PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of October 29, 2018 | ISSUE 854-75

MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)

EPJ2 • EDGEPROP | OCTOBER 29, 2018

Market WatchHong Kong most expensive city in terms of rents: Savills

EP4

Done Deals Demand for condos above $10m more resilient than for those in

$5m-$10m range EP10

Under the HammerSky villa at The Oceanfront

going for $4.28 mil EP18

Size mattersFuture homeowners can look forward to more liveable space,

but developer margins could be squeezed as bigger square footage means lower psf price. See our Cover Story on Pages 8 and 9.

PROPERTY PERSONALISED

Visit EdgeProp.sg to nd properties, research market trends and read the latest news The week of October 29, 2018 | ISSUE 854-75

MCI (P) 047/08/2018 PPS 1519/09/2012 (022805)

Aerial view of Balestier, one of nine areasthat will be subject to the more stringentURA requirement for unit sizes to averageat least 100 sq m

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EP2 • EDGEPROP | OCTOBER 29, 2018

Gilstead Mansion launches second collective sale attempt Owners of the 24-unit Gilstead Mansion

have launched their property for collec-

tive sale, marking the second attempt for

the freehold residential development.

They are now asking for $65 million,

down $3 million from the first attempt

in end-May. The reserve price translates

into $1,524.7 psf per plot ratio (ppr).

There is no development charge payable.

Subject to the authorities’ approv-

al, the site could yield 56 units, says

Teakhwa Real Estate, marketing agent

for the property.

Across the road, the 48-unit Gil-

stead Court was also launched for col-

lective sale in June, at an asking price

of $168 million.

Gilstead Mansion is located in a

two-storey mixed landed enclave on Gil-

stead Road, and adjacent to the Bukit

Tunggal Good Class Bungalow area. It is

close to Novena Square, Velocity, Unit-

ed Square and Goldhill Plaza.

The tender for the Gilstead Mansion

site will close on Nov 22 at 2pm.

Launch of London development Gallions Point in Singapore On the weekend of Oct 27 and 28, Lon-

don house builder Telford Homes will

launch Gallions Point at St Regis Hotel,

Singapore. Gallions Point is a develop-

ment in Royal Albert Wharf, a new riv-

erside neighbourhood comprising 127

homes in the heart of the Royal Docks.

Due for completion in spring/sum-

mer 2020, the first release at Gallions

Point features a collection of one- to

three-bedroom apartments. Prices of

units at Gallions Point are from £376,500

($671,363) to £744,000. Units range from

551 sq ft, one-bedroom apartments to

1,272 sq ft, three-bedroom apartments.

The apartments will have floor-to-

ceiling windows and a private balcony

or terrace that provides views of the

landscaped gardens or the Docklands

and East London skyline. The kitchens

are designed by London’s Urban Myth

and come with stone work surfaces

and fully integrated Smeg appliances.

Residents will have access to a 24-

hour concierge, private residents’ WiFi

lounge, underground parking, conven-

ience store and other retail services.

Gallions Point is next to Gallions

Reach on the Docklands Light Railway,

15 minutes away from Canary Wharf and

23 minutes from London City Airport.

Pre -launch events for River Plaza in Manchester Alliance Investments, a direct-to-devel-

oper real estate investment company

that specialises in marketing prime city

centre developments in Manchester in

the UK, announced the pre-launch of its

third luxury riverside scheme, River Pla-

za (pictured). The events will be held in

Hong Kong on Oct 25 and 27.

River Plaza is located on the banks of

the River Irwell and directly opposite the

historical area of Castlefield in Manchester.

The 20-storey development is scheduled

for completion in 2Q2021 and compris-

es 180 one- to three-bedroom apartments

with river and city views. The unit sizes

range from 428 sq ft for a one-bedder to

704 sq ft for a two-bedder and 953 sq ft

for a three-bedder.

Luxury services and amenities at

River Plaza include a gymnasium, res-

idents’ lounge, cinema room, concierge

services, private dining room with a ter-

race overlooking the River Irwell, under-

ground car parking and a secure bicycle

storage. The building offers an addi-

tional rooftop terrace with river views.

Prices for River Plaza start from

£183,600, and early-bird discounts are

available until the official launch.

Villa units at Baba Beach Club Phuket for sale Baba Beach Club in Phuket, Thailand,

is putting up its two- and -five bedroom

villa units for sale. Investors can choose

between the 2,476 sq ft, two-bedroom

villas or the 11,334 sq ft, five-bedroom vil-

las. Prices start from US$900,000 ($1.24

million) and US$4.6 million respective-

ly. All villas will be sold with a lease-

hold ownership. Investors will receive a

Mercedes-Benz GLC with the purchase

of a five-bedroom unit.

The two-bedroom villas feature a

master bedroom that overlooks a pri-

vate pool. The five-bedroom villas sit

on 15,069 sq ft of land and feature a

courtyard garden.

Baba Beach Club is on Natai Beach and

has 200m of beachfront. It is 20 minutes

away from Phuket International Airport.

Baba Beach Club is managed and de-

veloped by the team behind the inter-

nationally acclaimed estate, Sri Panwa.

F&B unit in Bukit Timah Plazafor sale at $13 mil An F&B unit on the ground floor of Bukit

Timah Plaza is up for sale at $13 mil-

lion, or $2,600 psf. The 4,930 sq ft unit

is situated in a “prominent” location and

enjoys “high footfall”, according to JLL,

marketing agent for the property. It is op-

posite the mall’s escalators and close to

tenants such as Popular bookstore, NTUC

Finest supermarket and DBS Treasures,

the wealth management division of DBS

Bank. The unit is tenanted to a commer-

cial school and an ancillary cafe.

Clemence Lee, associate director of

JLL, says: “Units on the ground floor in

the mall are usually tightly held and sel-

dom made available for sale because of

their high visibility and human traffic.”

He adds that over the past two years,

only two units on the ground floor have

been sold, at $2,614 psf and $2,986 psf

respectively.

An eight-minute walk from Beauty

World MRT station, Bukit Timah Plaza

is a mixed-use development at the in-

tersection of Clementi Road and Upper

Bukit Timah Road.

Foreigners are eligible to purchase

the commercial property, which is not

subject to additional buyer’s stamp

duty and seller’s stamp duty. The ex-

pression of interest closes on Nov 28 at

3pm. — Compiled by Bong Xin Ying and Charlene Chin

MARKET TRENDS

PROPERTY BRIEFS

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

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

ADVERTISING + MARKETING ADVERTISING SALES

DIRECTOR, COMMERCIAL OPERATIONS | Diana LimSENIOR ACCOUNT MANAGERS |Janice Zhu, James ChuaACCOUNT MANAGER |Pang Kai XinSALES 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

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

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E

NUS-Redas property sentiment index plummets in 3Q2018 | BY BONG XIN YING |

Property sentiment, as measured by the NUS-Re-

das Real Estate Sentiment Index (RESI), took a

big knock in 3Q2018. This arose from the new

round of property cooling measures implement-

ed in July. The Composite Sentiment Index, an

indicator for the overall real estate market sentiment,

tumbled to 4.0 in 3Q2018 from 6.6 in 2Q2018.

The Current Sentiment Index, which tracks

changes in sentiment over the past six months, de-

creased to 4.0 in 3Q2018 from 6.7 in 2Q2018; the

Future Sentiment Index, which follows sentiment

change over the next six months, decreased to 4.2

in 3Q2018 from 6.4 in 2Q2018.

Assoc Prof Sing Tien Foo of NUS Institute of Real

Estate and Urban Studies says: “The uncertainties in

the external economic conditions, coupled with the

high transaction costs imposed by the new ABSD

[additional buyer’s stamp duty] policies, may have

a double-whammy impact on the local residential

markets.” The sharp declines in the 3Q2018 senti-

ments reflect the “bleak outlook” of the property

players, especially on the residential markets in the

next six to 12 months, he adds.

RESI measures the perceptions and expectations

of real estate development and market conditions in

Singapore. The index was jointly developed by the

Real Estate Developers’ Association of Singapore and

the Department of Real Estate, National University

of Singapore. RESI comprises the Current Sentiment,

Future Sentiment and Composite Sentiment indices.

The RESI survey found that, for the prime resi-

dential sector, the current and the future net balanc-

es slumped from 63% and 58% in 2Q2018 to -58%

and -45% in 3Q2018, respectively. The current and

the future net balances for the suburban residential

sector declined from 53% and 37% in 2Q2018 to

-60% and -45% in 3Q2018. The “abrupt changes”

in respondents’ sentiment reflect pessimistic outlook

in the residential sectors, according to the survey.

In 3Q2018, the office sector was the strongest among

the sectors surveyed, with both current and future

net balances at 45%. The retail sectors, particularly

prime retail, put up a slightly worse performance. At

33% and 31%, the hotel and serviced apartment sec-

tors saw improved current and future net balances,

compared with 19% and 16% in 2Q2018 respectively.

On the impact of the ABSD measures in the next

six months, 90.2% of survey respondents felt that

the en bloc market would be “seriously affected”. At

least 63.9% of the respondents expected the ABSD

hike to greatly affect new sales in the residential

property market. The survey found that residential

properties in the Core Central Region are more sen-

sitive to the ABSD policy than those in the Outside

Central Region, while new launches of non-land-

ed residential properties in CCR are likely to face

greater resistance.

The survey respondents note that developers

“have little choice but to push out the projects for

launch, owing to ABSD and QC [qualifying certifi-

cate] restrictions”. They note that if the developers

withhold launches, “these will bunch up later on,

causing a big glut that will cause prices to fall”.

In 3Q2018, 20% and 48.6% of the developers

expected “substantially” and “moderately” more

new launches respectively. While no developer in

2Q2018 expected new launches to decrease, in the

quarter that just passed, 2.9% and 14.3% of the de-

velopers expected “substantially fewer” and “mod-

erately fewer” units to be launched.

Of the developers surveyed in 3Q2018, only 20%

expected a rise in residential property prices in the

next six months. In the previous quarter, only 3%

expected a fall in unit price, but in 3Q2018, 37.1%

and 5.7% expected the unit price to drop “moder-

ately” or “substantially” in the next six months.

What will have an adverse impact on sentiment

in the property market in the next six months? The

top three potential risks, according to the survey

respondents, are rising inflation and interest rates,

a slowdown in the global economy and tightening

of financing or liquidity in the debt market.

ALLIANCE INVESTMENTS

E

EDGEPROP | OCTOBER 29, 2018 • EP3

The Lumos: Timeless Value, Luxury Redefi ned

THE LUMOS is a freehold, 53-unit bou-

tique project in the prestigious Leonie Hill area.

It was jointly developed by Koh Brothers Group

and Heeton Holdings, whose stellar track record

includes prime projects such as Lincoln Suites,

which they developed together with Lian Beng

Group and KSH Holdings; and Westwood Res-

idences executive condominium, which won an

award at the recent EdgeProp Singapore Excel-

lence Awards 2018.

The project has a sculptural 36-storey tow-

er designed to stand out in the skyline both day

and night. It occupies a 34,794 sq ft, freehold

elevated site on Leonie Hill in prime District 9.

Units at The Lumos have full-height glass panes

to maximise the panoramic views of the city from

the development’s vantage point.

SPACIOUS INTERIORS, UNPARALLELED VIEWSThe apartments have spacious interiors, which

are rare in the prime districts, given the high

cost of land. One-bedroom units are 699 sq

ft and two-bedroom duplex units are 1,173

sq ft. The majority of the units are three- and

four-bedroom apartments ranging from 1,754

to 2,432 sq ft. Three- and four-bedroom du-

plex units range from 2,496 to 3,422 sq ft.

The penthouses at The Lumos are gener-

ous in size: One is 5,714 sq ft, while the other is

5,929 sq ft. Each penthouse comes with a pri-

vate pool and a wrap-around balcony for resi-

dents to enjoy unparalleled views.

All the three- and four-bedroom duplex units

at The Lumos are situated on high floors and

come with soaring ceilings and generous-sized

balconies. These units are oriented to enjoy

natural breezes and breathtaking views of Or-

chard Road.

EXCLUSIVE ADDRESS“With just 53 units, The Lumos is a boutique

development that offers owners a sense of

exclusivity and privacy,” says Tan Tee Khoon,

executive director and head of residential pro-

ject marketing at Knight Frank Singapore, the

marketing agent for the project.

The Lumos is within walking distance of malls

on Orchard Road such as Ngee Ann City, Wisma

Atria, Paragon and Mandarin Gallery as well as

the Great World MRT station and Great World

City shopping mall. The restaurants and bars at

Robertson Quay along the picturesque Singa-

pore River are just one bus stop away.

Via Grange Road and River Valley Road,

Leonie Hill is just a seven- to 10-minute drive

to the CBD, Marina Bay, Singapore Botanic

Gardens and the F&B and retail destinations of

Dempsey Hill and Holland Village.

Families with schoolgoing children will enjoy

the proximity of the Chatsworth International

School, ISS International School and River Val-

ley Primary School.

“Leonie Hill is a tranquil and safe neighbour-

hood on the posh side of River Valley,” says Knight

Frank’s Tan. “Yet, it’s just a stone’s throw away

from Orchard Road, with easy access to two

MRT stations and multiple bus stops.”

APPEAL TO THE AFFLUENTBuyers are offered the fl exibility of both nor-

mal and deferred payment schemes to suit

their budget. Some of the units are already

tenanted, which means buyers will enjoy

guaranteed rental returns for the remaining

lease term.

Units at The Lumos are competitively priced.

“Given its location and freehold tenure, the prop-

erty presents a value buy,” says Knight Frank’s

Tan. “With new projects in the prime districts

priced above $3,000 psf, The Lumos offers po-

tential for capital appreciation.”

The combination of a prestigious District 9

location, larger-than-average unit sizes and ex-

clusive address makes The Lumos a desirable

home for the affluent, adds Tan.

The Lumos is a 36-storey sculptural tower with just 53 unitsThe interior of a spacious three-bedroom duplex apartment that starts from 2,496 sq ft

Units are oriented to enjoy natural breezes and breathtaking views of Orchard Road

PICTURES: KOH BROTHERS/HEETON HOLDINGS

Sales gallery: 9 Leonie HillFor more information, visit:www.thelumos.com.sg or

call 6738 2888.Viewing by appointment.

MARKET WATCH

EP4 • EDGEPROP | OCTOBER 29, 2018

Hong Kong most expensive city in terms of rents: Savills

Hong Kong ranks as the

most expensive city

in the world in terms

of rents, followed by

New York and Lon-

don, according to a 2018 report

released by real estate consul-

tancy Savills.

The average cost of rent-

ing office and residential space

per employee in Hong Kong is

US$112,400 ($155,118) annual-

ly, a rise of 5% y-o-y. An equiv-

alent space in New York costs

US$108,200, a 1.7% reduction

y-o-y. London rents fell 1.3%

y-o-y to US$96,000.

Singapore took 13th place,

right behind Sydney. The city

state chalked up a cost of

US$51,200 per employee an-

nually, a 2.4% increase y-o-y

(in Singapore dollar terms, the

cost fell 0.1% y-o-y). Sydney

recorded a cost of US$51,600

per employee yearly.

Apart from Hong Kong, oth-

er Asian cities that feature in

the top 10 are Tokyo and Bei-

jing, at fourth and 10th spots

respectively. Tokyo saw cost

per employee rise 3.7% y-o-y

to US$84,500. Cost per employ-

ee in Beijing was US$54,900,

down 0.2% y-o-y.

London held the top spot as

the most expensive place rent-

wise from 2011 to 2015.

Savills placed two sev-

en-person staff teams in each

of the 33 cities, one in a prime

financial sector location and

the other in a secondary lo-

cation, to represent cross-city

costs. The results are obtained

by taking the average cost of

both teams, covering rents

of home and office space per

employee.

Residential rents in Hong

Kong have been driven higher

because of limited supply, es-

pecially in the prime markets,

says Savills. Office rents in the

city have been inflated by de-

mand from Chinese firms and

new tech and co-working op-

erators, it adds.

Mainland Chinese cities have

also climbed rapidly up the

ranks in recent years, the re-

port states.

Shenzhen has risen to 16th

place, from 20th, in one of the

bigger jumps. Its cost has ris-

en 20.9% to US$48,700, just

behind 15th-place Shanghai’s

at US$49,300. Employees have

flocked to the city, driving rents

upwards. Demand for office

space remains high, with the

city attracting firms from the fi-

nance industry, high-tech and

advanced manufacturing sec-

tors, and co-working operators,

Savills highlights.

In Tianjin, which occupies

the 32nd spot, rents increased

22% y-o-y to US$16,100, record-

ing the highest jump among

the cities in Savills’ ranking.

The rental cost, however, still

equates to one-seventh of that

in Hong Kong.

SAVILLS LIVE/WORK INDEX US DOLLAR LOCAL CURRENCY

CITIES CURRENT RANKING CURRENT COST PER EMPLOYEE % 1 YEAR (TO 1H2018) % 1 YEAR (TO 1H2018)

Hong Kong 1 112,400 4.4 5.0

New York 2 108,200 -1.7 -1.7

London 3 96,000 2.7 -1.3

Tokyo 4 84,500 3.7 3.5

Amsterdam 5 62,800 16.0 11.3

San Francisco 6 62,700 -0.1 -0.1

Dubai 7 62,300 -8.1 -8.0

Dublin 8 59,900 9.4 5.0

Paris 9 58,100 4.6 0.4

Beijing 10 54,900 -0.2 -5.5

Los Angeles 11 54,300 0.9 0.9

Sydney 12 51,600 2.4 4.2

Singapore 13 51,200 2.4 -0.1

Brussels 14 50,200 6.6 2.3

Shanghai 15 49,300 11.2 5.3

Shenzhen 16 48,700 20.9 14.4

Miami 17 47,000 2.0 2.0

Stockholm 18 45,500 9.3 9.7

Moscow 19 44,000 1.9 1.9

Chicago 20 43,800 -0.8 -0.8

Madrid 21 40,600 13.7 9.1

Frankfurt 22 38,400 10.2 5.7

Berlin 23 32,100 13.0 8.5

Mumbai 24 30,900 -3.6 1.6

Nanjing 25 30,100 14.9 8.7

Hangzhou 26 29,400 1.4 -4.1

Guangzhou 27 23,800 9.1 3.3

Johannesburg 28 23,400 0.1 4.2

Wuhan 29 22,500 8.7 2.9

Chengdu 30 19,900 7.2 1.4

Chongqing 31 16,700 8.0 2.2

Tianjin 32 16,100 22.0 15.5

Rio de Janeiro 33 14,400 -20.2 -9.5

*Savills uses a core business unit measure, the Savills Executive Unit, a seven-person-strong staff team representative of a start-up business, designed to be a compa-rable measure across all cities. For the Live/Work index, we have measured costs for two teams, one based in a prime fi nancial sector location, the other in a secondary/creative location to give a representative cross-city costing. Th e Savills Live/Work index measures the annual per person cost of renting and occupying home and offi ce space per employee (and their households) in key world cities, taking an average across the Savills Executive Unit.

Rent costs in cities worldwide

SOURCE: SAVILLS WORLD RESEARCH

E

Residential rents in Hong Kong have been driven higher because of limited supply, especially in the prime markets, says Savills

EDGEPROP | OCTOBER 29, 2018 • EP5

NEW LAUNCH

EP6 • EDGEPROP | OCTOBER 29, 2018

One Tree Hill Collection: A rare landed housing project in prime District 10| BY CECILIA CHOW |

One Tree Hill Collection, a develop-

ment comprising 14 houses by Sin-

gapore-listed construction and prop-

erty group Lum Chang Holdings, is

scheduled for launch soon.

It is not just any landed housing project,

however. “Located right smack in prime Dis-

trict 10, in the vicinity of luxury residences

such as The Marq on Paterson Hill, The Col-

onnade and Cliveden at Grange, One Tree Hill

is a highly desirable estate,” says Peter Ow, di-

rector of property at Lum Chang Holdings. “It’s

accessible from Grange Road, Paterson Road

and Orchard Boulevard.”

Lum Chang therefore decided to develop

a luxurious development befitting its prestig-

ious address. K2LD Architects was selected

to design the houses at One Tree Hill Collec-

tion. “K2LD has a track record for designing

luxury houses, especially Good Class Bunga-

lows,” says Ow. “That’s why we chose them.”

When it came to the interiors, Lum Chang

gave the job to Peter Tay, who won the Design-

er of the Year Award at the President’s Design

Awards 2014. He has also been dubbed “celeb-

rity interior designer to the stars”, having de-

signed the homes of stars such as Zhang Ziyi,

Wang Leehom, Stephanie Sun and Zoe Tay.

Luxury houses in prime estateOne Tree Hill Collection occupies a freehold site

of 39,063 sq ft at the junction of Jalan Arnap

and One Tree Hill. The site is a redevelopment

of the former One Tree Hill Gardens that Lum

Chang purchased en bloc in May last year for

$65 million. “That started the ball rolling in

the recent collective sale wave,” recounts Ow.

The last residential project undertaken by

Lum Chang in Singapore was a decade ago,

when it developed several Good Class Bunga-

lows on Swettenham Road. Besides One Tree

Hill Collection, Lum Chang is in the midst of

redeveloping the former The Verge in Little In-

dia, which it acquired for $190 million last year

in a joint venture with a fund under LaSalle

Investment Management. The new project,

renamed Tekka Place, will be repositioned as

a new retail and lifestyle complex, with Lum

Chang handling the construction.

Lum Chang’s overseas property investments

and developments include the luxury gated res-

idences, Twin Palms at Sungai Long in Kuala

Lumpur, and a mixed-use project in Petaling

Jaya, in Malaysia; as well as Kelaty House, a

commercial property in London. Last Decem-

ber, Lum Chang took a minority stake in Cap-

itaLand’s newly acquired Main Airport Cen-

tre, a freehold multi-tenanted office building

in Frankfurt, Germany.

One Tree Hill Collection comprises 12

semi-detached houses and two bungalows.

Construction work has begun and the hous-

es are scheduled for completion in 1H2020.

Each semi-detached house occupies a site

of 2,300 to 3,000 sq ft and has a built-up area

of 4,800 sq ft. Each bungalow sits on a land

area of 5,200 sq ft and has a built-up area of

about 8,500 sq ft. All the houses in the devel-

opment have four levels, including the base-

ment and attic. The houses come with five en

suite bedrooms, including the master suite, as

well as a home lift and lap pool.

Prices above $3,000 psfEven before the project has been officially

launched, two of the semi-detached houses

have been sold at private previews: One of

them occupies a freehold site of 2,336 sq ft at

60 Jalan Arnap, and was sold for $8.25 million

($3,532 psf) in July; the other occupies a 2,939

sq ft site at 12C One Tree Hill and was sold for

$8.94 million ($3,042 psf) in August, according

to caveats lodged. “There are very few land-

ed property developments of such a scale in

the One Tree Hill neighbourhood,” notes Ow.

New houses in the One Tree Hill estate can

LUM CHANG

Ow: Located right smack in prime District 10, in the vicinity of luxury residences such as The Marq on Paterson Hill, The Colonnade and Cliveden at Grange, One Tree Hill is a highly desirable estate

Artist’s impression of the semi-detached houses at One Tree Hill Collection, designed by K2LD Architects

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

NEW LAUNCH

EDGEPROP | OCTOBER 29, 2018 • EP7

command prices above $3,000 psf, which is in

line with luxury condominium prices in the

prime districts. For instance, a newly completed

semi-detached house occupying a freehold site

of 4,499 sq ft on One Tree Hill fetched $13.8 mil-

lion ($3,086 psf), according to a caveat lodged

last December. The seller is believed to be niche

developer Melvin Poh of Fission Group. Poh had

purchased the property in 2015, torn it down

and built a semi-detached house on the site be-

fore putting it on the market.

The indicative prices for the semi-detached

houses at One Tree Hill Collection are from $9

million while the two bungalows are priced

from $18 million. “The prices are very reason-

able, considering the quality of the homes we

are providing,” says Ow.

Well-thought-out interiorsA lot of attention has been paid to the interi-

ors of the houses and the choice of materials

used, according to interior designer Tay. “My

focus is on the potential buyer,” he says. “I

envision someone who enjoys the vibe of city

living and I’ve taken the approach of design-

ing something that is contemporary yet has

timeless beauty.”

The houses at One Tree Hill Collection will

feature Tay’s signature touch of a high-gloss

black ceiling and white marble flooring in

the living room on the first level. The detail-

ing, from the staircase to full-height sliding

glass doors, will be of stainless steel. “I love

the idea of reflection — from the high gloss

of the ceiling to the light from the swimming

pool — which transforms the space and gives

it an added dimension,” he says. Tay incor-

porated the same elements into his design

of the super penthouse at Wallich Residence

in Tanjong Pagar Centre and the showflat at

Martin Modern.

Every home will have a dry and a wet

kitchen. The dry kitchen will be fitted with

Bulthaup kitchen cabinetry and countertop

and the kitchen appliances will be top-end

Gaggenau and Bosch. The master bathroom

will be full marble, with accessories carrying

top-end brands Axor and Villeroy & Boch. The

powder room will be fitted with the signature

stainless steel basin and tap by Gessi.

The master bedroom will feature a walk-

in wardrobe from Italian brand Rimadesio, de-

signed by Antonio Citterio. Citterio is famous

for his design of the Bulgari resorts. “Lum

Chang is probably the first developer in Sin-

gapore to have Rimadesio wardrobes,” says

Tay. “The only other time I designed a home

with Rimadesio wardrobes was for Zhang Zi-

yi’s penthouse in Beijing.”

The basement level of the two bungalows

will have a glass wall that looks out to the

swimming pool. “It’s like a stage where you

can enjoy the space,” says Tay. The basement

is also large enough to accommodate a pool

table and home entertainment theatre.

All the spaces within each house have been

carefully planned by Tay, including the selec-

tion of materials and finishings.

Potential buyers are Singapore richThe property cooling measures imposed in July

have dampened market sentiment and the lux-

ury segment has not been spared either. “How-

ever, buyers at this end of the market — for

landed property at least — are less sensitive

to the ABSD [additional buyer’s stamp duty],”

says Lum Chang’s Ow.

Being an exclusive landed development,

One Tree Hill Collection is open only to buy-

ers who are Singapore citizens. Nevertheless,

the property has attracted interest from for-

eigners who are permanent residents in Sin-

gapore, says Ow.

The majority of the potential buyers, how-

ever, are Singapore citizens who are looking

at a lateral move from an older property in

the neighbourhood to a new one, or looking

to buy for their children, adds Ow.

LUM CHANG PICTURES: PETER TAY STUDIO

The living room with a high-gloss black ceiling, white marble flooring and stainless steel detailing — signature touches of interior designer Peter Tay

The master bedroom features a walk-in wardrobe from top-end Italian brand RimadesioA pair of semi-detached houses that span four levels, including the basement and attic

E

COVER STORY

EP8 • EDGEPROP | OCTOBER 29, 2018

| BY CECILIA CHOW |

Having lived in a 377 sq ft shoebox

apartment on Upper East Coast Road

for 24 months, Ms Simon knows what

it feels like to live in a cramped space.

“I had to rent a self-storage space for

my spare shoes and clothes, as there wasn’t

enough wardrobe space,” she says. “I felt

claustrophobic in the bedroom because I had

to walk sideways to get my clothes from the

wardrobe.”

Simon is relieved that she was just a ten-

ant, and is now looking forward to moving

into the newly renovated 980 sq ft, four-room

HDB flat in Toa Payoh that she owns.

Having experienced living in a shoebox

apartment for two years, Simon says the re-

cent URA ruling on average unit size is time-

ly. “It’s a good thing, as the space isn’t livea-

ble,” she notes.

Upsizing unitsThe upsizing of units was announced on Oct

17 by URA through three circulars on build-

ing guidelines for non-landed residential de-

velopments. From Jan 17, 2019, the average

size of new private apartments outside the

Central Area has to be 85 sq m, up from 70

sq m before.

Nine areas in Singapore — up from four cur-

rently — will be subject to a more stringent re-

quirement of an average unit size of 100 sq m.

These nine areas are Marine Parade, Joo Chi-

at-Mountbatten, Telok Kurau-Jalan Eunos, Bal-

estier, Stevens Road-Chancery, Pasir Panjang,

Kovan-How Sun area, Shelford and Loyang.

With effect from Jan 17, 2019, the bo-

nus gross floor area (GFA) cap for outdoor

spaces — such as balconies, private en-

closed spaces and private roof terraces —in

private non-landed projects will be reduced

from 10% to 7%. The total balcony area for

each unit will be capped at 15% of the net

internal area.

A new scheme that will take effect imme-

diately will offer a bonus of up to 1% GFA to

encourage developers to provide residents with

more indoor recreational spaces such as gyms

or function rooms.

Tempering home pricesTricia Song, Colliers International director

and head of research for Singapore, empha-

sises that the revised guidelines “are not in

addition to the July 6 cooling measures”.

However, she concedes that they could tem-

per land bids.

“This latest URA circular addresses the

problem of rising psf prices and shrinking

apartment sizes,” says Nicholas Mak, execu-

tive director of ZACD Group. “On the whole,

it will benefit consumers, as it means devel-

opers will have to build more family-friend-

ly units outside the Central Area. With up to

50,000 residential units in the pipeline, the

authorities do not want too many shoebox

apartments because it could lead to problems

down the road.”

The likely effect of increasing the floor

area of units will mean the average psf sell-

ing price of residential projects will be low-

ered as developers try to maintain afforda-

bility in terms of absolute price of the unit,

says Ong Teck Hui, JLL national director of

research and consultancy. He expects lower

psf selling prices to contribute to a modera-

tion in overall prices.

The increase in floor area of units will

mean more comfortable and liveable h omes.

Fewer units per project will translate into

lower density in housing estates, and thus,

an improvement in the living environment,

notes Ong.

In the near term, the revised guidelines

should not affect developers that have bought

land and obtained both the pre-application

traffic feasibility study (PAFS) from the Land

Transport Authority and planning approvals

from URA, says Colliers’ Song. “Thus, the sup-

ply that is scheduled through 2023 — assum-

ing five years of construction — should be un-

affected by the new circulars.”

From 2023, there is likely to be a readjust-

ment of unit sizes in line with changing eco-

nomics and demographics, adds Song. “Togeth-

Future homeowners can look forward to more liveable space, but developer margins could be squeezed asbigger square footage means lower psf price Size matters

One of the nine areas that are subject to the more stringent requirement of an averageunit size of 100 sq m is Marine Parade

Another area that will have to meet a more stringent requirement of a minimum average size is Joo Chiat

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

COVER STORY

EDGEPROP | OCTOBER 29, 2018 • EP9

er, a greater choice of unit sizes, an optimal

balcony size, more indoor recreational spac-

es and less traffic congestion within an estate

should lead to a more sustainable property

market,” she points out. 

Decline in land prices by 20% to 40%, says DBSThe revised average unit sizes translate into

a 20% reduction in the number of units, and

together with the restrictions on the spread of

units and usage of balconies, is likely to dis-

courage developers from participating in gov-

ernment land sale or collective sale tenders,

says Deutsche Bank Research in an Oct 18 re-

port. “While we could see a decline in land

prices in the near term, a lack of supply in the

future might be an unintended consequence,

in our view.”

Given that the revised development guide-

lines will only be implemented three months

from now, developers with existing land par-

cels are likely to bring forward their planning

process. Developers that have purchased land

through en bloc deals this year could face some

challenges in obtaining planning permits, adds

Deutsche Bank.

However, Singapore-listed property giant

City Developments Ltd says the revised URA

guidelines “do not impact our four recent-

ly acquired sites — Amber Park, West Coast

Vale, Handy Road and Sumang Walk Execu-

tive Condominium site — as Planning Permis-

sions (PPs) have been obtained for them”. CDL

adds that its joint-venture project with Capita-

Land at Sengkang Central, which was awarded

in mid-August 2018, is at “an advanced plan-

ning stage” and will be on track to obtain PP

by Jan 17 next year.

The combination of this latest URA ruling

with the additional buyer’s stamp duty (ABSD)

charges that developers have to pay will push

them to be more cautious in future land ten-

ders and to recalibrate their bids, says DBS

Group Research in an Oct 18 report.

“This will potentially bring about a cool-

ing in land prices for upcoming government

land sales or future en blocs,” says the DBS

report. “This is the final nail in the coffin for

the en bloc market.”

Based on the assumption that developers

aim to keep absolute prices at an average of

$1.5 million per unit with a 10% profit mar-

gin, the revised guidelines could see a drop of

20% to 40% in land prices with the revised 85

sq m/100 sq m rule, cautions DBS.

Holding backThe immediate impact could be that demand

will contract. “Homebuyers are likely to hold

back purchases to 2019 if they can, as most

are likely to adopt a wait-and-see attitude in

order to ascertain the impact on developers’

bids for upcoming land sites post new meas-

ures,” says DBS. “Annual transaction vol-

umes are likely to fall back to 7,500 to 8,500

units, which we estimate to be supported by

home formation.”

This was evident on the weekend of Oct 20

and 21, which saw the previews of CDL’s Whis-

tler Grand on West Coast Vale, Oxley Holdings’

Kent Ridge Hill Residences on South Buona

Vista Road and III Cuscaden on Cuscaden

Walk by a consortium led by Sustained Land.

However, ZACD’s Mak says the subdued

turnout is more likely the result of the prop-

erty cooling measures in July than the recent

URA circular on the resizing of units.

With seven projects launched in Septem-

ber showing mixed take-up rates in the 10%

to 40% range, Credit Suisse analysts expect

developers to push ahead with launch plans

over the next two months. Projects to note in-

clude the 1,399-unit Parc Esta and the 2,225-

unit Treasure at Tampines.

‘Safeguarding liveability’According to Song, the average unit size in

many new developments was already big-

ger than the old requirement of 70 sq m, in

view of the PAFS requirements and market

trends. “In fact, the new guidelines serve to

provide greater certainty to the boundaries

of areas subject to the circulars and bench-

mark sizes.”  

The restrictions to average unit size of

85 and 100 sq m do not apply to the Central

Area, which URA defines as 11 planning are-

as such as Outram, Newton, River Valley, Sin-

gapore River, Marina South and Marina East,

Rochor, Orchard and Downtown Core. “As we

move closer to the city, we don’t mind living

in an apartment the size of a hotel room for

the convenience of being close to the MRT sta-

tion, Orchard Road or the CBD,” says Domi-

nic Lee, PropNex head of luxury team. “Most

people who want to live in the city centre do

not want to drive.”

Thus, in the prime districts of Orchard Road

and the financial district, there is still a mar-

ket for compact one- and two-bedroom apart-

ments, says Lee.

However, those who opt to move further

out into the suburbs do so because they want

more space, he adds. “That’s why we need more

family-friendly units in the suburban areas.”

Moderation in home pricesIn the suburbs, beyond the property cooling

measures, what is affecting demand is weak

HDB resale prices. This has dampened demand

from HDB upgraders. In the first nine months

of 2018, the HDB resale price index contract-

ed 0.8%, says Mak. “Although the govern-

ment has announced programmes such as

the Home Improvement Programme 2 (HIP2)

and Voluntary Early Redevelopment Scheme,

the details of VERS are still unavailable and it

will not be implemented for another 20 years.

As a result, the uncertainty about the values

of ageing HDB flats continues to linger.” He

therefore expects the HDB resale price index

for 2018 to see a 1% to 2% y-o-y drop.

As for the private property sector, Colliers’

Song is maintaining her forecast of an 8%

y-o-y increase for prices in 2018. She, how-

ever, expects private home prices to flatten

in 4Q2018 and price growth to moderate to

3% in 2019. ECondominiums and apartment blocks in Telok Kurau The crowd at the first weekend preview of Kent Ridge Hill Residences

Average unit size of 85 sq m for all non-landed developments

outside of Central Area and 100 sq m for those within the nine areas

Chart 2

Chart 1

Chart 3

CHART: COLLIERS INTERNATIONAL SINGAPORE RESEARCH

TIMOTHY TAY

COLLIERS INTERNATIONAL SINGAPORE RESEARCH

19921994

19961998

20002002

20042006

20082010 2012 2014 2016

2018 (F)2020 (F)

2022 (F)

No. o

f unit

s (in

thou

sand

s)

12.9

25

20

15

10

5

0

Supply pipeline (units): 2018-2021F completions below average, 2022-2023F completions to surge on 2017-2018 collective sales wave

Annual change in private housing supply10-year historical average supply (2008-2017)

Central Area

100 sq m average unit size

Singapore private residential price index:+0.5% q-o-q in 3Q2018

Q1 20

08Q3

2008

Q1 20

09Q3

2009

Q1 20

10Q3

2010

Q1 20

11Q3

2011

Q1 20

12Q3

2012

Q1 20

13Q3

2013

Q1 20

14Q3

2014

Q1 20

15Q3

2015

Q1 20

16Q3

2016

Q1 20

17Q3

2017

Q1 20

18Q3

2018

Priva

te Re

siden

tial P

rope

rtyIn

dex (

Q1 20

09 =

100)

Flash estimate: 149.7

16015014013012011010090

EP10 • EDGEPROP | OCTOBER 29, 2018

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

Orchard/Tanglin/Holland 9 and 10

Newton/Bukit Timah/Clementi 11 and 21

Balestier/MacPherson/Geylang 12 to 14

East Coast 15 and 16

Changi/Pasir Ris 17 and 18

Serangoon/Thomson 19 and 20

West 22 to 24

North 25 to 28

District 1 MARINA ONE RESIDENCES Apartment 99 years October 09, 2018 1,152 3,000,000 - 2,605 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years October 10, 2018 1,582 3,650,000 - 2,307 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years October 10, 2018 1,582 3,797,000 - 2,400 2017 New SaleMARINA ONE RESIDENCES Apartment 99 years October 12, 2018 1,582 3,581,820 - 2,264 2017 New SaleV ON SHENTON Apartment 99 years October 15, 2018 484 1,350,000 - 2,787 2017 Sub SaleDistrict 2 WALLICH RESIDENCE AT TANJONG PAGAR CENTRE Apartment 99 years October 09, 2018 646 2,100,000 - 3,252 2017 New SaleDistrict 3 ASCENTIA SKY Condominium 99 years October 09, 2018 1,012 1,480,000 - 1,463 2013 ResaleDOMAIN 21 Condominium 99 years October 16, 2018 1,281 1,900,000 - 1,483 2007 ResaleHIGHLINE RESIDENCES Condominium 99 years October 10, 2018 635 1,430,000 - 2,252 2018 Sub SaleMARGARET VILLE Apartment 99 years October 12, 2018 657 1,226,300 - 1,868 Uncompleted New Sale

STIRLING RESIDENCES Apartment 99 years October 09, 2018 764 1,367,000 - 1,789 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 09, 2018 764 1,254,000 - 1,641 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 09, 2018 635 1,071,000 - 1,686 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 09, 2018 689 1,197,000 - 1,738 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 09, 2018 883 1,519,000 - 1,721 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 09, 2018 506 958,000 - 1,894 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 10, 2018 1,055 1,768,000 - 1,676 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 10, 2018 883 1,495,000 - 1,694 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 10, 2018 506 885,000 - 1,749 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 11, 2018 689 1,258,000 - 1,826 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 11, 2018 1,055 1,775,000 - 1,683 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 13, 2018 980 1,638,000 - 1,672 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 13, 2018 764 1,246,000 - 1,630 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 13, 2018 506 948,000 - 1,874 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 14, 2018 1,055 1,746,000 - 1,655 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years October 14, 2018 635 1,114,000 - 1,754 Uncompleted New SaleTHE CREST Condominium 99 years October 16, 2018 657 1,378,000 - 2,099 2017 ResaleTHE METROPOLITAN CONDOMINIUM Condominium 99 years October 12, 2018 1,399 2,150,000 - 1,536 2009 ResaleDistrict 4 THE INTERLACE Condominium 99 years October 11, 2018 3,003 2,950,000 - 982 2013 ResaleDistrict 5 HERITAGE VIEW Condominium 99 years October 16, 2018 1,163 1,418,000 - 1,220 2000 ResaleHORIZON RESIDENCES Condominium Freehold October 09, 2018 1,324 2,080,000 - 1,571 2014 ResaleTWIN VEW Apartment 99 years October 09, 2018 1,249 1,770,000 - 1,418 Uncompleted New SaleWESTCOVE CONDOMINIUM Condominium 99 years October 16, 2018 2,465 2,090,000 - 848 1998 ResaleDistrict 7 SOUTH BEACH RESIDENCES Apartment 99 years October 12, 2018 980 3,376,000 - 3,447 2016 ResaleDistrict 8 CITYSCAPE @FARRER PARK Condominium Freehold October 09, 2018 969 1,460,000 - 1,507 2014 ResaleCITYSCAPE @FARRER PARK Condominium Freehold October 16, 2018 1,378 1,780,000 - 1,292 2014 ResaleCLYDES RESIDENCE Apartment Freehold October 16, 2018 1,119 1,490,000 - 1,331 2005 ResaleKERRISDALE Condominium 99 years October 12, 2018 1,636 1,800,000 - 1,100 2005 ResaleDistrict 9 2 RVG Apartment Freehold October 11, 2018 926 1,800,000 - 1,944 2006 Resale8 SAINT THOMAS Condominium Freehold October 09, 2018 807 2,630,000 - 3,258 2018 New Sale8 SAINT THOMAS Condominium Freehold October 12, 2018 1,302 4,418,000 - 3,392 2018 New Sale8 SAINT THOMAS Condominium Freehold October 12, 2018 807 2,750,000 - 3,406 2018 New SaleASPEN HEIGHTS Condominium 999 years October 09, 2018 1,636 2,610,000 - 1,595 1998 ResaleMARTIN MODERN Condominium 99 years October 12, 2018 764 2,166,000 - 2,834 Uncompleted New SaleMARTIN NO 38 Apartment Freehold October 10, 2018 1,335 3,400,000 - 2,547 2011 Resale

DONE DEALS

Residential transactions with contracts dated Oct 9 to 16

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

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

E

| BY CHARLENE CHIN |

Despite the July 6 property

cooling measures, demand

for luxury condominiums

from the super-rich has not

faltered. There were 10 sales

of non-landed homes exceeding $10

million post-measures, observes Le-

ong Boon Hoe, chief operating officer

of List Sotheby’s International Realty.

So far this year, the number of

such transactions has hit 50, which

surpasses the 49 units sold in 2017.

Leong believes this segment of the

market is “resilient”.

Non-landed homes in the $5 mil-

lion-to-$10 million range saw a sig-

nificant fall in transaction volume

from 208 units in 1H2018 to 59 units

in the 3½-month period from July to

mid-October, according to Sotheby’s

research. For 2018, the firm is fore-

casting total transaction volume in

this price bracket to ring in at 280 to

290 units. This is 15% below the 2017

volume, notes Leong.

For non-landed homes that start

from $10 million, only 10 units were

transacted in the 3½-month peri-

od post-cooling measures. However,

Leong notes that a total of 50 units

have been sold since the start of 2018,

which is almost on a par with the 49

sold in 2017.

This shows that well-heeled buy-

ers are less impacted by the recent

property cooling measures that saw a

5% hike in additional buyer’s stamp

duty, a lowering of the loan-to-val-

ue ratio for mortgages by 5% and an

increase in cash outlay required for

home purchases. “Their motivation to

buy is influenced more by what they

want to own as well as the prestige

and lifestyle offered by the property

rather than affordability factors,” says

Leong. “This segment of the market is

thus, generally more resilient than the

$5 million-to $10 million segment.”

There were two transactions above

$10 million in prime District 10 over

the week of Oct 9 to 16. One was

for a 3,218 sq ft, four-bedroom unit

on the second floor of The Nassim.

The 55-unit boutique luxury develop-

ment on Nassim Hill was completed

in 2015. The unit changed hands for

$10.68 million ($3,318 psf) on Oct 11,

according to URA caveats.

The highest psf price achieved

at The Nassim was for a 1,927 sq

ft, three-bedroom unit on the third

floor. It was sold for $7.368 million,

or $3,964 psf, in June. The highest

absolute price achieved was in May

2017, when a 9,300 sq ft, five-bed-

room penthouse fetched $25.58 mil-

lion ($2,750 psf).

These units were sold by Kheng

Leong, the private real-estate arm of

Wee Cho Yaw, the retired banker and

former chairman of United Overseas

Bank. Kheng Leong had purchased

45 units at The Nassim in a bulk deal

from developer CapitaLand in January

2017 for $411.6 million. This valued

the properties at an average price of

$2,300 psf after a bulk sale discount

of 18%.

On Oct 16, the four-bedroom pent-

house unit on the 28th floor of Wing

On Life Garden changed hands for

$10.2 million. The selling price of the

7,050 sq ft unit translates into $1,447

psf. Wing On Life Garden is an 81-

unit tower completed in 1982 and lo-

cated in the prime Bukit Timah Road

neighbourhood.

The $10.2 million transaction price

for the penthouse is the highest achieved

at Wing On Life Garden so far.

Demand for condos above $10 mil more resilient than for those in $5 mil-to-$10 mil range

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

CONTINUES ON PAGE EP12

A 3,218 sq ft, four-bedroom unit on the second floor of The Nassim was sold for $10.68 million ($3,318 psf)

The 7,050 sq ft penthouse on the 28th floor of Wing On Life Garden changed hands for $10.2 million ($1,447 psf)

BROUGHT TO YOU BY UNITED INDUSTRIAL CORP

EDGEPROP | OCTOBER 29, 2018 • EP11

THE TOWERING V ON SHENTON

is the latest landmark in the financial district of

Singapore. Completed in 2017, the new mixed-

use development comprises the 54-storey res-

idential tower, V on Shenton, and the new UIC

Building, a 23-storey, Grade-A office tower.

The towers are a redevelopment of the for-

mer UIC Building. Built in 1973, UIC Building was

once the tallest tower in Singapore. The new V

on Shenton is a reinterpretation of the landmark

development by world-renowned Dutch archi-

tect Ben van Berkel of UNStudio, whose works

include Ardmore Residence in Singapore and

the upcoming tallest building in Australia, Green

Spine, in Melbourne.

With a honeycomb façade that serves both

aesthetic and shading functions, the new mixed-

use development, V on Shenton, stands out from

the surrounding buildings. The façade is further

augmented by a series of sky gardens that pro-

vide greenery and function as a refuge from the

hustle and bustle of the city.

TOP-NOTCH LOCATION, FIRST-RATE CONNECTIONStrategically located on Shenton Way in the

heart of the fi nancial district, V on Shenton is

in the vicinity of the Singapore Exchange and

the world’s biggest fi nancial institutions such

as Citibank, Julius Baer and Bank of Tokyo

Mitsubishi UFJ.

It is poised to benefit from the ongoing trans-

formation in the CBD and the future Greater

Southern Waterfront, a new waterfront city on

a 1,000ha land parcel, about the size of 30 Sin-

gapore Sports Hubs, which will take shape fol-

lowing the relocation of the ports in Tanjong Pa-

gar and Pasir Panjang to Tuas.

V on Shenton is adjacent to the future Shen-

ton Way MRT station on the Thomson-East

Coast Line currently under construction. It

will soon have a direct underground link to

the Marina Bay Link Mall. Other MRT stations

within walking distance of V on Shenton in-

clude Tanjong Pagar MRT station on the East-

West Line and Downtown MRT station on the

Downtown Line.

Adjacent to the historical landmark of Sin-

gapore Conference Hall and the new Singapore

Chinese Cultural Centre, V on Shenton is also

linked via an overhead bridge to Downtown Gal-

lery. It is within walking distance of the eateries

and watering holes in the Marina Bay and CBD

area, especially in the neighbourhood of Boon

Tat, Stanley and Telok Ayer Streets.

PANORAMIC VIEWS OF THE SEA AND CITYSCAPEThe 510-unit V on Shenton is 85% sold. A limit-

ed number of premium high-fl oor units starting

from the 36th level are still available for sale.

These units boast spectacular views of the

sea or city skyline. Some units even have dual

views of both the sea and city skyline. Residents

will also get to see a new skyline taking shape at

the future Greater Southern Waterfront.

Unit types include two- to three-bedroom

apartments ranging from 883 to 1,765 sq ft and

penthouses of 3,315 to 6,814 sq ft.

GREAT POTENTIAL FOR UPWARD ELASTICITYUIC is celebrating its 55th anniversary this year.

To mark the occasion, the developer is giving

buyers a 5.5% discount for selected units.

During the promotional period, prices of the

available units will start from $2,087 psf. “At this

price, V on Shenton is truly a value buy,” says Des-

mond Sim, CBRE Research head for Singapore

and Southeast Asia. “It offers great potential for

upward elasticity. Given its location right smack

in the CBD, V on Shenton appeals to those who

like the hustle and bustle of city living and the

investment element that comes along with it.”

George Tan, executive director of Savills Sin-

gapore, notes: “V on Shenton is a compelling

buy. The project is completed, units offer great

views and the selling price is equivalent to some

developers’ land cost today. With new launches

in the Core Central Region priced in the $3,000

psf range or higher, V on Shenton presents a

great buying opportunity.”

Developer: UIC LtdFor enquiries: 8811 7690

Web: www.v-on-shenton.com.sg

The new mixed-use development, V on Shenton, stands out from the surrounding buildings

PICTURES: UNITED INDUSTRIAL CORP

The honeycomb façade designed by Ben van Berkel serves both aesthetic and shading functions

Some units have dual views of the city skyline and sea Some units have spectacular views of the sea

V on Shenton | A new icon in the heart ofSingapore’s fi nancial district

EP12 • EDGEPROP | OCTOBER 29, 2018

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

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

ORCHARD SCOTTS Condominium 99 years October 09, 2018 1,012 1,800,000 - 1,779 2007 ResaleSCOTTS SQUARE Apartment Freehold October 15, 2018 635 2,218,000 - 3,492 2011 ResaleTHE TRILLIUM Condominium Freehold October 12, 2018 1,798 3,550,000 - 1,975 2010 ResaleVISIONCREST Apartment Freehold October 12, 2018 753 1,535,000 - 2,037 2007 ResaleDistrict 10 MONTVIEW Condominium Freehold October 16, 2018 1,507 2,530,000 - 1,679 2008 ResaleONE DRAYCOTT Apartment Freehold October 13, 2018 797 2,546,000 - 3,196 Uncompleted New SaleTHE CORNWALL Condominium Freehold October 09, 2018 1,464 2,280,000 - 1,557 2005 ResaleTHE CORNWALL Condominium Freehold October 10, 2018 764 1,340,000 - 1,753 2005 ResaleTHE HORIZON Condominium Freehold October 09, 2018 1,561 2,700,000 - 1,730 2001 ResaleTHE NASSIM Condominium Freehold October 11, 2018 3,218 10,680,000 - 3,318 2015 ResaleVALLEY PARK Condominium 999 years October 16, 2018 1,701 2,950,000 - 1,735 1997 ResaleWING ON LIFE GARDEN Apartment Freehold October 16, 2018 7,050 10,200,000 - 1,447 1982 ResaleDistrict 11 10 EVELYN Apartment Freehold October 12, 2018 506 1,255,180 - 2,481 Uncompleted New Sale10 EVELYN Apartment Freehold October 12, 2018 527 1,305,000 - 2,474 Uncompleted New SaleADAM PARK CONDOMINIUM Condominium Freehold October 09, 2018 958 1,550,000 - 1,618 2004 ResaleLA SUISSE Terrace 999 years October 09, 2018 2,820 3,250,000 - 1,152 1993 ResaleSOLEIL @ SINARAN Condominium 99 years October 11, 2018 1,722 3,350,000 - 1,945 2011 ResaleDistrict 12 DE ROYALE Condominium Freehold October 09, 2018 3,240 2,900,000 - 895 2006 ResaleEIGHT RIVERSUITES Condominium 99 years October 16, 2018 441 720,000 - 1,631 2016 ResaleJUI RESIDENCES Apartment Freehold October 14, 2018 463 782,135 - 1,690 Uncompleted New SaleRITZ MANSIONS Apartment Freehold October 09, 2018 1,281 1,500,000 - 1,171 1995 ResaleVISTA RESIDENCES Condominium Freehold October 12, 2018 1,195 1,650,000 - 1,381 2013 ResaleDistrict 13 PARK COLONIAL Condominium 99 years October 09, 2018 936 1,531,000 - 1,635 Uncompleted New SalePARK COLONIAL Condominium 99 years October 10, 2018 1,195 1,744,000 - 1,460 Uncompleted New SalePARK COLONIAL Condominium 99 years October 11, 2018 1,367 2,265,000 - 1,657 Uncompleted New SalePARK COLONIAL Condominium 99 years October 11, 2018 1,184 2,150,000 - 1,816 Uncompleted New SalePARK COLONIAL Condominium 99 years October 12, 2018 463 863,000 - 1,865 Uncompleted New SalePARK COLONIAL Condominium 99 years October 13, 2018 980 1,657,000 - 1,692 Uncompleted New SalePARK COLONIAL Condominium 99 years October 13, 2018 1,249 2,187,000 - 1,752 Uncompleted New SalePARK COLONIAL Condominium 99 years October 13, 2018 603 1,083,000 - 1,797 Uncompleted New SalePARK COLONIAL Condominium 99 years October 13, 2018 850 1,239,000 - 1,457 Uncompleted New SaleSENNETT ESTATE Terrace Freehold October 11, 2018 2,982 4,850,000 - 1,627 1955 ResaleTHE ADDITION Apartment Freehold October 14, 2018 797 1,399,000 - 1,756 Uncompleted New SaleTHE TRE VER Condominium 99 years October 10, 2018 506 838,000 - 1,656 Uncompleted New SaleTHE TRE VER Condominium 99 years October 11, 2018 506 794,000 - 1,569 Uncompleted New SaleTHE TRE VER Condominium 99 years October 11, 2018 614 948,000 - 1,545 Uncompleted New SaleTHE TRE VER Condominium 99 years October 11, 2018 624 941,000 - 1,507 Uncompleted New SaleTHE TRE VER Condominium 99 years October 13, 2018 506 830,000 - 1,641 Uncompleted New SaleTHE TRE VER Condominium 99 years October 14, 2018 624 977,000 - 1,565 Uncompleted New SaleTHE TRE VER Condominium 99 years October 14, 2018 624 941,000 - 1,507 Uncompleted New SaleTHE TRE VER Condominium 99 years October 14, 2018 506 854,000 - 1,688 Uncompleted New SaleTHE TRE VER Condominium 99 years October 14, 2018 743 1,195,000 - 1,609 Uncompleted New SaleTHE TRE VER Condominium 99 years October 14, 2018 700 1,066,000 - 1,524 Uncompleted New SaleTHE TRE VER Condominium 99 years October 14, 2018 506 785,000 - 1,552 Uncompleted New SaleDistrict 14 33 RESIDENCES Apartment Freehold October 09, 2018 700 1,106,000 - 1,581 Uncompleted New Sale33 RESIDENCES Apartment Freehold October 09, 2018 797 1,251,290 - 1,571 Uncompleted New SaleEAST SHINE Apartment Freehold October 15, 2018 980 1,120,000 - 1,143 2004 Resale62 CHANGI ROAD Apartment Freehold October 09, 2018 1,550 1,333,000 - 860 1983 ResaleJALAN ISHAK Terrace Freehold October 11, 2018 2,357 3,920,000 - 1,660 2014 ResaleNESS Apartment Freehold October 12, 2018 452 626,888 - 1,387 2015 ResaleTROPIKA EAST Condominium Freehold October 12, 2018 441 650,000 - 1,473 2016 ResaleDistrict 15 AALTO Condominium Freehold October 10, 2018 1,959 3,820,000 - 1,950 2010 ResaleBERKELEY RESIDENCES Apartment Freehold October 16, 2018 883 1,280,000 - 1,450 2015 ResaleCOTE D’AZUR Condominium 99 years October 16, 2018 1,270 1,810,000 - 1,425 2004 ResaleJUPITER 18 Apartment Freehold October 10, 2018 431 580,000 - 1,347 2014 ResaleJOO CHIAT PLACE Apartment Freehold October 09, 2018 1,442 1,500,000 - 1,040 Unknown Resale35 LORONG K TELOK KURAU Apartment Freehold October 10, 2018 1,195 1,170,000 - 979 1993 ResaleLORONG STANGEE Terrace Freehold October 12, 2018 1,755 3,438,000 - 1,961 1963 ResaleOPERA ESTATE Terrace Freehold October 11, 2018 2,282 2,300,000 - 1,009 Unknown ResaleOPERA ESTATE Terrace Freehold October 11, 2018 1,938 3,200,000 - 1,650 Unknown ResalePEBBLE BAY Condominium 99 years October 15, 2018 1,367 2,025,000 - 1,481 1997 ResaleTHE BALE Apartment Freehold October 12, 2018 1,238 1,470,000 - 1,188 2008 ResaleTHE CRISTALLO Apartment Freehold October 11, 2018 646 920,000 - 1,425 2015 ResaleTHE NCLAVE Apartment Freehold October 12, 2018 1,421 1,360,000 - 957 2007 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years October 16, 2018 1,324 1,200,000 - 906 2000 ResaleAQUARIUS BY THE PARK Condominium 99 years October 16, 2018 2,099 1,750,000 - 834 2000 ResaleBAYSHORE PARK Condominium 99 years October 09, 2018 936 975,000 - 1,041 1986 ResaleBAYWATER Condominium 99 years October 15, 2018 2,282 1,850,000 - 811 2006 ResaleCHANGI COURT Condominium Freehold October 11, 2018 926 1,000,000 - 1,080 1997 ResaleEAST MEADOWS Condominium 99 years October 10, 2018 1,216 1,220,000 - 1,003 2001 ResaleMERAGI ROAD Terrace Freehold October 10, 2018 2,486 2,734,600 - 1,100 Unknown ResaleJALAN PELATOK Terrace Freehold October 11, 2018 2,766 2,688,000 - 972 1988 ResaleSUNHAVEN Condominium Freehold October 10, 2018 990 970,000 - 980 2002 ResaleDistrict 17 DAHLIA PARK CONDOMINIUM Condominium Freehold October 09, 2018 1,163 932,000 - 802 2003 ResaleLOYANG VILLAS Terrace 99 years October 10, 2018 1,615 1,430,000 - 886 1996 ResaleJALAN BATALONG EAST Semi-Detached Freehold October 16, 2018 3,315 3,900,000 - 1,176 Unknown ResalePALM ISLES Condominium 99 years October 11, 2018 807 800,000 - 991 2015 ResaleTHE GALE Condominium Freehold October 16, 2018 969 850,000 - 877 2013 ResaleTHE JOVELL Condominium 99 years October 10, 2018 441 594,000 - 1,346 Uncompleted New SaleTHE JOVELL Condominium 99 years October 10, 2018 452 612,000 - 1,354 Uncompleted New SaleTHE JOVELL Condominium 99 years October 13, 2018 635 805,000 - 1,268 Uncompleted New SaleDistrict 18 COCO PALMS Condominium 99 years October 10, 2018 463 660,000 - 1,426 2018 Sub SaleD’NEST Condominium 99 years October 09, 2018 969 1,050,000 - 1,084 2017 ResaleNV RESIDENCES Condominium 99 years October 15, 2018 797 770,000 - 967 2013 ResaleNV RESIDENCES Condominium 99 years October 16, 2018 743 780,000 - 1,050 2013 ResaleOASIS @ ELIAS Condominium 99 years October 12, 2018 1,249 970,000 - 777 2011 ResaleQ BAY RESIDENCES Condominium 99 years October 15, 2018 527 640,000 - 1,213 2016 ResaleRIPPLE BAY Condominium 99 years October 11, 2018 786 807,000 - 1,027 2015 ResaleTHE TAPESTRY Condominium 99 years October 09, 2018 689 913,600 - 1,326 Uncompleted New SaleTHE TAPESTRY Condominium 99 years October 09, 2018 926 1,212,800 - 1,310 Uncompleted New SaleTHE TAPESTRY Condominium 99 years October 09, 2018 743 944,460 - 1,272 Uncompleted New SaleTHE TAPESTRY Condominium 99 years October 10, 2018 689 945,600 - 1,373 Uncompleted New SaleTHE TAPESTRY Condominium 99 years October 11, 2018 603 840,800 - 1,395 Uncompleted New SaleTHE TAPESTRY Condominium 99 years October 13, 2018 603 880,000 - 1,460 Uncompleted New SaleTHE TAPESTRY Condominium 99 years October 13, 2018 1,432 1,718,010 - 1,200 Uncompleted New SaleTHE TAPESTRY Condominium 99 years October 13, 2018 474 687,160 - 1,451 Uncompleted New Sale

THE TAPESTRY Condominium 99 years October 14, 2018 1,130 1,355,200 - 1,199 Uncompleted New SaleTHE TROPICA Condominium 99 years October 15, 2018 990 875,000 - 884 2000 ResaleDistrict 19 AMARANDA GARDENS Condominium Freehold October 15, 2018 990 1,350,000 - 1,363 2004 ResaleBOATHOUSE RESIDENCES Condominium 99 years October 12, 2018 1,109 1,120,000 - 1,010 2015 ResaleESPARINA RESIDENCES EC 99 years October 11, 2018 883 930,000 - 1,054 2013 ResaleESPARINA RESIDENCES EC 99 years October 12, 2018 1,066 1,210,000 - 1,135 2013 ResaleESPARINA RESIDENCES EC 99 years October 15, 2018 829 880,000 - 1,062 2013 ResaleESPARINA RESIDENCES EC 99 years October 16, 2018 1,163 1,180,000 - 1,015 2013 ResaleISUITES @ PALM Apartment 999 years October 09, 2018 463 595,000 - 1,286 2013 ResaleKOVANA Apartment Freehold October 12, 2018 1,163 1,338,000 - 1,151 2007 ResaleRICHARDS AVENUE Terrace Freehold October 10, 2018 6,318 4,838,000 - 766 1991 ResalePARC CENTROS Condominium 99 years October 16, 2018 764 890,000 - 1,165 2016 ResalePARC VERA Condominium 99 years October 12, 2018 1,410 1,400,000 - 993 2014 ResalePRIVE EC 99 years October 12, 2018 1,055 1,055,000 - 1,000 2013 ResalePRIVE EC 99 years October 12, 2018 1,389 1,150,000 - 828 2013 ResalePRIVE EC 99 years October 15, 2018 1,055 1,080,000 - 1,024 2013 ResaleRIVERFRONT RESIDENCES Apartment 99 years October 09, 2018 463 645,000 - 1,394 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 09, 2018 463 624,000 - 1,348 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 10, 2018 603 812,000 - 1,347 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 10, 2018 517 667,000 - 1,291 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 11, 2018 872 1,163,000 - 1,334 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 12, 2018 872 1,202,000 - 1,379 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 13, 2018 1,109 1,371,000 - 1,237 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 13, 2018 603 771,000 - 1,279 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 13, 2018 463 609,000 - 1,316 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 13, 2018 603 787,000 - 1,306 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 13, 2018 463 610,000 - 1,318 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 14, 2018 915 1,143,000 - 1,249 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 14, 2018 463 620,000 - 1,340 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years October 14, 2018 614 861,000 - 1,403 Uncompleted New SaleRIVERSAILS Condominium 99 years October 12, 2018 1,109 1,190,000 - 1,073 2016 ResaleTAI HWAN PARK Terrace Freehold October 10, 2018 1,701 2,700,000 - 1,590 1990 ResaleTAI KENG VILLAS Terrace 99 years October 12, 2018 1,615 1,625,000 - 1,006 1999 ResaleTHE GARDEN RESIDENCES Apartment 99 years October 13, 2018 689 1,082,200 - 1,571 Uncompleted New SaleTHE MINTON Condominium 99 years October 11, 2018 614 740,000 - 1,206 2013 ResaleTHE PROMENADE@PELIKAT Apartment Freehold October 12, 2018 484 595,000 - 1,228 2015 ResaleTHE SPRINGBLOOM Condominium 99 years October 09, 2018 1,647 1,750,000 - 1,063 1999 ResaleDistrict 20 CLOVER BY THE PARK Condominium 99 years October 12, 2018 1,604 1,860,000 - 1,160 2011 ResaleJADESCAPE Condominium 99 years October 09, 2018 1,259 2,123,000 - 1,686 Uncompleted New SaleJADESCAPE Condominium 99 years October 09, 2018 904 1,579,000 - 1,746 Uncompleted New SaleJADESCAPE Condominium 99 years October 09, 2018 1,012 1,674,000 - 1,654 Uncompleted New SaleRAFFLESIA CONDOMINIUM Condominium 99 years October 12, 2018 1,302 1,430,000 - 1,098 2003 ResaleSKY VUE Condominium 99 years October 09, 2018 495 870,000 - 1,757 2016 ResaleSKY VUE Condominium 99 years October 15, 2018 1,141 1,880,000 - 1,648 2016 ResaleTHE GARDENS AT BISHAN Condominium 99 years October 11, 2018 883 978,888 - 1,109 2004 ResaleTHOMSON PLAZA Apartment 99 years October 15, 2018 2,960 1,770,000 - 598 1979 ResaleDistrict 21 HUME PARK I Condominium Freehold October 12, 2018 1,496 1,588,800 - 1,062 1995 ResaleMAPLE WOODS Condominium Freehold October 12, 2018 1,141 1,800,000 - 1,578 1997 ResaleMAPLE WOODS Condominium Freehold October 16, 2018 1,324 2,080,000 - 1,571 1997 ResaleMAYFAIR GARDENS Condominium 99 years October 09, 2018 592 1,032,000 - 1,743 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 12, 2018 710 1,453,000 - 2,045 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 12, 2018 581 1,177,000 - 2,025 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 13, 2018 786 1,529,000 - 1,946 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 14, 2018 646 1,181,000 - 1,829 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 14, 2018 570 1,089,000 - 1,909 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 14, 2018 1,249 2,388,000 - 1,913 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 14, 2018 818 1,496,000 - 1,829 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 14, 2018 495 1,005,000 - 2,030 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 14, 2018 560 1,095,000 - 1,956 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years October 14, 2018 1,152 2,038,000 - 1,769 Uncompleted New SaleJALAN KAMPONG CHANTEK Detached Freehold October 12, 2018 11,152 15,300,000 - 1,372 1975 ResaleLORONG PISANG ASAM Terrace Freehold October 12, 2018 1,841 2,900,000 - 1,578 Unknown ResalePINE GROVE Condominium 99 years October 09, 2018 1,755 1,700,000 - 969 Unknown ResaleSIGNATURE PARK Condominium Freehold October 10, 2018 1,389 1,560,000 - 1,123 1998 ResaleTHE STERLING Condominium Freehold October 12, 2018 1,012 1,730,000 - 1,710 2000 ResaleDistrict 22 CASPIAN Condominium 99 years October 10, 2018 893 1,020,000 - 1,142 2012 ResaleTHE LAKESHORE Condominium 99 years October 11, 2018 1,109 1,193,000 - 1,076 2007 ResaleDistrict 23 FORESQUE RESIDENCES Condominium 99 years October 11, 2018 1,399 1,580,000 - 1,129 2014 ResaleHILLVIEW 128 Apartment 999 years October 12, 2018 1,044 1,050,000 - 1,006 2002 ResaleHILLVIEW REGENCY Condominium 99 years October 15, 2018 1,109 960,000 - 866 2005 ResaleKINGSFORD . HILLVIEW PEAK Condominium 99 years October 10, 2018 517 755,000 - 1,461 2017 Sub SaleNATURA@HILLVIEW Apartment Freehold October 10, 2018 527 700,000 - 1,327 2015 ResalePARKVIEW APARTMENTS Apartment 99 years October 11, 2018 1,119 820,000 - 732 1998 ResaleREGENT GROVE Condominium 99 years October 09, 2018 1,475 990,008 - 671 2000 ResaleREGENT HEIGHTS Condominium 99 years October 09, 2018 1,216 968,800 - 796 1999 ResaleTHE MADEIRA Condominium 99 years October 09, 2018 936 900,000 - 961 2003 ResaleTHE PETALS Condominium Freehold October 15, 2018 1,636 1,800,000 - 1,100 2002 ResaleDistrict 25 NORTHOAKS EC 99 years October 10, 2018 1,249 803,000 - 643 2000 ResalePARC ROSEWOOD Condominium 99 years October 09, 2018 431 528,000 - 1,226 2014 ResaleWOODGROVE CONDOMINIUM Condominium 99 years October 11, 2018 1,184 818,000 - 691 1999 ResaleWOODLANDS PARK Semi-Detached Freehold October 11, 2018 3,907 2,560,000 - 655 Unknown ResaleDistrict 26 BULLION PARK Condominium Freehold October 09, 2018 807 925,000 - 1,146 1993 ResaleMEADOWS @ PEIRCE Condominium Freehold October 10, 2018 2,583 2,530,000 - 979 2012 ResaleMEADOWS @ PEIRCE Condominium Freehold October 15, 2018 1,851 2,550,000 - 1,377 2012 ResaleDistrict 27 THE MILTONIA RESIDENCES Condominium 99 years October 09, 2018 936 840,000 - 897 2014 ResaleYISHUN EMERALD Condominium 99 years October 15, 2018 1,356 1,090,000 - 804 2002 ResaleDistrict 28 GERALD RESIDENCE Terrace 999 years October 11, 2018 1,636 2,500,000 - 1,530 2001 ResaleHIGH PARK RESIDENCES Apartment 99 years October 12, 2018 872 976,000 - 1,119 Uncompleted Sub SaleNIM COLLECTION Terrace 99 years October 12, 2018 1,679 2,898,888 - 1,726 Uncompleted New SalePARC BOTANNIA Condominium 99 years October 14, 2018 786 952,540 - 1,212 Uncompleted New SaleSUNRISE VILLA Terrace Freehold October 09, 2018 1,722 2,468,000 - 1,438 1993 ResaleTHE GREENWICH Condominium 99 years October 09, 2018 1,076 1,380,000 - 1,282 2014 ResaleTHE GREENWICH Condominium 99 years October 12, 2018 1,076 1,260,000 - 1,171 2014 Resale

DONE DEALS

Residential transactions with contracts dated Oct 9 to 16

DISCLAIMER:

Source: URA Realis. Updated Oct 23, 2018. The Edge Property Pte Ltd shall not be responsible for any loss or

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

EC stands for executive condominium

FROM PAGE EP10

EDGEPROP | OCTOBER 29, 2018 • EP13

EP14 • EDGEPROP | OCTOBER 29, 2018

BROUGHT TO YOU BY ROXY-PACIFIC HOLDINGS

Roxy-Pacifi c debuts Arena Residences

THE LATEST project by Singapore-listed property develop-

er Roxy-Pacific Holdings is Arena Residences. The 98-unit bou-

tique development will hold previews on Oct 27 and 28, with the

launch to take place the following week.

Arena Residences occupies a 2,457.7 sq m freehold site, an

amalgamation of four land parcels at 2 and 6 Guillemard Lane,

as well as 12 and 14 Guillemard Lane. “It is a rare freehold site in

the eastern region of Singapore,” says Teo Hong Lim, executive

chairman of Roxy-Pacific Holdings.

Most of the condominiums in the vicinity, particularly the Da-

kota area, have traditionally been 99-year leasehold projects. The

last launch of a freehold project in the Guillemard area was a dec-

ade ago, namely that of the 45-unit Cosmo in 2008 (completed

in 2012), and prior to that, the launch of the 44-unit Nicole Green

in 2001, with the project completed in 2002. Teo says it is almost

impossible to secure a freehold residential site in the area.

CONVENIENT LOCATIONAttributes of the site include its connectivity, Teo notes. The CBD

and Orchard Road are just a seven- to 10-minute drive away via

the Central Expressway, East Coast Parkway, Kallang Paya Lebar

Expressway and Pan Island Expressway.

Arena Residences is also located within 500m of Mountbatten

MRT station, or a five-minute walk away. It is just two MRT stops

from the Paya Lebar commercial hub and the Paya Lebar MRT in-

terchange station for the East-West and Circle Lines. The CBD is

just three MRT stops away, and Marina Bay, just four stops away.

For those who enjoy an active lifestyle, the world-class sports

facilities at Sports Hub are just one stop from Mountbatten MRT

station. Likewise, the Old Airport Road Food Centre, which boasts

many famous hawker stalls, is less than a 10-minute walk away.

EFFICIENT LAYOUT, ATTRACTIVE PRICINGArena Residences contains a mix of two- and three-bedroom

units that start from 549 and 807 sq ft, respectively. Two-bedroom

units make up 40% of the total units, while three- and three-bed-

room dual-key units make up the remainder. Prices of two-bed-

room units start from $970,000, while those of three-bedroom

units start from $1.047 million. “This is very attractive and afforda-

ble in terms of absolute prices,” says Teo.

He points to other freehold projects launched in the Meyer

Road, Amber Road and Tanjong Rhu area that have been priced

above $2,200 psf. Meanwhile, Arena Residences will be priced

from $1,694 psf, which Teo says is competitive with other city-

fringe projects near MRT stations.

Besides pricing, Roxy-Pacific has also paid attention to the de-

sign of the project. The site allows for a 14-storey boutique res-

idential development, which means that Arena Residences will

tower over other projects in the area. Residents will be able to

enjoy spectacular skyline views from the roof terraces, especially

towards the Sports Hub and the CBD and Marina Bay area. They

will get a clear view of the fireworks on National Day from the roof

terrace as well as some of the high-floor units.

The building’s exterior features clean, bold lines and the devel-

oper has provided generous communal facilities on three floors:

the second and eighth floors and roof terrace. The layout of units

is such that homebuyers have the flexibility to configure the liv-

ing room space to include a hobby room, a study or an additional

bedroom. The master bedroom of all units is spacious enough to

accommodate a king-sized bed and the built-in wardrobe comes

with a safebox.

Quality finishing and fittings are provided, including kitchen ap-

pliances, thoughtfully designed storage space, and a curve-edged

vanity top and mirror cabinet for bathrooms.

STRONG SALES Roxy-Pacifi c has launched three projects in Singapore so far

this year. Arena Residences will be its fourth. “We have achieved

positive sales for our new launches this year and we believe this

will continue despite the new cooling measures,” says Teo. His

Rare freehold development in the Guillemard area priced from $1,694 psf

Teo: Ultimately, unique locations, attractive prices and good design are still key factors in attracting buyers

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EDGEPROP | OCTOBER 29, 2018 • EP15

View of the Sports Hub and city skyline from the rooftop

PICTURES: ROXY-PACIFIC

optimism stems from his observation of the steady crowds at

showfl ats on weekends even after the property cooling measures

were implemented in July.

“The measures are targeted to moderate price increases for

new projects,” says Teo. “With our prudent landbanking strat-

egy, we have been able to acquire mainly freehold sites that

are uniquely located, allowing us to price our new projects at-

tractively.”

Prior to the latest round of property cooling measures, Roxy-Pa-

cific had launched Straits Mansions, located in the Marine Pa-

rade-East Coast neighbourhood, in July 2016. The 25-unit, free-

hold residential project was very well received and fully sold. “Straits

Mansions was launched before the recent en bloc fever and sold

out within six months,” says Teo.

Late last year, Roxy-Pacific previewed The Navian, locat-

ed on Jalan Eunos. The 48-unit freehold project is 88% sold so

far. In early April this year, Roxy-Pacific launched Harbour View

Gardens. The 57-unit freehold development on Pasir Panjang

Road is 98% sold.

Straits Mansions is located within the Marine Parade neigh-

bourhood, which means that developers have to meet the require-

ment set by URA to provide units with an average size of 100 sq

m from Jan 17, 2019. Likewise, Harbour View Gardens is located

in Pasir Panjang, one of nine areas that have been earmarked for

the new ruling of an average unit size of 100 sq m.

“Our projects’ [popularity with buyers] shows that we can at-

tract buyers [despite] short-term negative sentiment,” says Teo.

“Ultimately, unique locations, attractive prices and good design

are still key factors in attracting buyers.”

DEVELOPER’S TRACK RECORDRoxy-Pacifi c Holdings is an established property and hospitality

corporation with an Asia-Pacifi c focus and track record dating

back to May 1967. It was listed on the SGX Mainboard on March

12, 2008.

Since 2013, Roxy-Pacific has expanded into three major

areas of focus: property development, property investment and

hotel ownership. In addition to the flagship Grand Mercure Sin-

gapore Roxy, the group now owns a portfolio of hotels across

Asia-Pacific, in countries such as Malaysia, Australia, Thailand,

Japan and the Maldives.

The 14-storey Arena Residences will tower over other projects in the neighbourhood

Residents will have a clear view of the fireworks on National Day from the roof terrace of Arena Residences The infinity lap pool at the roof terrace

The gym and entertainment area at one of the three facilities decks The drop-off point at Arena ResidencesThe master bedroom of the units at Arena Residences is big enough to fit a king-sized bed

The living room of a typical unit at Arena Residences offers homeowners the flexibility to make it a hobby room, study or an additional bedroom

Sales gallery: Leisure Park Kallang #02-28For viewing, contact: Alvin Sim, 8388 3533

Bryan Tang, 9226 7625

GAINS AND LOSSES

EP16 • EDGEPROP | OCTOBER 29, 2018

Resale at The Metropolitan reaps $1.06 mil profit

E

Top 10 gains and losses from Oct 9 to 16

URA, EDGEPROP

Most profi table deals

Note: Computed based on URA caveat data as at Oct 23 for private non-landed houses transacted between Oct 9 and 16. Th e profi t-and-loss computation excludes transaction costs such as stamp duties.

Non-profi table deals

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

1 Th e Metropolitan Condominium 3 1,399 Oct 12 1,536 Nov 24, 2006 776 1,063,700 98 6 11.9

2 Th omson Plaza 20 2,960 Oct 15 598 Dec 15, 2006 243 1,050,000 146 8 11.8

3 2 RVG 9 926 Oct 11 1,944 Sept 12, 2005 884 982,000 120 6 13.1

4 Cote D’Azur 15 1,270 Oct 16 1,425 July 18, 2005 661 970,000 115 6 13.3

5 Montview 10 1,507 Oct 16 1,679 July 2, 2009 1,128 830,000 49 4 9.3

6 Th e Petals 23 1,636 Oct 15 1,100 April 25, 2000 626 776,600 76 3 18.5

7 Aquarius By Th e Park 16 2,099 Oct 16 834 June 19, 1999 465 775,000 79 3 19.3

8 Th e Bale 15 1,238 Oct 12 1,188 Nov 20, 2006 600 727,200 98 6 11.9

9 Clover By Th e Park 20 1,604 Oct 12 1,160 Sept 1, 2009 706 727,000 64 6 9.1

10 Meadows @ Peirce 26 1,851 Oct 15 1,377 July 6, 2011 988 720,000 39 5 7.3

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

1 Foresque Residences 23 1,399 Oct 11 1,129 April 3, 2014 1,286 220,000 12 3.0 4.5

2 Visioncrest 9 753 Oct 12 2,037 Aug 23, 2007 2,327 218,000 12 1.0 11.1

3 Cityscape @Farrer Park 8 1,378 Oct 16 1,292 June 18, 2013 1,391 136,500 7 1.0 5.3

4 Jupiter 18 15 431 Oct 10 1,347 March 24, 2011 1,541 100,000 15 2.0 7.6

5 Vista Residences 12 1,195 Oct 12 1,381 July 17, 2013 1,456 90,000 5 1.0 5.2

6 NV Residences 18 743 Oct 16 1,050 Sept 24, 2013 1,131 60,000 7 1.0 5.1

7 Aalto 15 1,959 Oct 10 1,950 May 9, 2008 1,974 47,300 1 0.1 10.4

8 Yishun Emerald 27 1,356 Oct 15 804 March 20, 2014 811 10,000 1 0.2 4.6

9 Q Bay Residences 18 527 Oct 15 1,213 April 17, 2013 1,224 5,570 1 0.2 5.5

10 Natura@Hillview 23 527 Oct 10 1,327 Aug 21, 2012 1,335 4,000 1 0.1 6.1

| BY BONG XIN YING |

The seller of a unit at The Met-

ropolitan Condominium on

Alexandra Road in District 3

made the top gain of $1.06

million over the week of Oct

9 to 16. The 1,399 sq ft, three-bed-

room unit on the 39th floor was pur-

chased for $1.086 million ($776 psf)

in November 2006 when it was newly

launched for sale, and was sold for

$2.15 million ($1,536 psf) on Oct 12.

The seller raked in a 98% profit,

or an annualised profit of 6% over

a holding period of 11.9 years. This

sale marks the first time the unit has

changed hands, according to caveats

lodged. Including this latest trans-

action, there have been 20 transac-

tions at The Metropolitan this year,

all of which have been profitable.

The profits range from $80,000 to

$1.22 million.

The all-time highest resale prof-

it at the development was made by

the seller of a 3,412 sq ft, four-bed-

room penthouse. It was bought for

$2.62 million ($767 psf) in Novem-

ber 2006 and sold for $3.95 million

($1,158 psf) in October 2012, netting

the seller a 51% profit of $1.33 mil-

lion over 5.9 years.

Completed in 2009, The Metro-

politan, a 99-year leasehold condo,

was jointly developed by Capita-

Land and Lippo Group Internation-

al. It has a total of 382 units located

in two 45-storey high towers. The

unit sizes range from 721 sq ft for a

two-bedroom apartment to 3,412 sq

ft for a penthouse.

Meanwhile, the second-highest

gain — a profit of $1.05 million, or

146% — made during the week in

review was at Thomson Plaza, along

Marigold Drive on Upper Thomson

Road in District 20.

The 2,690 sq ft, four-bedroom

apartment, purchased for $720,000

($243 psf) in December 2006, was

sold for $1.77 million ($598 psf) on

Oct 17. This means the seller made

an annualised profit of 8% over 11.8

years. This was also the third-highest

profit ever seen at Thomson Plaza.

The all-time highest resale profit at

the development was made by the

seller of a 3,240 sq ft, five-bedroom

apartment. It was bought for $668,000

($206 psf) in April 2004 and sold for

$1.88 million ($580 psf) in October

2014, netting the seller a 181% prof-

it of $1.21 million over 10½ years.

The latest resale transaction is

the first at the development this

year. There have been eight profita-

ble and three non-profitable transac-

tions at Thomson Plaza since 2001,

with profits ranging from $100,000

to $1.21 million and losses varying

slightly from $79,000 to $80,000.

Thomson Plaza is an integrated de-

velopment with only 20 apartments.

The Thomson Plaza mall has 180 ten-

ants. A 99-year leasehold development

completed in 1979, Thomson Plaza

was developed by DBS Land, which

was merged with Pidemco Land to

form CapitaLand in 2000.

The sale of a unit at 2 RVG, on

River Valley Grove in prime District

9, was the third most profitable trans-

action over the week in review, rak-

ing in a profit of $982,000, or 120%.

The two-bedroom unit on the 16th

floor, which is a one-minute drive

from Great World City, was bought

for $818,000 ($884 psf) in Septem-

ber 2005 and sold for $1.8 million

($1,944 psf) on Oct 11. The seller

made an annualised profit of 6%

over a holding period of 13.1 years.

On the other hand, the greatest

loss incurred over the week in re-

view was from the resale of a 1,399

sq ft, four-bedroom unit at the 99-

year leasehold Foresque Residenc-

es in District 23. Purchased in April

2014 for $1.8 million ($1,286 psf),

the property was sold on Oct 11 for

$1.58 million ($1,129 psf). The sell-

er sustained a 12% loss of $220,000,

or an annualised loss of 3% over

a holding period of 4½ years. The

condo, on Petir Road, is a three-min-

ute drive from Bukit Panjang Plaza

and a five-minute drive from The

Rail Mall.

The 99-year leasehold The Metropolitan is located in District 3

A 1,399 sq ft unit at Foresque Residences was sold at a $220,000 loss on Oct 11

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

EDGEPROP | OCTOBER 29, 2018 • EP17

UNDER THE HAMMER

EP18 • EDGEPROP | OCTOBER 29, 2018

The 3,057 sq ft duplex penthouse at The Oceanfront will be put up for sale via private treaty after two unsuccessful auctions

Sky villa at The Oceanfront going for $4.28 mil| BY BONG XIN YING |

A 3,057 sq ft duplex pent-

house, dubbed a “sky

villa”, at The Ocean-

front @ Sentosa Cove

was put up for auction

by Edmund Tie & Co (ET&Co)

on Oct 24. The opening price

was $4.28 million ($1,400 psf),

but the unit was withdrawn, as

there were no bids.

This is the second time the

unit has gone on the block. It

was first put up for auction on

Sept 26, with a slightly higher

opening price of $4.3 million

($1,407 psf). There are only 29

sky villas at the 264-unit water-

front condominium.

Joy Tan, senior director and

head of auction and sales at

ET&Co, says the property will

now be put up for sale via pri-

vate treaty. She is optimistic

about selling the penthouse, as

it has drawn lots of enquiries.

Tan says the price is reasonable.

The owner, a Singaporean,

bought the three-bedroom unit

on the 13th floor for $4.89 mil-

lion ($1,600 psf) in February 2010

as an investment. The proper-

ty is tenanted, but will be sold

with vacant possession.

The sky villa comes with

private lift access and the mas-

ter bedroom has a bathroom

en suite. Described by Tan as

“bright, breezy and spacious”,

the unit has views of the sea as

well as the marina from the liv-

ing area and bedrooms and is

“well maintained”.

On the second level of the

unit are the roof terrace and pri-

vate pool, which offer views of

the sea, adds Tan.

The 99-year leasehold The

Oceanfront was jointly devel-

oped by Singapore-listed City

Developments Ltd and TID. The

latter is an entity owned joint-

ly by Hong Leong Holdings and

Mitsui Fudosan. Designed by ac-

claimed architect firm Wimberly,

Allison, Tong & Goo, the devel-

opment was completed in 2010.

There have been 12 resale

transactions at The Oceanfront so

far this year. The units involved

ranged from 1,216 to 5,242 sq ft,

as seen from caveats lodged. The

most recent transaction was that

of a 1,744 sq ft, three-bedroom

unit on the eighth floor, which

changed hands for $2.7 million

($1,548 psf) in October. In the

same month, a 3,218 sq ft unit

on the 10th floor fetched $4.65

million ($1,445 psf).

In 2016 and 2017, a total of

19 units at The Oceanfront were

transacted at an average price of

$1,506 psf.

PICTURES: ET&CO

EOn the second level of the sky villa is a private pool that overlooks the sea