20180709 s ep 838 · 2018. 7. 6. · singapore. loh purchased the conservation prop-erty at 2...

Rarely on the market, the limited-edition conservation terraced houses in prime District 9 now have price tags that start at $3,000 psf. Many have been adapted into residences with private art gallery, museum or entertainment space.See our Cover Story on Pages 6 and 7.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of July 9, 2018 | ISSUE 838-59

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

SpotlightHotel in Little India

sold for $37 mil EP2

En Bloc WatchHorizon Towers:

Second time lucky? EP4

Done DealsUnits at Boulevard Vue

top $4,000 psfEP10

Under the HammerOwners’ sales gaining

in popularityEP14

Emerald Hill Conservation Area, located in the heart of Orchard Road

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

R ll th k t th li it d diti

Emerald Hill gems for sale

EP2 • EDGEPROP | JULY 9, 2018

E

MAS chief warns of risk of property pricerise outpacing income growthThe recovery in the property market is welcome, but it

should not “decouple from economic fundamentals”,

says Ravi Menon, managing director of the Monetary

Authority of Singapore (MAS).

He says that if property prices were to rise too rapid-

ly, they would outpace the growth in income. As such,

households will have to take on more leverage than they

are able to manage, and this risk will be compound-

ed as interest rates rise over time. He was speaking at

the MAS Annual Report press conference on July 4.

“A rapid increase in prices also raises the risk of a

destabilising market correction later when additional

supply comes onstream,” says Menon.

He notes that prices of private housing have risen

9.1% since the trough in 2Q2017. This has mostly off-

set the cumulative price decline of 11.6%, which was

witnessed between mid-2013 and mid-2017.

The number of property transactions over the

past 12 months was up 25% y-o-y. Also, new hous-

ing loans over the same period have risen 34% y-o-y,

Menon says.

Eugene Lim, key executive officer at ERA Realty,

notes that the government’s “key concern is the scale

and pace of property price increase vis-à-vis economic

and income growth”.

Hong Leong Group wins Hillview Rise GLS tenderThe tender for the residential site at Hillview Rise

was awarded on May 3 to Intrepid Investments and

Garden Estates, which are wholly-owned subsidiar-

ies of Hong Leong Group.

The duo submitted the highest bid of $460 mil-

lion for the 99-year leasehold site with a gross floor

area of 430,880 sq ft. The URA tender was awarded

in accordance with the two-envelope Concept and

Price Revenue tender system. The other five shortlist-

ed tenderers are the subsidiaries of CapitaLand (Are-

ca Realty) and City Developments (CDL Constella-

tion), which submitted two bids with two concepts;

CSC Land Group; Qingjian Realty; as well as Yanlord

Singapore Residential and Soilbuild Group Holdings.

According to Lee Nai Jia, senior director and head

of research at Knight Frank Singapore, the winning

land bid is “within expectations”, considering re-

cent land bids.

Lee says that while an increase in supply is ex-

pected to come onstream in the area, it would still

be limited compared with other areas. He adds that

prospective buyers are likely to come from the own-

ers of landed homes seeking to downsize, or young

couples whose parents are living in the area.

Lee says it is likely there will be more of the two-

envelope bidding in place for upcoming government

land sales (GLS) sites.

Sixth Avenue GCB going for $16 mil A freehold bungalow on Sixth Avenue (above, left) is up for sale at an asking price of $16 million, or $1,274

psf, according to its marketing agent JLL.

Located at 45 Sixth Avenue, the prime residential

site has a land area of about 12,560 sq ft, and is sit-

uated in the Fourth/Sixth Avenue Good Class Bun-

galow (GCB) area.

The site is currently occupied by an old single-sto-

rey bungalow built in the 1980s. It is currently ripe

for redevelopment, says JLL.

While land parcels in GCB areas are required to

have a minimum plot size of 1,400 sq m (15,000 sq ft),

smaller land plots are still considered GCBs as long

as they are located in the 39 gazetted GCB areas, says

JLL. There are only an estimated 2,800 GCB plots is-

landwide, and only Singapore citizens are allowed

to buy them.

Karamjit Singh, senior consultant at JLL, notes

that prices of GCBs have been on a “steady increase”

since 2016. Last year, 45 GCBs were transacted at an

average price of $21 million per bungalow plot. With-

in the first five months of this year, there have been

19 recorded transactions of GCBs, with prices aver-

aging $25 million each, he adds.

The expression of interest for 45 Sixth Avenue

closes on July 31.

Twelve adjoining office units at Paya Lebar Square for saleA row of 12 adjoining premium office units at Paya

Lebar Square (above, right) is up for sale via public

tender, according to marketing agent CBRE. Located

on the eighth floor next to the lift lobby, the units

have a combined floor area of 8,503 sq ft.

The strata office units are fully tenanted and ex-

pected to appeal to investors seeking steady rental

income, says Sammi Lim, CBRE’s director of capi-

tal markets.

Completed in 2015, Paya Lebar Square is a 13-sto-

rey mixed development comprising an office block

from the fifth to 13th floors, and a retail podium from

Basement 1 to the second floor. It is next to the Paya

Lebar MRT interchange station.

The tender closes on Aug 3. — Compiled by Bong Xin Ying

PROPERTY BRIEFS

SPOTLIGHT

EDITORIALEDITOR | Cecilia ChowCONTRIBUTING EDITOR |Pek Tiong GeeWRITERS | Timothy Tay, Bong Xin Ying, Charlene ChinDIGITAL WRITER | Fiona Ho

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ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, COMMERCIAL OPERATIONS | Diana LimSENIOR ACCOUNT MANAGERS |Janice Zhu, James ChuaACCOUNT MANAGER |Bernard WongSALES STRATEGIST |Han YaoGuang

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

CORPORATE CHIEF EXECUTIVE OFFICER | Bernard Tong

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

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JLL

| BY CECILIA CHOW |

Wanderlust Hotel, a boutique hotel

on Dickson Road, off Jalan Besar

in Little India, has just changed

hands for $37 million. The buyer is 8M

Real Estate, a boutique real estate in-

vestment firm founded by its managing

director Ashish Manchharam.

The property occupies a freehold,

4,639 sq ft site, with a gross floor area

of about 15,500 sq ft. Based on the GFA,

the price translates into $2,387 psf. The

vendor is Loh Lik Peng, director of the

Unlisted Collection, and the deal was

brokered by Simon Monteiro, associate

director of heritage buildings at Savills

Singapore.

Loh purchased the conservation prop-

erty at 2 Dickson Road in 2008 for $10.3

million. He converted the former Hong

Wen School — one of Singapore’s oldest

Chinese schools — into a 29-room bou-

tique hotel, which he named Wander-

lust. The room rates are $259 a night,

according to Expedia.

8M Real Estate is purchasing the

property as an ongoing concern.

The company has been on a buying

spree and amassed a portfolio of prop-

erties, primarily conservation build-

ings worth more than $500 million. In

March, it purchased a portfolio of nine

conservation shophouses and a com-

mercial building at Boat Quay, Circular

Road and New Bridge Road, for a total

of $82.5 million.

Lately, 8M Real Estate has been ac-

quiring conservation shophouses that

have been converted into boutique ho-

tels. Last June, it acquired the former

The Club Hotel at 28 Ann Siang Road

for $52 million, or $2,167 psf, based on

a total GFA of about 24,000 sq ft. He has

repositioned the property and reopened

it as the 20-room Ann Siang House.

Also in June last year, 8M Real Es-

tate snapped up the Naumi Liora on

Keong Saik Road. The 79-room hotel

spans across 10 freehold conservation

shophouses. 8M Real Estate paid $75

million, or about $2,750 psf, for the

property, based on a GFA of close to

27,300 sq ft. Manchharam is convert-

ing the ground floor units into an F&B

destination.

Wanderlust Hotel sold for $37 mil

The 29-room Wanderlust Hotel in Little India was purchased by 8M Real Estate


E

CorrectionOur story “Park Colonial leads new launch in Woodleigh” (Issue 837, July 2) should have said that Grandeur Park Residences was developed by Chip Eng Seng Corp on its own, and not as published. The error is regretted.

CBRE

EDGEPROP | JULY 9, 2018 • EP3

EN BLOC WATCH


E

Chancery Esquire up for sale at $86.6 milChancery Esquire (above, left), located on Chan-

cery Lane, is up for collective sale at a reserve

price of $86.6 million, according to marketing

agent Knight Frank Singapore. Owing to the high

as-built gross floor area (GFA) of 48,189 sq ft,

the reserve price translates into a land rate of

$1,797 psf per plot ratio (ppr). No develop-

ment charge is payable.

Chancery Esquire is a private residential es-

tate comprising a block of 31 apartment units

ranging from 904 to 1,701 sq ft. The freehold

site is 29,022 sq ft with a 50m frontage on

Chancery Lane.

Under the 2014 Master Plan, the site is

zoned “residential”, with a plot ratio of 1.4,

which translates into GFA of 48,189 sq ft. As-

suming an average size of 753 sq ft, the site

could yield a new development of 63 units.

Next door is Chancery Court, a privatised

HUDC estate occupying a 99-year leasehold

site of 259,134 sq ft. The site was sold en bloc

to Far East Organization for $401.78 million in

May, which translates into $1,610 psf ppr after

factoring in a differential premium and lease

top-up premium.

The tender for Chancery Esquire will close

on Aug 2.

Sembawang Road shophouses going for $24 mil Seven freehold shophouses at 401 to 413 Sem-

bawang Road have been put up for collective

sale. The asking price of $24 million reflects

a land rate of $814 psf ppr.

Completed in the 1980s, the development

has a land area of about 24,340 sq ft and is

zoned “residential with commercial at first sto-

rey use”. Under the 2014 URA Master Plan, it

has a gross plot ratio of 1.4.

All of the shophouse owners have consent-

ed to the sale, according to marketing agent

Edmund Tie & Co (ET&Co).

Located in the heartland of Sembawang,

the shophouses have a main road frontage

and dual access from the main Sembawang

Road and Jalan Lengkok Sembawang.

Tan Chun Ming, senior director for invest-

ment advisory at ET&Co, says: “This is a rare

chance for developers to create a freehold prod-

uct in the mature Sembawang estate. The site

is an affordable choice for boutique-sized de-

velopers.” The tender for the site will close

on July 30.

Sixth Avenue Centre tries again Sixth Avenue Centre (above, right) is up for

collective sale by tender for the second time,

this time at a reserve price of $86 million, ac-

cording to marketing agent Savills Singapore.

It was previously launched for collective

sale on Jan 3, with a $90.5 million guide price.

Based on the allowable GFA of 45,028 sq

ft, the reserve price translates into a land rate

of $1,922 psf ppr, including a small develop-

ment charge of about $557,000.

An application has been made to the Sin-

gapore Land Authority for amalgamation of

an adjoining state land parcel. If approval is

granted, the subject site will be enlarged and

the effective land rate reduced.

The Sixth Avenue Centre site is zoned “com-

mercial and residential” with a gross plot ratio

of 3.0 under the 2014 Master Plan. It may be

developed up to five storeys high.

Subject to approvals by the relevant author-

ities, the site can accommodate a development

with shops and 35 apartments averaging 753

sq ft each. The total GFA will be 18,011 sq ft

and 27,017 sq ft respectively. In-principle ap-

proval from the relevant authorities has been

obtained for a serviced apartment and com-

mercial development.

Completed in the mid-1980s, Sixth Avenue

Centre is a freehold mixed-use development that

consists of seven shops and 18 apartments. It

occupies a prominent corner plot of 1,394.4 sq

m, or 15,009 sq ft, at the junction of the main

Bukit Timah Road and Sixth Avenue.

The tender for Sixth Avenue Centre will

close on July 25.

St Thomas Lodge for sale at $40 milSt Thomas Lodge (below), located at 32 St

Thomas Walk in prime District 9, has been

launched for sale. The indicative guide price

of the freehold site is about $40 million, re-

flecting a land rate of $2,293 psf ppr, including

development charge, according to marketing

agent Singapore Realtors Inc (SRI).

St Thomas Lodge has a land area of 7,152

sq ft and is zoned for residential use at a gross

plot ratio of 2.8 under URA’s 2014 Master Plan.

The property comprises five apartments with

a total strata area of 8,826 sq ft. It is held un-

der a single ownership, and the sale will not

be subject to approval from the Strata Titles

Board or High Court. SRI reckons that, given

the single-owner status, the sale will provide

“certainty of completion” of the site purchase.

The successful tenderer could amalgamate

the site with either of two neighbouring plots.

Tony Koe, its managing director, believes the

sale of St Thomas Lodge will draw keen inter-

est from parties looking to amalgamate with

one of the two plots for redevelopment.

The expression of interest closes on July 30.

Horizon Towers launched at $1.1 bilThe 211-unit, 99-year leasehold Horizon Tow-

ers is up for collective sale by tender for the

second time, this time at a reserve price of

$1.1 billion.

Its first collective sale attempt was in ear-

ly 2007, at a price of $500 million (about $850

psf ppr), to a consortium led by Hotel Proper-

ties. The sale was overturned.

Located on Leonie Hill, the 1.9ha site is

probably the largest high-rise residential rede-

velopment offering in the Orchard Road area

in at least two decades, according to market-

ing agent JLL.

The reserve price translates into a land

rate of $1,964 psf ppr, after factoring in the

lease top-up premium, which is estimated at

$220 million.

For the 10% bonus GFA due to a high devel-

opment baseline, the unit land rate is $1,786

psf ppr. There is no development charge or

differential premium for the intensification

of the site.

The land rate for Horizon Towers compares

favourably with other sites sold in prime Dis-

trict 9: the 99-year Government Land Sales site

on Cuscaden Road, which was sold for $2,377

psf ppr in April; and the freehold collective sale

site of Park House, which achieved a record

unit land price of $2,910 psf ppr.

Located on an elevated site on Emerald

Hill Road, Horizon Towers was built in the

late 1970s and has a 99-year lease from 1979.

The site is zoned “residential” in the 2014

Master Plan with an allowable height of 36 sto-

reys. It has an “as-built” gross plot ratio of 3.28.

The tender for Horizon Towers closes on

Aug 7.

Jansen Mansion’s asking price at $22 mil Jansen Mansion, located on Jansen Road,

has been launched for collective sale at an

asking price of $22 million. This translates

into $996 psf ppr based on the potential GFA

of 23,229.57 sq ft, including development

charge. If a 10% balcony area is included,

the land rate will translate into $974 psf ppr.

Jansen Mansion is a 999-year leasehold de-

velopment comprising 12 units on three sto-

reys with a total strata area of 15,112.51 sq ft.

The development is zoned “residential”

with a plot ratio of 1.4, according to the 2014

Master Plan. It can be developed into 21 units

averaging 1,076 sq ft each.

The existing baseline GFA is about 21,700 sq ft.

A development charge of $1.144 million is

payable to build up to a plot ratio of 1.4, and

ano ther $1.737 million for the additional 10%

balcony space.

All of the strata owners have signed the col-

lective sale agreement, according to marketing

agent Huttons Asia.

The tender will close on Aug 2.

Blossom Mansions going for $32.8 mil Blossom Mansions is up for collective sale by

tender at a reserve price of $32.8 million, or

$1,262 psf ppr based on the maximum GFA

of 25,991 sq ft.

A freehold development comprising 20 units,

Blossom Mansions has a total strata area of

21,000 sq ft on two blocks of eight storeys. It

can be redeveloped up to the existing GFA of

25,991 sq ft, and yield 34 residential units av-

eraging 753 sq ft each.

There is no development charge, as its ex-

isting high baseline at 25,991 sq ft is above the

Master Plan plot ratio of 2.8. The site can also

be considered as a mixed-use development for

residential and institution premises.

According to marketing agent Huttons Asia,

90% of strata owners have signed the collective

sale agreement. The tender will close on July 31.

— Compiled by Bong Xin Ying

KNIGHT FRANK SINGAPORE SAVILLS SINGAPORE

SRI

COVER STORY


| BY CECILIA CHOW |

No heritage project is too small for

French architect Jean Francois Mi-

lou, who took on the design of a

corner conservation terraced house

on Emerald Hill Road three years

ago. This was shortly after completing the

design of the National Gallery Singapore,

which involved preserving and integrating

two historical buildings — the former City

Hall, built in the late 1920s; and the former

Supreme Court.

While the National Gallery was a seven-year

project, the Emerald Hill house took six months

to design and two years to build.

“The challenge at the National Gallery was

the geometry of the two buildings and having

to double the area,” says Milou, managing di-

rector and principal architect of Studio Milou.

“But it was a good exercise, as we are trained

to find simple solutions to complex problems.”

Milou relocated to Singapore in 2008

when his team beat 111 other international

architectural firms in a competition to win

the contract to design and build the National

Gallery Singapore. StudioMilou is a special-

ist in large-scale public projects and adap-

tive reuse of heritage buildings in Europe.

The team ventured into Asia a decade ago,

starting in Singapore.

Work on the conservation terraced house

at 15 Emerald Hill Road involved preserving

the façade of the building but completely re-

configuring the interiors. “It’s like the Na-

tional Gallery, which also has many stair-

cases and areas that serve as multi-purpose

space,” says Milou.

A ‘salon’The owner of the house, a Singaporean, want-

ed to turn the conserved terraced house into a

place where he could entertain friends. The first

level of the corner terraced house was there-

fore designed as a “salon”, where the central

feature is a large staircase. “It’s designed as a

venue to hold events such as concerts, as the

space can fit a grand piano and the staircase

acts as an informal seating area,” says Milou.

As the property was zoned for residential

use, the rear of the first level has been fitted

with a dining area, kitchen, bathroom, maid’s

room and laundry area. The second level con-

Emerald Hill gems for saleRarely on the market, the limited-edition conservation terraced houses in prime District 9 now have price tags that

start at $3,000 psf. Many have been adapted into residences with private art gallery, museum or entertainment space.

The recently restored conservation terraced house at 15 Emerald Hill, where the interiors were completely reconfigured

The front hall and staircase on the first level of the conservation terraced house at 15 Emerald Hill RoadMilou: [The first level of the terraced house is] designed as a venue to hold events

CUSHMAN & WAKEFIELD

CUSHMAN & WAKEFIELD

COVER STORY


tains an en suite bedroom, two study rooms

and a common bathroom. The master suite is

on the third level. “The upper levels are ideal

as residence for visiting guests and friends.”

Milou changed the exterior façade at the

rear of the house to bring light into the upper

levels, but privacy is also assured. He likes the

mix of teakwood panelling and black marble

in the interiors.

The spaces within the property are versa-

tile enough to be used as a private museum

or art gallery, adds Milou.

“Co-living might be a viable option,” says

Terry Wong, Cushman & Wakefield (C&W)

senior manager of capital markets. “Given that

there’s a provision for study/meeting rooms, oc-

cupiers can work and live within the property.”

The freehold property occupies a land area of

1,421 sq ft, and a gross floor area of 3,767 sq ft.

The restoration and renovation of the building

was completed in 1Q2018. It was recently put

on the market for sale by expression of interest,

with C&W’s Wong as the marketing agent. The

asking price for the building is $11.5 million,

or $3,053 psf based on GFA.

Enclave of rich and eliteFor almost half a century since 1901, Emerald

Hill Road was a residential enclave for wealthy

Peranakan families. The 116 terraced houses

there were built between 1901 and 1925. Even

today, it has retained its prestige as a landed

enclave with a collection of heritage houses

He calls the property “a historical gem”: It

is located just 50m from Orchard Road, and

one of the few “wrap-around properties” in

the area where one can see the entire build-

ing — the front, side and all the way round

to the back. In contrast, the typical interme-

diate conservation terraced house “is a sliver

of building — all you see is one door and two

windows”, he adds.

When he purchased the property, it was

“rundown, typical 1980s renovation”, he recalls.

He engaged Chang Architects — a special-

ist in heritage buildings — as the architect for

the townhouse on Cairnhill Road.

Home for an art collectorThe property was designed as “a house for an

art collector”, the owner says. The exterior of

the townhouse was preserved but the interi-

ors were gutted. The first level features a liv-

ing area with an optional sunken lounge and a

large dining area. The central feature is a dou-

ble staircase flanking a glass lift. “The lift is

very special because it’s 360-degree glass with

no visible cables,” says the owner.

The double staircase features bare walls

with high ceiling, which are “ideal for hang-

ing paintings”, says the owner.

The interiors were designed for his exten-

sive art collection, which explains the built-in

alcoves and cabinets for the display of pots,

sculptures and paintings. The cabinets come

with built-in lighting, humidity control and

security features.

A new third-level extension was built to

house an entertainment area that opens out

to the balcony. “The balcony is a unique fea-

ture, as you have a great view of Emerald Hill

from there,” says the owner.

There is a kitchen area at the rear of the

first level. Two of the upper floors have rooms

that can be reconfigured into double bedrooms

with en suite bathrooms. “It’s now a perfect

place for two persons to live in, work and en-

tertain, but could be converted to suit a larger

family,” he says. “It is rare to find such a his-

torical freehold house like that in the Orchard

Road neighbourhood with visibility, grandeur

and prestige.”

The house at 28 Cairnhill Road comes with

a front courtyard and a car porch for two cars.

“It’s a beautiful corner unit with a unique his-

tory, given that it was once owned by Dr Lim

Boon Keng,” says Simon Monteiro, associate

director of heritage buildings at Savills Singa-

pore. “It has a generous double frontage — on

Cairnhill Road and Hullet Road.”

The freehold property has a land area of

3,127 sq ft with a built-up area estimated at

6,000 sq ft; it was rebuilt for about $2 million.

The land area is double the size of most of the

typical, intermediate conservation terraced

houses on Emerald Hill Road, says the owner.

He has now embarked on another property in

a neighbouring district with a similar concept

of “living with art”.

Prices to rise in tandemwith market trendThe house at 28 Cairnhill Road is on the mar-

ket, with Monteiro as the marketing agent. The

indicative price is said to be $18 million, or

about $3,000 psf. “If there’s a buyer who ap-

preciates such a building, the owner will con-

sider selling,” says Monteiro.

According to C&W’s Wong, several con-

servation homes on Emerald Hill have been

turned into private art galleries by the owners.

He expects prices in the Emerald Hill enclave

to “continue to grow in tandem with current

market trends”.

Some sites in the prime Orchard Road

neighbourhood have already been transacted

at record prices: For instance, Park House was

sold for $2,910 psf per plot ratio last month.

“The [future] sale price of the new develop-

ments will be a key driver in raising the val-

ues of these collectible homes at Eme rald

Hill,” Wong says. E

The corner conservation townhouse at 28 Cairnhill Road has a prominent location with double frontage on Cairnhill Road and Hullet Road

owned by leading Singaporean families.

Located in prime District 9, the Emerald

Hill Conservation Area is just off the Orchard

Road shopping strip. It is near malls such as

313 Somerset, Paragon and Ngee Ann City. The

CBD is just a 10-minute drive away.

Given the scarcity of these conservation

properties and their prime address, they are

tightly held. “The perception is that such

properties are similar to ‘collectible art piec-

es’ and will appreciate over time, owing to

their scarcity,” notes C&W’s Wong. “Therefore,

these properties — especially those that are

well-restored — are increasingly sought after

by investors and homebuyers.”

The latest transaction was that of the

inter mediate conservation terraced house at

98 Emerald Hill Road, which changed hands

for $7.6 million, according to a caveat lodged

in June. “Its original design and location as an

intermediate unit in the heart of Emerald Hill

Road near the Central Expressway represent

fair value,” says Wong. It is currently occupied

by Tea Bone Zen Mind @ Emerald Hill, a pri-

vate tea-tasting place.

Wong points out that corner units, which

fetch a premium, comprise only 16 of the 116

units in the Emerald Hill Conservation Area.

As such, he sees the house at 15 Emerald Hill

Road as “a very compelling trophy asset” with-

in the neighbourhood. “It’s newly restored and

designed by a renowned architect,” he adds.

Wong says the corner unit is “one of only

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

five” that have front and rear parking spaces.

“It’s also the largest corner plot closest to the

Somerset MRT station.”

Lim Boon Keng’s family homeThe most prominent of the Peranakan families

who lived in Emerald Hill Road in the early

1900s was the one headed by Lim Boon Keng.

An astute businessman, Lim was the first to

plant rubber in Singapore in 1909; he co-found-

ed United Saw Mills in 1917 and Overseas As-

surance Corp in 1920. He was co-founder and

director of three early Chinese banks in Singa-

pore: the Chinese Commercial Bank in 1912,

the Ho Hong Bank in 1917 and the Oversea-Chi-

nese Bank in 1919, which were combined in

1932 to form what is today’s Oversea-Chinese

Banking Corp.

Cairnhill townhousesIn the early 20th century, Cairnhill emerged as

“the new Emerald Hill”. Townhouses became

fashionable in residential areas such as Cairnhill,

Emerald Hill and Mount Sophia-Mount Emily

during the years before and after World War I.

“It reflected the emergence of a new kind

of Singaporean — a moneyed class that was

well-heeled, well-educated with a cosmopoli-

tan outlook,” says Julian Davison, a historian

specialising in Singapore architecture.

Already a prominent resident in Emerald

Hill, Lim commissioned the building of a row

of five townhouses at 20 to 38 Cairnhill Road

in 1914. They were “a speculative develop-

ment”, to be sold at a profit or alternatively

rented out as a source of income for him and

his family, says Davison.

The townhouses at 20 to 28 Cairnhill Road

are located at a prominent corner — the junction

of Cairnhill Road and Hullet Road. Architect and

surveyor firm Almeida & Kassim was engaged

to build the townhouses, designed with a neo-

classical aesthetic, which was a departure from

the Chinese-style townhouse and the elaborate

Straits Baroque shophouse style, says Davison.

‘Historical gem’When the corner townhouse at 28 Cairnhill

Road was put on the market in 2007, it was

snapped up by a Singaporean art collector. “It

was love at first sight,” he professes. “When I

saw the ‘For Sale’ sign, I told myself I was go-

ing to buy it.” A long negotiation process fol-

lowed, as the previous owner had held on to

the property for many decades. “The house is

more than a century old and I believe it hasn’t

changed hands more than twice,” says the

current owner.

The central feature of the house at 28 Cairnhill Road is the glass lift and double staircase

MARKET WATCH


Condo prices increase 3.4% in 2Q2018; market heads towards 2013 high

HDB resale price index in 2Q2018 up 0.1%

HDB’s flash estimate for 2Q2018 has shown

a 0.1% increase in resale prices of public

housing flats. This is the first rise since

4Q2015, and an improvement from the six consec-

utive quarters of price decline. Despite the slight

improvement from the decline of 0.8% in the

previous quarter, it is still a drop of 1.5% y-o-y.

The marginal improvement in the HDB resale

price index could be a sign that the index has

bottomed, but this can only be confirmed after

two consecutive quarters of increase, says Nich-

olas Mak, executive director of ZACD Group.

The decline in resale prices for six con-

secutive quarters was attributed partly to the

strong supply of HDB Build-To-Order (BTO)

flats. HDB has also announced a reduction

in the number of BTO flats to be released this

year, from 17,000 to 16,000. With this, Mak

reckons that HDB resale prices could be ex-

pected to stabilise further, and possibly inch

up for the rest of 2018.

He notes, however, that, as the price index

has already contracted 1.5% y-o-y in the recent-

ly concluded quarter, even if it were to recover

in 2H2018, the change for the whole year could

vary from -0.5% to +0.5% y-o-y at the most.

The concern of depleting leases of older re-

sale HDB flats has been in the spotlight recently.

It may have the effect of decreasing the demand

for and prices of resale flats, notes Eugene Lim,

key executive officer at ERA Realty. But this will

change with the launch of newer flats that can

command a premium, with some boasting re-

sale prices of above $1 million, he adds.

Incentives to purchase resale flatsThe attractiveness of resale flats could be at-

tributed to comparable private properties in

the same location costing up to twice the pric-

es of HDB flats, adds Lim.

Moreover, grants of up to $120,000 are given

to homebuyers — up to $30,000 for the Prox-

imity Housing Grant; $50,000 for the Family

Grant; and $40,000 for the Additional Hous-

ing Grant.

The new Resale Portal has also halved trans-

action processing time. Buyers remain price-sen-

sitive and want to ensure that the price they

have negotiated and agreed on with the seller

is at a value that can be confirmed by HDB as

the market value, adds Lim.

In addition, the resale route remains the

only one for buyers to pick a flat in their

desired location. For BTO flats, the location

is dependent on HDB’s sale launches, and

there is an element of chance involved in

the buying process.

There is no income ceiling for buying resale

flats, especially if no grants are taken and if

the buyer does not take an HDB loan.

Thus, resale flats are still expected to be

popular among buyers, particularly those in-

eligible for new flats or who need a home im-

mediately, says Lim. — By Bong Xin Ying

| BY BONG XIN YING |

Private-home prices continued

their steady ascent in 2Q2018,

rising 3.4% after climbing

3.9% in 1Q2018, according

to URA flash estimates.

This marks the fourth straight

quarter of growth in private-home

prices. With this increase, private

residential prices were up a cumu-

lative 7.4% in 1H2018, says Tricia

Song, Colliers International head of

research for Singapore.

While the increase in the URA

price index is slightly lower than it

was in the previous quarter, it still

reflects a buoyant market in which

prices are on an uptrend, says Ong

Teck Hui, JLL’s national director for

research and consultancy.

Prices are now only 3.6% below the

last peak in 2013, with the market head-

ing towards another peak, says Chris-

tine Li, senior director of research at

Cushman & Wakefield Singapore. She

believes Singapore property prices are

likely to recover to the peak levels of

2013 in the next quarter or two.

Prices up 9.1% from trough in 2Q2017According to Li, the broad-based re-

covery in the residential sector began

only in 2Q2017, and prices have already

risen 9.1% since then. To put things

in perspective, it took eight rounds of

property cooling measures to success-

fully rein in prices, but the magnitude

of the decline was just 11.6% over 15

consecutive quarters, she adds.

The uptick in prices in 2Q2018 was

broad-based, but prices in the Rest of

Central Region (RCR) led the increase

— climbing 5.7%. The Core Central

Region (CCR) inched up 1.4% and

the Outside Central Region (OCR)

saw a 2.9% rise.

The volume of transactions in RCR

rose 34.2% in 2Q2018 (according to

caveats recorded so far), while the

overall median price of $1,665 psf

was 12.7% higher than in the pre-

vious quarter, notes JLL’s Ong. New

sales in the RCR non-landed market

accounted for 45.8% of its transac-

tion volume, significantly higher than

the 31.7% in the first quarter.

Sharper price growth in RCRThe sharper price growth in RCR

over the past quarter was also due to

the higher prices transacted at new

launches — 13% to 25% above com-

parable projects launched over the

past 12 to 18 months, notes Colliers’

Song. Amber 45 sold 86 units at a

median price of $2,378 psf in May;

Park Place Residences at Paya Leb-

ar Quarter sold 187 units at a medi-

an price of $2,045 psf; and Marga-

ret Ville sold 114 units at a median

price of $1,871 psf.

Buyers are still attracted because

of either limited supply in the locality

or attractive project attributes such

as unobstructed views and an effi-

cient layout, Song reckons.

Park Colonial, Woodleigh Residenc-

es, Tre Ver and Stirling Residences are

some of the major upcoming launches

in the RCR, which, Song says, could

drive demand, given that their loca-

tions are closer to MRT stations and

within areas with demand catchment.

“Price growth could slow from

the high in 2Q2018,” says Song. “The

deluge of supply in these locations

may also prompt developers to price

their projects or pace their launch-

es prudently.”

Slower pace of price growth in OCROCR home prices saw a slower rate of

increase in 2Q2018 — 2.9%, versus

5.6% in 1Q2018. The growth slowed

down sequentially as the launch of

The Tapestry in Tampines set bench-

mark prices in 1Q2018.

In 2Q2018, several project launch-

es could have contributed to the price

increase, including that of Twin Vew,

which sold 446 units at a median price

of $1,383 psf; Affinity at Serangoon,

which sold 104 units at $1,586 psf;

and The Garden Residences, which

sold 66 units at $1,662 psf.

Coming up is the launch of River-

front Residences on Hougang Ave 7 on

July 7, and the preview of The Jovell

at Flora Drive on the same weekend.

Colliers’ Song expects prices in

OCR to grow at a measured pace as

the market digests the supply.

More upside for CCR prices Similarly, prices rose at a slower clip

in CCR — up 1.4% in 2Q2018 ver-

sus 5.5% in the previous quarter.

This came off a higher base set by

New Futura and Wallich Residence

in 1Q2018.

In 2Q2018, the only new launch

in CCR was 120 Grange, which sold

41 units at $3,165 psf. Nonetheless,

momentum appears to be positive,

with continued sales in New Futura,

Gramercy Park and Marina One Res-

idences, notes Colliers’ Song.

She expects more upside for CCR

prices in the light of the pipeline of

new residential developments — from

government land tenders and the col-

lective sales market — that could be

launched in the coming quarters. They

include 3 Orchard By-The-Park — ad-

jacent to the Cuscaden Road site and

Park House en bloc site, both of which

fetched benchmark land rates over the

past quarter — South Beach Residenc-

es, 8 St Thomas and One Draycott.

With two strong quarters, Col-

liers has revised its forecast for pri-

vate-home price increases to 12%

for all of 2018, from 8%. “We believe

competition from launches, prevail-

ing loan curbs and price sensitivity

among prospective buyers should

continue to keep price increases in

check,” says Song.

The Park Colonial sales gallery saw a crowd of 10,000 visitors during its weekend preview

E

EDGEPROP SINGAPORE

E

The attractiveness of resale flats could be attributed to comparable private prop-erties in the same location costing up to twice the prices of HDB flats



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 June 21, 2018 6,469 18,000,000 2,782 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years June 23, 2018 1,130 2,939,000 2,600 2017 New SaleONE SHENTON Apartment 99 years June 20, 2018 829 1,440,000 1,737 2011 ResaleDistrict 3 ARTRA Apartment 99 years June 19, 2018 1,044 1,927,200 1,846 Uncompleted New SaleARTRA Apartment 99 years June 22, 2018 1,227 2,265,400 1,846 Uncompleted New SaleARTRA Apartment 99 years June 22, 2018 1,119 1,990,700 1,778 Uncompleted New SaleARTRA Apartment 99 years June 23, 2018 1,044 1,979,900 1,896 Uncompleted New SaleECHELON Condominium 99 years June 25, 2018 1,292 2,450,000 1,897 2016 ResaleMARGARET VILLE Apartment 99 years June 19, 2018 700 1,447,000 2,068 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 23, 2018 969 1,871,000 1,931 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 24, 2018 700 1,437,000 2,054 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 24, 2018 527 989,400 1,876 Uncompleted New SaleMARGARET VILLE Apartment 99 years June 24, 2018 657 1,178,800 1,795 Uncompleted New SaleTHE CREST Condominium 99 years June 19, 2018 1,518 2,931,000 1,931 2017 ResaleTHE CREST Condominium 99 years June 25, 2018 893 1,882,000 2,107 2017 ResaleTHE CREST Condominium 99 years June 25, 2018 1,270 2,336,000 1,839 2017 ResaleTHE METROPOLITAN CONDOMINIUM Condominium 99 years June 20, 2018 1,399 1,750,000 1,251 2009 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years June 22, 2018 1,335 2,136,000 1,600 2004 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years June 25, 2018 1,227 1,800,000 1,467 2011 ResaleTHE PEARL @ MOUNT FABER Condominium 99 years June 20, 2018 1,173 1,430,000 1,219 2005 ResaleDistrict 5 BIJOU Apartment Freehold June 19, 2018 570 1,068,907 1,874 Uncompleted New SaleBLUE HORIZON Condominium 99 years June 21, 2018 1,152 1,215,000 1,055 2005 ResaleBLUE HORIZON Condominium 99 years June 26, 2018 926 1,020,000 1,102 2005 ResaleBOTANNIA Condominium 956 years June 19, 2018 1,270 1,480,000 1,165 2009 ResaleBOTANNIA Condominium 956 years June 20, 2018 1,270 1,550,000 1,220 2009 ResaleHERITAGE VIEW Condominium 99 years June 20, 2018 1,195 1,500,000 1,255 2000 Resale

HERITAGE VIEW Condominium 99 years June 25, 2018 1,206 1,438,000 1,193 2000 ResaleHUNDRED TREES Condominium 956 years June 20, 2018 1,475 1,850,000 1,255 2013 ResaleTHE CLEMENT CANOPY Apartment 99 years June 19, 2018 1,109 1,576,000 1,421 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years June 22, 2018 1,109 1,581,000 1,426 Uncompleted New SaleTHE PEAK@BALMEG Condominium Freehold June 22, 2018 1,507 2,050,000 1,360 2011 ResaleTHE ROCHESTER Apartment 99 years June 22, 2018 1,216 1,620,000 1,332 2011 ResaleTHE TRILINQ Condominium 99 years June 21, 2018 2,648 3,238,000 1,223 2017 ResaleTHE VISION Condominium 99 years June 26, 2018 904 1,200,000 1,327 2014 ResaleTREASURE PLACE Condominium Freehold June 26, 2018 990 1,388,000 1,402 2006 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years June 19, 2018 1,615 1,750,000 1,084 2008 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years June 19, 2018 2,024 1,980,000 978 2008 ResaleWHITEHAVEN Apartment Freehold June 22, 2018 947 1,400,000 1,478 2016 ResaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years June 22, 2018 1,432 3,640,260 2,543 2014 ResaleDUO RESIDENCES Apartment 99 years June 19, 2018 646 1,380,000 2,137 2017 Sub SaleDistrict 8 8 FARRER SUITES Apartment Freehold June 19, 2018 624 1,232,900 1,975 2015 ResaleCITY SQUARE RESIDENCES Condominium Freehold June 20, 2018 570 940,000 1,648 2008 ResaleCITYLIGHTS Condominium 99 years June 20, 2018 893 1,350,000 1,511 2007 ResaleCAMBRIDGE ROAD Terrace Freehold June 20, 2018 1,539 3,630,000 2,355 Unknown ResaleDistrict 9 8 @ MOUNT SOPHIA Condominium 103 years June 22, 2018 861 1,318,000 1,531 2007 Resale8 HULLET Apartment Freehold June 20, 2018 657 2,233,800 3,402 Uncompleted New SaleCAVENAGH COURT Apartment Freehold June 21, 2018 1,819 2,750,000 1,512 Unknown ResaleLUMA Apartment Freehold June 25, 2018 904 1,750,000 1,935 2011 ResaleMARTIN MODERN Condominium 99 years June 23, 2018 764 2,209,000 2,890 Uncompleted New SaleMARTIN NO 38 Apartment Freehold June 21, 2018 969 2,410,000 2,488 2011 ResalePATERSON RESIDENCE Condominium Freehold June 22, 2018 1,496 3,400,000 2,272 2008 ResaleSKYLINE 360 @ SAINT THOMAS WALK Condominium Freehold June 25, 2018 1,733 3,950,000 2,279 2012 ResaleTHE INSPIRA Condominium Freehold June 21, 2018 1,206 2,420,000 2,007 2009 ResaleTHE LIGHT @ CAIRNHILL Condominium Freehold June 22, 2018 2,443 4,380,000 1,793 2004 ResaleTHE PEAK @ CAIRNHILL II Apartment Freehold June 19, 2018 904 2,347,000 2,596 2015 ResaleTHE WHARF RESIDENCE Condominium 999 years June 21, 2018 4,445 6,550,000 1,473 2012 ResaleUE SQUARE Apartment 929 years June 19, 2018 1,528 2,360,000 1,544 1997 ResaleVIDA Apartment Freehold June 26, 2018 527 1,150,000 2,180 2009 ResaleWATERSCAPE AT CAVENAGH Apartment Freehold June 26, 2018 1,313 2,480,000 1,889 2014 ResaleDistrict 10 38 JERVOIS Apartment Freehold June 19, 2018 700 1,610,899 2,302 Uncompleted New SaleASTRID MEADOWS Condominium Freehold June 22, 2018 1,023 1,828,000 1,788 1990 ResaleBALMORAL HILLS Condominium Freehold June 22, 2018 1,841 4,000,000 2,173 2008 ResaleBOULEVARD VUE Condominium Freehold June 25, 2018 4,478 18,270,240 4,080 2013 ResaleGOODWOOD RESIDENCE Condominium Freehold June 22, 2018 2,454 6,700,000 2,730 2013 ResaleJERVOIS LODGE Condominium Freehold June 19, 2018 1,238 2,050,000 1,656 1997 ResaleJALAN TENANG Semi-Detached 999 years June 20, 2018 3,444 5,800,000 1,685 1967 ResaleNASSIM MANSION Apartment Freehold June 25, 2018 3,412 10,600,000 3,107 1977 ResaleONE DUCHESS Apartment 999 years June 22, 2018 883 2,025,000 2,294 2017 ResaleONE TREE HILL MANSIONS Apartment 99 years June 20, 2018 1,625 1,750,000 1,077 Unknown ResalePARVIS Condominium Freehold June 22, 2018 1,701 3,265,000 1,920 2012 ResaleTHE CORNWALL Condominium Freehold June 22, 2018 614 1,150,000 1,874 2005 ResaleTHE FORD @ HOLLAND Terrace Freehold June 20, 2018 3,294 4,200,000 1,275 2009 ResaleTHE LEGEND Condominium Freehold June 25, 2018 1,485 2,218,000 1,493 1996 ResaleTHE SIXTH AVENUE RESIDENCES Condominium Freehold June 21, 2018 1,313 1,830,000 1,394 2009 ResaleTHE TWINS Apartment Freehold June 20, 2018 2,260 3,700,000 1,637 2002 ResaleDistrict 11 AMARYLLIS VILLE Condominium 99 years June 19, 2018 1,690 2,650,000 1,568 2004 ResaleBASSEIN COURT Apartment Freehold June 25, 2018 1,399 2,000,000 1,429 1993 ResaleCUBE 8 Condominium Freehold June 20, 2018 1,905 3,028,800 1,590 2013 ResaleLA MAISON Apartment Freehold June 25, 2018 1,292 2,030,000 1,572 1999 ResaleJALAN BAHASA Detached Freehold June 21, 2018 12,152 18,600,000 1,530 2015 ResaleJALAN NAGA SARI Detached Freehold June 25, 2018 5,802 6,650,000 1,146 1989 ResaleNINETEEN SHELFORD ROAD Condominium Freehold June 19, 2018 732 1,100,000 1,503 1997 Resale

DONE DEALS

Residential transactions with contracts dated June 19 to 26

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


| BY TIMOTHY TAY |

Two units at luxury condominium

Boulevard Vue were sold in May

and June at prices above $4,000

psf. The latest transaction was the

sale of a 4,478 sq ft, four-bedroom

unit on the 24th floor that fetched $18.27

million ($4,080 psf), according to a caveat

lodged on June 25. The other unit — on the

25th floor — was sold on May 7 for $18.18

million ($4,060 psf).

The 28-unit Boulevard Vue is a freehold

condo by Far East Organization that was

completed in 2013. Of the 28 units, 26 are

four-bedroom apartments of 4,392 to 4,499

sq ft and occupy an entire level each. There

are also two triplex penthouses of 8,051 sq

ft each, with private pool and roof terrace.

One was sold in 2009 for $33.41 million

($4,150 psf).

The last time a unit at Boulevard Vue crossed

the $4,000 psf threshold was in 2012, when

a 4,478 sq ft unit on the 26th floor fetched

$19.37 million ($4,326 psf). The all-time high

in terms of psf price was achieved by a unit

on the 28th floor that was sold for $21.39 mil-

lion ($4,800 psf) in November 2010.

“Units at Boulevard Vue are exclusive

and can command such prices because the

prime districts have a limited supply of free-

hold luxury units of more than 3,000 sq ft,”

says Jason Tan, executive director at JTR-

esi. It is also rare to have a single unit oc-

cupying an entire floor, he adds.

Boulevard Vue is located on Cuscaden

Walk, off Orchard Boulevard and it is one

of those rare projects with exclusively large,

four-bedroom units. New developments in

the Orchard Boulevard enclave include the

upcoming 3 Orchard By-the-Park, a 77-unit

development by YTL Corp, which contains

a mix of two- to four-bedroom units. Prices

are said to be about $4,000 psf.

Luxury condos launched more than a

decade ago include The Marq on Pater-son Hill, which has two towers with a to-

tal of 66 units. One tower contains 3,000 sq

ft, four-bedroom units; the other tower —

called the Signature Tower — contains units

of more than 6,200 sq ft, and each comes

with a private lap pool. In the latest trans-

action at The Marq on Paterson Hill, a 3,089

sq ft unit on the eighth floor was sold for

$10.28 million ($3,328 psf) last December.

In April last year, a 6,232 sq ft unit on the

eighth floor of the Signature Tower went for

$21.8 million ($3,498 psf). The highest psf

price achieved at The Marq was in late 2011,

when a 3,089 sq ft unit on the 20th floor was

sold for $20.54 million, or $6,650 psf, which

is also a record high psf price in Singapore.

Prices are heading northwards elsewhere

in the prime districts. At Nassim Man-sion, located on Nassim Hill and complet-

ed in 1977, an all-time-high psf price was

achieved last month. It was for a 3,412 sq

ft, four-bedroom unit on the ninth floor

of the 10-storey, 72-unit freehold block.

The unit changed hands for $10.6 million

($3,107 psf) on June 25. The last time the

unit changed hands was in 2011, when it

fetched $10.5 million ($3,077 psf).

Meanwhile, at Marina One Residences, one of the four penthouses in the first tower

was sold recently: The 6,469 sq ft duplex on

the 33rd floor fetched $18 million ($2,782

psf). Marina One Residences comprises twin

521-unit, 34-storey blocks, which were com-

pleted last year. The penthouses range from

6,491 to 8,568 sq ft in size.

Two units at luxury condo Boulevard Vue top $4,000 psf


E

On June 25, a unit on the 24th floor of Boulevard Vue was sold for $18.3 million ($4,080 psf)




NOVENA SUITES Apartment Freehold June 19, 2018 797 1,440,000 1,808 2004 ResaleROCHELLE AT NEWTON Condominium 99 years June 21, 2018 1,905 2,855,000 1,499 2012 ResaleSOLEIL @ SINARAN Condominium 99 years June 19, 2018 958 1,628,888 1,700 2011 ResaleSTRATA Apartment Freehold June 19, 2018 1,066 1,680,000 1,577 2006 ResaleTHE GREENWOOD Terrace 103 years June 19, 2018 3,025 2,950,000 975 2011 ResaleTHOMSON 800 Condominium Freehold June 19, 2018 1,399 1,970,000 1,408 1999 ResaleVIVA Condominium Freehold June 26, 2018 1,345 2,950,000 2,192 2012 ResaleDistrict 12 BEACON HEIGHTS Condominium 999 years June 19, 2018 893 1,180,000 1,321 2012 ResaleBEACON HEIGHTS Condominium 999 years June 21, 2018 926 1,100,000 1,188 2012 ResaleCITY REGENCY Apartment Freehold June 20, 2018 990 1,130,000 1,141 2009 ResaleGEM RESIDENCES Condominium 99 years June 21, 2018 980 1,486,000 1,517 Uncompleted New SaleGEM RESIDENCES Condominium 99 years June 23, 2018 1,055 1,939,000 1,838 Uncompleted New SaleKALLANG RIVERSIDE Apartment Freehold June 19, 2018 1,033 2,484,388 2,404 Uncompleted New SaleST. MICHAEL’S ROAD Terrace Freehold June 19, 2018 1,539 1,800,000 1,166 1962 ResalePRESTIGE HEIGHTS Apartment Freehold June 21, 2018 334 565,000 1,693 2011 ResaleREGENT RESIDENCES Apartment Freehold June 22, 2018 409 686,000 1,677 2015 ResaleRIVERBAY Apartment 999 years June 20, 2018 388 645,000 1,664 2014 ResaleRIVERBAY Apartment 999 years June 21, 2018 388 582,000 1,502 2014 ResaleST MICHAEL REGENCY Apartment Freehold June 21, 2018 1,249 1,400,000 1,121 2010 ResaleDistrict 13 MACPHERSON GARDEN ESTATE Terrace Freehold June 25, 2018 1,356 1,900,000 1,405 Unknown ResaleMACPHERSON GARDEN ESTATE Terrace Freehold June 26, 2018 1,399 1,850,000 1,325 Unknown ResalePARC MONDRIAN Apartment Freehold June 22, 2018 1,399 1,750,000 1,251 2010 ResaleDistrict 14 33 RESIDENCES Apartment Freehold June 20, 2018 700 1,186,000 1,695 Uncompleted New Sale33 RESIDENCES Apartment Freehold June 23, 2018 700 1,146,535 1,639 Uncompleted New SaleAVANT RESIDENCES Apartment 99 years June 22, 2018 527 832,900 1,579 2012 ResaleCENTRA RESIDENCE Apartment Freehold June 22, 2018 1,109 1,158,000 1,044 2014 ResaleCENTRAL GROVE Condominium 99 years June 19, 2018 1,173 1,170,000 997 2001 ResaleEUHABITAT Condominium 99 years June 19, 2018 527 673,000 1,276 2015 ResaleGUILLEMARD EDGE Apartment Freehold June 19, 2018 861 790,000 917 2014 ResaleLORONG MARICAN Terrace Freehold June 20, 2018 1,981 2,900,000 1,461 1989 ResaleJALAN LAPANG Terrace Freehold June 22, 2018 2,379 3,820,000 1,606 Unknown ResalePARK PLACE RESIDENCES AT PLQ Apartment 99 years June 19, 2018 1,163 2,065,000 1,776 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years June 19, 2018 1,087 1,985,000 1,826 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years June 20, 2018 1,087 1,918,000 1,764 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years June 23, 2018 1,249 2,105,000 1,686 Uncompleted New SaleTHE VINES Apartment Freehold June 19, 2018 1,981 1,650,000 833 2003 ResaleDistrict 15 AXIS @ SIGLAP Apartment Freehold June 25, 2018 1,884 1,540,000 818 2009 ResaleCOSTA RHU Condominium 99 years June 25, 2018 2,153 2,500,000 1,161 1997 ResaleCOTE D’AZUR Condominium 99 years June 20, 2018 1,539 1,950,000 1,267 2004 ResaleD-MANSIONS Apartment Freehold June 20, 2018 1,572 1,488,000 947 1999 ResaleEAST SIGNATURE Apartment Freehold June 26, 2018 1,001 1,400,000 1,399 2005 ResaleEASTBAY Apartment Freehold June 22, 2018 958 1,260,000 1,315 2010 ResaleFRANKEL ESTATE Terrace Freehold June 21, 2018 2,077 2,800,000 1,348 1956 ResaleFRANKEL ESTATE Semi-Detached Freehold June 21, 2018 3,165 4,100,000 1,294 1997 ResaleMANDARIN GARDENS Condominium 99 years June 25, 2018 732 920,000 1,257 1986 ResaleMARINE BLUE Condominium Freehold June 20, 2018 969 1,700,000 1,755 2016 ResaleMERLOT VILLE Apartment Freehold June 20, 2018 1,238 1,250,000 1,010 2002 ResaleLORONG H TELOK KURAU Detached Freehold June 21, 2018 24,047 37,888,000 1,575 1953 ResaleJALAN SELENDANG DELIMA Terrace Freehold June 22, 2018 1,733 2,690,000 1,553 1981 ResaleRAMSGATE ROAD Detached Freehold June 26, 2018 12,777 18,680,000 1,462 Unknown ResaleOPERA ESTATE Semi-Detached Freehold June 20, 2018 2,906 4,918,800 1,692 Unknown ResaleRICCHEZZA Apartment Freehold June 21, 2018 883 1,000,000 1,133 2010 ResaleSANDY EIGHT Apartment Freehold June 20, 2018 678 1,185,000 1,747 Uncompleted New SaleSIGNATURE RESIDENCE Apartment Freehold June 20, 2018 2,314 2,205,000 953 2008 ResaleST PATRICK’S RESIDENCES Apartment Freehold June 25, 2018 1,496 2,050,000 1,370 2013 ResaleSUITES @ GUILLEMARD Apartment Freehold June 22, 2018 527 745,000 1,412 2014 ResaleTHE ARISTO @ AMBER Apartment Freehold June 21, 2018 1,636 2,360,000 1,442 2013 ResaleTHE GERANIUM Condominium Freehold June 19, 2018 990 1,148,000 1,159 2006 ResaleTHE SEAWIND Condominium Freehold June 19, 2018 646 1,119,000 1,733 2015 ResaleTHE SEAWIND Condominium Freehold June 19, 2018 635 1,088,319 1,714 2015 ResaleWHITESCAPE Apartment Freehold June 20, 2018 743 975,000 1,313 2012 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years June 25, 2018 893 880,000 985 2001 ResaleARCHIPELAGO Condominium 99 years June 19, 2018 527 690,000 1,308 2015 ResaleCASA MERAH Apartment 99 years June 20, 2018 958 1,200,000 1,253 2009 ResaleCOSTA DEL SOL Condominium 99 years June 26, 2018 1,238 1,640,000 1,325 2003 ResaleECO Condominium 99 years June 21, 2018 1,141 1,600,000 1,402 2017 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years June 19, 2018 1,238 1,863,000 1,505 Uncompleted New SaleKEW CRESCENT Detached 99 years June 22, 2018 5,877 3,700,000 629 1997 ResaleLUCKY VIEW Semi-Detached Freehold June 22, 2018 3,444 5,100,000 1,481 Unknown ResaleOPTIMA @ TANAH MERAH Condominium 99 years June 22, 2018 1,539 1,838,000 1,194 2012 ResaleTHE CLEARWATER Condominium 99 years June 21, 2018 2,433 1,870,000 769 2001 ResaleTHE SPRINGFIELD Terrace 99 years June 25, 2018 2,336 1,650,000 706 1999 ResaleWATERFRONT KEY Condominium 99 years June 22, 2018 1,518 1,820,000 1,199 2012 ResaleWATERFRONT WAVES Condominium 99 years June 19, 2018 1,324 1,500,000 1,133 2011 ResaleDistrict 17 CHANGI HEIGHTS Terrace Freehold June 20, 2018 1,733 2,390,000 1,379 2002 ResaleEDELWEISS PARK CONDOMINIUM Condominium Freehold June 22, 2018 915 800,000 874 2006 ResaleEDELWEISS PARK CONDOMINIUM Condominium Freehold June 25, 2018 1,281 1,080,000 843 2006 ResaleFERRARIA PARK CONDOMINIUM Condominium Freehold June 22, 2018 936 820,000 876 2009 ResalePARC OLYMPIA Condominium 99 years June 19, 2018 1,163 1,030,000 886 2015 ResaleDistrict 18 COCO PALMS Condominium 99 years June 22, 2018 743 860,000 1,158 2018 Sub SaleCOCO PALMS Condominium 99 years June 22, 2018 1,249 1,388,000 1,112 2018 Sub SaleCOCO PALMS Condominium 99 years June 26, 2018 753 980,000 1,301 2018 Sub SaleLIVIA Condominium 99 years June 19, 2018 1,539 1,450,000 942 2011 ResaleLIVIA Condominium 99 years June 20, 2018 1,259 1,050,000 834 2011 ResaleLIVIA Condominium 99 years June 22, 2018 1,152 850,000 738 2011 ResaleMELVILLE PARK Condominium 99 years June 22, 2018 1,345 940,000 699 1996 ResaleNV RESIDENCES Condominium 99 years June 21, 2018 1,270 1,210,000 953 2013 ResaleSEA ESTA Condominium 99 years June 19, 2018 1,227 1,238,888 1,010 2015 ResaleSEA ESTA Condominium 99 years June 19, 2018 904 870,000 962 2015 ResaleSEA ESTA Condominium 99 years June 20, 2018 1,119 1,300,000 1,161 2015 ResaleSEASTRAND Condominium 99 years June 22, 2018 710 690,000 971 2014 ResaleTHE EDEN AT TAMPINES EC 99 years June 19, 2018 1,238 980,000 792 2003 ResaleTHE ESPARIS EC 99 years June 21, 2018 1,292 950,000 735 2005 ResaleTHE TAPESTRY Condominium 99 years June 21, 2018 1,130 1,537,380 1,360 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 23, 2018 441 648,810 1,470 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 23, 2018 474 697,000 1,472 Uncompleted New SaleTHE TAPESTRY Condominium 99 years June 24, 2018 990 1,220,000 1,232 Uncompleted New SaleWHITEWATER EC 99 years June 25, 2018 1,281 918,000 717 2005 ResaleDistrict 19 BEAUTY GARDEN Detached 999 years June 20, 2018 4,263 3,680,000 864 2001 ResaleCASA CAMBIO Condominium Freehold June 25, 2018 474 707,000 1,493 2014 ResaleCHARLTON VILLAS Semi-Detached Freehold June 22, 2018 3,261 2,548,000 781 2010 ResaleEVERGREEN PARK Apartment 99 years June 19, 2018 1,173 790,000 673 1999 ResaleFOREST WOODS Condominium 99 years June 24, 2018 947 1,547,420 1,634 Uncompleted New SaleJANSEN 28 Apartment 999 years June 20, 2018 1,679 1,480,000 881 1999 ResaleKINGSFORD WATERBAY Apartment 99 years June 19, 2018 893 1,205,000 1,349 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 19, 2018 1,098 1,240,000 1,129 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 19, 2018 883 1,196,000 1,355 Uncompleted New Sale

KINGSFORD WATERBAY Apartment 99 years June 19, 2018 850 1,168,000 1,374 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 19, 2018 850 1,146,000 1,348 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 20, 2018 689 989,000 1,436 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 20, 2018 850 1,162,000 1,366 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 20, 2018 850 1,169,000 1,375 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 20, 2018 850 1,139,000 1,339 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 20, 2018 850 1,149,000 1,351 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 20, 2018 850 1,147,000 1,349 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 21, 2018 850 1,121,132 1,318 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 21, 2018 689 990,000 1,437 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 24, 2018 1,195 1,637,000 1,370 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 24, 2018 689 995,000 1,444 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 24, 2018 850 1,146,000 1,348 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 24, 2018 850 1,145,000 1,346 Uncompleted New SaleKOVAN MELODY Condominium 99 years June 21, 2018 1,055 1,028,000 975 2006 ResaleKOVAN REGENCY Condominium 99 years June 22, 2018 980 1,370,000 1,399 2015 ResaleKOVAN REGENCY Condominium 99 years June 22, 2018 1,130 1,550,000 1,371 2015 ResaleMIDTOWN RESIDENCES Apartment 99 years June 26, 2018 657 945,000 1,439 2016 ResaleNANYANG PARK Terrace 999 years June 19, 2018 2,347 3,780,000 1,611 Unknown ResalePARC VERA Condominium 99 years June 21, 2018 872 861,000 988 2014 ResalePARK GREEN EC 99 years June 21, 2018 1,744 1,280,000 734 2004 ResalePARRY PARK Terrace 999 years June 26, 2018 2,788 3,070,000 1,102 1991 ResalePRIMO RESIDENCES Apartment Freehold June 19, 2018 495 600,000 1,212 2012 ResaleRIVERCOVE RESIDENCES EC 99 years June 19, 2018 1,109 1,074,200 969 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 19, 2018 1,163 1,109,700 955 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 19, 2018 1,076 1,090,100 1,013 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 19, 2018 1,109 1,047,400 945 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 20, 2018 904 904,000 1,000 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 20, 2018 1,163 1,094,200 941 Uncompleted New SaleRIVERCOVE RESIDENCES EC 99 years June 24, 2018 1,076 1,074,800 999 Uncompleted New SaleRIVERVALE CREST Apartment 99 years June 25, 2018 1,389 1,050,000 756 2002 ResaleSANCTUARY @ 813 Apartment Freehold June 21, 2018 1,023 1,038,000 1,015 2011 ResaleTAI HWAN GARDEN Terrace Freehold June 22, 2018 2,013 2,780,000 1,380 1979 ResaleTHE AMBIENCE Detached 999 years June 19, 2018 3,670 2,038,888 555 2009 ResaleTHE MINTON Condominium 99 years June 21, 2018 980 1,050,000 1,072 2013 ResaleTHE SCALA Apartment 99 years June 25, 2018 829 1,230,000 1,484 2013 ResaleTHE TOP RESIDENCE Terrace 999 years June 22, 2018 2,723 2,300,000 845 2010 ResaleDistrict 20 CENTRO RESIDENCES Condominium 99 years June 25, 2018 926 1,305,000 1,410 2014 ResaleHORIZON GREEN Terrace 99 years June 19, 2018 4,187 2,250,000 537 2003 ResaleTHE GARDENS AT BISHAN Condominium 99 years June 19, 2018 883 980,000 1,110 2004 ResaleTHOMSON IMPRESSIONS Semi-Detached 99 years June 20, 2018 2,034 2,530,000 1,244 Uncompleted New SaleTHOMSON THREE Apartment 99 years June 22, 2018 732 1,135,000 1,551 2016 ResaleDistrict 21 BUKIT REGENCY Condominium Freehold June 22, 2018 947 1,070,000 1,130 1995 ResaleENG KONG TERRACE Terrace Freehold June 25, 2018 1,647 3,250,000 1,975 2006 ResalePANDAN VALLEY Condominium Freehold June 19, 2018 2,982 3,300,000 1,107 1978 ResalePARC PALAIS Condominium Freehold June 21, 2018 1,270 1,680,000 1,323 1999 ResaleREGIS MANSIONS Apartment Freehold June 22, 2018 1,206 1,260,000 1,045 1998 ResaleTHE CASCADIA Condominium Freehold June 20, 2018 1,496 2,688,888 1,797 2010 ResaleTHE RAINTREE Condominium 99 years June 21, 2018 1,313 1,500,000 1,142 2008 ResaleTOH TUCK LODGE Apartment Freehold June 21, 2018 2,486 1,970,000 792 2003 ResaleDistrict 22 CASPIAN Condominium 99 years June 25, 2018 1,281 1,455,000 1,136 2012 ResaleCASPIAN Condominium 99 years June 26, 2018 463 655,000 1,415 2012 ResaleJ GATEWAY Condominium 99 years June 22, 2018 474 899,800 1,900 2016 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years June 19, 2018 592 800,000 1,351 2014 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years June 20, 2018 721 1,100,000 1,525 2014 ResaleTHE LAKESHORE Condominium 99 years June 21, 2018 1,173 1,288,000 1,098 2008 ResaleTHE LAKESHORE Condominium 99 years June 21, 2018 1,141 1,220,000 1,069 2007 ResaleTHE LAKESHORE Condominium 99 years June 22, 2018 1,141 1,225,000 1,074 2007 ResaleTHE LAKESHORE Condominium 99 years June 25, 2018 1,152 1,238,000 1,075 2007 ResaleWESTVILLE Terrace 99 years June 21, 2018 2,153 1,550,000 720 1997 ResaleDistrict 23 HAZEL PARK CONDOMINIUM Condominium 999 years June 19, 2018 1,324 1,510,000 1,141 2000 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years June 20, 2018 1,335 1,500,000 1,124 2000 ResaleHILLSTA Condominium 99 years June 25, 2018 990 1,050,000 1,060 2016 ResaleHILLVIEW RESIDENCE Condominium 999 years June 19, 2018 1,249 1,300,000 1,041 2002 ResaleKINGSFORD . HILLVIEW PEAK Condominium 99 years June 25, 2018 1,044 1,218,000 1,167 2017 Sub SaleLE QUEST Apartment 99 years June 23, 2018 1,130 1,498,000 1,325 Uncompleted New SalePARKVIEW APARTMENTS Apartment 99 years June 22, 2018 926 710,000 767 1998 ResaleTHE QUINTET EC 99 years June 19, 2018 2,400 1,525,000 635 2006 ResaleTHE TENNERY Apartment 99 years June 19, 2018 614 730,000 1,190 2014 ResaleTHE WARREN Condominium 99 years June 26, 2018 1,270 1,000,000 787 2004 ResaleTREE HOUSE Condominium 99 years June 19, 2018 1,410 1,460,000 1,035 2013 ResaleTREE HOUSE Condominium 99 years June 20, 2018 1,012 1,188,000 1,174 2013 ResaleTREE HOUSE Condominium 99 years June 22, 2018 797 855,000 1,073 2013 ResaleYEW MEI GREEN EC 99 years June 21, 2018 1,410 968,000 686 2000 ResaleDistrict 25 CASABLANCA Condominium 99 years June 21, 2018 1,119 810,000 724 2005 ResaleNORTHWAVE EC 99 years June 19, 2018 1,270 968,050 762 Uncompleted New SaleWOODSVALE EC 99 years June 20, 2018 1,313 830,000 632 2000 ResaleDistrict 26 FOREST HILLS CONDOMINIUM Condominium 99 years June 19, 2018 1,163 860,000 740 2003 ResaleMEADOWS @ PEIRCE Condominium Freehold June 22, 2018 1,195 1,380,000 1,155 2012 ResaleMUN WAH GARDEN Semi-Detached Freehold June 21, 2018 3,466 3,250,000 939 1995 ResaleSEASONS PARK Condominium 99 years June 21, 2018 1,066 925,000 868 1997 ResaleSPRINGLEAF GARDEN Semi-Detached Freehold June 21, 2018 3,627 3,380,000 932 1984 ResaleTHE SPRINGSIDE Terrace Freehold June 26, 2018 2,013 3,333,000 1,659 2016 ResaleDistrict 27 LILYDALE EC 99 years June 26, 2018 1,227 775,000 632 2003 ResaleSEMBAWANG SPRINGS ESTATE Terrace Freehold June 19, 2018 1,701 1,780,000 1,045 Unknown ResaleSKYPARK RESIDENCES EC 99 years June 22, 2018 1,152 940,000 816 2016 ResaleTHE MILTONIA RESIDENCES Condominium 99 years June 19, 2018 840 775,000 923 2014 ResaleTHE SHAUGHNESSY Terrace 99 years June 19, 2018 3,498 1,580,000 452 2006 ResaleWATERCOVE Terrace Freehold June 24, 2018 3,552 2,358,000 664 Uncompleted New SaleDistrict 28 CABANA Terrace 103 years June 19, 2018 2,917 1,880,880 645 2013 ResaleH2O RESIDENCES Condominium 99 years June 25, 2018 1,130 1,180,000 1,044 2015 ResaleNIM COLLECTION Terrace 99 years June 22, 2018 1,690 2,898,000 1,715 Uncompleted New SaleNIM COLLECTION Terrace 99 years June 23, 2018 1,711 2,900,000 1,694 Uncompleted New SaleNIM COLLECTION Terrace 99 years June 24, 2018 1,970 2,842,000 1,443 Uncompleted New SaleNIM COLLECTION Terrace 99 years June 24, 2018 1,701 2,968,888 1,746 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 20, 2018 506 705,000 1,394 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 21, 2018 969 1,241,112 1,281 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 22, 2018 1,033 1,278,112 1,237 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 23, 2018 592 859,000 1,451 Uncompleted New SalePARC BOTANNIA Condominium 99 years June 23, 2018 969 1,288,112 1,330 Uncompleted New SaleRIVERTREES RESIDENCES Apartment 99 years June 22, 2018 732 900,000 1,230 2017 Sub SaleSELETAR HILLS ESTATE Semi-Detached Freehold June 21, 2018 3,154 3,568,000 1,133 Unknown ResaleSELETAR SPRINGS CONDOMINIUM Condominium 99 years June 21, 2018 2,067 1,540,000 745 2000 Resale

DONE DEALS

Residential transactions with contracts dated June 19 to 26

DISCLAIMER:

Source: URA Realis. Updated July 3, 2018. The Edge Publishing Pte Ltd shall not be responsible for any loss or

liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

EC stands for executive condominium

GAINS AND LOSSES


Balmoral Hills four-bedder fetches $1.96 mil profit

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Top 10 gains and losses from June 19 to 26

URA, EDGEPROP

Most profi table deals

Note: Computed based on URA caveat data as at July 3 for private non-landed houses transacted between June 19 and 26. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.

Non-profi table deals PROJECT DISTRICT AREA SOLD ON SALE PRICE BOUGHT ON PURCHASE PRICE LOSS LOSS ANNUALISED LOSS HOLDING PERIOD

(SQ FT) (2018) ($ PSF) ($ PSF) ($) (%) (%) (YEARS)

1 Vida 9 527 June 26 2,180 May 4, 2010 2,736 293,000 20 3 8.2

2 Luma 9 904 June 25 1,935 June 6, 2013 2,132 178,000 9 2 5.1

3 Refl ections at Keppel Bay 4 1,227 June 25 1,467 May 7, 2007 1,604 168,300 9 1 11.1

4 Ferraria Park Condominium 17 936 June 22 876 Oct 15, 2012 982 100,000 11 2 5.7

5 Whitehaven 5 947 June 22 1,478 June 24, 2013 1,532 51,000 4 1 5.0

6 Th e Lakeshore 22 1,141 June 21 1,069 Nov 19, 2012 1,111 48,000 4 1 5.6

7 Tree House 23 797 June 22 1,073 March 26, 2013 1,148 35,000 4 1 5.2

8 Kovan Melody 19 1,055 June 21 975 June 10, 2011 984 10,000 1 0 7.0

PROJECT DISTRICT AREA SOLD ON SALE PRICE BOUGHT ON PURCHASE PRICE PROFIT PROFIT ANNUALISED PROFIT HOLDING PERIOD

(SQ FT) (2018) ($ PSF) ($ PSF) ($) (%) (%) (YEARS)

1 Balmoral Hills 10 1,841 June 22 2,173 Sept 27, 2005 1,109 1,959,105 96 5 12.7

2 Th e Twins 10 2,260 June 20 1,637 July 4, 2006 885 1,700,000 85 5 12.0

3 Th e Legend 10 1,485 June 25 1,493 June 16, 2004 633 1,278,000 136 6 14.0

4 Costa Rhu 15 2,153 June 25 1,161 Dec 1, 2006 585 1,240,000 98 6 11.6

5 Toh Tuck Lodge 21 2,486 June 21 792 March 23, 2007 322 1,170,000 146 8 11.3

6 Caribbean at Keppel Bay 4 1,335 June 22 1,600 Aug 13, 2006 774 1,103,000 107 6 11.9

7 Bassein Court 11 1,399 June 25 1,429 March 26, 1996 665 1,070,000 115 3 22.3

8 Th e Inspira 9 1,206 June 21 2,007 Nov 17, 2006 1,175 1,003,000 71 5 11.6

9 Seletar Springs Condominium 28 2,067 June 21 745 Dec 28, 1998 334 850,000 123 4 19.5

10 Th e Clearwater 16 2,433 June 21 769 April 4, 2001 436 810,000 76 3 17.2

| BY CHARLENE CHIN |

The most profitable deal in the week of

June 19 to 26 was the sale of a four-bed-

room unit at Balmoral Hills in prime

District 10. The 1,841 sq ft unit on the

fifth floor fetched a selling price of $4

million ($2,173 psf) on June 22. The seller had

purchased the unit for $2.04 million ($1,109 psf)

in 2005. He walked away with a 96% profit of

$1.96 million, or an annualised profit of 5%

over a holding period of 12.7 years. Incidentally,

this transaction marks the highest profit reaped

to date among all the resales at Balmoral Hills.

Balmoral Hills is a short drive to the Orchard

Road shopping belt. It is near prominent schools

such as the Anglo Chinese Primary School,

Raffles Girls’ Secondary School and Singapore

Chinese Girls School.

The sale of the four-bedroom unit is the sec-

ond transaction at Balmoral Hills this year. The

first was on Feb 19, when a 1,841 sq ft unit on

the 11th storey changed hands for $3.8 million

($2,064 psf). Having bought it for $3.73 mil-

lion ($2,026 psf) in 2013, the seller raked in a

2% profit of $70,000 over 5.1 years.

The second most profitable deal for the

week in review was for a 2,260 sq ft unit at

The Twins, also in District 10. The development

is just a 15-minute walk from Balmoral Hills.

The third-floor unit was sold for $3.7 million

($1,637 psf) on June 20. The seller reaped an

85% profit of $1.7 million, or an annualised

profit of 5% over 12 years, after purchasing it

for $2 million ($885 psf) in 2006.

A two-bedroom unit at The Legend on

Bukit Timah Road made the third most prof-

itable transaction for the period in review. The

1,485 sq ft unit on the second floor was sold

for $2.22 million ($1,493 psf) on June 25. The

seller gained a 136% profit of $1.28 million,

or an annualised profit of 6% over 14 years.

It was purchased in 2004 for $940,000 ($633

psf). This marks the third time the unit has

changed hands. It was first purchased from the

developer in 1996 for $1.9 million ($1,276 psf).

The Legend is also in District 10 and a

15-minute walk to the Newton MRT Station.

All the top three profitable transactions for the

week are at freehold developments.

A unit sold at Vida made the top loss for the

week in review. Vida is in District 9, right next

to the Cairnhill area and within walking dis-

tance of Mount Elizabeth Hospital and New-

ton Hawker Centre. A 527 sq ft, one-bedroom

unit on the 17th floor was sold for $1.15 mil-

lion ($2,180 psf) on June 26, at a 20% loss of

$293,000, or an annualised loss of 3% over 8.2

years. The seller had purchased the unit for

$1.44 million ($2,736 psf) in 2010.

The most profitable deal of the week was for a four-bedroom unit at Balmoral Hills that fetched $1.96 million in profitA one-bedroom unit was sold for $1.15 million at Vida on June 26. The seller incurred a 20% loss of $293,000 from the deal.

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

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UNDER THE HAMMER


| BY TIMOTHY TAY |

With the residential market pick-

ing up, the number of listings by

owners at auctions has also ris-

en significantly in 2Q2018. The

resale market is healthier, too,

with cash-rich en bloc beneficiaries buying

replacement homes, notes Joy Tan, head of

auction & sales at Edmund Tie & Co (ET&Co).

More properties listed for auctions have

also been sold via private treaty, especially for

higher-quantum properties whose buyers want

to remain anonymous, notes Tan.

Banks are also more flexible in considering

a sale before auction “if the price is at or above

their expectations”, she adds. Private owners

are also open to selling by private treaty prior

to the auction if there is an attractive offer.

In 2Q2018, several high-end properties

were sold at ET&Co’s auctions. They includ-

ed a semi-detached house on Pasir Ris Way, a

mortgagee sale; it attracted 15 bids and went

under the hammer for $5 million in May.

At auctions in 2Q2018, owners’, estate and

trustees’ sales saw a combined total of $11.19

million in transaction value, while mortgagee

sales totalled $8.45 million. In 2017, there was

a total of 33 forced sales (mortgagee, receivers’

and sheriffs’ sales), compared with 12 owners’,

estate or trustees’ sales.

“In past years, mortgagee sales dominated

the auction floor,” says Tan. “Owners’ listings

have caught up and exceeded the number of

mortgagee sales [last] quarter. This is a reflec-

tion of how the market has accepted auctions

as an alternative way to sell their properties.”

The total value of properties sold under the

hammer in 2Q2018 was $19.64 million, com-

pared with $10.48 million the previous year. In

1H2018, the total number of properties sold at

auction was 21, with a sales value of $39.6 mil-

lion. In 1H2017, the number of properties sold

at auction was 18, with total sales of $44.71 mil-

lion, according to JLL. In this period, the highest

value of a property sold at auction by ET&Co

was $11.38 million for a detached house on

Chestnut Drive. In comparison, the highest

value sold at an auction so far this year by

ET&Co was the semi-detached house at Pa-

sir Ris Way.

For JLL, the highest value of a property sold

at an auction in 1H2018 was achieved by a

1,722 sq ft, four-bedroom unit at Spring Grove

on Grange Road in District 10. It fetched $2.5

million ($1,452 psf) in a mortgagee sale, ac-

cording to a caveat lodged in February.

The number of owners’ listings at auctions

rose 37% in 1H2018 from a year ago, says Mok

Sze Sze, JLL head of auction. “The property

auction market is bucking the trend of mort-

gagee sales, outstripping owners’ sales,” she

adds. She foresees that, in 2018, up to 70% of

auction listings will be owners’ sale, whereas

the number of mortgagee sales will fall 10%

to 20% compared with 2017.

The property auction market has become

more competitive, with newcomers ERA and

PropNex entering the fray last year and in

March this year respectively. ET&Co recent-

ly branched into art auctions. It was recent-

ly appointed to auction 36 paintings by re-

nowned oil and acrylic artist Allen Tang on

July 29. Prices of these art pieces range from

$6,000 to $60,000. “This art auction is part of

ET&Co’s endeavour to be client-centric, as

many property buyers also purchase art piec-

es as an investment or to enjoy in their homes

or both,” adds Tan.

Owners’ sales gaining in popularity

OVERALL NO OF LISTINGS

PERIOD MORTGAGEE OWNER TOTAL

1Q2017 84 91 175

2Q2017 86 78 164

3Q2017 105 106 211

4Q2017 58 111 169

1Q2018 79 79 158

2Q2018 79 153 232

Owner and mortgagee listings from the property auction market

The highest-value property sold at an auction by JLL so far this year was a 1,722 sq ft unit on the third floor of Spring Grove that went for $2.5 million

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JLL

20180709 s ep 838 · 2018. 7. 6. · singapore. loh purchased the conservation prop-erty at 2...

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