Singapore Property Weekly Issue 55

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CONTENTS p2 Singapore Property News This Week

p10 Are En-bloc deals still hot?

p15 Resale Property Transactions

(May 23 – May 29)

Welcome to the 55th edition of the Singapore Property Weekly. Hope you like it! Mr. Propwise

FROM THE

EDITOR

mailto:[email protected]

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SINGAPORE PROPERTY WEEKLY Issue 55

Singapore Property This Week

Page | 2 Back to Contents

Residential

Residential supply is expected to remain

high in H2 2012

An estimated upcoming supply of 28 to 30

new residential sites from both the confirmed

and reserve list yielding 14,000 residential

units is predicted, given the high housing

prises and strong demand for both housing

units and land. On the Confirmed list could be

some sites from the current Reserve list with

one or two new sites that had never been

released. Some predicted that 6,000-6,500

units could be released under both the

Confirmed and Reserve Lists, 10% less than

H1’s release since the units launched from

previous GLS sites were more than the

expected number of units given the smaller

unit sizes. Others suggest that if the number

of units released remains the same, there

might be restrictions o the number of units per

plot to prevent developers from building too

many shoebox units.

Meanwhile, some predict the release of one or

two residential plots in the Central Region and

Kallang Riverside, especially since the area

was planned as a work-live precinct and a

growth area under the Master Plan 2008.

Sites in the latter could also come with ground

floor retail/commercial components. MND is

also expected to release more hotel sites

given the demand for such sites in good

central locations and near MRT stations.



New commercial sites are unlikely to be

released given the current slow office market

and pipeline supply, though the Paya Lebar

commercial site which was withdrawn late last

year may be rereleased.

Things to look out for at Mount Sophia

Mount Sophia in District 9 near Dhoby Ghaut

MRT is heating up with a project launch and a

property on collective sale.

Freehold residential project 1919 will be

launched in early June at an attractive price

range of $2,000 psf to $2,200 psf with the

prices of ground floor PES units starting from

$1,600 psf. There are 39 one-bedroom units

with study (560-775 sq ft), 31 two-bedroom

units (646-1001 sq ft, with or without study),

and five three-bedroom units (1001 or 1302

sq ft). It is expected to draw singles and DINK

(double income, no kids) couples given its

location in the Mount Sophia neighbourhood

and its proximity to the many attractions. The

development is expected to be completed in

2015.

Meanwhile, freehold Sophia Mansions, a

residential development located at Adis Road

is asking for $42.5-$45 million or $1,160-

1,228 psf ppr based on a 2.1 gross plot ratio

on the 17,545 sq ft land area, inclusive of

development charge. The potential gross floor

area of about 36,840 sq ft means that it could

possibly be redeveloped into a 6-storey high

boutique development with 35 1,000-sq ft

apartments. Zoned “residential”, the site can

have a maximum height of 36 m above sea

level. Developments on the site may prove

popular with the working class, small families

and investors given its proximity to the

Singapore Management University and the

School of the Arts.



The tender for Sophia Mansions will close on

June 27.

March launch of HDB flats benefits both

first- and second-timers

The March launch of a combined BTO (Build-

To-Order) and SBF (Sale of Balance Flats)

offering with 8,000 new flats meant that the

revised balloting rules could be tested out and

it proved successful, with more success in

second-timer’s applications and a reasonable

success rate for first-timers. Both overall first-

timer application rate and the application rate

in non-mature estates fell, with the former

falling from 2.2 to 1.6 and the latter 1.9 to 1.3.

If the application rate for first-timers remained

below 2, second-timers would have a higher

chance t getting new flats. The overall

application rate of 2.5 (11,410 applications for

4,600 new flats) was also encouraging. Toh Yi

Studio Apartments, which was earlier

criticised for its location on a slope, making it

less elderly-friendly, also saw 220 applications

for its 132 units. The Ageing-in-Place Priority

Scheme was also a success as all Toh Yi

residents who applied for the flat got to select

a unit.

99-year Pasir Ris Drive 3 residential site

draws five bids

The 99-year leasehold 240,222 sq ft

residential site located at Pasir Ris Drive 3

drew a total of five bids, with the top bid of

$211 million, or $418.3 psf ppr from Capital

Development. Though the top bid was within

expectations, the competition from the more

attractive Elias Road site sold in April and Sea

Esta at Loyang Besar explains the relatively

low number of bids. Pasir Ris Park, PA Pasir

Ris Holiday Complex and Pasir Ris Beach is



within walking distance while Pasir Ris MRT

station and White Sands shopping mall are a

short drive away. Elias Mall and West Plaza

also provide the amenities. Its expected

breakeven cost is around $800 psf.

Record sales of 2,200 homes by Far East

from January to May

Far East Org Organization will be offering up

to 3% discounts to mark the record sales of

2,200 homes in the first five months of the

year. The sales from Far East’s projects have

been driving the recovery in the private

housing market, with Watertown’s sales

accounting for over half the 1,872 units sold

in January and Hillsta’s sales the driving force

behind April's record home sales. Developers

are likely to continue building in the suburban

area to meet local demand, since suburban

home prices are more affordable for locals.

The government may introduce more cooling

measures given the recent increase in home

sales. However, home sales in May have

fallen when compared to April’s sales,

possibly as a result of the negative economic

outlook from the Europe’s financial crisis.

Wing Tai chairman predicts oversupply in

the housing market

As buyers fear future price increases, they

may choose to buy a property now instead of

waiting. This may result in an overestimated

projected demand in the next few years,

which may be problematic given the

oversupply and if the economic conditions are

bad. Past rounds of cooling measures failed

to keep a lid on rising prices, even with the

increase in supply, suggesting that there is

pent-up demand from the earlier undersupply,

the growing population and the current



strong liquidity and low interest rate.

Smaller price gap between suburban and

CBD homes

The price gap between condo units in the

suburban areas and units in the CBD and

prime districts have been narrowing, as a

result of the improved MRT network,

increased amenities and the slower luxury

housing market. However, the price is unlikely

to narrow further since there is still a

perceived prestige in owning properties in

prime locations.

The average launch price of suburban condo

units is around $1,000 psf. To cool the mass

market segment, the government can

consider releasing more sites further away

from MRT stations since such property and

land values for these sites are lower than

those nearer train stations.

Villa Des Flores up for sale in the

collective market

Freehold Villa Des Flores located in the prime

District 11 is up for sale with a $160-165

million or $1,533-1,581price tag. Zoned for

landed housing development, the 104,370 sq

ft site located near Orchard Road shopping

belt and top schools consist of 28 four-storey

walk-up apartments (1,378-2,088 sq ft) and 13

town houses (2,034-2,702 sq ft) and can be

redeveloped into a project with two-storey

mixed landed housing with detached, semi-

detached, terrace houses or a combination of

them, based on either conventional housing

types or as a cluster housing development. If

redeveloped as a cluster landed project, 24

strata bungalows, 48 strata semi-detached or

64 strata terrace houses could potentially be

built.



Private resale home transaction volumes

trending upwards

The number of private home resale deals hit

2,551 by May 31, compared to 2,117 in Q1.

This came as a surprise since the spike in

March to 1,142 resale transactions was not

expected to happen again. This is especially

since only 332 such transactions were

completed by April 24. Furthermore, the

uncertain global economic conditions had

worsened in the months since March. This

suggests that the increase in transactions was

due to occupier demand. Meanwhile, the

figure for Q2 2012 is expected to hit 3,300 to

3,500 units as buyers, encouraged by the

primary market and the high prices in new

launches, re-enters the resale market.

HDB resale prices also reflected an upward

trend, having increased by 2.05% in April and

May to $438,800 from $430,000 in Q1 with

the highest price increases from Bukit

Panjang (by 7.6% to $460,000), Bukit Merah

(by 7.55% to $591,500), and Marine Parade

(by 7.37% to $502,500). However, the prices

are unlikely to increase further since buyers

may not be willing to pay the high cash over

valuations.

Meanwhile, rental volumes for private non-

landed units decreased by 33.2% from 7,504

in Q1 to 5,014 in April-May while rental yield

decreased by 25 basis points to 4%. Rental

yield in the Core Central region (CCR) fell

from 3.42% to 3.19%, while the yield in the

Rest of Central region (RCR) fell by 12 basis

points to 4%. Rental yield in the Outside

Central Region (OCR) also fell by 20 basis

points to 4%. Some believe that the

downward trend for rental yield is not a cause

for concern since the low interest rate meant

lower refinancing. The lower volume rental,



however, may be a cause for concern.

Commercial

Units at freehold Paya Lebar industrial

project selling at record prices above

$1,000 psf

The strata-titled freehold industrial project,

AZ@ Payar Lebar, located along Paya Lebar

road has been selling at record high prices

above $1,000 psf. This is attributed to the

project’s proximity to the MacPherson MRT

station and the small unit sizes (mainly below

1,400 sq ft) as well as its freehold status.

Ground floor units were sold at $1,700-2,100

psf and above, while other units were sold at

$1,110 psf onwards. Though high, prices are

still within expectations. The overall average

launch price for the units (979-2,497 sq ft) is

between $1,000-1,100 psf. 103 of the 201

units had been sold. The units could prove

attractive to businesses and SMEs given its

proximity to the MRT and the direct car park

access in its design.

Demand and high prices for industrial

properties a cause for concern

The sudden increase in speculative demand

for industrial property and the high prices are

cause for concern as many investors are new

to the market.

These investors may not achieve the high

rental yield they expected, especially with the

huge upcoming supply of factory and

warehouse space (3,696,000 sq m and

1,192,000 sq m respectively by 2015), which

may lead to a tenant shortage and lower

rental rates. Furthermore, with the prices of

industrial property rising faster than rents (up

26% in Q1 2012 from Q1 2011 compared to

the 10.6% for rents),



the rental yields have begun falling. While

some marketing agents have been asking for

more than twice the market rates ($4-6 psf),

they are likely trying to attract quasi office

users, especially since some buildings

resemble office buildings. Rents for light

industrial space are usually in the range of

$1.80 to $2 psf. However, owners who are

seeking high rental yields from this may face

enforcement action from the URA.

Furthermore, the negative global economic

outlook as a result of Europe’s financial crisis

may lead to tenants of such spaces pre-

terminating their contracts and owners of

strata title industrial units dumping the

property.

While the government have been introducing

measures to discourage speculative demand,

such as the new strata sub-division conditions

for sites near MRT stations and the minimum

unit size of 1,615 sq ft or 150 sq m, the

effects of these measures will only be felt

much later. Meanwhile, the number of

shoebox units has been on the rise, with 50%

of the transactions in the first five months of

2012 being such units, compared to 37% in

the whole of 2011. Prices also remained high,

with freehold AZ@Paya Lebar having a

record high average launch price of $1,000-

1,100 psf and freehold Arcsphere@Aljunied

at $950-980 psf.

http://www.moneymatters.sg/



Are En-bloc deals still hot?

By Getty Goh

Many Singaporeans have long had a love

affair with en-bloc property deals. Ever since

the red hot en-bloc market in the mid-2000s,

when we used to read about how some lucky

property owners became millionaires

overnight from en-bloc deals, some

Singaporeans have been actively seeking out

the next big en-bloc deal.

However, the Singapore property market has

evolved significantly in the last few years. For

those who are still on the lookout for the next

big en-bloc deal, the question they should ask

themselves is whether en-bloc deals are as

profitable as they used to be?



Analyzing the En-bloc Transaction Volume

Some of you may recall that during 2006 and

2007, there were frequent media reports on

en-bloc news transactions. On hindsight, the

en-bloc market then was indeed very active.

The high level of en-bloc activity could be

seen from the high volume as well as amount

transacted in 2006 and 2007 (see Figure 1).

Figure 1: Transacted Volume and Amount

for En-bloc (1995- 2011)

Source: URA Realis and Ascendant Assets

Pte Ltd

Due to the global financial crisis, the years

that followed (i.e. 2008 and 2009) saw low en-

bloc activity. The level of interest in en-bloc

deals subsequently picked up again in 2010

and 2011. However, at a total transaction

amount of around $2billion, the current

market is a far cry from the peak of 2006 and

2007 (more than $8billion and $12billion

respectively). More importantly, we can

conclude that the en-bloc property market

is not vibrant as it used to be and investors

who are looking to find the next en-bloc deal

would have to be more selective and not jump

at any old development.

Location, Location Location! – Where is

the hottest en-bloc location?

It is not surprising that en-bloc deals are not

uniformly distributed across Singapore and

some districts have more en-bloc transactions



than others. However, what would be of

interest to investors is where these hot en-

bloc locations are.

Looking at en-bloc transactions since 2009,

my research team at Ascendant Assets found

that the top 5 districts that had the highest

number of en-bloc transactions are as

follows.

Figure 2: Top 5 Districts that saw the

highest number of en-bloc transactions

(Jan 2009 to March 2012)

Source: URA Realis and Ascendant Assets

Pte Ltd

Why are there more en-bloc deals in these 5

districts? To answer this question, we turn to

the past Government Land Sales (GLS)

transactions for the answer.

Land is a very important component in any

property transaction. To acquire land for a

project, property developers have two main

sources to turn to. The first source is to buy

public land from the government via GLS

program. The second source is to purchase

private land from existing owners via the en-

bloc process. Hence, developers who wish to

profit from housing demand in locations that

have little (or no) public land for sale would

have to turn to en-bloc deals.



Figure 3: GLS around Singapore from

2000-2011

Source: URA and Ascendant Assets Pte Ltd

By visually analyzing the GLS map in Figure

3, it is observed that the top 5 en-bloc

locations (highlighted in red) are districts that

did not have much government land for sale.

This seems to support our hypothesis that

locations that have been en-bloc hotspots in

2009 to 2011 are up-and-coming areas that

have limited public land for sale.

Age of the En-bloc Development

Apart from location, when it comes to en-bloc

deals, we would intuitively think that an older

development would generally stand a higher

chance to be an en-bloc candidate. While that

may be the case, have you wondered what is

the average age of successful en-bloc deals?

From my company’s research, we found that

the average age of successful en-bloc

transactions is 22 years (from when the

development was deemed to be completed to

when it was sold collectively). Hence

investors who wish to find suitable en-bloc

candidates should potentially go for

developments that are at least 20 years old.



Nonetheless, it does not mean that young

developments do not stand a chance of being

an en-bloc candidate. Based on caveats

lodged with URA, the “youngest”

development that was sold collectively was a

4-year old project called the Olivio (located in

the Balestier). It was bought by the Sim Lian

Group in 2006. However, older developments

generally tend to be more viable en-bloc

candidates.

Putting all these facts together, we can

conclude that the en-bloc market is not as

active as it once was. While going for en-bloc

deals is not something that I would do right

now, investors who are still keen to look at

this market segment would have to be more

selective in their purchase. Those of you who

would like to have the full list of districts and

their distribution of en-bloc transactions (as

shown in Figure 2), do feel free to drop me an

email at [email protected]. I

would be happy to share our findings. Who

knows, using some of the information that we

have provided here, perhaps you would be

able to find the next en-bloc mega deal.

By Getty Goh, Director of Ascendant Assets,

a real estate research and investment

consultancy firm.




http://www.ascendantassets.com/





Non-Landed Residential Resale Property Transactions for the Week of May 23 – May 29

Postal

DistrictProject Name

Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

1 THE SAIL @ MARINA BAY 1,647 3,129,300 1,900 99

1 THE SAIL @ MARINA BAY 678 1,250,000 1,843 99

1 EMERALD GARDEN 1,238 1,850,000 1,495 999

3 THE REGENCY AT TIONG BAHRU 1,281 1,858,000 1,451 FH

3 RIVER PLACE 872 1,210,000 1,388 99

3 ALESSANDREA 1,001 1,250,000 1,249 FH

3 THE ANCHORAGE 1,421 1,690,000 1,189 FH

3 THE ANCHORAGE 1,238 1,280,000 1,034 FH

4 CARIBBEAN AT KEPPEL BAY 1,249 1,900,000 1,522 99

4 THE PEARL @ MOUNT FABER 1,173 1,420,000 1,210 99

4 HARBOURLIGHTS 883 1,000,000 1,133 FH

5 CARABELLE 1,475 1,680,000 1,139 956

5 BOTANNIA 1,227 1,335,000 1,088 956

5 PASIR VIEW PARK 1,335 1,400,000 1,049 FH

5 NORMANTON PARK 1,270 1,310,000 1,031 102

5 REGENT PARK 915 942,000 1,030 99

5 DOVER PARKVIEW 936 920,000 982 99

5 REGENT PARK 1,173 1,100,000 938 99

5 PASIR PANJANG COURT 1,313 1,188,000 905 FH

5 FABER CREST 1,356 1,188,000 876 99

5 WESTCOVE CONDOMINIUM 1,130 915,000 810 99

7 TEXTILE CENTRE 1,001 888,000 887 99

8 RACE COURSE RD/OWEN RD CON AREA 3,197 4,100,000 1,282 FH

9 HELIOS RESIDENCES 1,281 4,838,900 3,778 FH

9 HELIOS RESIDENCES 1,281 4,737,300 3,698 FH

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

9 THE METZ 581 1,550,000 2,667 FH

9 BELLE VUE RESIDENCES 2,347 6,106,700 2,602 FH

9 THE COSMOPOLITAN 1,399 2,775,000 1,983 FH

9 UE SQUARE 506 950,000 1,878 929

9 THE IMPERIAL 1,808 3,100,000 1,714 FH

9 8 @ MOUNT SOPHIA 1,453 2,248,000 1,547 103

10 CUSCADEN RESIDENCES 2,088 5,510,000 2,639 FH

10 ARDMORE II 2,024 5,100,000 2,520 FH

10 TANGLIN PARK 1,765 3,533,800 2,002 FH

10 BALMORAL HILLS 1,389 2,630,000 1,894 FH

10 MONTVIEW 1,744 2,680,000 1,537 FH

10 THE TESSARINA 1,313 1,850,000 1,409 FH

10 ALLSWORTH PARK 1,959 2,758,000 1,408 999

10 THE ASTON 1,109 1,530,000 1,380 FH

10 THE TESSARINA 1,033 1,390,000 1,345 FH

10 DUCHESS CREST 1,378 1,740,000 1,263 99

10 HOLLAND COURT 1,948 2,450,000 1,258 FH

10 RIDGEWOOD 2,002 2,400,000 1,199 999

11 SOLEIL @ SINARAN 936 1,820,000 1,943 99

11 RESIDENCES @ EVELYN 1,539 2,625,000 1,705 FH

11 LUCIDA 624 1,035,000 1,658 FH

11 GLOUCESTER MANSIONS 893 1,380,000 1,545 FH

11 ADAM PARK CONDOMINIUM 958 1,341,800 1,401 FH

11 MANDALE HEIGHTS 764 1,008,000 1,319 FH

12 RITZ MANSIONS 1,302 1,300,000 998 FH



Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

12 TRELLIS TOWERS 3,348 2,868,000 857 FH

13 PARC MONDRIAN 936 1,150,000 1,228 FH

13 ONE LEICESTER 904 1,050,000 1,161 FH

14 THE WATERINA 635 830,000 1,307 FH

14 LE CRESCENDO 1,173 1,320,000 1,125 FH

14 BLISS VILLE 1,173 1,280,000 1,091 FH

14 ASTORIA PARK 958 950,000 992 99

14 ATRIUM RESIDENCES 1,001 908,800 908 FH

15 THE SEAFRONT ON MEYER 2,099 3,445,000 1,641 FH

15 THE SEA VIEW 2,928 3,952,800 1,350 FH

15 COTE D'AZUR 1,109 1,420,000 1,281 99

15 SEA AVENUE RESIDENCES 1,195 1,430,000 1,197 FH

15 SANDALWOOD 990 1,170,000 1,181 FH

15 HAIG ELEVEN 883 950,000 1,076 FH

15 TEMBELING MANSIONS 915 960,000 1,049 FH

15 PARK EAST 1,335 1,320,000 989 FH

15 PARK EAST 1,292 1,270,000 983 FH

15 SERAYA VILLE 1,259 1,150,000 913 FH

15 VILLA INDAH 1,087 960,000 883 FH

15 SILAHIS APARTMENT 1,281 1,050,000 820 FH

15 LEGENDA AT JOO CHIAT 1,216 997,000 820 99

15 EAST GALLERIA 2,476 2,000,000 808 FH

16 EAST COAST RESIDENCES 1,001 1,185,000 1,184 FH

16 COSTA DEL SOL 1,238 1,455,000 1,175 99

16 THE SUMMIT 1,238 1,289,587 1,042 FH

16 THE CLEARWATER 678 699,000 1,031 99

16 THE BAYSHORE 1,238 1,235,000 998 99

16 BAYSHORE PARK 1,292 1,250,000 968 99

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

16 AQUARIUS BY THE PARK 893 845,000 946 99

16 AQUARIUS BY THE PARK 1,324 1,220,000 921 99

16 THE TROPIC GARDENS 1,249 1,130,000 905 FH

16 AQUARIUS BY THE PARK 1,206 1,041,800 864 99

17 ESTELLA GARDENS 657 665,000 1,013 FH

17 FERRARIA PARK CONDOMINIUM 883 870,000 986 FH

17 CARISSA PARK CONDOMINIUM 1,302 995,000 764 FH

17 BALLOTA PARK CONDOMINIUM 1,701 1,245,000 732 FH

17 AZALEA PARK CONDOMINIUM 1,507 1,100,000 730 999

18 LIVIA 1,345 1,320,000 981 99

18 LIVIA 1,324 1,240,000 937 99

18 CHANGI RISE CONDOMINIUM 1,496 1,285,000 859 99

18 THE TROPICA 1,238 1,025,000 828 99

18 EASTPOINT GREEN 1,173 900,000 767 99

18 MELVILLE PARK 1,044 796,000 762 99

18 SAVANNAH CONDOPARK 1,733 1,250,000 721 99

19 AMARANDA GARDENS 1,464 1,850,000 1,264 FH

19 THE SPRINGBLOOM 1,647 1,670,000 1,014 99

19 PALM GROVE CONDOMINIUM 1,389 1,380,000 994 999

19 KOVAN PRIMERA 1,270 1,250,000 984 FH

19 GILLENIA 1,152 1,130,000 981 999

19 CASA ROSA 1,173 940,000 801 99

19 EVERGREEN PARK 1,066 845,000 793 99

19 EVERGREEN PARK 1,087 850,000 782 99

19 RIO VISTA 1,798 1,400,000 779 99

19 REGENTVILLE 1,152 888,888 772 99

19 EVERGREEN PARK 1,173 818,000 697 99

20 CLOVER BY THE PARK 1,249 1,600,000 1,281 99



NOTE: This data only covers non-landed residential resale property

transactions with caveats lodged with the Singapore Land

Authority. Typically, caveats are lodged at least 2-3 weeks after a

purchaser signs an OTP, hence the lagged nature of the data.

Postal


Area

(sqft)

Transacted

Price ($)

Price

($ psf)Tenure

20 SIN MING PLAZA 1,485 1,500,000 1,010 FH

20 THE GARDENS AT BISHAN 883 858,000 972 99

20 SEASONS VIEW 1,141 1,100,000 964 99

20 BRADDELL VIEW 1,453 1,196,000 823 99

20 BRADDELL VIEW 3,369 2,480,000 736 99

21 CAVENDISH PARK 1,227 1,330,000 1,084 99

21 SIGNATURE PARK 1,055 1,080,000 1,024 FH

21 SIGNATURE PARK 1,087 1,110,000 1,021 FH

21 THE RAINTREE 1,389 1,410,000 1,015 99

21 CLEMENTI PARK 1,658 1,620,000 977 FH

21 SPRINGDALE CONDOMINIUM 1,152 1,100,000 955 999

21 PANDAN VALLEY 2,669 2,535,000 950 FH

21 PINE GROVE 1,755 1,638,000 934 99

21 SHERWOOD TOWER 1,518 1,030,000 679 99

23 PARK NATURA 1,744 2,000,000 1,147 FH

23 HILLBROOKS 1,238 1,200,000 969 FH

23 HILLVIEW HEIGHTS 1,270 1,210,000 953 FH

23 MAYSPRINGS 807 747,000 925 99

23 MAYSPRINGS 807 738,000 914 99

23 THE PETALS 1,195 1,000,000 837 FH

23 THE WARREN 1,475 1,160,000 787 99

23 REGENT HEIGHTS 1,173 875,000 746 99

23 PARKVIEW APARTMENTS 1,119 820,000 732 99

23 REGENT GROVE 1,173 830,000 707 99

26 CASTLE GREEN 1,152 870,700 756 99

26 CASTLE GREEN 1,593 1,060,000 665 99

28 SUNRISE GARDENS 1,076 818,000 760 99

http://www.propwise.sg/secretsofsingaporepropertygurus/

Documents

Singapore Property Weekly Issue 55