| BY FEILY SOFIAN |

As property prices continue to chart a downward trajecto-ry, Warren Buffett’s invest-ment mantra — be greedy when others are fearful —

has been cited recklessly to seduce in-vestors to part with their money. Giv-en that prices of private non-landed homes have fallen some 8% from their last peak in 3Q2013, now is definitely a better time to enter the market com-pared with 2013. But now is not nec-essarily a better time than next year.

New headwinds from China and

the eurozone’s unconvincing econom-ic recovery are cues that the property market has yet to bottom. Separately, vacancy rates of non-landed homes could hit a historical high in 2016. At best, the current pace of price de-cline of around 1% per quarter will continue into 2016.

Against this backdrop, bottom fish-ing for beaten-down assets is a more accurate exposition of value invest-ing than picking any asset simply be-cause its price is not toppish.

Automating the search processBottom fishing is simple in principle,

but challenging in execution. For the man on the street, the search for val-ue deals typically begins with flip-ping through the classifieds or comb-ing property portals and shortlisting deals based on a hunch. He must then gather market information to es-timate the market value of the prop-erty and establish if there is indeed a discount. Third, he must assess whether the discount is sufficient or he should just wait for general pric-es to decline further.

Today, technology can streamline the search process. TheEdgeProp-erty.com can pick out undervalued

listings by comparing the property’s asking price against its fair value. In addition, the map search tool, which was rolled out recently, al-lows users to identify undervalued listings within a preset radius of a certain landmark.

A property listing will be flagged as undervalued when the asking price falls below the Edge Fair Value — a valuation tool developed in collabo-ration with licensed valuers. The fair value methodology takes into account factors such as comparable transac-tions, floor level, size and outliers.

However, technology comes with

limitations and investors must con-tinue to exercise judgement and con-duct due diligence. A lack of recent comparable transactions, for exam-ple, increases the fair value’s margin of error, which in turn, changes the discount margin of the so-called un-dervalued listing. Ground-floor units with a large patio or private enclosed space may also be flagged as under-valued as their large floor area would mark down the per square foot ask-ing price.

Budget poses another constraint for investors seeking value deals. In

706

Silver liningDynamic year awaits local residential market PG2

Home IdeasKeeping things natural PG4

Deal WatchSentosa Cove condo selling at 2006 price level PG6

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news

A PULLOUT WITH

M A K E B E T T E R D E C I S I O N SMCI (P) 046/03/2015 PPS 1519/09/2012 (022805)

THE WEEK OF DECEMBER 7, 2015 706

CONTINUES ON PAGE EP3

‘TIS THE SEASONHow to bottom fi sh for property deals

This year has been challenging for Singa-pore’s residential property market. Still, there are pockets of opportunities and sil-ver linings. The government is also contin-ually planning ahead with the new growth

area Bidadari and the new Circle Line MRT sta-tions — Cantonment, Keppel and Prince Edward.

Private residential properties felt major impact of TDSRAs 2015 draws to a close, it is time to reflect on the performance of residential properties in Sin-gapore. For many people, the recap of the year seems to comprise mainly bitter times for the res-idential property market.

Since the implementation of the total debt ser-vicing ratio (TDSR) in mid-2013, demand for de-veloper sales of private homes has been badly hit, especially in 2014 and 2015. There has also been a surge in private residential completions, which intensify leasing competition among landlords.

According to monthly developer sale statis-tics released by URA, developers sold a total of about 6,620 private homes in the first 10 months of 2015. On average, developers sold only about 660 private homes in each month of 2015. This is slightly higher than the low figure in 2014 — where developers sold 630 private homes on av-erage per month. This is a far cry from the usual healthy monthly developer sales of about 1,000 units per month prior to 2014. In 2013, on aver-age, 1,230 private homes were sold by developers per month, while monthly average developer sales in 2012 were 1,820 units (see Chart 1).

In some months of 2015 in which developer sales increased significantly, such sales volume has usually been unsustainable. The most recent example was in July, when excellent sales were achieved for High Park Residences and contributed to high developer sales volume in July, but devel-oper sales fell sharply thereafter. Although there was some improvement in private home sales by developers in October, it happened mainly before the seasonally quiet year-end sentiment set in.

October was before the year-end quieter vaca-tions and festive period, so there were two mega

projects launched before the qui-eter market times set in. The two projects were Thomson Impres-sions and Principal Garden, both in Rest of Central Region (RCR), which received good buyers’ res-ponse. The success of Principal Garden and Thomson Impressions affirmed the attractiveness of RCR properties.

Opportunities and silver linings Disappointing sales in 2015 notwithstanding, if we were to look at situations in perspective, there are good lessons that the hard times provide. There are also the bigger-picture perspective, revelations about pockets of opportunities and silver linings for local private residential properties.

RCR emerged as most resilient in prices and rentsInvestors can clearly see that, in 2014 and 2015, homes in RCR stood out compared with Core Cen-tral Region (CCR) and Outside Central Region (OCR). Not only did the positive sales of Prin-cipal Garden and Thomson Impressions in Oc-tober reflect keen buyers’ interest for developer sales in RCR, it has been a more positive picture as well for RCR, in terms of secondary sales and rentals. In the first three quarters of 2015, rents of private residential properties dipped 3.4%, while such rents fell 0.3% in all of 2014. Rental fall of non-landed homes in RCR has been lowest in the past two years, compared with that of other re-gions (see table).

Residential properties in RCR are considered the best of all worlds for tenants, as they are more affordable to rent than high-end homes in CCR, and most RCR developments are also most-ly in niche localities. Compared with some sub-urban localities that are being rejuvenated and new growth corridors, the niche localities and quaint spots in RCR also took decades (or at least a decade) to establish, and such positioning is more well entrenched and resilient — whereas in recent years, various suburban localities were

EP2 • THEEDGE SINGAPORE | DECEMBER 7, 2015

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THEEDGE P R O P E R T Y PROPERTY TAKE

FUN

FACT

It took about

3km of stainless

steel to form the double

helix structure of the

Helix BridgePrivate residential rental change (%)

URA

REAL

IS, R

’ST

RESE

ARCH

PRIVATE RESIDENTIAL ALL CORE CENTRAL REST OF OUTSIDE RENTAL CHANGE REGION CENTRAL REGION CENTRAL REGION

2011 3.8 3.4 2.6 3.5 4.702012 2.1 2.4 1.6 2.7 4.102013 0.9 0.7 1.1 0.7 -0.782014 -3.0 -2.6 -3.7 -0.3 -2.502015 (rental -3.3 -3.6 -3.5 -3.4 -3.80change in first three quarters of 2015)

NON-LANDED RESIDENTIAL RENTAL CHANGE

2011 2012 2013 2014 2015 (rental change in first three quarters of 2015)

ALL

3.4 2.4 0.7

-2.6 -3.6

3.5 2.7 0.7

-0.3 -3.4

| BY ONG KAH SENG |

Dynamic outlook for local residential properties

rapidly shaped up, and rejuvenated into new growth corridors featur-ing lifestyle concepts or key sub-urban regional centres.

RCR developments are fairly small-ish developments with no more than 250 units each. Expatriates from Western countries and advanced Asian countries like such quiet liv-ing environment, compared with suburban condominium develop-ments, which comprise many more units. During the hype for suburban

condo purchases in 2010 to 2012, suburban con-dos were deemed to be good investment prod-ucts since the quantum price is typically lower than a condo unit in RCR and CRC. The reali-ty is that they offer limited product heterogene-ity. Leasing demand is also weak, as landlords of suburban condos face competition from HDB flats in the vicinity.

Higher risks for blowout in private residen-tial prices in 2016 but opportunistic buying will set inA soft landing in prices is indeed painstakingly achieved, with prices correcting marginally since the implementation of the TDSR in 2013, till re-cently. According to the most recent property sta-tistics released by URA, private residential prop-erty prices dipped an average of 1.3% q-o-q in 3Q2015. This fall was larger than the 0.9% q-o-q price fall in 2Q2015, but all in all, it still reflect-ed a soft landing in private residential property prices — as prices of overall private residential properties fell a total of 8% over the past eight quarters from 4Q2013 to 3Q2015.

In contrast, a quick look at history shows that private residential property prices fell a total of 24.9% over four quarters (3Q2008 to 2Q2009) during the global financial crisis and 20% from 3Q2000 to 1Q2004. Prices fell 44.9% between 3Q1996 and 4Q1998, with the introduction of the May 1996 property cooling measures, followed by the Asian financial crisis.

A current soft landing in the correction of property prices indeed meets the best interests of various stakeholders in property — it bet-ter protects existing owners, where their as-set (property) prices and wealth did not slump drastically, and developers are able to attain marginal profits though having to reduce pricesslightly. Meanwhile, it is hoped that a reduction in property prices will improve the affordability for buyers, and prices are in general more real-istic than before.

The prolonged sluggish demand clearly shows, however, that homebuyers will continue to be on the sidelines for value buys. A soft landing may therefore have put property prices sliding on a dragging and neverending negative air instead, unlike situations in which prices dip significant-ly, within short periods.

The usual prediction is that a soft landing in prices will persist in that every quarter will con-tinue to see a dip of more than one percentage point in private home prices. But, as buyers’ ex-pectations have yet to be satisfied through a soft landing in prices, and given high unlaunched and unsold residential stock, we cannot assume that we will not see a blowout in property prices in 2016. If it happens, it is likely to be short-lived, where opportunity buying may quickly set in and uplift overall property buying sentiments — and prices could recover fast, following a major drop in price in a quarter or two.

Realistic buying behaviour to persist in 2016 and lead to more sustainable buying decisionsIt is not a completely sad picture for residential

Chart 1

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500

1,000

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Total no of private residential units sold by developers (excluding ECs — only private homes)

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the resale or completed properties segment, the majority of underval-ued deals were in the city fringe and high-end segments and the average price was over $2 million. Our past study also shows that large units of more than 1,500 sq ft accounted for 41% of the total unprofitable trans-actions in 3Q2015. This is hardly sur-prising as properties with a larger price quantum are bearing the brunt of a tighter credit environment and interest rate hikes.

District 15 (Marine Parade, Katong, Joo Chiat, East Coast) topped the list of areas with the highest number of undervalued deals in the resale or completed properties segment, fol-lowed by District 20 (Thomson, Ang Mo Kio, Bishan, Braddel) and District 10 (Tanglin, Farrer, Holland, Bukit Ti-mah and Ardmore).

Look under the hammerAccording to property consultan-cy DTZ, a total of 21 properties were put up for mortgagee sale in 3Q2015. Excluding the landed homes, these properties averaged 1,527 sq ft in size.

The rising number of mortga-gee sales has turned property auc-tions into a hunting ground for in-vestors as such properties tend to be sold at a bargain. In September, a 1,690 sq ft low-floor unit at Am-ber Point that was put up for mort-gagee sale found a buyer at $2 mil-lion, or $1,183 psf. Other 1,690 sq ft units changed hands at between $1,272 and $1,450 psf in 2014 and 2015, albeit on high floors.

In August, a mid-floor shoebox unit at Prestige Heights on Bales tier Road went under the hammer for $500,000, or $1,452 psf. Compara-ble units in the project were trans-acted at between $1,597 and $1,751 psf in 2014 and 2015.

Is conservative the way to go?Another famed investor, Walter Schloss, preferred buying assets at a discount rather than to buy earnings. Earnings, he said, can change dramatically in a short time and an investor must know much more about a company if he buys earnings.

Real estate investors who seek to buy earnings or rental returns should stick to the timeless adage of pick-ing properties with strong location attributes. While this may seem like common sense, there are studies that claim projects near MRT stations do not necessarily command the high-est rental yields — and such studies have made headlines.

This may be true for gross yields. Net rental yields, on the other hand, must take into account the vacancy rates of the project and, unfortunate-ly, such data is not readily available.

Our past studies have also prov-en that high vacancy rates may not necessarily manifest in lower rents. Hence, it is erroneous to assume that the average rental value and gross yield of a project have factored in va-cancy rates. Meanwhile, convention-al wisdom tells us that well- located properties would be easier to let, leading to a shorter down time in between tenants.

properties in 2015. There are projects that re-ceived strong buyers’ interest, including North Park Residences, Botanique at Bartley, High Park Residences, Principal Garden and Thom-son Impressions. Good sales were underpinned by either competitive pricing or special pro-ject selling points such as a mixed-use devel-opment concept or quaint residential enclaves.

The good side of the story regarding the rush for residential properties in 2015 is that it is very different from 2010 to 2013. Buy-ers who rush into getting a unit are increas-ingly more realistic and opportunistic. Those who snapped up private condos from 2010 to 2013 were, by contrast, more aspiration-driv-en. They invested in properties with a fairly

substitutional mindset, that is, since interest rates were low then, investing in properties would be the best option. The current pri-vate residential headwinds have finally in-stilled a more realistic mindset among buyers and such buying decisions are more lasting than a herd mentality among homebuyers in deciding to buy a condo. Investors who pur-chased a lower-priced unit would find it eas-ier to peg rents at attractive levels to achieve desired rental returns.

Surge in new completions offer ample cas-es of positive private property ownership experienceThere has been a rise in new residential prop-

erty completions since 2014. Islandwide, 10,329 private residential units (landed and non-land-ed) received their Temporary Occupation Per-mit in 2012 and 13,150 units received TOP in 2013. In 2014, 19,941 units received TOP. In 1Q2015 to 3Q2015 itself, 13,589 private resi-dential units were completed; and a total of 18,977 units are expected to be completed in 2015. This resulted in a significant rise in the vacancy rate of private residential properties. It stood at 7.8% in both 2014 and 3Q2015, no-tably higher than 6.2% in 2013 (see Chart 2).

These newly completed condos are gen-erally impressive in design and offer an ex-citing range of condo facilities. In addition, buyers feel a sense of pride and freshness in

owning new units. Many owners still find much meaning in their newly completed suburban condos despite current private residential prices and rental headwinds. These factors will influence the decision of the HDB flat owner who intends to buy a pri-vate condo.

There is herd mentality among ordi-nary private condo buyers (that is, HDB upgraders), so HDB upgraders will also be influenced by how their peers cope with their new condo. While HDB up-graders may observe their peers expe-riencing difficulty in renting out their private condos and dealing with issues of maintenance and defects, they will also see how their peers take pride in the newly completed condo.

New launches in 2016 are expected to be priced similarly to or lower than

the launch price of new completions in 2014 and 2015. The competitive pricing of project launches may encourage buyers’ interest. De-velopers that delivered projects in 2014 and 2015 and are prompt in addressing defects within the liability period will be considered quality developers, which will help move sales of their new projects from 2016.

Exciting plans for new estate and locality rejuvenationWhile property sentiment may have been cool in 2015, there have been interesting longer-term developments announced by the govern-ment. In November, it released the first batch of build-to-order (BTO) HDB flats in Bidadari, an area that many flat applicants are looking forward to, despite its “sad past”.

In the longer term, those who own an HDB flats in Bidadari will also wish to up-grade within the vicinity, further supporting future resale demand for private homes in Potong Pasir. Investors will find the rentabil-ity of homes here higher than those in north-eastern areas. While Potong Pasir is unlike the northeastern tip, Punggol, which feature a lifestyle waterway-living concept, there is a good blend of current housing and upcoming private housing, reflecting spontaneity of de-velopment in a well-located area. Three MRT stations — Keppel, Cantonment and Prince Edward — were recently announced for ex-pected completion in 2025, benefiting prop-erties in the areas.

Ong Kah Seng is director of R’ST Research. He can be reached at kahseng.ong@rstresearch. com.sg

E

THEEDGE P R O P E R T Y COVER STORY

Chart 2

URA

REAL

IS, R

’ST

RESE

ARCH

25,000

20,000

15,000

10,000

5,000

0

No of private residential properties (excluding ECs)10

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8

7

6

5

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3

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Private residential completions and vacancy ratesVacancy rate** of private residential properties (%)

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

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2016

F

2017

F

2018

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Private residential properties (excluding ECs) completed* (units)Vacancy rate** of private residential properties (%)

*Units that received Temporary Occupation Permit in the year **Vacancy rates are as at 4Q of each year, except 2015. Vacancy as at 3Q2015. ^13,589 private residential units were completed in the first three quarters of 2015

Property auctions a hunting ground for bargainsFROM PAGE EP1

E

Selected mortgagee sales in 3Q2015: Properties put up for mortgagee sale tend to be sold at a discount

DTZ,

URA

, THE

EDG

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OPE

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Sold in Project Address Area Floor Price Comparable (sq ft) level ($ psf) transactions ($ psf)

Sept 22 Amber Point Amber Road 1,690 Low 1,183 1,272 to 1,450*

Aug 25 Prestige Heights Balestier Road 344 Mid 1,452 1,597 to 1,751

July 30 Westmere Jurong East Street 13 1,109 Low 882 891 to 925

*High floors. No comparable transaction on low floors.

Sold in

Sept 22

Aug 25

July 30

Address

Amber Road

Balestier Road

Jurong East Street 13

Floor level

Low

Mid

Low

Comparabletransactions ($ psf)

1,272 to 1,450*

1,597 to 1,751

891 to 925

GO

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Property listings within 500m of Parkway Parade (gold markers denote undervalued listing)

THEEDGE SINGAPORE | DECEMBER 7, 2015 • EP3

EP4 • THEEDGE SINGAPORE | DECEMBER 7, 2015

THEEDGE P R O P E R T Y HOME IDEAS

The natural palette in design| BY GOY ZHENRU |

With growing urbanisation and its associated stress-es and anxieties, retreating home to a tranquil and private space is gaining demand with homeown-ers. Research shows that nature has a healing ef-fect on our overall health and well-being, giving us

the much-needed rejuvenation.How can we introduce the natural palette into our homes and

living environment? Two award-winning architects — Han Loke Kwang, director of HYLA Architects and Yip Yuen Hong, director of ipli Architects — share their design philosophy and strategies behind this natural approach.

“Being natural means being true and authentic to the innate properties of the materials, their contexts and conditions, and the lifestyle of the occupants,” says Yip.

Han adds, “In addition, it also means understanding the de-sign’s harmony and balance with its natural surrounding as well as the choice of material palette, which plays a complementary role to the process.”

Material selectionAuthenticity means to respect the materials’ physical characteris-tics. Yip says the materials must be allowed to obtain their pati-na through time and weathering. Beauty expressed in the process of ageing is part of the essence of natural materials. For instance, Yip advises homeowners to keep external timber decking unpol-ished and uncoated to allow natural weathering. “It turns into a silvery grey shade, just like driftwood,” he says.

“Big splashes and accents [used in interior design] are tire-some after a while,” says Han. “That’s why we keep to two to three primary materials that are subtle and harmonious, rath-er than loud and attention-seeking.” He adds that in selecting a soothing and calming palette, the choice of materials is usually from the complementary spectrums of the colour wheel, rather than contrasting poles.

Filtered lightOwing to its proximity to the equator, Singapore’s natural light-ing is more harsh and glaring compared with temperate countries, where it is more diffused in nature.

“The idea is to get just the right amount of light into the build-ing, so that the occupants can move around the house without dif-ficulty,” says Yip. “But, essentially, we want to create a cave-like environment to shield the home from harsh exterior conditions, where the occupants can rest away from the stresses of their dai-ly lives.” One of Yip’s latest project, 7 Namly Hill, uses a recessed building envelope to achieve this effect.

HYLA’s work often features the use of light wells and screens that double up as privacy panels. They allow filtration of light and casting of shadows into the interior space, reflecting the sur-roundings and creating an introspective private experience. “We let light and space do the talking,” says Han.

Landscape as natural allyAccording to Yip, the strategy is to use local tropical plants and let them be slightly wild and unkempt. On one hand, it allows for easy maintenance. On the other, it allows the natural character-istics of the plants to present themselves. Yip advocates that the house and landscape be seen in unison in a symbiotic relation-ship. “The landscape grows on to the house and the house grows out into the landscape,” he says.

“Landscaping is your natural ally,” says Han. “Using the bath-room as an example, it is a space where you need good ventila-tion and natural light, but at the same time, it must be as private as possible.” Landscaping allows all three criteria to be met. In addition, it gives users a resort-like living, remarks Han.

Han Loke Kwang is director of HYLA Architects and Yip Yuen Hong is director of ipli Architects. They can be reached at admin@hyla.com.sg and info@ipli.sg respectively.

Goy Zhenru is an architectural associate at Forum Architects. She can be reached at zhenru_goy@forum-architects.com.Treat the landscape as a natural ally to create resort-like living

A harmonious palette of landscape, materials and light creates a soothing living area

Allow tropical plants to be slightly wild and unkempt

Recessed building envelope

Keep external timber decking unpolished and uncoated to express the patina of materials

E

THEEDGE SINGAPORE | DECEMBER 7, 2015 • EP5

EP6 • THEEDGE SINGAPORE | DECEMBER 7, 2015

since the peak in 1Q2013 and have returned to 2010 levels.

There was one rental contract in-volving a similar-sized two-bedroom unit in the development in March for $5,200 a month. Based on the listing price of $2.1 million, the rent trans-lates into a potential rental yield of 3%. Rental volume for non-landed homes in Sentosa Cove surged 19.9% y-o-y in 3Q2015 to 211 contracts as median rents softened from $4.28 to $4.11 psf a month.

Scan the QR code for val ue deals at The Oceanfront @ Sentosa Cove and nearby projects

As we are not party to the contract between the client and agent, we are not able to verify information provid-ed by the agent

THEEDGE P R O P E R T Y DEAL WATCH

Sentosa Cove condo selling at 2006 price levelTable 2

Rental transactions and median rent of non-landed projects in Sentosa Cove

3Q2014 3Q2015 % CHANGE

Number of contracts 176 211 19.9

Median rent ($ psf a month) 4.28 4.11 4.0

URA,

THE

EDG

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PERT

Y.CO

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Historical transactions of 1,600 to 1,701 sq ft units at The Oceanfront @ Sentosa Cove

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

June 15, 2007 287 Ocean Drive #xx-xx 1,679 2,787,140 1,660

May 21, 2007 287 Ocean Drive #xx-xx 1,701 2,786,238 1,638

Aug 15, 2006 287 Ocean Drive #xx-xx 1,647 2,253,300 1,368

Aug 11, 2006 287 Ocean Drive #xx-xx 1,701 2,268,000 1,334

URA,

THE

EDG

EPRO

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Y.CO

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Table 1

A 1,647 sq ft unit in the project is listed for sale on TheEdgeProperty.com at $2.1 million, or $1,275 psf

| BY TAN CHEE YUEN |

For prospective buyers looking for the ultimate in waterfront living, a 1,647 sq ft unit at The Oceanfront @ Sentosa Cove is listed for sale on TheEdgeProp-

erty.com at $2.1 million, or $1,275 psf.The property’s asking price is

close to the launch price in 2006. In August 2006, a 1,647 sq ft low-floor unit changed hands at $2.25 million, or $1,368 psf. Another low-floor unit measuring 1,701 sq ft was sold in the same month for $2.27 million, or $1,334 psf.

Prices of similar-sized units spiked in 2007, breaching the $1,600 psf mark. Two units on low floors meas-uring 1,679 sq ft and 1,701 sq ft found buyers at $1,660 psf and $1,638 psf respectively.

The Oceanfront @ Sentosa Cove is a 264-unit luxury condominium developed by City Developments. It was completed in 2010. Nearby amenities include Quayside Isle and ONE°15 Marina Club.

Like the rest of the high-end seg-ment, residential prices at Sentosa Cove continued to languish from the slew of cooling measures, in-cluding a hefty additional buyer’s stamp duty rate for foreigners. Ac-cording to URA, prices of high-end non-landed homes have fallen 9%

SAM

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Expect impeccable standard of service and savour the all-time-favourite Signature Roasted Prime Ribs of Beef, carved from “Silver Carts” and served with the Famous Original Spinning Bowl Salad. With choices of à la carte and set menus featuring unique dishes, enjoy a world-class dining experience you will never forget!

LAWRY’S THE PRIME RIB333A Orchard Road

#04-01/31 Mandarin GallerySingapore 238897

www.lawrys.com.sg

Operating hours: Lunch: 11.30am to 2.30pm

Royal Tea: 2.30pm to 5pm (Mon-Sat)Dinner: 5pm to 10pm (Sun-Thurs)

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THEEDGE SINGAPORE | DECEMBER 7, 2015 • EP7

EP8 • THEEDGE SINGAPORE | DECEMBER 7, 2015

THEEDGE P R O P E R T Y FACTS + FIGURES

PROJECT DISTRICT AREA (SQ FT) SOLD ON SALES PRICE ($) BOUGHT ON PURCHASE PRICE ($) PROFIT ($) PROFIT (%) HOLDING PERIOD (YEARS)

NON-LANDED

1 Wing on Life Garden 10 3,305 13-Nov-15 5,200,000 1-Apr-99 2,400,000 2,800,000 117 16.6

2 The Marbella 10 1,496 22-Oct-15 2,380,000 4-Aug-04 1,045,000 1,335,000 128 11.2

3 Min Yuan 7 1,453 22-Oct-15 2,100,000 1-Jun-97 875,000 1,225,000 140 18.4

4 Caribbean at Keppel Bay 4 1,270 1-Oct-15 1,850,000 19-Aug-04 913,955 936,045 102 11.1

5 Haig Court 15 1,550 12-Nov-15 1,850,000 26-Apr-04 935,799 914,201 98 11.6

6 Park East 15 1,550 10-Sep-15 1,680,000 12-May-98 905,000 775,000 86 17.3

7 Queensberry Lodge 10 1,851 12-Nov-15 1,720,000 19-Sep-05 968,800 751,200 78 10.2

8 Kovan Melody 19 1,410 2-Nov-15 1,520,000 7-Oct-04 774,200 745,800 96 11.1

9 Riviera Residences 16 1,442 27-Oct-15 1,680,000 29-Dec-06 938,000 742,000 79 8.8

10 Grandeur 8 20 1,421 9-Nov-15 1,450,000 24-Jul-03 710,500 739,500 104 12.3

LANDED

1 Detached/Jalan Waringin 14 4,994 6-Nov-15 5,675,000 2-May-09 1,800,000 3,875,000 215 6.5

2 Semi-Detached/King’s Drive 10 2,713 29-Oct-15 3,700,000 1-Nov-98 1,360,000 2,340,000 172 17.0

3 Semi-Detached/Jalan Sindor 28 3,111 11-Nov-15 3,865,461 21-Jun-10 1,800,000 2,065,461 115 5.4

4 Terrace/Lorong Pisang Raja 21 1,927 13-Nov-15 2,750,000 26-Jul-05 750,000 2,000,000 267 10.3

5 Semi-Detached/Holland Grove View 10 2,562 6-Nov-15 2,400,000 2-Dec-04 1,300,000 1,100,000 85 10.9

PROJECT DISTRICT AREA (SQ FT) SOLD ON SALES PRICE ($) BOUGHT ON PURCHASE PRICE ($) LOSS ($) LOSS (%) HOLDING PERIOD (YEARS)

1 Detached/Caldecott Close 11 10,118 12-Nov-15 15,200,000 11-Nov-11 17,300,000 2,100,000 12 4.0

2 The Paterson 9 2,250 13-Nov-15 4,100,000 3-Aug-07 5,050,000 950,000 19 8.3

3 Cyan 10 1,658 12-Nov-15 3,103,000 22-Nov-10 4,038,000 935,000 23 5.0

4 Jardin 21 1,787 11-Nov-15 2,550,000 7-Dec-07 3,288,080 738,080 22 7.9

5 Visioncrest 9 1,227 9-Nov-15 2,300,000 30-Aug-07 2,980,000 680,000 23 8.2

6 The Laurels 9 1,819 29-Oct-15 4,400,000 30-Mar-10 4,722,124 322,124 7 5.6

7 Kovan Regency 19 592 5-Nov-15 770,000 1-Nov-12 801,000 31,000 4 3.0

8 Rivervale Crest 19 1,173 6-Nov-15 845,000 24-May-11 850,000 5,000 1 4.5

9 Vue 8 Residence 18 700 9-Nov-15 680,000 19-Aug-13 684,000 4,000 1 2.2

New caveats uploaded on Nov 20 and 24

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Most profi table deals

Non-profi table deals

Top 5 mortgage deals as at Dec 3

PACKAGE RATE BASIS SPREAD INTEREST AVERAGE YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 1 YEAR 2 YEAR 3 YEAR 4 (4 YEARS)

HDB (COMPLETED) – FLOATING RATE

1 PTBR – – – – 1.58 1.58 2.28 2.65 2.02

2 FHR 1.05 1.05 1.05 1.80 1.55 1.55 1.55 2.30 1.74

3 PTBR – – – – 1.45 1.45 2.28 2.65 1.96

4 FHR 1.15 1.15 1.15 1.80 1.65 1.65 1.65 2.30 1.81

5 PTBR – – – – 1.68 1.68 2.28 2.65 2.07

HDB (COMPLETED) – FIXED RATE

1 Fixed/SIBOR 3M – – – 1.50 2.15 2.15 2.15 2.57 2.26

2 Fixed – – – – 2.00 2.20 2.45 3.25 2.48

3 Fixed/SIBOR 3M – – – – 2.25 2.25 2.45 2.45 2.35

4 Fixed – – – – 1.78 1.78 2.28 2.65 2.12

5 Fixed – – – – 1.88 1.88 2.25 2.75 2.19

PRIVATE PROPERTY (COMPLETED) – FLOATING RATE

1 PTBR – – – – 1.58 1.58 2.28 2.65 2.02

2 FHR 1.05 1.05 1.05 1.80 1.55 1.55 1.55 2.30 1.74

3 FHR 1.15 1.15 1.15 1.80 1.65 1.65 1.65 2.30 1.81

4 PTBR – – – – 1.68 1.68 2.28 2.65 2.07

5 PTBR – – – – 1.45 1.45 2.28 2.65 1.96

PRIVATE PROPERTY (COMPLETED) – FIXED RATE

1 Fixed – – – – 1.78 1.78 2.28 2.65 2.12

2 Fixed/SIBOR 3M – – – 1.25 1.98 1.98 1.98 2.32 2.07

3 Fixed – – – – 1.88 1.88 2.25 2.75 2.19

4 Fixed/SIBOR 3M – – 1.25 1.25 1.88 1.88 2.32 2.32 2.10

5 Fixed – – – – 1.88 1.88 2.28 2.65 2.17

PRIVATE PROPERTY (UNDER CONSTRUCTION) – FLOATING RATE

1 PTBR – – – – 1.28 1.48 1.98 2.65 1.85

2 PTBR – – – – 1.40 1.50 1.60 2.65 1.79

3 PTBR – – – – 1.45 1.45 2.28 2.65 1.96

4 FHR 1.05 1.05 1.05 1.80 1.55 1.55 1.55 2.30 1.74

5 PTBR – – – – 1.58 1.58 2.28 2.65 2.02

* Refers to strata area. Otherwise, area stated for landed homes refers to land area. Tables compiled by Tan Chee Yuen

ICO

MPA

RELO

AN.C

OM

Terms and conditions apply. Visit iCompareLoan.com to find the best loan package for refinancing or new property purchase.Call 6100-0608/9782-8606 or write to: sales@icompareloan.com to speak with a mortgage consultant.

FHR: Fixed home ratePTBR: Pegged to board rate