M&L Hospitality doubles portfolio in five yearsThe Kum family-owned hotel group is extendingits footprint across Australia, Europe and the UK, and exploring opportunities in South America. See our Cover Story on Pages 8 and 9.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of April 9, 2018 | ISSUE 825-46

MCI (P) 136/08/2017 PPS 1519/09/2012 (022805)

En Bloc WatchLKY’s house at

38 Oxley Road couldbe demolished EP4

Property TakeCollective sales this year to outshine 2017, says

Colliers EP11

Done DealsA third of units at38 Jervois sold in

three weeks EP12&13

Gains and LossesPenthouse at Hazel Park sold at $1.67 mil profi t

EP14

M&L HOSPITALITY

The 182-room West Hotel Sydney is M&L Hospitality’s latest hotel opening

EP2 • EDGEPROP | APRIL 9, 2018

E

Cairnhill Heights sold en bloc for $72.6 milCairnhill Heights condominium has been sold en bloc

for $72.6 million to TSky Development, the 60:40

joint-venture company between Tiong Seng Hold-

ings and Ocean Sky International. The condo was

launched for collective sale with an asking price of

$80 million in December 2017.

Located in prime District 9 with a site area of about

15,408 sq ft, Cairnhill Heights is zoned “residential”,

with a gross plot ratio of 2.8. The site may be redevel-

oped into a residential development of about 42 units,

based on an average size of 95 sq m. It is situated

in the prestigious Cairnhill enclave, within walking

distance of the Newton MRT station and Anglo-Chi-

nese School (Junior).

TSky Development will set up a project company

to undertake the redevelopment of the site.

In 2017, TSky Development bought Sloane Court

Hotel and a small, adjoining parcel in Balmoral Road

for $80.5 million. It is developing a 12-storey, 80-unit

condo on the site.

Chancery Court in Newton up for en bloc sale at $390 milPrivatised HUDC estate Chancery Court (below, left)

has been launched for sale by tender with an asking

price of $390 million, announced OrangeTee Adviso-

ry, the sole marketing agent.

The asking price includes an estimated $180 mil-

lion premium to top up the lease on the 99-year lease-

hold site, which has a balance tenure of 62 years, as

well as the intensification of the site to its maximum

gross plot ratio of 1.4. This translates into a land rate

of $1,572 psf per plot ratio (ppr).

Chancery Court sits on a 259,134 sq ft site, which

is zoned for residential use under the 2014 Master

Plan. The 136-unit development includes a 16-sto-

rey block with 52 apartment units and eight stra-

ta commercial units, as well as 42 walk-up maison-

ette units housed in seven four-storey blocks. The

redevelopment could potentially yield a maximum

of 480 units of 70 sq m each.

The site is subject to the Pre-Application Feasi-

bility Study on traffic impact, and OrangeTee has

commissioned a traffic consultant to undertake the

study, which is expected to be completed before the

tender closes, says Marcus Oh, managing director

of OrangeTee Advisory. Therefore, developers will

be able to conduct their redevelopment feasibility

with peace of mind, he adds.

Chancery Court is close to schools such as An-

glo-Chinese School (Primary), St Joseph’s Institution

Junior, Singapore Chinese Girls’ School, CHIJ Primary

(Toa Payoh) and St Margaret’s Primary School. Res-

idential developments nearby include Good Class

Bungalows, landed houses and private condos. It is

served by the Newton MRT interchange on the North-

South and Downtown Lines.

The tender closes on May 15.

Strong turnout at preview of The Verandah Residences, Rivercove ResidencesDespite the rain over the Good Friday-Easter week-

end, crowds thronged the sales gallery of Oxley Hold-

ings’ The Verandah Residences (below, right) at Pasir

Panjang. More than 2,500 people showed up over the

three days from March 30 to April 1.

At The Verandah Residences, one- bedroom units

with sizes starting from 452 sq ft are priced from

$878,000. One- bedroom units with study, at 602 sq

ft, are priced from $1.08 million. Two- bedroom units

and two-bedroom premium units have sizes from 646

sq ft and 689 sq ft, respectively. Prices start from $1.2

million for the former and $1.28 million for the latter.

Three-bedroom and three-bedroom premium units

have sizes from 904 to 968 sq ft and 990 to 1,087 sq

ft, respectively. Prices start from $1.62 million for the

former and $1.78 million for the latter. There are also

20 four-bedroom units, with sizes from 1,248 to 1,291

sq ft, which are priced upward of $2.2 million. With-

in the development are three townhouses of 2,174 sq

ft each, with prices starting from $3.38 million. Sales

of The Verandah Residences will start on April 14.

Hoi Hup and Sunway Developments held a pre-

view of their latest executive condo (EC) project,

namely the 628-unit Rivercove Residences at An-

chorvale Lane in Sengkang, over the same week-

end. The project has a mix of three- to five-bed-

room units with sizes from 904 to 1,485 sq ft. The

indicative prices are said to be from $918 to $990

psf. Three-bedroom units have starting prices from

$830,000, four-bedroom units from $1.1 million and

five-bedroom units from $1.34 million.

Last year, Hoi Hup launched Hundred Palms, a

531-unit EC on Yio Chu Kang Road. All the units were

sold within seven hours on the first day of its launch

at an average price of $836 psf.

Two freehold strata office floors at The Octagon up for saleOn April 2, two freehold office floors at The Octagon

were put up for sale by expression of interest (EOI).

According to exclusive marketing agent Cushman &

Wakefield, the asking price is about $30.3 million

($2,450 psf).

The offices are on the ninth and 10th floors and

have a total strata area of about 12,378 sq ft. Each

floor has a plate size of about 6,189 sq ft. Buyers

have the option to purchase both floors together or

individually.

The Octagon is a 25-storey office building on a

prime freehold plot on 105 Cecil Street in the CBD.

It has two levels of basement car parks for season-

al parking. The site is at the junction of Boon Tat

Street and Cecil Street, and within walking distance

of the Raffles Place and Telok Ayer MRT stations.

Recent transactions of strata offices at Prudential

Tower and GSH Plaza on the same street were con-

tracted at above $2,600 and $2,900 psf, respectively.

Both developments have a 99-year leasehold tenure.

Owing to the prime location, freehold tenure and

limited strata office floors of this size for sale on the

market, strong interest is expected for the property,

says Shaun Poh, executive director of capital markets

at Cushman & Wakefield.

The EOI exercise will close on May 4.

Freehold shophouses at 71 to 73B Jalan Besar going for $20 milA row of four adjoining two-storey conservation shop-

houses with attic, at 71 to 73B Jalan Besar (above), has been launched for sale by EOI with an asking

price in excess of $20 million, according to sole mar-

keting agent Knight Frank.

The freehold shophouses, 71, 73, 73A and 73B

Jalan Besar, have a land area of about 3,495 sq ft and

a floor area of about 6,407 sq ft. The site is zoned

“commercial” within a conservation area under the

2014 Master Plan.

The premises is suitable for use as a showroom,

retail, office and co-working space, subject to ap-

proval of the relevant authorities, says Mary Sai,

executive director of investment and capital mar-

kets at Knight Frank Singapore.

Located at the junction of Jalan Besar and Up-

per Weld Road, the site is next to the Jalan Besar

MRT station.

The site presents a rare opportunity for inves-

tors to own four adjoining shophouses with dual

frontage in a heritage-rich area and is suitable for

end users who want to occupy the premises im-

mediately, since vacant possession can be granted

upon sale,” according to Ian Loh, executive direc-

tor and head of investment and capital markets at

Knight Frank Singapore.

The EOI will close on May 8.

Far East Consortium buys The Estoril for $224 milFreehold development The Estoril at 95 and 97 Hol-

land Road has been sold to FEC Properties, a whol-

ly-owned subsidiary of Hong Kong-listed Far East

Consortium International. According to marketing

agent CBRE, the sale price of $224 million reflects a

land rate of about $1,654 psf ppr.The Estoril has 40 apartments and four penthous-

es on a 84,600 sq ft site. Each apartment unit own-

er will receive a gross payout of about $4.6 million.

Owners of the penthouse units will receive between

$9.85 million and $9.95 million.

No development charge is payable, including the

10% bonus balcony GFA, according to the URA base-

line record. Based on the 2014 Master Plan, the site

has a plot ratio of 1.6 and is zoned “residential”.

The recent keen interest in the URA Holland Village

mixed-use development extension site signals that de-

velopers remain confident about this location, espe-

cially in view of further rejuvenation in the locality,

says Sammi Lim, director of capital markets at CBRE.

The sale of The Estoril is the fourth collective sale

transacted by CBRE in 2018. Adjacent to The Estoril

is Hollandia, which was sold to Far East Consortium

for $183.4 million in March. — Compiled by Timothy

Tay and Bong Xin Ying

PROPERTY BRIEFS

EDITORIALEDITOR | Cecilia ChowDEPUTY EDITOR | Lin ZhiqinWRITERS | Timothy Tay, Bong Xin YingDIGITAL WRITER | Fiona Ho

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Shanthi MurugiahPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Yen TanDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Tun Mohd Zafi an Mohd Za’abah

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, COMMERCIAL OPERATIONS | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimSENIOR ACCOUNT MANAGER |Janice ZhuACCOUNT MANAGERS |James Chua, Bernard WongSALES STRATEGIST |Han YaoGuang

CIRCULATIONDIRECTOR | Dominic Kevin SimMANAGER | Bryan KekEXECUTIVE | Malliga Muthusamy, Ashikin Kader

CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong

PUBLISHERThe Edge Property Pte Ltd150 Cecil Street #13-00Singapore 069543Tel: (65) 6232 8688Fax: (65) 6232 8620

PRINTERKHL Printing Co Pte Ltd57 Loyang DriveSingapore 508968Tel: (65) 6543 2222Fax: (65) 6545 3333

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We welcome your commentsand criticism: propertyeditor.sg@bizedge.com

Pseudonyms are allowed but please state your full name, address and contact number for us to verify.

ORANGETEE OXLEY HOLDINGS

KNIGHT FRANK

EDGEPROP | APRIL 9, 2018 • EP3

EN BLOC WATCH

EP4 • EDGEPROP | APRIL 9, 2018

LKY’s house at 38 Oxley Road could be demolished

| BY LIN ZHIQIN |

In a report released on April 2, the minis-

terial committee on 38 Oxley Road —

the home of late founding Prime Minis-

ter Lee Kuan Yew — has laid out three

options for the property, ranging from

preservation to demolition and redevelop-

ment (see table).

“We did not make any recommenda-

tion because no decision is required at this

point in time,” says Deputy Prime Minis-

ter Teo Chee Hean, who chaired the com-

mittee. Lee’s daughter, Dr Lee Wei Ling,

lives in the house and has said that she

intends to continue to do so. Therefore,

the fate of the house will have to be de-

cided by a future government, adds Teo.

The property has a rich history, as it

was Lee’s home from the mid-1940s un-

til his death in 2015. It was also where

the People’s Action Party was formed in

1954 and where meetings took place that

led to the formation of the first independ-

ent government of Singapore.

Based on archival plans dated 1898, the

house is one of a pair of identical bunga-

lows built at 38 and 40 Oxley Road, says

the report. The building design is of an

“early style” bungalow built in the late

19th and early 20th centuries.

The options listed by the ministeri-

al committee include the demolition and

redevelopment of the property. If this

happens, the site could be redeveloped

into either a pair of bungalows, a pair of

semi-detached houses or three to four ter-

raced units, says the report.

Under this option, the area surrounding

the property, which is currently zoned as

a two-storey mixed Landed Housing Area,

could be rezoned to Residential use at a

gross plot ratio of 1.4, which can allow

for five-storey residential developments.

“With this change, the site at 38 Oxley

Road will be able to yield 16 flat units,”

says the report.

The original bungalow at 40 Oxley Road

was redeveloped in 2006 into a two-sto-

rey detached house (No 40) on a 5,048 sq

ft site and a pair of two-storey semi-de-

tached houses (Nos 42 and 44) with 3,191

sq ft and 3,182 sq ft of land respectively.

On the other side of 38 Oxley Road are

three strata-landed houses (36, 36A and

36B Oxley Road). The most recent trans-

action for a house on Oxley Road was in

December 2009, when No 36, which has a

strata area of 10,990 sq ft, changed hands

for $6.88 million ($626 psf).

Across the road from 38 Oxley Road is

Oxley Neo Residences, developed in 2010

by Medway Investments, a family prop-

erty investment company headed by a

75-year-old stockbroker, who asked to be

known as “Neo”. The property sits on a

freehold land area of about 38,000 sq ft

and comprises six bungalows and a pair

of semi-detached houses.

The site was previously occupied by a

pair of colonial bungalows, which Med-

way Investments purchased for $3.9 mil-

lion in 1989. The original bungalows were

demolished and redeveloped because they

Oxley Neo Residences (left) and 38 Oxley Road

PICTURES: ALBERT CHUA/THE EDGE SINGAPORE

The original bungalow at 40 Oxley Road was redeveloped in 2006 into a detached house and a pair of semi-detached houses

EN BLOC WATCH

EDGEPROP | APRIL 9, 2018 • EP5

had a lot of cracks and were considered struc-

turally unsound.

The houses have a carpark on the lowest

level, a living area and six bedrooms spread

across the next two levels, and an attic. They

are effectively four-storey houses, says Neo,

as the carpark is on ground level in lieu of a

basement. They do not have windows on the

façade facing 38 Oxley Road, owing to the need

for Lee’s security. Neo’s family occupies two

of the houses and the others are rented out at

“around $20,000 a month”.

The site of Oxley Neo Residences is one

of the biggest landed housing plots on Oxley

Road. Neo is therefore considering an en bloc

sale, “provided the price is good”.

The house at 38 Oxley Road is of an ‘early style’ bungalow built in the late 19th and early 20th centuries

E

How a house provoked a feud in Singapore’s Lee family| BY STEPHANIE PHANG & KRYSTAL CHIA |

Singapore’s reputation for order and control took a beating last year when its most famous family became embroiled in a very public feud — on Facebook. Prime Minister Lee Hsien Loong fell out with his two younger siblings over the fate of the house that belonged to their late father, the country’s first prime minister, Lee Kuan Yew. The dispute marked a rare public display of acrimony from a family that has been at the forefront of Singapore’s establishment since its independence in 1965 — and that largely kept private any discord before the elder Lee’s death in 2015. Nine months after the spat erupted, a ministerial committee has produced a report on options for the future of the house. It has left any decision to a later government, however, meaning the feud may have longer to run yet.

What was the spat about?It centred on 38 Oxley Road, a colonial-era bungalow near the Orchard Road shopping belt. Kuan Yew lived there for most of his 91 years and his will included a wish for the property to be demolished eventually. All three children have said they want to honour that request, but the two younger siblings have accused PM Lee of manoeuvring behind the scenes to undermine their father’s instructions. They cited the existence of the ministerial committee. The prime minister denies those allegations.

Who are the protagonists?As well as the prime minister, there is his 60-year-old brother Lee Hsien Yang, the one-time CEO of Singapore Telecommunications, who is now chairman of the Civil Aviation Authority of Singapore, a board member of Rolls-Royce Holdings and a special adviser to private-equity firm General Atlantic. And then there is Dr Lee Wei Ling, the middle sibling who is a senior adviser at Singapore’s National Neuroscience Institute. She currently lives in the house and Kuan Yew’s instruction in his will to demolish 38 Oxley Road only kicks in after she moves out.

What is the significance of the house?As well as being on prime real estate, 38 Oxley Road is seen by many as a hallmark of the elder Lee’s legacy and influence, the site of critical decisions on Singapore’s future taken by the nation’s pioneer leaders. Founding members of the People’s Action Party (PAP), in power since independence, held early meetings at the house. Kuan Yew wanted 38 Oxley Road demolished after his death to avoid the cost of preserving it and the risk that it would fall into disrepair, he told Singapore’s Straits Times in an interview published in 2011.

Who owns the house?PM Lee says he was bequeathed the property by his father and sold it to his younger brother, donating the proceeds to charity. Cushman & Wakefield last year estimated the value of the bungalow, which stands on a plot of about 12,000 sq ft, or 0.3 acre, at about $25 million. PM Lee said in 2015 he had recused himself from all government decisions regarding the house.

Who is examining options for the house?Deputy Prime Minister Teo Chee Hean set up the ministerial committee and — at the height of last year’s spat — said there was nothing secret about it, contrary to the two younger siblings’

assertion. The committee, he said, needed to review the options in case, for example, Wei Ling chose to move out in the near future. There is a misconception that the government is seeking to make a decision now, he told parliament last year, when no decision may be necessary for another 20 to 30 years. The prime minister’s views were sought by the committee in his personal capacity, and he has not been involved in discussions, according to the cabinet secretary.

What did the committee conclude?Its April 2 report laid out three options: retaining the property (as a national monument or for conservation); keeping the basement dining room, where important meetings took place, in a park or as part of a heritage centre; demolishing the house for residential use or for a park or heritage centre. The committee left the matter of which option to take to a future government. It also said that Kuan Yew was ‘prepared to accept options other than demolition’ provided that the house was kept in a habitable state and the family’s privacy was protected.

How bad did the dispute get?The family discord had simmered for two years before bursting into full view in June with a six-page statement posted via Facebook by the younger Lees. They said they had ‘lost confidence’ in their brother and accused him of misusing his position to advance his personal agenda and of harbouring political ambitions for one of his sons. Hsien Yang, the younger brother, said he planned to leave Singapore and cited his brother as the reason.

What did PM Lee say?He apologised last year for the impact he said the dispute has had on Singapore’s reputation. In a two-day parliamentary debate in July, he said the dispute could dent public confidence in the government if it continued and that suing his siblings would only further besmirch their parents’ names.

Did the siblings resolve their differences?Hardly. On July 6 — this time in a seven-page statement released via Facebook after their brother spoke in parliament — Wei Ling and Hsien Yang said they will ‘cease presenting further evidence on social media, provided that we and our father’s wish are not attacked or misrepresented’. But Hsien Yang posted in October that PM Lee ‘has made no attempt to reach out to us to resolve matters in private’. Wei Ling then reacted to the April report on the house’s future by posting ‘it would require unbelievable lack of intelligence or determined denial to not understand what Pa and Ma so unambiguously wanted. It seems to me my big brother and his committee have achieved that distinction with amazing ease’.

What impact has the spat had on Singapore politics?Very little, on the surface. PM Lee, 66, retains broad popular support. He has signalled he does not want to stay in office beyond the age of 70 and has been grooming a group of younger ministers for succession. The PAP has a strong grip on power. Months after the elder Lee died, the PAP boosted its share of the popular vote by about 10 percentage points to nearly 70% — the highest since 2001 — and secured 83 of 89 seats up for grabs. — Bloomberg LP

URA, REPORT OF THE MINISTERIAL COMMITTEE ON 38 OXLEY ROAD

Option Retain the property Retain the dining room Allow the property

and tear down the rest to be demolished

of the property fully, and allow

redevelopment

Sub-options a) Gazette and preserve Th e dining room would be a) By the owner for

as a national monument; or gazetted as a national monument, residential use; or

b) Gazette for conservation and integrated with an alternative b) By the state for

use for the site (for example, alternative use

park, heritage centre) (for example, park,

heritage centre), after

acquisition of the site

Remarks Both sub-options could Even if there is public Sub-option (a) could

include further steps to access to the dining room result in the loss of a

signifi cantly address for national education historically signifi cant

Lee Kuan Yew’s concerns purposes, demolition of the property, and the

about privacy (for example, rest of the property, including potential of that

signifi cant interior the private spaces, would ensure history being

renovations of the that the privacy of Mr and Mrs leveraged for

private spaces, and/or Lee Kuan Yew would be respected commercial profi t

with restricted access)

Range of options for 38 Oxley Road

REPORT OF THE MINISTERIAL COMMITTEE ON 38 OXLEY ROAD

The area surrounding 38 Oxley Road (marked in blue) could be rezoned to a gross plot ratio of 1.4.

MARKET TRENDS

EP6 • EDGEPROP | APRIL 9, 2018

Private-home prices up 3.1% in 1Q2018 — the highest quarterly increase in eight years | STORIES BY BONG XIN YING |

Price recovery gathered momentum in

1Q2018, rising 3.1% over 4Q2017, ac-

cording to URA flash estimates. This

marks the third straight quarter of price

growth since the index bottomed in

2Q2017. It is also the strongest quarterly in-

crease since the 5.2% q-o-q spike in 2Q2010,

says Tricia Song, Colliers International head

of research for Singapore.

With the latest price uptick, the URA pri-

vate property price index is up 4.6% y-o-y, adds

Song. As at end-1Q2018, private residential

prices are just 7.5% below the peak in 3Q2013.

The largest price uptick was seen in the

Core Central Region (CCR), which registered

a 5% increase, boosted by new launches over

the past year, such as Gramercy Park, Martin

Modern and New Futura. Prices of Gramercy

Park, for instance, registered a median price of

$3,177 psf in 1Q2018, up 9.5% from the $2,902

psf in 4Q2017. Martin Modern also saw its pric-

es climb steadily, up 14.8% from $2.354 psf in

4Q2017 to $2,703 psf in 1Q2018, says Colliers.

Resale prices in some districts have also ris-

en because of the high land rates implied from

the recent collective sales in the Bukit Timah,

River Valley and Holland Road neighbourhood.

“We think the high-end homes segment has

turned a corner, following a price slump since

June 2013,” says Song. Her forecast is that pric-

es in CCR could rise 10% in 2018.

The URA flash estimates also showed a

3.8% increase in prices in the Outside Cen-

tral Region (OCR) or suburbs. Demand for

OCR homes is attributed to their affordabili-

ty and supported by the largest pool of buy-

ers, says Ong Teck Hui, JLL national director

for research and consultancy.

According to JLL, OCR transactions account-

ed for about 50% of total transaction volume in

1Q2018, while CCR and Rest of Central Region

(RCR) accounted for 18% and 31% respectively.

Projects in OCR that registered price increases

include Grandeur Park Residences at Tanah Mer-

ah in the east, which saw a 7.8% q-o-q increase

in average prices from $1,416 psf in 4Q2017 to

$1,526 psf in 1Q2018. Likewise, Symphony Suites

in Yishun registered a 3.9% increase in average

prices from $1,046 psf in 4Q2017 to $1,087 psf

in 1Q2018. Other projects in OCR with firm aver-

age pricing include Kingsford Waterbay ($1,379

psf) and Parc Botannia ($1,283 psf).

Developers have also been pricing their

properties higher; for example, The Tapestry

in Tampines was launched on March 24 at an

average price of $1,310 psf. Neighbouring MCC

Land’s The Alps Residences was launched in

October 2016 at an average price of $1,089 psf.

This a 20% increase in price in less than two

years, notes Eugene Lim, ERA Realty’s key ex-

ecutive officer.

“Having witnessed three consecutive quar-

ters of price increases thus far, it is a clear sign

of positive sentiments in the residential proper-

ty market, despite almost all the cooling meas-

ures still in place,” says Nicholas Mak, ZACD

Group executive director. “This would have

a positive impact on property prices, and the

private residential price index is expected to

rise 8% to as much as 15% in 2018.”

The Tapestry in Tampines was launched on March 24 at an average price of $1,310 psf, and saw 315 units sold on the first day of sales

HDB’s flash estimate for 1Q2018

showed a 0.8% decline in re-

sale prices of public housing

flats. This is a steeper decline than

the 0.2% dip in 4Q2017 and marks

the latest quarterly decline since

2Q2013. The bigger-than-expected

fall could be due to the seasonal

lull during Chinese New Year, says

Nicholas Mak, executive director of

ZACD Group.

In addition, such a price decline

can also be attributed to the steady

supply of the new HDB Build-to-

Order flats in 2017 and 2018. HDB

will offer about 3,900 BTO flats in

Sengkang, Tampines, Toa Payoh and

Yishun in the May 2018 BTO exer-

cise. Although the HDB resale price

index is still falling, the government

does not plan to reduce the supply

of BTO flats for 2018.

The increase in supply of new BTO

flats also comes with a shorter wait-

ing time, and the introduction of the

Re-offer of Balance (ROF) flats could

have drawn some demand from the

HDB resale market, notes Mak.

Also contributing to the contin-

uous price decline into 2018 are a

different group of sellers who are in

urgent need to dispose of their prop-

erties within a stipulated time; sec-

ond-timers who received their new

keys with the completion of their

BTO flats; new executive condomini-

um upgraders who received the new

keys to their homes; as well as those

selling their HDB resale flats to up-

grade to private property in 2018,

notes Ismail Gafoor, CEO of PropNex

Realty. This has inadvertently creat-

ed a supply of resale flats, he adds.

Eugene Lim, key executive officer

of ERA Realty, also points to a com-

ment made in the previous year by

by Lawrence Wong, Minister for Na-

tional Development, that not all HDB

flats would be eligible for the Selective

En bloc Redevelopment Scheme, but

will eventually have to be returned

to the state at the end of the 99-year

lease. “The increased awareness of

this stark reality has made older re-

sale HDB flats less appealing to home

buyers who have longer-term consid-

erations,” says Lim.

Gafoor reckons, however, that de-

mand for HDB resale properties could

increase in 2H2018 as en bloc ben-

eficiaries of projects in the suburbs,

including the large privatised HUDC

estates, are expected to receive their

collective sale proceeds. He therefore

projects that HDB prices could rise

up to 1% by year-end.

ZACD’s Mak is less optimistic.

“In the absence of any major change

in the public housing policies, the

HDB resale price index is expect-

ed to slip 1% to 3% y-o-y for the

whole of 2018,” he says. “Thus, the

much-awaited recovery in the index

may not occur this year.”

HDB resale price index in 1Q2018 down 0.8%as downward trend enters fifth year

CDL

As not all HDB flats will be eligible for the Selective En bloc Redevelopment Scheme, older resale HDB flats have become less appealing to home buyers who have longer-term considerations, says ERA’s Lim

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

E

E

EDGEPROP | APRIL 9, 2018 • EP7

COVER STORY

EP8 • EDGEPROP | APRIL 9, 2018

| BY CECILIA CHOW |

Last year, hotel magnate Michael Kum, 73,

was said to have a net worth of $905 mil-

lion and ranked Singapore’s 32nd rich-

est person by Forbes. The self-made ty-

coon grew up in an attap house on stilts

perched on the swampy banks of Kallang Riv-

er. Kum’s family of five also reared chickens

and pigs for their livelihood. Today, he lives

in a landed property in Holland Road in prime

District 10.

Kum made his fortune in offshore marine

services when the company he co-founded in

1976 was eventually listed on the Australian

Stock Exchange as Maclyn Express in 2010.

He had entertained thoughts of retiring and

focusing on investing in real estate when he

formed Grandline International in 2009. It is

now the parent company of M&L Hospitality,

a wholly-owned subsidiary set up to hold the

group’s portfolio of hotel assets. Incidentally,

“M&L” are the initials of Kum’s first name and

that of his wife, Lynda Ong.

As executive chairman of M&L Hospitality,

Kum runs the business with eldest daughter,

Jocelyn, the firm’s executive director, and Neil

Maxwell, the CEO.

M&L Hospitality’s first purchase was the

former Four Points by Sheraton at Sydney’s

Darling Harbour in 2009. The deal was said

to have been concluded in three days. Hav-

ing purchased the 672-room hotel from GPT

Group for A$185 million, the group spent an-

other A$250 million to redevelop the proper-

ty. It reopened in 2016 as the 892-room Hyatt

Regency, a mixed-development that includes

a new commercial tower containing office and

retail space as well as a convention centre. It

is one of the largest hotels in Sydney today.

Strong pipeline of projectsFrom just one hotel, M&L Hospitality’s port-

folio grew to 12 hotels valued at $1.3 billion

in 2013. Today, the portfolio has 18 hotels and

the value has doubled to $2.7 billion over the

past five years.

“In addition to the $2.7 billion portfolio,

we have a strong pipeline of hotel develop-

ment projects worth $600 million to $800 mil-

lion,” says Jocelyn. “We will continue to see

strong growth within the portfolio over the

next few years.”

The hotels are in key cities such as Sydney,

Melbourne and Perth in Australia; Auckland

and Christchurch, New Zealand; Manches-

ter and London in the UK; as well as Amster-

dam, The Netherlands; Brussels, Belgium; and

Prague, Czech Republic. According to Kum, the

group will continue to hunt for assets in these

cities, as well as explore new opportunities in

South America. “We’re open-minded,” he says.

The latest hotel to open in M&L Hospitali-

ty’s stable is the 182-room West Hotel in Syd-

ney. Launched in January, it marks the second

new hotel to be built in Sydney’s CBD in the

last 17 years. Most of the hotels in the city’s

CBD are either refurbishments or redevelop-

ments of existing hotel properties.

M&L Hospitality also owns the 369-room

Swissotel on Market Street in Sydney, the 256-

room Novotel in Perth and the 180-room Double

Tree by Hilton on Flinders Street in Melbourne,

where the group has two development sites.

One of the sites is for a mixed residen-

tial-and-hotel development and located on the

banks of the Yarra River in Southbank. The

development will have one- to three-bedroom

upscale apartments on the lower floors, with

the hotel rooms on the 57th to 71st levels of

the 73-storey tower.

Planning is still underway for the second

development site in Melbourne, says Maxwell.

He sees mixed developments such as M&L’s

Hyatt Regency Sydney and the upcoming de-

velopment in Southbank, Melbourne provid-

ing diversification in income streams.

New acquisitions and divestmentsM&L Hospitality is currently refurbishing the

303-room Hilton Prague Old Town, an up-

per-scale hotel in the historic centre of Prague.

The hotel should reopen in June, says Maxwell.

When the company purchased the Hilton, it

also purchased the adjacent site for the devel-

opment of a second hotel.

“We are focused on more upper-scale ho-

tels, and we think that’s where demand is in

the markets we’re in,” says Maxwell.

To further differentiate itself from its com-

petitors, M&L Hospitality has also undertaken

more development projects instead of just buying

operating assets, says Jocelyn. Hotel develop-

ments also provide a higher return, she adds.

The Kum family-owned hotel group is extending its footprint across Australia, Europe and the UK, and exploring opportunities in South America

One of the suites at Hyatt Regency Sydney, which overlooks Darling Harbour

The 892-room Hyatt Regency Sydney, one of the biggest hotels in Sydney, is

M&L Hospitality’s flagship property

PICTURES: M&L HOSPITALITY

M&L Hospitality doubles portfolio in five years

COVER STORY

EDGEPROP | APRIL 9, 2018 • EP9

Kum (with Jocelyn and Maxwell): It’s important to know not only when to buy, but also when to sell

M&L Hospitality has also divested some

of its assets over the years. In March 2013,

for instance, it sold the 241-room Ibis Novena

to Keppel Land’s fund management arm, Al-

pha Investment Partners, for $150 million, or

$622,000 a key.

Last year, the group sold its portfolio of

hotels in Japan, including the Hilton Nagoya.

“Cap rates are compressed in Japan, and an

opportunity came up to sell the portfolio, so

we took it,” says Jocelyn. In 2017, M&L Hos-

pitality divested the Travelodge in Melbourne’s

Docklands.

Kum estimates that the divestments reaped

$600 million to $700 million in total proceeds.

“It’s important to know not only when to buy,

but also when to sell,” he says.

Jocelyn adds: “The proceeds have been very

healthy, and allowed us to grow our portfolio.”

Ibis on Bencoolen for sale — ‘if there’s a good offer’In Singapore, M&L Hospitality’s sole proper-

ty today is the 538-room Ibis on Bencoolen,

which it purchased for $210 million ($393,334

a key) in July 2010. The hotel opened in 2009

and was considered the first international-brand

budget hotel in Singapore. Since then, compe-

tition in this segment of the market has inten-

sified. Still, the Ibis on Bencoolen continues

to enjoy high occupancy rates of 89% to 91%.

“The Ibis on Bencoolen accounts for 15%

of our portfolio and, therefore, has a relatively

large weightage,” says Jocelyn. “It’s our group’s

flagship property in Singapore, and our sole

property here. We will take these factors into

consideration when it comes to diversification.”

M&L Hospitality has been receiving unso-

licited offers for Ibis on Bencoolen. “We will

sell it if there’s a good offer on the table,” says

Kum. “From my perspective, that’s more than

$900,000 a key.”

Last year, Hotel Chancellor@Orchard on Cave-

nagh Road was put on the market at $900,000 a

key via marketing agent JLL. The hotel, owned

by Singapore-listed Hotel Grand Central, opened

four years ago. The property has less than 60

years left on the lease of its site. It will be sold

with vacant possession, allowing the new own-

er to rebrand and reposition the asset.

Meanwhile, Grand Park City Hotel on Cole-

man Street was reported to be on the market

for at least $1 billion, or $1.7 million a key.

Savills is the marketing agent for Grand Park

City Hotel.

New supply in Singapore tapering offAfter 2017, new supply in the Singapore mar-

ket is expected to taper off, as most of the in-

ventory has come onstream in recent years,

according to CBRE. Robert McIntosh, execu-

tive director of CBRE Hotels Asia Pacific, says:

“Although some downward pressure in occu-

pancy might be felt in the short term, the slow-

down in new supply will help rebalance exist-

ing hotel performance in the next three to five

years.” He sees the hotel industry further con-

solidating, with occupancy rates improving in

view of strong visitor arrival figures.

The expectation is that the market will re-

cover by 1Q2019, says Kum. “In Singapore,

even in an improving market, it’s hard to pur-

chase a hotel. Sellers want to sell high, buyers

want to buy low. We’re certainly open to op-

portunities, and if the numbers make sense,

we will act on it.”

Kum’s forecast is that the market outlook

for Singapore over the next three years from

2019 to 2021 “should be fine”, given that supply

and demand are now aligned. This is provid-

ed the tourism market and business sentiment

are not affected by “external factors”, he adds.

Expanding in ManchesterIn the UK, M&L Hospitality’s hotels have not

been hit by the “Brexit effect” and the group

has been expanding its portfolio there. It has

two hotels in London: the Holiday Inn Strat-

ford City and Staybridge Suites Stratford City.

The group purchased a third hotel in Heathrow,

which was refurbished and rebranded the Hyatt

Place London Heathrow Airport. It reopened

12 months ago.

“Our hotels in Stratford have been trading

well since opening five years ago,” says Max-

well. “Stratford used to be a small place, but

now it’s a big city, with a lot of new commercial

developments around the Westfield Stratford

City shopping centre, including a few other

new hotels. Our business there is still going

strong with occupancy rates in the high 80s.”

The group has two other hotels in Man-

chester that will open at end-2Q2018: the 212-

room The Crowne Plaza Manchester and the

adjoining 116-room Staybridge Suites. These

hotels are part of a new hotel complex built

on a site with a long-term lease from The Uni-

versity of Manchester. It is located on the main

university campus, adjacent to the Manches-

ter Business School and a new executive cen-

tre, says Maxwell.

Sydney, Melbourne still of interestIn Australia, Kum sees the Sydney and Mel-

bourne hotel markets continuing to do well

over the next three to four years. “Perth will

pick up if the mining and oil and gas sectors

recover,” he says. The group is therefore not

expanding beyond the one hotel it already

owns. “There’s still a lot of supply entering

the market,” he adds.

He also sees the hotel market in Auckland

and Queenstown in New Zealand performing

well in the coming years. “Location is very

important,” he says. “We also have a hotel in

Christchurch, and it’s doing reasonably well.”

It is the 192-room Chateau on the Park — a

Double Tree by Hilton, located on five acres

of landscaped gardens. “It’s a quiet area and

popular with corporate clients,” says Kum.

M&L Hospitality’s 166-room Hilton Auckland

has also been doing well since the hotel was

purchased in 2012 and recently refurbished.

“We have seen occupancy rates in the 90%

range, which is higher than the market aver-

age of 85% to 86%,” says Kum. “We also com-

mand higher average daily room rates and lead

our closest competitor by about $40 a night.”

Maxwell attributes the strong performance

of the group’s hotels in New Zealand to the

dearth in new supply. “There haven’t been

many new hotels built for a long time,” he

says. “While there are some hotels now un-

der construction, they are mainly mid-scale

products.”

Oversupply in Southeast Asia, ChinaThe group’s absence in Southeast Asia except

Singapore, and in North Asia, especially Chi-

na, has been a deliberate strategy. “There’s

oversupply in many of these markets,” says

Jocelyn. “And in China, you’re faced with a

50-year lease on commercial sites, which isn’t

appealing to us.”

M&L Hospitality will be celebrating its 10th

anniversary in 2019. The group remains lean

with 28 people. Besides the head office in Sin-

gapore, it now has a full-service office in Syd-

ney and a small office in Amsterdam. “We are

expanding because we now have nine hotels in

Europe,” says Jocelyn. “And it’s quite a sizea-

ble chunk of our portfolio today.”

ALBERT CHUA/THE EDGE SINGAPORE

The 212-room The Crowne Plaza Manchester and the adjoining 116-room Staybridge Suites are a new hotel complex built on the main campus of The University of Manchester, with a long-term lease from the university

E

The 182-room West Hotel Sydney opened in January

SECTOR WATCH

EP10 • EDGEPROP | APRIL 9, 2018

Radisson to roll out aggressiveexpansion plans in Asia| BY BONG XIN YING |

Fresh from a rebranding of Carlson

Redizor Hotel Group to Radis-

son Hotel Group on March 5,

Katerina Giannouka, Radis-

son’s president for Asia-Pacific,

is ready to grow the group’s footprint

in the region.

Radisson is the world’s 11th-big-

gest hotel group, with eight hotel

brands and more than 1,400 ho-

tels worldwide. In Asia-Pacific, the

group has a stable of 120 hotels un-

der management. The intention is

to have a portfolio of 20,000 hotel

rooms in the region in the next five

years, says Giannouka, who came

on board last November.

The group has an aggressive roll-

out plan, with eight hotels to open

in the region this year. Radisson Blu

Bali Uluwatu opened in 1Q2018, to

be followed by five others in 2Q2018:

Radisson Blu Resort Phu Quoc in Vi-

etnam; Radisson Medan in Indone-

sia; and Radisson Gwalior, as well as

Radisson Chandigarh Zirakpur and

Radisson Bengaluru City Centre in

India. The fourth hotel in India, Ra-

disson Red Chandigarh Mohali, is

slated to open in 4Q2018, which will

also see the opening of Radisson Su-

zhou in China.

New growth Radisson has also signed on 10 new

properties in the region, including

Radisson Blu Resort Maldives; Radis-

son Mumbai Andheri MIDC in India;

Park Inn by Radisson North EDSA,

the Philippines; Radisson Zhengzhou

in China; and three new properties

in Malaysia — Radisson RED Kuala

Lumpur City Centre and Kuala Lum-

pur Sentral, and Park Inn by Radisson

De Centrum City in Kajang.

Most of the existing 120 hotels

in Asia-Pacific are located in India,

notes Giannouka. This is because

India was the first market that the

group entered in Asia 16 years ago.

The strong presence means that the

group is signing on at least one new

hotel every four weeks and open-

ing one new hotel every six weeks,

she adds.

In China, the group currently has

15 hotels operating in first-tier cities

such as Beijing and Shanghai. “Ac-

cording to our growth plan, we will

triple that,” says Giannouka. In ad-

dition to first-tier cities, the group is

growing its footprint in second-tier

cities and even third-tier ones such

as Chongqing, Guizhou and Wuxi.

After all, Radisson is owned by

China’s HNA Tourism Group. HNA

purchased the Minneapolis-based

Carlson Hotels in late 2016. The

brands under Carlson Hotels include

Radisson Hotels, Radisson Blu, Ra-

disson RED, Park Plaza, Park Inn by

Radisson, Country Inns & Suites by

Carlson and the Quorvus Collection,

which has been rebranded Radisson

Collection. Carlson Hotels also owns

a majority stake in Rezidor Hotels

Group, headquartered in Brussels.

Radisson — HNA’s main focusHNA has since restructured the hotel

chain, including the change of Carl-

son Hotels to Radisson Hospitality

last November. HNA undertook an

aggressive shopping spree in 2016.

Besides Carlson Hotels, it also ac-

quired a US$6.5 billion stake in

global hotel operator Hilton World-

wide, as well as inherited the lat-

ter’s 25% stake in Hilton Grand

Vacations when the business was

spun off in 2017.

In early March, HNA reportedly

sold its 25% stake in Hilton Grand

Vacations for about US$1.1 billion

($1.4 billion). HNA has been pres-

sured to sell assets to ease its financial

burden, even as Chinese authorities

crack down on big overseas acquisi-

tions by large companies.

HNA is also said to be looking to

sell part, if not all, of its 25% stake

in Park Hotels & Resorts, another

Hilton spin-off, which owns more

than 50 properties across the US, Eu-

rope and South America. HNA has

yet to announce plans to sell its in-

terest in Hilton Worldwide.

HNA also owns a 29.5% stake

in Spain’s NH Hotel Group. The re-

lationship between the two parties

turned acrimonious when HNA’s rep-

resentatives were ejected from NH’s

board, following the former’s pur-

chase of Carlson-Rezidor group in

2016, which had led to accusations

of conflict of interest.

In January, HNA announced that

it had hired JP Morgan and Bened-

etto, Gartland & Co to look for pos-

sible buyers of its 29.5% stake in

NH, reportedly valued at €632 mil-

lion ($1.02 billion).

With the divestments of the stakes

in other hotel groups, HNA is therefore

banking on Radisson for its growth in

the hospitality sector. “The rationale

for the restructuring within Radisson

Hotel Group itself was to build on the

strength of the Radisson brand and

to signal the alignment of the two

companies, Carlson and Rezidor,”

says Giannouka.

China — growth marketIt is no surprise that China is going

to be a key market for the group.

According to the 2017 China Out-

bound Tourism Travel Report, joint-

ly released by Ctrip and China Tour-

ism Academy, the number of Chinese

outbound travellers reached 130 mil-

lion in 2017, up 7% from 122 million

in 2016, with tourist spending at an

estimated US$115.29 billion.

China has become the largest

source of inbound travellers for many

Asian countries such as Thailand, Ja-

pan, South Korea, Vietnam, Cambo-

dia and Indonesia. Other countries

where the Chinese are in the top spot

in terms of tourist arrivals are North

Korea, Russia and South Africa.

Domestic travel within China itself

is equally strong, notes Giannouka.

“That’s why we are focusing on China.”

Likewise, the group plans to grow

its footprint elsewhere in Asia, in

markets such as Japan, Vietnam and

Singapore, where it does not have a

presence yet. “Our Asia-Pacific head-

quarters is here,” says Giannouka.

“And we’re open to opportunities

in Singapore.”

PICTURES: RADISSON HOTEL GROUP

ALBERT CHUA/THE EDGE SINGAPORE

Park Inn by Radisson Libo in Guizhou is one of the group’s 15 hotels in China

Radisson Blu Resort Fiji Denarau Island is one of Radisson’s hotels in Asia-Pacific, where it intends to grow its footprint

Radisson Blu Plaza New Delhi in India, where the group has major brand recognition

Giannouka: We will triple [the number of Radisson hotels in China] E

PROPERTY TAKE

EDGEPROP | APRIL 9, 2018 • EP11

Collective sales this yearto outshine 2017, says Colliers

Residential collective sale transactions in 1Q2018

| BY TIMOTHY TAY |

The collective sale fever in the

residential market is likely to

continue at least for the rest

of the year, paving the way

for total transaction values to

surpass those of 2017, says Colliers

International in a report on April 3.

In 1Q2018, 17 residential collec-

tive sale sites worth a total of $5.83

billion were transacted — up 29.3%

from $4.51 billion worth of deals in

4Q2017. With a large pipeline of de-

velopments — estimated at 140 to

150 sites — at various stages of the

collective sale process, Colliers be-

lieves this year’s collective sale trans-

actions will trump 2017.

“The collective sale cycle, which

started in 2016 and hit fever pitch

last year, does not appear to be los-

ing steam anytime soon,” says Tang

Wei Leng, managing director of Col-

liers International. “Brisk collective

sale activity in 1Q2018 as well as

the premiums paid on land price by

developers for some sites signalled

that there was still a healthy appe-

tite for well-located developments.”

She cautions, however, that with

the deluge of sites on the market, the

balance has tilted in favour of devel-

opers, which are likely to cherry-pick

the best sites or those that are real-

istically priced.

From January 2016 to 1Q2018,

there were 47 residential collective

sales valued at $14.97 billion, which

represented 68.7% of the $21.8 bil-

lion in deals done in the previous col-

lective sale cycle from 2005 to 2007.

Shift from suburban to prime sitesEight sites worth $2.32 billion in

the Core Central Region, mainly in

prime Districts 9 and 10, were sold

via collective sale in 1Q2018, com-

pared with eight worth $1.05 billion

sold in 2017. The proportion of prime

sites in terms of collective sales val-

ue so far has jumped to 40% com-

pared with just 13% in 2017.

Colliers expects sites in prime areas

to continue to find favour among de-

velopers in tandem with sales and

price recovery in the high-end resi-

dential segment.

The top three collective sale deals

by value in 1Q2018 were Pacific Man-

sion in River Valley (sold for $980 mil-

lion), Park West in Clementi ($840.9

million) and Pearl Bank Apartments in

Outram ($728 million). Pacific Man-

sion is also the largest collective sale

deal since Farrer Court was sold for

$1.34 billion in 2007.

Colliers’ Tang believes large sites

will continue to appeal to develop-

ers. “Bigger plots allow more func-

tional facilities and lavish landscap-

ing, a luxury many smallish projects

in prime locations are unable to of-

fer,” she says.

According to her, young families,

both local and expatriate, increasing-

ly appreciate more sizeable and spa-

cious residential developments that

offer recreational and social areas,

complementing modern housing

formats.

Narrowing premiumTen of the 17 successful deals in

1Q2018 were sold at a premium of

0.7% to 26.7% to the owners’ ask-

ing prices. The development with

the highest premium last quarter

was Fairhaven on Sophia Road,

which was sold in March to a sub-

sidiary of Singapore-listed Lafe Corp

for $57 million — 26.7% over the

asking price of $45 million. Ka-

tong Park Towers was sold to list-

ed group Bukit Sembawang Estates

Note: Data as at March 31, 2018

for $345 million, 19.8% above the

asking price.

On the other hand, Riviera Point

was sold for $72 million, slightly be-

low the asking price of $75 million;

and Ampas Apartments was sold

nine weeks after the tender closed

in January, at $95 million, 9.5% be-

low the asking price of $105 million.

Meanwhile, Pearl Bank Apart-

ments, Cairnhill Mansions, Brookvale

Park and Makeway View met the

owners’ asking prices.

According to Tricia Song, head of

research for Singapore at Colliers In-

ternational, premiums have narrowed

from an average of 10.5% in 2017 to

4.9% in 1Q2018. Song attributes this

to higher indicative prices and devel-

opment charges as well as more se-

lective bidding by developers.

Nevertheless, Song says attractive

sites that are realistically priced will

continue to find developer interest.

She points to Katong Park Towers,

which saw 10 bids at a 20% premium.

Developers more selectiveAmid a slew of private redevelop-

ment sites sold since 2016, 11 have

yet to find buyers since their tenders

closed. Data tracked by Colliers Inter-

national Research shows that mixed

commercial and residential sites ap-

pear to be less popular, as are those in

areas with large impending housing

supply from recent government land

tenders as well as collective sales.

In certain cases, developers may

have needed more time to assess the

redevelopment potential and pricing

of sites beyond the close of the ten-

der. In 1Q2018, six sites were sold

via private treaty after the tender

period lapsed. They were Cairnhill

Mansions, Riviera Point, Pearl Bank

Apartments, Brookvale Park, Make-

way View and Ampas Apartments.

Speed to market and a realis-

tic asking price are crucial, as sites

launched in high-supply areas, cou-

pled with higher selling prices, find

themselves out in the cold. For ex-

ample, Kovan Apartments and Kovan

Lodge could be less appealing to de-

velopers in view of impending new

supply from a handful of sites in the

vicinity: Serangoon North Avenue

1 from the government land ten-

der; and three collective sale sites:

Serangoon Ville, Rio Casa and Flor-

ence Regency.

The same could be said of Casa

Meyfort in Marina Parade, which was

surrounded by a string of collective

sale transactions last year — The

Albracca, Nanak Mansions, Amber

Park and Parkway Mansion.

Collective sale outlook for 2018With the current pace of transac-

tion and sizeable pipeline of rede-

velopment sites, Colliers expects

the collective sale market to outper-

form from 2017, barring unforeseen

events. The positive outlook is fur-

ther supported by broadening eco-

nomic growth, pent-up demand for

homes and developers’ push to re-

plenish their landbanks and deplet-

ing inventory.

According to Colliers, there is grow-

ing interest in development sites in

Singapore among many Hong Kong

and Chinese developers that could

be more active in the collective sale

market this year.

“Singapore developers are also

sharpening their pencils and bidding

smartly against the foreign competi-

tors,” says Tang.

Since September 2017, Colliers In-

ternational has successfully brokered

four collective sales valued at more

than $1.3 billion: Jervois Gardens,

Parkway Mansion, City Towers and

Pearl Bank Apartments. It is market-

ing Tulip Garden in prime District 10

in a collective sale tender that will

close on April 11.

COLLIERS, BUSINESS TIMES, EDGEPROP

Pacific Mansion (foreground, centre) was sold for $980 million in the largest collective sale this year

EXISTING DEVT NAME ASKING PRICE TRANSACTED PRICE % BUYER ($ MIL) ($ MIL) DIFFERENCE

Park West 818.00 840.90 2.8 Sing-Haiyi Gold Pte Ltd (50% SingHaiyi + 50% HaiyiWealth)

Kismis View 102.00 102.75 0.7 RP Ventures (Subsidiary of Roxy-Pacifi c) (60%) + TE2 Development (40%)

1/3/5/7 Telok Kurau NA 35.50 NA Macly GroupRoad, 326/328/330/332/334 Changi Road

Th e Wilshire 98.07 98.8 0.7 RP Ventures (Subsidiary of Roxy-Pacifi c) (40%) + TE2 Development (45%) + Kim Seng Holdings (15%)

City Towers 355.00 401.90 13.2 Japura Development (Cheung Kong)

Pearl Bank Apartments 728.00 728.00 0 CapitaLand

Riviera Point 75.00 72.00 -4.0 Macly Group

Cairnhill Mansions 362.00 362.00 0 Low Keng Huat

Brookvale Park 530.00 530.00 0 Hoi Hup Sunway, a joint venture between Hoi Hup Realty and Sunway Developments

Hollandia 163.15 183.38 12.4 FEC Properties, an indirect wholly-owned subsidiary of Hong Kong-listed Far East Consortium International

Eunos Mansion 218.00 220.00 0.9 Fragrance Group

Goodluck Garden 550.00 610.00 10.9 Qingjian Realty

Katong Park Towers 288.00 345.00 19.8 Bukit Sembawang Estates

Pacifi c Mansion 938.00 980.00 4.5 GuocoLand (40%) + Hong Leong Investments (40%) + Hong Realty (20%)

Makeway View 168.00 168.00 0.0 Bukit Sembawang Estates

Fairhaven 45.00 57.00 26.7 Gioia Fund Pte Ltd, subsidiary of Lafe Corp

Ampas Apartments 105.00 95.00 -9.5 Oxley Holdings

E

CBRE

EP12 • EDGEPROP | APRIL 9, 2018

Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8

Orchard/Tanglin/Holland 9 and 10

Newton/Bukit Timah/Clementi 11 and 21

Balestier/MacPherson/Geylang 12 to 14

East Coast 15 and 16

Changi/Pasir Ris 17 and 18

Serangoon/Thomson 19 and 20

West 22 to 24

North 25 to 28

District 1 THE SAIL @ MARINA BAY Apartment 99 years March 23, 2018 893 1,700,000 - 1,903 2008 ResaleV ON SHENTON Apartment 99 years March 27, 2018 474 1,048,000 - 2,213 2017 Sub SaleDistrict 2 INTERNATIONAL PLAZA Apartment 99 years March 21, 2018 1,604 1,750,000 - 1,091 1976 ResaleDistrict 3 ARTRA Apartment 99 years March 21, 2018 829 1,657,000 - 1,999 Uncompleted New SaleARTRA Apartment 99 years March 23, 2018 1,227 1,897,800 - 1,547 Uncompleted New SaleARTRA Apartment 99 years March 25, 2018 1,119 1,857,200 - 1,659 Uncompleted New Sale

ARTRA Apartment 99 years March 25, 2018 1,119 1,873,800 - 1,674 Uncompleted New SaleASCENTIA SKY Condominium 99 years March 22, 2018 1,475 1,935,000 - 1,312 2013 ResaleCLYDESVIEW Condominium Freehold March 22, 2018 2,411 2,850,000 - 1,182 1991 ResaleHIGHLINE RESIDENCES Condominium 99 years March 25, 2018 2,174 4,125,000 - 1,897 2018 New SaleQUEENS Condominium 99 years March 27, 2018 1,184 1,430,000 - 1,208 2002 ResaleQUEENS Condominium 99 years March 27, 2018 1,195 1,500,000 - 1,255 2002 ResaleQUEENS PEAK Condominium 99 years March 22, 2018 861 1,652,000 - 1,918 Uncompleted New SaleQUEENS PEAK Condominium 99 years March 22, 2018 861 1,636,000 - 1,900 Uncompleted New SaleDistrict 4 REFLECTIONS AT KEPPEL BAY Condominium 99 years March 26, 2018 1,012 1,500,000 - 1,482 2011 ResaleTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years March 21, 2018 1,216 1,900,888 - 1,563 2010 ResaleDistrict 5 GOLD COAST CONDOMINIUM Condominium Freehold March 23, 2018 1,873 2,070,000 - 1,105 1994 ResaleWESTRIDGE WALK Terrace Freehold March 22, 2018 2,303 3,080,000 - 1,336 1990 ResaleONE-NORTH RESIDENCES Apartment 99 years March 21, 2018 1,593 2,000,000 - 1,255 2009 ResaleONE-NORTH RESIDENCES Apartment 99 years March 26, 2018 1,324 1,980,000 - 1,495 2009 ResaleREGENT PARK Condominium 99 years March 26, 2018 958 900,000 - 939 1997 ResaleTHE CLEMENT CANOPY Apartment 99 years March 23, 2018 990 1,436,000 - 1,450 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years March 24, 2018 1,109 1,623,000 - 1,464 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years March 25, 2018 990 1,408,000 - 1,422 Uncompleted New SaleTHE TRILINQ Condominium 99 years March 21, 2018 1,345 1,702,000 - 1,265 2017 New SaleVARSITY PARK CONDOMINIUM Condominium 99 years March 26, 2018 1,798 2,000,000 - 1,113 2008 ResaleWESTCOVE CONDOMINIUM Condominium 99 years March 21, 2018 1,109 940,000 - 848 1998 ResaleWESTCOVE CONDOMINIUM Condominium 99 years March 23, 2018 1,206 1,000,000 - 829 1998 ResaleDistrict 6 ONE NORTH BRIDGE Apartment 99 years March 22, 2018 807 1,170,000 - 1,449 2005 ResaleDistrict 9 ESPADA Apartment Freehold March 26, 2018 657 1,488,000 - 2,266 2013 ResaleHILLTOPS Condominium Freehold March 21, 2018 2,379 7,934,000 - 3,335 2011 ResaleMARTIN NO 38 Apartment Freehold March 21, 2018 969 2,225,000 - 2,297 2011 ResaleMARTIN PLACE RESIDENCES Condominium Freehold March 23, 2018 1,722 3,800,000 - 2,206 2011 ResalePARC CENTENNIAL Apartment Freehold March 22, 2018 1,249 1,730,000 - 1,386 2011 ResaleSCOTTS 28 Condominium Freehold March 26, 2018 1,636 3,380,000 - 2,066 1998 ResaleSTARLIGHT SUITES Apartment Freehold March 26, 2018 775 1,780,660 - 2,298 2014 ResaleTHE CLAYMORE Condominium Freehold March 26, 2018 3,348 8,398,000 - 2,509 1985 ResaleTHE REGALIA Apartment Freehold March 26, 2018 1,216 2,180,000 - 1,792 1993 ResaleUP@ROBERTSON QUAY Apartment 99 years March 23, 2018 570 1,510,000 - 2,647 2015 Resale

DONE DEALS

Residential transactions with contracts dated March 20 to 27

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

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

E

| BY TIMOTHY TAY |

Home buyers are making their move,

as property consultants are projecting

prices to rise 8% to 15% this year.

New projects already in the market

have seen a surge in buying demand.

At 38 Jervois, the maiden condominium

project by Prominent Land, eight units were

sold in the past three weeks. The 27-unit free-

hold development is located on Jervois Road in

prime District 10. The buying momentum be-

gan on March 22, when three units were sold:

a 646 sq ft, two-bedroom unit, for $1.53 million

($2,367 psf); and two 474 sq ft, one-bedroom

units, for $1.17 million ($2,465 psf) each. Five

more units have been sold in the two weeks

since, and all of the one- and two-bedroom units

are fully sold, says Bruce Lye, managing part-

ner of SRI, who is marketing the development.

Most of the buyers are Singaporeans who

live in the surrounding area, says Lye. The

freehold tenure is a strong draw. There is also

strong interest from families with children, as

well as HDB upgraders, for the three-bedroom

and penthouse units, he adds.

Buyers can expect to move into the new deve-

lopment by mid-2019, says Joni Lim, managing

director of Prominent Land.

Across the road from 38 Jervois is Singapore

Land’s Mon Jervois. The 109-unit private condo

was completed in 2016 and is 84% sold. Trans-

action prices have also inched up. When the 99-

year leasehold project was launched in 2013, the

average price of units sold was $2,008 psf. Since

last year, the average transacted price has in-

creased to $2,134 psf. The most recent transac-

tion at Mon Jervois was the sale of a 1,561 sq ft,

three-bedroom unit on the ground floor that

went for $3.25 million ($2,081 psf) on March 9.

The Jervois area has also seen a burst of en

bloc deals. Last September, the former Jervois Gardens was sold to SC Global for $72 million

A third of units at 38 Jervois sold in three weeks

PROMINENT LAND

($1,373 psf per plot ratio). Jervois Green was

reportedly purchased by a group of investors

led by Mike Ho, the third-generation owner of

Spring Court restaurant. The price tag for Jer-

vois Green was $52.9 million ($1,601 psf ppr).

Last month, Lotus @ Jervois was sold to Fra-

grance Group for $46.3 million ($1,684 psf ppr).

The new launches on these en bloc sites are

likely to take place only next year, says SRI’s

Lye. Meanwhile, 38 Jervois is scheduled to be

completed by mid-2019. Lye is thus confident

that the remaining 17 units at 38 Jervois will

be sold before these new redevelopment pro-

jects are launched.

(Above) Lye expects the remaining 17 units at 38 Jervois to be snapped up by mid-2019

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

The average transacted price at Mon Jervois

has increased to $2,134 psf since last year

EDGEPROP | APRIL 9, 2018 • EP13

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

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

VILLE ROYALE Condominium Freehold March 23, 2018 1,119 1,805,000 - 1,612 1993 ResaleDistrict 10 38 JERVOIS Apartment Freehold March 22, 2018 474 1,169,421 - 2,469 Uncompleted New Sale38 JERVOIS Apartment Freehold March 22, 2018 474 1,165,021 - 2,460 Uncompleted New Sale38 JERVOIS Apartment Freehold March 22, 2018 646 1,528,461 - 2,367 Uncompleted New SaleHENRY PARK Semi-Detached 999 years March 22, 2018 5,985 6,450,000 - 1,078 1977 ResaleHOLLAND HILL PARK Condominium Freehold March 26, 2018 1,432 2,100,000 - 1,467 1992 ResaleJERVOIS LODGE Condominium Freehold March 22, 2018 1,518 2,420,000 - 1,594 1997 ResaleLIBERTE Apartment Freehold March 26, 2018 743 1,788,000 - 2,407 2015 ResaleCORONATION DRIVE Semi-Detached 999 years March 26, 2018 5,576 8,100,000 - 1,453 Unknown ResalePARVIS Condominium Freehold March 22, 2018 2,605 4,100,000 - 1,574 2012 ResaleTHE NASSIM Condominium Freehold March 23, 2018 1,927 7,090,000 - 3,680 2015 ResaleTHE TESSARINA Condominium Freehold March 22, 2018 990 1,500,000 - 1,515 2003 ResaleDistrict 11 GOLDHILL TOWERS Apartment Freehold March 21, 2018 1,550 2,400,000 - 1,548 1989 ResaleKHEAM HOCK GARDENS Condominium Freehold March 27, 2018 1,938 2,450,000 - 1,265 1988 ResaleTHE LINCOLN MODERN Apartment Freehold March 22, 2018 1,378 2,100,000 - 1,524 2003 ResaleTHE LINCOLN RESIDENCES Condominium Freehold March 26, 2018 1,841 3,480,000 - 1,891 2011 ResaleDistrict 12 AMPAS APARTMENTS Apartment Freehold March 27, 2018 60,612 95,000,000 - 1,567 Unknown ResaleEIGHT RIVERSUITES Condominium 99 years March 21, 2018 700 1,030,000 - 1,472 2016 ResaleGEM RESIDENCES Condominium 99 years March 24, 2018 1,313 1,965,000 - 1,496 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold March 22, 2018 1,033 2,231,945 - 2,160 Uncompleted New SaleNOVA 48 Apartment Freehold March 21, 2018 1,238 1,630,000 - 1,317 2011 ResalePINNACLE 16 Apartment Freehold March 26, 2018 581 890,000 - 1,531 2006 ResaleST FRANCIS LODGE Apartment Freehold March 22, 2018 1,238 1,295,000 - 1,046 1998 ResaleTHE ARTE Condominium Freehold March 21, 2018 1,528 1,950,000 - 1,276 2010 ResaleTHE ARTE Condominium Freehold March 23, 2018 4,015 3,400,000 - 847 2010 ResaleTHE CITRINE Apartment Freehold March 22, 2018 1,281 1,430,000 - 1,116 2008 ResaleTHE VIRIDIAN Apartment Freehold March 27, 2018 506 720,000 - 1,423 2015 ResaleVETRO Apartment 999 years March 23, 2018 474 578,000 - 1,220 2010 ResaleDistrict 13 BARTLEY RIDGE Condominium 99 years March 22, 2018 829 1,185,000 - 1,430 2016 ResaleBLOSSOMS @ WOODLEIGH Condominium Freehold March 23, 2018 2,680 2,390,000 - 892 2007 ResaleWOLSKEL LODGE Terrace Freehold March 21, 2018 2,562 1,880,000 - 734 1997 ResaleDistrict 14 CENTRA HEIGHTS Apartment Freehold March 26, 2018 431 660,000 - 1,533 2014 ResaleD’GALLERY Apartment Freehold March 21, 2018 969 1,130,000 - 1,166 2006 ResaleEAST SHINE Apartment Freehold March 27, 2018 980 1,118,000 - 1,141 2004 ResaleEUHABITAT Condominium 99 years March 23, 2018 517 665,000 - 1,287 2015 ResaleEUHABITAT Condominium 99 years March 27, 2018 527 660,000 - 1,251 2015 ResaleMELOSA Apartment Freehold March 22, 2018 484 650,000 - 1,342 2013 ResaleJALAN PARAS Terrace Freehold March 23, 2018 1,884 2,150,000 - 1,139 Unknown ResaleJALAN KECHOT Semi-Detached Freehold March 23, 2018 2,766 3,500,000 - 1,265 1995 ResaleJALAN SELAMAT Semi-Detached Freehold March 26, 2018 4,994 4,450,000 - 892 1986 ResaleSIMS URBAN OASIS Condominium 99 years March 21, 2018 1,733 2,451,800 - 1,415 2017 New SaleSIMS URBAN OASIS Condominium 99 years March 25, 2018 1,442 2,260,600 - 1,567 2017 New SaleSTARVILLE Condominium Freehold March 22, 2018 1,475 1,350,000 - 915 2006 ResaleSUMMER VIEW Apartment Freehold March 21, 2018 1,496 958,000 - 640 1998 ResaleTHE ALCOVE Apartment 99 years March 23, 2018 1,292 1,042,000 - 807 2004 ResaleTHE NAVIAN Apartment Freehold March 24, 2018 904 1,438,000 - 1,590 Uncompleted New SaleTHE NAVIAN Apartment Freehold March 24, 2018 657 1,068,000 - 1,627 Uncompleted New SaleVACANZA @ EAST Condominium Freehold March 22, 2018 1,938 1,980,000 - 1,022 2014 ResaleWATERBANK AT DAKOTA Condominium 99 years March 23, 2018 484 825,000 - 1,703 2013 ResaleDistrict 15 AALTO Condominium Freehold March 21, 2018 1,550 2,852,000 - 1,840 2010 ResaleAXIS @ SIGLAP Apartment Freehold March 23, 2018 1,518 1,350,000 - 889 2009 ResaleFLAMINGO VALLEY Condominium Freehold March 27, 2018 1,593 2,300,000 - 1,444 2014 ResaleFRANKEL ESTATE Detached Freehold March 22, 2018 9,095 10,500,000 - 1,155 1962 ResaleFRANKEL ESTATE Terrace Freehold March 26, 2018 1,582 2,280,000 - 1,444 1962 ResaleHAIG 162 Apartment Freehold March 23, 2018 484 720,000 - 1,486 2013 ResaleMANDARIN GARDENS Condominium 99 years March 23, 2018 829 950,000 - 1,146 1986 ResaleCRESCENT ROAD Semi-Detached Freehold March 23, 2018 2,282 3,950,000 - 1,731 2004 ResalePARC ELEGANCE Apartment Freehold March 26, 2018 398 545,000 - 1,368 2013 ResaleSEASIDE RESIDENCES Apartment 99 years March 22, 2018 592 1,081,000 - 1,826 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years March 24, 2018 592 993,000 - 1,677 Uncompleted New SaleSPRING GARDENS Apartment Freehold March 26, 2018 1,270 1,450,000 - 1,142 2000 ResaleTHE ADARA Apartment Freehold March 21, 2018 915 1,200,000 - 1,312 2010 ResaleTHE BELVEDERE Condominium Freehold March 22, 2018 1,302 2,200,000 - 1,689 2007 ResaleTHE SEAWIND Condominium Freehold March 23, 2018 646 1,153,228 - 1,786 2015 ResaleWATER PLACE Condominium 99 years March 21, 2018 1,227 1,570,000 - 1,279 2004 ResaleWATER PLACE Condominium 99 years March 27, 2018 1,561 2,050,000 - 1,313 2004 ResaleDistrict 16 ARCHIPELAGO Condominium 99 years March 26, 2018 1,184 1,525,000 - 1,288 2015 ResaleBAYSHORE PARK Condominium 99 years March 21, 2018 1,173 1,280,000 - 1,091 1986 ResaleBAYSHORE PARK Condominium 99 years March 22, 2018 936 870,000 - 929 1986 ResaleCASA MERAH Apartment 99 years March 26, 2018 1,335 1,480,000 - 1,109 2009 ResaleCHANGI COURT Condominium Freehold March 22, 2018 926 945,000 - 1,021 1997 ResaleCHANGI COURT Condominium Freehold March 23, 2018 1,389 1,390,000 - 1,001 1997 ResaleCHANGI GREEN Condominium Freehold March 27, 2018 1,033 980,000 - 948 1998 ResaleEAST COAST HILL Terrace Freehold March 21, 2018 1,841 2,500,000 - 1,355 1983 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years March 21, 2018 667 1,140,000 - 1,708 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years March 22, 2018 581 999,000 - 1,719 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years March 23, 2018 1,453 2,116,000 - 1,456 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years March 24, 2018 667 1,117,000 - 1,674 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years March 24, 2018 1,130 1,698,000 - 1,502 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years March 25, 2018 1,453 2,137,000 - 1,471 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years March 25, 2018 1,130 1,737,000 - 1,537 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years March 25, 2018 667 1,108,000 - 1,660 Uncompleted New SaleLAGUNA 88 Condominium 99 years March 21, 2018 1,195 1,070,000 - 896 2000 ResaleTHE CLEARWATER Condominium 99 years March 26, 2018 1,195 1,070,000 - 896 2001 ResaleDistrict 17 ASTON RESIDENCE Detached 946 years March 22, 2018 4,693 2,200,000 - 469 2010 ResaleAVILA GARDENS Condominium Freehold March 27, 2018 1,302 1,055,000 - 810 1995 ResaleCHANGI HEIGHTS Terrace Freehold March 23, 2018 1,819 1,950,000 - 1,074 1998 ResaleESTELLA GARDENS Condominium Freehold March 27, 2018 1,141 998,000 - 875 1999 ResaleFERRARIA PARK CONDOMINIUM Condominium Freehold March 23, 2018 1,216 1,068,888 - 879 2009 ResaleDistrict 18 COCO PALMS Condominium 99 years March 22, 2018 1,259 1,654,400 - 1,314 Uncompleted New SaleNV RESIDENCES Condominium 99 years March 23, 2018 1,227 1,050,000 - 856 2013 ResaleRIPPLE BAY Condominium 99 years March 26, 2018 775 808,000 - 1,043 2015 ResaleSAVANNAH CONDOPARK Condominium 99 years March 22, 2018 1,453 1,310,000 - 901 2005 ResaleSAVANNAH CONDOPARK Condominium 99 years March 26, 2018 1,453 1,280,000 - 881 2005 ResaleTHE ALPS RESIDENCES Condominium 99 years March 22, 2018 936 1,201,000 - 1,282 Uncompleted New SaleTHE RIVERINA Terrace 99 years March 21, 2018 1,615 1,650,000 - 1,019 2000 ResaleTHE TAPESTRY # Condominium 99 years March 23-25, 2018 214,395 292,313,450 - 1,363 Uncompleted New SaleDistrict 19 A TREASURE TROVE Condominium 99 years March 22, 2018 775 870,000 - 1,123 2015 Resale

A TREASURE TROVE Condominium 99 years March 23, 2018 775 860,000 - 1,110 2015 ResaleA TREASURE TROVE Condominium 99 years March 26, 2018 1,206 1,328,000 - 1,102 2015 ResaleBARTLEY RESIDENCES Apartment 99 years March 23, 2018 1,098 1,410,000 - 1,284 2015 ResaleBARTLEY RESIDENCES Apartment 99 years March 27, 2018 1,066 1,480,000 - 1,389 2015 ResaleBARTLEY VILLAS Terrace 99 years March 21, 2018 1,819 2,080,000 - 1,146 1996 ResaleD’PAVILION Apartment Freehold March 21, 2018 969 1,080,000 - 1,115 2010 ResaleFIORENZA Apartment Freehold March 22, 2018 840 1,028,000 - 1,224 2011 ResaleFOREST WOODS Condominium 99 years March 21, 2018 915 1,398,000 - 1,528 Uncompleted New SaleHENLEY GARDENS Terrace 99 years March 26, 2018 2,153 1,820,000 - 845 2002 ResaleKINGSFORD WATERBAY Apartment 99 years March 22, 2018 484 642,000 - 1,325 Uncompleted Sub SaleKINGSFORD WATERBAY Apartment 99 years March 23, 2018 958 1,285,000 - 1,341 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years March 24, 2018 753 1,152,000 - 1,529 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years March 24, 2018 1,356 1,917,000 - 1,413 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years March 24, 2018 689 1,016,000 - 1,475 Uncompleted New SaleKJ MANSION Apartment 999 years March 26, 2018 1,539 1,450,000 - 942 2003 ResaleKOVAN GRANDEUR Apartment 99 years March 22, 2018 1,389 1,100,000 - 792 2011 ResaleKOVAN REGENCY Condominium 99 years March 21, 2018 980 1,330,000 - 1,358 2015 ResaleKOVAN RESIDENCES Condominium 99 years March 22, 2018 893 1,138,000 - 1,274 2011 ResaleLA FIESTA Condominium 99 years March 22, 2018 732 942,000 - 1,287 2016 ResaleDA SILVA LANE Terrace Freehold March 22, 2018 1,755 2,300,000 - 1,314 Unknown ResaleKOVAN ROAD Terrace Freehold March 26, 2018 2,734 2,890,000 - 1,056 Unknown ResaleOASIS GARDEN Condominium Freehold March 21, 2018 1,389 1,168,888 - 842 2009 ResalePARK GREEN EC 99 years March 23, 2018 1,356 955,001 - 704 2004 ResalePLACE-8 Terrace Freehold March 22, 2018 3,401 2,800,000 - 823 2018 New SalePLACE-8 Terrace Freehold March 25, 2018 3,283 2,670,000 - 813 2018 New SaleRIVER ISLES Condominium 99 years March 21, 2018 1,421 1,300,000 - 915 2015 ResaleSTARS OF KOVAN Terrace 99 years March 24, 2018 1,830 2,010,000 - 1,098 Uncompleted New SaleSTARS OF KOVAN Terrace 99 years March 24, 2018 1,830 2,005,000 - 1,096 Uncompleted New SaleSTARS OF KOVAN Terrace 99 years March 24, 2018 1,830 2,020,000 - 1,104 Uncompleted New SaleSTARS OF KOVAN Terrace 99 years March 25, 2018 1,830 2,022,000 - 1,105 Uncompleted New SaleTHE LUXURIE Condominium 99 years March 22, 2018 936 913,000 - 975 2015 ResaleTHE RIVERVALE EC 99 years March 22, 2018 1,292 925,000 - 716 2000 ResaleTHE RIVERVALE EC 99 years March 26, 2018 1,249 930,000 - 745 2000 ResaleTHE TEMBUSU Condominium Freehold March 21, 2018 753 1,350,000 - 1,792 2016 ResaleTHE VALES EC 99 years March 21, 2018 1,711 1,388,000 - 811 2017 New SaleDistrict 20 3BHC Semi-Detached Freehold March 22, 2018 5,307 3,100,000 - 584 2007 ResaleBRADDELL VIEW Apartment 102 years March 26, 2018 1,701 1,600,000 - 941 1981 ResaleGOLDENHILL PARK CONDOMINIUM Condominium Freehold March 23, 2018 1,335 2,038,000 - 1,527 2004 ResaleMARYMOUNT VIEW Condominium Freehold March 27, 2018 893 1,200,000 - 1,343 1992 ResaleTHE GARDENS AT BISHAN Condominium 99 years March 23, 2018 1,701 1,930,000 - 1,135 2004 ResaleDistrict 21 CLEMENTI PARK Condominium Freehold March 26, 2018 1,625 1,780,000 - 1,095 1985 ResaleFLORIDIAN Condominium Freehold March 22, 2018 904 1,578,000 - 1,745 2012 ResaleJALAN LAYANG LAYANG Detached Freehold March 21, 2018 5,543 7,300,000 - 1,317 1992 ResalePARC PALAIS Condominium Freehold March 23, 2018 958 1,050,000 - 1,096 1999 ResaleSHERWOOD CONDOMINIUM Condominium Freehold March 22, 2018 1,238 1,280,000 - 1,034 1998 ResaleSPRINGDALE CONDOMINIUM Condominium 999 years March 27, 2018 926 1,060,000 - 1,145 1998 ResaleSYMPHONY HEIGHTS Condominium Freehold March 26, 2018 1,281 1,360,000 - 1,062 1998 ResaleTHE CASCADIA Condominium Freehold March 21, 2018 990 1,500,000 - 1,515 2010 ResaleTHE HILLFORD Apartment 60 years March 27, 2018 506 599,000 - 1,184 2016 ResaleDistrict 22 LAKEHOLMZ Condominium 99 years March 26, 2018 1,496 1,385,000 - 926 2005 ResalePARC VISTA Condominium 99 years March 21, 2018 1,076 890,000 - 827 1998 ResaleTHE LAKESHORE Condominium 99 years March 23, 2018 1,109 1,190,000 - 1,073 2007 ResaleDistrict 23 HAZEL PARK CONDOMINIUM Condominium 999 years March 23, 2018 2,734 2,800,000 - 1,024 2000 ResaleHILLVIEW HEIGHTS Condominium Freehold March 21, 2018 1,270 1,488,000 - 1,172 1996 ResaleMERA GARDENS Terrace 99 years March 23, 2018 1,733 1,770,000 - 1,024 1998 ResaleMONTROSA Condominium 999 years March 22, 2018 1,184 1,128,000 - 953 1999 ResaleNORTHVALE Apartment 99 years March 23, 2018 1,033 756,000 - 732 1998 ResalePARKVIEW APARTMENTS Apartment 99 years March 26, 2018 980 728,000 - 743 1998 ResaleTHE HILLIER Apartment 99 years March 23, 2018 614 870,000 - 1,418 2016 ResaleTHE QUINTET EC 99 years March 22, 2018 1,259 928,000 - 737 2006 ResaleTHE WARREN Condominium 99 years March 26, 2018 1,216 1,050,000 - 863 2004 ResaleWINDERMERE EC 99 years March 21, 2018 1,281 868,000 - 678 1999 ResaleDistrict 25 NORTHOAKS EC 99 years March 21, 2018 1,238 810,000 - 654 2000 ResaleNORTHWAVE EC 99 years March 22, 2018 1,001 830,000 - 829 Uncompleted New SaleNORTHWAVE EC 99 years March 22, 2018 1,130 929,000 - 822 Uncompleted New SaleNORTHWAVE EC 99 years March 23, 2018 1,119 956,000 - 854 Uncompleted New SalePARC ROSEWOOD Condominium 99 years March 26, 2018 517 553,000 - 1,070 2014 ResaleROSEWOOD Condominium 99 years March 21, 2018 1,173 880,000 - 750 2003 ResaleROSEWOOD SUITES Condominium 99 years March 21, 2018 1,066 870,000 - 816 2011 ResaleWOODHAVEN Condominium 99 years March 23, 2018 850 850,000 - 1,000 2015 ResaleDistrict 26 FUDU PARK Terrace Freehold March 23, 2018 2,303 2,320,000 - 1,010 1988 ResaleTHE BROOKS I Apartment Freehold March 26, 2018 710 953,175 - 1,342 2016 ResaleTHE CALROSE Condominium Freehold March 23, 2018 1,302 1,700,000 - 1,305 2007 ResaleTHE CALROSE Condominium Freehold March 26, 2018 2,217 2,100,000 - 947 2007 ResaleTHE SPRINGSIDE Terrace Freehold March 21, 2018 1,711 2,420,000 - 1,411 2004 ResaleTHE SPRINGSIDE Semi-Detached Freehold March 26, 2018 2,433 2,770,000 - 1,138 1997 ResaleDistrict 27 CANBERRA RESIDENCES Condominium 99 years March 26, 2018 614 683,000 - 1,113 2013 ResaleORCHID PARK CONDOMINIUM Condominium 99 years March 26, 2018 958 708,000 - 739 1994 ResaleSIGNATURE AT YISHUN EC 99 years March 21, 2018 1,098 824,864 - 751 2017 New SaleSIGNATURE AT YISHUN EC 99 years March 23, 2018 1,098 864,500 - 787 2017 New SaleSIGNATURE AT YISHUN EC 99 years March 25, 2018 1,184 957,000 - 808 2017 New SaleSUN PLAZA Apartment 99 years March 21, 2018 1,367 900,000 - 658 2000 ResaleTHE NAUTICAL Condominium 99 years March 22, 2018 441 530,000 - 1,201 2015 ResaleDistrict 28 H2O RESIDENCES Condominium 99 years March 22, 2018 1,195 1,320,000 - 1,105 2015 ResaleH2O RESIDENCES Condominium 99 years March 23, 2018 883 890,000 - 1,008 2015 ResalePARC BOTANNIA Condominium 99 years March 21, 2018 431 630,000 - 1,463 Uncompleted New SalePARC BOTANNIA Condominium 99 years March 22, 2018 506 649,000 - 1,283 Uncompleted New SalePARC BOTANNIA Condominium 99 years March 24, 2018 1,249 1,517,000 - 1,215 Uncompleted New SalePARC BOTANNIA Condominium 99 years March 24, 2018 506 699,000 - 1,382 Uncompleted New SalePARC BOTANNIA Condominium 99 years March 24, 2018 872 1,173,112 - 1,345 Uncompleted New SalePARC BOTANNIA Condominium 99 years March 24, 2018 431 625,000 - 1,452 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years March 21, 2018 495 585,000 - 1,181 2017 Sub SaleSELETAR HILLS ESTATE Detached Freehold March 26, 2018 10,204 10,800,000 - 1,058 1974 ResaleSERENITY PARK Condominium Freehold March 22, 2018 1,324 1,250,000 - 944 1995 Resale

DONE DEALS

Residential transactions with contracts dated March 20 to 27

DISCLAIMER:

Source: URA Realis. Updated April 3, 2018. The Edge Property 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.

# Not all caveats reflected due to the overwhleming number of caveats lodged

EC stands for executive condominium

GAINS AND LOSSES

EP14 • EDGEPROP | APRIL 9, 2018

Penthouse at Hazel Park sold for $1.67 mil profit

Top 10 gains and losses from March 20 to 27

URA, EDGEPROP

Most profi table deals

Note: Computed based on URA caveat data as at April 3 for private non-landed houses transacted between March 20 and 27. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.

Non-profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 8 Napier 10 2,013 March 20 3,254 Dec 3, 2007 3,626 749,000 10 1 10.3

2 Kovan Grandeur 19 1,389 March 22 792 July 27, 2012 1,296 700,000 39 8 5.7

3 Th e Arte 12 4,015 March 23 847 June 17, 2009 934 351,050 9 1 8.8

4 Th e Cascadia 21 990 March 21 1,515 April 16, 2012 1,813 295,000 16 3 5.9

5 Th e Sail @ Marina Bay 1 893 March 23 1,903 Oct 21, 2009 2,099 175,300 9 1 8.4

6 Ascentia Sky 3 1,475 March 22 1,312 Dec 28, 2011 1,424 164,700 8 1 6.2

7 Orchid Park Condominium 27 958 March 26 739 Aug 23, 2013 877 132,000 16 4 4.6

8 NV Residences 18 797 March 20 973 April 12, 2013 1,117 115,000 13 3 4.9

9 Estella Gardens 17 1,141 March 27 875 March 20, 2013 947 82,000 8 2 5.0

10 Vacanza @ East 14 1,938 March 22 1,022 Nov 5, 2012 1,058 70,000 3 1 5.4

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2018) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 Hazel Park Condominium 23 2,734 March 23 1,024 Nov 20, 2002 413 1,670,000 148 6 15.3

2 Clydesview 3 2,411 March 20 1,194 Sept 30, 2005 518 1,630,000 130 7 12.5

3 Martin Place Residences 9 1,722 March 23 2,206 June 8, 2009 1,449 1,304,000 52 5 8.8

4 Tiara 9 1,507 March 20 1,852 April 14, 1997 995 1,291,000 86 3 20.9

5 Varsity Park Condominium 5 1,798 March 26 1,113 Feb 6, 2006 422 1,241,354 164 8 12.1

6 Braddell View 20 1,701 March 26 941 Aug 4, 1999 288 1,110,000 227 7 18.7

7 Goldenhill Park Condominium 20 1,335 March 23 1,527 April 30, 2002 717 1,080,400 113 5 15.9

8 Ville Royale 9 1,119 March 23 1,612 Oct 9, 2006 697 1,025,000 131 8 11.5

9 Th e Calrose 26 2,217 March 26 947 June 23, 2005 486 1,021,696 95 5 12.8

10 Clementi Park 21 1,625 March 26 1,095 May 1, 1998 483 995,000 127 4 19.9

| BY LIN ZHIQIN |

A 2,734 sq ft penthouse at Hazel Park Condominium changed hands for

$2.8 million ($1,024 psf) on March

23. The previous owner reaped a

$1.67 million (148%) profit, having

paid $1.13 million ($413 psf) for it 15 years

ago. The profit is 6% a year.

The transaction at the 999-year leasehold

condo that was completed in 2000 was the

most profitable deal for private non-landed

residences sold in the week of March 20 to 27,

according to URA caveat data as at April 3. It

also marks the highest profit on record at the

696-unit Hazel Park Condo, which compris-

es three five-storey blocks and three 19-sto-

rey blocks.

Only three units at Hazel Park Condo have

fetched profits of more than a million, ac-

cording to caveats lodged. All three are pent-

houses located on the 19th floor of the same

block. The sale of another 2,734 sq ft pent-

house for $2.6 million ($951 psf) in Decem-

ber 2012 fetched the second-highest profit

of $1.56 million (150%). It was purchased

for $1.04 million ($380 psf) in March 2006

and the previous owner enjoyed a 15% an-

nualised gain.

A larger, 2,874 sq ft penthouse was bought

at $1.2 million ($418 psf) in November 2002

and sold for nearly double that price in Au-

gust 2015. The seller walked away with a $1.16

million (97%) profit.

Hazel Park Condo is located in District 23,

close to Bukit Panjang Primary School and

within walking distance of the Cashew MRT

station on the Downtown Line.

At the freehold Clydesview in District 3, a

2,411 sq ft unit fetched a $1.63 million (130%)

profit on March 20. It was the second-most

profitable deal in the week of March 20 to 27

and the highest profit achieved at the condo.

The previous owner paid $1.25 million ($518

psf) for the unit in September 2005 and sold

it for $2.88 million ($1.194 psf).

Completed in 1991, Clydesview has just

32 units. Last December, a 2,131 sq ft unit

All three transactions at Hazel Park Condo that fetched more than a million in profit were of penthouses

fetched the second-highest profit on record at

the condo when it changed hands for $2.75

million ($1,290 psf). Having acquired it at

$1.18 million ($554 psf) in September 2005,

the previous owner enjoyed a $1.57 million

(133%) profit.

According to caveats lodged, there have

been no unprofitable transactions at Clydes-

view since 2010 and profits average $631,875

(46%) across the eight profitable transactions.

The most recent unprofitable transaction was

in June 2009, when the seller of a 2,110 sq ft

unit incurred a $550,000 (20%) loss. He paid

$2.7 million ($1,280 psf) for it in July 2007

and sold it for $2.15 million ($1,019 psf) less

than two years later. Clydesview is located in

the vicinity of the Redhill MRT station and ad-

jacent to Crescent Girls’ School. Profits averaged $631,875, or 46%, across the eight profitable transactions done at Clydesview since 2010

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

ALBERT CHUA/THE EDGE SINGAPORE

E

DEAL WATCH

EDGEPROP | APRIL 9, 2018 • EP15

| BY TIMOTHY TAY |

A 1,733 sq ft penthouse

at the freehold condo-

minium The Cascadia

is on the market for $2

million ($1,154 psf).

The two-bedroom unit, which

has a private roof terrace, was

purchased from the developer

in 2007 as part of a bulk sale of

20 units at an average price of

$1,540 psf each. It was subse-

quently sold to its current owner,

a Singaporean, for $1.7 million

($981 psf) in 2011.

The owner and his wife lived

in the penthouse for about three

years before renting it out in 2014.

It was first leased for $5,000 a

month to diplomatic staff work-

ing at the French Embassy. The

unit is currently being rented by

two foreign doctors until end-July

for $4,500 a month, or a gross

rental yield of 2.7%, based on

the asking price.

The seller intends use the

profits from this sale to finance

the purchase of a landed house,

says Ryan Seah, associate sales

director at Huttons Real Estate

and the agent handling the sale.

The unit has been on the mar-

ket since late last year and has

seen interest from en bloc ben-

eficiaries and empty-nesters

looking to right-size to a smaller

property, says Seah. Many po-

tential buyers are interested in

the unit because of its freehold

tenure, he adds.

Completed in 2010, The

Casca dia is located on Bukit

Timah Road in prime District 21.

The 536-unit condo has a wide

mix of units, including two- to

four-bedroom units from 882 to

1,593 sq ft; studios from 570 to

710 sq ft; as well as penthouses

sized from 1,679 to 5,231 sq ft.

A unit that changed hands

recently was a 2,368 sq ft, pent-

house on the 10th floor that sold

for $2.52 million ($1,064 psf) on

Feb 12. On Dec 22, a 1,292 sq

ft, three-bedroom unit was sold

for $2.1 million ($1,626 psf).Recent rental transactions for units larger than 1,000 sq ft at Th e Cascadia

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

Feb 12, 2018 2,368 2,520,000 1,064

Feb 9, 2018 883 1,350,000 1,529

Jan 17, 2018 581 930,000 1,600

Jan 15, 2018 883 1,460,000 1,654

TABLES: URA, EDGEPROP

AREA (SQ FT)

2,368

883

581

883

PRICE ($ PSF)

1,064

1,529

1,600

1,654

Recent transactions at Th e Cascadia

LEASE DATE (2018) MONTHLY RENT ($)

February 3,900

February 4,000

February 4,100

Penthouse at The Cascadia going for $2 milA two-bedroom penthouse at The Cascadia is on the market for $2 million ($1,154 psf)

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

E

EP16 • EDGEPROP | APRIL 9, 2018

PROP HUNT

$7,300,000 Belle Vue ResidencesOXLEY WALK, 238599 SingaporeFreehold | Bedroom: 4Size(sqft): 4,250 | PSF: $1,718

$2,400,000 DUO ResidencesFRASER STREET, 189350 Singapore99 years | Bedroom: 2Size(sqft): 1,023 | PSF: $2,346

$1,480,000 EspadaST. THOMAS WALK, 238126 SingaporeFreehold | Bedroom: 1Size(sqft): 560 | PSF: $2,643

$13,500/mth Detached HouseLORONG G TELOK KURAU | FreeholdBuilt-Up(sqft): 6,100 | Land(sqft): 8,000PSF: $2

$2,580,000 Terrace HouseKASAI ROAD | FreeholdBuilt-Up(sqft): 2,380 | Land(sqft): 1,980PSF: $1,303

$2,980,000 Terrace HouseJALAN TARI DULANG | 999 yearsBuilt-Up(sqft): 4,000 | Land(sqft): 1,820PSF: $1,637

$1,450,000 Village @ Pasir PanjangPASIR PANJANG ROAD, 118797 SingaporeFreehold | Bedroom: 3Size(sqft): 1,033 | PSF: $1,404

$11,500,000 Detached HouseHILLVIEW AVENUE | FreeholdBuilt-Up(sqft): 7,500 | Land(sqft): 10,299PSF: $1,117

$23,000,000 Detached HouseHOLLAND ROAD | FreeholdBuilt-Up(sqft): 4,500 | Land(sqft): 17,617PSF: $1,306

$5,980,000 Semi-Detached HouseOLD HOLLAND ROAD | FreeholdBuilt-Up(sqft): 2,800 | Land(sqft): 3,802PSF: $1,573

Garden villa penthouse. Fully furnished and

luxuriously fitted. 4 bedrooms and 4 bathrooms.

Private lift. Bright and breezy unit. Walking

distance to Orchard Road, Robertson Quay and

Somerset MRT station.

Premium 2 bedder on very high floor (above 45th

floor). Unblocked city and Kampong Glam view.

Immediate occupation.

1-bedroom unit on high floor. Tastefully renovated.

Big living and dinning areas. Well maintained.

Minutes walk to Somerset MRT station.

6+1 bedroom with privileged driveway. Just a

short drive to the city. Grand lush garden & green

balconies. Grand living & dining areas. Brand new

fittings & luxurious furnishes. Large rooms with

wardrobes & own bathrooms. Iconic & elegant

architecture.

Lovely & peaceful environment, a place you can call

home sweet home. 2-storey freehold inter-terrace.

1st level guest, store & helper room. 2nd level 3

rooms including master. All room size spacious.

Front porch parks 2 cars.

Wide Frontage - can park 2 cars at private car

porch. Very unique and modern 3-storey + attic

inter-terrace with unblocked panoramic view. 4

rooms, 5 bathrooms. Very high ceiling at 1st storey.

Fire sale! Freehold development at leasehold price.

Private lift access. Functional layout. Well connected

via major expressways and MRT.

Surrounded by luscious greenery, this contemporary

design house has 6 bedrooms ensuite, walk in

closets and amazing elevated views. Comes with a

private pool, gym and stylish wine chiller for 600

bottles!

Old charm spanish style architecture. Sits on a

spacious land full of greenery located in quiet

and peaceful surroundings about 10min off main

Holland Road. 2 plots side by side available for sale.

Very rare semi-detached house along Old Holland

Road. Well maintained with a well kept garden.

A coffee shop, wine store, cosy restaurants and a

Seven Eleven are all located a stone's throw away.

Scan QR code for more details

Paul Seow ORANGETEE & TIE PTE LTDR053893D

65 9800 9568

Candice Tan SAVILLS RESIDENTIAL PTE LTDR045662H

65 9879 9983

Joyce Bay PROPNEX REALTY PTE LTDR020531E

65 9798 9680

Wendy Liew CS 2000 HOUSING PTE LTDR000054C

65 9855 5801

Properties for Sale and Lease To be featured, email annie.low@edgeprop.sg or call 9855-5282

$6,950,000 Detached HouseALNWICK ROAD | 999 yearsBuilt-Up(sqft): 6,100 | Land(sqft): 4,648PSF: $1,495

Rebuilt 2.5-storey detached house with 6 plus

1-bedroom. Private lift. Unique natural marble

featured wall. Quality furnishing and unobstructed

balcony view. Walking distance to The Village, food

center, eateries, shops and etc.

Perry Siow ORANGETEE & TIE PTE LTDR006056B

65 9455 6807

Candice Tan SAVILLS RESIDENTIAL PTE LTDR045662H

65 9879 9983

Hyde Ng ERA REALTY NETWORK PTE LTDR008187Z

65 8222 3338

Kevin Yeow ORANGETEE & TIE PTE LTDR021208G

65 9235 7711

Paul Fam ERA REALTY NETWORK PTE LTDR007736H

65 8100 2280

Roy Chew SRI PTE LTDR046793Z

65 9749 1445

$5,500,000 Semi-Detached HouseSURIN LANE | FreeholdBuilt-Up(sqft): 4,500 | Land(sqft): 4,216PSF: $1,305

Beautiful 2-storey semi-detached house near Kovan

MRT station. Lovely gardens. Dual entrances. Can

park 2 cars. 100% move in condition.

Esther Kan HUTTONS ASIA PTE LTDR008333C

65 9738 5952

Norman Koh HUTTONS ASIA PTE LTDR002588J

65 9761 2328

CondominiumLanded

EDGEPROP | APRIL 9, 2018 • EP17

PROP HUNT

Scan QR code for more details

$4,600/mth Eon ShentonSHENTON WAY, 79118 Singapore99 years | Bedroom: 2Size(sqft): 689 | PSF: $7

$1,400,000 The RochesterROCHESTER DRIVE, 138638 Singapore99 years | Bedroom: 1Size(sqft): 1,023 | PSF: $1,369

$580,000 Glasgow ResidencesGLASGOW ROAD, 549338 Singapore999 years | Bedroom: 1Size(sqft): 409 | PSF: $1,418

$8,000/mth Orchard Bel AirORCHARD BOULEVARD, 248648 Singapore99 years | Bedroom: 4Size(sqft): 3,250 | PSF: $2

$1,038,000 VA ResidencesBOON TECK ROAD, 329583 SingaporeFreehold | Bedroom: 2Size(sqft): 624 | PSF: $1,663

$1,250,000 Casa MerahTANAH MERAH KECHIL AVENUE, 465536 Singapore99 years | Bedroom: 2Size(sqft): 1,055 | PSF: $1,185

$930,000 EdelweissFLORA ROAD, 509744 SingaporeFreehold | Bedroom: 2Size(sqft): 1,055 | PSF: $882

$699,000 Eastwood RegencyEASTWOOD ROAD, 486398 SingaporeFreehold | Bedroom: 1Size(sqft): 495 | PSF: $1,412

$1,250,000 Yew Mei GreenCHOA CHU KANG NORTH 6, 689577 Singapore99 years | Bedroom: 3Size(sqft): 1,635 | PSF: $765

$3,800/mth Mill PointZION CLOSE, 247813 Singapore999 years | Bedroom: 2Size(sqft): 926 | PSF: $4

Towering at a height of 32-storey, this unit is sitting

on the 28th level. Eon Shenton is composed of shops,

offices and residential units. With breathtaking

unblocked views of the city skyline.

An amazing and rare find. A loft unit with privacy

and space. Near Buona Vista MRT station, The Star

Vista and Rochester Mall.

Mins walk to Kovan MRT station. Condo facilities:

BBQ pits, fitness area, playground, swimming pool

and wading pool. Close to Peicai Secondary School

and Zhonghua Primary School.

Located on the top floor. An aerial view of Orchard

Road. 4 bright and spacious rooms. Each room fitted

with renovated bathrooms. Brand new aircon fitted,

available immediately.

2-bedroom unit on high floor. Located near

Balestier Plaza.

Renovated and well maintained unit. Full condo

facilities. Less than 5 mins walk to Tanah Merah

MRT station. Many eateries and supermarket in the

vicinity. Great for owner occupation & investment.

Sale with a new tenancy or with vacant possession.

2 bedrooms and a study. Well designed layout.

Quiet and serene. Full facilities with the amenities

of Changi Village / Pasir Ris and Tampines in the

vicinity.

1-bedroom unit on high floor. Near future Sungei

Bedok MRT station. Condo facilities: BBQ pits,

gymnasium room, playground, swimming pool

and wading pool.

Master bedroom with private roof garden. Nice

renovation and well maintained. Bright and airy.

Spacious bedroom. Short drive to Yew Tee Point and

Yew Tee Square.

Opposite Great World Shopping Mall. High floor.

Serene and tranquil environment. Minutes to

Orchard Road. Immediate. Fully furnished.

To be featured, email annie.low@edgeprop.sg or call 9855-5282

Properties for Sale and Lease

$900,000 Dahlia Park CondominiumFLORA DRIVE, 507013 SingaporeFreehold | Bedroom: 2Size(sqft): 1,097 | PSF: $820

Sole Agent. 2 bedrooms + study + yard + bomb

shelter. Very well maintained. Selling with vacant

possession.

Condominium

Irene LeongKONG QUST REALTY (S) PTE LTDR008569G

65 9855 4903

Chand Mahtani KF PROPERTY NETWORK PTE LTDR020730Z

65 9237 9155

Jin Tai Chia ORANGETEE & TIE PTE LTDR058960A

65 8323 9888

Paul Fam ERA REALTY NETWORK PTE LTDR007736H

65 8100 2280

Zac Huang ERA REALTY NETWORK PTE LTDR026575Z

65 9276 8000

$11,000/mth St. Martin ResidenceST. MARTIN'S DRIVE, 258005 SingaporeFreehold | Bedroom: 3Size(sqft): 2,981 | PSF: $4

3 bedrooms penthouse with private BBQ pit at roof

terrace.  Balinese styled condo. Swimming pool

view. Short walk to Tanglin Mall. Near supermarket,

restaurants and cafes. 

Adam Wang FER PROPERTIES PTE LTDR011629J

65 9338 6502

Wendy Liew CS 2000 HOUSING PTE LTDR000054C

65 9855 5801

Chand Mahtani KF PROPERTY NETWORK PTE LTDR020730Z

65 9237 9155

Mel Ong ORANGETEE & TIE PTE LTDR019511E

65 8742 1938

Paul Fam ERA REALTY NETWORK PTE LTDR007736H

65 8100 2280

Candice Tan SAVILLS RESIDENTIAL PTE LTDR045662H

65 9879 9983

Paul Fam ERA REALTY NETWORK PTE LTDR007736H

65 8100 2280

EP18 • EDGEPROP | APRIL 9, 2018

PROP HUNT

Scan QR code for more details

$13,596/mth YMCA Orchard - Shop for rentORCHARD ROAD, 238824 Singapore99 years | Size(sqft): 2,266 | PSF: $6

$1,700,000 City Warehouse - Factory For saleKAKI BUKIT ROAD 2, 417839 Singapore60 years | Size(sqft): 5,673 | PSF: $300

$4,900/mth A'Posh BizHub - Factory for rentYISHUN INDUSTRIAL STREET 1, 768160 Singapore60 years | Size(sqft): 1,787 | PSF: $3

$450,000 Admiralty Industrial Park - Factory for saleWOODLANDS INDUSTRIAL PARK E1, 757743 Singapore | 60 years | Size(sqft): 1,571 | PSF: $286

$2,000/mth E Maisons (The Maisons)BRADDELL ROAD, 359966 SingaporeFreehold | Bedroom: 1Size(sqft): 603 | PSF: $3

$3,100/mth Arthur 118ARTHUR ROAD, 439827 SingaporeFreehold | Bedroom: 2Size(sqft): 990 | PSF: $3

$75,330/mth People's Park Centre - Shop for rentUPPER CROSS STREET, 58357 Singapore99 years | Size(sqft): 4,185 | PSF: $18

$25,000,000 Boat Quay - Shop For saleBOAT QUAY, Singapore999 years | Size(sqft): 6,360 | PSF: $3,931

$15,000/mth Tanjong Pagar Conservation Area - Shop for rentTRAS STREET, 79003 Singapore99 years | Size(sqft): 1,600 | PSF: $9

$7,800,000 Tuas Avenue 1 - Factory For saleTUAS AVENUE 1, Singapore60 years | Size(sqft): 32,710 | PSF: $238

Rare ground floor retail unit for lease in Orchard

Road. Conveniently accessible by Dhoby Ghaut &

Bencoolen Downtown Line MRT stations. Another

unit of 2346sqft also available if tenant wishes to

occupy a larger area.

Suitable for warehouse /factory /storage /workshop

(B2). Loading / unloading at doorstep. Dual access.

Free parking. 24hrs access.

Ground floor corner unit. Facing busy road. 2-sided

glass frontage. Suitable for showroom: eg. furniture,

interior design, childcare etc.

Factory at 21 Woodlands Industrial Park E1 for

sale. 60 years from 9 January 1995.

Ground floor spacious 1-bedroom with  balcony.

Greenery view. Walking distance  to Woodleigh

MRT station. Partially furnished.

Fully equipped F&B restaurant for take-over! Prime

location, classy renovation. Fully equipped kitchen,

fully equipped bar with alcohol licence. Min takeover

fee. GST applies.

JTC detached factory. 2-storey office and a single

storey factory with multiple openings. 10m ceiling

height. Wide driveway along building parameter.

Very eager seller.

Located at the prestigous Meyer Road district.

2-bedroom plus one study room (converted into

walk in wardrobe). Spacious. Close to airport, CBD

and city. Quiet yet convenient to travel to anywhere.

Clubhouse for takeover. Central location - accessible

by 2 MRT lines. High human traffic. Rare big

floor plate. Newly renovated. One and only unit in

development for use as clubhouse (with karaoke

use).

Facing Singapore River, highly sought after

commercial shophouse for sale at Boat Quay.

Currently tenanted at $52,300 per month, Own a

piece of Singapore architectural heritage today.

To be featured, email annie.low@edgeprop.sg or call 9855-5282

Properties for Sale and Lease Condominium Business Space

$3,900/mth Bishan 8BISHAN STREET 21, 574045 Singapore99 years | Bedroom: 3Size(sqft): 1,163 | PSF: $3

$3,500/mth The Park ValePARK VALE, 288564 Singapore999 years | Bedroom: 3Size(sqft): 1,306 | PSF: $3

Super nice 3 bedrooms unit with recently A1 decor

renovation. Neat, clean, bright, windy and beautiful.

Fully furnished. No west sun. Pool view. Full condo

facilities.

Just renovated. Spacious layout. Huge master room.

Serene surroundings. Within 1km to Raffles Girls'

Primary School. Available immediately.

Tony Yang PROPNEX REALTY PTE LTDR040367B

65 9238 6598

Stephanie Tay SRI PTE LTDR005430I

65 8611 5000

Siah Boon Leng Ronnie ORANGETEE & TIE PTE LTDR027718I

65 8368 2010

Dolly Ng EVAN & ASSOCIATES PTE LTDR028753B

65 9022 8618

SOM PROPNEX REALTY PTE LTDR018540C

65 9788 4142

Marcus Ng PROPNEX REALTY PTE LTDR009386Z

65 9327 4485

SOM PROPNEX REALTY PTE LTDR018540C

65 9788 4142

Kevin Yeow ORANGETEE & TIE PTE LTDR021208G

65 9235 7711

Hyda Choy HUTTONS ASIA PTE LTDR058725J

65 9826 1280

Chris Chee ASSET PROPERTY PRIVATE LIMITED R040932H

65 9766 9249

Solomon Chow WTG PROPERTY PTE LTDR043148Z

65 9228 2254

Chris Chee ASSET PROPERTY PRIVATE LIMITED R040932H

65 9766 9249