No-go for HSR: Will Jurong€¦ · on Serangoon North Avenue 1 and a 15-minute walk from each other. The two projects will be the first new launches in the heart of Serangoon in eight

No-go for HSR: Will Jurongproperty market be derailed?

Malaysian Prime Minister Mahathir Mohamad may have halted the RM110 billion Kuala Lumpur-Singapore high-speed rail project in its tracks, but whether it will dim the prospects of

Singapore’s Second CBD remains to be seen. Property consultants weigh in on the impact that the move could have on the property markets in Jurong and Iskandar Malaysia. See our Cover Story on Pages 5 to 7.

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Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of June 4, 2018 | ISSUE 833-54

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Interior DesignHome is where

the art isEP8

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View reaps $2.14 mil profi t EP11

Done DealsSome Orchard Road condos miss out on property gains EP12

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

In 2015, the Singapore Land Authority announced that Jurong Country Club’s 67ha plot would be acquired to make way for the HSR terminus

EP2 • EDGEPROP | JUNE 4, 2018

E

Roxy-Pacific associate buys Moulmein Rise sites for $106 milRH Novena, an indirect associated company of Sin-

gapore-listed property developer Roxy-Pacific, has

acquired two adjacent freehold sites on Moulmein

Rise for $106 million. The deal was handled by Sakal

Real Estate Partners. The two sites in prime District

11 were put up for sale in March for $110 million, or

$1,525 psf per plot ratio (ppr).

Located at 27 Moulmein Rise (above), at the junc-

tion of Moulmein Rise and Sinaran Drive, the sites

have a combined area of 22,198 sq ft. They can be

redeveloped into a 20-storey residential development

with a maximum gross floor area (GFA) of 72,003 sq

ft. They are adjacent to the upcoming Health City

Novena, a 17ha integrated masterplan area compris-

ing health services, research, education, commer-

cial, leisure and public spaces that is expected to be

completed by 2030.

The sites’ proximity to the Novena MRT station, a

plethora of nearby retail and F&B offerings, and the

progressive completion of Health City Novena “will

continue to underpin both investor and occupier de-

mand for high-quality residences in this area for a

long time to come”, says Steven Ming, managing di-

rector of Sakal.

Gilstead Mansion launched for $68 mil collective saleThe 24-unit Gilstead Mansion (below) has been

launched for collective sale at $68 million, says

marketing agent Teakhwa Real Estate. The freehold

property sits on a 35,751 sq ft site

and has an estimated GFA of 43,464

sq ft. Owners are expecting a price in

excess of $68 million, or a land rate

of $1,565 psf ppr. No development

charge is payable.

The asking price is reasonable com-

pared with the prices achieved at nearby

Dunearn Gardens, which was sold for

$468 million ($1,962 psf ppr) in April,

as well as Chancery Court, which was

sold en bloc for $401.8 million ($1,610

psf ppr) earlier this month, says Sieow

Teak Hwa, managing director of Teakh-

wa Real Estate.

Gilstead Mansion is located in a

two-storey mixed landed enclave on

Gilstead Road and is beside the Good

Class Bungalow area on Bukit Tung-

gal Road. It is also close to Novena

Square, Velocity, United Square and

Goldhill Plaza.

The tender will close on July 3.

Teakhwa is also managing the collec-

tive sale attempt of the 487-unit Dairy

Farm Estate in Upper Bukit Timah, and is 60 signatures

shy of reaching the required 80% consent, says Sieow.

Prime residential site on Saint Thomas Walk on the market for $68 milA prime, freehold site on Saint Thomas Walk in

District 9 is on the market for sale by tender at $68

million, says marketing agent Edmund Tie & Co

(ET&Co). The 12,809 sq ft property is owned by a

single family. The asking price reflects a land rate

of $2,190 psf ppr, including an estimated develop-

ment charge of $10.56 million, payable to intensify

the plot ratio to 2.8.

So far this year, there have been brisk sales at new

residential projects in the vicinity, such as Gramercy

Park, New Futura and Martin Modern, says Tan Chun

Ming, ET&Co’s senior director of investment adviso-

ry. “These positive take-ups highlight the confidence

of the market in the luxury and high-end residential

segment. This property, given its single-owner status,

provides certainty in completion timeline, offering

developers the opportunity to leverage the current

upbeat market sentiment,” he asserts.

As the property is in the Central Area, the usu-

al restriction on the maximum number of dwelling

units, based on an average unit size of 70 sq m or 100

sq m, does not apply and there is no specific cap on

the number of dwelling units, based on URA guide-

lines. Under the 2014 Master Plan, the site has a gross

plot ratio (GPR) of 2.8. It could be redeveloped into a

36-storey boutique development, subject to approvals.

The tender exercise will close on July 3.

JTC Corp launches two industrial sites for sale by tenderJTC Corp has launched three sites under the 1H2018

Industrial Government Land Sales (IGLS) programme.

Two sites, on Braddell Road and Tampines Industrial

Drive, are available for tender, while one site — under

the Reserve List — is open for application.

The 104,584 sq ft plot on Braddell Road has been

made available for tender under the 1H2018 IGLS

Reserve List. The plot has a 30-year tenure and is

zoned for business-1 use, with a maximum permis-

sible GPR of 2.5. The site has a minimum bid of

$18.3 million. The tender will close on July 11. The

land parcel on Tampines Industrial Drive is the fifth

of six sites under the 1H2018 IGLS Confirmed List.

The 50,618 sq ft site is zoned for business-2 use,

with a maximum permissible GPR of 1.4. The plot

has a 20-year tenure. The tender closes on July 25.

Available for application is a land parcel under the

Reserve List. Located on Corporation Drive (former-

ly known as Yung Ho), it is the fifth of seven sites

under the 1H2018 IGLS Reserve List. The 137,782 sq

ft site is zoned for business-2 use, with a maximum

permissible GPR of 2.5, and has a 30-year tenure. Un-

der the Reserve List system, a land parcel will only

be released for sale if it receives a minimum price

offer that is acceptable to the government.

CDL announces senior appointments for asset management and property developmentCity Developments Ltd will appoint Yvonne Ong as

its CEO, commercial, from June 6. She will lead the

asset management division, which comprises all de-

partments involved in investment properties such

as leasing, property and facilities management, as

well as customer service. She will spearhead new

strategies to drive the performance of CDL’s glob-

al portfolio of office, retail, industrial and residen-

tial leased assets.

Prior to joining CDL this year, Ong was commer-

cial head of global asset management at CapitaLand

from 2011. Before that, she was head of real estate

at Cambridge Industrial Trust Management. She is a

CFA charterholder and member of the Singapore In-

stitute of Surveyors and Valuers. She holds a Master

of Science in Applied Finance from the Singapore

Management University.

Meanwhile, a new property development division

has been created to consolidate departments involved

in developing CDL’s Singapore properties. It is led by

Lee Mei Ling, who has become executive vice-presi-

dent and head of property development from June 1.

She was previously senior vice-president and head of

sales and marketing. Her team is responsible for the

entire lifespan of a development project such as ad-

vising on land tenders, project design, construction

and after-sales service.

Lee has been with CDL since 2004, and was re-

sponsible for conceptualising and implementing CDL’s

marketing and sales strategies for many of its residen-

tial property launches. She was previously with Guo-

coLand, leading its marketing and sales department.

Prices in Central Region fall 0.8% in AprilThe price index of private condomin-

ium and apartment units in the Cen-

tral Region fell 0.8% m-o-m in April,

compared with no change for private

homes in the Non-Central Region. This

is according to the latest flash estimates

by the National University of Singa-

pore (NUS) for its Singapore Residen-

tial Price Index (SRPI).

The Central Region is defined as the

traditional prime Districts 9, 10 and

11, as well as Districts 1 to 4, which

cover the financial districts and Sen-

tosa Cove.

The NUS report shows that the over-

all price index fell 0.3% m-o-m in April.

Before that, the index had been trend-

ing upwards since it bottomed out in

March 2017, but had yet to reach the

highs last seen during the previous

property boom in 2013. — Compiled by Timothy Tay

PROPERTY BRIEFS

EDITORIALEDITOR | Cecilia ChowWRITERS | Timothy Tay, Bong Xin Ying, Charlene ChinDIGITAL WRITER | Fiona Ho

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EDGEPROP | JUNE 4, 2018 • EP3

SPOTLIGHT


| BY CHARLENE CHIN |

Despite the heavy rain on Sat-

urday, 4,000 people braved

the weather and flocked to

the show gallery of Affinity

at Serangoon. The turnout

on May 26 and 27 marked the first

weekend preview of the 1,052-unit

residential project by Singapore-list-

ed Oxley Holdings.

“We are extremely encouraged

to see the overwhelming response

by the public,” says Ching Chiat

Kwong, executive chairman and

CEO of Oxley Holdings. The devel-

oper had initially planned for anoth-

er week of preview but the public

reception led it to shift its launch

earlier to June 2.

This move pits Affinity at Seran-

goon head-on with the launch of The

Garden Residences, a joint project

by Keppel Land and Wing Tai that

comprises 613 homes. Both sites are

on Serangoon North Avenue 1 and

a 15-minute walk from each other.

The two projects will be the first new

launches in the heart of Serangoon

in eight years.

Competitive pricing Affinity at Serangoon is a 99-year

leasehold project that sits on a 296,913

sq ft plot. The development offers a

wide mix of homes, comprising 1,002

one- to four-bedroom units of 463 to

1,711 sq ft, 10 penthouses of 1,550

to 1,701 sq ft and 40 townhouses of

2,056 to 2,347 sq ft. There will also

be five retail shops.

Indicative prices for one-bedroom

units start at $738,000, two-bedroom

units at $988,000, three-bedroom units

at $1.3 million, four-bedroom units

at $2.15 million and townhouses at

$2.38 million. The prices are inclu-

sive of discounts given to potential

homeowners on the first day of the

project’s official launch.

Affinity at Serangoon will be

launched in three phases. “With the

land price advantage of the site, we

know that there will be strong take-

up at the launch,” says Eric Low,

executive director and deputy CEO

of Oxley Holdings. He is confident

that when other projects northeast

of Singapore are launched, this “ad-

vantage” will persist.

Serangoon Ville, which sat on

the site now occupied by Affinity at

Serangoon, was one of three sites in

the northeast region purchased by

Oxley last year. The price was $499

million, or $835 psf per plot ratio.

Meanwhile, at The Garden Resi-

dences, one-bedroom units are priced

from $788,000, two-bedroom units

from $1.08 million, three-bedroom

units from $1.38 million, four-bed-

room units from $1.93 million and

five-bedroom units from $2.58 mil-

lion. The development’s preview was

held one week ahead of Affinity at

Serangoon’s, and saw a headcount

of over 3,000.

Design concept and finishing touchesAs Affinity at Serangoon sits on a

large plot of land, its architect, DP

Architects, has the design flexibil-

ity to incorporate water elements

that snake 90m across its grounds.

There are three man-made islands

that house a clubhouse, a gym, an

al-fresco kitchen and dining area, and

lounge decks. Aqua gym facilities

are also available, alongside wading

pools, spas and a 50m lap pool. Oth-

er facilities include a tennis court, a

reflexology path, running trails and

boardwalks that cut through a foli-

age of trees and shrubs.

Although it is a suburban project,

Affinity at Serangoon was designed

by Oxley as an upmarket develop-

ment, says Eugene Lim, Oxley’s di-

rector of marketing and sales. All bed-

rooms are spacious enough to fit in

a queen-sized bed and one bedside

table, he adds. While most typical

two-bedroom units elsewhere have

compact master bedrooms, those at

Affinity at Serangoon are able to fit

in a walk-in wardrobe.

Targeting those who grew up in Serangoon“We believe this development will

draw younger families, especial-

ly those who grew up in the area

and want to start a family of their

own, yet stay near their parents,”

Lim says. “We have had strong in-

terest from ex-owners [in Seran-

goon Ville] wanting to buy a unit

for their children.”

The Serangoon charm will no

doubt be part of the allure. “Affini-

ty at Serangoon is situated in a very

mature housing estate,” Ching says.

Residents in the neighbourhood have

easy access to amenities such as

schools, food joints and public trans-

port. The Serangoon Garden Market

sells traditional hawker fare that has

been around for three generations, he

continues, and those keen to check

out new eateries and cafés can vis-

it the shophouses on Maju Avenue.

There is also the Chomp Chomp Food

Centre, a hotspot among locals that

Ching also favours.

After the launch of Affinity at

Serangoon, Oxley will be planning

the launch of Riverfront Residences

(a redevelopment of the former Rio

Casa en bloc site), a 1,399-unit pro-

ject fronting the Serangoon River.

Oxley banks on Affinity at Serangoon

The living and dining area of the two-bedroom showflat of Affinity at Serangoon The 1,052-unit Affinity at Serangoon sits on a 296,913 sq ft plot and has 90m of water elements snaking across its grounds

The three-bedroom premium unit features a kitchen island design and has sliding glass doors that can be closed during heavy cooking

The four-bedroom units range from 1,410 to 1,711 sq ft

E

PICTURES: ALBERT CHUA/THE EDGE SINGAPORE

The crowd at the preview of the Affinity at Serangoon show gallery on May 26

OXLEY HOLDINGS

COVER STORY


| STORIES BY CECILIA CHOW |

When Lakeside Towers

on Yuan Ching Road

in Jurong West was

launched for collec-

tive sale on April 28,

it was said to be strategically locat-

ed in a high-growth area — the Sec-

ond CBD in Jurong Lake District.

A key attraction was the planned

Kuala Lumpur-Singapore high-speed

rail (HSR) terminus. “It will trans-

form the whole of the Jurong Lake

District into a brand-new prominent

gateway into Singapore,” accord-

ing to the press release by Lake-

side Towers’ marketing agent, Hut-

tons Asia.

The owners of units at the condo-

minium are expecting at least $305

million from the collective sale. In-

cluding an estimated $57 million dif-

ferential premium and for topping

up the lease to a fresh 99 years, the

land rate worked out to $1,125 psf

per plot ratio (ppr).

The disruptorThe tender of Lakeside Towers closed

on May 28 at 2pm, but it was over-

taken by events when Malaysia’s

recently elected Prime Minister Ma-

hathir Mohamad dropped a bomb-

shell by telling the press that he was

scrapping the RM110 billion ($37 bil-

lion) HSR.

Terence Lian, Huttons Asia head

of investment sales, who is handling

the marketing of Lakeside Towers, de-

clines to comment on the outcome

of Lakeside Towers’ collective sale.

He says, “We were riding on Jurong

Lake District as Singapore’s second

CBD, not so much the HSR.” Lian

adds that the condo is also adjacent

to the 90ha Jurong Lake Gardens, “the

second-largest garden in Singapore”.

Until May 28, Jurong Lake Dis-

trict’s prospects had never looked

brighter. While Malaysians went to

the polls on May 9 that ushered in

Mahathir as its new prime minister

(the second time around), Singapo-

reans learnt the details of the upcom-

ing Jurong Regional Line. The 24km

JRL will have 24 stations serving res-

idents in Choa Chu Kang, Boon Lay

and future developments in the Ten-

gah area. It is scheduled to open in

three phases from 2026.

Besides the JRL, the Land Transport

Authority was also working on plans

for the HSR project. On April 6, LTA

had reportedly called for tenders for

the design and construction of tun-

nels and associated facilities for the

HSR. Construction of the 350km rail

was expected to start next year, with

the HSR service between Singapore

and Kuala Lumpur to commence by

end-2026. That journey would have

taken just 90 minutes, while travel-

ling time from Singapore to Iskandar

Malaysia in Johor would have been

cut to 15 minutes station to station.

When the HSR was first announced

in February 2013, it was hailed by

Singapore Prime Minister Lee Hsien

Loong and then-Malaysian Prime

Minis ter Najib Razak as a “game

changer”. Then, in early May 2015,

Lee announced that Jurong East

would be the location for the HSR

terminus in Singapore.

Golfers’ pain for national gain?The HSR terminus came at a cost to

the 2,800 golfers and country club

members at Jurong Country Club

and 2,650 golf members at Raffles

Country Club, who lost their clubs

through compulsory acquisitions.

Just a week after Prime Minister

Lee’s announcement in May 2015, the

Singapore Land Authority announced

that Jurong Country Club’s 67ha plot

would be acquired to make way for

the terminus. The club was expect-

ed to hand over the land by Novem-

ber 2016, but was given an extension

CONTINUES NEXT PAGE

Malaysian Prime Minister Mahathir Mohamad may have stopped the RM110 billion Kuala Lumpur-Singapore high-speed rail project in its tracks, but whether it will dim the prospects for Singapore’s Second CBD remains to be seen. Property

consultants weigh in on the impact that the move could have on the property market in Jurong.

No-go for HSR: Will Jurong property market be derailed?


In Jurong Lakeside, Lakeview Towers’ collective sale tender closed on May 28, the day Malaysia’s prime minister announced that he was scrapping the KL-Singapore HSR project

Jurong Country Club, which was acquired for the HSR terminus, is now vacant

HUTTONS ASIA

COVER STORY


Jurong Gateway is the commercial district in Jurong East where new developments such as JEM, Westgate and J Gateway are located

View of Jurong Lake District

JCube, one of the four malls in Jurong East. The others are Westgate Mall, JEM and IMM.

More than 70% of the owners at Ivory Heights in Jurong East have agreed to acollective sale. If the sale goes through at $1.34 billion, it will be the latestrecord en bloc sale since Farrer Court.

until February 2017.

Raffles Country Club met the same

fate in January 2017, when the gov-

ernment announced that the site had

been earmarked for the HSR depot and

the Cross Island MRT depot. There

are also plans for a train testing fa-

cility there. The site of Raffles Coun-

try Club, which had a 36-hole golf

course, spans 143ha, more than dou-

ble the size of Jurong Country Club.

“The government hasn’t cleared

the sites yet,” says an industry source

who declined to be named. “It has

done the planning and the soil testing.”

The Singapore government had

announced last August that it was

considering the sale of large land

parcels in Jurong Lake District over

the next few years. It aims to create

100,000 new jobs and add 20,000

new homes in Jurong Lake District,

which, at 360ha, is about the size of

Marina Bay.

National Development Minister

Lawrence Wong said at the time:

“With that, we can create a criti-

cal mass of developments once the

HSR terminus starts operations by

end-2026.”

In the 2008 URA Master Plan, the

area around the Jurong East MRT

station was designated the CBD of

Jurong Lake District. Called Jurong

Gateway, it is where many of the new

mixed-use commercial develop ments

— such as JEM, Westgate and Vision

Exchange — are centred around. Other

malls, including J Cube and IMM, as

well as amenities such as the 557-

room Genting Hotel Jurong and the

Ng Teng Fong Hospital are also lo-

cated at Jurong Gateway.

Fate of the golf coursesNow that the HSR has been called

off, what would it mean for the golf

course sites that were acquired for

the HSR terminus and depot?

The government had said it was

going ahead with compulsory acqui-

sition of the land occupied by Jurong

Country Club regardless of wheth-

er the HSR project was derailed, ac-

cording to the Jurong Country Club

committee. Besides the HSR termi-

nus, the land was to be used for fu-

ture mixed-use developments, such

as offices, malls and residences.

Raffles Country Club members have

until end-July to vacate the premises

and hand over the land to the gov-

ernment. “RCC could be granted an

extension to hand over the land un-

der the circumstances,” says a source

who declined to be named.

Members of Jurong Country Club

handed over the site to the govern-

ment last year and are still appeal-

ing for a higher compensation. They

had claimed a compensation of $168

million, but they were awarded $89.8

million. The price for the land trans-

lates into $12.45 psf. Raffles Coun-

try Club’s compensation was said

to be just as low.

“Since the Singapore government

has already acquired the sites —

and these are good waterfront sites

— they could put them in the land-

bank for future residential, commer-

cial and mixed-use integrated pro-

Prospects for Jurong Lake District remain bright, say consultantsFROM PREVIOUS PAGE

jects. As the next-generation CBD,

Jurong Lake District could have its

own distinctive attributes,” says Tan

Tiong Cheng, Knight Frank presi-

dent for Asia-Pacific.

Developers’ appetiteThe latest government land sale in the

west was in January, involving a site

on West Coast Vale, just a 10-minute

drive from Jurong East. The 210,883

sq ft, 99-year leasehold residential

development site on West Coast Vale

was sold to City Developments (CDL)

for $472.4 million, or $800 psf ppr.

The psf price was 35% higher than

the adjacent site purchased by CSC

Land Group in February last year. CSC

Land launched Twin VEW — its new

project on West Coast Vale — on the

weekend of May 5 and 6, and saw

449 out of a total of 520 units in the

twin tower development snapped up,

which translates into a take-up rate

of 85%. The average price of units

sold that weekend was $1,399 psf.

While the Jurong Lake District

master plan may be derailed in the

short term by the scrapping of the

HSR, its long-term prospects remain

undiminished, says Desmond Sim,

CBRE head of research for Singa-

pore and Southeast Asia. “After all,

the master plan for the Jurong Lake

District was unveiled in 2008 and it

was already earmarked as a growth

area 10 years ago.”

Besides property developers, home-

owners and property investors have

also been looking forward to the up-

lift in property prices from the new

developments and infrastructural pro-

jects in Jurong Lake District, espe-

cially with the increased connectiv-

ity from the JRL and HSR. Demand

for homes in and around Jurong

Lake District has been supported

by the improving sentiment in the

wider market, notes Tay Huey Ying,

JLL Singapore head of research and

consultancy. “The HSR was merely

a sweetener. Its uncertain fate will

not dent demand nor prices in and

around the locality.”

Alice Tan, head of research and

consultancy at Knight Frank Singa-

pore, says: “In the past, property

prices in Jurong lagged behind oth-

er regions in Singapore.”

Private housing stock in the west-

ern region also grew the least, points

out Tan. “This means inherent ad-

vantages for new residential devel-

opments in the region, especially in

Jurong Lake District, compared with

those elsewhere.”

Jurong’s turn in collective sale wave?It also means that ageing develop-

ments in Jurong have “high rede-

velopment potential”. None of the

28 collective sales worth $9.03 bil-

lion that took place this year were

located in Jurong. Projects in Jurong

were also absent from the 33 en bloc

deals totalling $8.7 billion that were

transacted last year.

The first whiff of a collective sale

in Jurong came from Ivory Heights in

Jurong East. A privatised HUDC es-

tate completed in 1986, the 654-unit

Ivory Heights occupies a sprawling

land area of 825,502 sq ft.

Last October, Ivory Heights’ re-

serve price was said to be $1.34 bil-

lion. If it is successfully sold, it will

be the first collective sale to cross the

billion-dollar threshold this year and

match the record set by Farrer Court,

which was sold for $1.3388 billion

in 2007. The Ivory Heights site has

a 100-year lease starting from 1986.

Marketing agent SLP International

estimates the lease top-up premium

at $160 million and the land rate at

$979 psf ppr.

So far, about 70% of Ivory Heights

owners have agreed to the collec-

tive sale.

The collective sale wave has taken

off at Jurong West, with three adja-

cent developments attempting a col-

lective sale. It started with the 160-

unit Park View Mansions fronting

Jurong Lake Gardens. Launched for

collective sale on March 8, the tender

closed on April 20. The price tag of

Park View Mansions was $320 mil-

lion, according to Huttons Asia, the

marketing agent. After factoring in

$157 million in differential premium

and lease top-up, the land rate works

out to $1,183 psf ppr.

Eighty per cent of the owners at

Lakeside Apartments, which is ad-

jacent to Park View Mansions and

faces Jurong Lake Gardens, have

agreed to a collective sale. The col-

lective sale committee (CSC) of

Lakeside Apartments and marketing

agent SLP International will hold a

meeting with the owners on June

1, with the tender to be launched a

week or two after that. The site has

a reserve price of $240 million. If an

estimated $58 million in differential

premium and lease top-up were in-

cluded, the price would work out

to $1,057 psf ppr.

Lakeside Apartments is also ad-

jacent to Lakeside Towers. All three

projects have leases that start from

the 1970s: Park View Mansions’ 99-

year lease, from 1976; Lakeside Tow-

ers’ lease, from 1975; and Lakeside

Apartments’, from 1977. “Regard-

less of the status of the HSR, the

leases of these projects will con-

tinue to dwindle,” notes Nicholas

Mak, executive director of ZACD

Group. “The owners are therefore

motivated to go ahead with their

collective sales.”

Price upside arrested?Within Jurong East, the only new

private condo is J Gateway, a 738-

unit private condo by MCL Land.

Almost all the units in the project

were sold when it was launched on

June 28, 2013. The launch date co-

incided with the announcement of

the total debt servicing ratio (TDSR)

HUTTONS ASIA

PICTURES: THE EDGE SINGAPORE

COVER STORY


E

Artist’s impression of MCL Land’s Lake Grande, which was launched in July 2016 and marks the last private condo launch in Jurong Lake District

Prices at J Gateway hit a high of $1,900 psf in February this year

PICTURES: MCL LAND

loan framework that evening. Some

units were returned, but property

agents reported that they were also

quickly taken up by other investors

who had wanted to purchase a unit

but did not get a chance.

While the average price achieved

on the first day of launch was $1,480

psf, many of the one-bedroom units

at J Gateway were sold at more than

$1,700 psf. The highest price achieved

on launch day was $1,774 psf for

two one-bedroom units on the 34th

floor. Since the project’s completion

in 2016, prices have hit a new high of

$1,900 psf — for a 474 sq ft unit on

the 16th floor that went for $900,000

in February this year.

CBRE’s Sim points out that J

Gateway was launched two years

before the announcement of the

location of the Singapore HSR ter-

minus. “It shows that homebuyers

and investors were already buying

into the future growth of the Jurong

Lake District without the HSR ter-

minus,” he says.

ZACD’s Mak agrees. “There are

still many economic factors going for

Jurong Lake District,” he says. “The

HSR terminus was just one of them,

and it was a nice-to-have. But the

other factors are still intact.”

Residential demandThe Jurong Lake District already has

a large residential catchment, MRT

connections, easy access to express-

ways, more than four million sq ft

of business park space at the nearby

International Business Park and 1.5

million sq ft of Grade-A office space,

says Chris Archibold, JLL head of

markets. “The location already has

all the facets to make it work. It just

needs a critical mass of Grade-A office

space at a reasonable discount to the

main CBD.”

Beyond commercial, the govern-

ment has also focused on the resi-

dential and lifestyle aspects in Ju-

rong. There will be a new Lakeside

Village connected via bridges to the

Japanese Garden and Chinese Gar-

den, which will be part of the big-

ger Jurong Lake Gardens, Singapore’s

largest suburban garden.

In addition, new residential de-

velopments have been launched in

the neighbourhood of Jurong West.

MCL Land followed up the success

of J Gateway with two other private

condo launches in Jurong West —

Lakeville and Lake Grande, which are

developed on 99-year leasehold sites

purchased in government land sales.

Lakeville, a 696-unit private con-

With the Kuala Lumpur-Singapore high-speed rail (HSR) aborted, Singapore’s Jurong Lake District could lose some of its shine. However, the ramifications for Iskandar Malaysia in Johor could be more far-reaching.

After all, Iskandar Malaysia — which is three times the size of Singapore — was always regarded as Singapore’s potential hinterland. The HSR would have been instrumental in completing that connection.

The planned HSR project has seven stations in Malaysia: Bandar Malaysia, followed by Putrajaya, Seremban, Melaka, Muar, Batu Pahat and Iskandar Puteri, before terminating in Jurong East, Singapore.

Iskandar Malaysia has been suffering from a glut in high-rise condominiums and lacklustre sales since Malaysia introduced property cooling measures in 2014. The HSR and the station at Iskandar Puteri would have been a much-needed shot in the arm to revive its fortunes.

Now that the HSR has been derailed, “there will definitely be a negative impact on sentiment and property demand”, says Ryan Khoo, director and co-founder of Alpha Marketing, which specialises in marketing property in Iskandar Malaysia. “Many people in Iskandar and the rest of Johor will be disappointed if the HSR is cancelled, as the economic impact of the HSR is large.”

Khoo adds that many business plans and investment decisions made by foreign companies and individuals depended on the HSR’s coming online. The project was first announced in February 2013. “Plans laid out over the past five years have now been affected,” he says. “Singaporeans and Malaysians working in Singapore will also be disappointed that hopes for improved connectivity are again at risk. Traffic on the Causeway and the Second Link is already so bad.”

Developers with projects in Iskandar Malaysia — from Malaysian developers to those from China, Singapore and elsewhere — “are all disappointed”, says Khoo. “It is a setback for Iskandar Malaysia if the HSR does not go through.”

Khoo says, however, that there has been no official cancellation of the HSR at this point. “We only have Prime Minister Mahathir making his preferences known and he has admitted as much that he has not fully understood the implications of cancelling the HSR, nor has he discussed it with the Singapore

government.”Following Mahathir’s comment to

the press on May 28 that he intends to scrap the HSR connecting the two countries, Singapore’s Ministry of Transport responded with the following statement: “Singapore has not yet received any official notification from Malaysia. We had agreed to proceed with the HSR project based on mutual benefits and obligations set out in the HSR bilateral agreement. We will wait for official communication from Malaysia.”

The Singapore government will have to find an alternative use for the land designated for the HSR if it falls through. “Property prices in Jurong are not so dependent on the HSR’s presence,” says Khoo. “The HSR would, however, have had a large positive impact on Iskandar Malaysia’s relatively smaller economy. I think the bigger loss is to Iskandar, and the other smaller cities where the HSR would have a station, such as Batu Pahat, Muar, Melaka and Seremban.”

Some developers have been marketing Iskandar Malaysia projects based on their proximity to the HSR station. “The real estate hype might be affected in the short term,” says Boaz Boon, founder and principal of THRED and director at VestAsia Group.

For now, little has been said about the status of the Johor Bahru-Singapore Rapid Transit System (RTS). If that is in place and the train frequency between Singapore’s Woodlands MRT station on the upcoming Thomson-East Coast Line and Johor Baru is increased, “that will further enhance Johor Baru’s attractiveness” for those who work in Singapore but are considering a second home in Johor Baru, says Boon.

The attractiveness of Iskandar Malaysia has always been its proximity to Singapore and the exchange rate between the Malaysian ringgit and Singapore dollar. “That attractiveness will remain,” adds Boon.

As for the halt in the HSR project, Alpha Marketing’s Khoo says: “The hastiness in which comments are made on the HSR is very disruptive and confusing to the local businesses, economy in Iskandar and Singapore.”

He believes the Malaysian government has to do a thorough study of the pros and cons, and read the cost-benefit analysis of these various projects and details of the bilateral agreements signed “before making any further decisions or announcements”.

Iskandar Malaysia’s property market could take a hit

Bad traffic conditions on the Causeway are likely to persist if the high-speed rail does not come through

do with three commercial units, was

launched in May 2014 at an aver-

age price of $1,300 psf. The project

is fully sold and was completed last

year. The prices of units that changed

hands from last September to March

this year ranged from $1,305 to $1,421

psf. The 710-unit Lake Grande was

launched in July 2016, and 61% of

the units were snapped up on the

first weekend at an average price of

$1,368 psf. The project was fully sold

earlier this year at an ave rage price

of $1,377 psf. “There hasn’t been a

new launch in the Jurong area since

Lake Grande,” says JLL’s Tay.

The government has said about

160ha of the 360ha Jurong Lake Dis-

trict has yet to be developed. More

than 40% of the mixed-use business

area has been set aside for residen-

tial purposes.

“Without the HSR terminus, devel-

opers will have more sites to choose

from in future government land sales,”

says Knight Frank’s Tan.

BLOOMBERG

The crowd at Lake Grande, which saw 61% of the project’s 710 units sold within the first weekend of launch


INTERIOR DESIGN


Home is where the art is| STORIES BY BONG XIN YING |

When she was growing up,

42-year-old Marie Boon

attended the promi-

nent Singapore Chinese

Girls’ School, which

was founded in 1899 as an all-girls

Peranakan school. Before it was relo-

cated to Dunearn Road in the 1990s,

the institution was located on Emerald

Hill, a conservation area where many

of the Peranakan houses feature Chi-

nese Baroque architecture. Boon re-

members well the long houses in the

neighbourhood with their airwells.

Her fondness for Peranakan culture

was cultivated from her school days,

as her family home on Garlick Ave-

nue was adorned with green venti-

lation tiles, a quintessential Perana-

kan feature.

Today, imbued with respect for

the Peranakan culture, Boon has

tastefully mixed the traditional and

modern in her refurbished home

at 32 Greenleaf View, a 2½-storey

semi-detached house with six bed-

rooms and seven bathrooms. She de-

signed the interior of the house after

she rebuilt it last year.

The feature wall of the attic bath-

room is decked out in amber Perana-

kan tiles, which she sourced from local

tile supplier Hafary. “I [bought] these

amber versions of the same green tiles

from my childhood before knowing

what I was going to do with them,”

says Boon, a language and numera-

cy therapist to children with dyslex-

ia. “Now, I will always have my fond

childhood memories with me.”

Boon’s house, which she is putting

up for rent (see “Renovated house

commands rental premium”), is in-

spired and shaped by her colourful

life experiences. For example, the

skylight is reminiscent of the airwells

from her youth and is a practical fea-

ture that brings light into the house.

“The inner area [of a semi-detached

house] is usually rather dark,” she

explains.

The house boasts an old and art-

ful collection of objets d’art, one-offs

and oddities. It is decorated with cu-

rios from around the world, which

Boon painstakingly collected over

time, including the brass bird tray by

Creatively Active Minds and a mar-

ble door stop by west elm, a Brook-

lyn-based home decor store.

Harnessing the power of the inter-

net, she turned to social media ap-

plications such as Instagram, Houzz

and Pinterest for design inspirations

and careful purchases.

From online to offlineBoon is constantly on the lookout for

her next buy, scouring both the inter-

net and physical stores for treasures.

A turquoise swing graces the gar-

den of the basement bedroom. It was

silver when Boon chanced upon it

at a blacksmith’s store in Serangoon

Gardens. Interestingly, the basement

is one of the reasons she bought the

house, as only three units on the

street have one.

“It isn’t your typical dark and dingy

basement, as it opens out to the gar-

den. Evenings are the best time to sit

on the swing; otherwise, it would be

too hot,” she says. In addition to the

garden in the basement bedroom,

there is an outdoor bathroom that

brings one closer to nature.

The most sumptuous space in the

house is the powder room, tucked un-

suspectingly under the staircase, be-

hind a door that blends in with the

white wall. There, one is transport-

ed to another universe: The striking

emerald green subway tiles on the

wall and the Peranakan tiles on the

floor are another nod to the culture

Boon holds in high regard.

She says, “This is one of my fa-

vourite bathrooms. It was so funny

when there were guests over and

some of them said, ‘Where’s the toi-

let?’, and then they were pleasant-

ly surprised by it. It is designed to

symbolise the hidden treasures in

the world around us.”

The centrepiece in the powder

room is an antique Singer sewing

machine table restored to its former

glory and now used as a sink hold-

er. It was a lucky find at Hock Siong

& Co, a second-hand furniture store

on Kampong Ampat. “I had always

wanted a Singer sewing machine, so

The basement bedroom has a private entrance and opens out to a garden. Boon has always wanted a four-poster bed.

The outdoor bathroom has bamboo chick blinds for privacy, and Balinese lights that give out an ethereal glow at night

Boon tore down the old house and rebuilt it; it is by far her largest expenditure

I went around Singapore looking for

it,” she says.

Doubtless, upcycling is something

in which Boon has a keen interest.

“If something old can be fixed, given

a new coat of paint and repurposed,

why not? People need to go through

several transformations in life, so why

not furniture?” she muses.

Besides the sewing machine, there

is also a vintage window grille that

serves as wall art and is admired for

its intricate details and craftsmanship.

Transforming the ordinaryThe original house at 32 Greenleaf

View, which Boon demolished, was

ordinary-looking and much smaller.

The interior was simple and tradition-

al, with a plain staircase. “There’s

nothing on the street that looks like

this now. Google Maps still has the

image of the old house,” she says.

The turquoise main door, com-

plete with a sun motif, is an example

of Boon’s creativity. The design was

sketched on a Post-it note. “I drew

it out, passed it to my architect, An-

drew Loh from LG Architects, and told

him, ‘Please translate,’” Boon says.

An avid traveller, she fancies

Spanish-style houses with their

sandy and terracotta shades, a com-

mon sight in the San Francisco Bay

Area, where she did her Master’s.

As such, she had the walls of 32

Greenleaf View painted in antique

bisque, emanating a warm, rosy hue.

The seven bathrooms in Boon’s

house, each furnished different-

ly, bear her special touch. As evi-

dence of her soft spot for texture,

the walls of one bathroom are full

of Patricia Urquiola’s Azulej Flores

for mutina tiles in Nero; in another,

it is Patricia Urquiola’s Esagona De-

cor Ecru tiles. Both sets of tiles were

sourced from Rice Lab in Singapore.

Yet another bathroom is decorated with

Murray Feiss’ antique brass nautical

lights, topped with a high-arc antique

brass faucet from the Pegasus Ver-

danza series. The master bathroom

is lined with mother-of-pearl mosaic

PICTURES: ANDREW PHUA/INSTAGRAM: @ANDREWPHUAPHOTOSSPACE

INTERIOR DESIGN


Purchasing online for interior design and furnishing is not as easy as just a click of the button. There are risks, as one is highly unlikely to view the purchase before it is delivered, and returning or exchanging of the goods is also a troublesome affair.

It might have been a logistical nightmare if Marie Boon had to consolidate all the furniture, arrange for delivery and get down to the receipt of delivery and warehousing. Fortunately, she found someone in Los Angeles who was able to do all that for her.

According to Boon, one of the table lamps she bought turned out to be a lot bigger than expected. “I didn’t really pay attention to the dimensions because I thought a table lamp was a table lamp. The table lamps from the US are much larger than

what we have here. They make for great statement pieces, though,” she says.

“Some of the items came damaged, and although there was insurance on the items, I still had to pay quite a high cost upfront before the insurance kicked in, and I didn’t think it was worth it. Thankfully, the damage was not too noticeable.”

In the attic room, there is a daybed purchased off the web from a Hong Kong-registered company, and which “looked nothing like the photo they put up online”.

“We discussed back and forth and they finally came up with something acceptable, but still not equal to what I saw online. They had really crappy service, and the experience really put me off,” says Boon. “Customised furniture is a really big risk.”

tiles as well as stone tiles with carv-

ings of flower motifs, some of which

were obtained from Hup Kiong, a lo-

cal supplier on Defu Lane.

Boon recalls a French tenant who,

upon entering the master bathroom,

exclaimed, “This is exactly what I do

back home in France: mother-of-pearl

tiles with recess!”

A heart for children and designWhile Boon hopes to pursue her pas-

sion in interior design, she wants to

dedicate her time to helping children

with dysl exia. She believes they are de-

serving of help and could benefit from

guidance and encouragement. For 18

years, she has taught this particular

group and found joy in helping them

acquire a love for reading and writing.

It remains to be seen whether Boon

will pursue interior design as a career.

As the 32 Greenleaf View project shows,

however, interior design will always be

in her heart. “I need to take a break from

managing a house but, in terms of de-

cor, I don’t need a break. I am ready for

the next challenge,” she says.

32 Greenleaf View is now on the market for rent at $15,500 a month. According to Candice Tan, senior sales director at Savills, who is marketing the house, a fully furnished home like Marie Boon’s would command higher rent, especially when the tenants associate themselves with the house they rent.

“Some may feel that it reflects their character or, [if they are foreigners,] the furnishing may even remind them of their house back in their own country,” says Tan.

Notably, it has been relatively easy to rent out a well-renovated house like Boon’s, as she has never had to put up an advertisement. Her first tenant of six years was “just walking

around the neighbourhood, and she saw the contractor and asked whether this house was up for rent”.

“She really loved the bathrooms, and rented the house on the spot, way before I did the whole place up,” adds Boon, who now lives in an apartment in The Trevose condominium.

Savills’ Tan notes that the house is priced slightly higher than the others in the neighbourhood because it is newly built, fully equipped with top-of-the-range fittings and tastefully done up with fine details.

“People do have to pay a premium for such semi-detached houses, even if they are for rental,” says Tan.

Renovated house commands rental premium

Let the online buyer beware

The basement bedroom opens out to a garden, where Boon enjoys many evenings on the turquoise swing

Boon was behind the design of 32 Greenleaf View, from start to finishEmerald green tiles are the surprise element in the powder room, which has Peranakan tiles on the floor. The refurbished Singer sewing machine is creatively reused as a sink holder.

The turquoise main door is a nice contrast to the warm shades in the house

E

ALBERT CHUA/THE EDGE SINGAPORE

The whimsical breakfast nook is directly below the skylight, perfect for a cosybreakfast or intimate lunch parties

The feature wall in the attic bathroom is adorned with amber Peranakan tiles, Boon’s ode to the culture she loves

PROPTECH


Hatten Land to go places with blockchain-backed rewards app| BY CHARLENE CHIN |

In the real estate industry, start-

ups are vying to revamp how busi-

nesses are run. Many are offering

services built on blockchain, a

technology that will streamline

processes, digitise and foolproof

property transactions. Now, even

Singapore Exchange-listed Hatten

Land wants a share of the pie.

The company will launch its

blockchain-backed rewards app for

consumers in December. The plat-

form, called StayCay, will first inte-

grate 3,400 hotel rooms and 5,000

retail outlets across the compa-

ny’s portfolio of assets in Melaka,

allowing users to purchase discount-

ed hotel stays in advance and use

reward points across facilities such

as those in retail, hospitality, F&B

and wellness.

“We believe this roll-out will be

able to help us retain and incentiv-

ise our retailers and customers in

Melaka,” said Colin Tan, executive

chairman and managing director of

Hatten Land, at StayCay’s media un-

veiling in Singapore on May 22. This

will be done by pooling existing re-

wards and membership programmes

across all of its property develop-

ments on the digital platform. Cur-

rently, these remain siloed and tied

to individual projects, which does

not encourage recurring customers

between the company’s expansive

offerings, notes Tan.

Blockchain enables this feature,

as the technology works as a digital

ledger that records live transactions.

This record is shared globally across

thousands of computers in real time.

Here, the shared nature of the ledg-

er is its strength — every computer

on the network takes note of each

new transaction and, once a record

is logged, it is irreversible.

Hatten’s Southeast Asian gameBy linking reward incentives digital-

ly across its extensive array of pro-

jects, Tan believes he will eventual-

ly be able to create an international

alliance of hotels and retailers that

will draw in customers. “What we

are looking at is a Southeast Asian

game,” Tan says. The company will

target retail malls and hotels in the

region that are struggling to bring

in customers. “If they were to work

together with us, we would already

have a network of customers that

can help.”

Over the past decade, Hatten Group

— parent company of Hatten Land —

has become a leading property player

in Melaka, where it is headquar-

tered. Hatten Group manages hotels

and malls. Of note is Dataran Pahl-

awan Melaka Megamall, the largest

and most visited mall in the Malay-

sian state today. “We have roughly

17 million visitors going to the mall

yearly,” Tan says. In comparison,

Singa pore received 17.4 million for-

eign arrivals in 2017, according to

the Singapore Tourism Board.

Separately, Hatten Land’s six prop-

erty developments in Melaka are

Hatten City Phases 1 and 2, an as-

sortment of retail and strata shops,

serviced suites, condominium units

and a hotel; Harbour City, comprising

a shopping mall, a water-theme park

and three hotels; Vedro by the River,

a 736-retail unit mall; Satori, the com-

pany’s first wellness development

comprising serviced residences, a

retail mall and a hotel; and MICC, a

mixed-use project.

All aboard the blockchain bandwagonStayCay will be built by FundPlaces,

a Singaporean proptech start-up.

The project is an 85:15 joint ven-

ture between the two companies,

with Hatten Land taking a major-

ity stake.

Building StayCay on blockchain

can help Hatten Land in three other

ways. First, data analytics gleaned

from the digital records can help

the company improve on customer

experience. “All the data captured

can be analysed and used by man-

agement to recommend things or

activities of interest to customers,”

explains Tan Kok Keong, chief op-

erating officer and co-founder of

FundPlaces.

Second, membership points, once

logged on the blockchain, will not be

lost or tampered with. This avoids the

worst-case scenario of lost points be-

cause of faulty software, Kok Keong

says.

Third, StayCay will allow Hatten

Land to cut costs. A centralised system

will lower the reliance on manpower,

for instance. Instead of different in-

dividuals manning the system, pro-

cesses would be automated, explains

Hatten Land’s Tan.

“We gave ourselves a target of

managing total assets worth US$1

billion [$1.3 billion] in size,” he says.

If all bets prove right with StayCay,

this could set the stage for the com-

pany’s expansion into the region.

From left: FundPlaces chief operating officer Tan Kok Keong; FundPlaces CEO Brian Wee; Hatten Land executive chairman Colin Tan; Hatten Land adviser Eric Tan; and Hatten Land executive director Edwin Tan

Harbour City, in Melaka, comprises a shopping mall, a water-theme park and three hotels

Hatten City Phase 2 features Imperio Mall, with 786 shops, and the 950-unit Imperio Residences

Vedro by the River is a 736-retail unit shopping mall

E

WER1 CONSULTANTS

PICTURES: HATTEN LAND

GAINS AND LOSSES


Unit at Botanic Gardens View sees $2.14 mil profit

E

Top 10 gains and losses from May 15 to 22

URA, EDGEPROP

Most profi table deals

Note: Computed based on URA caveat data as at May 29 for private non-landed houses transacted between May 15 and 22. Th e profi t-and-loss computation excludes transactions 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 Cuscaden Residences 10 2,077 May 18 2,311 June 3, 2011 2,647 700,000 13 2 7.0

2 Th e Cascadia 21 2,465 May 16 1,095 Sept 13, 2007 1,132 91,289 3 0 10.7

3 Cityscape @Farrer Park 8 1,076 May 17 1,429 Oct 7, 2013 1,513 90,100 6 1 4.6

4 Regent Grove 23 1,163 May 17 671 July 20, 2012 740 80,000 9 2 5.8

5 Dunman View 15 1,216 May 18 987 May 13, 2011 1,036 60,000 5 1 7.0

6 Centro Residences 20 872 May 21 1,411 March 18, 2014 1,480 60,000 5 1 4.2

7 Th e Rochester 5 1,679 May 22 1,310 Feb 22, 2010 1,330 33,070 1 0 8.2

8 Sunshine Plaza 7 1,130 May 18 1,221 Oct 18, 2011 1,239 20,000 1 0 6.6

9 Queens 3 1,195 May 16 1,230 Nov 8, 2011 1,239 10,000 1 0 6.5

10 Royce Residences 14 743 May 18 983 June 1, 2012 980 8,500 1 0 6.0

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

1 Botanic Gardens View 10 1,410 May 22 2,128 June 13, 2005 610 2,140,000 249 10 12.9

2 Th e Tresor 10 1,927 May 16 1,987 March 8, 2007 1,353 1,221,925 47 3 11.2

3 Richmond Park 9 1,259 May 16 2,660 Jan 11, 1996 1,698 1,211,000 57 2 22.4

4 Boon Teck Tower 12 1,658 May 18 1,116 April 8, 1998 450 1,103,900 148 5 20.1

5 Mandale Heights 11 2,497 May 21 1,041 Aug 4, 2008 617 1,060,000 69 5 9.8

6 Amaryllis Ville 11 1,259 May 16 1,588 June 4, 2004 804 988,000 98 5 14.0

7 Th e Sail @ Marina Bay 1 893 May 16 1,847 March 14, 2005 845 895,260 119 6 13.2

8 Th e Anchorage 3 1,238 May 18 1,373 April 1, 1999 680 858,566 102 4 19.1

9 Riveria Gardens 9 1,432 May 17 2,399 June 16, 2010 1,849 787,050 30 3 7.9

10 Parbury Hill Condominium 16 1,238 May 21 1,268 June 23, 1999 679 730,000 87 3 18.9

| BY BONG XIN YING |

The first transaction at Botanic Gardens

View this year turned out to be the

most profitable deal in the week of

May 15 to 22, according to the match-

ing of URA caveat data as at May 29.

A 1,410 sq ft, three-bedroom unit on the sixth

floor of the 145-unit freehold development

was sold for $3 million ($2,128 psf) on May

22, resulting in a $2.14 million (249%) gain

for the seller, who purchased it for $860,100

($610 psf) in 2005. This translates into an an-

nualised profit of 10% over a holding period

of 12.9 years.

Completed in 1970, Botanic Gardens View

is located in Taman Serasi, just off Cluny Road

in prime District 10. Situated near reputable

educational institutions such as Raffles Girls’

Secondary School and Crescent Girls’ School,

the development is a three-minute walk to

the Napier MRT station on the future Thom-

son-East Coast Line. The May 22 transaction is

the latest in a series of profitable deals at the

condominium. Last year, four units changed

hands at an average gain of $538,750 (53%).

On April 4 last year, a 1,259 sq ft unit was

sold for a $1.1 million (122%) profit.

Also in the prime district is 999-year lease-

hold condo The Tresor, where the seller of a

1,927 sq ft, four-bedroom unit made a profit

of $1.22 million (47%) on May 16. The unit

on the third floor was purchased in 2007,

when it was newly completed, for $2.61 mil-

lion ($1,353 psf). It was then sold for $3.83

million ($1,987 psf), or an annualised gain

of 3% over a holding period of 11.2 years.

This is also the first transaction at the con-

do this year. In 2017, there were four profit-

able transactions, with profits ranging from

$327,000 to $411,000, and three unprofita-

ble transactions, with losses ranging from

$80,000 to $228,000.

The Tresor was developed by Keppel Land.

The five-storey, 62-unit development is located

on Duchess Road, near the Tan Kah Kee MRT

station on the Downtown Line.

During the week in review, a transaction

that saw a slight loss was the sale of a three-

bedroom unit on the 19th floor of Cuscaden

Residences, for $4.8 million ($2,311 psf), on

May 18. Having bought the 2,077 sq ft con-

do for $5.5 million ($2,647 psf) in 2011, the

seller therefore incurred a loss of $700,000.

This marks the second transaction at the de-

velopment this year, and also the second loss.

In March, a 1,485 sq ft unit on the 13th floor

was sold for $3.11 million ($2,100 psf). The

seller purchased it in September 2011 for $3.33

million ($2,242 psf) and incurred a loss of

$211,200 (6%), or an annualised loss of 1%

over a holding period of more than six years.

Located in prime District 10 on Cusca-

den Road, the 150-unit freehold Cuscaden

Residences is in the Orchard Road shopping

belt. The development saw four profitable

and two unprofitable transactions last year.

Last August, the seller of a 1,485 sq ft unit

made a profit of $1.2 million (71%) when it

was sold for $2.9 million ($1,952 psf). The

unit was purchased for $1.7 million ($1,144

psf) in March 2003.

The most profitable deal of the week was the sale of a Botanic Gardens View unit

A three-bedroom unit at Cuscaden Residences recorded the largest loss for the week when it was sold for $4.8 million

ALBERT CHUA/THE EDGE SINGAPORE THE EDGE SINGAPORE


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

Orchard/Tanglin/Holland 9 and 10

Newton/Bukit Timah/Clementi 11 and 21

Balestier/MacPherson/Geylang 12 to 14

East Coast 15 and 16

Changi/Pasir Ris 17 and 18

Serangoon/Thomson 19 and 20

West 22 to 24

North 25 to 28

District 1 MARINA ONE RESIDENCES* Apartment 99 years May 15, 2018 1,119 3,022,170 2,700 2017 New SaleTHE CLIFT Apartment 99 years May 21, 2018 775 1,490,000 1,923 2011 ResaleTHE SAIL @ MARINA BAY Apartment 99 years May 16, 2018 893 1,650,000 1,847 2008 ResaleDistrict 2 ICON Apartment 99 years May 15, 2018 786 1,240,000 1,578 2007 ResaleINTERNATIONAL PLAZA Apartment 99 years May 18, 2018 1,033 1,080,000 1,045 1976 ResaleONZE @ TANJONG PAGAR Apartment Freehold May 15, 2018 1,044 2,600,000 2,490 2017 ResaleONZE @ TANJONG PAGAR Apartment Freehold May 18, 2018 1,044 2,463,400 2,359 2017 ResaleSKYSUITES@ANSON Apartment 99 years May 18, 2018 958 2,243,440 2,342 2014 ResaleWALLICH RESIDENCE AT TANJONG PAGAR CENTRE* Apartment 99 years May 15, 2018 1,098 3,500,000 3,188 2017 New SaleDistrict 3 ALESSANDREA Apartment Freehold May 16, 2018 1,098 1,500,000 1,366 2003 ResaleARTRA* Apartment 99 years May 16, 2018 786 1,587,300 2,020 Uncompleted New SaleARTRA Apartment 99 years May 17, 2018 786 1,570,100 1,998 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 21, 2018 689 1,290,000 1,873 2017 Sub SaleECHELON Condominium 99 years May 18, 2018 732 1,400,000 1,913 2016 ResaleQUEENS Condominium 99 years May 16, 2018 1,195 1,470,000 1,230 2002 ResaleQUEENS PEAK* Condominium 99 years May 17, 2018 850 1,643,000 1,932 Uncompleted New SaleREGENCY SUITES Apartment Freehold May 22, 2018 592 1,080,000 1,824 2008 ResaleRIVER PLACE Condominium 99 years May 16, 2018 818 1,160,000 1,418 2000 ResaleRIVER PLACE Condominium 99 years May 18, 2018 1,281 1,810,000 1,413 1999 ResaleTANGLIN VIEW Condominium 99 years May 15, 2018 1,141 1,490,000 1,306 2001 ResaleTANGLIN VIEW Condominium 99 years May 18, 2018 1,141 1,555,000 1,363 2001 ResaleTHE ANCHORAGE Condominium Freehold May 16, 2018 1,119 1,600,000 1,429 1997 ResaleTHE ANCHORAGE Condominium Freehold May 18, 2018 1,238 1,700,000 1,373 1997 ResaleTHE CREST Condominium 99 years May 18, 2018 1,335 2,499,000 1,872 2017 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years May 15, 2018 1,582 2,380,000 1,504 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years May 17, 2018 893 1,388,000 1,554 2004 ResaleTHE COAST AT SENTOSA COVE Condominium 99 years May 21, 2018 2,024 3,300,000 1,631 2009 ResaleTHE INTERLACE Condominium 99 years May 15, 2018 5,210 5,224,000 1,003 2013 ResaleDistrict 5 BIJOU Apartment Freehold May 18, 2018 570 1,131,829 1,984 Uncompleted New SaleBLUE HORIZON Condominium 99 years May 18, 2018 904 942,000 1,042 2005 Resale

HARBOUR VIEW GARDENS Apartment Freehold May 15, 2018 689 1,258,000 1,826 Uncompleted New SaleHARBOUR VIEW GARDENS Apartment Freehold May 19, 2018 1,001 1,711,000 1,709 Uncompleted New SaleHORIZON RESIDENCES Condominium Freehold May 21, 2018 1,324 1,980,000 1,495 2014 ResaleHUNDRED TREES* Condominium 956 years May 15, 2018 786 1,080,000 1,374 2013 ResaleLIIV RESIDENCES Apartment Freehold May 16, 2018 398 754,000 1,893 Uncompleted New SaleMONTEREY PARK CONDOMINIUM Condominium 999 years May 15, 2018 2,056 1,850,000 900 2005 ResalePARC RIVIERA Condominium 99 years May 15, 2018 904 1,265,000 1,399 Uncompleted New SaleREGENT PARK Condominium 99 years May 17, 2018 1,227 1,140,000 929 1997 ResaleTHE CLEMENT CANOPY* Apartment 99 years May 17, 2018 1,109 1,591,000 1,435 Uncompleted New SaleTHE PEAK@BALMEG Condominium Freehold May 18, 2018 990 1,600,000 1,616 2011 ResaleTHE ROCHESTER Apartment 99 years May 22, 2018 1,679 2,200,000 1,310 2011 ResaleTHE SORRENTO Condominium Freehold May 22, 2018 710 1,040,000 1,464 2015 ResaleTHE TRILINQ Condominium 99 years May 15, 2018 1,346 1,775,000 1,319 2017 ResaleTHE VERANDAH RESIDENCES* Apartment Freehold May 16, 2018 1,281 2,368,000 1,849 Uncompleted New SaleTWIN VEW Apartment 99 years May 20, 2018 1,066 1,364,000 1,280 Uncompleted New SaleTWIN VEW Apartment 99 years May 20, 2018 710 1,083,000 1,524 Uncompleted New SaleVILLA DE WEST Condominium Freehold May 21, 2018 1,012 1,200,000 1,186 1995 ResaleWEST BAY CONDOMINIUM Condominium 99 years May 22, 2018 1,346 1,050,000 780 1993 ResaleWESTCOVE CONDOMINIUM Condominium 99 years May 22, 2018 1,302 1,030,000 791 1998 ResaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years May 21, 2018 1,399 2,500,000 1,787 2014 ResaleSUNSHINE PLAZA Apartment 99 years May 18, 2018 1,130 1,380,000 1,221 2001 ResaleDistrict 8 BRISTOL LODGE Apartment Freehold May 15, 2018 969 1,020,000 1,053 1993 ResaleCITYLIGHTS Condominium 99 years May 15, 2018 872 1,386,000 1,590 2007 ResaleCITYLIGHTS Condominium 99 years May 18, 2018 689 1,070,000 1,553 2007 ResaleCITYSCAPE @FARRER PARK Condominium Freehold May 17, 2018 1,076 1,538,000 1,429 2014 ResaleCLYDES RESIDENCE Apartment Freehold May 18, 2018 1,119 1,230,000 1,099 2005 ResaleLOFT @ RANGOON Apartment Freehold May 17, 2018 420 650,000 1,548 2013 ResaleSOHO 188 Apartment Freehold May 17, 2018 592 930,000 1,571 2008 ResaleSTUDIOS @ MARNE Apartment Freehold May 18, 2018 560 750,000 1,340 2010 ResaleDistrict 9 111 EMERALD HILL Apartment Freehold May 21, 2018 2,121 5,194,000 2,449 2011 ResaleCAIRNHILL CREST Condominium Freehold May 18, 2018 1,970 3,980,000 2,020 2004 ResaleESPADA Apartment Freehold May 16, 2018 377 1,000,000 2,654 2013 ResaleMACKENZIE 88 Apartment Freehold May 15, 2018 807 1,250,000 1,548 2009 ResaleMARTIN PLACE RESIDENCES Condominium Freehold May 18, 2018 1,044 2,220,000 2,126 2011 ResaleMAKEPEACE ROAD Terrace Freehold May 21, 2018 1,550 3,750,000 2,421 Unknown ResaleRICHMOND PARK Condominium Freehold May 16, 2018 1,259 3,350,000 2,660 1996 ResaleRIVERIA GARDENS Apartment Freehold May 17, 2018 1,432 3,434,400 2,399 2010 ResaleSOPHIA RESIDENCE Condominium Freehold May 18, 2018 1,453 2,390,000 1,645 2014 ResaleDistrict 10 ARDMORE II Condominium Freehold May 15, 2018 2,024 5,620,000 2,777 2010 ResaleBOTANIC GARDENS VIEW Apartment Freehold May 22, 2018 1,410 3,000,000 2,128 Unknown ResaleCLIFTEN Apartment Freehold May 15, 2018 1,066 1,860,000 1,745 2006 ResaleCLIFTEN Apartment Freehold May 21, 2018 1,184 1,891,000 1,597 2006 ResaleCUSCADEN RESIDENCES Condominium Freehold May 18, 2018 2,077 4,800,000 2,311 2002 ResaleD’LEEDON* Condominium 99 years May 15, 2018 5,134 6,648,160 1,295 2014 ResaleGALLOP GABLES Condominium Freehold May 15, 2018 2,174 3,700,000 1,702 1997 ResaleGOODWOOD RESIDENCE Condominium Freehold May 15, 2018 3,907 8,000,000 2,047 2013 ResaleHOLLAND GROVE Semi-Detached 99 years May 17, 2018 2,422 3,020,000 1,247 1997 ResaleLATITUDE Condominium Freehold May 15, 2018 2,788 5,600,000 2,009 2010 ResaleLE NOUVEL ARDMORE Condominium Freehold May 21, 2018 3,907 16,800,000 4,300 2014 ResaleLE NOUVEL ARDMORE Condominium Freehold May 21, 2018 4,133 16,036,040 3,880 2014 ResaleWOOLLERTON DRIVE Detached Freehold May 17, 2018 8,159 14,000,000 1,716 Unknown ResaleALLAMANDA GROVE Detached Freehold May 21, 2018 4,521 7,250,000 1,603 2006 ResaleNASSIM JADE Condominium Freehold May 15, 2018 3,272 6,000,000 1,834 1997 ResaleNATHAN RESIDENCES Apartment Freehold May 22, 2018 775 1,500,000 1,935 2013 ResaleST REGIS RESIDENCES SINGAPORE Apartment 999 years May 15, 2018 1,507 3,850,000 2,555 2008 ResaleSTELLAR RV Apartment Freehold May 15, 2018 506 902,000 1,783 2015 ResaleTANGLIN REGENCY Condominium 99 years May 16, 2018 710 998,000 1,405 1998 ResaleTHE LEVELZ Condominium Freehold May 15, 2018 1,281 2,000,000 1,561 2004 ResaleTHE NASSIM Condominium Freehold May 18, 2018 1,927 6,986,000 3,626 2015 ResaleTHE TESSARINA Condominium Freehold May 21, 2018 1,033 1,650,000 1,597 2003 ResaleTHE TRESOR Condominium 999 years May 16, 2018 1,927 3,828,000 1,987 2007 ResaleTHE TRIZON Condominium Freehold May 21, 2018 1,346 2,650,000 1,970 2012 ResaleZENITH Apartment 999 years May 15, 2018 775 1,500,000 1,935 2011 Resale

ZENITDistric26 NEWAMARCAPITCUBE D’CHALINCOMANDMEDGTREVOGREENSANNYSOLEITHOMTRILIGDistricBEACOBOONBOOND’MIRAECOVIGEM RGEM RKALLAJALANRIVERTHE RTRELLVISTA DistricBARTLEURO-MACPPARC ASENNEDistricASTORAVANTAVANTCASSID’WEAEUHABLA BRLE CRELORONPARK PARK PRIMEREZI 3REZI 3ROYCESILAHSIMS USIXTESIXTETHE SVACANVACANWATERDistric38 I SUAMBEAMBECORALCOSTADUNMESPIRFLAMIFORT GIMPERLAGOOLEGENMANDMARINMELROCARPMKEE SCEYLOSIGLATANJONEPTUNEPTUOVADASEASISEASISUITETHE ATHE COTHE ESTHE GTHE LITHE MVIBESDistricAQUARCHANGCOSTAGRANGRANUPPERSEA BJALANJALANLUCKYJALANJALANPARBUSEA PASEA PASEA PASUNHAWATERDistricCARISESTELFERRAPARC PARC DistricCOCO D’NESEASTPLIVIA NV RERIS GRSAVAN

DONE DEALS

R

Residential transactions with contracts dated May 15 to 22

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

| BY CHARLENE CHIN |

Some transactions in the luxury

homes market within the Orchard

Road area are still making losses.

Given that the area is a coveted

prime spot, why aren’t home pric-

es fetching much more?

Take Cuscaden Residences, for in-

stance. This year, the only two units

sold at the Cuscaden Road condominium

changed hands at a loss. The 150-unit

freehold development, by HPL Proper-

ties, is a 14-minute walk from ION Or-

chard mall.

A 2,077 sq ft, three-bedroom unit on

a high floor at Cuscaden Residences was

sold for $4.8 million ($2,311 psf) in May;

the owner purchased it in 2011 for $5.5

million ($2,647 psf).

A smaller three-bedroom unit of 1,485

sq ft was sold for $3.12 million ($2,100

psf) in March. The mid-floor unit was also

bought seven years ago, at $3.33 million

($2,242 psf).

Dominic Lee, head of the luxury team

at PropNex Realty, attributes the own-

ers’ losses to timing. “Their entry point

was in 2011, when the market was near-

ing peak prices, and they sold the units

at the beginning of another upturn,” he

explains. “Do note also that the property

market now has much more controlled

growth, owing to the cooling measures

in place.”

“If they had held out for two more

years, I’m quite sure they would have got

a higher price than what they got now,”

Lee points out. After all, the average

transaction price at Cuscaden Residences

has risen 15.9% y-o-y, from $1,918 psf

in 2017 to $2,223 psf this year.

Meanwhile, opposite Cuscaden Resi-

dences, the 173-unit St Regis Residenc-

es, a 999-year leasehold project by City

Developments, saw four transactions

this year, of which three incurred loss-

es (after factoring in inflation) and one

made a $600,000 gain over a holding pe-

riod of six years.

But the losing trend does not hold

for all developments in the vicinity. At

the freehold Four Seasons Park on Or-

chard Boulevard, the latest transaction

was for a 2,260 sq ft, four-bedroom unit

that changed hands for $5.5 million

($2,433 psf) in April. The owner had

purchased the unit for $2.2 million ($973

psf) in 1999.

“Prices at Four Seasons Park follow

the market trend, but in a rising market,

prices rise higher,” says Suzie Mok, sen-

ior director of investment sales at Sav-

ills Singapore.

Further along Orchard Boulevard is

3 Orchard By-The-Park, a site that YTL

Corp purchased en bloc for $435 million

in November 2007. PropNex’s Lee, who

is marketing the property, says YTL will

conduct a soft launch at end-June, when

29 of the 77 units in the luxury project

will be up for sale, at psf prices starting

from $4,000.

The flurry of activity in the vicinity

is bound to lift prices of neighbouring

homes. Orchard Bel-Air, marketed by

Savills’ Mok, is currently attempting a

collective sale. The process is still un-

derway, she says. But she remains op-

timistic, as the Government Land Sales

site on Cuscaden Road, which drew a

top bid of $410 million, or $2,377 psf

per plot ratio, has helped to boost pric-

es in the vicinity.

Some Orchard Road condos miss out on property gains


PROJE

THE EDGE SINGAPORE

The 150-unit Cuscaden Residences, on Cuscaden Road, is a 14-minute walk to the Orchard MRT station E


ZENITH Apartment 999 years May 17, 2018 775 1,480,000 1,910 2011 ResaleDistrict 11 26 NEWTON Apartment Freehold May 17, 2018 775 2,027,455 2,616 2016 ResaleAMARYLLIS VILLE Condominium 99 years May 16, 2018 1,259 2,000,000 1,588 2004 ResaleCAPITOL PARK Semi-Detached Freehold May 21, 2018 3,584 5,736,000 1,599 1996 ResaleCUBE 8 Condominium Freehold May 15, 2018 893 1,500,000 1,679 2013 ResaleD’CHATEAU @ SHELFORD Apartment Freehold May 15, 2018 915 1,620,000 1,771 2010 ResaleLINCOLN SUITES Condominium Freehold May 15, 2018 1,033 2,180,000 2,110 2014 ResaleMANDALE HEIGHTS Apartment Freehold May 21, 2018 2,497 2,600,000 1,041 2004 ResaleMEDGE Apartment Freehold May 22, 2018 463 738,000 1,594 2007 ResaleTREVOSE CRESCENT Detached Freehold May 17, 2018 8,310 16,600,000 1,997 Unknown ResaleGREENDALE AVENUE Semi-Detached Freehold May 18, 2018 2,713 6,300,000 2,324 2016 ResaleSANNY PARK Terrace Freehold May 21, 2018 1,679 5,200,000 3,089 1976 ResaleSOLEIL @ SINARAN Condominium 99 years May 22, 2018 1,098 2,030,000 1,849 2011 ResaleTHOMSON 800 Condominium Freehold May 21, 2018 1,399 1,863,468 1,332 1999 ResaleTRILIGHT Condominium Freehold May 21, 2018 1,087 2,300,000 2,116 2012 ResaleDistrict 12 BEACON HEIGHTS Condominium 999 years May 17, 2018 667 825,000 1,236 2012 ResaleBOON TECK TOWER Condominium Freehold May 18, 2018 1,658 1,850,000 1,116 1984 ResaleBOON TECK TOWER Condominium Freehold May 21, 2018 1,658 1,730,000 1,044 1984 ResaleD’MIRA Apartment Freehold May 15, 2018 1,507 1,850,000 1,228 2012 ResaleECOVILLE Apartment Freehold May 17, 2018 1,184 1,400,000 1,182 2008 ResaleGEM RESIDENCES* Condominium 99 years May 15, 2018 1,313 1,969,000 1,499 Uncompleted New SaleGEM RESIDENCES Condominium 99 years May 16, 2018 1,313 1,954,000 1,488 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold May 18, 2018 1,432 3,158,616 2,206 Uncompleted New SaleJALAN TAMAN Terrace Freehold May 22, 2018 2,939 3,000,000 1,020 Unknown ResaleRIVERSIDE MELODIES Apartment Freehold May 15, 2018 1,507 1,880,000 1,248 2014 ResaleTHE RIVERINE BY THE PARK Apartment Freehold May 15, 2018 1,776 2,700,000 1,520 2010 ResaleTRELLIS TOWERS Condominium Freehold May 17, 2018 710 1,055,000 1,485 2000 ResaleVISTA RESIDENCES Condominium Freehold May 16, 2018 1,152 1,680,000 1,459 2013 ResaleDistrict 13 BARTLEY RIDGE* Condominium 99 years May 15, 2018 732 1,130,000 1,544 2016 ResaleEURO-ASIA PARK Condominium Freehold May 18, 2018 1,528 1,900,000 1,243 1996 ResaleMACPHERSON GARDEN ESTATE Terrace Freehold May 17, 2018 883 1,550,000 1,752 Unknown ResalePARC ASTON Apartment Freehold May 21, 2018 1,163 1,350,000 1,161 2011 ResaleSENNETT ESTATE Terrace Freehold May 16, 2018 1,012 1,855,000 1,837 1960 ResaleDistrict 14 ASTORIA PARK Condominium 99 years May 15, 2018 958 945,000 986 1995 ResaleAVANT RESIDENCES Apartment 99 years May 16, 2018 484 774,600 1,599 2012 ResaleAVANT RESIDENCES Apartment 99 years May 17, 2018 398 665,000 1,670 2012 ResaleCASSIA VIEW Apartment Freehold May 18, 2018 2,411 2,680,000 1,112 1998 ResaleD’WEAVE Apartment Freehold May 16, 2018 829 895,000 1,080 2014 ResaleEUHABITAT Condominium 99 years May 16, 2018 538 708,888 1,317 2015 ResaleLA BRISA Apartment Freehold May 21, 2018 474 640,000 1,351 2012 ResaleLE CRESCENDO Condominium Freehold May 21, 2018 3,509 2,868,000 817 2006 ResaleLORONG MYDIN Terrace Freehold May 15, 2018 2,357 2,750,000 1,168 1994 ResalePARK PLACE RESIDENCES AT PLQ Apartment 99 years May 16, 2018 667 1,385,000 2,075 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years May 17, 2018 1,163 2,032,000 1,748 Uncompleted New SalePRIMEDGE Apartment Freehold May 15, 2018 474 670,000 1,415 2014 ResaleREZI 35 Apartment Freehold May 15, 2018 797 1,295,000 1,626 Uncompleted New SaleREZI 35 Apartment Freehold May 16, 2018 926 1,432,500 1,547 Uncompleted New SaleROYCE RESIDENCES Apartment Freehold May 18, 2018 743 730,000 983 2013 ResaleSILAHIS VILLE Terrace Freehold May 21, 2018 2,282 3,080,000 1,349 1983 ResaleSIMS URBAN OASIS Condominium 99 years May 17, 2018 1,184 1,777,900 1,502 2017 New SaleSIXTEEN35 RESIDENCES* Apartment 99 years May 19, 2018 484 740,000 1,528 Uncompleted New SaleSIXTEEN35 RESIDENCES Apartment 99 years May 19, 2018 570 889,000 1,558 Uncompleted New SaleTHE SUNNY SPRING Apartment Freehold May 15, 2018 1,109 1,260,000 1,136 1998 ResaleVACANZA @ EAST Condominium Freehold May 16, 2018 807 925,000 1,146 2014 ResaleVACANZA @ EAST Condominium Freehold May 16, 2018 840 908,000 1,081 2014 ResaleWATERBANK AT DAKOTA Condominium 99 years May 16, 2018 2,820 3,770,000 1,337 2013 ResaleDistrict 15 38 I SUITES Apartment Freehold May 15, 2018 463 742,000 1,603 2014 ResaleAMBER 45* Apartment Freehold May 16, 2018 614 1,450,000 2,363 Uncompleted New SaleAMBER SKYE Apartment Freehold May 18, 2018 1,216 2,546,000 2,093 2017 ResaleCORALIS Condominium Freehold May 22, 2018 3,089 4,500,000 1,457 2013 ResaleCOSTA ESTE Apartment Freehold May 21, 2018 1,367 1,500,000 1,097 2009 ResaleDUNMAN VIEW Condominium 99 years May 18, 2018 1,216 1,200,000 987 2004 ResaleESPIRA SPRING Apartment Freehold May 15, 2018 2,099 1,750,000 834 2009 ResaleFLAMINGO VALLEY Condominium Freehold May 22, 2018 1,206 1,800,000 1,493 2014 ResaleFORT GARDENS Condominium Freehold May 18, 2018 958 1,350,000 1,409 1993 ResaleIMPERIAL HEIGHTS Apartment Freehold May 15, 2018 775 1,100,000 1,419 2009 ResaleLAGOON VIEW Apartment 99 years May 15, 2018 1,647 1,880,000 1,142 Unknown ResaleLEGENDA AT JOO CHIAT Condominium 99 years May 15, 2018 1,033 1,030,000 997 2004 ResaleMANDARIN GARDENS Condominium 99 years May 18, 2018 1,572 1,800,000 1,145 1986 ResaleMARINE BLUE Condominium Freehold May 18, 2018 1,270 1,621,000 1,276 2016 ResaleMELROSE VILLE Apartment Freehold May 18, 2018 872 1,060,000 1,216 2011 ResaleCARPMAEL ROAD Terrace Freehold May 15, 2018 1,593 3,498,000 2,203 1934 ResaleKEE SUN AVENUE Terrace Freehold May 17, 2018 1,679 2,600,000 1,545 1974 ResaleCEYLON ROAD Terrace Freehold May 21, 2018 2,088 2,750,000 1,316 Unknown ResaleSIGLAP ROAD Detached Freehold May 21, 2018 7,169 6,500,000 907 1963 ResaleTANJONG KATONG ROAD Semi-Detached Freehold May 21, 2018 4,241 7,200,000 1,698 Unknown ResaleNEPTUNE COURT Apartment 99 years May 15, 2018 1,636 1,455,000 889 1975 ResaleNEPTUNE COURT Apartment 99 years May 21, 2018 1,636 1,488,000 909 1975 ResaleOVADA 8 Apartment Freehold May 21, 2018 1,324 1,270,000 959 2001 ResaleSEASIDE RESIDENCES* Apartment 99 years May 15, 2018 506 950,000 1,878 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years May 15, 2018 506 923,000 1,824 Uncompleted New SaleSUITES @ GUILLEMARD Apartment Freehold May 21, 2018 1,195 1,280,000 1,071 2014 ResaleTHE AMARELLE Apartment Freehold May 15, 2018 1,152 1,515,000 1,315 2009 ResaleTHE COTZ Apartment Freehold May 21, 2018 452 590,000 1,305 2010 ResaleTHE ESTA Condominium Freehold May 15, 2018 1,313 2,400,000 1,828 2008 ResaleTHE GRANDIFLORA Apartment Freehold May 21, 2018 807 870,000 1,078 2004 ResaleTHE LINE @ TANJONG RHU Condominium Freehold May 21, 2018 1,055 2,321,000 2,200 2016 ResaleTHE MEYERISE Condominium Freehold May 18, 2018 5,490 14,000,000 2,550 2014 ResaleVIBES @ EAST COAST Apartment Freehold May 22, 2018 388 580,000 1,497 2014 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years May 22, 2018 1,098 910,000 829 2000 ResaleCHANGI COURT Condominium Freehold May 17, 2018 840 908,000 1,081 1997 ResaleCOSTA DEL SOL Condominium 99 years May 17, 2018 1,227 1,700,000 1,385 2003 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years May 18, 2018 1,130 1,649,112 1,459 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 18, 2018 1,238 1,930,000 1,559 Uncompleted New SaleUPPER EAST COAST ROAD Semi-Detached Freehold May 15, 2018 3,283 4,100,000 1,250 1996 ResaleSEA BREEZE GROVE Terrace Freehold May 15, 2018 1,830 2,750,000 1,502 1992 ResaleJALAN LANGGAR BEDOK Semi-Detached Freehold May 15, 2018 4,349 3,900,000 897 Unknown ResaleJALAN TANJONG Terrace Freehold May 15, 2018 2,045 2,175,000 1,066 Unknown ResaleLUCKY VIEW Semi-Detached Freehold May 18, 2018 3,810 5,010,000 1,317 Unknown ResaleJALAN PERGAM Semi-Detached Freehold May 18, 2018 3,681 2,950,000 802 Unknown ResaleJALAN TANJONG Terrace Freehold May 18, 2018 2,045 3,700,000 1,813 Unknown ResalePARBURY HILL CONDOMINIUM Condominium Freehold May 21, 2018 1,238 1,570,000 1,268 1997 ResaleSEA PAVILION RESIDENCES* Apartment Freehold May 19, 2018 667 1,244,000 1,864 Uncompleted New SaleSEA PAVILION RESIDENCES Apartment Freehold May 19, 2018 667 1,236,000 1,852 Uncompleted New SaleSEA PAVILION RESIDENCES Apartment Freehold May 19, 2018 1,496 2,300,000 1,537 Uncompleted New SaleSUNHAVEN Condominium Freehold May 17, 2018 1,066 1,050,000 985 2002 ResaleWATERFRONT ISLE Condominium 99 years May 17, 2018 915 1,120,000 1,224 2015 ResaleDistrict 17 CARISSA PARK CONDOMINIUM Condominium Freehold May 16, 2018 947 800,000 845 2001 ResaleESTELLA GARDENS Condominium Freehold May 18, 2018 1,292 1,180,000 914 1999 ResaleFERRARIA PARK CONDOMINIUM Condominium Freehold May 17, 2018 1,023 915,000 895 2009 ResalePARC OLYMPIA Condominium 99 years May 17, 2018 495 560,000 1,131 2015 ResalePARC OLYMPIA Condominium 99 years May 22, 2018 797 762,000 957 2015 ResaleDistrict 18 COCO PALMS Condominium 99 years May 16, 2018 1,259 1,705,600 1,354 2018 New SaleD’NEST Condominium 99 years May 18, 2018 775 850,000 1,097 2017 ResaleEASTPOINT GREEN Condominium 99 years May 15, 2018 1,130 940,000 832 1999 ResaleLIVIA Condominium 99 years May 15, 2018 1,119 880,000 786 2011 ResaleNV RESIDENCES Condominium 99 years May 15, 2018 1,453 1,248,000 859 2013 ResaleRIS GRANDEUR Condominium Freehold May 18, 2018 1,539 1,500,000 974 2005 ResaleSAVANNAH CONDOPARK Condominium 99 years May 15, 2018 1,453 1,250,000 860 2005 Resale

SIMEI GREEN CONDOMINIUM EC 99 years May 21, 2018 1,701 1,410,000 829 1999 ResaleTHE TAPESTRY* Condominium 99 years May 17, 2018 1,432 1,737,450 1,214 Uncompleted New SaleTHE TAPESTRY Condominium 99 years May 17, 2018 990 1,226,340 1,238 Uncompleted New SaleTHE TROPICA Condominium 99 years May 21, 2018 1,238 1,100,000 889 2000 ResaleDistrict 19 A TREASURE TROVE Condominium 99 years May 15, 2018 775 900,000 1,161 2015 ResaleA TREASURE TROVE Condominium 99 years May 16, 2018 1,206 1,338,000 1,110 2015 ResaleEDEN VIEW Apartment Freehold May 15, 2018 2,002 1,580,000 789 2006 ResaleFLO RESIDENCE Condominium 99 years May 17, 2018 926 912,000 985 2016 ResaleFLO RESIDENCE Condominium 99 years May 17, 2018 1,496 1,320,000 882 2016 ResaleFOREST WOODS Condominium 99 years May 18, 2018 926 1,453,000 1,570 Uncompleted New SaleFOREST WOODS Condominium 99 years May 19, 2018 926 1,448,000 1,564 Uncompleted New SaleKINGSFORD WATERBAY* Apartment 99 years May 15, 2018 861 1,166,000 1,354 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 15, 2018 850 1,151,000 1,354 Uncompleted New SaleLLYN GARDENS Terrace Freehold May 18, 2018 1,755 2,688,000 1,530 1991 ResaleBRIGHTON CRESCENT Semi-Detached Freehold May 16, 2018 3,380 3,650,000 1,080 1980 ResaleDA SILVA LANE Terrace Freehold May 16, 2018 4,047 3,100,000 767 Unknown ResaleHILLSIDE TERRACE Terrace 999 years May 18, 2018 1,927 2,688,000 1,394 Unknown ResalePARC CENTROS Condominium 99 years May 18, 2018 990 1,103,000 1,114 2016 ResalePARC CENTROS Condominium 99 years May 18, 2018 990 1,239,999 1,252 2016 ResalePARC VERA Condominium 99 years May 16, 2018 1,410 1,435,000 1,018 2014 ResalePARC VERA Condominium 99 years May 17, 2018 786 760,000 967 2014 ResaleRIVER ISLES Condominium 99 years May 16, 2018 1,206 1,088,000 902 2015 ResaleRIVERCOVE RESIDENCES* EC 99 years May 15, 2018 958 997,700 1,041 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years May 18, 2018 958 1,008,900 1,053 Uncompleted New SaleRIVERSAILS Condominium 99 years May 22, 2018 1,109 1,120,000 1,010 2016 ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years May 21, 2018 4,198 5,150,000 1,226 Unknown ResaleSOVEREIGN @ SIMON Terrace 999 years May 15, 2018 2,228 1,801,800 809 2009 ResaleTHE MINTON Condominium 99 years May 15, 2018 614 730,000 1,190 2013 ResaleTHE QUARTZ Condominium 99 years May 17, 2018 1,130 1,070,000 947 2009 ResaleTHE QUARTZ Condominium 99 years May 18, 2018 1,066 1,050,000 985 2009 ResaleTHE SCALA Apartment 99 years May 15, 2018 850 1,200,000 1,411 2013 ResaleVERDANA VILLAS Semi-Detached Freehold May 16, 2018 4,424 3,020,000 683 2013 ResaleWATERTOWN Apartment 99 years May 15, 2018 527 738,000 1,399 2017 Sub SaleWEMBLY RESIDENCES Apartment Freehold May 21, 2018 1,098 1,360,000 1,239 2011 ResaleDistrict 20 CENTRO RESIDENCES Condominium 99 years May 21, 2018 872 1,230,000 1,411 2014 ResaleGRANDEUR 8 Condominium 99 years May 21, 2018 1,195 1,170,000 979 2005 ResaleJALAN HARI RAYA Terrace Freehold May 17, 2018 1,798 2,315,000 1,286 Unknown ResaleSEMBAWANG HILLS ESTATE Terrace Freehold May 21, 2018 2,121 2,380,000 1,122 Unknown ResaleSKY HABITAT Condominium 99 years May 16, 2018 1,292 1,840,300 1,425 2015 ResaleSKY HABITAT Condominium 99 years May 16, 2018 872 1,300,000 1,491 2015 ResaleTHE GARDENS AT BISHAN Condominium 99 years May 21, 2018 1,572 1,520,000 967 2004 ResaleTHE INGLEWOOD Terrace Freehold May 15, 2018 1,690 2,668,000 1,583 1990 ResaleTHOMSON GRAND Condominium 99 years May 21, 2018 947 1,280,000 1,351 2015 ResaleTHOMSON IMPRESSIONS Semi-Detached 99 years May 15, 2018 2,034 2,530,000 1,244 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years May 17, 2018 1,195 1,602,000 1,341 Uncompleted New SaleWINDSOR PARK ESTATE Terrace Freehold May 18, 2018 2,540 3,380,000 1,332 Unknown ResaleDistrict 21 FLORIDIAN Condominium Freehold May 18, 2018 936 1,680,000 1,794 2012 ResaleGREENRIDGE Terrace Freehold May 16, 2018 2,110 2,780,000 1,320 1987 ResaleHIGH OAK CONDOMINIUM Condominium 99 years May 17, 2018 1,206 1,198,000 994 1999 ResaleHIGH OAK CONDOMINIUM Condominium 99 years May 21, 2018 1,152 1,155,000 1,003 1999 ResaleHIGHGATE Terrace Freehold May 18, 2018 3,089 3,500,000 1,133 1993 ResaleMAYFAIR PARK Semi-Detached 99 years May 15, 2018 3,057 1,150,000 376 Unknown ResaleBINJAI PARK Apartment 999 years May 18, 2018 1,033 1,330,000 1,287 Unknown ResaleSHERWOOD CONDOMINIUM Condominium Freehold May 22, 2018 1,206 1,250,000 1,037 1998 ResaleSPRINGDALE CONDOMINIUM Condominium 999 years May 21, 2018 926 1,080,000 1,167 1998 ResaleSUMMERLEA GREEN Terrace 99 years May 16, 2018 1,615 2,000,000 1,239 1998 ResaleTHE CASCADIA Condominium Freehold May 15, 2018 990 1,625,000 1,641 2010 ResaleTHE CASCADIA Condominium Freehold May 16, 2018 2,465 2,700,000 1,095 2010 ResaleTHE RAINTREE Condominium 99 years May 18, 2018 1,270 1,400,000 1,102 2008 ResaleTHE RAINTREE Condominium 99 years May 21, 2018 1,270 1,285,000 1,012 2008 ResaleDistrict 22 THE CENTRIS Apartment 99 years May 17, 2018 936 1,070,000 1,143 2009 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years May 16, 2018 721 1,100,000 1,525 2014 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years May 17, 2018 721 950,000 1,317 2014 ResaleDistrict 23 CHESTERVALE EC 99 years May 17, 2018 1,410 870,000 617 1999 ResaleECO SANCTUARY Condominium 99 years May 21, 2018 700 885,000 1,265 2016 ResaleESPA Condominium 999 years May 18, 2018 1,087 1,467,450 1,350 2009 ResaleFORESQUE RESIDENCES Condominium 99 years May 17, 2018 1,281 1,590,000 1,241 2014 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years May 21, 2018 1,012 1,112,000 1,099 2000 ResaleHILLBROOKS Condominium Freehold May 21, 2018 1,076 1,080,000 1,003 1999 ResaleKINGSFORD . HILLVIEW PEAK Condominium 99 years May 16, 2018 1,044 1,377,000 1,319 2017 Sub SaleLE QUEST* Apartment 99 years May 19, 2018 710 1,060,000 1,492 Uncompleted New SaleLE QUEST Apartment 99 years May 19, 2018 710 1,057,000 1,488 Uncompleted New SaleLE QUEST Apartment 99 years May 19, 2018 710 1,042,000 1,467 Uncompleted New SaleMERALODGE Condominium Freehold May 16, 2018 1,701 1,620,000 953 1997 ResaleMERAWOODS Condominium 999 years May 18, 2018 1,346 1,370,000 1,018 1999 ResaleNORTHVALE Apartment 99 years May 16, 2018 1,087 767,000 706 1998 ResaleNORTHVALE Apartment 99 years May 17, 2018 1,292 975,000 755 1998 ResaleREGENT GROVE Condominium 99 years May 17, 2018 1,163 780,000 671 2000 ResaleREGENT HEIGHTS Condominium 99 years May 22, 2018 1,023 790,000 773 1999 ResaleSOL ACRES EC 99 years May 16, 2018 710 599,000 843 2018 New SaleSUMMIT VILLE Semi-Detached 999 years May 22, 2018 3,283 2,200,000 670 2006 ResaleTHE HILLIER Apartment 99 years May 16, 2018 560 740,000 1,322 2016 ResaleTHE LINEAR Apartment 999 years May 16, 2018 1,227 1,200,000 978 2006 ResaleTHE LINEAR Apartment 999 years May 16, 2018 1,249 1,110,000 889 2006 ResaleTHE PETALS Condominium Freehold May 15, 2018 1,227 1,348,000 1,099 2002 ResaleTHE TENNERY Apartment 99 years May 17, 2018 850 900,000 1,058 2014 ResaleDistrict 25 CASABLANCA Condominium 99 years May 17, 2018 1,184 930,000 785 2005 ResaleNORTHWAVE* EC 99 years May 15, 2018 1,001 849,000 848 Uncompleted New SaleDistrict 26 BULLION PARK Condominium Freehold May 15, 2018 1,873 1,950,000 1,041 1993 ResaleCASTLE GREEN Condominium 99 years May 16, 2018 1,216 948,000 779 1997 ResaleMEADOWS @ PEIRCE Condominium Freehold May 18, 2018 915 1,190,000 1,301 2012 ResaleSEASONS PARK Condominium 99 years May 17, 2018 1,249 1,088,000 871 1997 ResaleDistrict 27 EIGHT COURTYARDS Condominium 99 years May 16, 2018 1,012 895,000 885 2014 ResaleEIGHT COURTYARDS Condominium 99 years May 18, 2018 1,087 1,005,000 924 2014 ResalePARC LIFE EC 99 years May 17, 2018 1,066 927,000 870 2018 New SaleTHE NAUTICAL Condominium 99 years May 18, 2018 1,130 1,160,000 1,026 2015 ResaleWATERCOVE Semi-Detached Freehold May 16, 2018 3,434 2,550,000 743 Uncompleted New SaleDistrict 28 EATON PARK Semi-Detached Freehold May 16, 2018 2,153 2,788,888 1,295 1995 ResaleESTE VILLA Terrace Freehold May 15, 2018 3,423 2,400,000 701 2013 ResaleH2O RESIDENCES Condominium 99 years May 17, 2018 883 905,000 1,025 2015 ResaleHOCK SWEE HILL Semi-Detached Freehold May 18, 2018 3,509 3,800,000 1,082 1979 ResalePARC BOTANNIA* Condominium 99 years May 15, 2018 775 999,000 1,289 Uncompleted New SalePARC BOTANNIA Condominium 99 years May 17, 2018 1,033 1,278,112 1,237 Uncompleted New SaleSELETAR HILLS ESTATE Terrace 999 years May 15, 2018 3,305 2,920,000 884 Unknown ResaleSELETAR HILLS ESTATE Detached 999 years May 17, 2018 6,103 8,450,000 1,384 Unknown ResaleSELETAR PARK RESIDENCE Condominium 99 years May 16, 2018 1,507 1,306,000 867 2015 ResaleSELETAR SPRINGS CONDOMINIUM Condominium 99 years May 15, 2018 1,216 900,000 740 2000 ResaleSUNRISE GARDENS Condominium 99 years May 21, 2018 2,024 1,400,000 692 1998 ResaleSUNRISE VILLA Terrace Freehold May 18, 2018 2,465 2,780,000 1,130 1985 ResaleSUNRISE GARDENS Condominium 99 years May 21, 2018 2,024 1,400,000 692 1998 ResaleSUNRISE VILLA Terrace Freehold May 18, 2018 2,465 2,780,000 1,130 1985 Resale

DONE DEALS

Residential transactions with contracts dated May 15 to 22

DISCLAIMER:

Source: URA Realis. Updated May 30, 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, owing to the overwhelming number of caveats lodged

EC stands for executive condominium



DEAL WATCH


Recent rental transactions of

500 to 900 sq ft units at Altez

| BY TIMOTHY TAY |

An 862 sq ft, one-bedroom

duplex at Altez has been

put up for sale for $1.72

million ($1,995 psf). The

62-storey condominium by

Far East Organization is located in

vibrant Tanjong Pagar in District 2.

The unit for sale is owned by a for-

eigner, who bought it for $1.93 million

($2,304 psf) in 2011 as an investment.

He has decided to put it up for sale to

unlock its value, says marketing agent

Merry Tjandra, associate branch direc-

tor at Propnex Realty. The unit’s mas-

ter bedroom has unobstructed views

of the surrounding area, including The

Pinnacle@Duxton.

Located on the 32nd floor, the

unit has been regularly leased out for

the past seven years with an average

monthly rent of $5,200. This translates

into an annual rental yield of 3.6%,

based on the current asking price. Al-

tez, on Enggor Street, is connected to

the adjacent Icon Village shopping mall

and is next to the 100 AM retail mall.

It is close to the financial district and

transport links such as the Tanjong

Pagar MRT station and Marina Coast-

al Expressway, making the condo an

attractive choice for corporate exec-

utives and expatriates, says Tjandra.

The only transactions at Altez so

Altez duplex going for $1.7 mil

The 99-year leasehold Altez was completed in 2014

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

Feb 28, 2018 603 1,300,000 2,157

Feb 6, 2018 527 1,210,000 2,294

Nov 23, 2017 603 1,260,000 2,090

TABLES: URA, EDGEPROP

AREA (SQ FT)

603

527

603

PRICE ($ PSF)

2,157

2,294

2,090

Recent transactions at Altez

LEASE DATE (2018) MONTHLY RENT ($)

April 4,500

April 3,750

April 4,000

far this year involved two one-bed-

room units in February. In the first

transaction, a 527 sq ft unit on the

16th floor fetched $1.21 million ($2,294

psf) on Feb 6. Then, on Feb 28, a 603

sq ft unit on the 14th floor was sold

for $1.3 million ($2,157 psf).

The 99-year leasehold Altez com-

prises 208 units, including one-bedroom

units of 527 to 896 sq ft; two-bedroom

units of 837 to 1,029 sq ft; three-bed-

room units of 1,636 to 1,729 sq ft; and

penthouses of 2,444 to 4,054 sq ft. The

condo was completed in 2014. E


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