done deals: april 20-30 2009

THEEDGE SINGAPORE | MAY 25, 2009 •1

Done Deals

The Edge Singapore Property Transaction Tracker

I t’s not just new launches that have seen strong sales. The secondary market has also been equally buoyant, with sub-sale and resale activity returning, especially for projects that have recently received

their Temporary Occupation Permits (TOPs) or are likely to do so in the coming months.

For instance, at Sentosa Cove, there were two transactions at the 249-unit luxury con-dominium The Coast, which received its TOP just recently. One was a 2,896 sq ft unit that changed hands in a sub-sale for $4.5 million, or $1,554 psf, while the other was a 4,047 sq ft penthouse that went for over $4.8 million, or $1,195 psf, according to URA Realis cave-ats lodged at end-April (see table).

The two units were purchased at the time of the launch of The Coast in December 2006. The owner of the 2,896 sq ft apartment paid $5.11 million, or $1,766 psf, for the unit then, while the penthouse owner had paid $5.63 million, or $1,392 psf.

Over at The Oceanfront@Sentosa Cove, a unit changed hands for a second time in the sub-sale market. This is a landmark develop-ment and one of only two high-rise condo-minium projects allowed at Sentosa Cove. It has five 12- to 15-storey towers, unlike most condominiums at Sentosa Cove, which are restricted to six storeys. The 264-unit luxury condominium project is expected to be com-pleted sometime in mid-2010.

The third-floor 1,711 sq ft apartment was sold for close to $2.14 million, or $1,250 psf, according to a caveat lodged on April 24. The last time it changed hands was in early 2007, with a caveat lodged in February for $2.52 million, or $1,475 psf. The original buyer had purchased the unit from the developer in July 2006 for $2.1 million, or $1,227 psf, when the project was first launched.

The owner of a 1,658 sq ft fourth-floor apartment at The Berth by the Cove sold the unit for $2.06 million, or $1,243 psf, in the resale market — a price still higher than his purchase price. The unit was bought in Oc-tober 2006 for close to $1.49 million, or $897 psf, when the 200-unit project was first com-pleted. The Berth by the Cove was the first condominium project to be launched at Sen-tosa Cove, and hence the first to be complet-ed in the waterfront residential resort.

In the city fringes, the 273-unit Southbank, along North Bridge Road, is expected to be completed sometime in 2010. There were four caveats lodged for sub-sales of units in the de-velopment from April 20 to 30. The develop-ment is located along the banks of the Kallang River and is near the Lavender MRT station.

The four units that were sold were at pric-es above the owners’ original purchase pric-es, albeit to varying degrees. For instance, a 614 sq ft, 31st storey apartment that changed hands for $626,280, or $1,021 psf, was first

purchased in July 2006 when the project was launched for just $447,000, or $729 psf. Another small unit of 592 sq ft on the 37th floor was sold for $605,000, or $1,022 psf, in a sub-sale. The original buyer had paid $460,000, or $777 psf, for the unit back in August 2006.

Meanwhile, a 958 sq ft apartment on the 24th floor was sold for $814,300, or $850 psf,min a sub-sale recently. It was purchased in a sub-sale in May 2007 for $800,000, or $835 psf, according to caveats lodged with URA Realis. The original owner who bought the unit during the launch in early August 2006 had paid $660,000, or $689 psf.

THEEDGE SINGAPORE | MAY 25 2009 • 1

Pict

ures

by

Gw

ynet

h ye

o

E

DoneDeals

There has been a spate of sub-sale activity recently

at the 273-unit Southbank along the Kallang River.

Pick-up in resale and sub-sale activity

Oceanfront@Sentosa Cove. Activity has

picked up at Sentosa Cove as market

confidence returns.

2 • THEEDGE SINGAPORE | MAY 25, 2009

Done Deals Apartment and condo transactions with contract dates from April 20 to 30

An all-new website

Register to enjoy full access to Daily Breaking News, Comment and Analysis on Business & Markets, Politics & Government, and more

www.theedgemalaysia.comYour window to Business & Markets,

Politics & Government in Malaysia

PROjECT PROPERTY TEnuRE COnTRACT FlOOR AREA TRAnSACTEd uniT PRiCE COMPlETiOn TYPE OF PuRCHASER TYPE dATE (Sq FT) PRiCE ($) ($ PSF) dATE SAlE AddRESS

District 1 EMERALD GARDEN Condominium 999 years 29/04/09 1,216 $1,383,808 $1,138 1999 Resale PrivateTHE SAIL @ MARINA BAY Apartment 99 years 21/04/09 883 $1,721,850 $1,951 2008 Sub Sale PrivateDistrict 2INTERNATIONAL PLAZA Apartment 99 years 29/04/09 861 $430,000 $499 1976 Resale PrivateCRAIG PLACE Apartment 99 years 27/04/09 570 $578,000 $1,013 2000 Resale HDBICON Apartment 99 years 2 1/04/09 570 $705,000 $1,236 2007 Sub Sale HDBSPOTTISWOODE PARK Apartment 99 years 20/04/09 850 $450,000 $529 Unknown Resale HDBDistrict 3THE METROPOLITAN CONDO Condominium 99 years 30/04/09 1,432 $1,260,160 $880 Uncompleted Sub Sale PrivateTANGLIN VIEW Condominium 99 years 29/04/09 1,152 $880,000 $764 2001 Resale PrivateTHE ANCHORAGE Condominium Freehold 29/04/09 1,163 $1,000,000 $860 1997 Resale PrivateEMERALD PARK Condominium 99 years 27/04/09 926 $643,300 $695 1993 Resale HDBTANGLIN VIEW Condominium 99 years 27/04/09 1,464 $1,200,000 $820 2001 Resale PrivateTHE METROPOLITAN CONDO Condominium 99 years 24/04/09 1,033 $890,000 $861 Uncompleted Sub Sale HDBQUEENS Condominium 99 years 23/04/09 1,184 $880,000 $743 2002 Resale HDBEMERALD PARK Condominium 99 years 23/04/09 1,130 $740,000 $655 1993 Resale HDBEMERALD PARK Condominium 99 years 22/04/09 1,163 $753,888 $648 1993 Resale HDBLANDMARK TOWER Apartment 99 years 22/04/09 1,399 $815,000 $582 1984 Resale PrivateDistrict 4THE COAST AT SENTOSA COVE Condominium 99 years 28/04/09 2,896 $4,500,000 $1,554 2009 Sub Sale PrivateTHE BERTH BY THE COVE Condominium 99 years 27/04/09 1,658 $2,060,000 $1,243 2006 Resale PrivateTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years 24/04/09 1,711 $2,138,750 $1,250 Uncompleted Sub Sale HDBTHE COAST AT SENTOSA COVE Condominium 99 years 22/04/09 4,047 $4,836,165 $1,195 Uncompleted Sub Sale HDBDistrict 5DOVER PARKVIEW Condominium 99 years 30/04/09 936 $600,000 $641 1997 Resale PrivateBOTANNIA Condominium 956 years 30/04/09 1,582 $1,098,000 $694 Uncompleted Sub Sale HDBHERITAGE VIEW Condominium 99 years 30/04/09 969 $660,000 $681 2000 Resale HDBDOVER PARKVIEW Condominium 99 years 28/04/09 1,249 $828,000 $663 1997 Resale HDBDOVER PARKVIEW Condominium 99 years 28/04/09 1,249 $800,000 $641 1997 Resale PrivateMENDON SPRING Apartment Freehold 28/04/09 1,066 $640,000 $601 2002 Resale HDBDOVER PARKVIEW Condominium 99 years 28/04/09 969 $640,000 $661 1997 Resale PrivateTHE INFINITI Condominium Freehold 27/04/09 1,270 $791,350 $623 2008 Sub Sale PrivateDOVER PARKVIEW Condominium 99 years 27/04/09 969 $658,000 $679 1997 Resale HDBTHE STELLAR Condominium Freehold 27/04/09 1,044 $830,000 $795 2008 Sub Sale PrivateBOTANNIA Condominium 956 years 27/04/09 1,550 $1,008,000 $650 Uncompleted Sub Sale HDBNORMANTON PARK Condominium 99 years 27/04/09 1,270 $780,000 $614 Unknown Resale PrivateTHE INFINITI Condominium Freehold 24/04/09 2,357 $1,350,000 $573 2008 Sub Sale PrivateCARABELLE Condominium 956 years 24/04/09 1,259 $849,825 675 Uncompleted Sub Sale HDBBOTANNIA Condominium 956 years 24/04/09 1,227 $895,710 $730 Uncompleted Sub Sale HDB10 JALAN PELEPAH Terrace House Freehold 23/04/09 1,991 $1,300,888 $652 Unknown Resale HDBFABER CREST Condominium 99 years 23/04/09 1,776 $1,038,000 $584 2001 Resale PrivateBOTANNIA Condominium 956 years 23/04/09 1,259 $870,000 $691 Uncompleted Sub Sale PrivateBAYVILLE CONDO Condominium Freehold 23/04/09 1,023 $635,000 $621 1996 Resale HDBCLEMENTIWOODS CONDO Condominium 99 years 23/04/09 1,076 $678,000 $630 Uncompleted Sub Sale HDBCARABELLE Condominium 956 years 22/04/09 1,302 $898,000 $689 Uncompleted Sub Sale HDB7A JUBILEE ROAD Semi-Detached House Freehold 21/04/09 5,221 $2,500,000 $479 1985 Resale PrivateBOTANNIA Condominium 956 years 20/04/09 1,582 $1,138,000 $719 Uncompleted Sub Sale HDBVISTA PARK Condominium 99 years 20/04/09 2,476 $1,250,000 $505 1985 Resale PrivateONE-NORTH RESIDENCES Apartment 99 years 20/04/09 1,324 $1,150,000 $869 Uncompleted Sub Sale Private


Done DealsPROjECT PROPERTY TEnuRE COnTRACT FlOOR AREA TRAnSACTEd uniT PRiCE COMPlETiOn TYPE OF PuRCHASER TYPE dATE (Sq FT) PRiCE ($) ($ PSF) dATE SAlE AddRESS

District 7HERITAGE PLACE Apartment 999 years 29/04/09 947 $835,000 $882 1998 Resale PrivateCONCOURSE SKYLINE Apartment 99 years 28/04/09 1,163 $1,346,961 $1,159 Uncompleted New Sale PrivateSOUTHBANK Apartment 99 years 27/04/09 614 $626,280 $1,021 Uncompleted Sub Sale PrivateSOUTHBANK Apartment 99 years 24/04/09 958 $814,300 $850 Uncompleted Sub Sale PrivateSOUTHBANK Apartment 99 years 22/04/09 904 $858,800 $950 Uncompleted Sub Sale HDBCONCOURSE SKYLINE Apartment 99 years 22/04/09 1,087 $1,280,594 $1,178 Uncompleted New Sale PrivateSOUTHBANK Apartment 99 years 21/04/09 592 $605,000 $1,022 Uncompleted Sub Sale HDBDistrict 8CITYLIGHTS Condominium 99 years 30/04/09 1,356 $1,228,000 $905 2007 Resale PrivateKERRISDALE Condominium 99 years 29/04/09 1,259 $790,000 $627 2005 Resale HDB32 PENHAS ROAD Apartment Freehold 21/04/09 1,173 $620,000 $528 1999 Resale HDBDistrict 9THE REGALIA Apartment Freehold 30/04/09 1,270 $1,138,888 $897 1993 Resale HDBTHE INSPIRA Condominium Freehold 29/04/09 1,249 $1,190,000 $953 Uncompleted Sub Sale PrivateROBERTSON 100 Apartment Freehold 29/04/09 1,152 $1,143,700 $993 2004 Resale PrivateHORIZON TOWER Condominium 99 years 29/04/09 2,314 $1,730,000 $748 1984 Resale PrivateMIRAGE TOWER Condominium Freehold 29/04/09 1,367 $1,298,650 $950 1996 Resale PrivateTHE INSPIRA Condominium Freehold 28/04/09 667 $760,380 $1,139 Uncompleted Sub Sale HDBTHE SUITES AT CENTRAL Condominium Freehold 28/04/09 1,572 $2,350,000 $1,495 2009 Sub Sale PrivateLUCKY PLAZA Apartment Freehold 28/04/09 872 $1,230,000 $1,411 1981 Resale PrivateTHE TATE RESIDENCES Condominium Freehold 27/04/09 1,894 $3,693,300 $1,950 Uncompleted Sub Sale PrivateTHE BOTANIC ON LLOYD Condominium Freehold 24/04/09 4,446 $5,100,000 $1,147 2006 Resale PrivateVIDA Apartment Freehold 23/04/09 861 1,570,000 $1,823 Uncompleted New Sale HDBPARC SOPHIA Apartment Freehold 23/04/09 840 $924,000 $1,101 Uncompleted New Sale HDBEURO-ASIA COURT Apartment Freehold 22/04/09 1,453 $1,110,000 $764 1994 Resale HDBBELLE VUE RESIDENCES Condominium Freehold 22/04/09 1,399 $2,176,100 $1,555 Uncompleted New Sale PrivateURBANA Condominium Freehold 21/04/09 1,044 $1,148,400 $1,100 2007 Resale PrivateLEONIE HILL RESIDENCES Apartment Freehold 21/04/09 1,389 $1,736,250 $1,250 2005 Resale PrivateYONG AN PARK Condominium Freehold 20/04/09 3,229 $3,350,000 $1,037 1986 Resale PrivateVIDA Apartment Freehold 20/04/09 527 $1,159,400 $2,198 Uncompleted New Sale PrivateRIVERGATE Apartment Freehold 20/04/09 1,894 $2,556,900 $1,350 2009 Sub Sale PrivateRIVERGATE Apartment Freehold 20/04/09 1,539 $2,031,480 $1,320 2009 Sub Sale PrivateDistrict 1021 HOOT KIAM ROAD Apartment Freehold 30/04/09 1,012 $800,000 $791 Unknown Resale PrivateTHE LEVELZ Condominium Freehold 30/04/09 1,001 $1,070,000 $1,069 2004 Resale HDBONE CHATSWORTH Apartment Freehold 30/04/09 3,401 $4,380,000 $1,288 1976 Resale PrivateQUINTERRA Apartment 99 years 30/04/09 1,787 $1,518,950 $850 2009 Sub Sale PrivateFOUR SEASONS PARK Condominium Freehold 29/04/09 2,260 $3,700,000 $1,637 1994 Resale PrivateTHE TRESOR Condominium 999 years 29/04/09 1,399 $1,880,000 $1,344 2007 Resale PrivateTHE CORNWALL Condominium Freehold 29/04/09 1,927 $2,250,000 $1,168 2005 Resale Private104 CORONATION Semi-Detached ROAD WEST House Freehold 28/04/09 4,510 $2,800,000 $621 Unknown Resale Private20 FIR AVENUE Semi-Detached House Freehold 28/04/09 3,229 $2,850,000 $884 1991 Resale PrivateGALLOP GABLES Condominium Freehold 28/04/09 2,648 $3,077,000 $1,162 1997 Resale PrivateGALLOP GABLES Condominium Freehold 28/04/09 2,745 $3,388,800 $1,235 1997 Resale PrivateGALLOP GABLES Condominium Freehold 28/04/09 2,756 $3,561,600 $1,293 1997 Resale PrivateARDMORE II Condominium Freehold 27/04/09 2,024 $3,641,400 $1,799 Uncompleted Sub Sale PrivateGALLOP GABLES Condominium Freehold 27/04/09 2,659 $3,300,800 $1,242 1997 Resale PrivateJERVOIS REGENCY Apartment Freehold 25/04/09 2,486 $1,750,000 $704 2003 Resale PrivateTHE TRESOR Condominium 999 years 24/04/09 1,012 $1,290,000 $1,275 2007 Resale PrivateVALLEY PARK Condominium 999 years 24/04/09 1,701 $1,620,000 $953 1997 Resale PrivateBEVERLY HILL Condominium Freehold 24/04/09 3,778 $5,000,000 $1,323 1983 Resale PrivateGALLOP GABLES Condominium Freehold 24/04/09 2,852 $3,333,500 $1,169 1997 Resale PrivateGALLOP GABLES Condominium Freehold 2 4/04/09 2,669 $3,164,000 $1,185 1997 Resale Private55B NAMLY GARDEN Semi-Detached House Freehold 24/04/09 2,411 $3,000,000 $1,246 2009 Resale PrivateGALLOP GABLES Condominium Freehold 24/04/09 2,648 $3,120,400 $1,178 1997 Resale PrivateGALLOP GABLES Condominium Freehold 24/04/09 2,669 $3,143,400 $1,178 1997 Resale PrivateGALLOP GABLES Condominium Freehold 23/04/09 3,186 $3,468,000 $1,088 1997 Resale PrivateGALLOP GABLES Condominium Freehold 23/04/09 2,648 $3,130,700 $1,182 1997 Resale PrivateGALLOP GABLES Condominium Freehold 23/04/09 2,691 $3,157,200 $1,173 1997 Resale PrivateGALLOP GABLES Condominium Freehold 23/04/09 2,842 $3,332,800 $1,173 1997 Resale PrivateONE JERVOIS Condominium Freehold 23/04/09 1,335 $1,308,300 $980 Uncompleted Sub Sale PrivateVILLAS HOLLAND Detached House Freehold 23/04/09 17,212 $12,200,000 $709 2000 Resale PrivateMANHATTAN MANSIONS Apartment Freehold 22/04/09 2,228 $2,250,000 $1,010 1994 Resale PrivateTHE SIXTH AVENUE RESIDENCES Condominium Freehold 22/04/09 1,582 $1,439,620 $910 Uncompleted Sub Sale PrivateCLIFTEN Apartment Freehold 22/04/09 1,066 $1,020,000 $957 2006 Resale PrivateGARDENVILLE Condominium Freehold 21/04/09 1,851 $2,600,000 $1,404 1999 Resale PrivateTHE TESSARINA Condominium Freehold 21/04/09 1,109 $978,000 $882 2003 Resale PrivateARDMORE PARK Condominium Freehold 21/04/09 2,885 $6,300,000 $2,184 2001 Resale PrivateASTRID MEADOWS Condominium Freehold 21/04/09 3,800 $4,380,000 $1,153 1990 Resale PrivateTHE SIXTH AVENUE RESIDENCES Condominium Freehold 21/04/09 1,356 $1,356,000 $1,000 Uncompleted Sub Sale Private55A NAMLY GARDEN Semi-Detached House Freehold 20/04/09 2,282 $3,000,000 $1,314 2009 Resale Private



PROjECT PROPERTY TEnuRE COnTRACT FlOOR AREA TRAnSACTEd uniT PRiCE COMPlETiOn TYPE OF PuRCHASER TYPE dATE (Sq FT) PRiCE ($) ($ PSF) dATE SAlE AddRESSSPRING GROVE Condominium 99 years 20/04/09 1,012 $950,000 $939 1996 Resale HDBONE JERVOIS Condominium Freehold 20/04/09 1,087 $1,065,260 $980 Uncompleted Sub Sale HDBONE JERVOIS Condominium Freehold 20/04/09 1,292 $1,268,888 $982 Uncompleted Sub Sale HDBTHE TESSARINA Condominium Freehold 20/04/09 990 $900,000 $909 2003 Resale PrivateBALMORAL CONDO Condominium Freehold 20/04/09 1,442 $1,550,000 $1,075 1992 Resale PrivateDistrict 11NINETEEN SHELFORD ROAD Condominium Freehold 30/04/09 700 $630,000 $900 1997 Resale PrivateSKY@ELEVEN Condominium Freehold 30/04/09 4,844 $4,800,000 $991 Uncompleted Sub Sale PrivateMONTEBLEU Condominium Freehold 30/04/09 1,475 $1,265,550 $858 Uncompleted Sub Sale PrivateWATTEN ESTATE CONDO Condominium Freehold 29/04/09 2,519 $1,730,000 $687 1983 Resale PrivateTHE SHELFORD Condominium Freehold 29/04/09 2,174 $1,930,000 $888 2005 Resale PrivateMONTEBLEU Condominium Freehold 29/04/09 1,227 $960,000 $782 Uncompleted Sub Sale PrivateHILLCREST ARCADIA Condominium 99 years 28/04/09 1,970 $1,320,000 $670 1980 Resale PrivateSKY@ELEVEN Condominium Freehold 27/04/09 2,271 $2,498,100 $1,100 Uncompleted Sub Sale PrivateTHE LINCOLN RESIDENCES Condominium Freehold 27/04/09 1,367 $1,397,000 $1,022 Uncompleted New Sale HDBNINETEEN SHELFORD ROAD Condominium Freehold 27/04/09 700 $600,000 $858 1997 Resale HDBBIRMINGHAM MANSIONS Apartment Freehold 24/04/09 1,066 $885,000 $830 1998 Resale HDBTHE SHELFORD Condominium Freehold 24/04/09 1,453 $1,580,000 $1,087 2005 Resale PrivateTHE LINCOLN RESIDENCES Condominium Freehold 23/04/09 1,281 $1,328,000 $1,037 Uncompleted New Sale PrivateGLOUCESTER MANSIONS Apartment Freehold 23/04/09 893 $840,000 $940 1999 Resale HDBTHE LINCOLN RESIDENCES Condominium Freehold 23/04/09 1,410 $1,702,000 $1,207 Uncompleted New Sale PrivateMONTEBLEU Condominium Freehold 22/04/09 807 $750,000 $929 Uncompleted Sub Sale HDBSTRATA Apartment Freehold 22/04/09 506 $650,000 $1,285 2006 Resale HDBTHE LINCOLN RESIDENCES Condominium Freehold 22/04/09 1,367 $1,501,000 $1,098 Uncompleted New Sale HDBNEWTON 18 Apartment Freehold 21/04/09 1,249 $1,350,000 $1,081 2002 Resale PrivatePARK INFINIA AT WEE NAM Condominium Freehold 21/04/09 1,001 $1,151,150 $1,150 2008 Sub Sale PrivateTHE LINCOLN MODERN Apartment Freehold 20/04/09 1,378 $1,380,000 $1,002 2003 Resale PrivateTHE LINCOLN RESIDENCES Condominium Freehold 20/04/09 1,367 $1,486,000 $1,087 Uncompleted New Sale PrivateDistrict 12D’LOTUS Apartment Freehold 27/04/09 1,066 $790,000 $741 2008 Resale PrivateDOMUS Apartment Freehold 27/04/09 1,367 $1,177,600 $861 Uncompleted New Sale HDBOLEANDER TOWERS Apartment 99 years 24/04/09 1,152 $725,000 $629 1998 Resale HDBDOMUS Apartment Freehold 23/04/09 1,001 $936,000 $935 Uncompleted New Sale HDBTHE MEZZO Apartment Freehold 21/04/09 560 $558,880 $998 Uncompleted New Sale PrivateTHE ARTE Condominium Freehold 21/04/09 1,528 $1,261,680 $825 Uncompleted New Sale HDBTHE ARTE Condominium Freehold 21/04/09 1,873 $1,717,080 $917 Uncompleted New Sale PrivateTHE ARTE Condominium Freehold 21/04/09 1,055 $991,950 $940 Uncompleted New Sale PrivateTHE ARTE Condominium Freehold 21/04/09 1,399 $1,197,840 $856 Uncompleted New Sale PrivateTHE ABERDEEN Condominium Freehold 20/04/09 1,389 $716,000 $516 1997 Resale HDBTHE ARTE Condominium Freehold 20/04/09 1,625 $1,348,080 $829 Uncompleted New Sale HDBTHE ARTE Condominium Freehold 20/04/09 1,873 $1,805,000 $964 Uncompleted New Sale PrivateTHE ARTE Condominium Freehold 20/04/09 1,055 $933,160 $885 Uncompleted New Sale HDBTHE ARTE Condominium Freehold 20/04/09 1,528 $1,350,650 $884 Uncompleted New Sale HDBST MICHAEL’S PLACE Apartment Freehold 20/04/09 1,227 $570,000 $465 1997 Resale PrivateDistrict 13BELLAVILLE Detached House Freehold 27/04/09 4,413 $2,100,000 $476 Uncompleted New Sale PrivateMACPHERSON GARDEN ESTATE Terrace House Freehold 23/04/09 883 $790,000 $893 Unknown Resale HDBMACPHERSON GARDEN ESTATE Terrace House Freehold 22/04/09 883 840,000 $949 Unknown Resale PrivateDAISY APARTMENTS Apartment Freehold 22/04/09 1,087 $506,000 $465 1994 Resale rivateWOODSVILLE 28 Apartment 99 years 21/04/09 1,033 $755,000 $731 Uncompleted New Sale Private6 COTSWOLD CLOSE Detached House Freehold 20/04/09 4,392 $4,500,000 $1,025 Uncompleted New Sale PrivateTHE SCENIC @ BRADDELL Apartment Freehold 20/04/09 452 $336,000 $743 Uncompleted New Sale HDBMACPHERSON GREEN Condominium Freehold 20/04/09 2,325 $900,000 $387 1983 Resale Private


CAPITAL BROKERS’ DIGEST

q-o-q — Quarter-on-quartery-o-y — Year-on-yearDCF — Discounted cash fl owEbitda — Earnings before interest, tax, depreciation and amortisationEPS — Earnings per shareFY — Financial year NAV — Net asset valueNTA — Net tangible assetsP/BV — Price-to-book valuePEG — Price earnings to growthPER — Price-to-earnings ratioROE — Return on equity

Every week, The Edge Singapore brings you digested excerpts of research reports of Singapore Exchange-listed companies available in the public domain or received from brokers. Investors interested in research on companies are also encouraged to register for free access to reports from stockbrokers that participate in the SGX-Monetary Authority of Singapore Research Incentive Scheme (www.research.sgx.com).Disclaimer: The Edge Publishing Pte Ltd does not accept any liability whatsoever

for any direct, indirect or consequential losses (including loss of profi t) or damages that may arise from the use of information or opinions in this publication. The information and opinions in this publication are not to be considered as an offer to sell or buy any of the securities discussed. Opinions expressed are subject to change without notice. The brokers may, from time to time, have interests or positions in the securities mentioned. The Edge Singapore welcomes brokers submitting their reports for investor information to [email protected].

| COMPILED BY RAHAYU MOHAMAD |

E

Lippo-Mapletree Indonesia Retail Trust (April 29: 31 cents)MAINTAIN HOLD. Lippo-Mapletree Indonesia Retail Trust (LMIR) posted $18.7 million in 1Q gross revenue, down 8.1% y-o-y and 13% q-o-q. Net property income fell 9.3% y-o-y to $17.5 million, but registered a 41.7% q-o-q improvement as 4Q net property income was hit by a $7 million provision for receivables. 4Q results were also hit by a $3.3 million write-off of fees on an unused loan facility. Consequently, distributed income rose 351% q-o-q to $14.6 million, while falling 13%y-o-y. LMIR will pay out 1.36 cents for the quarter versus the 0.3 cents paid out a quarter ago. This is equivalent to an annu-alised yield of 22.2% on the current share price. We note LMIR still has another $19.3 million in receivables, or 19% of total FY2008 revenue. LMIR is geared at 12.3%. Fair value of 24 cents. — OCBC Investment Research (April 27)

Micro-Mechanics Holdings (April 29: 21 cents)MAINTAIN HOLD. Micro-Mechanics (MMH) reported a 40.4% y-o-y decline (-39.0% q-o-q) in its 3QFY2009 revenue to $5.5 million, as the ongoing global financial turmoil and economic recession had led to an unprecedented drop in customer or-ders across all its worldwide manufacturing locations. This in turn resulted in the group suffering its first-ever quarterly loss of $1.4 million. While MMH has seen some improvements in orders in March, it is maintaining a cautious view on its 4QFY2009 performance. On our side, we have also conserva-tively adjusted our FY2009F earnings to reflect a possible loss for the fiscal year. However, as earnings and business activity will likely remain uncertain and volatile, we are now switch-ing our valuation to 0.8x FY2010F NTA from 7x FY2010F EPS. This pares our fair value to 19 cents from 24 cents previously. — OCBC Investment Research (April 28)

Raffl es Education Corp (April 29: 44 cents)BUY (initiating coverage). Raffles Education is a leading pri-vate education provider in Asia. Raffles is one of the cheap-est education stocks among its listed peers, trading at a more than 50% discount to its US-listed peers. Despite the dearth of acquisitions, the management expects enrolment to grow 20% to 30% per annum by focusing on its enlarged educa-tion network. We estimated rising student enrolment to sus-tain organic earnings CAGR of 24% for the next three years. This works out to a recurring annual earnings stream of at least $100 million. The recent share price correction to trough levels of 7x forward PER presents an unprecedented oppor-tunity to invest in the stock. Raffles education offers a good mix between growth and attractive dividends. Target price of 60 cents using 0.7x PEG (based on a forward three-year earn-ings CAGR of 17%). — Kim Eng Research (April 27)

Rickmers Maritime (April 29: 35.5 cents)MAINTAIN HOLD. While revenue of US$32.5 million (up 10% q-o-q) was in line with expectations, net profit surged 54% q-o-q to US$11 million ($16.78 million). Distributable cash flows increased 8% q-o-q to US$16.8 million. The DPU payout of 2.14 US cents corresponds to only 54% of availa-ble cash. The trust would need to repay about US$158 mil-lion of loans next year, including a US$130 million tranche in April 2010. The possible redelivery of the Maersk Djibouti in February 2010 implies added revenue pressure. The 5% cut in DPU may, thus, be no more than a signal, given the uncertainties. However, at current valuations, even a 50% cut in DPU going forward would imply a FY2009 yield of more than 22%. We conservatively impute a 20% cut in DPU for the next three quarters. Target price cut to 39 cents. — DBS Vickers Securities (April 27)

Singapore Airlines (April 29: $10.30)MAINTAIN HOLD. We think the current swine flu should not affect Singapore Airlines significantly. Of greater impor-tance is a recovery in demand and thus load factors, which can help the stock re-rate. In other words, long-term load factor is far more important than that for just one or two months. However, if the situation does worsen to become a global pandemic, then obviously Singapore Airlines’ opera-tions would be very much affected — depending on how long the pandemic lasts. Earnings outlook for next two quarters remains weak and we would advise buying only if load fac-tors start to improve or share price drops below $9 per share. Based on historical low, Singapore Airlines’ bottomed out price should be 0.7x P/NTA or $8.20. Target price is $11.30. — DBS Vickers Securities (April 28)

SMRT Corp (April 29: $1.50)MAINTAIN BUY. SMRT Corp announced growth in revenue of 9.6%, from $808.12 million in FY2008 to $878.95 million in FY2009; and registering growth in net profit after income tax of 8.5%, from $149.94 million in FY2008 to $162.73 mil-lion in FY2009 on the back of higher operating profits coupled with government budget measures. The rolling out of the circle line in May this year should seek to increase ridership further although we do also believe that this should lead to higher ex-penses in the coming 1Q2010. The board of directors proposed a final ordinary dividend of six cents per share. The final div-idend, if approved, will bring the total dividend per share to 7.75 cents for the year. We have adjusted our operating expens-es slightly, thus our discounted free cash flow to equity mod-el eased our fair value estimate to $1.92 (previously $1.97). — Phillip Securities Research (April 29)

Ascendas India Trust (April 29: 53 cents)UPGRADE TO BUY. Ascendas India Trust (AiT) reported 4Q2009 results in line with our expectations. Gross revenues and net property income grew by 13% and 8% to $17.4 mil-lion and $16.1 million respectively. Growth was driven by (i) income contribution from Crest, (ii) positive rental reversions, (iii) higher operations and maintenance income. Distribut-able income came in 25% higher to $15.6 million, translat-ing to a DPU of 2.05 cents. For FY2009, AiT delivered a DPU of 7.54 cents, translating to a yield of 15%. Current gearing of 9% presents headroom of $220 million before reaching 35% gearing. At current levels, AiT presents attractive val-ue for investors looking to leverage on the mid/long-term growth prospects of India’s IT parks space while receiving a FY2010-11 DPU yield of 12% to 14%. Target price is 65 cents. — DBS Vickers Securities (April 29)

CapitaLand (April 29: $2.56)MAINTAIN BUY. CapitaLand posted a profit after tax and minority interest (Patmi) of $42.9 million in 1Q2009, down sharply by 83% y-o-y, 42% q-o-q. It was off the mark from full-year consensus estimates of $479.4 million. While 1Q2008 Patmi was boosted by divestment and forex gains, core earn-ings still fell by 65.5% y-o-y. Its topline also showed a 23% y-o-y-decline. Ebit from the Singapore residential Strategic Business Unit fell by 50% y-o-y to $20 million, with the rate of profit recognition from sold projects being slower than expected, with hardly any new units sold in 1Q. Ad-justing to a conservative launch schedule and some aver-age selling price assumptions, we have slashed our FY2009 and FY2010 forecasts by 44% and 38% respectively. Tar-get price of $2.93, pegged at a 10%-discount to RNAV. — Kim Eng Research (April 27)

Jadason Enterprises (April 29: Six cents)HOLD (initiating coverage). Jadason Enterprises is a sup-plier of equipment and services to the printed circuit board industry in Asia. Jadason ended FY2008 in the red, like many of its peers. The company has been investing heavily in its capital-intensive manufacturing services segment where increased fixed costs will likely be a sig-nificant drag on performance should utilisation rates re-main low. Also, we note that Jadason has $49.3 million of short-term debt. The company may benefit significant-ly from a recovery however, as its manufacturing servic-es segment typically provides attractive margins should sufficient utilisation be realised. Applying a peer average P/B multiple of 0.48 to our blended FY2009/10F book value per share of 13 cents, we obtain a target price of six cents. — SIAS Research (April 28)

Singapore business and investment news

every market day now!PLUS: Daily brokers’ calls,

boardroom moves, commentary and more

Register for free nowand get 20% off select top business books

with The Edge-Wiley Promotion

www.theedgesingapore.com click on for our new RSS Feed

to get the latest news alert to you


Done DealsPROjECT PROPERTY TEnuRE COnTRACT FlOOR AREA TRAnSACTEd uniT PRiCE COMPlETiOn TYPE OF PuRCHASER TYPE dATE (Sq FT) PRiCE ($) ($ PSF) dATE SAlE AddRESSDistrict 14MERA EAST Apartment Freehold 30/04/09 2,034 $1,060,000 $521 2007 Resale HDBLE CRESCENDO Condominium Freehold 29/04/09 1,378 $881,920 $640 2006 Resale HDBLE CRESCENDO Condominium Freehold 29/04/09 1,378 $881,920 $640 2006 Resale PrivateSTARVILLE Condominium Freehold 28/04/09 1,238 $750,000 $606 2006 Resale Private18 JALAN GRISEK Semi-Detached House Freehold 28/04/09 4,865 $2,990,000 $614 1983 Resale Private52 LORONG MYDIN Apartment Freehold 28/04/09 1,216 $650,000 $534 2002 Resale HDBLE REVE Condominium Freehold 24/04/09 1,152 $730,000 $634 2007 Resale HDB150 LORONG SARINA Terrace House Freehold 24/04/09 1,798 $1,350,000 $750 1973 Resale PrivateLE CRESCENDO Condominium Freehold 23/04/09 1,539 $1,000,000 $650 2006 Resale Private76L LORONG MARZUKI Semi-Detached House Freehold 23/04/09 2,368 $2,430,000 $1,027 2008 Resale PrivateASTORIA PARK Condominium 99 years 21/04/09 1,195 $700,000 $586 1995 Resale HDBLE CRESCENDO Condominium Freehold 20/04/09 1,378 $895,700 $650 2006 Resale HDB63A LORONG MARICAN Semi-Detached House Freehold 20/04/09 2,659 $1,410,000 $530 1999 Resale PrivateLE CRESCENDO Condominium Freehold 20/04/09 1,453 $944,450 $650 2006 Resale PrivateTHE TRUMPS Condominium 99 years 20/04/09 980 $670,000 $684 2005 Resale PrivateDistrict 15ONE AMBER Condominium Freehold 30/04/09 1,302 $1,106,700 $850 Uncompleted Sub Sale Private86 LORONG L TELOK KURAU Semi-Detached House Freehold 30/04/09 3,401 $1,600,000 $470 1973 Resale PrivateONE AMBER Condominium Freehold 30/04/09 1,270 $1,079,500 $850 Uncompleted Sub Sale Private85 JALAN SEAVIEW Semi-Detached House Freehold 29/04/09 3,401 $2,780,000 $816 Unknown Resale PrivateTHE MONTAGE Apartment Freehold 29/04/09 635 $530,000 $835 Uncompleted Sub Sale HDBVILLA MARINA Condominium 99 years 29/04/09 2,024 $1,000,000 $494 1999 Resale PrivatePEBBLE BAY Condominium 99 years 28/04/09 1,894 $1,538,888 $812 1997 Resale PrivateTIERRA VUE Condominium Freehold 28/04/09 2,260 $1,638,000 $725 Uncompleted Sub Sale PrivateVILLA MARINA Condominium 99 years 28/04/09 2,024 $960,000 $474 1999 Resale PrivateESTERINA Apartment Freehold 27/04/09 517 $470,000 $910 2009 New Sale HDBKATONG PARK TOWERS Condominium 99 years 27/04/09 1,679 $950,000 $566 1987 Resale PrivateONE AMBER Condominium Freehold 27/04/09 570 $590,000 $1,034 Uncompleted Sub Sale PrivatePARK EAST Condominium Freehold 27/04/09 1,970 $1,310,000 $665 1994 Resale PrivatePEBBLE BAY Condominium 99 years 27/04/09 1,367 $1,010,000 $739 1997 Resale Private74 CARPMAEL ROAD Terrace House Freehold 25/04/09 689 $750,000 $1,082 Unknown Resale PrivateOPERA ESTATE Terrace House Freehold 24/04/09 2,131 $1,368,000 $642 Unknown Resale PrivateOLA RESIDENCES Condominium Freehold 24/04/09 1,496 $1,376,320 $920 Uncompleted New Sale HDBHAIG ELEVEN Apartment Freehold 24/04/09 883 $630,000 $714 2005 Resale PrivateONE @ PULASAN Apartment Freehold 24/04/09 840 $664,000 $791 2009 Sub Sale HDBTHE GLACIER Apartment Freehold 24/04/09 1,346 $830,000 $617 2004 Resale HDBCRESCENDO BUILDING Apartment Freehold 23/04/09 1,173 $590,000 $503 1996 Resale HDBWATER PLACE Condominium 99 years 23/04/09 1,227 $1,153,380 $940 2004 Resale PrivateTHE SILVER FIR Apartment Freehold 22/04/09 527 $450,000 $853 Uncompleted New Sale HDBTHE SILVER FIR Apartment Freehold 22/04/09 527 $450,000 $853 Uncompleted New Sale HDBGRAND DUCHESS AT ST PATRICK’S Condominium Freehold 22/04/09 1,507 $1,075,000 $713 Uncompleted Sub Sale HDBVERSILIA ON HAIG Condominium Freehold 22/04/09 1,023 $855,000 $836 Uncompleted New Sale Private313B TANJONG KATONG ROAD Apartment Freehold 22/04/09 1,152 $470,000 $408 Unknown Resale PrivateTHE SILVER FIR Apartment Freehold 22/04/09 603 $535,000 $888 Uncompleted New Sale HDBPEBBLE BAY Condominium 99 years 21/04/09 1,894 $1,638,000 $865 1997 Resale PrivatePEBBLE BAY Condominium 99 years 21/04/09 1,378 $1,074,800 $780 1997 Resale PrivateTHE GLACIER Apartment Freehold 21/04/09 2,250 $1,180,000 $525 2004 Resale HDBTHE AMERY Condominium Freehold 21/04/09 1,690 $1,229,000 $727 Uncompleted New Sale PrivateARTHUR 118 Apartment Freehold 21/04/09 926 $780,000 $843 2006 Sub Sale HDBIVORY Apartment Freehold 20/04/09 1,012 $660,000 $652 Uncompleted New Sale Private186A JOO CHIAT PLACE Apartment Freehold 20/04/09 969 $560,000 $578 Unknown Resale PrivateRIVEREDGE Condominium 99 years 20/04/09 1,518 $1,230,000 $810 2008 Resale Private18 LORONG 105 CHANGI Terrace House Freehold 20/04/09 1,733 $1,150,000 $662 1993 Resale HDBCALLIDORA VILLE Apartment Freehold 20/04/09 797 $612,000 $768 Uncompleted New Sale HDBFRANKEL ESTATE Detached House Freehold 20/04/09 4,069 $2,220,000 $546 1955 Resale PrivateFRANKEL ESTATE Terrace House Freehold 20/04/09 1,948 $910,000 $468 1957 Resale PrivateTHE ESTA Condominium Freehold 20/04/09 1,410 $1,198,500 $850 2008 Sub Sale HDBDistrict 1631 KEW HEIGHTS Semi-Detached House 99 years 30/04/09 2,379 $1,200,000 $505 1997 Resale PrivateTHE CLEARWATER Condominium 99 years 27/04/09 1,378 $745,000 $541 2001 Resale PrivateAQUARIUS BY THE PARK Condominium 99 years 27/04/09 1,227 $640,000 $522 2000 Resale HDBCASA MERAH Apartment 99 years 24/04/09 1,227 $795,000 $648 Uncompleted Sub Sale HDBBAYSHORE PARK Condominium 99 years 24/04/09 1,173 $712,000 $607 1986 Resale PrivateTHE BAYSHORE Condominium 99 years 22/04/09 1,184 $670,000 $566 1996 Resale HDBWATERFRONT WAVES Condominium 99 years 22/04/09 1,270 $762,300 $600 Uncompleted New Sale HDBBEDOK PESARI Terrace House Freehold 21/04/09 2,099 $1,080,000 $514 1989 Resale HDBVENEZIO Apartment Freehold 20/04/09 1,012 $670,000 $662 2006 Resale Private



PROjECT PROPERTY TEnuRE COnTRACT FlOOR AREA TRAnSACTEd uniT PRiCE COMPlETiOn TYPE OF PuRCHASER TYPE dATE (Sq FT) PRiCE ($) ($ PSF) dATE SAlE AddRESSEAST COAST RESIDENCES Apartment Freehold 20/04/09 1,130 $938,000 $830 Uncompleted New Sale HDBCASA MERAH Apartment 99 years 20/04/09 1,216 $800,000 $658 Uncompleted Sub Sale PrivateDistrict 17LOYANG VALLEY Condominium 99 years 30/04/09 1,485 $580,000 $390 1985 Resale PrivateFERRARIA PARK CONDO Condominium Freehold 30/04/09 883 $565,000 $640 Uncompleted Sub Sale HDBCARISSA PARK CONDO Condominium Freehold 28/04/09 1,281 $730,000 $570 2001 Resale HDBFERRARIA PARK CONDO Condominium Freehold 27/04/09 1,195 $736,000 $616 Uncompleted Sub Sale HDBFERRARIA PARK CONDO Condominium Freehold 27/04/09 1,324 $816,000 $616 Uncompleted Sub Sale PrivateEDELWEISS PARK CONDO Condominium Freehold 24/04/09 1,281 $740,000 $578 2006 Resale PrivateFERRARIA PARK CONDO Condominium Freehold 23/04/09 1,023 $615,000 $601 Uncompleted Sub Sale HDBBLUWATERS Apartment 946 years 22/04/09 936 $618,000 $660 2007 Resale HDBFERRARIA PARK CONDO Condominium Freehold 21/04/09 1,023 $620,000 $606 Uncompleted Sub Sale HDBFERRARIA PARK CONDO Condominium Freehold 21/04/09 1,356 $808,000 $596 Uncompleted New Sale PrivateFERRARIA PARK CONDO Condominium Freehold 20/04/09 936 $569,000 $608 Uncompleted Sub Sale PrivateDistrict 18 MODENA Condominium 99 years 28/04/09 1,399 $795,000 $568 2001 Resale HDBDOUBLE BAY RESIDENCES Condominium 99 years 28/04/09 1,259 $750,000 $596 Uncompleted New Sale HDBTHE EDEN AT TAMPINES Executive Condominium 99 years 28/04/09 861 $467,000 $542 2003 Resale HDBTHE EDEN AT TAMPINES Executive Condominium 99 years 24/04/09 1,012 $530,000 $524 2003 Resale HDBMELVILLE PARK Apartment 99 years 24/04/09 1,001 $460,000 $460 1996 Resale PrivateLIVIA Condominium 99 years 24/04/09 1,259 $770,000 $611 Uncompleted New Sale HDBSIMEI GREEN CONDO Executive Condominium 99 years 23/04/09 1,249 $628,888 $504 1999 Resale HDBDOUBLE BAY RESIDENCES Condominium 99 years 22/04/09 2,142 $978,000 $457 Uncompleted New Sale HDBCHANGI RISE CONDO Condominium 99 years 22/04/09 1,259 $668,000 $530 2004 Resale HDBMELVILLE PARK Apartment 99 years 22/04/09 1,335 $627,000 $470 1996 Resale PrivateDOUBLE BAY RESIDENCES Condominium 99 years 22/04/09 1,270 $797,000 $627 Uncompleted New Sale HDBDOUBLE BAY RESIDENCES Condominium 99 years 22/04/09 1,270 $815,918 $642 Uncompleted New Sale HDBDOUBLE BAY RESIDENCES Condominium 99 years 21/04/09 936 $592,000 $632 Uncompleted New Sale HDBDOUBLE BAY RESIDENCES Condominium 99 years 21/04/09 1,367 $888,888 $650 ncompleted New Sale HDBDOUBLE BAY RESIDENCES Condominium 99 years 20/04/09 635 $458,000 $721 Uncompleted New Sale HDBDistrict 19KOVAN MELODY Condominium 99 years 30/04/09 904 $680,000 $752 2006 Resale HDBTAI KENG VILLAS Terrace House 99 years 30/04/09 1,679 $942,000 $560 1999 Resale HDBCARDIFF COURT Condominium 99 years 29/04/09 1,238 $475,000 $384 1987 Resale Private12 JALAN KELICHAP Terrace House Freehold 29/04/09 1,679 $1,020,000 $606 1972 Resale HDBTHE QUARTZ Condominium 99 years 29/04/09 1,163 $720,000 $619 2009 Sub Sale PrivateNAM PENG CENTRE Apartment Freehold 29/04/09 1,636 $500,000 $306 1995 Resale PrivateSUNGLADE Condominium 99 years 29/04/09 1,238 $750,000 $606 2003 Resale PrivateSERANGOON GARDEN ESTATE Detached House 99 years 28/04/09 5,436 $2,100,000 $387 Unknown Resale PrivateCHILTERN PARK Condominium 99 years 28/04/09 915 $618,000 $675 1995 Resale HDBTHE QUARTZ Condominium 99 years 28/04/09 1,066 $680,000 $638 2009 Sub Sale HDBEVERGREEN PARK Apartment 99 years 28/04/09 1,012 $511,000 $505 1999 Resale PrivateSERANGOON GARDEN ESTATE Semi-Detached House 999 years 28/04/09 3,907 $2,650,000 $678 Unknown Resale PrivateKOVAN RESIDENCES Condominium 99 years 28/04/09 1,259 $888,000 $705 Uncompleted New Sale HDBKOVAN RESIDENCES Condominium 99 years 28/04/09 1,765 1,174,000 $665 Uncompleted New Sale HDB9A BRIGHTON CRESCENT Detached House Freehold 27/04/09 4,306 $3,088,000 $718 2008 Resale PrivateGOLDEN HILL ESTATE Terrace House Freehold 27/04/09 2,508 $1,350,000 $539 1976 Resale PrivateREGENTVILLE Apartment 99 years 27/04/09 980 $518,000 $529 1999 Resale PrivateKOVAN RESIDENCES Condominium 99 years 27/04/09 1,259 $840,000 $667 Uncompleted New Sale HDBREGENTVILLE Apartment 99 years 27/04/09 1,152 $527,500 $458 1999 Resale HDBCOMPASS HEIGHTS Apartment 99 years 24/04/09 1,109 $590,000 $532 2002 Resale HDBKOVAN RESIDENCES Condominium 99 years 24/04/09 1,281 $904,000 $706 Uncompleted New Sale HDBKOVAN RESIDENCES Condominium 99 years 24/04/09 1,259 $843,000 $669 Uncompleted New Sale Private15R KANG CHOO BIN ROAD Terrace House 999 years 24/04/09 1,765 $1,220,000 $689 1995 Resale Private34 PAYA LEBAR STREET Terrace House Freehold 24/04/09 1,905 $1,088,000 $571 1958 Resale PrivateSERANGOON GARDEN ESTATE Terrace House 999 years 24/04/09 2,164 $1,068,000 $493 Unknown Resale HDB39 SIMON PLACE Terrace House 999 years 24/04/09 1,776 $1,270,000 $717 1991 Resale PrivateKOVAN RESIDENCES Condominium 99 years 24/04/09 1,259 $849,000 $674 Uncompleted New Sale HDBKOVAN RESIDENCES Condominium 99 years 24/04/09 883 $677,000 $767 Uncompleted New Sale HDBKOVAN RESIDENCES Condominium 99 years 24/04/09 1,259 $853,000 $677 Uncompleted New Sale HDBPALM HAVEN Condominium 999 years 24/04/09 1,098 $650,000 $592 2002 Resale PrivateKOVAN RESIDENCES Condominium 99 years 24/04/09 883 $606,000 $687 Uncompleted New Sale HDBPARK GREEN Executive Condominium 99 years 23/04/09 1,346 $590,000 $438 2004 Resale PrivateSERANGOON GARDEN ESTATE Detached House 999 years 23/04/09 5,307 $2,080,000 $392 Unknown Resale PrivateROSYTH VILLE Apartment 999 years 23/04/09 1,044 $630,000 $603 2007 Resale HDBTHE QUARTZ Condominium 99 years 23/04/09 1,550 $935,000 $603 Uncompleted Sub Sale HDBGILLENIA Apartment 999 years 23/04/09 1,141 $774,000 $678 Uncompleted New Sale HDBKOVAN ESQUIRE Apartment Freehold 22/04/09 1,087 $600,000 $552 1998 Resale PrivateKOVAN RESIDENCES Condominium 99 years 22/04/09 893 $600,000 $672 Uncompleted New Sale HDBKOVAN RESIDENCES Condominium 99 years 22/04/09 1,281 $865,000 $675 Uncompleted New Sale Private



THEEDGE SINGAPORE | MAY 25, 2009 • OP11

| BY JOHN MARIANI |

If your idea of a white wine for summer is one that is crisp, fruity, modest in alcohol and less than US$25 ($37), you’d do well to buy the latest vin-

tages of Alsatian Rieslings.While Alsace makes good

Sylvaner, Tokay, Pinot Gris, Pi-not Blanc, Gewurztraminer and Muscat, the fi rst three tend to be fairly bland and the last two highly aromatic. The Rieslings, on the other hand, have all the brightness, fruit and perfect acid-ity to go well with summer food and anything on the grill short of beef or lamb.

Most of the region’s Rieslings are vinifi ed dry, making them exceptionally refreshing as an ape-ritif and good for dishes like trout, salmon, chicken and cheeses. (Very sweet late-harvest wines in Alsace are called Vendange Tar-dive and Selection des Grains.)

The fact that some of the best Rieslings are now selling in the range of US$15 to US$20 puts them at a delectable distance from

oaky US$30-to-US$50 California Chardonnays and US$150 Grand Cru Burgundies.

France’s Institut National des Appellations d’Origine recognises 50 Grand Cru vineyards in Alsace, comprising about 4% of the re-gion’s wine production. Still, some of the top producers, including Trimbach and Leon Beyer, do not use the Grand Cru appellation on the labels of their best wines.

Riesling originated in Germany, probably in the Rhine Valley. Since Alsace was for so long German ter-ritory, it was natural for vignerons to plant German varietals that thrived in the dry, cool climate, where the grape ripens late in the season. Those imports now cover about 20% of the region’s area under vine.

Over a dinner at the Manhattan restaurant 10 Downing that began with Spot Prawns with Olives, Garlic and Valencia Orange, and a plate of charcuterie, I thoroughly enjoyed a brisk, bracing bottle of Paul Blanck Riesling 2007 (US$45 at the restaurant, about US$20 in stores). The wonderful aroma

of citrus and apple was ideal for such appetisers. My feelings didn’t change with an entrée of Herb-Roasted Chicken with Al-monds, Currants and Preserved Lemons.

Back home, I collected more Alsatian Rieslings for a Russian Easter dinner, when only cold foods are served, including baked ham, pork sausages, potato-beet salad, carrot slaw, lentils and a dessert of Vanilla-Scented Farm-er’s Cheese and Saffron Raisin Torte. With the savoury dishes, a Trimbach 2007 (US$17), contain-ing 12.5% alcohol, was thirst-quenching and the very fl avour of

spring — a perky, lemony balance of fruit and acids.

Along with Trimbach, which dates back to the 17th century, the name Hugel is one of the best-known vignerons in Alsace, and its 2007 (US$19) with 12% alcohol showed great breeding, a really lovely wine with peach and lemon fl avours.

One of the current darlings among Alsatian afi cionados is Albert Boxler, a small, 300-year-old winery in Niedermorschwihr, now run by Jean Boxler. Its Grand Cru vineyards are named Sommer-berg and Brand, and the grapes are grown organically. The 2005

Riesling Reserve epitomises the Boxler style of rich minerality along with enchanting aromas that are Alsatian Riesling at its very best — restrained and refi ned throughout. It does cost about US$35, but it beautifully matched the celebratory dessert, which wasn’t overly sweet.

Big Chardonnays cause peo-ple to nod and mumble; very sweet dessert wines make them close their eyes and murmur; but Alsatian Rieslings just make me smile. And that’s all I want to do over a long, hot summer when I open a bottle of wine. — Bloomberg LP

Mountains tower over a small town in the Alsace region of Germany. Most of the region’s Rieslings are vinified dry, making them excep-tionally refreshing as an aperitif.

Alsatian Rieslings are perfect for summer

BEHIND THE BOTTLE

E

BLO

OM

BERG

Welcome to the Middle East!Sit back and unwind in the urban oasis that is Kazbar. It is a feast for the senses with its exotic ambience reminiscent of the legendary Arabian Nights,lavish spread of authentic Middle Eastern food and beautiful belly dancer swaying to rhythmic Arabian music.

Immerse yourself in the 1001 tastes of Kazbar. Now, you get to enjoy double the pleasure with the opening of its second outlet in the revamped Cuppage Terrace. Don’t miss its sundown promotions, which include 1-for-1 selected bottle of beer and 50% off house-pour spirits by the glass from 4pm to 8pm.

(*Offer valid till May 31, 2009 for the first 250 subscriptions received.Terms and conditions apply.)

KAZBAR

YES! Start my annual subscription to The Edge Singapore now. I pay only S$98.80 (inclusive of GST) for 52 issues.

150 Cecil Street #13-00 Singapore 069543Tel: 62328627/62328617Email: [email protected]

Receipt will be sent upon request only

KAZBAR, CAPITAL SQUARE25 Church Street #01-03

Capital Square 3 Singapore 049482

Tel: 64382975 Email: [email protected]

Opening Hours: Mon to Fri: 12pm to 1am

Sat: 5.30pm to 1am

KAZBAR, CUPPAGE TERRACE33 Cuppage Road Singapore 229458

Tel: 68365738Opening Hours:

Mon to Sat: 4pm to 2amSun: 4pm to 12.30am

plus a $50 dining voucher* from KAZBAR and EXTRA 4 issues FREE ($15.20 value) and exclusive free access to The Edge archives, complete pdf back issues and more at www.theedgesingapore.com

Get your own copy of at 50% OFF!

KOVAN RESIDENCES Condominium 99 years 22/04/09 1,259 $847,000 $673 Uncompleted New Sale HDBKOVAN RESIDENCES Condominium 99 years 22/04/09 1,259 $907,000 $720 Uncompleted New Sale PrivateKOVAN RESIDENCES Condominium 99 years 22/04/09 1,259 $855,000 $679 Uncompleted New Sale HDBSOLARIS RESIDENCES Terrace House Freehold 21/04/09 3,918 $1,430,000 $365 Uncompleted New Sale HDBKOVAN RESIDENCES Condominium 99 years 21/04/09 893 $648,000 $725 Uncompleted New Sale HDBKOVAN RESIDENCES Condominium 99 years 21/04/09 893 $642,000 $719 Uncompleted New Sale HDB11C JALAN ARIF Semi-Detached House 999 years 21/04/09 4,736 $1,590,000 $336 Unknown Resale HDBKOVAN RESIDENCES Condominium 99 years 21/04/09 947 $682,000 $720 Uncompleted New Sale Private13 JALAN LYE KWEE Semi-Detached House Freehold 21/04/09 2,379 $1,999,888 $842 2009 New Sale PrivateKOVAN RESIDENCES Condominium 99 years 21/04/09 1,259 $863,000 $685 Uncompleted New Sale HDBSOLARIS RESIDENCES Terrace House Freehold 21/04/09 3,832 $1,525,000 $398 Uncompleted New Sale PrivateSOLARIS RESIDENCES Terrace House Freehold 21/04/09 4,349 $1,600,000 $368 Uncompleted New Sale PrivateKOVAN RESIDENCES Condominium 99 years 21/04/09 1,281 $887,000 $692 Uncompleted New Sale HDBSERANGOON GARDEN ESTATE Semi-Detached House 999 years 20/04/09 2,486 $1,485,000 $597 1997 Resale PrivateKOVAN RESIDENCES Condominium 99 years 20/04/09 893 $612,000 $685 Uncompleted New Sale HDBKOVAN RESIDENCES Condominium 99 years 20/04/09 893 $624,000 $698 Uncompleted New Sale PrivateKOVAN RESIDENCES Condominium 99 years 20/04/09 893 $606,000 $678 Uncompleted New Sale PrivateSERANGOON GARDEN ESTATE Terrace House 999 years 20/04/09 2,799 $1,200,000 $429 Unknown Resale PrivateKOVAN RESIDENCES Condominium 99 years 20/04/09 1,259 $865,000 $687 Uncompleted New Sale HDBKOVAN MELODY Condominium 99 years 20/04/09 1,302 $838,000 $643 2006 Resale PrivateKOVAN RESIDENCES Condominium 99 years 20/04/09 1,259 $850,000 $675 Uncompleted New Sale PrivateTHE QUARTZ Condominium 99 years 20/04/09 1,076 $718,000 $667 2009 New Sale HDBDistrict 20 BOONVIEW Condominium Freehold 30/04/09 700 $540,000 $772 2003 Resale HDBSEMBAWANG HILLS ESTATE Semi-Detached House Freehold 30/04/09 3,380 $1,880,000 $556 1996 Resale PrivateSEMBAWANG HILLS ESTATE Terrace House Freehold 29/04/09 1,528 $720,000 $471 Unknown Resale HDBSEMBAWANG HILLS ESTATE Terrace House Freehold 29/04/09 2,928 $1,430,000 $489 1998 Resale Private BISHAN LOFT Executive Condominium 99 years 27/04/09 1,399 $850,000 $607 2003 Resale HDBBISHAN LOFT Executive Condominium 99 years 27/04/09 1,378 $778,000 $565 2003 Resale Private



Apartment and condo transactions with contract dates from April 20 to 30

819 ANG MO KIO AVENUE 2 Terrace House Freehold 27/04/09 1,981 $1,756,000 $887 Unknown Resale PrivateHORIZON GREEN Terrace House 99 years 24/04/09 3,111 $1,038,000 $334 2003 Resale PrivateSEMBAWANG HILLS ESTATE Terrace House Freehold 24/04/09 1,959 $900,000 $460 Unknown Resale HDBTHE GARDENS AT BISHAN Condominium 99 years 24/04/09 1,152 $700,000 $608 2004 Resale PrivateTRESALVEO Condominium Freehold 21/04/09 980 $976,000 $996 Uncompleted New Sale HDB62 FULTON ROAD Terrace House Freehold 20/04/09 3,423 $1,365,000 $399 1981 Resale PrivateDistrict 2129 ENG KONG DRIVE Terrace House Freehold 30/04/09 3,488 $1,770,000 $507 1996 Resale HDBBUKIT REGENCY Condominium Freehold 30/04/09 1,399 $855,000 $611 1995 Resale PrivateBLOSSOMVALE Condominium 999 years 29/04/09 1,335 $1,090,000 $817 1998 Resale PrivateMAYFAIR GARDENS Condominium 99 years 28/04/09 1,776 $1,200,000 $676 1985 Resale PrivateBLOSSOMVALE Condominium 999 years 27/04/09 1,141 $850,000 $745 1998 Resale HDBCLEMENTI PARK Condominium Freehold 21/04/09 1,798 $1,000,000 $556 1983 Resale Private2 TOH TUCK CLOSE Terrace House Freehold 21/04/09 3,283 $1,650,000 $503 1994 Resale Private83E HUA GUAN AVENUE Detached House 999 years 21/04/09 4,682 $3,050,000 $651 2009 New Sale PrivatePINE GROVE Condominium 99 years 21/04/09 1,701 $870,000 $512 Unknown Resale PrivateSIGNATURE PARK Condominium Freehold 21/04/09 1,055 $740,000 $702 1998 Resale HDBSHERWOOD TOWER Apartment 99 years 21/04/09 1,421 $651,000 $458 1980 Resale HDBSPRINGDALE CONDO Condominium 999 years 20/04/09 1,152 $802,000 $696 1998 Resale PrivateDistrict 22PARC OASIS Condominium 99 years 30/04/09 1,076 $540,000 502 1994 Resale HDBPARC VISTA Condominium 99 years 29/04/09 1,055 $490,000 $465 1998 Resale PrivateTHE LAKESHORE Condominium 99 years 29/04/09 1,119 $750,000 $670 2008 Resale HDBTHE FLORAVALE Executive Condominium 99 years 28/04/09 1,410 $592,168 $420 2000 Resale HDBTHE MAYFAIR Condominium 99 years 27/04/09 1,356 $670,000 $494 2000 Resale HDBTHE MAYFAIR Condominium 99 years 24/04/09 1,184 $618,000 $522 2000 Resale PrivateTHE FLORAVALE Executive Condominium 99 years 24/04/09 1,399 $560,000 $400 2000 Resale HDBTHE LAKESHORE Condominium 99 years 23/04/09 1,184 $840,000 $709 2007 Resale HDBPARC OASIS Condominium 99 years 23/04/09 1,378 $710,000 $515 1994 Resale HDBTHE LAKESHORE Condominium 99 years 22/04/09 1,184 $968,000 $818 2008 Resale HDBCASPIAN Condominium 99 years 22/04/09 1,593 $977,400 $614 Uncompleted New Sale HDBTHE CENTRIS Apartment 99 years 21/04/09 1,238 $763,000 $616 Uncompleted Sub Sale PrivateTHE CENTRIS Apartment 99 years 20/04/09 1,238 $780,000 $630 Uncompleted Sub Sale PrivatePARC VISTA Condominium 99 years 20/04/09 1,055 $545,000 $517 1998 Resale HDBCASPIAN Condominium 99 years 20/04/09 1,206 $686,700 $570 Uncompleted New Sale HDBCASPIAN Condominium 99 years 20/04/09 1,141 $697,500 $611 Uncompleted New Sale HDBIVORY HEIGHTS Condominium 100 years 20/04/09 1,668 $695,000 $417 Unknown Resale HDBTHE CENTRIS Apartment 99 years 20/04/09 1,227 $785,000 $640 Uncompleted Sub Sale HDBTHE LAKESHORE Condominium 99 years 20/04/09 1,184 $834,720 $705 2007 Resale H DBDistrict 23GLENDALE PARK Condominium Freehold 30/04/09 1,668 $960,000 $575 2000 Resale PrivateVILLA VERDE Terrace House 99 years 30/04/09 2,045 $1,150,000 $564 2000 Resale PrivateCHESTNUT GARDENS Terrace House 999 years 29/04/09 1,948 $1,350,000 $694 1993 Resale PrivateNORTHVALE Apartment 99 years 29/04/09 1,087 $510,000 $469 1998 Resale HDBTHE LINEAR Apartment 999 years 29/04/09 1,238 $643,760 $520 2006 Resale HDBPARKVIEW APARTMENTS Apartment 99 years 28/04/09 980 $480,000 $490 1998 Resale HDBBURGUNDY HILL Semi-Detached House 99 years 28/04/09 2,260 $1,350,000 $597 1999 Resale PrivateREGENT GROVE Condominium 99 years 28/04/09 1,475 $680,000 $461 2000 Resale HDBTHE MADEIRA Condominium 99 years 28/04/09 1,356 $670,000 $494 2003 Resale PrivateTHE LINEAR Apartment 999 years 28/04/09 1,249 $686,950 $550 2006 Resale HDBTHE LINEAR Apartment 999 years 28/04/09 1,335 $734,250 $550 2006 Resale HDBNORTHVALE Apartment 99 years 27/04/09 1,270 $580,000 $457 1998 Resale HDBREGENT GROVE Condominium 99 years 27/04/09 1,163 $541,000 $465 2000 Resale HDBHILLTOP GROVE Condominium 99 years 27/04/09 861 $460,000 \$534 2001 Resale HDBHAZEL PARK CONDO Condominium 999 years 27/04/09 1,324 $720,000 $544 2000 Resale HDBYEWTEE RESIDENCES Apartment 99 years 27/04/09 1,302 $765,000 $587 2008 Sub Sale HDBMI CASA Condominium 99 years 24/04/09 1,281 $802,540 $627 Uncompleted New Sale HDBREGENT HEIGHTS Condominium 99 years 24/04/09 1,023 $548,000 $536 1999 Resale HDBREGENT GROVE Condominium 99 years 24/04/09 1,195 $550,000 $460 2000 Resale PrivateHILLINGTON GREEN Condominium 999 years 24/04/09 1,356 $780,000 $575 2002 Resale HDBREGENT HEIGHTS Condominium 99 years 24/04/09 1,023 $520,000 $509 1999 Resale HDBCHESTERVALE Executive Condominium 99 years 23/04/09 1,507 $638,000 $423 1999 Resale PrivateMI CASA Condominium 99 years 23/04/09 1,302 $830,960 $638 Uncompleted New Sale HDBPALM GARDENS Condominium 99 years 23/04/09 958 $498,000 $520 2000 Resale HDBMI CASA Condominium 99 years 23/04/09 1,292 $913,960 $708 Uncompleted New Sale HDBMI CASA Condominium 99 years 23/04/09 990 $597,940 $604 Uncompleted New Sale PrivateMI CASA Condominium 99 years 22/04/09 1,259 $828,000 $657 Uncompleted New Sale HDBMI CASA Condominium 99 years 22/04/09 990 $ 577,390 $583 Uncompleted New Sale HDBHAZEL PARK CONDO Condominium 999 years 21/04/09 1,335 $668,000 $500 2000 Resale HDBTHE WARREN Condominium 99 years 21/04/09 1,066 $550,000 $516 2004 Resale HDBREGENT HEIGHTS Condominium 99 years 21/04/09 1,023 $520,000 $509 1999 Resale HDB


Done Deals

diSClAiMER:source: urA realis. updated as at May 20, 2009. 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 herein.

PROjECT PROPERTY TEnuRE COnTRACT FlOOR AREA TRAnSACTEd uniT PRiCE COMPlETiOn TYPE OF PuRCHASER TYPE dATE (Sq FT) PRiCE ($) ($ PSF) dATE SAlE AddRESS

VILLA VERDE Terrace House 99 years 21/04/09 2,153 $1,100,000 $511 2000 Resale HDBTHE LINEAR Apartment 999 years 21/04/09 1,227 $674,850 $550 2006 Resale HDBTHE LINEAR Apartment 999 years 21/04/09 1,227 $674,850 $550 2006 Resale HDBNORTHVALE Apartment 99 years 21/04/09 1,270 $610,000 $480 1998 Resale HDBTHE LINEAR Apartment 999 years 21/04/09 1,313 $656,500 $500 2006 Resale HDBTHE LINEAR Apartment 999 years 21/04/09 1,281 $640,500 $500 2006 Resale PrivateTHE WARREN Condominium 99 years 20/04/09 1,216 $610,000 $502 2004 Resale PrivateMI CASA Condominium 99 years 20/04/09 1,292 $775,000 $600 Uncompleted New Sale HDBMI CASA Condominium 99 years 20/04/09 1,292 $847,340 $656 Uncompleted New Sale PrivatePARKVIEW APARTMENTS Apartment 99 years 20/04/09 936 $430,000 $459 1998 Resale PrivateMI CASA Condominium 99 years 20/04/09 1,098 $658,000 $599 Uncompleted New Sale PrivateCHESTERVALE Executive Condominium 99 years 20/04/09 1,410 $618,000 $438 1999 Resale PrivateMI CASA Condominium 99 years 20/04/09 1,313 $823,370 $627 Uncompleted New Sale PrivateGUILIN VIEW Condominium 99 years 20/04/09 1,281 $640,000 $500 2000 Resale PrivateTHE JADE Condominium 99 years 20/04/09 1,884 $928,000 $493 2004 Resale HDBCHESTERVALE Executive Condominium 99 years 20/04/09 1,410 $625,000 $443 1999 Resale HDBHILLVIEW PARK Condominium Freehold 20/04/09 1,432 $700,000 $489 1995 Resale PrivateTHE WARREN Condominium 99 years 20/04/09 1,249 $680,000 $545 2004 Resale HDBDistrict 25WOODSVALE Executive Condominium 99 years 30/04/09 1,227 $545,000 $444 2000 Resale HDBNORTHOAKS Executive Condominium 99 years 30/04/09 1,292 $545,000 $422 2000 Resale HDBNORTHOAKS Executive Condominium 99 years 30/04/09 1,173 $480,000 $409 2000 Resale HDB68 JALAN BUMBONG Semi-Detached House Freehold 29/04/09 4,037 $1,250,000 $310 1969 Resale Private66 JALAN BUMBONG Semi-Detached House Freehold 29/04/09 4,015 $2,150,000 $535 1969 Resale PrivateCASABLANCA Condominium 99 years 28/04/09 1,119 $560,000 $500 2005 Resale HDBWOODGROVE CONDO Condominium 99 years 28/04/09 1,238 $590,000 $477 1999 Resale HDBNORTHOAKS Executive Condominium 99 years 27/04/09 1,238 $533,000 $431 2000 Resale HDBWOODGROVE CONDO Condominium 99 years 27/04/09 2,303 $1,050,000 $456 1999 Resale PrivateCASABLANCA Condominium 99 years 24/04/09 1,184 $655,000 $553 2005 Resale PrivateWOODSVALE Executive Condominium 99 years 21/04/09 1,356 $540,000 $398 2000 Resale HDBWOODSVALE Executive Condominium 99 years 20/04/09 1,292 $500,000 $387 2000 Resale HDBDistrict 26SEASONS PARK Condominium 99 years 28/04/09 1,249 $655,000 $525 1997 Resale HDBTHE CALROSE Condominium Freehold 28/04/09 1,141 $800,000 $701 2007 Resale PrivateCASTLE GREEN Condominium 99 years 27/04/09 947 $575,000 $607 1997 Resale HDBBULLION PARK Condominium Freehold 27/04/09 807 $520,000 $644 1992 Resale HDBSEASONS PARK Condominium 99 years 24/04/09 1,249 $650,000 $521 1997 Resale HDBBULLION PARK Condominium Freehold 23/04/09 807 $462,000 $572 1993 Resale HDBFOREST HILLS CONDO Condominium 99 years 22/04/09 1,367 $578,000 $423 2003 Resale HDBFOREST HILLS CONDO Condominium 99 years 21/04/09 1,044 $510,000 $488 2003 Resale HDBDistrict 27THE SENSORIA Condominium Freehold 29/04/09 1,076 $645,000 $599 2007 Resale Private28 JALAN MATA AYER Terrace House Freehold 29/04/09 1,787 $1,038,000 $582 1967 Resale PrivateORCHID PARK CONDO Condominium 99 years 25/04/09 1,152 $512,500 $445 1994 Resale HDBYISHUN SAPPHIRE Condominium 99 years 24/04/09 1,206 $520,000 $431 2001 Resale PrivateYISHUN SAPPHIRE Condominium 99 years 24/04/09 1,033 $450,000 $435 2001 Resale PrivateSEMBAWANG SPRINGS ESTATE Semi-Detached House 999 years 24/04/09 4,037 $1,230,000 $305 Unknown Resale HDBORCHID PARK CONDO Condominium 99 years 23/04/09 1,249 $595,000 $477 1994 Resale PrivateSELETARIS Condominium Freehold 23/04/09 1,356 $725,000 $535 2001 Resale PrivateLILYDALE Executive Condominium 99 years 21/04/09 1,195 $565,000 $473 2003 Resale HDB15 PENAGA PLACE Terrace House 99 years 20/04/09 1,862 $1,430,000 $768 Uncompleted New Sale HDBDistrict 28SELETAR SPRINGS CONDO Condominium 99 years 30/04/09 1,335 $631,000 $473 2000 Resale HDB115 SUNRISE WAY Terrace House Freehold 27/04/09 1,711 $1,150,000 $674 1991 Resale PrivateSELETAR HILLS ESTATE Semi-Detached House 999 years 27/04/09 4,198 $1,280,000 $305 Unknown Resale PrivateGRANDE VISTA Condominium 999 years 21/04/09 1,238 $675,000 $545 1993 Resale HDB

done deals: april 20-30 2009

Documents