cor-
porate innovation goals,” explains Sai.
These managers understand member com-
panies’ hiring needs, capital and fundrais-
ing goals, and eventually work with them to
chart their growth end-points for up to a year.
“This kind of collaboration between corpora-
tions, start-ups and co-working operators will
be the type of service co-working will evolve
into,” says Sai. Found has also formed a ven-
ture fund with its members to invest in select
early-stage tech companies in their community.
Found aims to serve a select number of
corporations looking for space to drive their
corporate innovation agenda. One successful
corporate partner is NTUC Social Enterprises,
which received help from Found to develop
new business models and create the frame-
works for digital products and services for its
organisation. Many of the innovations devel-
oped have been successfully executed.
So far, Found’s backers are predominantly fam-
ily-run offices. The latest backer is Nancy Pang-
estu, who owns the four shophouses on Amoy
street. She is also the daughter of Prajogo Pang-
estu, an Indonesian timber and rubber tycoon.
She has offered Found the master lease of the
four shophouses for five years, with an option
to extend the lease for a further five years at the
end of the term. She has also invested in fitting
out the space. In return, Pangestu will have a
profit-sharing arrangement with Found.
SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
PICTURES: FOUND
EDGEPROP | JUNE 18, 2018 • EP5
COVER STORY
EP6 • EDGEPROP | JUNE 18, 2018
Park House breaksen bloc price ceiling| BY CECILIA CHOW |
Two blocks from St Regis Singa-
pore, where North Korean
leader Kim Jong-un stayed
for the historic summit with
US President Donald Trump, a
milestone of a different sort was set.
It was the collective sale of Park
House, a 15-storey building locat-
ed at the corner of Tomlinson Road
and Orchard Boulevard. The tender
for the building closed on May 31,
and the deal was sealed at 12.30am
on June 1. The purchase price was
$375.5 million, a 21.9% premium
to the guide price of $308 million
when the site was launched for sale
on April 23.
The buyer of Park House is said to
be Hong Kong-listed Shun Tak Hold-
ings, the company founded by Ma-
cau gaming tycoon Stanley Ho. It has
a market capitalisation of HK$10.88
billion ($1.85 billion). Now 95, Ho
stepped down as chairman of the firm
in June 2017, and was succeeded by
his daughter, Pansy Ho.
Shun Tak’s purchase price of
$375.5 million translates into a re-
cord breaking $2,910 psf per plot ra-
tio (ppr) for a collective sale. Jere-
my Lake, CBRE managing director
of capital markets, who brokered the
sale of Park House, also brokered
the last record-breaker — the for-
mer Hampton Court for $155 million
($2,526 psf ppr) in January 2013.
The buyer was Hong Kong-listed,
British conglomerate Swire Group’s
Swire Properties.
Roll of the dicePark House marks Shun Tak’s first
purchase of a residential property
development site in Singapore but
its third property investment in the
city state. So far, Shun Tak’s prefer-
ence has been in the prime Orchard
Road neighbourhood.
The first acquisition was in August
2016, when Shun Tak purchased the
bungalow at 9 Cuscaden Road for $145
million, or $2,145 psf ppr. The deal
was brokered by JLL. The bungalow
at 9 Cuscaden Road is behind Tanglin
Shopping Centre, which is adjacent
to St Regis Singapore, and near oth-
er luxury hotels such as The Regent
Singapore and Four Seasons Hotel.
In its FY2017 annual report, Shun
Tak says it plans to redevelop the
prime, freehold site into a five-star
hotel property with at least 140 keys.
The existing bungalow will be demo-
lished, and construction works are
expected to begin in 2H2018, with
completion scheduled for 2021.
In March last year, Shun Tak ac-
quired a 70% stake in TripleOne Som-
erset for $350 million from a con-
sortium led by Perennial Real Estate
Holdings. This marked Shun Tak’s
first significant commercial property
investment in Singapore.
TripleOne Somerset is also locat-
ed in the prime Orchard Road neigh-
bourhood. The commercial property,
which has a gross floor area (GFA) of
766,550 sq ft, is undergoing a $120
million asset enhancement work.
When completed, it will have a total
net area of 572,000 sq ft of offices,
medical suites and retail units. Ren-
ovation of the medical suites is ex-
pected to be completed by 2Q2018,
and the retail portion, by 3Q2018.
‘A bold number’CBRE’s Lake expects Park House to
be redeveloped into a luxury con-
dominium with 86 units, assuming
an average size of 1,500 sq ft each.
Based on the purchase price, the
breakeven price is expected to be
around $3,500 psf. “I guess it is a
bold number,” Lake says. “But it
will be fine.”
For comparison, Lake points to
the luxury 3 Orchard By-the-Park
by Malaysian developer YTL Group.
The development is separated from
Park House by a government land
site that also fetched a record price
last month. The 77-unit 3 Orchard
By-the-Park contains three 25-storey
towers designed by Italian architect
Antonio Citterio, famous for his de-
sign of the Bulgari Hotels & Resorts.
Located at the corner of Orchard
Boulevard and Orchard Spring Lane, 3
Orchard By-the-Park will be previewed
at the end of this month. Indicative
prices are “around $4,000 psf”, ac-
cording to appointed marketing agent
Dominic Lee, PropNex head of luxu-
ry team. Only one tower at 3 Orchard
By-the-Park will be released for pri-
vate preview. The tower contains 14
two-bedroom apartments of between
1,066 and 1,163 sq ft; and 15 four-bed-
room apartments of 2,250 sq ft.
Incidentally, 3 Orchard By-the-Park
is also a redevelopment of an en bloc
site — the former Westwood Apart-
ments — which YTL Group purchased
in November 2007 for $435 million. This
reflects a land rate of $2,525 psf ppr.
Meanwhile, a 7,836 sq ft penthouse
at New Futura hit a new record when
it was sold at $4,360 psf, or $36.28
million, in May. Recent units sold at
the 124-unit luxury condo on Leonie
Hill Road have surpassed $3,500 psf.
‘Bragging rights’With YTL Group’s selling prices
around $4,000 psf and New Futu-
ra’s prices above $3,500 psf, CBRE’s
Lake reckons that the expected sell-
ing price for the new development
at Park House “doesn’t seem be-
yond belief”.
Interest in the Park House site had
been intense when it was launched
for sale. “We were inundated by en-
quiries and we had 20 site inspec-
tions,” says Lake.
The appeal of Park House is its
location, at the corner of Orchard
Boulevard and Tomlinson Road,
“which is very visible and has brag-
ging rights”, notes Lake. Park House
occupies a freehold site in prime Dis-
trict 9 and is within walking distance
of the upcoming Orchard Boulevard
MRT station.
Next door, the greenfield govern-
ment land site was sold to a joint ven-
ture between Simon Cheong of SC
Global Developments and two Hong
Kong-listed groups — New World De-
velopment Corp and Far East Consor-
tium International. The joint-venture
partners bid $410 million, or $2,377
psf ppr, for the 61,597 sq ft, 99-year
leasehold site on Cuscaden Road.
According to the JV partners in
a release on May 17, the Cuscaden
Road site is “exceptional in Singa-
pore’s luxury residential market”.
Hong Kong groups on the hunt“We’re seeing a number of groups
originating from Hong Kong looking at
residential development sites,” notes
At $2,910 psf ppr, this latest collective sale price for the prime Orchard Road site is the highest so far
Lake: We were inundated by enquiries and had 20 site inspections
Park House was sold on June 1 for $375.5 million, or $2,910 psf ppr, in a deal brokered by CBRE
CBRE
COVER STORY
EDGEPROP | JUNE 18, 2018 • EP7
En bloc deals so far in 2018^
PROPERTY CONSULTANTS, MARKETING AGENTS
CBRE’s Lake. “Their focus has been
on the traditional prime districts of
9 and 10.” Besides Shun Tak, there
is New World Development and Far
East Consortium. The Cuscaden Road
site marks the duo’s second collab-
oration in Singapore. The first was
Artra, a 400-unit residential develop-
ment sitting on a commercial podi-
um, linked to the Redhill MRT sta-
tion on Alexandra View. Artra was
launched in April last year.
Far East Consortium has also been
ramping up its investments in the prime
districts of Singapore. Last week, the
group announced that it had purchased
Royal Oak Residence at 21 Anderson
Road for $93 million. The 34-unit free-
hold property has a GFA of 87,000 sq ft.
In March this year, Far East Con-
sortium purchased Hollandia en bloc
for $183.4 million ($1,703 psf ppr).
This was followed by the purchase
of The Estoril next door for $223.94
million ($1,654 psf ppr). At end-April,
Far East Consortium announced it had
tied up with Singapore-listed construc-
tion group-cum-developer Koh Broth-
ers Group in an 80:20 JV to redevelop
the two sites on Holland Road. The
intention was to amalgamate the sites
and build one single residential de-
velopment of 242,190 sq ft.
A unit of Li Ka-shing’s CK Hutch-
ison Holdings purchased City Tow-
ers on Bukit Timah Road en bloc
for $401.9 million ($1,847 psf ppr)
in February. It will be the ninth res-
idential development by CK Hutch-
ison (previously Cheung Kong Prop-
erty) in Singapore.
Lake reckons Hong Kong groups
are redirecting their attention to the
Singapore property market as Hong
Kong property prices remain at an
all-time high. “It’s a combination of
reasons: Some groups are looking
at diversification; others are happy
to roll the dice again and come into
Singapore to buy, especially since the
residential market has been relative-
ly subdued over the last four to five
years, but sentiment has turned posi-
tive over the past year,” he observes.
“The luxury segment has turned
around over the last six month, and
the expectation is that residential
prices in Singapore are going to rise.”
Prime sites on the radarEven though there are more groups
from Hong Kong sniffing at prime
sites in Singapore, whether they will
commit to a purchase remains to be
seen, says Lake.
To be sure, sites in the prime dis-
tricts have seen more activity. So far,
CBRE has brokered about $2 billion
in en bloc deals this year, primarily
in the prime districts, including the
biggest deal this year, Pacific Man-
sion, at $980 million ($1,806 psf ppr)
in March. The site was purchased by
a JV between Singapore-listed Guoco-
Land and subsidiaries of the private-
ly held Hong Leong Holdings — In-
trepid Investments and Hong Realty.
Up for sale in prime District 9 is
the freehold Elizabeth Towers, with a
reserve price of $610 million ($2,416
psf ppr). It is marketed by Knight
Frank. Also on the market is Leonie
Gardens, a 99-year leasehold con-
dominium on Leonie Hill with a re-
serve price of $800 million ($2,104
psf ppr). Leonie Gardens is marketed
by Huttons Asia. Launched for sale
last month was Cairnhill Astoria in
prime District 9, with a reserve price
of $196 million ($1,964 psf). Accord-
ing to marketing agent Colliers Inter-
national, Cairnhill Astoria’s price of
$1,964 psf ppr is inclusive of a de-
velopment charge of $16.34 million.
Other developments in prime Dis-
tricts 9 and 10 where owners are at-
tempting a collective sale include
High Point at Mount Elizabeth; 8
Orange Grove, located at the corner
of Anderson Road and Orange Grove
Road; and 27 Balmoral Park. These
projects have appointed CBRE as the
marketing agent and are in the pro-
cess of gathering interest from 80%
of the owners. “We’re in the melting
pot,” says CBRE’s Lake.
Orchard Bel-Air on Orchard Boule-
vard is also attempting a collective
sale, with Savills Singapore as its
marketing agent.
“We expect to see more prime col-
lective sale sites entering the market,
and these should appeal to develop-
ers who see value in the prime and
luxury residential segments as pric-
es in Singapore are still substantial-
ly cheaper than other cities, such as
Hong Kong,” says Lee Liat Yeang,
senior partner in Dentons Rodyk’s
real estate practice.
$1 bil en bloc sale within reachWith $9.4 billion worth of collective
sale deals done in the first half of
2018, Lake believes the figure could
exceed the $11.5 billion achieved in
2007, which was the peak of the last
en bloc sale boom. “We could be look-
ing at $15 billion this year,” he says.
While sites such as Park House,
which are priced in the $300 mil-
lion-to-$400 million range, remain
“very palatable” to developers, sites
priced in the $600 million-to-$800 mil-
lion range tend to meet with some
hesitation, adds Lake. It is possible
for sites to cross the $1 billion mark,
but they will take a little longer to
secure buyers, as they required “two
to three developers to come together
to form a consortium”, adds Lake.
There will be sites, however, that
“will struggle” to secure 80% con-
sensus for a collective sale or to
achieve their reserve price. “There’s
an awareness that there are quite a
lot of sites entering the market,” says
Lake. “Good sites will still get mul-
tiple bids and, for various reasons,
some may get no bids.”
The Cuscaden Road GLS site (above
and right) was sold to a joint venture
between SC Global and two Hong Kong groups for a record
$2,377 psf ppr
YTL Group’s 3 Orchard By-the-Park on Orchard Boulevard is expected to hold private previews later this month, with indicative prices of about $4,000 psf
E
PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
NO PROPERTY LOCATION TENURE BUYER(S) NO OF LAND AREA PLOT GFA PRICE PRICE PSF PURCHASE MARKETING UNITS (SQ FT) RATIO (SQ FT) ($ MIL) PPR ($) DATE (2018) AGENT
1 Park West Condo Jalan Lempeng, off Clementi Avenue 6 99-year SingHaiyi Group and related parties 436 633,967 2.10 1,331,331 840.89 850 January Huttons
2 Kismis View and Lorong Kismis, off Toh Tuck Terrace 99-year Roxy-Pacifi c Holdings and Tong Eng 19 Lorong Kismis Group family vehicle 44 100,366 1.40 154,519 108.45 847 January JLL
3 Th e Wilshire Farrer Road Freehold Roxy-Pacifi c Holdings and Tong Eng Group family vehicle 20 39,130 1.60 64,310 98.80 1,536 January Savills
4 City Towers Bukit Timah Road Freehold Unit of CK Hutchison Holdings 79 104,531 2.10 219,516 401.90 1,847 February Colliers
5 Pearl Bank Apartments Pearl Bank, off Outram Park 99-year CapitaLand 288 82,376 7.45 613,530 728.00 1,515 February Colliers
6 Riviera Point Kim Yam Road Freehold Macly Group 33 14,579 3.38 49,265 72.00 1,461 February CBRE
7 Cairnhill Mansions Cairnhill Road Freehold Low Keng Huat 61 43,103 3.63 156,581 362.00 2,311 February CBRE
8 Brookvale Park Sunset Way, off Clementi Road 999-year Hoi Hup Realty and Sunway Developments 160 373,008 1.60 656,494 530.00 932 February JLL
9 Hollandia Holland Road Freehold Far East Consortium International and Koh Brothers Group 48 53,505 1.60 107,688 183.40 1,703 March Savills
10 Lotus at Jervois Jervois Road Freehold Fragrance Group 20 19,741 1.40 27,637 46.30 1,683 March CBRE
11 Toho Mansion Holland Road Freehold Koh Brothers Group 32 47,660 1.40 74,496 120.40 1,805 March ET&Co
12 Eunos Mansion Jalan Eunos, off Bedok
Reservoir Road Freehold Fragrance Group 107 111,735 1.60 178,776 220.00 1,118 March CushWake
13 Goodluck Garden Toh Tuck Road Freehold Qingjian Realty 208 360,130 1.40 504,182 610.00 1,110 March Knight Frank
14 Katong Park Towers Arthur Road, off Mountbatten Road 99-year Bukit Sembawang Estates 117 140,758 2.10 295,592 345.00 1,280 March CushWake
15 Pacifi c Mansion River Valley Close Freehold GuocoLand and Hong Leong Holdings 290 128,352 3.84 542,544 980.00 1,806 March CBRE
16 Makeway View Makeway Avenue, off Kampong Java Road Freehold Bukit Sembawang Estates 32 41,582 2.80 116,430 168.00 1,626 March ET&Co
17 Fairhaven Sophia Road Freehold Lafe Corp 15 16,660 2.10 34,986 57.00 1,629 March JLL
18 Ampas Apartment Jalan Ampas, off Balestier Road Freehold Oxley Holdings 43 90,863 1.40 139,929 95.00 1,073 March Huttons
19 Cairnhill Heights Cairnhill Rise Freehold Tiong Seng Holdings and Ocean Sky 20 15,408 2.80 47,455 72.59 1,530 April ERA
20 Th e Estoril Holland Road Freehold Far East Consortium International and Koh Brothers Group 44 84,600 1.60 148,896 223.94 1,654 April CBRE
21 Tulip Garden Farrer Road Freehold MCL Land and Yanlord Land Group 162 316,708 1.60 557,406 906.89 1,790 April Colliers
22 Olina Lodge Holland Hill Freehold Kheng Leong 67 84,289 1.60 148,348 230.90 1,712 April SRI
23 Dunearn Gardens Dunearn Road Freehold EL Development 114 95,442 3.08 267,239 468.00 1,841 April Knight Frank
24 Villa D’Este Dalvey Road Freehold KOP Ltd 12 55,000 1.40 49,072 93.00 1,898 May CBRE
25 Peak Court Th omson Road Freehold Tuan Sing Holdings and Rich Capital 20 57,378 1.40 80,329 118.88 1,558 May ET&Co
26 Chancery Court* Dunearn Road 99-year Far East Organization 144 259,134 1.40 362,788 401.78 1,610 May OrangeTee
27 Chinatown Plaza** Craig Road Freehold Affi liate of Royal Golden Eagle 71 33,953 4.00 135,742 260.00 1,915 May ET&Co
28 Landmark Tower Chin Swee Road 99-year ZACD Holdings and Sin Soon Lee Realty 139 60,821 4.00 244,136 286.00 1,406 May JLL
29 Park House*** Orchard Boulevard Freehold Shun Tak Holdings 60 46,084 2.80 129,035 375.50 2,910 June CBRE
Total 9,404.61
*136 residential units and eight strata commercial units **Mixed-use development with 38 apartments and 33 strata shops ***Mixed-use development with 56 apartments and four shops ^Updated as at June 12, 2018
PROPERTY TAKE
EP8 • EDGEPROP | JUNE 18, 2018
Why Lendlease decided to jointhe fight against climate change
| BY SIMON WILD |
More than 14 years ago, Aus-
tralian property and in-
frastructure group Lend-
lease made the decision
to “go green”. Today, sus-
tainability is our core guiding prin-
ciple. What are some of the things
we can share with aspiring compa-
nies in Singapore?
According to a United Nations En-
vironment Programme study, build-
ings and construction together ac-
count for 36% of global energy use
and 39% of energy-related carbon
dioxide (CO2) emissions. In Singa-
pore, the Building and Construction
Authority (BCA) estimates that the
building sector consumes up to 38%
of the nation’s electricity.
To ensure that Singapore remains
a vibrant and liveable city for current
and future generations, the govern-
ment has designated 2018 as the year
of climate action. To achieve its long-
term goals, Singapore is pursuing four
strategies: improving energy efficien-
cy; reducing carbon emissions from
power generation; developing and
demonstrating cutting-edge low-car-
bon technologies; and emphasising
the collective action of government
agencies, individuals, businesses and
the community.
The multiple benefits of such ac-
tivities are well documented. Less so
are the opportunities and the simple
question of “where do we start?”
Road to sustainabilityWhile there has been great support
to embrace Green Mark certification
to drive sustainability in new and ex-
isting buildings, it takes more than
execution to walk the talk. Very of-
ten, it extends to the very ethos of
the company and this is where some
companies can find opportunities to
drive change.
1. A case of push and pull: Defin-
ing sustainability
As a property and infrastructure
group, our vision is to create a sense
of place, pride and purpose — for
people from all walks of life. As our
founder, Dick Dussledorp, said in
1973, “There are two things in life.
You can be out for the maximum
amount of profit you can possibly
squeeze from your effort, or you can
aim at a reasonable profit and have
a feeling that you leave something
behind.” It has always been his view
that the company should make a gen-
uine and meaningful contribution to
the community. This consciousness
was pervasive in the company right
from the start.
So, when a 1992 report on water
shortages, congested transport and
increasing energy demands chal-
lenged building practices in Australia,
we took a hard look at how we ran
the business and made a pledge to
change the way we operate.
Without any framework to refer
to, we started small with an interim
initiative called the environmental-
ly sustainable development process
(ESD). It would require us to kick
start any project with a consulta-
tive approach with all stakeholders
— owners, the community, author-
ities, subject matter experts — that
had local and national interests. This
then led to formulating a manage-
ment strategy, performance criteria
and tracking method to ensure de-
livery against the targets.
It was when things came to a
head in the early 2000s that we had
to take a harder look in the mirror.
With an economic crisis, we went
through a down cycle, which affect-
ed our stock performance and em-
ployee confidence. We were also
having trouble attracting talent and
our taking-on of the relocation and
rebuilding of the old Bond Building
in 2002 in one of the most contam-
inated sites in Sydney was causing
alarm on all fronts.
Spurred by economics, business
and changing demographics, we
bravely took this time to rethink a
corporate strategy to revitalise Lend-
lease and re-establish our reputation
as the leading property group in the
industry. Equally important was our
need to rebuild employee and share-
holder confidence for the future of
the company.
The Bond project was an exper-
iment in which we tested our new
sustainability philosophy push by
focusing on lowering greenhouse
gas emissions. During this time, we
were also aware of the “sick building
syndrome” driving occupant health
problems and, through workspace
design, we aimed to improve indoor
environment quality. We also made
a commitment to engage the com-
munity during the development and
construction phases.
achieve in the long term.
So, defining what sustainability
means to your company will help
to focus efforts that are aligned with
your business strategy to establish ef-
fective and clear communication on
sustainability with your stakeholders.
2. Taking a bottom-up approach
A sustainability framework, which
pilots the company towards achiev-
ing its environmental objectives and
metrics for success, also needs to
create operational impact. Funnel-
ling down to the specifics of how
the framework will be delivered on
a day-to-day basis drives organisa-
tional performance and success in
this crucial area.
In our case, we focused on being
operationally efficient, which meant
that we had to be mindful of our us-
age of a) energy and b) water and c)
how we tackled waste.
Aligning what we were doing on
the ground to the overall strategy
meant constant reviews, tracking
of performance and adjustment of
plans. This requires concerted efforts
across different business units with-
in the organisation to see it through:
from people on the ground to middle
management who report and evalu-
ate to long-term commitment from
senior management.
3. Driving innovation through sus-
tainability
By taking the long-term view, we
found that over time our adoption of
sustainability practices — rather than
being restrictive — encouraged us to
pursue new and complementary ar-
eas of improvement. As we were al-
ways looking at ways to improve and
reduce, we explored a wide range of
technological innovations.
For example, at Paya Lebar Quar-
ter, we implemented high-efficiency
water fittings, along with monitoring
and leak detection systems, a move
that is expected to save more than
40% of water (and costs) annually.
We also anticipate energy savings
of more than 30% from a variety of
design solutions, such as high-per-
formance façades and the use of
light-emitting diodes (LEDs).
At 313@Somerset, we have also
installed solar panels on the roof to
harness the sun’s energy and con-
vert it into electricity, which enables
energy generation within the centre
and lowers energy use.
Across our retail assets, we have
installed food waste digesters to help
manage food waste by converting
it into non-potable water, helping
us reduce disposal costs. Moreover,
data collected will help better man-
age food waste in our malls.
Meanwhile, at the construction site,
we implemented Design for Manufac-
turing and Assembly (DfMA) tech-
nologies, which resulted in greater
labour efficiency, and a reduction
in on-site noise, air pollution and
waste, as many construction works
are done off-site.
4. Being tenacious
It has been a roller-coaster journey
at times, but the outcomes have
been immensely rewarding. We are
proud to say that, in FY2017, 98%
of our development pipeline has ei-
ther achieved or is targeting green
certification globally. In addition,
we are pleased to report meaning-
ful progress against our 2020 reduc-
tion targets of 20% for energy, water
and waste.
Everyone plays a partDrawing from our experience, we be-
lieve companies have a huge untapped
potential to steer public discourse and
change mindsets by pledging climate
action at their own places of work.
Having a vision, commitment from
senior management, empowered peo-
ple on the ground and alignment of
processes, as well as aspiring to best
practices and standards are critical
to companywide engagement. By
constantly engaging colleagues and
employees on ways to fight climate
change together internally and exter-
nally, the workplace can be a pivot-
al piece of the puzzle in fighting cli-
mate change in Singapore.
Looking back, we are proud at
how far we have come at realising
our founder’s desire to make a posi-
tive impact on society. It has given us
enormous satisfaction while building
a strong corporate identity. We hope
our story inspires Singapore compa-
nies to do the same. As they say, the
journey of a thousand miles begins
with the first step.
Simon Wild is head of sustainabilityfor Asia at Lendlease and is based in Singapore
The Bond project was a huge suc-
cess and gave our fledgling sustaina-
bility practices the validation it they
needed and a boost to our reputation. It
was the first office building in Austral-
ia to receive the five-star greenhouse
rating under the Australian Building
Greenhouse Rating scheme and has
one of the lowest running and main-
tenance costs of any building of its
size, signalling long-term costs sav-
ings. This reinforced our reputation
as a builder of efficient and resilient
buildings that maintain their value
over the longer term.
In 2004, we signed a sustainabil-
ity covenant with Environment Pro-
tection Authority Victoria to work
together to protect and contribute
to a more sustainable environment.
The aim of this declaration was to
ensure that Lendlease was empow-
ered to develop a strategic approach
to sustainability issues. In hindsight,
it was a precursor to the Sustainabili-
ty Framework we introduced in 2014.
Today, our Sustainability Frame-
work is a more refined and detailed
pledge that responds to the macro
trends affecting our world and de-
fines what sustainability means to
our business and what we want to
E
Lendlease’s mall on prime Orchard Road — 313@Somerset
LENDLEASE
EDGEPROP | JUNE 18, 2018 • EP9
SPOTLIGHT
EP10 • EDGEPROP | JUNE 18, 2018
Oakwood Premier offers luxury home away from home | BY BONG XIN YING |
Oakwood Premier OUE Singa-
pore opened on June 15
last year, and one year after
its opening, the occupan-
cy rate is now about 82%.
“We almost tripled our occupan-
cy in the first three months, and are
consistently increasing our occupan-
cy by 10% to 15% for most of the
months,” says Roy Liang, general
manager at Oakwood Premier OUE
Singapore.
Changing trend in demandHaving signed a management agree-
ment with OUE, Oakwood Asia Pacific
unveiled its Oakwood Premier-branded
serviced apartment with the launch
of Oakwood Premier OUE Singapore
at OUE Downtown.
The property houses 268 mid-
and high-level residences, with most
of the units comprising studios and
one-bedroom apartments, from 301
to 344 sq ft and from 323 to 624 sq ft
respectively. The remaining 47 units
are two-bedroom residences measur-
ing 753 to 1,055 sq ft. Liang notes that
they cater for “a small group of clients
who still bring their families over for
a travel period of about six months”.
The accommodation trend for ser-
viced apartments has shifted over
the years. Liang points out that, in
the 1990s, serviced apartments were
built like condominiums, with a range
of two- to four-bedrooms. As corpo-
rate travel and relocation was not the
norm then, people would go on busi-
ness trips with family members and
continue your training schedule in
whichever city you go to, which
saves C-suite executives the hassle of
finding a suitable gym,” says Liang.
Oakwood Premier OUE Singapore
is meticulous in catering for the needs
of its guests. An in-room tablet pro-
vides one-touch convenience. The
music broadcasted on the property is
specially curated, with upbeat music
played at the gym and evening jazz at
night. “The music is not like a broken
record that repeats itself,” says Liang.
Apart from the infinity pool, fit-
ness centre and lobby bar, another
highlight at Oakwood Premier OUE
Singapore is its in-house restaurant,
Se7enth. An in-house restaurant is an
uncommon sight in a serviced apart-
ment, for most will outsource their
meals to outside restaurants.
In addition, the chefs and waiters
at Oakwood Premier OUE Singapore
are recruited from five-star hotels
— the executive chef was scouted
from Mandarin Oriental Singapore
and the sous chef from The Wes-
tin Singapore. “I can safely say we
have the best breakfast in the con-
text of serviced apartments, as the
variety and quality are right at the
sweet spot, with each item very well
done,” says Liang.
Brand consistency and expansion plansThere is a total of eight Oakwood
Premier serviced apartments global-
ly, including in Guangzhou, Tokyo,
Jakarta and Seoul. In terms of their
business strategy and clientele, Liang
asserts that consistency is maintained
throughout the apartments. “Guests
who used to stay in our Korea and Ja-
pan Oakwood Premier, are also stay-
ing in the Singapore branch, as they
identify it with their own experience
back home,” says Liang.
He notes that Oakwood Premier
OUE Singapore has set a new bench-
mark for Oakwood Premier’s future
expansion, being the latest apartment
for the brand and, furthermore, with
the regional headquarters based in
Singapore.
He says: “We are highly confident
that Oakwood Premier OUE Singa-
pore will do well for a long period of
time. We are at a good position now,
and we just need to make sure we
keep up with the service techniques,
as the ‘software’ is something that
can be easily changed, but not eas-
ily maintained.”
Liang sees Singapore as a “world-
wide example” of how the serviced
apartment industry has blossomed over
the last 10 to 15 years. In fact, the big-
gest serviced apartments operators in
the world are either from Singapore or
owned by local companies, he notes.
Liang expressed high hopes for
Oakwood Premier OUE Singapore.
Asked about the property’s pros-
pects in five years’ time, he says,
“We would still be a market leader,
with an occupancy rate that is con-
sistently near 100%.”
town 1 gives guests the advantage
of accessibility to the financial dis-
trict. Liang adds that it wants to be
the best when it comes to serviced
apartments, and set an example with
impeccable service that is the equiv-
alent of a five-star hotel’s.
Mindful of its guests’ needs, Oak-
wood Premier OUE Singapore advo-
cates an active lifestyle, and this is
evident in its partnership with World
Trainer, a global network of personal
trainers, and Aquaspin, which con-
ducts tri-weekly water aerobics and
aquabiking sessions at its pool.
“The personal trainer at World
Trainer will have your records and
E
PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
Liang: We are highly confident that Oakwood Premier OUE Singapore will do well for a long period of time
The infinity pool at Oakwood Premier OUE Singapore hints at a luxurious lifestyle
The two-bedroom units cater for small families
All units come with a fully equipped kitchen
presence of serviced apartments.
“Demand for serviced apartments
would be higher when they are lo-
cated in areas with heavy business
traffic,” he says. A firm believer in
the value that serviced apartments
provide, Liang says they are “anoth-
er option for real estate developers
to develop their assets into, rather
than just focusing on hotels alone”.
Five-star standardOakwood Premier OUE Singapore
is positioned to attract luxury cor-
porate travellers, with its clientele
being predominantly C-suite exec-
utives. Its location at OUE Down-
stay in a serviced apartment for as
long as two years, he says.
“Nowadays, people who stay in
serviced apartments are those who
come for short-term business trips
alone. They do not bring their fam-
ily with them, as there is no reason
to uproot their lives to another coun-
try,” observes Liang. In line with
that, most of the residences in ser-
viced apartments — Oakwood Pre-
mier OUE Singapore included — are
now one-bedroom or studio apart-
ments, he says.
Liang notes a strong correlation
between the city as a financial gate-
way and business capital, and the
GAINS AND LOSSES
EDGEPROP | JUNE 18, 2018 • EP11
Seller at Nassim Mansion makes $6.5 mil profit
E
Top 10 gains and losses from May 29 to June 5
URA, EDGEPROP
Most profi table deals (non-landed)
Note: Computed based on URA caveat data as at June 12 for private non-landed houses transacted between May 29 to June 5. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.
Non-profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)
1 Parc Olympia 17 1,324 June 5 755 Nov 14, 2012 884 170,450 15 2.8 5.6
2 Ascentia Sky 3 1,851 May 31 1,259 Nov 13, 2013 1,350 170,000 7 1.5 4.5
3 Th e Centris 22 1,421 May 30 816 Jan 31, 2011 911 135,000 10 1.5 7.3
4 Oasis Garden 19 947 May 31 1,235 Sept 5, 2013 1,277 40,000 3 0.7 4.7
5 Urban Vista 16 560 May 31 1,528 April 10, 2013 1,584 31,688 4 0.7 5.1
6 Ripple Bay 18 484 May 31 1,177 April 26, 2013 1,239 30,000 5 1.0 5.1
7 Centro Residences 20 926 June 4 1,445 Jan 25, 2012 1,452 5,760 0.4 0.1 6.4
PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)
1 Nassim Mansion 10 3,520 June 5 2,841 Nov 20, 2003 994 6,500,000 186 7 14.6
2 Th e Shelford 11 1,851 May 31 1,836 Nov 15, 2005 675 2,150,000 172 8 12.5
3 Th e Esta 15 1,345 June 4 1,806 April 24, 2006 676 1,520,000 167 8 12.1
4 UE Square 9 1,528 June 5 1,603 May 20, 2002 713 1,360,000 125 5 16.1
5 Th e Tessarina 10 1,324 June 1 1,699 May 12, 2003 789 1,214,000 117 5 15.1
6 Goldenhill Park Condominium 20 1,335 May 31 1,534 Sept 15, 2004 644 1,188,000 138 7 13.7
7 Savannah Condopark 18 2,680 May 31 828 Jan 28, 2005 399 1,150,000 107 6 13.3
8 Riveredge 15 1,518 June 4 1,374 March 26, 2007 700 1,022,100 96 6 11.2
9 Jervois Jade Apartments 10 2,056 June 4 1,070 March 15, 2007 610 945,840 75 5 11.2
10 Water Place 15 1,561 June 5 1,262 April 4, 2001 665 932,000 90 4 17.2
| BY TIMOTHY TAY |
The sale of a 3,520 sq ft, four-bed-
room unit at Nassim Mansion
on Nassim Hill Road was the
most profitable transaction for
the week of May 29 to June 5.
The unit, which is on the third floor,
was first bought at $3.5 million ($994
psf) in 2003 and sold for $10 million
($2,841 psf) on June 5. The seller
walked away with a profit of $6.5 mil-
lion (186%), which translates into an
annualised profit of 7% over a hold-
ing period of 14 years
This is the second most profitable
sale at the 72-unit Nassim Mansion.
The most profitable was of a 7,115
sq ft penthouse on the 10th floor that
changed hands for $16 million ($2,249
psf) in 2007 As it was bought for $5.2
million ($731 psf) in 2004, this meant
a $10.8 million profit (207%) for its
seller, or a 40% annualised profit over
a three year holding period.
Located in prime District 10, the
freehold Nassim Mansion was com-
pleted in 1977 Profits from the sale
of units in the residence ranged from
$50,000 to $10.8 million over the past
15 years, according to caveats lodged.
The second most profitable trans-
action during the week under review
was the sale of a 1,851 sq ft unit at The
Shelford, located on Shelford Road in
prime District 11. The three-bedroom
unit was sold on May 31 for $3.4 mil-
lion ($1,836 psf) As it had previous-
ly changed hands for $1.25 million
($675 psf) in 2005 the seller made a
$2.15 million (172%) profit or an an-
nualised profit of 8% over a 12 year
holding period. The Shelford has seen
profits ranging from $1,654 to $2.47
million from the sale of its units over
the past 15 years, according to cav-
eats. The most profitable transaction
was the sale of a 2,411 sq ft maison-
ette in 2007. It was first bought from
the developer for $1.68 million ($715
psf) in 2002, and changed hands for
$4.15 million ($1,721 psf), generat-
ing a $2.47 million (147%) profit,
or an 18% annualised profit over a
five year holding period. The Shel-
ford is a freehold development with
215 units. It was completed in 2005.
A 1,345 sq ft unit at The Esta on
Amber Gardens in District 15 changed
hands for $2.43 million ($1,806 psf) on
June 4, becoming the third most prof-
itable transaction for the week. The
three-bedroom unit on the fifth floor
was bought for $910,000 ($676 psf) in
2006. Thus the seller walked away with
a $1.52 million (167%) profit, which
translates into an 8% annualised profit
over a 12 year holding period.
This was also the third most prof-
itable transaction at the 400-unit con-
dominium. Profits from sales at the
freehold development ranged from
$20,000 to $2.14 million over 12 years.
The most profitable sale was in Au-
gust 2009 when a 3,186 sq ft pent-
house on the 21st floor, which was
first bought at $2.11 million ($662
psf) in 2006, fetched $4.25 million
($1,334 psf). It made a $2.14 mil-
lion (102%) profit, which translates
into an annualised profit of 22%
over a 3½-year holding period. The
same unit recently changed hands
in March this year for $4.78 million
($1,500 psf). The most recent sell-
er thus made a $530,000 profit after
holding the property for eight years
The seller of a four-bedroom unit at Nassim Mansion made a $6.5 million profit on June 5
A three-bedroom unit at The Esta was sold for a profit of $1.52 million on June 4
SAMUEL ISAAC CHUA/THE EDGE SINGAPORE
THE EDGE SINGAPORE
E
EP12 • EDGEPROP | JUNE 18, 2018
Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8
Orchard/Tanglin/Holland 9 and 10
Newton/Bukit Timah/Clementi 11 and 21
Balestier/MacPherson/Geylang 12 to 14
East Coast 15 and 16
Changi/Pasir Ris 17 and 18
Serangoon/Thomson 19 and 20
West 22 to 24
North 25 to 28
District 1 MARINA ONE RESIDENCES Apartment 99 years May 30, 2018 1,130 2,902,240 - 2,568 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years May 30, 2018 1,141 3,039,010 - 2,663 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years May 31, 2018 2,250 5,700,000 - 2,534 2017 New SaleRIVERWALK APARTMENTS Apartment 99 years May 31, 2018 818 1,260,000 - 1,540 1985 ResaleDistrict 2 ICON Apartment 99 years May 30, 2018 700 1,220,000 - 1,744 2007 ResaleSKYSUITES@ANSON Apartment 99 years May 31, 2018 366 970,000 - 2,650 2014 ResaleTHE ARRIS Apartment Freehold June 01, 2018 915 1,750,000 - 1,913 2002 ResaleWALLICH RESIDENCE Apartment 99 years May 30, 2018 646 2,120,000 - 3,283 2017 New SaleAT TANJONG PAGAR CENTRE WALLICH RESIDENCE Apartment 99 years May 31, 2018 1,744 6,520,350 - 3,739 2017 New SaleAT TANJONG PAGAR CENTRE District 3 ALESSANDREA Apartment Freehold May 31, 2018 1,098 1,440,000 - 1,312 2003 ResaleALEXIS Apartment Freehold May 31, 2018 517 880,000 - 1,703 2012 ResaleARTRA Apartment 99 years May 29, 2018 1,410 2,374,800 - 1,684 Uncompleted New SaleARTRA Apartment 99 years May 31, 2018 786 1,606,400 - 2,044 Uncompleted New SaleASCENTIA SKY Condominium 99 years May 30, 2018 1,819 2,730,000 - 1,501 2013 ResaleASCENTIA SKY Condominium 99 years May 30, 2018 1,012 1,500,000 - 1,482 2013 ResaleASCENTIA SKY Condominium 99 years May 31, 2018 1,851 2,330,000 - 1,259 2013 ResaleCOMMONWEALTH TOWERS Condominium 99 years June 01, 2018 441 870,000 - 1,971 2017 Sub SaleECHELON Condominium 99 years May 30, 2018 1,571 2,920,000 - 1,858 2016 ResaleMARGARET VILLE* Apartment 99 years June 01, 2018 700 1,268,000 - 1,812 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 02, 2018 463 899,200 - 1,943 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 02, 2018 463 967,500 - 2,090 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 30, 2018 850 1,659,000 - 1,951 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 01, 2018 2,002 3,325,000 - 1,661 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 01, 2018 861 1,643,000 - 1,908 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 02, 2018 1,001 1,893,000 - 1,891 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 03, 2018 1,055 1,941,000 - 1,840 Uncompleted New SaleTHE ANCHORAGE Condominium Freehold June 01, 2018 1,464 1,920,000 - 1,312 1997 Resale
THE ANCHORAGE Condominium Freehold June 04, 2018 1,507 2,197,206 - 1,458 1997 ResaleTHE CREST Condominium 99 years May 31, 2018 1,518 2,966,000 - 1,954 2017 ResaleTHE CREST Condominium 99 years June 01, 2018 1,335 2,884,000 - 2,161 2017 ResaleDistrict 4 THE INTERLACE Condominium 99 years May 30, 2018 2,056 2,550,000 - 1,240 2013 ResaleTHE INTERLACE Condominium 99 years June 05, 2018 1,195 1,700,000 - 1,423 2013 ResaleDistrict 5 BIJOU Apartment Freehold May 29, 2018 624 1,229,474 - 1,969 Uncompleted New SaleBIJOU Apartment Freehold May 30, 2018 549 1,025,787 - 1,869 Uncompleted New SaleBIJOU Apartment Freehold June 02, 2018 570 1,150,714 - 2,017 Uncompleted New SaleBLUE HORIZON Condominium 99 years June 04, 2018 1,475 1,400,000 - 949 2005 ResaleBOTANNIA Condominium 956 years May 31, 2018 1,313 1,560,000 - 1,188 2009 ResaleCARABELLE Condominium 956 years May 30, 2018 1,259 1,548,570 - 1,230 2009 ResaleFABER CREST Condominium 99 years May 31, 2018 1,582 1,350,000 - 853 2001 ResaleHUNDRED TREES Condominium 956 years May 30, 2018 484 750,000 - 1,548 2013 ResaleREGENT PARK Condominium 99 years May 30, 2018 1,227 1,220,000 - 994 1997 ResaleREGENT PARK Condominium 99 years May 30, 2018 1,130 1,170,000 - 1,035 1997 ResaleTHE CLEMENT CANOPY Apartment 99 years June 01, 2018 1,109 1,576,000 - 1,421 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years June 03, 2018 1,109 1,571,000 - 1,417 Uncompleted New SaleTHE INFINITI Condominium Freehold June 05, 2018 1,249 1,238,000 - 991 2008 ResaleTHE SORRENTO Condominium Freehold June 01, 2018 850 1,383,000 - 1,626 2015 ResaleTHE VERANDAH RESIDENCES Terrace Freehold May 29, 2018 2,174 3,485,000 - 1,603 Uncompleted New SaleTHE VERANDAH RESIDENCES Apartment Freehold May 31, 2018 484 921,000 - 1,901 Uncompleted New SaleTHE VERANDAH RESIDENCES Apartment Freehold June 01, 2018 1,033 1,853,000 - 1,793 Uncompleted New SaleTHE VERANDAH RESIDENCES Apartment Freehold June 01, 2018 904 1,679,000 - 1,857 Uncompleted New SaleTWIN VEW Apartment 99 years June 01, 2018 1,518 1,899,000 - 1,251 Uncompleted New SaleTWIN VEW Apartment 99 years June 01, 2018 1,141 1,413,000 - 1,238 Uncompleted New SaleTWIN VEW Apartment 99 years June 01, 2018 1,442 2,098,000 - 1,455 Uncompleted New SaleTWIN VEW Apartment 99 years June 01, 2018 570 814,000 - 1,427 Uncompleted New SaleDistrict 7 SOUTHBANK Apartment 99 years May 31, 2018 958 1,480,000 - 1,545 2010 ResaleDistrict 9 8 HULLET Apartment Freehold June 01, 2018 657 2,263,380 - 3,447 Uncompleted New Sale8 HULLET Apartment Freehold June 02, 2018 657 2,248,380 - 3,424 Uncompleted New SaleNOMU Apartment Freehold May 31, 2018 603 1,380,000 - 2,289 2009 ResaleROBERTSON EDGE Apartment 999 years June 04, 2018 495 925,500 - 1,869 2008 ResaleTHE PATERSON Condominium Freehold May 30, 2018 1,421 3,158,000 - 2,223 2004 ResaleTHE SUITES AT CENTRAL Condominium Freehold May 30, 2018 635 1,600,000 - 2,519 2009 ResaleUE SQUARE Apartment 929 years June 05, 2018 1,528 2,450,000 - 1,603 1997 ResaleWILKIE 48 Apartment Freehold May 30, 2018 1,292 1,760,000 - 1,363 1999 ResaleWILKIE 80 Apartment Freehold June 01, 2018 560 975,000 - 1,742 2010 ResaleDistrict 10 120 GRANGE Apartment Freehold June 01, 2018 678 2,176,000 - 3,209 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 431 1,441,000 - 3,347 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 431 1,396,000 - 3,242 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 678 2,138,000 - 3,153 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 678 2,122,000 - 3,129 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 420 1,349,000 - 3,213 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 420 1,394,000 - 3,321 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,754,000 - 3,075 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,844,000 - 3,232 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 420 1,367,000 - 3,256 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,790,000 - 3,138 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,799,000 - 3,153 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,772,000 - 3,106 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,808,000 - 3,169 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 420 1,412,000 - 3,364 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,763,000 - 3,090 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,745,000 - 3,059 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,826,000 - 3,201 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,781,000 - 3,122 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,817,000 - 3,185 Uncompleted New Sale
DONE DEALS
Residential transactions with contracts dated May 29 to June 5
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
| BY BONG XIN YING |
Roxy-Pacific Holdings’ 56-unit boutique
development 120 Grange saw a total
of 37 units sold over the launch week-
end on June 1 and 2. Given its prime
District 10 location and freehold ten-
ure, the average price of units sold was $3,148
psf, according to caveats lodged.
The units are compact, with one-bedroom
lofts of 420 sq ft, two-bedroom units of 570 sq
ft, and dual-key, two-bedroom units of 678 sq
ft. The absolute prices of units sold therefore
ranged from $1.35 million ($3,213 psf) for a
unit on the second level to $2.18 million for
a dual-key, two-bedroom unit on a high floor.
“We’re not seeking premium prices,” says
Teo Hong Lim, executive chairman and CEO of
Roxy-Pacific. In the Core Central Region, unlike
the suburban areas of Outside Central Region,
developers are not constrained by the rule re-
quiring average unit sizes in a development
to be at least 70 sq m (753.5 sq ft), he adds.
As such, Roxy-Pacific is developing com-
pact sizes that appeal to investors and young
couples who want a prime District 10 address
but whose budget is $2 million and below, says
Teo. In terms of absolute prices, units at 120
Grange are also affordable. Therefore, the ma-
jority of buyers — about 70% — at 120 Grange
are locals, he adds.
Anecdotal evidence shows there was a
bulk purchase by an Indonesian buyer, who
scooped up four units of compact two-bed-
room apartments — one for each of his four
children. These 570 sq ft, two-bedroom units
were sold at prices ranging from $1.73 million
($3,031 psf) for a low-floor unit to $1.84 mil-
lion ($3,232 psf), according to caveats lodged.
This brings total sales of these two-bedroom
compact apartments to 18 out of 24 units.
Dominic Lee, PropNex Realty’s head of luxury
team who is the marketing agent for 120 Grange,
says the profile of buyers is different from those
at other luxury condominiums in the prime dis-
tricts, such as Le Nouvel Ardmore, New Futura
and The Nassim. As the unit sizes in these pro-
jects are larger with higher psf prices, they com-
mand higher absolute prices. These develop-
ments attract predominantly high-net-worth
foreign homebuyers and investors, he adds.
Recently, at the 43-unit Le Nouvel Ardmore
in the prestigious Ardmore Park, for instance,
a 3,907 sq ft unit on the 13th floor was sold
for $16.8 million ($4,300 psf); and a 4,133 sq
ft unit on the 20th floor was sold for $16.04
million ($3,880 psf), according to caveats
lodged last month.
At the 124-unit New Futura, four-bedroom
units of 2,250 to 2,691 sq ft on high floors were
sold from $8.5 million ($3,765 psf) to $10.15
million ($3,772 psf).
At The Nassim, a 55-unit upscale con-
do with a Nassim Hill address, two units
were recently sold. One of the 1,927 sq ft,
three-bedroom apartments fetched $7.08
million ($3,673 psf), according to a caveat
lodged on May 25. The other unit went for
$7.64 million ($3,964 psf), according to a
caveat lodged on June 1.
According to Lee, buyers at New Futura,
The Nassim and Le Nouvel Ardmore are “a dif-
ferent pedigree” from the mainstream. This is
in contrast to singles and young couples who
do not mind compact apartments but value a
strategically located condo in a prime neigh-
bourhood, he adds.
Price divide at prime districts
E
Units at 120 Grange are compact, with two-bed-room dual key units at 678 sq ft
At 120 Grange, 37 out of a total of 56 units have been sold since the launch on June 1
PICTURES: ROXY-PACIFIC
EDGEPROP | JUNE 18, 2018 • EP13
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
LAND AREA/ NETT UNIT FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE SALE DATE (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
120 GRANGE Apartment Freehold June 01, 2018 570 1,756,000 - 3,078 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,729,000 - 3,031 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,738,000 - 3,046 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 431 1,413,000 - 3,282 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,747,000 - 3,062 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 431 1,458,000 - 3,386 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 570 1,792,000 - 3,141 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 678 2,022,000 - 2,982 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 678 2,104,000 - 3,103 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 678 2,096,000 - 3,091 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 678 2,022,000 - 2,982 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 678 2,146,000 - 3,165 Uncompleted New Sale120 GRANGE Apartment Freehold June 01, 2018 678 2,162,000 - 3,188 Uncompleted New Sale120 GRANGE Apartment Freehold June 02, 2018 678 2,114,000 - 3,117 Uncompleted New Sale120 GRANGE Apartment Freehold June 02, 2018 678 2,130,000 - 3,141 Uncompleted New Sale120 GRANGE Apartment Freehold June 02, 2018 570 1,835,000 - 3,217 Uncompleted New Sale120 GRANGE Apartment Freehold June 02, 2018 570 1,765,000 - 3,094 Uncompleted New SaleBELMOND GREEN Condominium Freehold June 01, 2018 1,550 2,880,000 - 1,858 2004 ResaleD’LEEDON Condominium 99 years June 01, 2018 1,281 2,280,000 - 1,780 2014 ResaleD’LEEDON Condominium 99 years June 01, 2018 4,112 5,469,000 - 1,330 2014 ResaleD’LEEDON Condominium 99 years June 01, 2018 5,080 7,111,840 - 1,400 2014 ResaleHOLLAND MEWS Apartment Freehold June 01, 2018 2,422 4,060,000 - 1,676 2004 ResaleJERVOIS JADE APARTMENTS Apartment 99 years June 04, 2018 2,056 2,200,000 - 1,070 2000 ResaleLUCKY PARK Semi-Detached Freehold June 01, 2018 4,165 7,300,000 - 1,752 1975 ResaleMILL POINT Apartment 999 years June 01, 2018 527 1,010,000 - 1,915 2004 ResaleNASSIM MANSION Apartment Freehold June 05, 2018 3,520 10,000,000 - 2,841 1977 ResaleTHE BALMORAL Condominium Freehold May 30, 2018 2,745 4,280,000 - 1,559 1986 ResaleTHE EQUATORIAL Condominium Freehold June 04, 2018 1,722 3,012,000 - 1,749 2001 ResaleTHE NASSIM Condominium Freehold June 01, 2018 1,927 7,638,000 - 3,964 2015 ResaleTHE SIXTH AVENUE RESIDENCES Condominium Freehold June 01, 2018 2,346 3,330,000 - 1,419 2009 ResaleTHE TENERIFFE Terrace 99 years June 01, 2018 3,121 2,800,000 - 897 2003 ResaleTHE TESSARINA Condominium Freehold June 01, 2018 1,324 2,250,000 - 1,699 2003 ResaleTHE TRIZON Condominium Freehold June 01, 2018 1,894 3,180,000 - 1,679 2012 ResaleVIZ AT HOLLAND Condominium Freehold May 31, 2018 947 1,620,000 - 1,710 2008 ResaleDistrict 11 LINCOLN SUITES Condominium Freehold May 30, 2018 1,109 2,320,000 - 2,093 2014 ResaleWATTEN TERRACE Semi-Detached Freehold May 31, 2018 4,004 6,750,000 - 1,685 Unknown ResaleJALAN SEJARAH Detached Freehold June 04, 2018 6,555 13,680,000 - 2,088 1968 ResaleROCHELLE AT NEWTON Condominium 99 years June 04, 2018 1,862 2,850,000 - 1,530 2012 ResaleTHE SHELFORD Condominium Freehold May 31, 2018 1,851 3,400,000 - 1,836 2005 ResaleWATTEN ESTATE Terrace Freehold May 30, 2018 2,250 5,300,000 - 2,353 Unknown ResaleDistrict 12 BOON TECK TOWER Condominium Freehold May 31, 2018 1,658 1,710,000 - 1,032 1984 ResaleDOMUS Apartment Freehold May 30, 2018 1,367 2,200,000 - 1,609 2012 ResaleGEM RESIDENCES Condominium 99 years May 29, 2018 1,313 1,954,000 - 1,488 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 31, 2018 1,055 1,614,000 - 1,530 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 31, 2018 1,055 1,899,000 - 1,800 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold May 31, 2018 1,033 2,342,319 - 2,267 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold June 01, 2018 1,033 2,371,642 - 2,295 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold June 03, 2018 517 1,378,523 - 2,668 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold June 03, 2018 1,033 2,280,036 - 2,206 Uncompleted New SaleSCENIC HEIGHTS Apartment Freehold May 31, 2018 915 1,050,000 - 1,148 2005 ResaleSKYSUITES17 Apartment Freehold May 30, 2018 678 1,030,000 - 1,519 2014 ResaleST MICHAEL REGENCY Apartment Freehold June 05, 2018 1,238 1,450,000 - 1,171 2010 ResaleSUNVILLE Apartment Freehold June 05, 2018 1,184 1,225,000 - 1,035 2005 ResaleDistrict 13 8@WOODLEIGH Condominium 99 years June 04, 2018 947 1,320,000 - 1,394 2012 ResaleJALAN ANGGEREK Semi-Detached Freehold June 05, 2018 3,401 3,450,888 - 1,015 1975 ResaleDistrict 14 EUHABITAT Condominium 99 years June 01, 2018 1,012 1,040,000 - 1,028 2015 ResaleGUILLEMARD EDGE Apartment Freehold May 30, 2018 861 840,000 - 975 2014 ResaleGUILLEMARD EDGE Apartment Freehold June 01, 2018 409 636,000 - 1,555 2014 ResaleSIXTEEN35 RESIDENCES Apartment 99 years June 01, 2018 624 927,000 - 1,485 Uncompleted New SaleTHE SUNNY SPRING Apartment Freehold June 04, 2018 1,109 1,228,000 - 1,108 1998 ResaleTHE WATER EDGE Apartment Freehold June 04, 2018 495 680,000 - 1,373 2013 ResaleVACANZA @ EAST Condominium Freehold May 30, 2018 1,033 1,218,000 - 1,179 2014 ResaleVACANZA @ EAST Condominium Freehold May 30, 2018 807 968,000 - 1,199 2014 ResaleWANG LODGE Apartment Freehold June 01, 2018 1,464 1,100,000 - 751 1995 ResaleDistrict 15 AMBER 45 Apartment Freehold June 03, 2018 614 1,429,000 - 2,329 Uncompleted New SaleAXIS @ SIGLAP Apartment Freehold June 04, 2018 818 1,168,000 - 1,428 2009 ResaleCHELSEA LODGE Apartment Freehold June 04, 2018 1,227 1,345,000 - 1,096 2000 ResaleCOSTA ESTE Apartment Freehold May 31, 2018 850 970,000 - 1,141 2009 ResaleCOSTA RHU Condominium 99 years May 30, 2018 1,012 1,280,000 - 1,265 1997 ResaleD’ FRESCO Apartment Freehold May 30, 2018 1,550 1,510,000 - 974 2010 ResaleGRAND DUCHESS AT ST PATRICK’S Condominium Freehold May 31, 2018 1,410 2,400,000 - 1,702 2010 ResaleIDYLLIC RESIDENCES Apartment Freehold May 31, 2018 969 1,130,000 - 1,166 2009 ResaleNEPTUNE COURT Apartment 99 years May 30, 2018 1,270 1,180,000 - 929 1975 ResaleNEPTUNE COURT Apartment 99 years May 31, 2018 1,270 1,130,000 - 890 1975 ResaleNEPTUNE COURT Apartment 99 years June 04, 2018 1,636 1,370,000 - 837 1975 ResalePALM OASIS Apartment Freehold June 01, 2018 861 1,038,000 - 1,205 2008 ResaleRIVEREDGE Condominium 99 years June 04, 2018 1,518 2,085,000 - 1,374 2008 ResaleSEASIDE RESIDENCES Apartment 99 years May 31, 2018 1,679 3,520,000 - 2,096 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years June 01, 2018 1,206 2,103,000 - 1,744 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years June 01, 2018 592 1,177,000 - 1,988 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years June 02, 2018 678 1,186,000 - 1,749 Uncompleted New SaleTHE ESTA Condominium Freehold June 04, 2018 1,345 2,430,000 - 1,806 2008 ResaleTHE SEAFRONT ON MEYER Condominium Freehold June 05, 2018 2,110 3,725,000 - 1,766 2010 ResaleWATER PLACE Condominium 99 years June 05, 2018 1,561 1,970,000 - 1,262 2004 ResaleDistrict 16 BREEZE BY THE EAST Condominium Freehold May 31, 2018 1,249 1,518,000 - 1,216 2011 ResaleCASA MERAH Apartment 99 years June 01, 2018 1,345 1,700,000 - 1,263 2009 ResaleCHANGI GREEN Condominium Freehold May 31, 2018 1,432 1,440,000 - 1,006 1998 ResaleCOSTA DEL SOL Condominium 99 years May 31, 2018 1,313 1,740,000 - 1,325 2004 ResaleD’MANOR Terrace 99 years May 30, 2018 2,723 1,820,000 - 668 2000 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years May 29, 2018 1,238 1,857,000 - 1,500 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 30, 2018 1,238 1,909,000 - 1,542 Uncompleted New SaleUPPER EAST COAST ROAD Semi-Detached Freehold June 04, 2018 3,111 4,380,000 - 1,410 1997 ResaleSEA PAVILION RESIDENCES Apartment Freehold June 03, 2018 1,528 2,310,000 - 1,511 Uncompleted New SaleSTRATFORD COURT Condominium 99 years May 31, 2018 1,259 960,000 - 762 1998 ResaleTHE BAYSHORE Condominium 99 years May 31, 2018 1,012 968,888 - 958 1996 ResaleTHE CLEARWATER Condominium 99 years May 31, 2018 1,378 1,305,000 - 947 2001 ResaleUBER 388 Condominium Freehold June 01, 2018 1,313 1,680,000 - 1,279 2014 ResaleURBAN VISTA Condominium 99 years May 31, 2018 560 855,000 - 1,528 2016 ResaleDistrict 17 FERRARIA PARK CONDOMINIUM Condominium Freehold June 01, 2018 979 810,000 - 827 2009 ResalePALM ISLES Condominium 99 years May 31, 2018 990 925,000 - 934 2015 ResalePARC OLYMPIA Condominium 99 years May 30, 2018 990 865,000 - 873 2015 ResalePARC OLYMPIA Condominium 99 years May 31, 2018 1,162 998,000 - 858 2015 ResalePARC OLYMPIA Condominium 99 years June 05, 2018 1,324 1,000,000 - 755 2015 ResaleTHE INFLORA Condominium 99 years June 01, 2018 1,582 1,260,000 - 796 2016 ResaleTHE INFLORA Condominium 99 years June 04, 2018 463 540,000 - 1,167 2016 ResaleDistrict 18 OASIS @ ELIAS Condominium 99 years May 30, 2018 1,432 1,150,000 - 803 2011 ResaleRIPPLE BAY Condominium 99 years May 31, 2018 484 570,000 - 1,177 2015 ResaleRIPPLE BAY Condominium 99 years June 04, 2018 1,442 1,288,000 - 893 2015 ResaleSAVANNAH CONDOPARK Condominium 99 years May 31, 2018 2,680 2,220,000 - 828 2005 ResaleTHE ESPARIS EC 99 years June 04, 2018 1,184 880,000 - 743 2005 Resale
THE PALETTE Condominium 99 years May 30, 2018 743 855,000 - 1,151 2015 ResaleTHE TAPESTRY* Condominium 99 years May 29, 2018 474 697,000 - 1,472 Uncompleted New SaleTHE TAPESTRY Condominium 99 years May 29, 2018 689 957,600 - 1,390 Uncompleted New SaleTHE TAPESTRY Condominium 99 years May 29, 2018 603 845,640 - 1,403 Uncompleted New SaleWATERVIEW Condominium 99 years June 01, 2018 1,130 1,085,000 - 960 2014 ResaleWATERVIEW Condominium 99 years June 04, 2018 786 825,000 - 1,050 2014 ResaleWHITEWATER EC 99 years May 31, 2018 1,141 850,000 - 745 2005 ResaleDistrict 19 3@PHILLIPS Apartment 999 years May 30, 2018 1,808 1,625,000 - 899 2007 ResaleAFFINITY AT SERANGOON* Apartment 99 years June 02, 2018 1,076 1,652,000 - 1,535 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years June 02, 2018 1,076 1,642,000 - 1,525 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years June 02, 2018 1,076 1,672,000 - 1,553 Uncompleted New SaleBARTLEY RESIDENCES Apartment 99 years May 30, 2018 463 712,000 - 1,538 2015 ResaleBARTLEY RESIDENCES Apartment 99 years May 30, 2018 872 1,178,888 - 1,352 2015 ResaleCOMPASS HEIGHTS Apartment 99 years June 05, 2018 1,055 925,000 - 877 2002 ResaleFORTUNA GARDENS Terrace Freehold June 01, 2018 2,712 3,115,000 - 1,148 Unknown ResaleHILLSGROVE Semi-Detached 999 years June 05, 2018 4,714 2,000,000 - 424 2013 ResaleKINGSFORD WATERBAY* Apartment 99 years May 31, 2018 861 1,164,000 - 1,352 Uncompleted New SaleKOVAN MELODY Condominium 99 years June 01, 2018 1,690 1,620,000 - 959 2006 ResaleLA QUINTA PARK Terrace 999 years June 01, 2018 2,885 3,468,000 - 1,202 1993 ResaleCHARLTON LANE Terrace Freehold May 30, 2018 4,747 3,830,000 - 808 1979 ResalePARRY AVENUE Terrace 999 years May 31, 2018 3,584 3,780,000 - 1,056 2004 ResaleNAUNG RESIDENCE Apartment 999 years May 31, 2018 1,302 1,458,000 - 1,119 2015 ResaleOASIS GARDEN Condominium Freehold May 31, 2018 947 1,170,000 - 1,235 2009 ResalePALM HAVEN Condominium 999 years May 30, 2018 1,744 1,250,000 - 717 2002 ResalePARK GREEN EC 99 years May 31, 2018 1,367 1,030,000 - 753 2004 ResaleRIVERCOVE RESIDENCES* EC 99 years May 29, 2018 958 984,100 - 1,027 Uncompleted New SaleRIVERSAILS Condominium 99 years May 30, 2018 947 1,050,000 - 1,108 2016 ResaleRIVERSAILS Condominium 99 years June 01, 2018 1,367 1,400,000 - 1,024 2016 ResaleRIVERSOUND RESIDENCE Condominium 99 years May 31, 2018 592 625,800 - 1,057 2015 ResaleRIVERVALE CREST Apartment 99 years June 01, 2018 1,216 900,000 - 740 2002 ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 30, 2018 2,163 2,580,000 - 1,194 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 31, 2018 1,841 2,900,000 - 1,576 Unknown ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years June 04, 2018 3,864 5,350,000 - 1,386 Unknown ResaleTERRASSE Condominium 99 years June 01, 2018 1,421 1,770,000 - 1,246 2014 ResaleTHE GARDEN RESIDENCES* Apartment 99 years June 02, 2018 517 819,100 - 1,585 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years June 02, 2018 517 816,400 - 1,580 Uncompleted New SaleTHE GARDEN RESIDENCES Apartment 99 years June 02, 2018 452 728,900 - 1,612 Uncompleted New SaleTHE RIVERVALE EC 99 years May 30, 2018 1,249 900,000 - 721 2000 ResaleTHE SCALA Apartment 99 years May 31, 2018 1,518 1,750,000 - 1,153 2013 ResaleTHE YARDLEY Apartment Freehold June 05, 2018 1,421 1,730,000 - 1,218 2005 ResaleTREASURE CREST EC 99 years May 30, 2018 1,076 1,150,000 - 1,068 Uncompleted New SaleTWIN WATERFALLS EC 99 years May 31, 2018 1,109 1,100,000 - 992 2015 ResaleDistrict 20 BISHAN LOFT EC 99 years June 01, 2018 1,173 1,330,000 - 1,134 2003 ResaleCENTRO RESIDENCES Condominium 99 years June 04, 2018 926 1,338,000 - 1,445 2014 ResaleGOLDENHILL PARK CONDOMINIUM Condominium Freehold May 31, 2018 1,335 2,048,000 - 1,534 2004 ResaleTHE GARDENS AT BISHAN Condominium 99 years June 04, 2018 883 960,000 - 1,088 2004 ResaleTHOMSON IMPRESSIONS Semi-Detached 99 years May 31, 2018 2,034 2,500,000 - 1,229 Uncompleted New SaleDistrict 21 FLORIDIAN Condominium Freehold May 31, 2018 1,851 3,350,000 - 1,809 2012 ResaleGARDENVISTA Condominium 99 years June 04, 2018 1,130 1,638,000 - 1,449 2006 ResaleHILLVIEW GREEN Condominium 999 years May 30, 2018 1,012 1,060,000 - 1,048 1998 ResalePARC PALAIS Condominium Freehold May 31, 2018 1,335 1,600,000 - 1,199 1999 ResaleSHERWOOD CONDOMINIUM Condominium Freehold June 01, 2018 926 970,000 - 1,048 1998 ResaleSUITES DE LAUREL Apartment 999 years May 30, 2018 517 780,000 - 1,510 2012 ResaleSUMMERLEA GREEN Terrace 99 years June 01, 2018 1,615 1,925,000 - 1,192 1998 ResaleTHE CASCADIA Condominium Freehold June 01, 2018 883 1,540,000 - 1,745 2010 ResaleTHE RAINTREE Condominium 99 years June 05, 2018 1,302 1,440,000 - 1,106 2008 ResaleDistrict 22 J GATEWAY Condominium 99 years June 01, 2018 689 1,241,000 - 1,801 2016 ResaleJ GATEWAY Condominium 99 years June 05, 2018 603 1,050,000 - 1,742 2016 ResaleLAKEHOLMZ Condominium 99 years May 30, 2018 1,249 1,150,000 - 921 2005 ResaleLAKEHOLMZ Condominium 99 years May 30, 2018 1,033 1,020,000 - 987 2005 ResaleLAKESIDE GROVE Terrace 99 years May 30, 2018 1,615 1,590,000 - 982 1999 ResaleTHE CENTRIS Apartment 99 years May 30, 2018 1,421 1,160,000 - 816 2009 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years May 30, 2018 721 1,030,000 - 1,428 2014 ResaleDistrict 23 FUYONG ESTATE Semi-Detached 99 years May 31, 2018 2,831 730,000 - 257 Unknown ResaleHILLVIEW HEIGHTS Condominium Freehold May 31, 2018 1,162 1,420,000 - 1,221 1996 ResaleKINGSFORD . HILLVIEW PEAK Condominium 99 years June 01, 2018 517 740,000 - 1,432 2017 Sub SaleLE QUEST Apartment 99 years May 31, 2018 979 1,365,000 - 1,394 Uncompleted New SaleMAYSPRINGS Apartment 99 years June 01, 2018 818 770,000 - 941 1998 ResaleMERAWOODS Condominium 999 years May 30, 2018 1,937 1,950,000 - 1,006 1999 ResalePARKVIEW APARTMENTS Apartment 99 years May 31, 2018 936 725,000 - 774 1998 ResaleSOL ACRES EC 99 years June 03, 2018 850 760,000 - 894 2018 New SaleTHE HILLIER Apartment 99 years May 30, 2018 624 850,000 - 1,361 2016 ResaleTHE LINEAR Apartment 999 years May 31, 2018 1,162 945,000 - 813 2006 ResaleTHE LINEAR Apartment 999 years June 01, 2018 1,313 1,100,000 - 838 2006 ResaleWINDERMERE EC 99 years May 30, 2018 1,281 880,000 - 687 1999 ResaleDistrict 25 CASABLANCA Condominium 99 years May 30, 2018 1,184 883,000 - 746 2005 ResaleNORTHWAVE EC 99 years May 29, 2018 1,119 947,000 - 846 Uncompleted New SaleNORTHWAVE EC 99 years May 31, 2018 1,001 861,000 - 860 Uncompleted New SaleNORTHWAVE EC 99 years May 31, 2018 1,130 970,000 - 858 Uncompleted New SaleNORTHWAVE EC 99 years June 02, 2018 1,109 946,000 - 853 Uncompleted New SaleROSEWOOD Condominium 99 years May 31, 2018 1,453 940,000 - 647 2003 ResaleROSEWOOD SUITES Condominium 99 years June 01, 2018 1,518 1,238,000 - 816 2011 ResaleDistrict 26 ATELIER VILLAS Terrace Freehold May 31, 2018 3,068 1,980,000 - 645 2008 ResaleMEADOWS @ PEIRCE Condominium Freehold June 05, 2018 1,023 1,230,000 - 1,203 2012 ResaleDistrict 27 PARC LIFE EC 99 years May 30, 2018 1,066 958,700 - 900 2018 New SalePARC LIFE EC 99 years June 01, 2018 764 690,000 - 903 2018 New SalePARC LIFE EC 99 years June 01, 2018 1,066 986,700 - 926 2018 New SalePARC LIFE EC 99 years June 01, 2018 1,066 941,700 - 884 2018 New SalePARC LIFE EC 99 years June 02, 2018 1,066 961,000 - 902 2018 New SalePARC LIFE EC 99 years June 03, 2018 764 764,700 - 1,001 2018 New SaleSKIES MILTONIA Condominium 99 years May 30, 2018 710 725,000 - 1,021 2016 ResaleSUN PLAZA Apartment 99 years June 04, 2018 1,442 950,000 - 659 2000 ResaleWATERCOVE Terrace Freehold June 02, 2018 3,466 2,298,000 - 663 Uncompleted New SaleYISHUN EMERALD Condominium 99 years June 04, 2018 1,173 840,000 - 716 2002 ResaleDistrict 28 H2O RESIDENCES Condominium 99 years June 04, 2018 1,227 1,380,000 - 1,125 2015 ResaleMIMOSA TERRACE Terrace Freehold May 30, 2018 1,615 2,400,000 - 1,486 2004 ResaleNIM COLLECTION Terrace 99 years May 29, 2018 1,970 2,780,000 - 1,411 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 30, 2018 506 696,000 - 1,376 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 30, 2018 700 890,000 - 1,272 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 01, 2018 506 697,000 - 1,378 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 01, 2018 775 981,000 - 1,266 Uncompleted New SaleSELETAR PARK RESIDENCE Condominium 99 years May 31, 2018 872 1,150,000 - 1,319 2015 ResaleSELETAR SPRINGS CONDOMINIUM Condominium 99 years May 31, 2018 1,582 1,180,000 - 746 2000 ResaleSUNRISE GARDENS Condominium 99 years May 30, 2018 1,281 1,000,000 - 781 1998 Resale
DONE DEALS
Residential transactions with contracts dated May 29 to June 5
DISCLAIMER:
Source: URA Realis. Updated June 12, 2018. The Edge Publishing Pte Ltd shall not be responsible for any loss or
liability arising directly or indirectly from the use of, or reliance on, the information provided therein.
EC stands for executive condominium; not all caveats reflected, owing to overwhelming number of transactions
DEAL WATCH
EP14 • EDGEPROP | JUNE 18, 2018
| BY CHARLENE CHIN |
A three-bedroom unit at
Reignwood Hamilton
Scotts is up for sale at
$8 million ($2,904 psf).
The 2,756 sq ft unit is
situated on the 20th floor of the
30-storey tower and has an unob-
structed view of the greenery at
Goodwood Hill.
The freehold Reignwood Ham-
ilton Scotts contains just 56 units
and was completed in 2012. Devel-
oped by KOP Properties and former-
ly known as Hamilton Scotts, it is
famous for being the first high-rise
condominium in Singapore — and
in the world — to have an en suite
garage for each unit. All units are
identical three-bedroom apartments
of 2,756 sq ft with an en suite ga-
rage that can fit two cars, and a ded-
icated car lift.
In 2013, a year after completion,
the special-purpose vehicle holding
the remaining units in the develop-
ment was sold to Thai-Chinese con-
glomerate Reignwood Group. The
project was then renamed Reign-
Three-bedroom unit at Reignwood Hamilton Scotts going for $8 mil
E
wood Hamilton Scotts.
The owner of the unit currently
on the market is looking to sell, as
he is on the hunt for a bigger unit,
preferably one with five bedrooms,
according to marketing agent Melvin
Lim, group district director at Propnex
Realty. The owner is a foreigner who
purchased it in 2013 for $9.4 million
and spent close to $500,000 reno-
vating it.
The owner never moved in and
the unit was never tenanted either,
adds Lim. It will be sold partially
furnished.
There has been no transaction at
Reignwood Hamilton Scotts this year.
The last one in the luxury condo was
in December 2017, when another
unit on the third floor was sold for
$8.4 million ($3,048 psf). Last Au-
gust, a fifth-floor unit fetched $10.8
million ($3,919 psf), according to ca-
veats lodged.
Lim therefore believes the asking
price of the unit is attractive, given
its location and the earlier transac-
tion prices.
CONTRACT DATE AREA (SQ FT) PRICE ($) PRICE ($ PSF)
Dec 12, 2017 2,756 8,400,000 3,048
Aug 27, 2017 2,756 10,800,000 3,919
June 16, 2015 2,756 8,500,000 3,085
Oct 24, 2014 2,756 12,746,500 4,626
May 19, 2014 2,756 8,500,000 3,085
AREA (SQ FT)
2,756
2,756
2,756
2,756
2,756
PRICE ($ PSF)
3,048
3,919
3,085
4,626
3,085
Recent transactions atReignwood Hamilton Scotts
URA, EDGEPROP
Each unit in Reignwood Hamilton Scotts features an en suite garage that can fit two cars
SAMUEL ISAAC CHUA/THE EDGE SINGAPORE