A PULLOUT WITH

MCI (P) 056/03/2017 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF APRIL 17, 2017 | ISSUE 775

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

Luxury of spaceIn addition to having a childcare centre, supermarket and an MRT station

at their doorstep, homebuyers value a spacious living area. Artra at Alexandra, by Far East Consortium and New World Development, is

designed to meet those needs. See our Cover Story on Pages 6 and 7.

Special EventSingapore housing market

to stay resilient despite global uncertainties EP10

Market TrendsPreview of

Seaside Residencesdraws 5,000 EP4

Done DealsSurge in sales in

Alexandra-Queenstown neighbourhood EP12

Gains & LossesCondominiums soldwith million-dollar

profi ts EP15

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EP2 • THEEDGE SINGAPORE | APRIL 17, 2017

Rio Casa put up for en bloc saleRio Casa (above, left), a privatised HUDC

estate, has been put up for sale by ten-

der. The owners are expecting offers of

more than $450.8 million for the rede-

velopment site, which translates into

a land price of about $586 psf per plot

ratio (ppr).

The asking price includes a top-up

premium of about $57.5 million for a

fresh 99-year lease, as well as a differ-

ential premium of about $141.5 million

for intensification of the site.

Located on Hougang Avenue 7, Rio

Casa comprises seven residential blocks

totalling 286 apartment and maisonette

units. Under the Master Plan 2014, the

396,231 sq ft site is zoned for residen-

tial use with a gross plot ratio of 2.8.

The maximum permissible gross floor

are (GFA) is about 1.11 million sq ft.

Knight Frank is the appointed mar-

keting agent for the sale of Rio Casa.

The tender closes on May 23.

CDL has sold 81 units at Gramercy Park City Developments has sold 75%, or 81,

of the 107 units that it has launched for

sale at its freehold Gramercy Park res-

idential development (above, right) lo-

cated on Grange Road.

Of the 81 units sold, 70 are in the

North Tower, which was launched for

sale under Phase 1 in May 2016 at an

average price of more than $2,600 psf.

CDL says all two-bedroom + study units

have been sold, while the take-up rate

for three- and four-bedroom units has

been good. One of the units sold was

the second-largest penthouse in the

North Tower. The 5,533-sq ft, five-bed-

room property was sold to a foreigner

in March this year for $16.88 million

($3,050 psf). The largest penthouse is

a 7,287 sq ft, five-bedroom unit and it

is going for $23 million.

The other 11 units sold are part of

the 20 units in the South Tower that

CDL released for sale under Phase 2 on

March 30. CDL says it has increased the

average selling price from over $2,600

psf to about $2,800 psf for the Phase 2

launch. CDL has also offered early-bird

prices, which start from $3.4 million for

a two-bedroom + study unit, $5.1 mil-

lion for a three-bedroom unit and $6.8

million for a four-bedroom unit.

Both North and South Towers are iden-

tical and have a total of 87 units each.

According to CDL, 24% of the buy-

ers are Singaporeans, with the remain-

der comprising Singapore permanent

residents and foreigners from China,

Hong Kong, Taiwan, Malaysia, Indone-

sia, India, the US, the UK and France.

Tuan Sing Holdings buys Sime Darby Centre for $365 milTuan Sing Holdings is buying Sime Dar-

by Centre in Bukit Timah for $365 mil-

lion. The property, which is located at

896 Dunearn Road, sits on a 140,886 sq

ft commercial site that is part freehold

and part 999-year leasehold.

The site has an allowable gross plot

ratio of 1.8 and a maximum permissible

GFA of 253,595 sq ft. It is 96% occupied

and has a net lettable area of 202,712

sq ft. The tenants include kitchenware

retailer ToTT, Scanteak, Cold Storage

and ChildFirst pre-school.

New York-based private equity giant

Blackstone Group is said to have bought

a 70% stake in Sime Darby Centre for

just under $200 million last year from

Malaysian conglomerate Sime Darby

Bhd. Tuan Sing’s purchase would mean

Blackstone pocketed a gain of about

25% from its investment.

In a filing with the Singapore Ex-

change, Tuan Sing says it expects to

complete the deal in about 10 weeks.

It plans to “reposition the property into

a hub of activities”.

Retail rents show signsof stabilisationRetail rents are showing signs of stabi-

lisation, with gross rents for first-sto-

rey retail space in the Orchard/Scotts

Road area remaining unchanged q-o-q

at $37.20 psf per month in 1Q2017,

according to a report released by Ed-

mund Tie & Co.

The decline in first-storey retail rents

at Raffles Place, City Hall, Tanjong Pa-

gar, Shenton Way and Bugis has also

moderated to 0.6% q-o-q in 1Q2017.

ET & Co says the stabilisation of rents

comes on the back of higher visitor ar-

rivals and stronger retail sales in 2016.

According to preliminary estimates from

the Singapore Tourism Board in Febru-

ary, tourist arrivals grew 7.7% y-o-y to

16.4 million and tourism receipts rose

13.9% y-o-y to $24.8 billion. Retail oc-

cupancy across the island also improved

towards end-2016, reaching 91.5% in

4Q2016 from 90.6% in 3Q2016.

Rents for first-storey retail space

at suburban malls also remained un-

changed q-o-q in 1Q2017 at $30.60 psf

per month. ET & Co says suburban malls

are relying more on their F&B tenants

to support their revenue.

ET & Co expects retail rents to re-

main under pressure from the external

environment and continued growth of

e-commerce.

Plum site in Queenstown triggered for saleA residential site on Stirling Road, next to

Queens condominium, will be launched

for sale by tender in about two weeks.

According to URA, a developer has trig-

gered the site for tender by committing

to a minimum bid of $685,250,000, or

$718 psf ppr.

“It is interesting to note that this site

has been available on the Reserve List

for the past seven years and was not

triggered for sale until today,” says Nich-

olas Mak, executive director, research

and consultancy, at SLP International

Property Consultants. “A likely reason

could be due to its large size and the

large financial commit-

ment needed.”

According to URA, the

site is 227,221 sq ft and

can yield a maximum GFA

of 954,327 sq ft. The de-

velopment is expected to

yield an estimated 1,110

non-landed housing units.

The successful bidder

is required to employ the

Prefabricated Prefinished

Volumetric Construction

method, says URA. It will

also have to provide an in-

fant care and/or a child

care centre with a minimum GFA of

5,381 sq ft.

The latest condo launched for sale in

the area was the 736-unit Queens Peak.

The land parcel on which Queens Peak

sits was sold in June 2015 at $871 psf

ppr. The most recent Government Land

Sales (GLS) tender in the area was for

the site on Margaret Drive. It was sold

in December 2016 for $997.85 psf ppr.

Desmond Sim, CBRE’s head of re-

search for Singapore and Southeast

Asia, expects interest in the site to be

healthy, with between eight and 10

bids submitted. “Bids are expected to

come mostly from the major players,

who may team up with other parties

in view of the quantum and large site,”

he says. Mak believes the top bid in the

tender for this site could range from

$860 million to $910 million ($901 to

$954 psf ppr).

Toh Tuck Road site receives 24 bidsThe tender for a residential site on Toh

Tuck Road drew a total of 24 bids. It was

the second-highest number of bids re-

ceived historically for a private residen-

tial site launched under the GLS pro-

gramme. The highest number of bids

received — 32 — was for a site on West-

wood Avenue in Jurong West which

was developed into The Woods condo.

The highest bid of $265 million for

the Toh Tuck Road site came from SP

Setia International. The price works out

to $939 psf ppr, just 2% higher than the

next highest bid by Singhaiyi Investments.

The site can yield 325 residential units.

“It is a bewildering tender with 24

parties contesting and a top bid of $939

psf ppr, which is well above expecta-

tions,” says Ong Teck Hui, JLL nation-

al director, research and consultancy.

Ong says the aggressive bidding could

be due to the recent easing of cooling

measures and the positive reading of

the 1Q2017 flash estimates.

Notably, the top bid of $939 psf ppr

was just 6% below the $998 psf ppr that

MCL Land paid for a residential site on

Margaret Drive in the Queenstown area

in December 2016. The break-even price

for the Toh Tuck Road site is estimat-

ed to be $1,400 to $1,500 psf, which

translates into a selling price of more

than $1,600 psf.

Consortium led by Heeton Holdings appoints Hilton to manage its UK hotelHeeton Holdings, KSH Holdings, Lian

Beng Group and Ryobi Kiso Holdings

have appointed international hotel chain

operator Hilton to manage their new

192-bedroom hotel (above) in Leeds,

the UK. The hotel will be operated un-

der the Hampton by Hilton brand.

The hotel is part of the first phase

of a new, landmark regeneration pro-

ject being developed by the consorti-

um. It is currently under construction

and expected to commence operations

in late 2019.

The consortium had bought the 2.45-

acre mixed-use site in July 2015. Ap-

proval has been obtained for a built-up

area of more than one million sq ft, in-

cluding 843 apartments, a 204-bedroom

hotel, 4,300 sq ft of retail space, a gym,

swimming pool and car park with 637

parking lots on the site.

The site is within a five-minute walk

of the city centre and off Regent Street

and New York Road — Leeds city cen-

tre’s two main arterial roads. It is also

near the Leeds railway station, which

connects the city directly to London and

other parts of the country.

Heeton is the consortium’s major

shareholder, with a 55% stake, while

KSH Holdings, Lian Beng Group and Ry-

obi Kiso’s unit each have a 15% stake.

The project is the second UK invest-

ment made by the consortium in the

past four months, following its maid-

en acquisition in Hammersmith, Lon-

don, in March.

Roxy-Pacific sells its Sydney office building for A$158 milRoxy-Pacific Holdings announced that

its subsidiary, Roxy-Pacific Goulburn,

has signed an agreement with invest-

ment firm I-Prosperity Group and private

firm Toga D&C to sell them its freehold

office building at 59 Goulburn Street

in Sydney, Australia for A$158 million

($166.6 million).

The property was jointly marketed by

Jones Lang LaSalle (NSW) and Colliers

International (NSW). The sale is sub-

ject to the findings of a due diligence

exercise to be carried out by the buyers,

as well as further definitive sale agree-

ments. — Compiled by Michael Lim

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THEEDGE SINGAPORE | APRIL 17, 2017 • EP3

EP4 • THEEDGE SINGAPORE | APRIL 17, 2017

MARKET TRENDS

Preview ofSeaside Residences draws 5,000 | BY CECILIA CHOW |

Despite the rain and having to park their

cars across the road at East Coast Park,

over 3,000 people thronged the sales

gallery of Seaside Residences on April 8,

the first day that the project opened

for preview. Queues at three of the show suites

on the second level snaked all the way down

the stairs to the reception area. By the close

of the weekend of April 8 and 9, an estimated

5,000-strong crowd had visited the gallery.

The majority of the interested buyers live in

the eastern region of District 15 (Joo Chiat, Ka-

tong and Marine Parade), District 18 (Tampines,

Pasir Ris and Simei) and the northeastern region

of District 19 (Sengkang, Punggol).

Property agents believe the strong turnout

was a result of pent-up demand, as there has

been no launch of a private condominium pro-

ject on a government land sale (GLS) site with

views of East Coast Park and the sea since 2001.

The last one was that of the 99-year leasehold

site on Marine Parade Road, which was pur-

chased by Frasers Centrepoint and launched as

the 612-unit Cote D’Azur in 2002. The project

was fully sold and completed in 2004.

Over the past decade, the neighbourhood

around Cote D’Azur has been transformed, as

many sites in the Marine Parade-Amber Road-

Amber Gardens area were purchased en bloc

for redevelop ment. New projects that are the

result of the redevelopment of collective sale

sites include the 383-unit Silversea adjacent to

Cote D’Azur, which was completed in 2014; the

546-unit The Sea View by Wheelock Proper-

ties and the 400-unit The Esta by MCL Land,

both of which were completed in 2008; and

the 562-unit One Amber, in 2010.

More recent completions are the 124-

unit Marine Blue on Marine Parade Road by

CapitaLand, and the 109-unit Amber Skye

The crowd at the preview of Seaside Residences on April 8

The showflat of a four-bedroom unit at Seaside Residences

at Amber Road by CS Land (formerly China

Sonangol Land).

No new launch in 15 yearsAlong the stretch of Marine Parade Road flanked

by Marine Vista and Bedok South Avenue 1

are ageing 99-year leasehold projects that are

more than 30 years old and sitting on huge

plots, for instance, Neptune Court, Mandarin

Gardens and Laguna Park.

Seaside Residences, located on Siglap Link,

is behind Victoria School and fronts East Coast

Park. It is flanked by Mandarin Gardens and

Laguna Park.

Mandarin Gardens on Siglap Road was com-

pleted in 1986. The 1,000-unit development

occupies a site area of a million sq ft. While

the existing plot ratio is 1.6, the site can be re-

developed into a new residential project with a

plot ratio of 2.8. Likewise, Laguna Park, a pri-

vatised HUDC estate on Marine Parade Road,

is zoned for residential use, with a plot ratio of

2.8. Laguna Park contains 516 residential and

12 commercial units sitting on a land area of

678,000 sq ft. It was completed in 1978 and

has a 99-year lease dating from 1977.

Laguna Park has made two collective sale

attempts so far. The first was in October 2009,

when it was put up for sale with a price tag of

$1.2 billion. The second was in 2011, and the

asking price was 11% higher, at $1.33 billion.

“For such big plots, mounting a collective

sale is not impos sible but it will take a longer

time to get off the ground,” says Tan Hong

Boon, JLL regional director of capital markets

for Singapore. The two collective sale attempts

at Laguna Park were made prior to the 2013 hike

in the additional buyer’s stamp duty (ABSD) of

15% on the land cost imposed on developers

if they are not able to build and sell all their

units within five years of acquiring a residen-

tial development site.

Tan also estimates that Laguna Park could

be redeveloped into a project of 1,900 units,

which is bigger than D’Leedon’s 1,715 units.

D’Leedon is a redevelopment of Farrer Court,

the largest collective sale site so far, in volving

618 units occupying a site area of 838,488 sq

ft, which was sold to a CapitaLand- led con-

sortium for $1.34 billion in 2007.

Meanwhile, the largest GLS site offered

for sale to date — the plot on Stirling Road

that was triggered on April 10 — can yield

1,100 resi dential units. This is less than 60%

of the potential number that can be built on

the Laguna Park site, says Tan.

It is not surprising why the GLS site of

207,842 sq ft at Siglap Link drew eight bids

at the close of the government land tender in

January 2016. The winning bid came from a

consort ium made up of Frasers Centrepoint, Se-

kisui House and Keong Hong Holdings, which

bid $624.18 million, or $858 psf per plot ratio,

for the site. The project has since been launched

as Seaside Residences.

Frasers Centrepoint, having developed Cote

D’Azur, recognises the potential of the area

and the lack of new supply in the immediate

neighbourhood of Seaside Residences.

“No residential development with such

exclusive sea views has been launched along

East Coast Parkway in 15 years,” says Cheang

Kok Kheong, Frasers Centrepoint’s head of

develop ment and projects. “With such compel-

ling quali ties, this project is generating strong

interest from new homebuyers and investors.”

Buyers are also cognisant of the fact that

there are no other GLS sites in the immediate

neighbourhood of Seaside Residences, says Jack

Chua, CEO of ERA Singapore. “This has trans-

lated into strong turnout at the sales gallery

even on weekdays.”

Exclusive, with sea viewsTo capitalise on the sea views, Seaside Resi-

dences, which is designed by ADDP Architects,

has four 27-storey residential towers that occupy

just 23.4% of the total site area. It is said that

at least 70% of the units will enjoy sea views.

With no immediate new competition in the

vicinity, “Seaside Residences should be able to

move quite a lot of units”, reckons JLL’s Tan.

The project has a mix of one-bedroom suites

to five-bedroom penthouses. About 64% of

the units are a mix of one- and two-bedders.

The one-bedroom and one-bedroom+study

units are from 420 to 592 sq ft and priced from

$690,000 to $1.16 million. There are three

types of two-bedroom units ranging in size

from 678 to 829 sq ft, priced between $977,000

and $1.6 million.

The remaining 35.5% are predominantly

three- and four-bedroom units. There is a

wide range of three-bedroom and three-

bedroom+study units, with sizes from 1,023

to 1,259 sq ft, and priced from $1.45 million

to $2.33 million. Meanwhile, four-bedroom

units are from 1,485 to 1,733 sq ft. These are

priced between $2.29 million and $3.08 million.

There are only three five-bedroom pent-

houses at Seaside Residences and these are

simplexes of 3,294 sq ft each. According to

market sources, the penthouses are likely to

be priced around $6 million each, given their

exclusivity and uninterrupted views.

East Coast Park beach appeal The main attraction of Seaside Residences is

that it is just a four-minute walk from East

Coast Park via an underpass. It is also just a

three-minute walk from the future Siglap MRT

station on the Thomson-East Coast Line, says

the developer. Seaside Residences is slated for

completion in 2021, and the Siglap MRT station

is scheduled for completion in 2023.

Early indications are that there is equal in-

terest in both the compact and large units, with

many placing a premium on the opportunity

to live across the road from a beach, according

to the developer in a statement.

Another interesting concept introduced by

the developer in this project is its LIVCLO or

“Living Closet”, a built-in storage space with

ready-made shelves. It is available in all the

units at Seaside Residences.

“Buyers who are searching for the best

home and investment available recognise the

value of this project,” adds Frasers Centre-

point’s Cheang. “And we are very pleased with

the overwhelming interest shown in Seaside

Residences.” The project will be launched for

sale on April 22.

About 70% of the units at Seaside Residences will enjoy sea views

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THEEDGE SINGAPORE | APRIL 17, 2017 • EP5

EP6 • THEEDGE SINGAPORE | APRIL 17, 2017

COVER STORY

Luxury of space In addition to having a childcare centre, supermarket and an MRTstation at their doorstep, homebuyers value a spacious living area. Artra at Alexandra, by Far East Consortium and New WorldDevelopment, is designed to meet those needs.

| BY CECILIA CHOW |

The 21,500 sq ft sales gallery

of Artra is designed to look

like a contemporary art gal-

lery. The name “Artra” itself

is a palindrome; it reads as

“art” both backwards and forwards.

The 400-unit private condominium

at Alexandra View fronts the Redhill

MRT station and will be connected

to it in the future.

The project is developed by two

listed Hong Kong developers: Far East

Consortium International and New

World Development Co, which own

70% and 30% stakes res pectively.

This is the partners’ first collabo-

ration in Singapore, but they have

worked together on other projects

in Hong Kong and the UK.

It is also New World Development’s

maiden development project in Singa-

pore. The company has a market cap-

italisation of HK$94.27 billion ($17.05

billion). As for Far East Consortium,

this is the developer’s second mixed-

use development on a government

land sale (GLS) site in eight years.

Far East Consortium’s first mixed-

use development was the 68-unit

Dorsett Residences and the adjacent

285-room Dorsett Hotel, both of which

were completed in 2013. Dorsett

The sales gallery of Artra, designed as an art gallery

A scale model of Arta showing the acoustic canopy that acts as a sound barrier, and the covered linkway to the Redhill MRT station

Residences previewed in September

2010 and saw all its units snapped up

within three days, mostly by Singa-

porean and Indonesian investors. The

average sale price for the units was

$1,800 psf — higher than the initial

indication of $1,680 psf.

The units at Dorsett Residences

are a mix of one-bedders of 484 to

667 sq ft; two-bedders of 689 to 1,012

sq ft; and two-bedrooms+study from

1,206 to 1,615 sq ft. In the resale

market, the asking price of a 484 sq

ft, one-bedroom unit was recently

listed at $1.02 million ($2,107 psf),

while a 689 sq ft, two-bedroom unit

was listed at $1.63 million ($2,366

psf). Asking monthly rents for par-

tially furnished one-bedroom units

range from $3,400 to $3,500, and

that for a 1,000 sq ft, two-bedroom

unit is about $5,000. This translates

to gross rental yields of 3.7% to 4%.

“While rental rates of other

one-bedroom units have suffered,

the one-bedroom units at Dorsett

Residences are doing very well,” says

Dennis Chiu, executive director of Far

East Consortium. “The units are well

tenanted because we have a lift lead-

ing from Dorsett Residences directly

to the underground Outram Park MRT

station. People don’t realise how

important that is until they move in.”

Direct link to MRT stationGiven that the site at Alexandra View

shares the same attribute — direct

connectivity to the Redhill MRT sta-

tion — it is not surprising that the

joint venture partners beat nine other

bids for the site in November 2015.

Their winning bid was $376.88 mil-

lion ($851 psf per plot ratio).

The developers are providing an

“acoustic canopy” that will serve

both as a sound barrier and a shel-

tered walkway from Artra to the MRT

station. Located on the city fringe,

the project is also close to the CBD,

Orchard Road, Singapore Botanic

Gardens and Dempsey Hill dining

destination, says Chiu.

An added convenience for resi-

dents of Artra is that there will be a

1,000 sq m FairPrice Finest supermar-

ket and 16 shops on the first level of

the 44-storey development. On the

second level is a 500 sq m childcare

centre and a 100 sq m playground.

Two dedicated lifts will take residents

directly to the childcare centre, su-

permarket and basement carpark.

“These days, parents are very con-

cerned about security and the safety

of their children,” says Chiu. “With

the dedicated lift, they can bring their

children to the childcare centre with-

out having to cross the road or walk

through a public space.”

Alice Tan, Knight Frank Singapore’s

director and head of research and con-

sultancy, agrees. “The seamless access

to the childcare centre, super market

and other retail amenities as well as

MRT station are an added bonus,” she

says. Knight Frank, Prop Nex and Sav-

ills are joint marketing agents of Artra.

Identifying the trendIdentifying the trend correctly is im-

portant, and so is timing, says Chiu.

“We’re very selective in our deals.” In

2010, compact apartments that were

part of mixed-use developments ap-

pealed to investors. Dorsett Residences

catered to that demand at that time.

However, the market has changed,

says Chiu, and buyers today are

predominantly owner-occupiers.

“We’ve designed the units at Artra

for the upgraders’ market. Therefore,

there are no one- bedroom units.”

At Artra, 190 units (or 47.5% of the

total) are two-bedroom+study con-

figurations, with sizes ranging from

786 to 829 sq ft. Another 108 units

(27%) are three-bedroom apartments

of 1,044 to 1,119 sq ft, while 64 units

(16%) are three-bedroom+study of

1,227 sq ft.

There are 32 three-bedroom+study

corner units that come with private

lifts, and these are 1,410 sq ft each.

There are six “executive units” —

2,583 sq ft, five-bedroom+family

apartments — that also come with

private lift access. These are the

amalgamation of two units, and they

span the 38th to 40th floors of the

44- storey tower block.

“The units at Artra are deliberate-

ly sized to differentiate the project

from

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THEEDGE SINGAPORE | APRIL 17, 2017 • EP7

COVER STORY

The 829 sq ft, two-bedroom+study features a kitchen island with full Smeg kitchen appliances

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—

mily

with

the

hey

the

ate-

ect

from competing [developments] in

the Alexandra neighbourhood,” says

Tay Kah Poh, Knight Frank’s execu-

tive director of agency services. “The

larger sizes raise the liveability factor,

and will appeal to families.” Besides

families, the two-bedroom+study

units are also likely to attract investors

given the conveniences of the MRT

and other amenities, he adds.

Ample storage, liveable spaceMost units come with a kitchen island

and are fully fitted with Smeg kitchen

appliances, including refrigerator, and

all the bathrooms will have a rain show-

er. The master bathrooms will feature

a three-panel vanity mirror that can be

adjusted and, more importantly, pro-

vide additional storage space behind.

All the common bedrooms are

big enough to fit a queen-sized bed,

while the master bedrooms can fit a

king-sized bed. The master bedrooms

will feature walk-in wardrobes. The

living room of the three- bedroom and

three-bedroom+study units are spa-

cious enough for an L-shaped sofa

instead of the usual two- or three-

seater sofa. And the dining area is big

enough for a six-seat dining table, says

Far East Consortium’s Chiu.

The entranceway will also have

a concealed shoe cabinet. “Normal-

ly, when you visit people’s apart-

ments, you see shoes everywhere

outside the front door,” adds Chiu.

With the shoe cabinet, that should

not happen at Artra.

Besides shoes, the three-bed-

room+study units also come with stor-

age space for golf bags. The three-bed-

The showflat of a 1,410 sq ft, three-bedroom+study has a living area spacious enough for an L-shaped sofa and a six-seat dining table

room and three- bedroom+study units

will have a wet and dry kitchen. The

dry kitchen has additional storage

space below the countertops, while

the wet kitchen has storage space

for cleaning appliances, including a

vacuum cleaner. “With all the built-

in storage, all the units are designed

to be efficient, and there’s no space

wastage,” adds Chiu.

“This may not be Ardmore Park or

The Marq on Paterson Hill, but it’s very

liveable and comfortable for upgraders.

The luxury is in the details, in terms of

space and storage, not the gold bling or

diamante you see in some show flats.”

Unblocked viewsAs the residential units start from

the third level, more than half the

units will have views. Units located

above the sky garden on the 24th floor

will be able to enjoy unobstructed

The balcony of the three-bedroom+study corner unit with views of Botanic Gardens, Orchard Road and the city skyline

pano ramic views of the city skyline,

the Singapore Botanic Gardens and

Orchard Road, says Chiu. The units

are also oriented in a north-south ,

so there is no worry about getting

the afternoon sun, he adds.

A lot of attention has been paid

to details, says George Tan, senior di-

rector of Savills Residential. Besides

space, Artra’s units are oriented such

that residents can enjoy the view

from their windows and balconies.

For instance, the corner three-bed-

room+study units feature a spacious

balcony that spans the living room

and master suite. “The balcony out-

side the master suite is a great cor-

ner for enjoying a cigar and a glass

of wine in the evenings,” says Chiu.

Competitive pricingThe market indicative price for Artra

is said to be in the range of $1,600

The master bedroom with walk-in wardrobe and built-in storage space

The Artra site fronts the Redhill MRT station, and it is the only condo in the area that will be linked to it

to $1,700 psf. There are competing

projects in the neighbourhood, such

as the 429-unit Alex Residences,

which is expected to be completed

later this year; the 373-unit Ascentia

Sky, which was completed in 2013;

and the 508-unit Echelon, which is

fully sold and was completed last

year. Next door is the 382-unit The

Metropolitan, built in 2009. All are

99-year leasehold sites purchased

through GLS.

The most recent launch in the

area was that of the 663-unit Prin-

cipal Garden on Prince Charles Cres-

cent, across the road from the Artra

site. The project by UOL Group and

Kheng Leong was launched in Octo-

ber 2015 at an average price of $1,600

psf, and is about 65% sold. Units

sold over the past month ranged from

$829,000 ($1,675 psf) for a 495 sq ft,

one-bedder to $1.91 million ($1,776

psf) for a 1,076 sq ft, three-bedroom

apartment.

Meanwhile, adjacent to Principal

Garden is the 469-unit The Crest by

a Wing Tai-led consortium, which

recently obtained its Temporary Occu-

pation Permit. Since the start of the

year, units have been sold at prices

ranging from $1.155 million ($1,731

psf) for a 667 sq ft, one-bedder on the

10th floor to $2.9 million ($1,716 psf)

for a 1,690 sq ft, four-bedroom apart-

ment on the 15th floor, based on ca-

veats lodged in January and February.

Instead of cannibalising each

other’s sales, the new projects

launched have instead “increased

the level of attractiveness of the Alex-

andra neighbourhood”, notes Knight

Frank’s Tay. Artra’s attributes — spa-

cious and comfortable unit sizes,

seamless access to a childcare cen-

tre, retail amenities and the MRT sta-

tion — would be the main draws for

homebuyers, he adds.

Far East Consortium’s Chiu is po-

sitive about the market. “ Sentiment

is definitely better and new-home

sales have certainly rebounded,” he

says. Therefore, the developer will

preview Artra on the weekend of

April 15 and16, with sales to start

on April 29. E

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EP8 • THEEDGE SINGAPORE | APRIL 17, 2017

THEEDGE SINGAPORE | APRIL 17, 2017 • EP9

EP10 • THEEDGE SINGAPORE | APRIL 17, 2017

SPECIAL EVENT

At the peak of the collective sale fever in

2005, 2006 and 2007, the number of sites sold

en bloc to developers was 51, 78 and 88, re-

spectively, says Tan. He attributes the spike in

collective sale deals during those years to in-

creased developer interest in prime district sites

in anticipation of demand from the wealthy

as a result of the two Integrated Resorts being

built. The GLS sites were insufficient to sat-

isfy demand then, adds Tan. “There’s an in-

verse correlation between the number of GLS

sites and that of collective sales.”

The number of participants bidding for GLS

sites recently — at least 12 bids were received

— is an indication of pent-up demand by de-

velopers for sites, observes Tan.

Supply-led demandIn Singapore, demand is also supply-led.

According to Savills’ Cheong, when many

GLS sites are sold, new home sales also in-

crease, and vice versa. He expects the gov-

ernment to release more GLS sites for tender,

including the upcoming launch of Kampong

Bugis under the new Master Developer plan,

whereby 4,000 new residential units could

be rolled out.

According to Cheong, the average length of

a market down cycle from 1975 to 2011 was

8.4 quarters. The housing market has already

seen 14 straight quarters of price declines. “The

down cycle is overextended, possibly causing

homebuyers’ impatience to buy,” he reckons.

The recalibration of the seller’s stamp duty

on March 11 has also boosted sales at devel-

opers’ launches, including projects that were

launched one or two years ago, Cheong points

out. He believes the recalibration was a test

conducted by the government to see how the

market will react to changes made to the cool-

ing measures.

His forecast is that prices of residential

properties are set to increase this year, revers-

ing the trend of the past 14 quarters. He ex-

pects prices of condos and apartments in the

Core Central Region to rise about 3% a year

in 2017 and 2018. Meanwhile, his projection

is that prices of condos and apartments in the

Rest of Central Region and Outside Central

Region are likely to rise between 0% and 3%

over the same period.

“As long as the unemployment rate stays

low, the property market should be quite sta-

ble,” assures Cheong.

The most recent collective sale of an HUDC estate is Shunfu Ville, which was sold to Qingjian Realty for $638 million last May

From left: Dr Boaz Boon (panel discussion moderator), JLL’s Tan, Savill’s Cheong and UOB’s Suan

Singapore housing market to remain resilient despite global uncertainty| BY MICHAEL LIM |

The TEP360 seminar on April 8, entitled

“Navigating through turbulent times”,

was attended by about 350 participants.

Of great interest to homeowners and

investors is what opportunities are out

there, given the current market uncertainty.

UOB senior economist Suan Teck Kin spoke

on the state of Singapore’s economy. GDP grew

2% in 2016 and is forecast to grow by another

1.7% this year. He thinks the current growth

rate of 2% to 3% — half of the 6% to 8% rate

per annum that we have been used to over

the past 40 years — will be the “new normal”.

Another concern is the retrenchment rate

for last year, which was the highest since 2009.

About 16,610 workers were let go in 2016 and

the unemployment rate among Singaporeans

and permanent residents was 3.2%, which

is close to the 3.3% seen in 2009, says Suan.

“The unemployment rate will remain high

for a while,” he reckons. “This is because of the

transformation in the economy.” There are sever-

al issues affecting the economy: the ageing pop-

ulation, the disruption taking place across many

sectors of the economy and the uncertainty owing

to what is happening in other countries, such

as Brexit in the UK, President Donald Trump’s

policies in the US, the European political situ-

ation and the Chinese government’s policies.

Although the unemployment rate in Singapore

has increased, it has not had a significant impact

on debt levels. Currently, the debt service ratio,

which is the amount of mortgage payment as a

percentage of monthly income, stands at 25%.

This is half the level seen during the Asian finan-

cial crisis in 1997/98 when the DSR was 50%.

“As long as interest rates do not return to the

7%-to-8% level last seen in the 1990s and unem-

ployment does not rise above 5%, the DSR lev-

el should remain at a comfortable level, and the

Singapore economy should be fine,” says Suan.

HDB as bufferHDB has been an important buffer for the over-

all property market, as 80% of homeowners in

Singapore live in public housing flats, accord-

ing to Suan. “As long as the HDB market holds

up and HDB resale prices are stable, that will

provide a good support for private residential

prices,” he says. “This is because the private

housing market is supported by HDB upgrad-

ers’ demand.”

The concern of many attendees at the sem-

inar was the statement by National Develop-

ment Minister Lawrence Wong in a blog post

on March 24 that homebuyers should not as-

sume that all old HDB flats will be automati-

cally eligible for the Selective En bloc Redevel-

opment Scheme (SERS). Wong also said that

the leases for most HDB flats will eventually

run out and the flats returned to HDB, which

in turn will surrender the land to the state.

“The government is trying to rein in pub-

lic expectations and minimise the escalation of

HDB prices,” says Alan Cheong, Savills Singa-

pore head of research and consultancy.

According to Cheong, the government’s

concern could have been several million-dollar

transactions of old HDB flats last year, such as

the 1,571 sq ft executive flat on Lengkong Tiga

that changed hands for $935,000 in February

2016. The unit was completed in 1989. Another

was a 1,561 sq ft executive flat at Block 101B

Toa Payoh Lorong 2, which was completed

23 years ago and sold last June for $980,000.

In 2015, a 28-year-old executive apartment of

1,604 sq ft in Bishan fetched $1.05 million.

Collective sales: Success not guaranteedHUDC, or Housing and Urban Development Co,

projects, which were developed in the 1970s and

1980s, have also been privatised. The gradually

expiring leases in these developments are also a

concern. “One of the key impetuses for owners

of HUDC to take the collective sale route is to

unlock the value of the development and let the

private sector handle the renewal and maxim-

ise the untapped redevelopment potential that

could be realised,” says Tan Hong Boon, JLL

regional director of capital markets.

The most recent collective sale of an HUDC

estate is Shunfu Ville, which was sold to Qing-

jian Realty for $638 million last May. Each own-

er in the 358-unit development will walk away

with $1.78 million if the deal is successful. The

site, located just 200m from the Marymount

MRT station, can be redeveloped into a new

project of more than 1,000 units, based on an

average unit size of 1,000 sq ft. The Court of

Appeal will be hearing the case on April 12,

as two owners in the project object to the sale.

According to JLL’s Tan, who was involved

in the collective sale of Shunfu Ville, the en-

tire process took 30 months. “For investors

looking to buy a unit in an ageing condomin-

ium or privatised HUDC estate in the hope of

a collective sale, they have to be aware that

it is a long-drawn-out process that could take

anywhere from three to four years.”

The biggest collective sale site sold so far is

still Farrer Court, a former HUDC estate with

618 units that sits on an 838,488 sq ft plot.

Farrer Court was sold to a CapitaLand-led

consortium in 2007 for a record $1.34 billion.

The new project, called d’Leedon, is a 1,715-

unit condo development designed by the late

Pritzker Prize winner, Zaha Hadid, and was

completed in 2014.

The probability of a collective sale being

successful is about 20%, says Tan. Over the

past three years, there were only five success-

ful collective sales. The number of failed col-

lective sales over the same period was 20.

Inverse correlation between GLS sites and collective sales Of the five collective sales that were complet-

ed recently, three — Shunfu Ville, Raintree

Gardens and Harbour View Gardens — were

done last year. Tan attributes the increase in

the number of transactions to the fact that the

number of sites offered for sale on the Con-

firmed List of the Government Land Sales (GLS)

programme was just eight last year, while in

2015, it was just 12.

By contrast, from 2011 to 2014, the govern-

ment released a record number of sites in the

GLS programme. In 2011, it released 36 resi-

dential development sites on the Confirmed

List; in 2012, 29 sites were launched; and in

2013, the figure was 23. In 2014, however, it

tapered down to 17. E

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THEEDGE SINGAPORE | APRIL 17, 2017 • EP11

MARKET TRENDS

A strata bungalow on Hua Guan Avenue has been put up for mortgagee sale at a guide price of $3 million

A freehold bungalow at Eng Kong Garden was auctioned for $3.95 million on March 23

JLL

A 3½-storey semi-detached house on Sixth Avenue has been put up for mortgagee sale at a guide price of $3.38 million

KNIG

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A Good Class Bungalow on Belmont Road has been put up for mortgagee sale at a guide price of $25 million

SAM

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Rise in number of landed homes soldat auctions| BY LIN ZHIQIN |

In 1Q2017, of eight properties sold

under the hammer, four were land-

ed homes, according to JLL in a

release on April 3. The four trans-

actions totalled $11.2 million, or

73.5% of the $15.23 million auction

deals concluded in the first three

months of 2017.

A fifth landed property, a trustee

sale of a corner terraced house on

Jalan Remaja, off Hillview Avenue,

was sold just before Knight Frank’s

auction on March 22. The old, dou-

ble-storey house, which sits on a 4,226

sq ft freehold plot, fetched $3.2 mil-

lion ($757 psf), according to a cave-

at lodged on March 31.

The most expensive landed prop-

erty sold at an auction in 1Q2017 was

a detached house at Eng Kong Gar-

den, a landed housing estate located

off Toh Tuck Road. It fetched $3.95

million ($915 psf). The three-storey

house, which has six bedrooms and

a study, has a built-up area of 5,167

sq ft and sits on a freehold site of

4,316 sq ft.

The house at Eng Kong Garden

was a mortgagee sale, and was sold

at JLL’s auction on March 23. Accord-

ing to URA caveat data, the property

was last purchased for $3.7 million

in April 2015. As it was sold with-

in two years of purchase, the seller

would have had to pay a 12% seller’s

stamp duty on the sale price, which

translates into $474,000.

The other two properties that made

up the top three landed home deals at

auctions were semi-detached houses.

One was a two-storey semi-detached

house on Jalan Daud in Kembangan,

in the east. The house, which comes

with three bedrooms and a study, sits

on a freehold site of 3,423 sq ft. It

was sold at JLL’s auction on March

23 for $3.2 million ($935 psf).

Meanwhile, a three-storey semi-de-

tached house on Jalan Dinding, off

Woodlands Road, went under the

hammer for $2.6 million ($688 psf)

at Colliers International’s auction

on March 30. An estate sale, the

house contains seven bedrooms and

a study and sits on a freehold plot

of 3,780 sq ft.

A third of landed homes for auction are mortgagee salesIn 1Q2017, a total of 36 landed res-

idential properties were put up for

auction — 28.6% higher than the

figure the year before — according

to Sharon Lee, Knight Frank’s head

of auction. Of this, 13, or about a

third, were mortgagee sale listings,

an 85.7% jump from a year ago,

she adds.

“The number of landed residen-

tial properties put up for auction has

been quite stable — between 28 and

39 units — since 1Q2015,” says Lee.

“The number of landed residential

properties put up for auction under

mortgagee sale has also been above

the 12-unit mark since 2Q2016.”

For the past three quarters, the

number of non-landed residential

properties (apartments and condo-

miniums) put up for auction has

hovered around the 60-unit mark.

The number of non-landed residen-

tial mortgagee sale listings was 40

in 1Q2017, the highest in six years

since Knight Frank started tracking

auction results in 1Q2011. Seven out

of the 40 mortgagee sales are locat-

ed in prime Districts 1, 9, 10 and 11.

Private-treaty dealsSome landed homes have been put up

for auction more than once — and still

have not been sold. As such, they are

now available for sale by private treaty.

For instance, a 99-year leasehold

semi-detached house on Sixth Avenue

in prime District 10, has been put up

for private-treaty sale. A mortgagee

sale, the 3½-storey house sits on a

3,670 sq ft site and has a guide price

of $3.38 million ($921 psf). Based on

URA caveat data, the property was

last transacted at $1.63 million in

October 2006.

Another property that is available

for sale by private treaty is a strata

bungalow on Hua Guan Avenue in

District 21. A mortgagee sale, it has

a guide price of $3 million ($711 psf).

Based on URA caveat data, it was

last sold for $3.5 million ($830 psf)

in November 2013. The two-storey

bungalow has a basement and attic

level and a total strata area of 4,219

sq ft. The property has a 999-year

lease and is part of a strata bunga-

low development with just six units.

It comes with private parking and

private swimming pool. The latest

transaction at the strata bungalow

development on Hua Guan Avenue

was in February 2011, when a de-

tached house with a strata area of

4,682 sq ft changed hands for $5

million ($1,068 psf).

Another landed home that has

been put up for auction twice and

is now available for sale by private

treaty is a Good Class Bungalow on

Belmont Road in prime District 10.

The property was last put up for

auction by Colliers International in

February with an opening price of

$25 million. The double-storey GCB

comes with a basement entertain-

ment room and games room, four en

suite bedrooms including the master

suite, a swimming pool and a cov-

ered garage that can fit five cars. It

sits on a freehold site of 16,327 sq ft

and its guide price is pegged to the

opening price at the last auction of

$25 million ($1,531 psf). The prop-

erty last changed hands for $16 mil-

lion in March 2010. E

EP12 • THEEDGE SINGAPORE | APRIL 17, 2017

E

DONE DEALS

Surge in sales in Alexandra-Queenstown area

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

Residential transactions with contracts dated March 28 to April 4

District 1 MARINA ONE RESIDENCES Apartment 99 years March 29, 2017 1,141 2,496,087 2,188 Uncompleted New SaleMARINA ONE RESIDENCES Apartment 99 years March 29, 2017 1,141 2,696,413 2,363 Uncompleted New SaleTHE CLIFT Apartment 99 years April 04, 2017 527 980,000 1,858 2011 ResaleTHE SAIL @ MARINA BAY Apartment 99 years April 03, 2017 678 1,238,000 1,826 2008 ResaleV ON SHENTON Apartment 99 years March 30, 2017 1,098 1,975,000 1,799 Uncompleted Sub SaleDistrict 2 ICON Apartment 99 years April 03, 2017 581 1,070,000 1,841 2007 ResaleDistrict 3 ALEX RESIDENCES Apartment 99 years March 28, 2017 1,023 1,867,000 1,826 Uncompleted New SaleALEX RESIDENCES Apartment 99 years March 28, 2017 883 1,535,500 1,740 Uncompleted New SaleALEX RESIDENCES Apartment 99 years March 31, 2017 883 1,611,223 1,825 Uncompleted New SaleASCENTIA SKY Condominium 99 years March 28, 2017 958 1,272,000 1,328 2013 ResaleCENTRAL GREEN CONDOMINIUM Condominium 99 years March 30, 2017 1,346 1,500,000 1,115 1995 ResaleCOMMONWEALTH TOWERS Condominium 99 years March 28, 2017 1,076 1,588,000 1,475 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 28, 2017 1,076 1,592,600 1,480 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 28, 2017 441 838,000 1,899 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 28, 2017 1,302 1,898,000 1,457 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 28, 2017 904 1,421,600 1,572 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 29, 2017 689 1,272,200 1,847 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 29, 2017 904 1,404,400 1,553 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 30, 2017 1,302 2,150,100 1,651 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 30, 2017 1,076 1,671,500 1,553 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 30, 2017 1,076 1,643,500 1,527 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 30, 2017 1,302 2,340,000 1,797 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 31, 2017 441 838,000 1,899 Uncompleted New Sale

COMMONWEALTH TOWERS Condominium 99 years March 31, 2017 700 1,268,000 1,812 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years March 31, 2017 904 1,381,600 1,528 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 01, 2017 474 838,000 1,769 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 01, 2017 1,055 1,668,700 1,582 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 01, 2017 1,302 1,898,000 1,457 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 01, 2017 904 1,422,600 1,573 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years March 30, 2017 915 1,619,300 1,770 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 28, 2017 807 1,296,000 1,605 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 28, 2017 484 789,000 1,629 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 28, 2017 1,076 1,817,000 1,688 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 28, 2017 807 1,343,000 1,664 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 28, 2017 764 1,213,000 1,587 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 28, 2017 495 787,000 1,589 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 29, 2017 1,076 1,783,000 1,656 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 29, 2017 861 1,422,000 1,651 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 30, 2017 1,076 1,930,000 1,793 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 30, 2017 1,076 1,899,000 1,764 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 31, 2017 807 1,301,000 1,612 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 31, 2017 1,076 1,912,000 1,776 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years March 31, 2017 786 1,305,000 1,661 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 02, 2017 495 834,000 1,674 Uncompleted New SaleQUEENS PEAK Condominium 99 years March 28, 2017 431 762,000 1,770 Uncompleted New SaleQUEENS PEAK Condominium 99 years March 29, 2017 441 737,000 1,670 Uncompleted New SaleQUEENS PEAK Condominium 99 years March 30, 2017 441 721,000 1,634 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 01, 2017 441 741,000 1,679 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 02, 2017 431 736,000 1,709 Uncompleted New SaleTHE METROPOLITAN CONDOMINIUM Condominium 99 years March 29, 2017 1,066 1,350,000 1,267 2009 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years March 28, 2017 893 1,395,000 1,561 2004 ResaleCORALS AT KEPPEL BAY Condominium 99 years April 01, 2017 893 1,470,000 1,645 2016 New SaleHARBOURLIGHTS Apartment Freehold April 03, 2017 764 1,052,000 1,377 1997 ResaleCOVE DRIVE Detached 99 years April 03, 2017 7,416 10,000,000 1,348 2009 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years March 30, 2017 4,359 10,000,000 2,294 2011 ResaleTERESA VILLE Condominium Freehold April 03, 2017 1,356 1,380,000 1,018 1986 ResaleTHE INTERLACE Condominium 99 years March 30, 2017 1,744 2,000,000 1,147 2013 ResaleTHE PEARL @ MOUNT FABER Condominium 99 years April 03, 2017 1,173 1,290,000 1,099 2005 ResaleDistrict 5 BANYAN PARK Terrace Freehold March 31, 2017 1,625 2,650,000 1,628 1997 ResaleBLUE HORIZON Condominium 99 years March 30, 2017 1,216 1,120,000 921 2005 ResaleBOTANNIA Condominium 956 years March 31, 2017 1,227 1,390,000 1,133 2009 ResaleCLEMENTIWOODS CONDOMINIUM Condominium 99 years March 30, 2017 1,055 1,135,000 1,076 2010 ResaleFABER CREST Condominium 99 years March 31, 2017 1,249 1,050,000 841 2001 ResaleHERITAGE VIEW Condominium 99 years March 31, 2017 969 1,060,000 1,094 2000 ResaleKENTVIEW PARK Condominium Freehold March 29, 2017 1,227 1,190,000 970 1994 ResalePARC IMPERIAL Condominium Freehold March 29, 2017 388 695,000 1,794 2010 ResalePARC RIVIERA Condominium 99 years March 28, 2017 904 1,099,000 1,215 Uncompleted New SalePARC RIVIERA Condominium 99 years March 28, 2017 904 1,100,000 1,217 Uncompleted New SalePARC RIVIERA Condominium 99 years March 28, 2017 710 928,000 1,306 Uncompleted New SalePARC RIVIERA Condominium 99 years March 28, 2017 1,184 1,337,000 1,129 Uncompleted New SalePARC RIVIERA Condominium 99 years March 28, 2017 1,184 1,332,000 1,125 Uncompleted New SalePARC RIVIERA Condominium 99 years March 28, 2017 990 1,141,000 1,152 Uncompleted New SalePARC RIVIERA Condominium 99 years March 28, 2017 990 1,230,000 1,242 Uncompleted New SalePARC RIVIERA Condominium 99 years March 28, 2017 990 1,220,000 1,232 Uncompleted New SalePARC RIVIERA Condominium 99 years March 28, 2017 926 911,000 984 Uncompleted New SalePARC RIVIERA Condominium 99 years March 29, 2017 1,335 1,287,000 964 Uncompleted New SalePARC RIVIERA Condominium 99 years March 30, 2017 904 1,082,000 1,197 Uncompleted New SalePARC RIVIERA Condominium 99 years March 30, 2017 710 895,000 1,260 Uncompleted New SalePARC RIVIERA Condominium 99 years March 30, 2017 710 900,620 1,268 Uncompleted New SalePARC RIVIERA Condominium 99 years March 30, 2017 624 787,000 1,261 Uncompleted New SalePARC RIVIERA Condominium 99 years March 30, 2017 710 895,000 1,260 Uncompleted New Sale

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

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

| BY TAN CHEE YUEN |

Sales activity has heated up in the

Alexandra-Commonwealth neighbour-

hood, ahead of the upcoming preview

of Artra on the weekend of April 15

and 16. The mixed-use development

comprises a single 44-storey tower with 400

apartments, 16 retail units and a supermarket.

The 99-year leasehold project will be linked

to the Redhill MRT station, and is expected to

be completed in 2021. There is a mix of two-

to five-bedroom units of 786 to 2,583 sq ft in

the development.

Adjacent to Artra is the 429-unit Alex Residences on Alexandra View, where devel-

oper United Industrial Corp moved 16 units

in March. That is equivalent to the total units

sold from last September to February. Prices

ranged from $952,000 ($2,010 psf) for a 474 sq

ft, one-bedroom unit to $1.91 million ($1,828

psf) for a 1,044 sq ft, three-bedroom unit. The

project is over 70% sold and expected to be

completed by the end of this year.

Meanwhile, on the other side of Artra is

The Metropolitan Condominium, a 99-year

leasehold project on Alexandra View jointly

developed by CapitaLand and Lippo Group.

The 382-unit, high-rise development with units

spread over two 45-storey tower blocks was

com pleted in 2009. A 1,066 sq ft, two-bedder

changed hands for $1.35 million ($1,267 psf),

according to a caveat lodged on March 29.

However, it is Principal Garden on Prince

The project that saw the biggest leap in monthly sales in March was Commonwealth Towers, with 43 units sold

Charles Crescent, on the opposite side of

Alexandra Road, that has seen the biggest surge

in sales. In February, 27 units were sold at a

median price of $1,657 psf. In March, another

44 units found buyers, based on caveats lodged.

Units sold in March ranged from $1,539 psf for

a 764 sq ft, two-bedroom unit to $1,793 psf

for a 1,076 sq ft, three-bedroom unit. Based

on caveats lodged, 430 units, or 65% out of a

total of 663, were sold. The project is jointly

developed by UOL Group and Kheng Leong Co.

One MRT stop away from Redhill is Queen-

stown. Next to the Queenstown MRT station is

Commonwealth Towers, which saw the biggest

leap in monthly sales — with 43 units sold in

March. Prices ranged from $788,000 ($1,786

psf) for a 441 sq ft, one-bedder to $2.34 mil-

lion ($1,797 psf) for a 1,302 sq ft, four-bed-

room unit. It was the highest number of units

sold in a single month since the project was

launched in May 2014. That month saw 238

units snapped up. The 845-unit project is

jointly developed by a consortium made up

of City Developments, Hong Leong Holdings

and Hong Realty.

Adjacent to Commonwealth Towers is the 736-

unit Queens Peak, a 99-year leasehold condo

developed by Hao Yuan Investment, with MCC

Land handling the marketing, project manage-

ment and construction. Last month, 20 units

were sold at prices ranging from $721,000 ($1,634

psf) for a 441 sq ft, one-bedder to $3.03 mil-

lion ($1,515 psf) for a 2,002 sq ft, five-bedroom

unit. The project is about 44% sold, according

to caveats lodged with URA Realis.

The area around the Queenstown MRT sta-

tion has also drawn interest from land-hungry

developers. A residential site on Stirling Road,

next to Queens condo, will be launched for

sale by tender in about two weeks. Recently,

a dev eloper triggered the site for sale by com-

mitting to a minimum bid of $685.25 million,

or $718 psf per plot ratio (psf ppr).

The site, which is within walking distance of

the Queenstown MRT station, has a maximum

permissible gross floor area of 954,327 sq ft and

can yield an estimated 1,110 units. It is substan-

tially larger than the Commonwealth Towers and

Queens Peak condo sites, which fetched prices

of $883 and $871 psf ppr respectively.

Last December, there were 14 bids at the close

of the tender for a residential site at Margaret

Drive, in the Dawson Road and Strathmore

Avenue neighbourhood, off Alexandra Road.

It is also near Commonwealth Towers and

Queens Peak on Dundee Road.

The winner of the 238,907 sq ft site on

Margaret Drive was MCL Land, which paid

$238.39 million, or $998 psf ppr. The site can

be developed into a new condo project of about

300 units, and is expected to be launched for

sale late this year or early 2018. This project

is the smallest among all the recent launches

in the area, including the upcoming site on

Stirling Road.

It looks like interest, from buyers and

developers, is definitely heating up in the

Alexandra-Queenstown area.

HON

G L

EON

G

THEEDGE SINGAPORE | APRIL 17, 2017 • EP13

DONE DEALS

a Residential transactions with contracts dated March 28 to April 4

LAND AREA/ SALE DATE FLOOR AREA TRANSACTED UNIT PRICE COMPLETION TYPE OFPROJECT NAME PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($ PSF) DATE SALEPARC RIVIERA Condominium 99 years March 31, 2017 710 916,000 1,289 Uncompleted New SalePARC RIVIERA Condominium 99 years March 31, 2017 710 949,000 1,336 Uncompleted New SalePARC RIVIERA Condominium 99 years March 31, 2017 710 927,080 1,305 Uncompleted New SalePARC RIVIERA Condominium 99 years March 31, 2017 1,711 1,637,000 956 Uncompleted New SalePARC RIVIERA Condominium 99 years April 01, 2017 904 1,132,000 1,252 Uncompleted New SalePARC RIVIERA Condominium 99 years April 01, 2017 904 1,078,000 1,192 Uncompleted New SalePARC RIVIERA Condominium 99 years April 01, 2017 990 1,135,000 1,146 Uncompleted New SalePARC RIVIERA Condominium 99 years April 01, 2017 710 925,000 1,302 Uncompleted New SalePARC RIVIERA Condominium 99 years April 01, 2017 710 885,000 1,246 Uncompleted New SalePARC RIVIERA Condominium 99 years April 02, 2017 1,195 1,296,000 1,085 Uncompleted New SalePARC RIVIERA Condominium 99 years April 02, 2017 904 1,112,000 1,230 Uncompleted New SalePARC RIVIERA Condominium 99 years April 02, 2017 710 900,000 1,267 Uncompleted New SalePARC RIVIERA Condominium 99 years April 02, 2017 1,184 1,352,400 1,142 Uncompleted New SalePARC RIVIERA Condominium 99 years April 02, 2017 1,335 1,287,000 964 Uncompleted New SalePARC RIVIERA Condominium 99 years April 02, 2017 990 1,240,680 1,253 Uncompleted New SalePARC RIVIERA Condominium 99 years April 02, 2017 710 922,000 1,298 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years March 30, 2017 732 1,019,000 1,392 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years March 30, 2017 1,346 1,767,000 1,313 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years March 31, 2017 732 1,000,000 1,366 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years April 02, 2017 732 1,053,000 1,439 Uncompleted New SaleTHE PARC CONDOMINIUM Condominium Freehold March 31, 2017 1,518 1,900,000 1,252 2010 ResaleTHE TRILINQ Condominium 99 years March 29, 2017 710 1,093,000 1,539 Uncompleted New SaleTHE TRILINQ Condominium 99 years March 30, 2017 1,518 1,846,800 1,217 Uncompleted New SaleTHE TRILINQ Condominium 99 years March 31, 2017 710 1,105,000 1,555 Uncompleted New SaleVARSITY PARK CONDOMINIUM Condominium 99 years March 31, 2017 2,228 2,550,000 1,144 2008 ResaleDistrict 7 DUO RESIDENCES Apartment 99 years March 30, 2017 1,528 3,000,000 1,963 Uncompleted Sub SaleDistrict 8 CITY SQUARE RESIDENCES Condominium Freehold March 28, 2017 1,496 1,800,000 1,203 2009 ResaleCLYDES RESIDENCE Apartment Freehold March 28, 2017 570 770,000 1,350 2005 ResalePRISTINE HEIGHTS Apartment Freehold April 03, 2017 850 1,070,000 1,258 2009 ResaleSTUDIOS @ MARNE Apartment Freehold April 03, 2017 506 639,888 1,265 2010 ResaleDistrict 9 1919 Apartment Freehold March 30, 2017 560 1,233,000 2,203 2015 ResaleASPEN HEIGHTS Condominium 999 years March 31, 2017 2,691 4,035,000 1,499 1998 ResaleCAIRNHILL NINE Apartment 99 years March 30, 2017 1,044 2,588,000 2,479 2016 New SaleCAVENAGH HOUSE Apartment Freehold March 31, 2017 1,636 2,280,000 1,394 Unknown ResaleKILLINEY 118 Apartment Freehold March 28, 2017 570 1,050,000 1,841 2013 ResaleMARTIN PLACE RESIDENCES Condominium Freehold March 28, 2017 1,163 2,230,000 1,918 2011 ResaleNEWTON EDGE Apartment Freehold March 30, 2017 700 1,100,000 1,572 2011 ResaleNOMU Apartment Freehold April 04, 2017 603 1,200,000 1,991 2009 ResaleRIVERGATE Apartment Freehold March 29, 2017 1,507 3,000,000 1,991 2009 ResaleROBERTSON 100 Apartment Freehold March 29, 2017 893 1,500,000 1,679 2004 ResaleROBERTSON 100 Apartment Freehold March 29, 2017 1,173 1,880,000 1,602 2004 ResaleROBERTSON 100 Apartment Freehold April 03, 2017 883 1,500,000 1,699 2004 ResaleSCOTTS SQUARE Apartment Freehold March 31, 2017 947 2,860,000 3,019 2011 ResaleSOPHIA HILLS Condominium 99 years March 28, 2017 570 1,209,000 2,119 Uncompleted New SaleSOPHIA HILLS Condominium 99 years March 29, 2017 1,044 1,886,000 1,806 Uncompleted New SaleSOPHIA HILLS Condominium 99 years March 29, 2017 700 1,377,000 1,968 Uncompleted New SaleSOPHIA HILLS Condominium 99 years March 29, 2017 710 1,367,000 1,924 Uncompleted New SaleSOPHIA HILLS Condominium 99 years March 29, 2017 700 1,329,000 1,899 Uncompleted New SaleSOPHIA HILLS Condominium 99 years March 31, 2017 958 1,756,000 1,833 Uncompleted New SaleSOPHIA HILLS Condominium 99 years March 31, 2017 700 1,420,000 2,030 Uncompleted New SaleSOPHIA HILLS Condominium 99 years April 01, 2017 1,130 2,175,000 1,924 Uncompleted New SaleSOPHIA RESIDENCE Condominium Freehold March 31, 2017 797 1,438,000 1,805 2014 ResaleTHE CLAYMORE Condominium Freehold March 28, 2017 2,680 6,650,000 2,481 1985 ResaleTHE COSMOPOLITAN Condominium Freehold March 29, 2017 1,324 2,580,000 1,949 2008 ResaleTHE EDGE ON CAIRNHILL Condominium Freehold March 30, 2017 1,550 2,500,000 1,613 2002 ResaleTHE ORCHARD RESIDENCES Apartment 99 years March 28, 2017 2,174 7,400,000 3,403 2010 ResaleTRIBECA Condominium Freehold March 31, 2017 517 1,000,000 1,935 2010 ResaleVISIONCREST Apartment Freehold March 31, 2017 893 1,690,000 1,892 2007 ResaleWATERFORD RESIDENCE Apartment 999 years March 30, 2017 1,023 1,570,000 1,535 2010 ResaleDistrict 10 BOTANIC GARDENS VIEW Apartment Freehold April 04, 2017 1,259 2,000,000 1,588 Unknown ResaleBOTANIKA Apartment Freehold April 03, 2017 3,294 5,200,000 1,579 2008 ResaleCLUNY PARK RESIDENCE Condominium Freehold March 28, 2017 840 2,100,000 2,501 2016 ResaleGRAMERCY PARK Condominium Freehold March 28, 2017 2,207 5,782,610 2,621 2016 ResaleHOLLAND PEAK Condominium Freehold April 03, 2017 2,594 3,700,000 1,426 1994 ResaleHOLLANDSWOOD COURT Apartment 99 years March 28, 2017 2,131 1,550,000 727 1980 ResaleJUNIPER AT ARDMORE Apartment Freehold April 04, 2017 3,520 7,000,000 1,989 1991 ResaleLEEDON RESIDENCE Condominium Freehold March 30, 2017 2,110 5,200,000 2,465 2015 ResaleLEEDON RESIDENCE Condominium Freehold March 31, 2017 4,704 9,700,000 2,062 2015 ResaleLEEDON RESIDENCE Condominium Freehold April 04, 2017 6,125 12,000,000 1,959 2015 ResaleNASSIM MANSION Apartment Freehold March 31, 2017 3,520 8,500,000 2,415 1977 ResalePARVIS Condominium Freehold April 03, 2017 1,701 2,700,000 1,588 2012 ResalePOLLEN & BLEU Condominium 99 years March 29, 2017 732 1,304,750 1,783 2016 ResalePOLLEN & BLEU Condominium 99 years March 29, 2017 2,153 4,316,300 2,005 2016 ResalePOLLEN & BLEU Condominium 99 years March 31, 2017 700 1,275,000 1,822 2016 ResalePOLLEN & BLEU Condominium 99 years March 31, 2017 603 1,292,000 2,143 2016 ResalePOLLEN & BLEU Condominium 99 years March 31, 2017 893 1,656,650 1,854 2016 ResalePOLLEN & BLEU Condominium 99 years March 31, 2017 603 1,257,150 2,086 2016 ResalePOLLEN & BLEU Condominium 99 years March 31, 2017 549 1,098,200 2,000 2016 ResaleSIXTH AVENUE VILLE Condominium Freehold April 04, 2017 1,550 2,218,000 1,431 1999 ResaleST REGIS RESIDENCES SINGAPORE Apartment 999 years March 30, 2017 2,486 5,700,000 2,292 2008 ResaleTANGLIN REGENCY Condominium 99 years April 03, 2017 980 1,220,000 1,246 1998 ResaleTHE ARC AT DRAYCOTT Apartment Freehold March 28, 2017 1,130 2,180,000 1,929 2008 ResaleTHE DRAYCOTT Apartment Freehold March 31, 2017 2,637 4,230,000 1,604 1980 ResaleTHE SOLITAIRE Condominium Freehold March 30, 2017 1,238 1,980,888 1,600 2009 ResaleTHE TRESOR Condominium 999 years March 31, 2017 1,485 2,290,000 1,542 2007 ResaleTHE TRIZON Condominium Freehold March 29, 2017 2,067 3,141,840 1,520 2012 ResaleTHE TRIZON Condominium Freehold March 31, 2017 1,894 2,980,000 1,573 2012 ResaleVICTORIA PARK VILLAS Semi-Detached 99 years March 31, 2017 2,153 4,500,000 2,090 Uncompleted New SaleWING ON LIFE GARDEN Apartment Freehold March 29, 2017 3,240 5,200,000 1,605 1982 ResaleDistrict 11 26 NEWTON Apartment Freehold March 28, 2017 474 1,138,000 2,403 2016 Resale26 NEWTON Apartment Freehold March 31, 2017 474 1,113,216 2,350 2016 Resale6 DERBYSHIRE Condominium Freehold March 29, 2017 517 1,352,963 2,619 2017 New Sale6 DERBYSHIRE Condominium Freehold March 30, 2017 1,012 2,201,832 2,176 2017 New SaleDUNEARN ESTATE Detached Freehold April 03, 2017 4,456 7,500,000 1,681 2000 ResaleGENTLE VILLAS Semi-Detached 99 years April 03, 2017 2,303 2,680,000 1,165 1995 ResaleONE AKYAB Apartment Freehold March 31, 2017 1,830 1,650,000 902 1984 ResaleTHE PARK VALE Condominium 999 years March 28, 2017 1,012 1,360,000 1,344 1997 ResaleTHE RESIDENCES AT BARKER Detached Freehold March 28, 2017 4,359 7,300,000 1,676 2003 ResaleTRILIGHT Condominium Freehold March 28, 2017 2,099 3,500,000 1,667 2012 ResaleTRILIGHT Condominium Freehold April 04, 2017 1,087 1,968,888 1,811 2012 ResaleDistrict 12 BALESTIER REGENCY Apartment Freehold March 31, 2017 1,475 1,410,000 956 1990 ResaleCASA FORTUNA Apartment Freehold April 03, 2017 1,044 1,100,000 1,054 2011 ResaleEIGHT RIVERSUITES Terrace 99 years March 31, 2017 2,960 2,000,000 676 2016 New SaleGEM RESIDENCES Condominium 99 years March 28, 2017 775 1,114,000 1,437 Uncompleted New SaleGEM RESIDENCES Condominium 99 years April 02, 2017 936 1,354,000 1,446 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold March 28, 2017 517 1,189,531 2,302 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold March 30, 2017 517 1,227,586 2,376 Uncompleted New SalePRESTIGE HEIGHTS Apartment Freehold March 29, 2017 334 502,000 1,504 2011 ResaleRIVERBAY Apartment 999 years April 03, 2017 753 955,000 1,267 2014 Resale

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

District 13 E MAISON Apartment Freehold March 28, 2017 603 836,964 1,388 2016 New SaleINTERO Apartment Freehold March 29, 2017 1,023 1,300,000 1,271 2008 ResaleJALAN ANGGEREK Semi-Detached Freehold March 28, 2017 3,757 3,570,000 951 1990 ResaleNIN RESIDENCE Apartment 99 years March 29, 2017 1,281 1,488,800 1,162 2014 ResaleTHE POIZ RESIDENCES Apartment 99 years March 29, 2017 420 652,000 1,553 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years March 29, 2017 420 655,000 1,560 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 01, 2017 420 646,000 1,539 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 02, 2017 1,507 1,923,000 1,276 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years March 28, 2017 1,130 1,506,015 1,332 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years March 29, 2017 1,152 1,531,000 1,329 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years March 31, 2017 1,238 1,794,750 1,450 Uncompleted New SaleDistrict 14 CASA SARINA Condominium Freehold March 30, 2017 1,259 1,068,000 848 1998 ResaleCASSIA VIEW Apartment Freehold April 04, 2017 1,152 1,060,000 920 1998 ResaleCENTRAL GROVE Condominium 99 years March 28, 2017 1,173 1,120,000 955 2001 ResaleEUHABITAT Condominium 99 years March 30, 2017 517 620,000 1,200 2015 Sub SaleKEMBANGAN PLAZA Apartment Freehold March 31, 2017 775 765,000 987 1993 ResaleLORONG 6 GEYLANG Apartment Freehold March 30, 2017 2,228 3,800,000 1,709 Unknown ResaleLORONG 6 GEYLANG Apartment Freehold March 30, 2017 1,938 1,850,000 955 1979 ResaleLORONG 6 GEYLANG Apartment Freehold March 30, 2017 1,938 1,850,000 955 1979 ResaleLORONG 6 GEYLANG Apartment Freehold March 30, 2017 1,938 1,850,000 955 1979 ResaleLORONG 6 GEYLANG Apartment Freehold March 30, 2017 1,884 1,850,000 982 1979 ResaleLORONG 6 GEYLANG Apartment Freehold March 30, 2017 1,884 1,850,000 982 1979 ResaleLORONG 6 GEYLANG Apartment Freehold March 30, 2017 1,884 1,850,000 982 1979 ResalePARK PLACE RESIDENCES AT PLQ Apartment 99 years March 28, 2017 678 1,259,999 1,858 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years March 29, 2017 667 1,281,999 1,921 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years March 31, 2017 484 934,999 1,930 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years March 31, 2017 667 1,319,999 1,978 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years March 31, 2017 1,163 1,978,999 1,702 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years March 28, 2017 958 1,350,800 1,410 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years March 31, 2017 560 752,000 1,344 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 01, 2017 710 960,000 1,351 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 02, 2017 667 935,000 1,401 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 02, 2017 710 987,200 1,390 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 02, 2017 667 941,000 1,410 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 02, 2017 990 1,419,900 1,434 Uncompleted New SaleSIMSVILLE Condominium 99 years March 30, 2017 1,528 1,330,000 870 1998 ResaleSIMSVILLE Condominium 99 years March 31, 2017 980 840,000 858 1998 ResaleTHE ALCOVE Apartment 99 years March 31, 2017 1,324 1,025,000 774 2004 ResaleTHE ALCOVE Apartment 99 years March 31, 2017 1,119 838,000 749 2004 ResaleTHE CENTREN Apartment Freehold April 03, 2017 980 1,190,000 1,215 2016 ResaleTHE LATTIZ Apartment Freehold March 31, 2017 1,109 1,242,000 1,120 2011 ResaleTRE RESIDENCES Condominium 99 years March 28, 2017 947 1,320,000 1,394 Uncompleted New SaleTRE RESIDENCES Condominium 99 years March 29, 2017 570 914,000 1,602 Uncompleted New SaleTRE RESIDENCES Condominium 99 years March 29, 2017 570 882,000 1,546 Uncompleted New SaleTRE RESIDENCES Condominium 99 years March 29, 2017 700 984,000 1,406 Uncompleted New SaleTRE RESIDENCES Condominium 99 years March 30, 2017 764 1,087,000 1,422 Uncompleted New SaleTRE RESIDENCES Condominium 99 years March 31, 2017 700 980,000 1,401 Uncompleted New SaleTRE RESIDENCES Condominium 99 years April 01, 2017 700 1,018,000 1,455 Uncompleted New SaleTRE RESIDENCES Condominium 99 years April 02, 2017 570 910,000 1,595 Uncompleted New SaleDistrict 15 BLU CORAL Condominium Freehold April 03, 2017 3,423 2,358,000 689 2009 ResaleCATHAY GARDEN Terrace Freehold March 31, 2017 3,132 4,600,000 1,471 1985 ResaleD’ FRESCO Apartment Freehold March 29, 2017 797 850,000 1,067 2010 ResaleDE CASALLE Apartment Freehold March 28, 2017 1,292 1,320,000 1,022 1996 ResaleD’ECOSIA Condominium Freehold March 29, 2017 764 863,000 1,129 2003 ResaleDUNMAN VIEW Condominium 99 years March 31, 2017 1,195 1,130,000 946 2004 ResaleESPIRA SUITES Apartment Freehold April 03, 2017 484 680,000 1,404 2012 ResaleFRANKEL ESTATE Terrace Freehold March 28, 2017 2,799 3,820,000 1,363 1956 ResaleFRANKEL ESTATE Detached Freehold March 31, 2017 4,435 7,800,000 1,761 1993 ResaleFULCRUM Condominium Freehold March 29, 2017 829 1,433,520 1,730 2016 ResaleFULCRUM Condominium Freehold March 31, 2017 474 945,000 1,995 2016 ResaleLAVERNE’S LOFT Apartment Freehold March 28, 2017 398 540,000 1,356 2013 ResaleMARINE BLUE Condominium Freehold March 28, 2017 635 1,177,200 1,854 2016 New SaleMARINE BLUE Condominium Freehold March 30, 2017 635 1,132,200 1,783 2016 New SaleMARINE BLUE Condominium Freehold April 01, 2017 1,270 1,647,000 1,297 2016 New SaleBRANKSOME ROAD Detached Freehold March 28, 2017 4,446 6,900,000 1,552 1998 ResaleMARSHALL ROAD Terrace Freehold March 30, 2017 2,906 3,300,000 1,134 1993 ResaleEAST COAST ROAD Terrace Freehold April 03, 2017 2,024 2,400,000 1,189 Unknown ResaleOPERA ESTATE Terrace Freehold March 28, 2017 1,335 1,830,000 1,368 Unknown ResalePARKSHORE Condominium Freehold March 30, 2017 2,325 3,100,000 1,333 1995 ResaleSANCTUARY GREEN Condominium 99 years March 28, 2017 1,238 1,300,000 1,050 2004 ResaleSANCTUARY GREEN Condominium 99 years April 03, 2017 775 900,000 1,161 2004 ResaleSEAVIEW POINT Apartment Freehold March 28, 2017 1,389 1,650,000 1,188 1994 ResaleSIGNATURE CREST Apartment Freehold March 29, 2017 883 873,000 989 2006 ResaleTANJONG RIA CONDOMINIUM Condominium 99 years March 31, 2017 807 848,000 1,050 1997 ResaleTHE CARPMAELINA Condominium Freehold March 30, 2017 1,927 1,665,000 864 2005 ResaleTHE ESTA Condominium Freehold April 04, 2017 1,346 1,760,000 1,308 2008 ResaleVILLA MARINA Condominium 99 years March 29, 2017 1,690 1,420,000 840 1999 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years March 29, 2017 1,206 950,000 788 2000 ResaleARCHIPELAGO Condominium 99 years March 28, 2017 840 1,055,000 1,257 2015 Sub SaleCOUNTRY PARK CONDOMINIUM Condominium Freehold March 31, 2017 1,389 1,510,000 1,087 2003 ResaleECO Condominium 99 years April 03, 2017 581 785,000 1,351 2017 Sub SaleGRANDEUR PARK RESIDENCES Condominium 99 years March 28, 2017 1,238 1,640,000 1,325 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years March 31, 2017 980 1,362,000 1,390 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years April 01, 2017 850 1,003,000 1,180 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years April 02, 2017 624 958,000 1,534 Uncompleted New SaleLANDBAY CONDOMINIUM Condominium Freehold March 30, 2017 980 1,220,000 1,246 1996 ResaleKEW CRESCENT Detached 99 years March 29, 2017 5,038 3,250,000 646 1997 ResaleRIVIERA RESIDENCES Condominium Freehold March 31, 2017 1,216 1,438,000 1,182 2007 ResaleSUNHAVEN Condominium Freehold March 31, 2017 1,313 1,200,000 914 2002 ResaleSUNHAVEN Condominium Freehold April 03, 2017 1,259 1,130,000 897 2002 ResaleTHE GLADES Condominium 99 years March 28, 2017 474 716,800 1,513 2016 New SaleTHE GLADES Condominium 99 years March 28, 2017 484 724,800 1,496 2016 New SaleTHE GLADES Condominium 99 years March 29, 2017 1,023 1,418,200 1,387 2016 New SaleTHE GLADES Condominium 99 years April 02, 2017 474 735,800 1,554 2016 New SaleWATERFRONT GOLD Condominium 99 years March 30, 2017 893 995,000 1,114 2014 ResaleWATERFRONT WAVES Condominium 99 years March 29, 2017 1,270 1,400,000 1,102 2011 ResaleDistrict 17 ASTON RESIDENCE Detached 946 years March 31, 2017 4,693 2,000,000 426 2010 ResaleBLUWATERS 2 Condominium 946 years April 03, 2017 872 830,000 952 2010 ResaleCARISSA PARK CONDOMINIUM Condominium Freehold March 30, 2017 2,110 1,600,000 758 2001 ResaleCHANGI GROVE Detached Freehold March 31, 2017 6,082 5,200,000 855 Unknown ResaleEDELWEISS PARK CONDOMINIUM Condominium Freehold March 31, 2017 947 700,000 739 2006 ResaleESTELLA GARDENS Condominium Freehold April 04, 2017 657 575,000 876 1999 ResalePALM ISLES Condominium 99 years March 28, 2017 517 536,888 1,039 2015 ResalePALM ISLES Condominium 99 years March 28, 2017 1,119 971,228 868 2015 ResaleDistrict 18 CHANGI RISE CONDOMINIUM Condominium 99 years March 29, 2017 1,130 860,000 761 2004 ResaleCOCO PALMS Condominium 99 years March 28, 2017 1,259 1,360,800 1,081 Uncompleted New SaleCOCO PALMS Condominium 99 years March 30, 2017 1,378 1,341,000 973 Uncompleted New SaleCOCO PALMS Condominium 99 years March 30, 2017 1,744 1,799,200 1,032 Uncompleted New Sale

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EP14 • THEEDGE SINGAPORE | APRIL 17, 2017

DONE DEALS

DISCLAIMER:Source: URA Realis. Updated April 11, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium

Residential transactions with contracts dated March 28 to April 4

FROM PREVIOUS PAGE

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

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

COCO PALMS Condominium 99 years March 31, 2017 1,259 1,406,400 1,117 Uncompleted New SaleCOCO PALMS Condominium 99 years April 01, 2017 1,259 1,380,000 1,096 Uncompleted New SaleLIVIA Condominium 99 years March 29, 2017 1,324 980,000 740 2011 ResaleLIVIA Condominium 99 years April 03, 2017 1,604 1,110,000 692 2011 ResaleMELVILLE PARK Condominium 99 years March 28, 2017 958 735,000 767 1996 ResaleMELVILLE PARK Condominium 99 years March 30, 2017 1,475 915,000 620 1996 ResaleRIPPLE BAY Condominium 99 years March 28, 2017 1,399 1,200,000 858 2015 ResaleRIPPLE BAY Condominium 99 years March 30, 2017 1,001 885,000 884 2015 ResaleSEA ESTA Condominium 99 years March 29, 2017 904 900,000 995 2015 ResaleSEASTRAND Condominium 99 years March 30, 2017 1,109 1,010,000 911 2014 ResaleTHE ALPS RESIDENCES Condominium 99 years March 28, 2017 700 721,000 1,031 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years March 30, 2017 689 743,000 1,079 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 01, 2017 689 731,000 1,061 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 01, 2017 700 780,000 1,115 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 02, 2017 689 707,000 1,026 Uncompleted New SaleTHE EDEN AT TAMPINES EC 99 years March 29, 2017 1,249 945,000 757 2003 ResaleTHE RIVERINA Terrace 99 years March 29, 2017 1,615 1,690,000 1,044 2000 ResaleTHE SANTORINI Condominium 99 years March 28, 2017 915 966,000 1,056 Uncompleted New SaleTHE SANTORINI Condominium 99 years March 28, 2017 915 974,000 1,065 Uncompleted New SaleTHE SANTORINI Condominium 99 years March 28, 2017 743 798,930 1,076 Uncompleted New SaleTHE SANTORINI Condominium 99 years March 29, 2017 753 766,260 1,017 Uncompleted New SaleTHE SANTORINI Condominium 99 years March 30, 2017 1,130 1,188,000 1,051 Uncompleted New SaleTHE SANTORINI Condominium 99 years March 30, 2017 1,152 1,177,000 1,022 Uncompleted New SaleTHE SANTORINI Condominium 99 years March 31, 2017 1,991 1,600,000 803 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 01, 2017 1,152 1,187,000 1,031 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 02, 2017 1,249 1,265,000 1,013 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 02, 2017 1,367 1,366,000 999 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years March 30, 2017 2,691 2,500,000 929 2017 New SaleVUE 8 RESIDENCE Condominium 99 years March 31, 2017 2,228 2,021,370 907 2017 New SaleDistrict 19 COMPASS HEIGHTS Apartment 99 years March 29, 2017 1,324 1,130,000 853 2002 ResaleEVANIA Apartment Freehold March 31, 2017 980 920,000 939 2010 ResaleKINGSFORD WATERBAY Apartment 99 years March 28, 2017 1,356 1,592,000 1,174 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years March 29, 2017 1,195 1,443,000 1,208 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years March 30, 2017 689 880,000 1,277 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years March 30, 2017 689 876,000 1,272 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 02, 2017 689 886,000 1,286 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years April 02, 2017 1,055 1,192,000 1,130 Uncompleted New SaleKOVAN RESIDENCES Condominium 99 years March 31, 2017 1,765 2,050,000 1,161 2011 ResaleMARLENE AVENUE Semi-Detached Freehold March 28, 2017 5,264 4,039,888 768 1985 ResaleHILLSIDE DRIVE Terrace 999 years March 31, 2017 1,496 2,400,000 1,606 Unknown ResaleJOON HIANG ROAD Terrace Freehold April 04, 2017 1,776 1,900,000 1,067 Unknown ResalePARRY PARK Terrace 999 years April 03, 2017 1,690 1,950,000 1,158 1991 ResalePEOPLE’S GARDEN Terrace 999 years March 29, 2017 1,841 2,800,000 1,519 Unknown ResaleRIVERSAILS Condominium 99 years March 28, 2017 1,066 1,080,000 1,013 2016 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years March 28, 2017 3,197 3,038,000 952 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years April 03, 2017 2,799 2,600,000 928 Unknown ResaleSTARS OF KOVAN Apartment 99 years March 28, 2017 958 1,376,900 1,437 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years March 30, 2017 958 1,417,320 1,479 Uncompleted New SaleTHE QUARTZ Condominium 99 years March 28, 2017 1,367 1,145,000 838 2009 ResaleTHE QUARTZ Condominium 99 years March 31, 2017 1,066 980,000 920 2009 ResaleTHE QUARTZ Condominium 99 years April 04, 2017 1,044 955,000 915 2009 ResaleTHE RIVERVALE EC 99 years March 30, 2017 1,292 875,000 677 2000 ResaleTHE VALES EC 99 years March 29, 2017 764 640,000 837 Uncompleted New SaleTHE VALES EC 99 years March 30, 2017 764 650,388 851 Uncompleted New SaleTHE VALES EC 99 years March 31, 2017 753 646,000 857 Uncompleted New SaleTHE VALES EC 99 years March 31, 2017 764 650,388 851 Uncompleted New SaleTHE VALES EC 99 years March 31, 2017 764 659,888 863 Uncompleted New SaleTRILIVE Condominium Freehold March 28, 2017 549 974,000 1,774 Uncompleted New SaleTRILIVE Condominium Freehold March 30, 2017 549 955,000 1,740 Uncompleted New SaleTRILIVE Condominium Freehold March 31, 2017 904 1,415,000 1,565 Uncompleted New SaleDistrict 20 BISHAN 8 Condominium 99 years March 30, 2017 1,163 1,350,000 1,161 2000 ResaleCENTRO RESIDENCES Condominium 99 years March 28, 2017 926 1,300,000 1,404 2014 ResaleCLOVER BY THE PARK Condominium 99 years March 28, 2017 1,216 1,525,000 1,254 2011 ResaleGOLDENHILL PARK CONDOMINIUM Condominium Freehold March 31, 2017 1,313 1,650,000 1,256 2004 ResaleNEW SOO CHOW GARDENS Terrace Freehold March 29, 2017 1,808 2,600,000 1,436 1991 ResaleTHE GARDENS AT BISHAN Condominium 99 years April 03, 2017 1,227 1,260,000 1,027 2004 ResaleTHE PANORAMA Condominium 99 years March 30, 2017 1,012 1,271,021 1,256 Uncompleted New SaleTHE PANORAMA Condominium 99 years March 31, 2017 1,163 1,416,839 1,219 Uncompleted New SaleTHOMSON HILLS ESTATE Terrace Freehold April 03, 2017 3,197 3,268,000 1,021 Unknown ResaleTHOMSON IMPRESSIONS Apartment 99 years March 28, 2017 463 758,300 1,638 Uncompleted New SaleDistrict 21 CLEMENTI PARK Condominium Freehold March 28, 2017 1,658 1,630,000 983 1985 ResaleFLORIDIAN Condominium Freehold March 28, 2017 1,658 2,600,000 1,568 2012 ResaleFLORIDIAN Condominium Freehold April 03, 2017 1,658 2,600,000 1,568 2012 ResaleGOODLUCK GARDEN Condominium Freehold April 03, 2017 1,701 1,530,000 900 1984 ResaleMAPLE WOODS Condominium Freehold March 29, 2017 1,335 1,760,000 1,319 1997 ResalePINE GROVE Condominium 99 years March 28, 2017 1,755 1,445,000 824 Unknown ResalePINE GROVE Condominium 99 years March 31, 2017 1,755 1,300,000 741 Unknown ResaleSPRINGDALE CONDOMINIUM Condominium 999 years March 28, 2017 1,130 1,220,000 1,079 1998 ResaleSPRINGDALE CONDOMINIUM Condominium 999 years April 04, 2017 1,119 1,300,000 1,161 1998 ResaleTHE CREEK @ BUKIT Condominium Freehold March 29, 2017 969 1,561,154 1,611 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold April 01, 2017 936 1,612,000 1,721 Uncompleted New SaleTHE NEXUS Condominium Freehold March 28, 2017 1,346 1,850,000 1,375 2006 ResaleTOH TUCK GARDEN Terrace Freehold March 29, 2017 2,637 3,050,000 1,158 1977 ResaleDistrict 22 LAKE GRANDE Condominium 99 years March 28, 2017 818 1,053,000 1,287 Uncompleted New SaleLAKE GRANDE Condominium 99 years March 31, 2017 904 1,196,000 1,323 Uncompleted New SalePARC OASIS Condominium 99 years March 28, 2017 1,378 1,350,000 980 1994 ResaleTHE LAKESHORE Condominium 99 years March 28, 2017 1,109 1,120,000 1,010 2008 ResaleWESTWOOD RESIDENCES EC 99 years March 28, 2017 1,033 786,700 761 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years March 28, 2017 1,152 937,400 814 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years March 29, 2017 1,033 772,500 748 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years March 29, 2017 1,152 943,400 819 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years March 31, 2017 1,033 769,131 744 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years April 01, 2017 1,152 963,864 837 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years April 01, 2017 1,152 937,100 814 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years April 02, 2017 1,152 931,800 809 Uncompleted New SaleDistrict 23 ECO SANCTUARY Condominium 99 years March 28, 2017 700 837,900 1,198 2016 Sub SaleECO SANCTUARY Condominium 99 years March 28, 2017 775 985,000 1,271 2016 Sub SaleECO SANCTUARY Condominium 99 years March 29, 2017 980 1,168,000 1,192 2016 Sub SaleGUILIN VIEW Condominium 99 years March 30, 2017 1,572 1,225,000 779 2000 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years April 03, 2017 1,335 1,360,000 1,019 2000 ResaleHILLION RESIDENCES Apartment 99 years March 29, 2017 463 655,500 1,416 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years March 30, 2017 474 652,650 1,378 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 02, 2017 474 703,950 1,486 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 02, 2017 474 652,650 1,378 Uncompleted New SaleHILLTOP GROVE Condominium 99 years March 28, 2017 1,485 1,020,000 687 2001 ResaleHILLVISTA Condominium Freehold March 29, 2017 958 1,000,000 1,044 2010 ResaleINZ RESIDENCE EC 99 years March 28, 2017 1,184 951,000 803 Uncompleted New SaleINZ RESIDENCE EC 99 years March 29, 2017 1,109 927,000 836 Uncompleted New SaleINZ RESIDENCE EC 99 years March 29, 2017 1,184 974,000 823 Uncompleted New SaleINZ RESIDENCE EC 99 years March 30, 2017 1,109 832,000 750 Uncompleted New Sale

INZ RESIDENCE EC 99 years March 30, 2017 1,184 947,000 800 Uncompleted New SaleINZ RESIDENCE EC 99 years April 01, 2017 1,109 874,000 788 Uncompleted New SaleINZ RESIDENCE EC 99 years April 01, 2017 969 736,000 760 Uncompleted New SaleINZ RESIDENCE EC 99 years April 01, 2017 1,012 768,000 759 Uncompleted New SaleINZ RESIDENCE EC 99 years April 01, 2017 1,012 800,000 791 Uncompleted New SaleJALAN REMAJA Terrace Freehold March 31, 2017 4,230 3,200,000 757 Unknown ResaleNORTHVALE Apartment 99 years March 31, 2017 1,173 808,000 689 1998 ResaleREGENT HEIGHTS Condominium 99 years March 30, 2017 1,023 818,888 801 1999 ResaleREGENT HEIGHTS Condominium 99 years March 31, 2017 1,173 850,000 724 1999 ResaleSOL ACRES EC 99 years March 28, 2017 570 463,000 812 Uncompleted New SaleSOL ACRES EC 99 years March 28, 2017 732 568,000 776 Uncompleted New SaleSOL ACRES EC 99 years March 28, 2017 926 690,000 745 Uncompleted New SaleSOL ACRES EC 99 years March 28, 2017 926 696,000 752 Uncompleted New SaleSOL ACRES EC 99 years March 28, 2017 926 699,000 755 Uncompleted New SaleSOL ACRES EC 99 years March 28, 2017 926 690,000 745 Uncompleted New SaleSOL ACRES EC 99 years March 28, 2017 1,044 829,000 794 Uncompleted New SaleSOL ACRES EC 99 years March 29, 2017 926 720,000 778 Uncompleted New SaleSOL ACRES EC 99 years March 30, 2017 1,044 857,000 821 Uncompleted New SaleSOL ACRES EC 99 years March 31, 2017 1,044 790,000 757 Uncompleted New SaleSOL ACRES EC 99 years March 31, 2017 732 616,000 842 Uncompleted New SaleSOL ACRES EC 99 years March 31, 2017 926 708,000 765 Uncompleted New SaleSOL ACRES EC 99 years March 31, 2017 570 475,000 833 Uncompleted New SaleSOL ACRES EC 99 years March 31, 2017 1,044 865,000 828 Uncompleted New SaleSOL ACRES EC 99 years April 01, 2017 1,044 837,000 802 Uncompleted New SaleSOL ACRES EC 99 years April 01, 2017 850 659,000 775 Uncompleted New SaleSOL ACRES EC 99 years April 01, 2017 1,044 813,000 779 Uncompleted New SaleSOL ACRES EC 99 years April 01, 2017 1,044 801,000 767 Uncompleted New SaleSOL ACRES EC 99 years April 01, 2017 872 691,000 793 Uncompleted New SaleSOL ACRES EC 99 years April 01, 2017 926 681,000 736 Uncompleted New SaleSOL ACRES EC 99 years April 01, 2017 570 469,000 822 Uncompleted New SaleSOL ACRES EC 99 years April 01, 2017 570 463,000 812 Uncompleted New SaleSOL ACRES EC 99 years April 01, 2017 570 449,000 787 Uncompleted New SaleSOL ACRES EC 99 years April 02, 2017 1,044 877,000 840 Uncompleted New SaleSOL ACRES EC 99 years April 02, 2017 1,044 849,000 813 Uncompleted New SaleSOL ACRES EC 99 years April 02, 2017 1,163 914,000 786 Uncompleted New SaleSOL ACRES EC 99 years April 02, 2017 1,044 809,000 775 Uncompleted New SaleSOL ACRES EC 99 years April 02, 2017 926 684,000 739 Uncompleted New SaleSOL ACRES EC 99 years April 02, 2017 926 720,000 778 Uncompleted New SaleTHE LINEAR Apartment 999 years March 31, 2017 1,076 910,000 845 2006 ResaleTHE WARREN Condominium 99 years March 29, 2017 1,238 1,010,000 816 2004 ResaleVILLA VERDE Terrace 99 years April 03, 2017 2,153 1,570,000 729 2000 ResaleDistrict 25 BELLEWOODS EC 99 years March 29, 2017 1,346 920,700 684 2017 New SaleBELLEWOODS EC 99 years March 29, 2017 1,346 897,250 667 2017 New SaleBELLEWOODS EC 99 years March 30, 2017 1,249 985,000 789 2017 New SaleBELLEWOODS EC 99 years April 01, 2017 1,066 809,820 760 2017 New SaleBELLEWOODS EC 99 years April 01, 2017 1,249 949,410 760 2017 New SaleBELLEWOODS EC 99 years April 02, 2017 1,281 1,012,770 791 2017 New SaleFORESTVILLE EC 99 years March 31, 2017 1,195 840,000 703 2016 New SaleFORESTVILLE EC 99 years April 02, 2017 1,496 1,055,000 705 2016 New SaleLA CASA EC 99 years March 31, 2017 1,141 798,000 699 2008 ResaleJALAN DINDING Semi-Detached Freehold March 30, 2017 3,778 2,600,000 688 1997 ResaleNORTHWAVE EC 99 years March 29, 2017 1,270 937,650 738 Uncompleted New SaleNORTHWAVE EC 99 years March 29, 2017 1,098 841,300 766 Uncompleted New SaleNORTHWAVE EC 99 years March 31, 2017 1,270 1,009,450 795 Uncompleted New SaleNORTHWAVE EC 99 years March 31, 2017 990 743,000 750 Uncompleted New SaleNORTHWAVE EC 99 years April 01, 2017 753 595,650 791 Uncompleted New SalePARC ROSEWOOD Condominium 99 years March 28, 2017 431 510,000 1,185 2014 ResaleWOODHAVEN Condominium 99 years March 31, 2017 624 640,000 1,025 2015 ResaleDistrict 26 BULLION PARK Condominium Freehold March 30, 2017 807 850,000 1,053 1992 ResaleTHE BROOKS I & II Apartment Freehold April 01, 2017 710 905,250 1,274 2016 New SaleDistrict 27 EIGHT COURTYARDS Condominium 99 years March 29, 2017 861 800,000 929 2014 ResaleNORTH PARK RESIDENCES Apartment 99 years March 28, 2017 732 965,360 1,319 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years March 30, 2017 700 956,560 1,367 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years April 01, 2017 732 995,020 1,359 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years April 02, 2017 969 1,288,800 1,330 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years April 02, 2017 1,227 1,389,600 1,132 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years April 02, 2017 700 944,900 1,351 Uncompleted New SalePARC LIFE EC 99 years March 30, 2017 1,109 892,050 805 Uncompleted New SalePARC LIFE EC 99 years March 31, 2017 1,109 885,400 797 Uncompleted New SalePARC LIFE EC 99 years March 31, 2017 1,044 789,450 754 Uncompleted New SalePARC LIFE EC 99 years April 01, 2017 1,281 1,012,700 789 Uncompleted New SalePARC LIFE EC 99 years April 02, 2017 1,044 781,850 747 Uncompleted New SalePARC LIFE EC 99 years April 02, 2017 1,066 894,740 837 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 01, 2017 1,184 866,287 732 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 02, 2017 1,098 767,830 699 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 02, 2017 1,098 813,890 741 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years March 28, 2017 786 844,000 1,074 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years March 29, 2017 786 876,000 1,115 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 01, 2017 786 823,000 1,047 Uncompleted New SaleTHE BROWNSTONE EC 99 years April 01, 2017 915 793,600 867 Uncompleted New SaleTHE CRITERION EC 99 years March 28, 2017 786 690,600 879 Uncompleted New SaleTHE CRITERION EC 99 years March 29, 2017 1,173 911,200 777 Uncompleted New SaleTHE CRITERION EC 99 years March 29, 2017 1,119 852,800 762 Uncompleted New SaleTHE CRITERION EC 99 years March 30, 2017 1,001 786,400 786 Uncompleted New SaleTHE CRITERION EC 99 years April 01, 2017 1,249 981,400 786 Uncompleted New SaleTHE ESTUARY Condominium 99 years March 29, 2017 1,119 960,000 858 2013 ResaleTHE SHAUGHNESSY Terrace 99 years April 03, 2017 3,272 1,350,000 413 2006 ResaleTHE VISIONAIRE EC 99 years March 29, 2017 721 612,000 849 Uncompleted New SaleTHE VISIONAIRE EC 99 years March 29, 2017 980 787,000 803 Uncompleted New SaleTHE VISIONAIRE EC 99 years March 29, 2017 872 722,000 828 Uncompleted New SaleTHE VISIONAIRE EC 99 years March 29, 2017 958 739,745 772 Uncompleted New SaleTHE VISIONAIRE EC 99 years March 30, 2017 980 795,500 812 Uncompleted New SaleTHE VISIONAIRE EC 99 years March 31, 2017 980 793,000 810 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 02, 2017 1,023 828,000 810 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 02, 2017 872 705,000 809 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 02, 2017 980 815,000 832 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 02, 2017 1,109 871,000 786 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 02, 2017 958 740,500 773 Uncompleted New SaleTHE WISTERIA Apartment 99 years March 28, 2017 969 1,021,900 1,055 Uncompleted New SaleTHE WISTERIA Apartment 99 years March 28, 2017 969 1,089,812 1,125 Uncompleted New SaleTHE WISTERIA Apartment 99 years March 28, 2017 969 1,119,312 1,155 Uncompleted New SaleTHE WISTERIA Apartment 99 years March 31, 2017 969 1,060,612 1,095 Uncompleted New SaleTHE WISTERIA Apartment 99 years March 31, 2017 969 951,212 982 Uncompleted New SaleTHE WISTERIA Apartment 99 years April 01, 2017 969 1,014,512 1,047 Uncompleted New SaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold March 31, 2017 3,584 2,700,000 753 Uncompleted New SaleCABANA Terrace 103 years April 03, 2017 3,068 1,820,000 593 2013 ResaleSELETAR HILLS ESTATE Terrace Freehold March 28, 2017 2,164 1,800,000 833 Unknown Resale

THEEDGE SINGAPORE | APRIL 17, 2017 • EP15

GAINS AND LOSSES

Top 10 gains and losses from March 28 to April 4

URA

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Most profi table deals

Non-profi table deals

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

NON-LANDED

1 The Draycott 10 2,637 March 31 1,604 Dec 12, 2005 872 1,930,000 84 6 11.3

2 Varsity Park Condominium 5 2,228 March 31 1,144 Nov 26, 2004 400 1,659,090 186 9 12.4

3 Wing on Life Garden 10 3,240 March 29 1,605 May 6, 2009 1,173 1,400,000 37 4 7.9

4 Botanic Gardens View 10 1,259 April 4 1,588 June 1, 2000 715 1,100,000 122 5 16.9

5 Sixth Avenue Ville 10 1,550 April 4 1,431 May 1, 1999 839 917,640 71 3 17.9

6 City Square Residences 8 1,496 March 28 1,203 Dec 12, 2006 677 787,000 78 6 10.3

7 Central Green Condominium 3 1,345 March 30 1,115 Jan 29, 2007 543 770,000 105 7 10.2

8 Hazel Park Condominium 23 1,335 April 3 1,019 April 24, 2006 472 730,000 116 7 11.0

9 Teresa Ville 4 1,356 April 3 1,018 Nov 12, 2002 498 705,000 104 5 14.4

10 The Gardens at Bishan 20 1,227 April 3 1,027 Jan 22, 2002 482 667,960 113 5 15.2

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

1 Scotts Square 9 947 March 31 3,019 Aug 28, 2007 4,234 1,150,545 29 3 9.6

2 Duo Residences 7 1,528 March 30 1,963 June 6, 2014 2,576 937,000 24 9 2.8

3 St Regis Residences Singapore 10 2,486 March 30 2,292 Sept 14, 2009 2,649 887,900 13 2 7.5

4 The Solitaire 10 1,238 March 30 1,600 April 23, 2007 1,854 314,292 14 1 9.9

5 Killiney 118 9 570 March 28 1,841 Aug 31, 2012 2,331 280,000 21 5 4.6

6 The Cosmopolitan 9 1,324 March 29 1,949 Oct 25, 2012 2,153 270,000 9 2 4.4

7 V on Shenton 1 1,098 March 30 1,799 Sept 11, 2012 1,964 181,000 8 2 4.6

8 The Clift 1 527 April 4 1,858 June 20, 2011 2,197 179,000 15 3 5.8

9 Trilight 11 2,099 March 28 1,667 Dec 23, 2010 1,747 167,200 5 1 6.3

10 Rivergate 9 1,507 March 29 1,991 Oct 12, 2012 2,097 160,000 5 1 4.5

Note: Computed based on URA caveat data as at April 11 for private non-landed houses transacted between March 28 and April 4. The profit and loss computation excludes transaction costs such as stamp duties.

Four transactions with more than $1 million in profit each| BY LIN ZHIQIN |

Four private non-landed houses

were each sold for more than

$1 million in profit in the week

of March 28 to April 4.

On March 31, a 2,637 sq ft

unit at The Draycott in prime District

10 fetched the week’s biggest prof-

it of $1.93 million. The seller had

bought it at $2.3 million, or $872

psf, in December 2005 and sold it

at $4.23 million, or $1,604 psf. The

profit works out to 84%, or 6% a

year over 11 years.

The same unit previously changed

hands at a $420,000 profit in De-

cember 2005. The previous seller

had bought it at $713 psf in August

2005 and made a 22% profit in four

months.

A 2,637 sq ft unit at The Draycott was sold at a $1.93 million profit on March 31.Find the most affordable listing in the project at bit.ly/DraycottEdge.

So far this year, there have been

three rental contracts for units rang-

ing from 2,600 to 2,700 sq ft at The

Draycott, with the monthly rent rang-

ing from $6,800 to $7,200. The Dray-

cott is a freehold development with

132 units. It was completed in 1980.

A 2,228 sq ft unit at Varsity Park

Condominium fetched the sec-

ond-biggest profit of $1.66 million

for the week. The unit was bought

at $890,910, or $400 psf, from the de-

veloper in November 2004 and was

sold at $2.55 million, or $1,144 psf,

on March 31. The profit works out to

186%, or 9% a year over 12 years.

There were five rental contracts

for units ranging from 2,200 to 2,300

sq ft at Varsity Park Condominium in

2H2016, with the monthly rent av-

eraging $5,740. This implies a 3%

gross rental yield for the recently

transacted unit. The leasehold Varsi-

ty Park Condominium is located op-

posite the Kent Ridge Bus Terminal

and the National University of Singa-

pore. It was completed in 2008 and

has 530 units.

Based on the matching of URA ca-

veat data, there have been 299 prof-

itable and five unprofitable transac-

tions at Varsity Park Condominium.

The losses range from $38,052 to

$180,000. The most recent unprofit-

able transaction happened in March

this year when a 1,475 sq ft unit was

sold at a $180,000 loss. The seller had

bought it at $1.78 million, or $1,207

psf, in September 2012 and sold it at

$1.6 million, or $1,085 psf.

On March 29, a 3,240 sq ft unit

at Wing on Life Garden in prime

District 10 fetched the third-biggest

profit of $1.4 million for the week.

The seller bought it at $3.8 million,

or $1,173 psf, in May 2009 and sold

it at $5.2 million, or $1,605 psf. The

profit works out to 37%, or 4% a

year over eight years.

Based on the matching of URA

caveat data, the unit has changed

hands four times. It was previous-

ly sold at $1,080 psf in 1997, $642

psf in 1998 and $1,173 psf in 2009.

So far this year, there have been

three rental contracts for units above

3,000 sq ft at Wing on Life Garden,

with the monthly rent ranging from

$7,500 to $8,000. Wing on Life Gar-

den is a freehold development with

81 units. It was completed in 1982.

A 1,259 sq ft unit at Botanic Gar-

dens View in prime District 10 fetched

a $1.1 million profit on April 4. The

seller had bought it at $900,000, or

$715 psf, in June 2000 and sold it at

$2 million, or $1,588 psf. The prof-

it works out to 122% or, 5% a year

over 17 years.

There were two rental contracts for

units ranging from 1,200 to 1,300 sq

ft at Botanic Gardens View in 2H2016,

with the monthly rent at $2,800 and

$3,000. The freehold Botanic Gardens

View is located across Cluny Road

from Singapore Botanic Gardens. It

is near the upcoming Napier MRT

station and has 144 units.

Based on the matching of URA ca-

veat data, there have been 25 profit-

able and four unprofitable transac-

tions at Botanic Gardens View. The

most recent unprofitable transaction

happened in January 2006, when a

1,410 sq ft unit was sold at a $30,000

loss. The seller had bought the unit

at $624 psf in April 2004 and sold it

at $603 psf.

To date, there have been 299 profitable and five unprofitable transactions at Varsity Park Condominium. Find the most affordable listing in the project at bit.ly/VarsityParkEdge. E

PICT

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EP16 • THEEDGE SINGAPORE | APRIL 17, 2017

DEAL WATCH

| BY TAN CHEE YUEN |

A 1,300 sq ft, three- bedroom unit

at Clover By The Park was

listed on TheEdge Property.

com for $1.49 million ($1,145

psf). “The unit is currently

owner-occupied and in good condition,”

says Ron Teo of PropNex Real ty, who

is marketing the property. The owner

is said to be a Singaporean.

Clover By The Park is a 99-year

leasehold condominium on Bishan

Street 25. Developed by Sim Lian

Group and completed in 2011, it

contains two 39-storey blocks with

a total of 616 units. Typical units

in the development are three- and

four-bedroom apartments, in addi-

tion to suites and penthouses.

The main attraction of the project

is its location next to the Bishan-Ang

Mo Kio Park, as well as its proximity

to top schools such as Ai Tong Pri-

mary School, Catholic High School

and Raffles Institution.

“A unit facing the park commands

a premium of about $200,000 over an-

other similar-sized one that does not

offer a park view,” says Teo. “ However,

the price difference also depends on

other attributes, such as floor level

and the condition of the property.”

Recent transactions at Clover By The Park

CONTRACT DATE (2017) AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF)

March 28 1,216 1.525 1,254

Feb 24 1,765 2.2 1,246

Feb 15 1,292 1.6 1,239

Feb 6 1,733 2.0 1,154

Jan 31 1,281 1.6 1,249

TABL

ES: U

RA, T

HE E

DGE

PRO

PERT

Y

Recent rental contracts for 1,200to 1,300 sq ft unitsat Clover By The Park

LEASE DATE MONTHLY RENT(2017) $ $ PSF

February 3,000 2.40

February 3,200 2.60

February 3,100 2.50

January 4,050 3.20

January 3,700 3.00

Clover By The Park’s key attraction is that it is located next to the Bishan-Ang Mo Kio Park and close to various top schools E

$1.49 mil for a unit at Clover By The Park

ALBE

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APO

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The latest transaction at Clover

By The Park was for a 1,216 sq ft,

three-bedroom unit that fetched $1.53

million ($1,254 psf), according to a

caveat lodged on March 28. On Feb 24,

a 1,765 sq ft, four-bedroom unit

changed hands for $2.2 million

($1,246 psf). A 1,292 sq ft, three-bed-

room unit fetched $1.6 million ($1,239

psf) that same month.

There were two other transactions

this year: A 1,733 sq ft, four-bedroom

unit fetched $2 million ($1,154 psf)

on Feb 6 and a 1,281 sq ft, three-bed-

room unit was sold for $1.6 million

($1,249 psf) on Jan 31.

Five 1,200 to 1,300 sq ft, three-bed-

room units were leased for monthly

rents of between $3,000 and $4,050

in January and February, according to

URA rental data. Based on the monthly

rate, this translates into a gross rental

yield of 2.4% to 3.3% per annum.

Given the development’s location

near top schools, it is likely to attract

owner-occupiers, especially families.

Visit tinyurl.com/DealWatch-S775

for more information.