ep tackling waste in retail

PROPERTY PERSONALISED

Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of August 16, 2021 | ISSUE 997-219

MCI (P) 029/08/2020 PPS 1519/09/2012 (022805)

PersonalityULI’s Khoo on the

challenges that Asia Pacific cities face ep4

SpotlightHotel owner Garcha sues former GM of Six Senses

Duxton ep6

HDB WatchWhich HDB

neighbourhoods fetch the highest rental yields? ep7

Project Highs & Lows3 Cuscaden scores new

high of $4,227 psfep15

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

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Turn to our Cover Story on Pages 8 and 9.

TACKLING WASTE IN RETAIL

Tenants from different sectors have varying recycling behaviours, a joint study conducted by WWF Singapore and Lendlease showed

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PROPERTY BRIEFS

Mace joins forces with TPM to bolster Asia Pacific growth Consultancy and construction company Mace has partnered Tenman Project Management (TPM), which manages mega, mixed-use hospitality, entertainment and gaming projects in Asia, to bolster its expansion in Asia Pacific.

TPM will be fully integrated within Mace’s fast-grow-ing Mace Consult business and its Asia Pacific hub, and the partnership is expected to deliver service excellence in programme and project management and advisory services for real estate and infrastructure clients in the region across public and private sectors.

TPM has been part of the team who delivered the Solaire Resort & Casino and the Marriott Widus Clark Hotel in the Philippines, Marina Bay Sands in Singapore and the Venetian in Macau.

“Our teams will unlock unlimited innovation po-tential in project and programme management, using data and digital to transform outcomes for infrastruc-ture, hospitality, leisure and mixed-use projects,” says Jason Millett, CEO for Consult at Mace.

Jui Residences along Serangoon Road fully sold All 117 units at Jui Residences, along Serangoon Road, have been fully sold since its launch in September 2018, according to the Malaysia-based property developer Se-langor Dredging.

The freehold development comprises an 18-sto-rey tower and is adjacent to the Kallang River. It is an eight-minute walk to Potong Pasir MRT Station on the North-East Line.

Prices at the development ranged from $1,600 psf to approximately $2,000 psf, due to “strong interest”, says the developer.

Jui Residences faces a wide frontage of the Kallang River and most units at the development will have un-obstructed views of the Kallang and Boon Keng area.

WeWork launches initiative to support start-upsCo-working operator WeWork has launched an initia-tive to support start-ups in Singapore, gathering an en-trepreneurial community that operates from its offices and encouraging resource-sharing among the start-ups.

Firms that qualify for its Growth Campus programme include start-ups, accelerators, incubators, start-up pro-

grammes, venture capitalists, investment funds, an-gel syndicates, investors, start-up related membership groups and non-profit groups.

To be eligible for the programme, start-ups must be based in Singapore, looking to scale internationally, and founded within the last five years. They must also have fewer than 20 employees and are bootstrapped with a turnover of over $100K or have raised up funding to and including series A.

“Through subsidised workspace, virtual mentoring, customised education and access to our global network of members, we can provide more to help start-ups grow and kickstart this sector,” says Monica Wulff, head of We-Work Labs, Australia, Southeast Asia and South Korea.

International Plaza to launch for collective saleInternational Plaza will be launched for collective sale, with at least 80% of its owners, representing close to 800 units of the 962 units within the development, agreeing to put it up for sale.

International Plaza comprises 50 storeys with a mix of 962 strata shops, office units, residential apartments, a privately held car park and a swimming pool as a strata lot. It occupies a land site of about 0.7ha and is zoned for commercial use under URA’s Master Plan 2019.

Within the CBD, it enjoys dual frontage along Anson Road and Choon Guan Street, and is right outside an exit of Tanjong Pagar MRT Station on the East-West Line.

Edmund Tie was appointed to handle the collective sale in 1Q2019, but the exercise was disrupted due to the “circuit breaker” restrictions last year.

The site will soon be launched for public tender, says Edmund Tie.

Lendlease Global Commercial REIT posts 32.8% higher 2HFY2021 DPU of 2.34 cents Lendlease Global Commercial REIT (LREIT) has reported distributable income of $27.6 million for the 2HFY2021 ended June, an increase of 33.5% y-o-y.

This brings FY2021 distributable income to $55.1 million, an increase of 15.3% y-o-y.

Distribution per unit (DPU) stood at 2.34 cents for the 2HFY2021, up 32.8% y-o-y, while DPU for the FY2021 stood at 4.68 cents, up 14.6% y-oy.

Gross revenue for the 2HFY2021 rose 8.5% y-o-y to $37 million, driven by lower rental waivers granted to the tenants at 313@somerset and higher revenue from Sky Complex due to foreign exchange.

The increase in gross revenue has resulted in a higher net property income (NPI) of $26.5 million for 2HFY2021, up 10% y-o-y.

For FY2021, gross revenue and NPI increased 5.6% and 5.4% y-o-y to $78.7 million and $56.9 million re-spectively.

Property expenses in FY2021 were $1.3 million, 6.3% higher y-o-y, mainly due to the provision of $2.3 million doubtful debts amid the impact of Cov-id-19 on some tenants at 313@somerset. However, this was partially offset by lower marketing, insur-ance, salary & related expenses, operating expenses and utilities expenses.

Gross borrowings were $553.7 million as at June

30 with a gearing ratio of 32%, down from 35.4% as at March 31.

The weighted average debt maturity was 2.2 years with a weighted average running cost of debt of 0.88% per annum.

As at June 30, LREIT’s portfolio occupancy stood at 99.8%, with a weighted average lease expiry of 8.8 years by net lettable area and 4.5 years by gross rent-al income. LREIT’s aggregate portfolio property value stood at $1.45 billion, based on independent appraisals of LREIT’s investment properties.

Koh Brothers back in the black with earnings of $2 mil in 1H2021Koh Brothers — a construction, property development and specialist engineering solutions provider — record-ed earnings of $2.0 million in 1HFY21 ended June, a reversal from the $17.7million in losses logged in the previous year.

On a fully diluted basis, earnings per share was 0.48 cents, compared to losses per share of 4.3 cents in 1HFY20.

With this, net asset per ordinary share was 69.53 cents on June 30, compared to 69.80 cents on Dec 31.

Revenue for the first six months of the year rose by 35% to $141.0 million, due to the gradual recovery of business activities in the construction and building ma-terials division.

Cost of sales correspondingly increased by 15% to $132.8 million in 1HFY21, from $115.4 million in the year before.

In line with this, gross profit came in at $8.2 mil-lion, reversing from 1HFY20’s gross loss of $11.2 mil-lion which arose from operating expenses such as for manpower and machineries.

Other income edged down by 43% to $712,000 in 1HFY21, following a decrease in interest income. Con-versely, other gains surged by 1,037% to $6.7 million, thanks to net fair value gains on investment properties.

In this time, distribution and marketing expenses dropped by 43% to $793,000, while administrative costs softened by 2% to $6.7 million following higher impair-ment on loans to joint ventures. Finance costs dropped by 23% to $4.6 million mainly due to lower bank bor-rowings and interest rates.

Koh Brothers’ share of profits of associated companies and joint ventures declined by 63% to $1.5 million, fol-lowing lower contributions from a property development project in South Korea that was completed in 2H2020.

As at June 30, cash and cash equivalents stood at $102.4 million, compared to $91.5 million in the year before.

The current ratio was 2.4 times, while its net gear-ing ratio was 0.85 times in end-June.

Going forward, Koh Brothers expects the con-struction sector to “remain challenging” on the back of a competitive environment, supply chain disrup-tions, manpower shortages and higher cost of con-struction materials.

Even so, the group says it “will continue to ten-der for more construction projects where its requisite experience, capabilities and track record will help to maintain a strong order book”.

“Notwithstanding industry challenges, we remain confident of the prospects for this division, backed by our solid order book. We will tap opportunities to se-cure more projects in both the private and public sectors, where we have the requisite track record and strong ex-pertise,” says Francis Koh, managing director and group CEO. — Compiled by Charlene Chin E

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Tenman Project Management has been part of the team who delivered the Solaire Resort & Casino and the Marriott Widus Clark Hotel in the Philip-pines, Marina Bay Sands in Singapore (pictured) and the Venetian in Macau

WEWORK

Firms that qualify for WeWork’s Growth Campus programme include start-ups, accelerators, incubators, start-up programmes, venture cap-italists, investment funds, angel syndicates, investors, start-up-related membership groups and non-profit groups

SELANGOR DREDGING

The freehold development comprises an 18-storey tower and is adjacent to the Kallang River

EDMUND TIE

International Plaza comprises 50 storeys with a mix of 962 strata shops, office units, residential apartments, a privately held car park and a swimming pool as a strata lot


Gross revenue for the REIT’s 2HFY2021 rose 8.5% y-o-y to $37 million, driven partly by lower rental waivers granted to the tenants at 313@somerset

EDGEPROP | AUGUST 16, 2021 • EP3

NEW LAUNCH

BY TIMOTHY [email protected]

The sales gallery of The Watergardens at Canberra will reopen for preview on Aug 14. This follows the govern-ment’s announcement on Aug 6 that Singapore will be opening up its econ-

omy from Aug 10, with a two-phased easing from its Phase Two (Heightened Alert) state.

The Watergardens at Canberra, which com-prises 448 units, had previewed on July 17. However, the sales gallery has closed from July 21, following the government’s announce-ment that Singapore would return to Phase Two (Heightened Alert) from July 22.

The Watergardens at Canberra is a joint- venture (JV) project between UOL, Singapore Land and Kheng Leong Co. The JV was award-ed the government land sale site in March last year after submitting the top bid of $270.2 mil-lion ($650 psf per plot ratio).

The 296,722 sq ft, 99-year leasehold site is located on Canberra Drive, in the neighbour-hood of the private landed housing enclave of Sembawang Springs Estate as well as opposite newly completed HDB flats. It is also close to the Canberra MRT Station on the North-South Line that opened in November 2019.

The design of The Watergardens at Can-berra is inspired by nature, given its proximi-ty to park connectors and green spaces. Water

features circle the condo. The new development has 16 five-storey

blocks. The developer is offering a mix of two- to four-bedroom unit types, with larger- sized premium options available for two- and three-bedroom units.

Larger-sized units are being offered as the expected demand for new private residential developments in the area is likely to come from upgraders of the nearby HDB estates, as well as couples and multi-generational families.

Prices will start from about $1,382 psf. “We believe The Watergardens at Canberra will be the most affordable new launch in 2021 that is at the doorstep of an MRT station,” says Jesline Goh, UOL chief investment and asset officer.

Two-bedroom units, with sizes from 646 to 678 sq ft, will start from below $920,000. Three-bed-room units with sizes from 904 to 1,163 sq ft will be priced from $1.3 million. Four-bedroom premium units with sizes from 1,302 to 1,528 sq ft, will have prices starting from $1.8 million.

UOL’s Goh expects robust demand for the new project, because “it will be the first pri-vate development to be launched in the area following the opening of Canberra MRT Sta-tion in November 2019”.

Canberra is a region with strong growth po-tential, adds Goh. She sees the new project at-tracting both home buyers and investors alike. The Watergardens at Canberra is expected to be completed in 2Q2026. E

UOL to reopen The Watergardens at Canberra sales gallery for preview on Aug 14

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

The scale model of The Watergardens at Canberra, which comprises 448 units across 16 five-storey blocks

The showflat of a four-bedroom premium unit, where sizes range from 1,302 to 1,528 sq ftThe master bedroom of the three-bedroom showflat

The showflat of a three-bedroom unit, where sizes range from 904 to 1,163 sq ft

Unit mix at The Watergardens at CanberraUnit configuration Unit size

80 units of two-bedroom 646 – 678 sq ft

119 units of two-bedroom premium 721 – 936 sq ft

20 units of two-bedroom premium + study 797 – 969 sq ft

94 units of three-bedroom 904 – 1,163 sq ft

10 units of three-bedroom + study 1,012 – 1,206 sq ft

65 units of three-bedroom + study 1,109 – 1,324 sq ft

60 units of four-bedroom premium 1,302 – 1,528 sq ft

UOL, SINGAPORE LAND AND KHENG LEONG CO


Asia Pacific cities face the challenge of sustainable growth: ULI’s Khoo Teng ChyeBY TIMOTHY [email protected]

Many cities in the Asia Pacific region have seen amaz-ing urban growth over the past few years, but all cities face the same challenge of supporting sustain-able urban growth, says Professor Khoo Teng Chye, chair of the Urban Land Institute (ULI) Asia Pacific.

Urban growth among most cities in the Asia Pacific remains high but presents a challenge for urban planning, says Khoo. “There are so many burgeoning cities in the Asia Pacific, and not just those that are rapidly growing but also ones that are highly innovative such as Seoul, Tokyo, Shanghai, Hong Kong and Singapore,” he says.

“Sustainability is not just a catchphrase. It is a real issue that affects all of us and at the same time, we must face other challenges such as climate change and ageing societies,” says Khoo, who started his three-year tenure as ULI Asia Pacific chair on July 1 this year.

A global networkAs one of the foremost global networks of experts in the real estate and land use industry, ULI has over 45,000 members around the world.

“What distinguishes ULI from many other organisations is that it is multi-disciplinary, involving developers and investors as well as consultants and government bodies,” says Khoo. The network is also extremely focused in its collective journey to promote the development of more vibrant urban communities around the world, he says.

ULI Asia Pacific has almost 2,600 members in countries such as China, Japan, Korea, Singapore, the Philippines and Austral-ia. However, the size of the Asia Pacific network is still a “far cry” from its American and European counterparts, says Khoo.

He says that ULI Asia Pacific has been able to sustain its membership numbers through the course of the pandemic so far.

“I think what we can look forward to over the next three years as I take up my position as chair, alongside the new ex-ecutive committee, is how we can recover and get back to the path of growth. This includes learning the lessons from the Covid-19 pandemic,” he says.

He highlights four key strategic thrusts that will be his fo-cus during his tenure. These are growth strategies for ULI, en-hancing its learning programmes, a focus on sustainability, and nurturing the next generation of industry leaders.

Khoo teaches at the Faculty of Engineering and the School of Design and Environment at the National University of Sin-gapore. He is also a fellow and former executive director at the Centre of Liveable Cities, a division of Singapore’s Ministry of National Development.

Growing the regional networkGrowing the size of its members in the Asia Pacific is one of the key tasks that Khoo will tackle as he takes up the reins at ULI. He says that he and his team are looking into expanding the institute’s presence into other markets, including Indone-sia and Vietnam.

“We do want to grow, and grow aggressively, not just in the current markets where ULI already has a presence, such as Singapore, Hong Kong, Japan and Korea,” says Khoo. While there is still a lot of opportunities to grow its member base in these countries, there are huge opportunities in Greater China that ULI is beginning to capitalise on.

Even in Southeast Asia, there is a high level of interest among industry players to join the ULI community. ULI only has about 20 members in Indonesia, but last quarter, when the network hosted a virtual webinar on housing in Indone-sia, over 200 people tuned in to the discussion.

“The level of interest is very high, and the country contin-ues to see rapid urban development, especially in secondary cities such as Surabaya, Bandung and Yogyakarta, which are all developing very quickly. People there are hungry for knowl-edge, and they are eager to learn how the best in the world build sustainable cities,” says Khoo.

He adds that it is the responsibility of ULI Asia Pacific to reach out and satisfy that hunger for knowledge through its growth strategies and plans to increase its membership. He says that the pandemic has demonstrated how technology en-hances its ability to host more virtual learning and network opportunities.

Another key focus for ULI Asia Pacific is reaching out to the next generation of real estate industry leaders.

“There are many family-owned, private property devel-opers in the region, and the generation that helped build up these companies is in the process of passing the baton to the next generation. At ULI, we want to connect with the young-er leaders and try to see how they can also be part of the ULI community,” says Khoo.

Knowledge sharingThe responsibility of developing sustainable cities is no longer confined to government, but has expanded to include private developers, consultants and other land use experts, says Khoo. One way ULI is contributing to this effort is by sharing its pool of knowledge to build better communities.

One of its education initiatives is UrbanPlan, a work-shop-based simulation exercise for universities and public of-ficials to understand the complexities involved in developing sustainable and resilient urban communities.

“It is a very complex matter because it’s not just about ac-quiring land and developing a building. You also need to con-sider if the development serves the needs of the surrounding communities, but at the same time gives returns to the inves-tor and the developer,” says Khoo.

In Singapore, the Marina Reservoir is an excellent example of sustainable building. It primarily serves as a tidal barrier

and a block against rising sea levels, but it is also an important water catchment. “For a city like Singapore, it is also an icon-ic waterfront development that benefits the community. It is an example of a sustainable and resilient urban solution that is not unique to Singapore. All cities are searching for these types of resilient urban solutions,” he says.

Preparing to face future challenges It is likely that the next generation of real estate and urban planners will have a different perspective on the types of chal-lenges they will face, compared to the perspective of the older and current crop of industry leaders, says Khoo.

“I think it is for us as a community, especially the ULI com-munity, to work with the young leaders to figure out what challenges they will face and how to prepare them to face the challenges,” he says. “That is why I think it is helpful to get together and discuss what the great challenges ahead are, and then how we as a community can tackle them together.”

In Khoo’s view, climate change will remain one of the top priorities in the years ahead. The next great challenge will like-ly be a shortage of suitable housing across many cities in the Asia Pacific. “I think almost every city in Asia has a problem with housing and it will be one of the big challenges in the coming years,” he says.

This means making sure that the cities can provide enough housing for all its residents, whether it is affordable housing or housing for the middle class. “I think the great problem is not just affordable housing in terms of rental housing for the poor, but also housing for young people and young families. I think housing will be a huge issue in many of our cities because cit-ies continue to be attractive places to live and work, but there is almost [always] never enough housing supply,” says Khoo.

He also points out that some cities such as Singapore, Seoul and Tokyo are faced with an ageing population, and are “at the end of their demographic dividend”. This changes the profile of these cities, and urban planning and design will have to adapt. E


THE EDGE SINGAPORE

ALBERT CHUA/THE EDGE SINGAPORE

The responsibility of developing sustainable and resilient cities falls on government, private developers and land use experts, says Khoo

Singapore’s Marina Barrage is an example of the type of sustainable and resilient urban solution that many countries around the world are embarking on

Khoo: Sustainability is not just a catchphrase. It is a real issue that affects all of us

PERSONALITY


Located at the last private site with-in the Bartley enclave and cocooned from the hustle and bustle of the city, Bartley Vue, along Jalan Bunga Ram-pai, will offer homeowners the best of

both worlds. The 115-unit development is within close

proximity to nature parks and trails, while also ensconced between two major trans-formation hubs — Paya Lebar Airbase and Bidadari estate. The project’s strategic loca-tion ensures that homeowners will be able to enjoy the verdant foliage nearby, while tapping into the locality’s growth potential.

Following the relocation of the Paya Lebar Airbase from 2030 onwards, the Singapore government has envisioned the 800ha pre-cinct to be transformed progressively into a highly liveable and sustainable new town estimated to be five times the size of Toa Payoh. The possibilities for development are immense, with the potential of becoming a commercial hub with amenities, improved connectivity across towns and a network of car-free routes. With Bartley Vue locat-ed just a five-minute drive away, investors can benefit from potentially higher rental demand in the vicinity stemming from the creation of new jobs within the precinct.

The development is also within a five-min-

ute drive to the Bidadari estate that is en-visaged as an emerging urban oasis in Singapore’s Central Region. Key to the neighbourhood is Bidadari Park, a 10ha green lung slated for completion in 2022 that will feature a lake, heritage walk, expe-riential trails and a play area for children.

Another feature of the estate is the Bi-dadari Greenway, a 1.6km-long cycling and pedestrian network that will traverse the full length of the estate from Bartley Road to Upper Serangoon Road. A range of pre-cinct shops and communal facilities will be available along the route, providing further convenience for residents at Bartley Vue.

Planned for completion in 2026, Bartley Vue will offer two- to four-bedroom units that are north-south facing, from 657 to 1,539 sq ft. The penthouse unit on the 16th floor will boast double-volume ceiling height of 4.5m and overlook the low-rise buildings, parks and landed housing in Bartley, as well as the neighbourhoods of Tai Seng and East Coast.

Easy access to amenities, public transportCloser to home, residents of Bartley Vue can reach Bartley MRT Station directly via a shad-ed walkway linked to the development, just a five-minute walk away. Located on the Circle

Line, Bartley MRT Station opens up access to the rest of the city-state as the MRT line hosts 12 interchange stations that connect to other locations throughout Singapore.

With its close proximity to a number of educational institutions, Bartley Vue also ca-ters to families with school-going children. Nearby schools include Maris Stella High School, Cedar Girls’ Secondary School, Paya Lebar Methodist Girls’ Secondary School and Stamford American International School.

The development is also near a wide array of F&B selections, which include the eater-ies at 19 Tai Seng, along Upper Paya Lebar Road, and at Circuit Road Food Centre and Chomp Chomp Food Centre.

Thoughtful layout and fittingsTo adapt to the work-from-home era, devel-oper Wee Hur Development — property arm of Singapore-listed Wee Hur Holdings — de-signed the master bedroom of the units to be larger than usual to accommodate re-mote working. In a time where work, live and play occur under one roof, the devel-oper has meticulously planned for all inte-rior spaces to be well-utilised.

In line with Singapore’s vision for all ve-hicles to run on cleaner energy by 2040, the development has two EV charging lots to

cater to residents who own electric vehicles. The point-block development also fea-

tures two lifts serving four units on each floor, benefitting homeowners who val-ue privacy.

Residents at Bartley Vue will be able to enjoy the wide range of recreational facil-ities available, which include a children’s playground, gym, fitness corner, and bar-beque pavilion. A 30m lap pool lies at the heart of Bartley Vue, anchoring the enter-tainment courtyard as a place for social activities. There is also a dedicated func-tion room, where homeowners can organ-ise intimate family gatherings or work re-motely from.

Located close to public transport, amen-ities and lush greenery, Bartley Vue offers its residents the promise of a serene sanc-tuary with an unbridled potential for growth.

Bartley Vue banks on proximity to transformation hubs and the Circle Line

A 30m lap pool lies at the heart of Bartley Vue, anchoring the entertainment courtyard as a place for social activities

In a time where work, live and play occur under one roof, the developer has meticulously planned for all interior spaces to be well-utilised

Planned for completion in 2026, Bartley Vue will offer two-to-four bedroom units that are north-south facing, from 657 to 1,539 sq ft

Sales Gallery: Along Paya Lebar Road (Paya Lebar MRT Exit D)

Strictly by Appointment only

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@bartleyvue

BROUGHT TO YOU BY WEE HUR DEVELOPMENTWEE HUR

WEE HUR SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

www.bartleyvue.com

(65) 9090 0039

Artist’s impression

Artist’s impression


SPOTLIGHT

BY CECILIA [email protected]

At the luxury boutique hotel, Duxton Reserve, room rates start from $309 a night for a shophouse room to $709 a night for the Montgomerie Suite, which comes with a separate bed-

room and living room. The Maxwell Reserve on Cook Street, off Maxwell Road, is not open for bookings as it is currently used for those serv-ing stay home notice (SHN).

In fact, these two properties established Sat-inder Garcha, founder and chairman of Garcha Group, as a hotelier, in addition to internation-al polo player, real estate magnate and tech in-vestor. His wife, Harpreet Bedi or “Lady Boss”, is the managing director of the couple’s hospi-tality business Garcha Hotels and holding com-pany, Garcha Group.

Garcha Hotels now owns four hotels in Sin-gapore, including Duxton Reserve and Maxwell Reserve. The other two hotels are The Vagabond Club on Syed Alwi Road and the upcoming Seran-

goon House (the former Claremont Hotel) on Serangoon Road. Duxton Reserve and Maxwell Reserve officially entered Marriott’s Autograph Collection at the start of the year. The Vagabond Club and Serangoon House are part of Marriott’s Tribute portfolio. All four hotels are managed by Garcha Group under a franchise agreement with Marriott. There is a fifth hotel in the pipe-line, Garcha Santiago, in Santiago, Chile. Gar-cha Group has also launched a luxury co-living concept across its hotels, called My Posh Pads at the end of last year.

Duxton Reserve and Maxwell Reserve had debuted as Six Senses Duxton and Six Sens-es Maxwell three years ago. Back in February 2018, the two hotels marked Six Senses’ foray into Singapore and an urban setting. Until then, Six Senses was a brand synonymous with lux-ury resorts in locations such as Maldives, Sey-chelles and Thailand.

However, just over two years later, the ho-tel owners and the operator agreed to “mutual-ly terminate” their contract as at May 31, 2020, and Six Senses exited Singapore.

Trouble had been brewing even before the Covid pandemic, according to a civil suit filed in the High Court in November 2019 under “Mur-ray Pte Ltd and Murray Aitken, a South Ameri-can passport holder”, that has yet to go to trial.

The plaintiff is Murray Pte Ltd, the entity that owns the 138-room hotel at 2 Cook Street off Maxwell Road. The hotel debuted as Six Senses Maxwell in December 2018. SG Hotels Pte Ltd is the entity that owns the 49-room hotel at Dux-ton Road, which opened as Six Senses Duxton in April 2018. Garcha and Bedi are directors of both companies.

Accountability of the hotel GMMurray Aitken, had been the general manager of both Six Senses Duxton and Six Senses Max-well from February 2018 to January 2020. Ait-ken who has been named defendant in the civ-il suit, is said to have over 30 years experience in the hospitality industry.

This civil suit highlights the conflict of inter-ests that arise from the tripartite relationship be-tween the hotel owner, hotel management com-

pany or operator, and general manager. The plaintiff asserts that the general man-

ager’s accountability should be to his employ-er, the hotel owner, Murray Pte Ltd. Although Six Senses “instructs and supervises the gener-al manager, the general manager is an employ-ee of the owners”, says the plaintiff.

In his statement of defence, Aitken main-tains that “the relationship between the opera-tor and the owners is governed by the manage-ment agreement entered into by the operator and the owners, and effective as of Feb 7, 2018”.

According to the plaintiff, Aitken was “the most senior employee” and “the ultimate deci-sion-maker in relation to the day-to-day man-agement of the hotels”. The plaintiff further says that Aitken was given “ultimate authority and autonomy in making key management decisions”.

However, Aitken claims that he is only an employee of the plaintiff, Murray Pte Ltd, under the terms of the employment agreement, and not of SG Hotels. His appointment as general manager was made “pursuant to and as part of

PICTURES: GARCHA HOTELS/GARCHA GROUP

Exterior of the 138-room Maxwell Reserve, formerly known as Six Senses Maxwell, located at 2 Cook Street, off Maxwell Road The al fresco area of Duxton Reserve

Exterior of the 49-room Duxton Reserve, formerly known as Six Senses Duxton at 83 Duxton Road

Hotel owner Satinder Garcha sues former GM of Six Senses Duxton and Maxwell

CONTINUES ON PAGE EP10


CONTINUES ON PAGE EP9

HDB WATCH

BY ATIQAH MOKHTAR [email protected]

When it comes to rental yields, HDB flats tend to have the upper hand compared to condos due to their lower absolute

prices. Rental yields for HDB flats are said to be in the range of between 5% and 7%, more than double the 2% to 3% for private condos.

Private residential rents increased 2.9% q-o-q in 2Q2021, after a 2.2% q-o-q increase in 1Q2021, according to the URA rental index. “As the pandemic caused disruptions in the construction industry, the completion of both public and private residential projects was de-layed,” says Nicholas Mak, ERA Realty’s head of research & consultancy. “As a result, some households are renting res-idential properties while waiting for the completion of their acquired properties.”

The higher rents have pushed up rent-al yields too. A check on condo projects showed some condo units at The Hill-ford achieving rental yields above 4%. The 281-unit, 60-year leasehold condo development at Jalan Jurong Kechil, off Upper Bukit Timah, topped the list with an implied rental yield of 4.7%.

But what about HDB flats? While data on rental yields for public housing is not readily available, we looked at rental and sales transactions available on the HDB website to find the best- performing HDB units in terms of rent-al yields.

MethodologyFor our exercise, we looked at month-ly rental data and transacted prices for HDB flats between Jan 1, 2020 and Aug 4, 2021. We narrowed our search by excluding HDB blocks that had fewer than three rental or sales transactions within that time-frame.

We took the transaction data for each HDB block to arrive at the aver-age monthly rent as well as average transacted price. Subsequently, we cal-culated gross rental yield for each HDB block by dividing the annualised rent-al amount with the average transact-ed price for each HDB.

We then segregated the data by flat type: three-, four- and five-room HDB flats, according to those with the highest transaction volumes. In the tables, we list the 10 HDB units with the highest rental yields for each flat type.

Do note that the exercise is meant to give an indication of potential yields based on the data available, though ac-tual yield may differ depending on ac-tual rent and transaction values for a particular unit. The rental yield may be impacted by the age of the HDB block, unit size, transaction timing, whether the unit has been renovated, the matu-rity of the estate and amenities around, among many other factors.

HDB blocks with the highest rental yields, by flat type

Three-room HDB flatsFor three-room flats, the highest-yield-ing HDB block is Block 24 Balam Road, with a yield of 10.1% (see Table 1). The 10-storey building located in Geylang has a 99-year lease from 1967. This means it has a remaining lease of 44 years. The block comprises about 120

units of three-room flats.The block is located within walk-

ing distance of the MacPherson MRT Station, with access to both the Circle and Downtown Lines. Amenities like supermarkets and hawker centres are also easily accessible. Such conveni-ences make the area popular with ex-patriate tenants.

Four-room HDB flats For four-room flats, the highest-yield-ing HDB block is Block 437 Wood-lands Street 41, with a yield of 9.3% (see Table 2). The block has a ten-ure of 99 years beginning from 1996, which means it has a remaining lease of 74 years. It has 12 floors and a to-tal of 114 units of four-room flats. The block is located next to the Singapore American School.

Meanwhile, Block 228 Lorong 8 Toa Payoh is located close to the Toa Payoh Industrial Park, which explains why four-room flats in the block have the second highest yield.

As for 201 Marsiling Drive, it is locat-ed within the HDB estate of Marsiling Admiralty Park in Woodlands, which is near amenities such as parks, the market and hawker centre, as well as Marsiling Industrial Estate. These four-room HDB flats are sought after probably because of their proximity to places of employment, such as industrial parks.

Five-room HDB flatsFor five-room flats, the highest-yield-ing HDB block is at Pandan Gardens, off West Coast Road (see Table 3). The highest-yielding is Block 407 and the second highest-yielding is Block 403 Pandan Gardens, with rental yields of 7.8% and 7.5% respectively. These two HDB blocks are located adjacent to the Pandan River and across the road from the Pandan Reservoir.

They are also situated near Pandan Gardens Leisure Park along the river, and are also within walking distance of a park connector leading to West Coast Park and Clementi Woods Park. Teban Gardens Market and Food Centre are also located close by. The blocks at Pan-dan Gardens have a 99-year lease from April 1979. Hence, they have a remain-ing lease of 56 years. The blocks are 12 storeys high, with 112 five-room flats.

The blocks at Pandan Gardens are also near the Jurong Gateway commer-cial hub at Jurong East, where the Ju-rong East MRT Interchange Station for the East-West and North-South Lines is located. Perhaps that’s why Pandan Gardens is sought after, given its acces-sibility to lifestyle amenities, from park connectors to malls and MRT station.

Three-room flats in the city fringe have the highest yieldsBased on our analysis, yields appear to be generally the highest for three-room flats, presumably because of the low-er absolute prices compared to rental rates achieved.

The median monthly rent for three-room flats stood at $1,705, compared to four-room flats, which had a median monthly rent of $2,059. This translates to a difference of just $354.

For three-room HDB flats, many of the highest-yielding are the older blocks built in the late 1960s and early 1970s, with remaining leases of

Which HDB neighbourhoods fetch the highest rental yields?SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

For three-room HDB flats, many of the highest-yielding are the older blocks built in the late 1960s and early 1970s. They are also mainly in the city fringe, with Geylang showing the highest rental yields

Table 1 — Highest rental yields: Three-room HDB flatsBlock Street Town Average monthly

rent ($) Annualised

rent ($) Average transaction

price ($) Rental

yield (%)

24 Balam Road Geylang 1,792 21,500 212,714 10.11

37 Circuit Road Geylang 1,844 22,125 224,000 9.88

28 Jalan Bahagia Kallang/Whampoa 1,733 20,800 214,000 9.72


114 Lorong 1 Toa Payoh Toa Payoh 2,000 24,000 248,750 9.65

28 Hoy Fatt Road Bukit Merah 1,915 22,980 238,333 9.64



5 Upper Aljunied Lane Toa Payoh 1,675 20,100 210,600 9.54

15 Marsiling Lane Woodlands 1,807 21,686 227,714 9.52

Table 2 — Highest rental yields: Four-room HDB flatsBlock Street Town Average monthly

rent ($) Annualised


price ($) Rental yield ()

437 Woodlands Street 41 Woodlands 2,525 30,300 326,429 9.28


201 Marsiling Drive Woodlands 1,950 23,400 290,750 8.05

408 Yishun Avenue 6 Yishun 2,138 25,650 320,750 8.00

902 Jurong West Street 91 Jurong West 2,220 26,640 334,750 7.96

511 Bukit Batok Street 52 Bukit Batok 2,138 25,650 325,000 7.89


218 Jurong East Street 21 Jurong East 2,394 28,725 374,750 7.67

262 Yishun Street 22 Yishun 1,889 22,667 296,250 7.65


Table 3 — Highest rental yields: Five-room HDB flatsBlock Street Town Average monthly

rent ($) Annualised


price ($) Rental yield ()

407 Pandan Gardens Jurong East 2,425 29,100 371,250 7.84

403 Pandan Gardens Jurong East 2,275 27,300 362,278 7.54

678A Jurong West Street 64 Jurong West 2,538 30,450 432,500 7.04


22 Eunos Crescent Geylang 2,513 30,150 450,972 6.69


9 Marsiling Drive Woodlands 1,863 22,350 344,188 6.49

309 Jurong East Street 32 Jurong East 2,350 28,200 436,500 6.46

335 Sembawang Close Sembawang 2,175 26,100 406,143 6.43

276D Jurong West Street 25 Jurong West 2,220 26,640 415,667 6.41

TABLES: HDB, EDGEPROP SINGAPORE


COVER STORY

BY CHARLENE [email protected]

A consequence of a rise in consumer-ism has been the increase in waste amounts generated. In 2018, large shopping malls in Singapore con-tributed 7% of the city-state’s to-

tal waste disposed of. To address the high waste levels from the

retail sector, the Singapore government man-dated in 2014 that shopping malls with over 4,600 sq m (49,514 sq ft) of net lettable area would have to submit their waste data and a waste reduction plan to the National Envi-ronment Agency (NEA). This yielded results, as between 2014 and 2019, the average waste generated by the retail sector fell from 52 kg per sq m to 45 kg per sq m, while the recy-cling rate rose from 6.7% to 11.4%.

If the disposal rates in 2019 are main-tained, Singapore projected that by 2035, the Semakau Landfill will run out of space, and

that future demand would require that a new incineration plant be built every seven to 10 years. Opened in 1999, the Semakau Landfill is an offshore landfill created entirely from sea space. It houses the city-state’s waste, which is cleared by incineration.

Singapore’s latest Green Plan 2030 un-veiled this year aims to quadruple solar en-ergy deployment by 2025, cut waste sent to the landfill by 30% and plant one mil-lion more trees by 2030. This also includes schemes to add over 130ha of new parks, and enhance around 170ha of existing parks with more lush vegetation and natural land-scapes by end-2026.

“What does it take for Singapore to be-come a zero-waste nation? We need to move from a linear option of ‘use and throw’, to a circular economy, one of reusing and recy-cling resources for as long as possible,” says Amy Khor, Senior Minister of State for Min-istry of Sustainability and the Environment, at the launch of a joint study conducted by

WWF Singapore and Lendlease on tackling waste in the retail sector.

Retail tenant behaviours In four of Lendlease’s retail malls in Singa-pore — 313@Somerset, Jem, Parkway Pa-rade and PLQ Mall — the study reveals that tenants from different sectors have varying recycling behaviours. Fashion tenants have one of the lowest recycling rates, while su-permarkets have a high volume of waste, but higher recycling rates. Fashion tenants, de-spite segregating cardboard boxes well, dis-card plastic packaging with general waste.

Supermarkets, meanwhile, have a des-ignated space at the back-of-house for in-dividual recycling bins and a clear protocol on how to segregate food waste, paper and plastic recyclables, which contributes to its higher recycling rate.

On the other hand, F&B tenants have low recycling rates, “which could be improved by segregating other recyclables besides food

waste, like metals, as this would significant-ly improve the mall’s recycling rate and re-duce the amount of waste sent to incinera-tion”, highlights the report.

Role of mall operators More can be done by mall operators to im-prove recycling and waste management. This could come in the form of behavioural nudges, such as providing clearer instructional info-graphics on bins and supplementary training to tenants and cleaners in food court areas on appropriate segregation and cleaning re-quirements, it adds.

Recycling bins at common areas and bin centres should also be labelled according to the packaging type, rather than material, as this often results in contaminated items be-ing collected, the study says. When a certain percentage of a batch of recycled materials is contaminated, the whole batch is considered unusable and has to be discarded.

Retail malls can also monitor waste data,

ALBERT CHUA/ THE EDGE SINGAPORE

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

In 2018, large shopping malls in Singapore contributed to 7% of the city-state’s total waste that was disposed of

In PLQ Mall, Lendlease introduced a QR code system for waste tracking, where each retail tenant is assigned a unique QR code for waste disposal

The observation tower at Chestnut Nature Park. Singapore’s latest Green Plan 2030 unveiled this year aims to quadruple solar energy deployment by 2025, cut waste sent to the landfill by 30% and plant one million more trees by 2030

Tackling waste in retail


44 to 53 years. They are also mainly in the city fringe, with Geylang being especially popular, and showing the highest rental yields.

In contrast, for four- and five-room flats, the HDB blocks with the highest yields are in the mature sub-urban HDB estates, such as Jurong West, Jurong East, Pandan Gardens and Woodlands. This could be due to lifestyle amenities in the area, from MRT stations to parks, schools, food courts and markets, and proximity to places of employment, such as indus-tial parks or commercial hubs. Hence, such four- and five-room flats appeal to expatriates with families, as these flats are more spacious than some of the new private condos.

Investing in HDB units?The higher rental yields and lower prices for HDB flats make them ap-pear attractive as an investment for property buyers looking for rent-al income. But for prospective buy-ers keen on capitalising on the high yields, there are restrictions that one has to bear in mind. Under current housing regulations, besides adher-ing to citizenship and household income threshold, private property owners cannot purchase HDB flats without having to dispose of their private property within six months

of purchasing an HDB flat in the re-sale market.

HDB flat owners who upgrade to a private property can retain and rent out their HDB unit, but only after they have passed the Minimum Occupan-cy Period (MOP) of five years for their HDB flats. They would also need to seek HDB approval before renting out their flats. While owners can still rent out individual rooms within the MOP, they will still need to seek approval from HDB to do so. This is unlike a private condo, where you have the flexibili-

ty of renting out the individual rooms or the entire apartment.

“With all the current restrictions on the ownership, sales, [and] hous-ing loans of public and private hous-ing, it is very difficult for people who own private residential properties to buy HDB flats for investment,” Mak points out.

Mak also points out that any HDB flat owner who is thinking of buying a condo to live in while renting out his HDB flat has to consider the addition-al buyer’s stamp duty (ABSD) as well

as total debt servicing ratio (TDSR).“The HDB flat owner must pay

ABSD amounting to 12% of the price of the private condo. Assuming that he is buying a three-bedroom private con-do unit costing about $1.5 million, he would need to pay $180,000 in ABSD. Assuming that he could rent out this HDB flat for $2,500 per month, which is quite reasonable, he would need 72 months of rent just to cover the ABSD,” Mak illustrates.

Given that most HDB flat owners take on a 25- to 30-year home loan

when they buy their HDB flats, many usually have an outstanding loan on the HDB flat when they buy their pri-vate condo unit, points out Mak.

“That means that the HDB upgrad-er would only be able to take up a smaller loan for their private condo unless they sell their HDB flat. So, he would either have to come up with a lot of cash upfront to either pay off the loan on the HDB flat or pay for a significant downpayment on the price of the private condo he is purchasing,” he says.

Nonetheless, Mak believes that the outlook for the HDB rental market re-mains bright. “I expect rental demand to continue to be robust. With the cur-rent high vaccination rate among the local population, the Singapore gov-ernment is planning to open up the economy and let in more foreign tal-ent, leading to higher residential rent-al demand,” he says.

Mak adds that the easing of safte distancing measures could lead to more marriages, which may also support rental demand as couples waiting to move into their permanent home, for instance HDB BTO flats, could opt to rent an HDB resale flat in the mean-time. “Since the supply of HDB flats for lease is quite inelastic in the short term, the above factors would lead to further upward pressure on residential rents,” he explains. E

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

SAMUEL ISAAC CHUA/THE EDGE SINGAPORE THE EDGE SINGAPORE

313@Somerset is one of the four malls managed by Lendlease in Singapore

Fashion tenants have one of the lowest recycling rates, while supermarkets have a high volume of waste, but higher recycling rates

Tenants from different sectors have varying recycling behaviours, a joint study conducted by WWF Singapore and Lendlease showed

Across all four of Lendlease’s malls (JEM pictured), food waste is the largest waste stream compared to other types of waste

COVER STORY

HDB WATCH

digitising such practices. The report suggests further categorising tenants according to their retail category, as this would allow them to compare themselves with their peers.

In PLQ Mall, for instance, Lendlease in-troduced a QR code system for waste track-ing, where each retail tenant is assigned a unique QR code for waste disposal. When tenants deposit general waste or recyclables at the bin centre, they have to scan the QR code, weigh and record the type of waste in the system, reducing errors from manual re-cording and saving time.

With such a system in place, waste data could then be linked to specific tenants. Lend-lease found that F&B tenants with dining-in operations were “generally high-waste gen-erators”, and “only a handful of them segre-gated their food waste, and even then, they were not consistent in this action”.

Across all four of Lendlease’s malls, food waste is the largest waste stream compared to other types of waste. Since 2013, the mall operator has been installing food waste digest-ers at its malls, with a dedicated personnel present to guide people to the accurate food waste bins at the bin centre. Due to this ef-fort, two of its malls managed to divert about

1,040 tonnes of food waste from incineration, contributing to a 13% and 19% respective reduction in total general waste in the malls.

Currently, Lendlease has a recycling pro-gramme in place that is voluntary for its ten-ants. WWF suggests that to boost waste man-agement, regulatory authorities could also play

a part. Initiatives could include developing a regulatory framework for mall operators to include a waste management clause in their lease agreements, standardising the penal-ty imposed for non-compliance, and incen-tivising good waste reduction and recycling behaviour using grants and tax rebates. E

FROM PAGE EP7


For four- and five-room flats, the HDB blocks with the highest yields are in the mature suburban HDB estates, such as Jurong West, Jurong East (pictured), Pandan Gardens and Woodlands


the provisions/arrangements under the man-agement agreement”. Under the employment agreement, he says, he was to report directly to the vice-president of operations, Hotels and Re-sorts, Six Senses Hotels Resorts Spas.

Operating budget vs performanceAt the heart of the dispute is the operating budget. The budget includes projections in terms of total operating revenue (TOR) and net operating in-come (NOI). The operating budget is “crucial” to the hotel owners, says the plaintiff. It sets the expected performance to be achieved by the op-erator and the owners’ anticipated financing ob-ligations for the hotels. The projections are also “the basis on which the owners plan the pro-vision of cash-flow for the maintenance of the hotels’ operations,” adds the plaintiff.

Furthermore, the operating budget is given to the hotels’ bank for the purpose of financing its operations. “The bank reviews, on a month-ly basis, the actual performance as compared to the projections in the operating budget, in order to continue to provide financing as per the usual covenants and loan roll-over dates,” says the plaintiff.

According to the plaintiff, one of Aitken’s responsibilities was to prepare and present the operating budget for both hotels. In early Octo-ber 2018, Aitken had presented the hotel owners with the operating budget for Six Senses Dux-ton for the 12 month period from October 2018 to September 2019; and for Six Senses Maxwell for the period from December 2018 to Septem-ber 2019. The actual performance of both hotels were “grossly and materially below the budg-eted numbers” both in terms of TOR and NOI, says the plaintiff.

However, Aitken says the yearly operating budgets were intended to “serve as a guide and as a target for the hotels to strive and work to-wards”. Aitken further states that the operating budget was not prepared by him. Rather, it was prepared by the operator in consultation with its various division heads.

Aitken further adds that the management agreement clearly states that the operating budget was not to serve as a “representation, warranty, guaranty or claim that the operation of the ho-tels will be profitable or that any budgets, fore-casts or projections are achievable”. The man-agement contract further states that the operator “shall not be held responsible by the owner” for

any divergence between the operating budgets and actual operating results achieved, accord-ing to Aitken.

‘Material divergences’As the hotel owner and a director of Murray Pte Ltd, Garcha first raised his concerns on the performance of the hotels in an email to Ait-ken sometime around Dec 20, 2018. He stated that the costs and expenses incurred by the ho-tels at that point were “not justified due to the severe and material underperformance to date for every month of operations”. He requested for the operational expenses to be reduced, to be in line with the prevailing operating revenue, says the plaintiff.

When the preceding month’s numbers again showed a disparity between the budgeted and actual performance, Garcha sent an email to Aitken on Jan 19, 2019, pointing out the dire situation: Revenue for Six Senses Maxwell for December 2018 was “more than 80% below budget”; and revenue for Six Senses Duxton was “approximately 50% below budget”, with the latter operating at a loss since opening. He referred to the discrepancy as an “unsustainable financial catastrophe” in his email and request-ed for a definitive plan “to stop the bleed”. Gar-cha requested for “an accurate and revised op-erating budget for the full operating year 2019”.

Aitken had replied to the email, stating that “he would continue efforts to increase revenue with a bigger sales team in place”. He also said that cuts have been implemented at the hotels, and that a revised plan would be presented to the directors, Garcha and Bedi, at their next monthly meeting in February 2019, according to the plaintiff.

When there was still “material divergenc-es” between the budgeted and actual perfor-mance for the hotels in February 2019, Garcha had sent a “notice of gross non-performance” to Aitken through e-mail in April 2019. The follow-ing month, he wrote to Aitken, highlighting that the hotels’ performance for the previous month was again “significantly below the revised 2019 budget”. He asked Aitken again to “recalibrate

costs in line with revenue” and to provide yet another written plan by end of the month.

Towards the end of June 2019, Aitken had asked for “another round of additional funding completely not in line with the 2019 revised budget”, says the plaintiff. Even as the funds were being arranged, Garcha had informed Ait-ken that: “It’s been extraordinarily challenging for me to run my other businesses because of the deviance from the plan in the business you have control of. As you are aware, all funding requests as per our HMA [hotel management contract] are to be made in accordance with our annual plan. Nothing you have done so far has been even remotely according to our annual plan.”

Face-offGarcha and Bedi subsequently met Aitken for a discussion on Aug 30, 2019. During the dis-cussion, Aitken had admitted to the significant discrepancy between the operating budgets and the actual performance of both hotels, says the plaintiff. Aitken had also considered the budgets “some of the most exaggerated he had seen in his 30-year career”, asserts the plaintiff.

However, Aitken denies saying that the oper-ating budgets were “exaggerated” or “unachiev-able”. He did inform Bedi and Garcha that the budgets were a “stretch” in that the performance targets in the budgets were (in his view) “very aggressive”, according to his statement.

During this same conversation, Bedi and Gar-cha had “continually used abusive and threat-ening language towards the defendant, includ-ing calling him a cheat and a fake and that he was lying to the owners, which they said they will take action on”, according to Aitken’s de-fence. “As a result of their behaviour, it be-came obvious to the defendant that he could no longer work with the owners,” the defence statement adds.

Aitken accordingly informed Bedi and Garcha that he would be resigning from his position as general manager of the hotels and brought the discussion to a close.

He sent a notice of resignation to the hotel operator, Six Senses, dated Oct 11, 2019.

Garcha and Bedi allege that “Aitken fraudu-lently and wilfully prepared and submitted the revised 2019 budget despite knowing that the revised 2019 budget was even more grossly and materially inflated, unrealistic and unachievable than the 2019 budget, and despite having been put on notice as to the plain and obvious prob-lems with the 2019 budget”. Aitken, therefore, “failed to exercise independent and profession-al judgment in the preparation and submission of the 2019 budget and the 2019 revised budget for the two hotels”, they claim. They are of the view that he has breached his duties under the employment agreement.

Today, Aitken is the general manager of Hard Rock Hotel Desaru Coast in Johor, Malay-sia, where he has been since November 2020.

Six Senses was sold by private asset man-agement firm Pegasus Capital Advisors to Lon-don Stock Exchange-listed InterContinental Hotels Group for US$300 million in cash in Feb-ruary 2019. E

SPOTLIGHTGARCHA HOTELS/GARCHA GROUPGARCHA HOTELS/GARCHA GROUP

SAMUEL ISAAC CHUA/THE EDGE SINGAPORESAMUEL ISAAC CHUA/THE EDGE SINGAPORE HOSPITALITY.NET WEBSITE

One of the duplex suites at Duxton Reserve

The bedroom and living room (pictured, right) of the most luxurious suites at Duxton Reserve, the Montgomerie Suite

The plaintiff is Murray Pte Ltd, which together with SG Hotels Pte Ltd, own the two hotels at Duxton Road and Maxwell Road. The directors of both companies are Satinder Garcha (left) and his wife, Harpreet Bedi

The defendent: Murray Aitken, the former general manager of Six Senses Duxton and Six Senses from February 2018 to January 2020

FROM PAGE EP6

GARCHA HOTELS/GARCHA GROUP


Source: URA, EdgeProp SingaporeNote: 1. Computed based on URA caveat data as at Aug 10 for private non-landed houses transacted from July 27 to Aug 3. 2. The profit and loss computation excludes transaction costs such as stamp duties

Top 15 gains and losses from July 27 to Aug 3

Non-profitable deals PROJECT DISTRICT AREA

(SQ FT)SOLD ON

(2021)SALE PRICE

($ PSF)BOUGHT ON PURCHASE PRICE

($ PSF)LOSS ($) LOSS (%) ANNUALISED

LOSS (%)HOLDING PERIOD

(YEARS)

1 THE OCEANFRONT @ SENTOSA COVE 4 2,077 Jul 27 1,781 Aug 13, 2007 2,549 1,596,350 30 2.5 14.02 RANGOON VIEW 8 1,335 Jul 28 963 Aug 15, 2012 1,184 295,000 19 2.3 9.03 CONCOURSE SKYLINE 7 1,087 Jul 29 1,858 Apr 25, 2013 2,049 208,000 9 1.2 8.34 26 NEWTON 11 560 Jul 30 2,278 Jan 30, 2013 2,626 195,000 13 1.7 8.55 CORALS AT KEPPEL BAY 4 904 Jul 27 1,891 Sep 28, 2015 2,077 168,110 9 1.6 5.86 SUITES@CHANGI 14 1,152 Jul 28 1,085 Jan 3, 2013 1,189 120,000 9 1.1 8.67 38 I SUITES 15 1,356 Jul 29 1,069 Aug 7, 2012 1,150 110,000 7 0.8 9.08 CITYSCAPE @FARRER PARK 8 1,163 Jul 28 1,256 Jul 8, 2016 1,342 100,000 6 1.3 5.19 THE LAURELS 9 549 Jul 30 2,623 Apr 5, 2010 2,795 94,455 6 0.6 11.310 SELETAR PARK RESIDENCE 28 872 Jul 29 1,285 Oct 27, 2015 1,388 90,000 7 1.3 5.811 RESIDENCES @ SOMME 8 506 Jul 27 1,334 Jan 31, 2013 1,502 85,000 11 1.4 8.512 ONE ROSYTH 19 1,356 Jul 28 995 Nov 24, 2014 1,051 75,000 5 0.8 6.713 VILLAGE @ PASIR PANJANG 5 818 Jul 27 1,552 Jan 29, 2013 1,638 70,000 5 0.6 8.514 SELETAR PARK RESIDENCE 28 592 Jul 29 1,149 Nov 14, 2012 1,266 69,282 9 1.1 8.715 SIGLAP V 15 517 Jul 28 1,403 Jul 29, 2010 1,522 61,626 8 0.7 11.0

Most profitable deals PROJECT DISTRICT AREA

( SQ FT)SOLD ON

(2021)SALE PRICE

($ PSF)BOUGHT ON PURCHASE PRICE

($ PSF)PROFIT ($) PROFIT (%) ANNUALISED

PROFIT (%)HOLDING PERIOD

(YEARS)

1 OCEAN PARK 15 2,110 Jul 27 1,602 May 16, 1999 589 2,137,200 172 4.6 22.2

2 PANDAN VALLEY 21 2,325 Jul 28 1,384 Jul 1, 2009 731 1,518,000 89 5.4 12.1

3 THE MORNING GLORY 19 1,690 Jul 27 994 Jun 4, 2004 413 982,000 141 5.3 17.24 RIO VISTA 19 1,528 Jul 29 883 Aug 16, 2001 412 720,900 115 3.9 20.05 MILL POINT 10 1,324 Jul 27 1,737 Apr 16, 2007 1,193 720,000 46 2.7 14.36 SUNGLADE 19 1,044 Jul 28 1,245 Aug 2, 2001 558 717,550 123 4.1 20.07 THE SIXTH AVENUE RESIDENCES 10 1,356 Jul 28 1,924 Jun 27, 2007 1,400 711,600 37 2.3 14.18 JC COURT 15 1,270 Jul 27 984 Mar 3, 2004 425 710,000 131 4.9 17.49 SIGNATURE PARK 21 1,044 Jul 30 1,437 Dec 1, 1995 463 703,280 88 2.5 25.710 PARC OASIS 22 1,507 Jul 27 969 Jan 10, 2008 553 627,000 75 4.2 13.611 GRAND DUCHESS AT ST PATRICK'S 15 3,165 Jul 30 1,520 Apr 13, 2012 1,327 610,000 15 1.5 9.312 THE STERLING 21 1,001 Jul 27 1,948 Sep 26, 2011 1,369 580,000 42 3.7 9.813 GUILIN VIEW 23 1,281 Jul 28 937 Apr 13, 1999 506 552,000 85 2.8 22.314 TANGLIN VIEW 3 872 Jul 29 1,468 Feb 6, 1998 854 535,000 72 2.3 23.515 THE QUARTZ 19 1,066 Jul 30 1,107 Jul 15, 2008 622 517,000 78 4.5 13.0

GAINS AND LOSSES

BY TIMOTHY [email protected]

The sale of a 2,077 sq ft unit at The Oceanfront @ Sentosa Cove was the most unprofitable transaction over the week of July 27 to Aug 3. The four-bedroom was sold for $3.69 mil-

lion ($1,781 psf) on July 27, but the owner paid $5.29 million ($2,549 psf) for the unit in August 2007.

The transaction resulted in a loss of $1.6 million (30%) for the seller, which translates to an annualised loss of 2.5% over 14 years.

The Oceanfront is a 99-year leasehold con-dominium project within the exclusive Sen-tosa Cove residential neighbourhood on Sen-tosa Island. The development was completed in 2010 and consists of 264 units.

The latest resale transaction at The Ocean-front is the second most unprofitable sale at the development so far this year. The deal that resulted in the top loss is the sale of a 3,025 sq ft unit in April.

The four-bedroom unit changed hands for $6.05 million ($2,000 psf) when it was sold on April 26 this year. But the property had been bought for $8.16 million ($2,700 psf) in July 2007. Thus, the seller made a $2.11 million loss (–25%) on the transac-tion, which translates to an annualised loss of 2.1% over 13 years.

There have been 11 unprofitable resale trans-actions at The Oceanfront this year compared to five profitable deals. Losses have ranged from $2.11 million to $50,000, which came from the sale of a 1,711 sq ft unit on June 1

that fetched $2.54 million ($1,490 psf).The most profitable deal during the week

in review occurred at Ocean Park, a freehold condo on East Coast Road in District 15. A 2,110 sq ft, three-bedroom unit was sold for $3.38 million ($1,602 psf) on July 27. The sell-er had previously bought the unit for $1.24 million ($589 psf) in May 1999.

Thus, the seller made a $2.14 million prof-it (172%), which translates to an annualised profit of 4.6% over 22 years.

Ocean Park is a 304-unit development that was completed in 1984. It consists of two- to three-bedroom units and penthouses. One of the main attributes of Ocean Park is its proximity to six schools — Ngee Ann Prima-ry School, CHIJ Katong Convent, St Patrick’s School, Victoria Junior College, CHIJ Katong

Primary School and Tao Nan School.The development is also less than 200m to

the upcoming Marine Terrace MRT Station on the Thomson-East Coast Line. This station is one stop from Marine Parade Station which is beside Parkway Parade shopping mall.

The most recent resale transaction at Ocean Park is also the second most profita-ble resale that has been recorded so far. The most profitable deal involved a 3,897 sq ft unit that was sold for $4.3 million ($1,104 psf) in March 2011, after it had been pur-chased for $1.69 million back in May 2005. Thus, the seller earned a profit of $2.61 mil-lion (154%) or an annualised profit of 17% over close to six years.

The week also saw the sale of a 2,325 sq ft unit at Pandan Valley which fetched $3.21

million ($1,384 psf) when it was sold on July 28. The unit had been bought for $1.69 mil-lion ($731 psf) in July 2009. Thus, the sell-er earned a profit of $1.52 million (89%) on the resale, which translates to an annualised profit of 5.4% over 12 years.

Pandan Valley is a freehold condo that was completed in 1978. The 623-unit develop-ment consists of two- to five-bedroom units.

There have been 15 resale transactions at Pandan Valley so far this year, and they have all been profitable, according to caveats. The most profitable resale deal at Pandan Valley this year was a 3,272 sq ft unit which fetched $3.8 million ($1,164 psf) when it was sold on May 14. The seller made a profit of $2.31 mil-lion (155%), which was an annualised profit of 4.7% over 20 years. E

Unit at The Oceanfront sold at $1.6 mil lossSAMUEL ISAAC CHUA/THE EDGE SINGAPORETHE EDGE SINGAPORE

The 2,077 sq ft unit at The Oceanfront was sold for $3.69 million The seller of a 2,325 sq ft unit at Pandan Valley earned $1.52 million when the unit was sold on July 28


DONE DEALS

Residential transactions with contracts dated July 27 to Aug 3

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2021)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

District 1 MARINA ONE RESIDENCES Apartment 99 years Jul 30 689 1,610,200 - 2,337 2017 ResaleONE SHENTON Apartment 99 years Jul 29 818 1,280,000 - 1,565 2011 ResaleTHE SAIL @ MARINA BAY Apartment 99 years Jul 27 893 1,450,000 - 1,623 2008 ResaleDistrict 2 76 SHENTON Apartment 99 years Jul 30 980 1,775,000 - 1,812 2014 ResaleSKY EVERTON Apartment Freehold Jul 28 915 2,504,000 - 2,737 Uncompleted New SaleSKY EVERTON Apartment Freehold Aug 1 915 2,504,000 - 2,737 Uncompleted New SaleSPOTTISWOODE SUITES Apartment Freehold Jul 27 1,087 1,708,000 - 1,571 2017 ResaleDistrict 3 AVENUE SOUTH RESIDENCE Apartment 99 years Jul 27 527 1,158,000 - 2,196 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 27 732 1,682,000 - 2,298 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 28 689 1,554,000 - 2,256 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 29 527 1,275,000 - 2,417 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 29 947 2,092,000 - 2,209 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 30 657 1,513,000 - 2,304 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 30 527 1,188,000 - 2,252 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 30 1,109 2,528,000 - 2,280 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 30 657 1,469,000 - 2,237 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 31 1,109 2,569,000 - 2,317 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 31 947 1,967,000 - 2,077 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 31 947 1,984,000 - 2,095 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 31 947 1,928,000 - 2,035 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 31 1,496 3,379,000 - 2,258 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 31 1,496 3,292,000 - 2,200 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 31 1,109 2,442,000 - 2,203 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 31 947 2,043,000 - 2,157 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Jul 31 947 2,169,000 - 2,290 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 1 732 1,628,000 - 2,224 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 1 527 1,215,000 - 2,304 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years Aug 1 1,109 2,490,000 - 2,246 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Jul 27 1,055 1,880,000 - 1,782 2017 ResaleONE PEARL BANK Apartment 99 years Jul 27 431 1,114,000 - 2,587 Uncompleted New SaleONE PEARL BANK Apartment 99 years Jul 27 807 1,917,000 - 2,375 Uncompleted New SaleONE PEARL BANK Apartment 99 years Jul 28 743 1,960,000 - 2,639 Uncompleted New SaleONE PEARL BANK Apartment 99 years Jul 29 743 1,886,000 - 2,539 Uncompleted New SaleONE PEARL BANK Apartment 99 years Jul 30 743 1,845,000 - 2,484 Uncompleted New SaleONE PEARL BANK Apartment 99 years Jul 30 431 1,123,000 - 2,608 Uncompleted New SaleONE PEARL BANK Apartment 99 years Jul 31 431 1,160,000 - 2,694 Uncompleted New SaleONE PEARL BANK Apartment 99 years Jul 31 700 1,750,000 - 2,501 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 1 1,098 2,650,000 - 2,414 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 1 431 1,180,000 - 2,741 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 1 700 1,800,000 - 2,573 Uncompleted New SaleONE PEARL BANK Apartment 99 years Aug 1 743 1,900,000 - 2,558 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Jul 28 484 890,000 - 1,837 2018 ResalePRINCIPAL GARDEN Condominium 99 years Jul 30 797 1,615,000 - 2,028 2018 ResaleRIVER PLACE Condominium 99 years Jul 28 2,067 3,240,000 - 1,568 2000 ResaleRIVIERE Apartment 99 years Jul 30 1,141 2,904,920 - 2,546 Uncompleted New SaleRIVIERE Apartment 99 years Jul 31 1,141 2,880,480 - 2,525 Uncompleted New SaleRIVIERE Apartment 99 years Aug 1 1,711 5,180,000 - 3,027 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years Jul 31 441 1,067,000 - 2,418 Uncompleted New SaleTANGLIN VIEW Condominium 99 years Jul 29 1,141 1,682,000 - 1,474 2001 ResaleTANGLIN VIEW Condominium 99 years Jul 29 872 1,280,000 - 1,468 2001 ResaleTHE LANDMARK Condominium 99 years Jul 31 753 1,602,000 - 2,126 Uncompleted New SaleTHE LANDMARK Condominium 99 years Aug 1 495 1,138,000 - 2,298 Uncompleted New SaleDistrict 4 CORALS AT KEPPEL BAY Condominium 99 years Jul 27 904 1,710,000 - 1,891 2016 ResaleTHE FORESTA @ MOUNT FABER Condominium Freehold Jul 30 431 850,000 - 1,974 2014 ResaleTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years Jul 27 2,077 3,700,000 - 1,781 2010 ResaleTURQUOISE Condominium 99 years Jul 28 2,088 3,240,240 - 1,552 2010 ResaleTURQUOISE Condominium 99 years Jul 30 2,099 3,125,000 - 1,489 2010 ResaleDistrict 5 CLAVON Apartment 99 years Jul 28 1,356 2,258,000 - 1,665 Uncompleted New SaleCLAVON Apartment 99 years Jul 28 1,130 1,776,000 - 1,571 Uncompleted New SaleCLAVON Apartment 99 years Jul 29 1,130 1,910,000 - 1,690 Uncompleted New SaleCLAVON Apartment 99 years Jul 29 1,130 1,855,000 - 1,641 Uncompleted New SaleCLAVON Apartment 99 years Jul 30 1,356 2,173,000 - 1,602 Uncompleted New SaleCLAVON Apartment 99 years Jul 30 1,356 2,161,000 - 1,593 Uncompleted New SaleCLAVON Apartment 99 years Jul 30 1,281 2,031,000 - 1,586 Uncompleted New SaleCLAVON Apartment 99 years Jul 30 1,281 2,025,000 - 1,581 Uncompleted New SaleCLAVON Apartment 99 years Jul 30 1,281 2,073,000 - 1,618 Uncompleted New SaleCLAVON Apartment 99 years Jul 31 1,130 1,905,000 - 1,686 Uncompleted New SaleCLAVON Apartment 99 years Jul 31 1,281 2,097,000 - 1,637 Uncompleted New SaleCLAVON Apartment 99 years Aug 1 1,356 2,203,000 - 1,624 Uncompleted New SaleCLAVON Apartment 99 years Aug 1 1,356 2,221,000 - 1,638 Uncompleted New SaleCLAVON Apartment 99 years Aug 1 1,356 2,019,000 - 1,489 Uncompleted New SaleFABER CREST Condominium 99 years Jul 29 1,238 1,200,000 - 969 2001 ResaleNORMANTON PARK Apartment 99 years Jul 27 1,313 2,292,000 - 1,745 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 27 829 1,491,000 - 1,799 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 27 527 956,000 - 1,813 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 27 517 966,000 - 1,870 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 27 560 1,052,000 - 1,879 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 27 667 1,228,000 - 1,840 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 27 667 1,242,000 - 1,861 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 27 667 1,224,000 - 1,834 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 27 657 1,204,000 - 1,834 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 27 936 1,683,000 - 1,797 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 27 527 977,000 - 1,852 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 28 893 1,491,000 - 1,669 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 28 1,335 2,391,000 - 1,791 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 28 667 1,257,000 - 1,884 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 28 667 1,269,000 - 1,901 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 28 915 1,589,000 - 1,737 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 28 904 1,561,705 - 1,727 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 28 947 1,694,183 - 1,789 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 29 829 1,470,646 - 1,774 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 29 829 1,468,159 - 1,771 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 29 829 1,450,750 - 1,750 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 29 829 1,473,133 - 1,777 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 29 667 1,245,000 - 1,866 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 29 667 1,246,000 - 1,867 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 29 527 964,000 - 1,828 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 30 1,313 2,423,000 - 1,845 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 30 570 1,085,000 - 1,902 Uncompleted New Sale

NORMANTON PARK Apartment 99 years Jul 31 527 954,000 - 1,809 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 31 969 1,735,000 - 1,791 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 31 527 980,000 - 1,858 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 31 560 1,060,000 - 1,894 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 31 1,066 1,877,000 - 1,761 Uncompleted New SaleNORMANTON PARK Apartment 99 years Jul 31 947 1,642,000 - 1,733 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 936 1,670,000 - 1,783 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 1,098 1,995,000 - 1,817 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 829 1,539,000 - 1,857 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 969 1,731,000 - 1,787 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 560 1,062,000 - 1,897 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 581 1,084,000 - 1,865 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 581 1,088,000 - 1,872 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 667 1,245,000 - 1,866 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 527 988,000 - 1,873 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 527 985,000 - 1,868 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 1,033 1,691,000 - 1,636 Uncompleted New SaleNORMANTON PARK Apartment 99 years Aug 1 915 1,596,000 - 1,744 Uncompleted New SaleONE-NORTH RESIDENCES Apartment 99 years Jul 28 592 888,000 - 1,500 2009 ResalePARC CLEMATIS Apartment 99 years Jul 27 1,496 2,549,000 - 1,704 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 28 1,496 2,553,000 - 1,706 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 28 1,464 2,476,000 - 1,691 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 28 1,249 2,108,000 - 1,688 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 29 1,711 2,622,000 - 1,532 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 29 1,249 2,114,000 - 1,693 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 29 1,249 2,096,000 - 1,679 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 29 1,249 2,099,000 - 1,681 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 29 1,292 2,282,000 - 1,767 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 29 689 1,242,000 - 1,803 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 29 990 1,562,000 - 1,577 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 29 990 1,565,000 - 1,580 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 29 1,238 2,050,000 - 1,656 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 29 1,991 2,867,000 - 1,440 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 30 689 1,238,000 - 1,797 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 30 689 1,226,000 - 1,780 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 1,249 2,111,000 - 1,691 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 1,249 2,058,000 - 1,648 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 1,249 2,105,000 - 1,686 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 1,475 2,243,000 - 1,521 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 1,292 2,249,000 - 1,741 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 1,292 2,311,000 - 1,789 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 1,292 2,294,000 - 1,776 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 990 1,552,000 - 1,567 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 969 1,612,000 - 1,664 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 1,238 2,073,000 - 1,675 Uncompleted New SalePARC CLEMATIS Apartment 99 years Jul 31 689 1,238,000 - 1,797 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 1,711 2,631,000 - 1,537 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 1,496 2,476,000 - 1,655 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 1,249 2,061,000 - 1,651 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 689 1,238,000 - 1,797 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 689 1,231,000 - 1,787 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 990 1,556,000 - 1,571 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 969 1,626,000 - 1,678 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 969 1,618,000 - 1,670 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 1,238 2,076,000 - 1,677 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 689 1,243,000 - 1,804 Uncompleted New SalePARC CLEMATIS Apartment 99 years Aug 1 861 1,568,000 - 1,821 Uncompleted New SalePARC IMPERIAL Condominium Freehold Jul 27 484 778,000 - 1,606 2010 ResaleTHE GRANDHILL Condominium Freehold Jul 28 1,421 1,935,000 - 1,362 2006 ResaleVILLAGE @ PASIR PANJANG Condominium Freehold Jul 27 818 1,270,000 - 1,552 2016 ResaleWHISTLER GRAND Apartment 99 years Jul 27 517 863,200 - 1,671 Uncompleted New SaleWHISTLER GRAND Apartment 99 years Jul 30 506 893,600 - 1,766 Uncompleted New SaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years Jul 29 1,087 2,020,000 - 1,858 2014 ResaleDistrict 8 CITYSCAPE @FARRER PARK Condominium Freehold Jul 28 1,163 1,460,000 - 1,256 2014 ResaleRANGOON VIEW Apartment Freehold Jul 28 1,335 1,285,000 - 963 - ResaleRESIDENCES @ SOMME Apartment Freehold Jul 27 506 675,000 - 1,334 2008 ResaleDistrict 9 8 SAINT THOMAS Condominium Freehold Jul 30 1,690 4,418,000 - 2,614 2018 ResaleIRWELL HILL RESIDENCES Apartment 99 years Jul 27 1,270 3,208,000 - 2,526 Uncompleted New SaleIRWELL HILL RESIDENCES Apartment 99 years Aug 1 1,270 3,240,000 - 2,551 Uncompleted New SaleKOPAR AT NEWTON Apartment 99 years Jul 29 689 1,722,765 - 2,501 Uncompleted New SaleMARTIN MODERN Condominium 99 years Jul 30 872 2,293,000 - 2,630 2021 New SaleTHE AVENIR Condominium Freehold Jul 31 1,528 5,143,000 - 3,365 Uncompleted New SaleTHE IVERIA Apartment Freehold Jul 27 947 2,422,000 - 2,557 Uncompleted New SaleTHE LAURELS Condominium Freehold Jul 30 549 1,440,000 - 2,623 2013 ResaleURBAN SUITES Condominium Freehold Jul 28 2,002 5,400,000 - 2,697 2013 ResaleVIVACE Apartment 999 years Jul 29 441 888,000 - 2,012 2012 ResaleWATERMARK ROBERTSON QUAY Apartment Freehold Jul 30 1,076 2,238,000 - 2,079 2008 ResaleDistrict 10 15 HOLLAND HILL Apartment Freehold Jul 28 4,532 13,024,481 - 2,874 Uncompleted New Sale3 CUSCADEN Apartment Freehold Jul 31 764 3,230,608 - 4,227 Uncompleted New SaleCORONA VILLE Condominium Freehold Jul 28 1,528 2,300,000 - 1,505 1983 ResaleD’LEEDON Condominium 99 years Jul 27 1,076 1,710,000 - 1,589 2014 ResaleEDEN PARK Detached Freehold Jul 27 5,220 12,518,000 - 2,396 2000 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years Jul 28 915 2,300,000 - 2,514 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Jul 28 915 2,332,000 - 2,549 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Jul 28 710 1,690,000 - 2,379 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Jul 31 506 1,199,000 - 2,370 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Jul 31 1,109 2,488,000 - 2,244 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Jul 31 1,109 2,598,000 - 2,343 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 1 506 1,227,000 - 2,425 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years Aug 1 484 1,173,000 - 2,422 Uncompleted New SaleGOODWOOD GRAND Apartment Freehold Jul 27 893 2,300,000 - 2,574 2017 ResaleHYLL ON HOLLAND Condominium Freehold Jul 27 721 1,733,100 - 2,403 Uncompleted New SaleHYLL ON HOLLAND Condominium Freehold Jul 30 936 2,363,700 - 2,524 Uncompleted New SaleJADE GARDEN Apartment Freehold Jul 27 1,658 2,500,000 - 1,508 2012 ResaleLEEDON GREEN Condominium Freehold Jul 27 958 2,674,000 - 2,791 Uncompleted New SaleLEEDON GREEN Condominium Freehold Jul 28 667 1,566,000 - 2,347 Uncompleted New SaleLEEDON GREEN Condominium Freehold Jul 28 958 2,380,000 - 2,484 Uncompleted New SaleLEEDON GREEN Condominium Freehold Jul 29 614 1,814,000 - 2,957 Uncompleted New SaleLEEDON GREEN Condominium Freehold Jul 29 710 1,748,000 - 2,461 Uncompleted New SaleLEEDON GREEN Condominium Freehold Jul 30 474 1,231,000 - 2,599 Uncompleted New SaleLEEDON GREEN Condominium Freehold Jul 30 1,496 3,970,000 - 2,653 Uncompleted New SaleLEEDON GREEN Condominium Freehold Jul 31 1,044 2,860,000 - 2,739 Uncompleted New SaleLEEDON GREEN Condominium Freehold Aug 1 710 1,717,000 - 2,417 Uncompleted New SaleLOFT @ NATHAN Apartment Freehold Jul 28 388 776,000 - 2,003 2014 ResaleMILL POINT Apartment 999 years Jul 27 1,324 2,300,000 - 1,737 2004 ResaleJALAN AMPANG Semi-Detached Freehold Jul 27 2,174 5,250,000 - 2,416 2009 ResaleMOONBEAM WALK Semi-Detached 99 years Jul 28 3,122 4,200,000 - 1,344 2011 ResaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Jul 31 829 2,043,060 - 2,465 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Jul 31 829 2,250,000 - 2,715 Uncompleted New SaleONE HOLLAND VILLAGE RESIDENCES Apartment 99 years Jul 31 797 2,015,621 - 2,530 Uncompleted New SalePARK NOVA Apartment Freehold Jul 28 2,906 13,918,000 - 4,789 Uncompleted New SaleROYALGREEN Condominium Freehold Jul 29 635 1,779,000 - 2,801 Uncompleted New SaleROYALGREEN Condominium Freehold Jul 31 980 2,670,000 - 2,726 Uncompleted New SaleRV RESIDENCES Condominium 999 years Jul 27 1,001 2,100,000 - 2,098 2015 ResaleSTEVENS SUITES Apartment Freehold Jul 30 818 1,490,000 - 1,821 2013 ResaleTANGLIN REGENCY Condominium 99 years Jul 28 700 1,050,000 - 1,501 1998 ResaleTHE SIXTH AVENUE RESIDENCES Condominium Freehold Jul 28 1,356 2,610,000 - 1,924 2009 ResaleWOOLLERTON PARK Detached Freehold Jul 30 9,461 18,000,000 - 1,902 1975 ResaleDistrict 11 26 NEWTON Apartment Freehold Jul 30 560 1,275,000 - 2,278 2016 Resale35 GILSTEAD Apartment Freehold Jul 28 700 1,723,000 - 2,463 Uncompleted New SaleADRIA Apartment Freehold Jul 29 689 1,290,000 - 1,873 2013 ResaleIRIDIUM Apartment Freehold Jul 28 1,066 1,910,000 - 1,792 2009 ResaleIRIDIUM Apartment Freehold Jul 29 764 1,450,000 - 1,897 2009 ResaleLA SUISSE Condominium 999 years Jul 28 2,045 2,380,000 - 1,164 1993 ResaleM21 Apartment Freehold Jul 30 710 1,090,000 - 1,534 2010 ResaleMEDGE Apartment Freehold Jul 30 463 720,000 - 1,556 2007 ResaleMIRO Apartment Freehold Jul 28 1,345 1,960,000 - 1,457 2012 ResalePEAK RESIDENCE Condominium Freehold Jul 30 527 1,259,300 - 2,388 Uncompleted New SalePULLMAN RESIDENCES NEWTON Apartment Freehold Jul 31 1,378 3,754,000 - 2,725 Uncompleted New SaleDistrict 12 DOMUS Apartment Freehold Jul 29 1,367 2,088,000 - 1,527 2012 ResaleIRESIDENCES Apartment Freehold Jul 30 980 1,560,000 - 1,593 2011 ResaleJUI RESIDENCES Apartment Freehold Aug 1 947 1,730,000 - 1,826 Uncompleted New SalePINNACLE 16 Apartment Freehold Jul 28 581 877,000 - 1,509 2006 Resale


(2021)LAND AREA/


PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

Singapore — by postal district LOCALITIES DISTRICTSCity & Southwest 1 to 8Orchard/Tanglin/Holland 9 and 10Newton/Bukit Timah/Clementi 11 and 21Balestier/MacPherson/Geylang 12 to 14East Coast 15 and 16Changi/Pasir Ris 17 and 18Serangoon/Thomson 19 and 20West 22 to 24North 25 to 28


TREASURE AT TAMPINES Condominium 99 years Jul 27 1,711 2,283,000 - 1,334 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 27 1,324 1,755,000 - 1,326 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 28 850 1,355,000 - 1,593 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 28 915 1,232,000 - 1,347 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 28 1,238 1,720,000 - 1,389 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 28 1,238 1,701,000 - 1,374 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 29 1,033 1,511,000 - 1,462 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 29 1,335 1,829,000 - 1,370 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 30 1,324 1,799,000 - 1,359 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 30 1,335 1,765,000 - 1,322 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 30 1,335 1,820,000 - 1,364 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 30 1,238 1,742,000 - 1,407 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 31 1,690 2,215,000 - 1,311 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 31 1,033 1,519,000 - 1,470 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 31 1,238 1,710,000 - 1,381 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Jul 31 1,238 1,718,000 - 1,388 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 1 1,238 1,685,000 - 1,361 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 1 1,324 1,807,000 - 1,365 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 1 1,324 1,784,000 - 1,347 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 1 1,324 1,816,000 - 1,372 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 1 1,324 1,761,000 - 1,330 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 1 1,270 1,692,000 - 1,332 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 1 463 845,000 - 1,826 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years Aug 1 1,238 1,718,000 - 1,388 Uncompleted New SaleWHITEWATER EC 99 years Jul 29 1,152 930,000 - 807 2005 ResaleDistrict 19 A TREASURE TROVE Condominium 99 years Jul 28 4,219 2,850,000 - 675 2015 ResaleA TREASURE TROVE Condominium 99 years Jul 29 1,206 1,375,000 - 1,141 2015 ResaleAFFINITY AT SERANGOON Apartment 99 years Jul 27 1,012 1,433,961 - 1,417 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Jul 29 904 1,449,420 - 1,603 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Jul 31 850 1,435,000 - 1,688 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Jul 31 1,152 1,824,000 - 1,584 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Jul 31 850 1,269,935 - 1,493 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 1 1,152 1,765,650 - 1,533 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 1 1,173 1,735,000 - 1,479 Uncompleted New SaleAFFINITY AT SERANGOON Apartment 99 years Aug 1 1,152 1,783,000 - 1,548 Uncompleted New SaleBARTLEY RESIDENCES Apartment 99 years Jul 29 1,087 1,550,000 - 1,426 2015 ResaleBLISS@KOVAN Condominium Freehold Jul 27 495 765,000 - 1,545 2015 ResaleBOATHOUSE RESIDENCES Condominium 99 years Jul 28 624 678,000 - 1,086 2015 ResaleBOTANIQUE AT BARTLEY Condominium 99 years Jul 30 721 1,150,000 - 1,595 2019 ResaleCOMPASS HEIGHTS Apartment 99 years Jul 27 1,249 1,200,000 - 961 2002 ResaleJEWEL @ BUANGKOK Condominium 99 years Jul 29 474 680,000 - 1,436 2016 ResaleKOVAN REGENCY Condominium 99 years Jul 29 624 885,000 - 1,418 2015 ResaleLA FIESTA Condominium 99 years Jul 29 732 970,000 - 1,325 2016 ResaleOLA EC 99 years Jul 27 926 1,019,000 - 1,101 Uncompleted New SaleOLA EC 99 years Jul 27 1,055 1,156,000 - 1,096 Uncompleted New SaleOLA EC 99 years Jul 28 926 986,500 - 1,066 Uncompleted New SaleOLA EC 99 years Jul 28 1,722 2,050,000 - 1,190 Uncompleted New SaleOLA EC 99 years Jul 29 1,055 1,231,000 - 1,167 Uncompleted New SaleOLA EC 99 years Jul 29 926 1,040,000 - 1,123 Uncompleted New SaleOLA EC 99 years Jul 29 1,389 1,432,000 - 1,031 Uncompleted New SaleOLA EC 99 years Jul 29 1,001 1,240,112 - 1,239 Uncompleted New SaleOLA EC 99 years Jul 30 926 1,033,000 - 1,116 Uncompleted New SaleOLA EC 99 years Jul 31 926 1,036,000 - 1,119 Uncompleted New SaleOLA EC 99 years Aug 1 1,055 1,264,000 - 1,198 Uncompleted New SaleOLA EC 99 years Aug 1 1,389 1,689,000 - 1,216 Uncompleted New SaleOLA EC 99 years Aug 1 1,389 1,655,000 - 1,192 Uncompleted New SaleOLA EC 99 years Aug 1 1,055 1,334,500 - 1,265 Uncompleted New SaleOLA EC 99 years Aug 1 1,055 1,198,000 - 1,136 Uncompleted New SaleONE ROSYTH Apartment 999 years Jul 28 1,356 1,350,000 - 995 2011 ResalePARKWOOD COLLECTION Semi-Detached 99 years Jul 27 4,510 3,510,000 - 778 Uncompleted New SalePARKWOOD COLLECTION Semi-Detached 99 years Aug 1 4,865 4,018,000 - 826 Uncompleted New SalePIERMONT GRAND EC 99 years Jul 27 1,356 1,612,700 - 1,189 Uncompleted New SalePIERMONT GRAND EC 99 years Jul 28 1,507 1,695,750 - 1,125 Uncompleted New SalePIERMONT GRAND EC 99 years Jul 28 1,507 1,689,800 - 1,121 Uncompleted New SalePIERMONT GRAND EC 99 years Jul 30 1,507 1,684,700 - 1,118 Uncompleted New SalePIERMONT GRAND EC 99 years Jul 30 1,356 1,578,450 - 1,164 Uncompleted New SalePIERMONT GRAND EC 99 years Jul 31 1,507 1,735,300 - 1,152 Uncompleted New SalePIERMONT GRAND EC 99 years Jul 31 1,356 1,497,700 - 1,104 Uncompleted New SaleRESIDENCES BOTANIQUE Condominium Freehold Jul 29 883 1,158,000 - 1,312 2012 ResaleRIO VISTA Condominium 99 years Jul 29 1,528 1,350,000 - 883 2004 ResaleRIVERFRONT RESIDENCES Apartment 99 years Jul 27 635 881,000 - 1,387 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years Jul 27 915 1,304,000 - 1,425 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 27 1,012 1,790,100 - 1,769 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 27 936 1,581,120 - 1,688 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 28 1,313 2,158,650 - 1,644 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 28 947 1,664,550 - 1,757 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 28 936 1,605,420 - 1,714 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 29 1,033 1,761,750 - 1,705 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 29 1,033 1,753,650 - 1,697 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 30 764 1,358,740 - 1,778 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 30 1,023 1,786,050 - 1,747 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 30 1,023 1,821,690 - 1,781 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 31 764 1,355,460 - 1,774 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 31 936 1,549,530 - 1,655 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 31 764 1,332,500 - 1,744 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Jul 31 764 1,345,620 - 1,761 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years Aug 1 936 1,589,220 - 1,697 Uncompleted New SaleSUNGLADE Condominium 99 years Jul 28 1,044 1,300,000 - 1,245 2003 ResaleTAI HWAN GARDEN Terrace Freehold Jul 30 2,756 4,200,000 - 1,527 1979 ResaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 27 990 1,654,000 - 1,670 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 27 1,528 2,260,000 - 1,479 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 27 1,679 2,610,000 - 1,554 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 27 635 1,041,000 - 1,639 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 27 484 861,000 - 1,778 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 27 484 867,000 - 1,790 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 28 527 928,000 - 1,759 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 28 667 1,071,112 - 1,605 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 29 700 1,258,000 - 1,798 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 29 1,292 2,051,000 - 1,588 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 30 635 1,068,000 - 1,682 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 30 1,679 2,487,000 - 1,481 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 30 926 1,571,000 - 1,697 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 30 915 1,541,000 - 1,684 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Jul 31 667 1,202,000 - 1,801 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 1 635 1,068,000 - 1,682 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 1 474 876,000 - 1,850 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years Aug 1 474 887,000 - 1,873 Uncompleted New SaleTHE GAZANIA Condominium Freehold Jul 30 1,216 2,412,000 - 1,983 Uncompleted New SaleTHE MORNING GLORY Apartment Freehold Jul 27 1,690 1,680,000 - 994 2003 ResaleTHE QUARTZ Condominium 99 years Jul 30 1,066 1,180,000 - 1,107 2009 ResaleTWIN WATERFALLS EC 99 years Jul 30 915 975,000 - 1,066 2015 Resale

District 20 CLOVER PARK Terrace Freehold Jul 28 1,798 3,100,000 - 1,720 - ResaleGRANDEUR 8 Condominium 99 years Jul 27 1,216 1,150,000 - 945 2005 ResaleJADESCAPE Condominium 99 years Jul 29 527 943,000 - 1,788 Uncompleted New SaleJADESCAPE Condominium 99 years Jul 31 764 1,465,000 - 1,917 Uncompleted New SaleLATTICE ONE Apartment Freehold Jul 30 840 1,515,000 - 1,804 Uncompleted New SaleLATTICE ONE Apartment Freehold Aug 1 1,023 1,888,000 - 1,846 Uncompleted New SaleSEMBAWANG HILLS ESTATE Semi-Detached Freehold Jul 30 2,863 3,168,000 - 1,107 - ResaleST NICHOLAS VIEW Terrace 99 years Jul 28 1,808 1,838,000 - 1,015 1999 ResaleTHOMSON THREE Apartment 99 years Jul 27 1,044 1,720,000 - 1,647 2016 ResaleDistrict 21 ASTOR GREEN Condominium 99 years Jul 29 1,378 1,720,000 - 1,248 1995 ResaleCLEMENTI GREEN Semi-Detached Freehold Jul 29 4,758 5,500,000 - 1,155 1978 ResaleDAINTREE RESIDENCE Condominium 99 years Jul 28 517 961,557 - 1,861 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Jul 27 1,356 2,438,000 - 1,798 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Jul 28 721 1,563,000 - 2,167 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Jul 29 474 1,054,000 - 2,225 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Jul 30 721 1,476,000 - 2,047 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Jul 31 570 1,209,000 - 2,119 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Jul 31 570 1,226,000 - 2,149 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Jul 31 570 1,205,000 - 2,112 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Jul 31 570 1,215,000 - 2,130 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 1 764 1,649,000 - 2,158 Uncompleted New SaleFORETT AT BUKIT TIMAH Apartment Freehold Aug 1 700 1,359,000 - 1,942 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 27 980 1,799,000 - 1,837 Uncompleted New Sale

DONE DEALS



(2021)LAND AREA/


PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2021)LAND AREA/


PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

PINNACLE 16 Apartment Freehold Jul 30 581 874,000 - 1,504 2006 ResaleVERTICUS Apartment Freehold Jul 31 635 1,280,000 - 2,016 Uncompleted New SaleVETRO Apartment 999 years Jul 28 614 730,000 - 1,190 2010 ResaleDistrict 13 8@WOODLEIGH Condominium 99 years Jul 30 560 675,000 - 1,206 2012 ResaleBRADDELL HEIGHTS ESTATE Detached Freehold Jul 28 5,565 7,600,000 - 1,366 2006 ResaleANGSANA AVENUE Terrace Freehold Jul 28 2,551 4,250,000 - 1,668 - ResaleSANT RITZ Condominium 99 years Jul 29 1,044 1,480,000 - 1,417 2016 ResaleSERANGOON PARK Semi-Detached Freehold Jul 30 3,520 5,250,000 - 1,493 1972 ResaleSKY GREEN Condominium Freehold Jul 30 797 1,240,000 - 1,557 2015 ResaleTHE VENUE RESIDENCES Apartment 99 years Jul 28 1,238 1,850,000 - 1,495 2017 ResaleTHE WOODLEIGH RESIDENCES Apartment 99 years Jul 27 958 2,060,000 - 2,150 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Jul 30 667 1,408,000 - 2,110 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Jul 30 743 1,641,000 - 2,209 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Jul 31 743 1,636,000 - 2,203 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Jul 31 1,076 2,384,000 - 2,215 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Jul 31 958 1,953,000 - 2,039 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years Jul 31 850 1,790,000 - 2,105 Uncompleted New SaleDistrict 14 ASTORIA PARK Condominium 99 years Jul 30 1,001 1,025,000 - 1,024 1995 ResaleKIMNAN PARK Terrace Freehold Jul 27 1,744 2,250,000 - 1,294 1983 ResaleLORONG MYDIN Detached Freehold Jul 27 4,639 7,460,000 - 1,609 2021 ResaleLORONG MARZUKI Terrace Freehold Jul 28 2,454 3,650,000 - 1,487 1992 ResaleLORONG MYDIN Detached Freehold Jul 29 4,790 7,600,000 - 1,587 2021 ResalePENROSE Apartment 99 years Jul 27 1,184 1,907,000 - 1,611 Uncompleted New SalePENROSE Apartment 99 years Jul 27 1,173 1,941,000 - 1,654 Uncompleted New SalePENROSE Apartment 99 years Jul 27 1,173 1,953,000 - 1,665 Uncompleted New SalePENROSE Apartment 99 years Jul 31 1,184 1,927,000 - 1,627 Uncompleted New SaleSARINA TERRACE Terrace Freehold Jul 29 1,787 3,950,000 - 2,213 1990 ResaleSILAHIS VILLE Terrace Freehold Jul 27 1,561 2,650,000 - 1,693 1983 ResaleSIMS URBAN OASIS Condominium 99 years Jul 30 667 1,008,000 - 1,510 2017 ResaleSUITES@CHANGI Apartment Freehold Jul 28 1,152 1,250,000 - 1,085 2012 ResaleTEDGE Apartment Freehold Jul 27 861 1,432,046 - 1,663 Uncompleted New SaleURBAN TREASURES Condominium Freehold Jul 28 635 1,217,350 - 1,917 Uncompleted New SaleURBAN TREASURES Condominium Freehold Jul 30 657 1,356,130 - 2,065 Uncompleted New SaleURBAN TREASURES Condominium Freehold Jul 30 657 1,298,980 - 1,978 Uncompleted New SaleURBAN TREASURES Condominium Freehold Aug 1 657 1,272,450 - 1,938 Uncompleted New SaleURBAN TREASURES Condominium Freehold Aug 1 657 1,278,580 - 1,947 Uncompleted New SaleURBAN TREASURES Condominium Freehold Aug 1 657 1,350,000 - 2,056 Uncompleted New SaleDistrict 15 38 I SUITES Apartment Freehold Jul 29 1,356 1,450,000 - 1,069 2014 ResaleAMBER 45 Apartment Freehold Jul 28 614 1,580,000 - 2,575 2020 Sub SaleAMBER PARK Condominium Freehold Jul 29 1,572 3,557,520 - 2,264 Uncompleted New SaleAMBER PARK Condominium Freehold Jul 30 947 2,376,360 - 2,509 Uncompleted New SaleAMBER PARK Condominium Freehold Aug 1 678 1,755,600 - 2,589 Uncompleted New SaleAMBER PARK Condominium Freehold Aug 1 700 1,753,080 - 2,506 Uncompleted New SaleCOASTLINE RESIDENCES Apartment Freehold Jul 29 1,109 2,679,000 - 2,416 Uncompleted New SaleCOASTLINE RESIDENCES Apartment Freehold Jul 29 1,130 2,699,000 - 2,388 Uncompleted New SaleCOASTLINE RESIDENCES Apartment Freehold Aug 1 1,109 2,982,000 - 2,690 Uncompleted New SaleCOSTA RHU Condominium 99 years Jul 30 1,345 1,988,000 - 1,478 1997 ResaleEAST SIGNATURE Apartment Freehold Jul 29 1,001 1,450,000 - 1,448 2005 ResaleESPIRA RESIDENCE Apartment Freehold Jul 29 786 880,000 - 1,120 2009 ResaleGRAND DUCHESS AT ST PATRICK’S Condominium Freehold Jul 30 3,165 4,810,000 - 1,520 2010 ResaleIMPERIAL HEIGHTS Apartment Freehold Jul 28 581 800,000 - 1,376 2009 ResaleINFINI AT EAST COAST Apartment Freehold Jul 30 1,227 2,210,000 - 1,801 Uncompleted New SaleJC COURT Apartment Freehold Jul 27 1,270 1,250,000 - 984 1998 ResaleLAGOON VIEW Apartment 99 years Jul 28 1,647 1,750,000 - 1,063 - ResaleNALLUR ROAD Terrace Freehold Jul 27 1,647 2,800,000 - 1,705 1988 ResaleTEMBELING ROAD Terrace Freehold Jul 29 2,788 4,430,000 - 1,588 1984 ResaleWALTON ROAD Detached Freehold Jul 29 8,676 16,300,000 - 1,879 1999 ResaleMARTIA ROAD Terrace Freehold Jul 30 3,089 4,700,000 - 1,521 - ResaleNATURALIS Apartment Freehold Jul 30 1,561 1,500,000 - 961 2011 ResaleNEPTUNE COURT Apartment 99 years Jul 30 1,270 1,160,000 - 913 1975 ResaleNYON Apartment Freehold Aug 1 484 1,247,000 - 2,574 Uncompleted New SaleNYON Apartment Freehold Aug 1 915 2,074,000 - 2,267 Uncompleted New SaleOCEAN PARK Condominium Freehold Jul 27 2,110 3,380,000 - 1,602 1984 ResaleOLA RESIDENCES Condominium Freehold Jul 29 1,916 3,034,000 - 1,584 2011 ResaleOLLOI Apartment Freehold Aug 1 1,335 2,370,240 - 1,776 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years Jul 30 786 1,650,000 - 2,100 2021 Sub SaleSEVENTY SAINT PATRICK’S Condominium Freehold Jul 28 840 1,750,000 - 2,084 2016 ResaleSIGLAP V Apartment Freehold Jul 28 517 725,000 - 1,403 2013 ResaleTEMBELING GROVE Apartment Freehold Jul 28 581 848,000 - 1,459 1993 ResaleTEMBELING RESIDENCE Apartment Freehold Jul 29 721 1,130,000 - 1,567 2011 ResaleTHE MAKENA Condominium Freehold Jul 29 1,507 2,650,000 - 1,759 1998 ResaleTHE SHORE RESIDENCES Condominium 103 years Jul 28 893 1,490,000 - 1,668 2014 ResaleDistrict 16 CASA MERAH Apartment 99 years Jul 30 947 1,080,000 - 1,140 2009 ResaleCASAFINA Condominium 99 years Jul 27 1,399 1,320,000 - 943 1999 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years Jul 27 592 1,050,000 - 1,774 2020 Sub SaleHARVEY VIEW Terrace Freehold Jul 29 1,690 2,728,900 - 1,619 1991 ResaleKEW WALK Semi-Detached 99 years Jul 28 2,400 2,360,000 - 983 1997 ResaleOPTIMA @ TANAH MERAH Condominium 99 years Jul 28 1,259 1,645,000 - 1,306 2012 ResaleTHE SPRINGFIELD Terrace 99 years Jul 27 2,347 1,670,000 - 712 1999 ResaleDistrict 17 CARISSA PARK CONDOMINIUM Condominium Freehold Jul 29 1,281 1,220,000 - 952 2001 ResaleCASA AL MARE Apartment Freehold Jul 28 764 1,228,000 - 1,607 Uncompleted New SaleCASA PASIR RIS Condominium 946 years Jul 29 1,216 1,120,000 - 921 1997 ResaleFERRARIA PARK CONDOMINIUM Condominium Freehold Jul 28 1,249 1,258,000 - 1,008 2009 ResaleHEDGES PARK CONDOMINIUM Condominium 99 years Jul 27 1,001 983,000 - 982 2015 ResalePARC KOMO Apartment Freehold Jul 27 764 1,177,110 - 1,540 Uncompleted New SalePARC KOMO Apartment Freehold Jul 27 1,281 1,939,410 - 1,514 Uncompleted New SalePARC KOMO Apartment Freehold Jul 28 732 1,075,140 - 1,469 Uncompleted New SalePARC KOMO Apartment Freehold Jul 30 1,001 1,519,650 - 1,518 Uncompleted New SalePARC KOMO Apartment Freehold Jul 30 1,001 1,532,520 - 1,531 Uncompleted New SalePARC KOMO Apartment Freehold Jul 31 1,001 1,555,290 - 1,554 Uncompleted New SalePARC KOMO Apartment Freehold Jul 31 657 1,016,730 - 1,548 Uncompleted New SalePARC KOMO Apartment Freehold Jul 31 732 1,189,980 - 1,626 Uncompleted New SalePARC KOMO Apartment Freehold Aug 1 1,808 2,663,100 - 1,473 Uncompleted New SalePARC KOMO Apartment Freehold Aug 1 1,012 1,697,850 - 1,678 Uncompleted New SalePARC KOMO Apartment Freehold Aug 1 1,033 1,757,250 - 1,701 Uncompleted New SalePARC KOMO Apartment Freehold Aug 1 1,001 1,562,220 - 1,561 Uncompleted New SalePARC KOMO Apartment Freehold Aug 1 732 1,068,210 - 1,459 Uncompleted New SalePARC KOMO Apartment Freehold Aug 1 1,808 2,641,320 - 1,461 Uncompleted New SaleTHE INFLORA Condominium 99 years Jul 27 463 548,800 - 1,186 2016 ResaleTHE JOVELL Condominium 99 years Jul 27 904 1,113,800 - 1,232 Uncompleted New SaleTHE JOVELL Condominium 99 years Jul 27 527 833,700 - 1,581 Uncompleted New SaleTHE JOVELL Condominium 99 years Jul 27 646 881,300 - 1,365 Uncompleted New SaleTHE JOVELL Condominium 99 years Jul 28 635 918,400 - 1,446 Uncompleted New SaleTHE JOVELL Condominium 99 years Jul 28 904 1,124,100 - 1,243 Uncompleted New SaleTHE JOVELL Condominium 99 years Jul 28 635 914,300 - 1,440 Uncompleted New SaleTHE JOVELL Condominium 99 years Aug 1 904 1,172,700 - 1,297 Uncompleted New SaleDistrict 18 ARC AT TAMPINES EC 99 years Jul 28 990 919,000 - 928 2014 ResaleCITYLIFE@TAMPINES EC 99 years Jul 30 1,421 1,518,000 - 1,068 2016 ResaleCOCO PALMS Condominium 99 years Jul 28 463 639,000 - 1,381 2018 ResaleCOCO PALMS Condominium 99 years Jul 30 463 645,000 - 1,394 2018 ResaleMELVILLE PARK Condominium 99 years Jul 28 1,302 900,000 - 691 1996 ResaleMELVILLE PARK Condominium 99 years Jul 29 1,206 795,888 - 660 1996 ResaleNV RESIDENCES Condominium 99 years Jul 29 1,453 1,350,000 - 929 2013 ResaleNV RESIDENCES Condominium 99 years Jul 29 1,109 1,040,000 - 938 2013 ResalePARC CENTRAL RESIDENCES EC 99 years Jul 27 1,206 1,509,000 - 1,252 Uncompleted New SalePARC CENTRAL RESIDENCES EC 99 years Jul 28 1,421 1,635,000 - 1,151 Uncompleted New SalePARC CENTRAL RESIDENCES EC 99 years Jul 29 926 1,101,000 - 1,189 Uncompleted New SalePARC CENTRAL RESIDENCES EC 99 years Jul 30 1,206 1,405,000 - 1,165 Uncompleted New SalePARC CENTRAL RESIDENCES EC 99 years Jul 30 926 1,112,000 - 1,201 Uncompleted New SalePARC CENTRAL RESIDENCES EC 99 years Jul 31 872 1,048,000 - 1,202 Uncompleted New SalePARC CENTRAL RESIDENCES EC 99 years Jul 31 926 1,084,000 - 1,171 Uncompleted New SalePASIR RIS 8 Apartment 99 years Jul 27 1,464 2,495,000 - 1,704 Uncompleted New SaleSEA ESTA Condominium 99 years Jul 27 1,378 1,400,000 - 1,016 2015 ResaleSEA ESTA Condominium 99 years Jul 27 1,119 1,080,000 - 965 2015 ResaleSEA ESTA Condominium 99 years Jul 30 980 1,030,000 - 1,052 2015 ResaleSIMEI GREEN CONDOMINIUM EC 99 years Jul 29 969 833,000 - 860 1999 ResaleSTRATUM Condominium 99 years Jul 29 1,098 1,150,000 - 1,047 2016 ResaleTHE ESPARIS EC 99 years Jul 27 2,443 1,790,000 - 733 2005 ResaleTHE ESPARIS EC 99 years Jul 30 1,292 1,000,000 - 774 2005 ResaleTHE SANTORINI Condominium 99 years Jul 30 1,787 1,500,000 - 839 2017 ResaleTHE TAMPINES TRILLIANT EC 99 years Jul 27 1,130 1,300,000 - 1,150 2015 ResaleTHE TAPESTRY Condominium 99 years Jul 29 603 920,000 - 1,526 2021 Sub SaleTREASURE AT TAMPINES Condominium 99 years Jul 27 1,335 1,770,000 - 1,326 Uncompleted New Sale CONTINUES ON PAGE EP14


KI RESIDENCES AT BROOKVALE Condominium 999 years Jul 27 980 1,793,000 - 1,830 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 27 743 1,323,000 - 1,781 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 28 980 1,857,000 - 1,896 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 28 1,109 2,020,000 - 1,822 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 29 753 1,355,000 - 1,798 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 29 980 1,807,000 - 1,845 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 29 753 1,361,000 - 1,806 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 30 753 1,373,000 - 1,822 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 30 1,195 2,185,000 - 1,829 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 30 743 1,311,000 - 1,765 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Jul 30 753 1,448,000 - 1,922 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years Aug 1 980 1,807,000 - 1,845 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years Jul 27 527 1,069,000 - 2,027 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years Jul 27 570 1,188,000 - 2,082 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years Aug 1 753 1,572,120 - 2,086 Uncompleted New SaleMAYFAIR GARDENS Condominium 99 years Aug 1 570 1,177,000 - 2,063 Uncompleted New SaleGREENBANK PARK Semi-Detached Freehold Jul 28 4,144 4,850,000 - 1,170 2001 ResaleKISMIS PLACE Terrace Freehold Jul 29 2,831 5,100,000 - 1,799 2015 ResalePANDAN VALLEY Condominium Freehold Jul 28 2,325 3,218,000 - 1,384 1978 ResalePINE GROVE Condominium 99 years Jul 27 1,755 1,650,000 - 940 - ResaleSIGNATURE PARK Condominium Freehold Jul 30 1,044 1,500,000 - 1,437 1998 ResaleTHE CASCADIA Condominium Freehold Jul 29 570 1,052,000 - 1,844 2010 ResaleTHE CREEK @ BUKIT Condominium Freehold Jul 28 969 1,680,000 - 1,734 2017 ResaleTHE STERLING Condominium Freehold Jul 27 1,001 1,950,000 - 1,948 2000 ResaleVERDALE Apartment 99 years Jul 31 732 1,238,900 - 1,693 Uncompleted New SaleVERDALE Apartment 99 years Jul 31 1,001 1,765,700 - 1,764 Uncompleted New SaleVERDALE Apartment 99 years Aug 1 614 1,117,300 - 1,821 Uncompleted New SaleVIEW AT KISMIS Apartment 99 years Jul 27 1,270 2,149,000 - 1,692 Uncompleted New SaleDistrict 22 J GATEWAY Condominium 99 years Jul 30 495 860,000 - 1,737 2016 ResalePARC OASIS Condominium 99 years Jul 27 1,507 1,460,000 - 969 1994 ResalePARC VISTA Condominium 99 years Jul 29 1,076 955,000 - 887 1998 ResaleTHE FLORAVALE EC 99 years Jul 27 1,249 940,000 - 753 2000 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years Jul 29 1,216 1,510,000 - 1,241 2014 ResaleYUNNAN GARDENS Detached Freehold Jul 30 6,609 6,000,000 - 908 1997 ResaleDistrict 23 DAIRY FARM RESIDENCES Apartment 99 years Jul 27 915 1,421,400 - 1,554 Uncompleted New SaleDAIRY FARM RESIDENCES Apartment 99 years Jul 28 646 1,053,200 - 1,631 Uncompleted New SaleDAIRY FARM RESIDENCES Apartment 99 years Jul 30 710 1,172,100 - 1,650 Uncompleted New SaleDAIRY FARM RESIDENCES Apartment 99 years Jul 31 710 1,192,200 - 1,678 Uncompleted New SaleDAIRY FARM RESIDENCES Apartment 99 years Jul 31 710 1,140,500 - 1,605 Uncompleted New SaleDAIRY FARM RESIDENCES Apartment 99 years Jul 31 1,141 1,835,000 - 1,608 Uncompleted New SaleDAIRY FARM RESIDENCES Apartment 99 years Aug 1 710 1,172,200 - 1,650 Uncompleted New SaleGUILIN VIEW Condominium 99 years Jul 28 1,281 1,200,000 - 937 2000 ResaleMIDWOOD Condominium 99 years Jul 28 1,259 1,986,000 - 1,577 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 893 1,512,000 - 1,692 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 1,249 2,012,000 - 1,611 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 549 994,000 - 1,811 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 484 848,000 - 1,751 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 775 1,266,000 - 1,634 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 775 1,203,000 - 1,552 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 775 1,262,000 - 1,628 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 775 1,207,000 - 1,557 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 990 1,553,000 - 1,568 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 990 1,597,000 - 1,613 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 700 1,149,000 - 1,642 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 700 1,144,000 - 1,635 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 484 865,000 - 1,786 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 786 1,336,000 - 1,700 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 786 1,241,000 - 1,579 Uncompleted New Sale

DONE DEALS



(2021)LAND AREA/


PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2021)LAND AREA/


PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

Source: URA Realis. Updated Aug 10, 2021. EC stands for executive condominium

DISCLAIMER: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.

FROM PAGE EP13 MIDWOOD Condominium 99 years Jul 28 904 1,442,000 - 1,595 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 904 1,413,000 - 1,563 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 549 955,000 - 1,740 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 635 1,056,000 - 1,663 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 28 635 1,040,000 - 1,638 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 30 689 1,122,000 - 1,629 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 31 484 856,000 - 1,767 Uncompleted New SaleMIDWOOD Condominium 99 years Jul 31 635 1,079,000 - 1,699 Uncompleted New SaleMIDWOOD Condominium 99 years Aug 1 1,249 2,026,000 - 1,623 Uncompleted New SaleMIDWOOD Condominium 99 years Aug 1 700 1,186,000 - 1,695 Uncompleted New SaleMONT BOTANIK RESIDENCE Condominium Freehold Jul 30 700 1,280,000 - 1,829 Uncompleted New SaleMONT BOTANIK RESIDENCE Condominium Freehold Jul 31 700 1,182,700 - 1,690 Uncompleted New SaleMONT BOTANIK RESIDENCE Condominium Freehold Aug 1 700 1,282,900 - 1,834 Uncompleted New SaleMONT BOTANIK RESIDENCE Condominium Freehold Aug 1 947 1,677,300 - 1,771 Uncompleted New SalePARK NATURA Condominium Freehold Jul 30 2,314 2,530,000 - 1,093 2011 ResalePAVILION PARK Terrace Freehold Jul 29 1,808 3,500,000 - 1,934 2013 ResaleREGENT HEIGHTS Condominium 99 years Jul 27 1,023 820,000 - 802 1999 ResaleSOL ACRES EC 99 years Jul 29 614 640,000 - 1,043 2018 ResaleTHE HILLIER Apartment 99 years Jul 29 624 860,000 - 1,378 2016 ResaleTHE MADEIRA Condominium 99 years Jul 27 936 895,000 - 956 2003 ResaleTHE TENNERY Apartment 99 years Jul 30 614 730,000 - 1,190 2014 ResaleWINDERMERE EC 99 years Jul 30 1,442 960,000 - 666 1999 ResaleDistrict 25 FORESTVILLE EC 99 years Jul 28 1,066 860,000 - 807 2016 ResaleLA CASA EC 99 years Jul 28 1,141 900,000 - 789 2008 ResalePARC ROSEWOOD Condominium 99 years Jul 29 431 542,000 - 1,259 2014 ResaleTWIN FOUNTAINS EC 99 years Jul 28 1,119 1,038,000 - 927 2016 ResaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years Jul 30 431 660,000 - 1,533 2018 Sub SaleORCHID PARK CONDOMINIUM Condominium 99 years Jul 30 980 670,000 - 684 1994 ResalePROVENCE RESIDENCE EC 99 years Jul 27 1,066 1,175,000 - 1,103 Uncompleted New SalePROVENCE RESIDENCE EC 99 years Jul 27 926 1,052,000 - 1,136 Uncompleted New SalePROVENCE RESIDENCE EC 99 years Jul 28 883 1,079,000 - 1,222 Uncompleted New SalePROVENCE RESIDENCE EC 99 years Jul 28 1,066 1,182,000 - 1,109 Uncompleted New SalePROVENCE RESIDENCE EC 99 years Jul 30 926 1,155,000 - 1,248 Uncompleted New SalePROVENCE RESIDENCE EC 99 years Jul 31 1,066 1,159,000 - 1,088 Uncompleted New SalePROVENCE RESIDENCE EC 99 years Aug 1 883 961,000 - 1,089 Uncompleted New SalePROVENCE RESIDENCE EC 99 years Aug 1 926 1,064,000 - 1,149 Uncompleted New SalePROVENCE RESIDENCE EC 99 years Aug 1 1,044 1,181,000 - 1,131 Uncompleted New SalePROVENCE RESIDENCE EC 99 years Aug 1 883 977,000 - 1,107 Uncompleted New SalePROVENCE RESIDENCE EC 99 years Aug 1 883 977,000 - 1,107 Uncompleted New SaleYISHUN EMERALD Condominium 99 years Jul 28 1,206 1,000,000 - 829 2002 ResaleDistrict 28 BELGRAVIA VILLAS Semi-Detached Freehold Jul 30 3,961 3,620,000 - 914 - ResaleH2O RESIDENCES Condominium 99 years Jul 28 1,130 1,250,000 - 1,106 2015 ResaleLUSH ACRES EC 99 years Jul 29 1,238 1,325,000 - 1,070 2016 ResaleRIVERBANK @ FERNVALE Condominium 99 years Jul 29 1,055 1,250,000 - 1,185 2017 ResaleSELETAR PARK RESIDENCE Condominium 99 years Jul 29 592 680,000 - 1,149 2015 ResaleSELETAR PARK RESIDENCE Condominium 99 years Jul 29 872 1,120,000 - 1,285 2015 ResaleTHE TOPIARY EC 99 years Jul 29 915 975,000 - 1,066 2016 ResaleTHE TOPIARY EC 99 years Jul 30 2,454 2,180,000 - 888 2016 Resale

https://edgepr.link/0SCOrX


PROJECT HIGHS & LOWS

BY ATIQAH [email protected]

In this week’s column, we look at condominium projects that have achieved new highs in terms of psf prices and those that have seen new lows, based on URA Realis data for the week of July 26 to Aug 1.

Highest psf transactionsThe highest transaction recorded on a psf basis was for a 764 sq ft, two-bedroom unit at 3 Cuscaden. It changed hands for $3.23 million, or $4,227 psf, on July 31.

The freehold unit sits on the 19th floor of the 23-storey tower located on Cuscaden Walk, just off Orchard Boulevard in prime District 10.

The project, launched in late 2018, is developed by Sus-tained Land and scheduled for completion in November. The tower has 96 units encompassing a mix of one-, two- and three-bedroom apartments, with sizes ranging from 420 to 1,281 sq ft.

3 Cuscaden is located within walking distance to Whee-lock Place, Ion Orchard, and the Orchard MRT Station along the North-South Line.

Another property that has scored its highest psf price transaction is Leedon Green. A two-bedroom unit on the eighth floor measuring 614 sq ft was sold for $1.81 million, or $2,957 psf, on July 29.

Leedon Green is a freehold condominium project compris-ing seven towers. There is a total of 638 units made up of one- to four-bedroom apartments. Unit sizes range between 474 and 2,680 sq ft.

The project is a redevelopment of the former Tulip Garden by a joint venture between MCL Land and Yanlord Land. It is located at Leedon Heights in prime District 10. The project is targeted for completion in 2023.

The new record comes two weeks after the development recorded a psf low on July 14, when a 667 sq ft two-bedroom unit was sold for $1.55 million, or $2,318 psf.

Lowest psf transactionsThe Quinn, a freehold development located along Bartley Road, saw a new low in terms of psf price from a transac-tion on July 26.

A 2,013 sq ft, duplex penthouse unit changed hands for $2.18 million, or $1,083 psf. The unit comprises three bed-

rooms with an additional room meant for use as a study or guestroom, as well as a roof terrace.

The Quinn was completed in 2016 by developer Top Glob-al and comprises 139 units. The development has four 5- storey residential blocks containing one- to four-bedroom units measuring between 484 and 1,744 sq ft.

The development is in proximity to three MRT stations, namely Bartley Station on the Circle Line, Woodleigh Station on the North-East Line, and Serangoon MRT Station on the North-East and Circle Lines.

Suites@Changi is another development that saw a new psf low following the transaction of a duplex penthouse unit measuring 1,152 sq ft on July 28. It was sold for $1.25 mil-lion, or $1,085 psf.

The owner had purchased the unit for $1.37 million ($1,189 psf) in January 2013, implying a loss of about $120,000.

Suites@Changi is a freehold project comprising just 44 units in a five-storey building. Completed in 2012, it was de-veloped by the Fragrance Group. Unit sizes range from 409 to 1,152 sq ft.

The development is located in District 14 along Changi Road, within the Geylang area. E

3 Cuscaden scores new high of $4,227 psfSUSTAINED LAND


A two-bedroom unit at 3 Cuscaden changed hands for $3.23 million, or $4,227 psf

The Quinn, located along Bartley Road, saw a new low in terms of psf price, at $1,083, from a transaction on July 26

Project highs (based on psf prices from July 26 to Aug 1) Date

(2021)District Project name Address Tenure Area

(sq ft)Price

($)Price

($ psf)

Jul 31 10 3 CUSCADEN 3 CUSCADEN WALK FREEHOLD 764 3,230,608 4,227

Jul 29 10 LEEDON GREEN 26 LEEDON HEIGHTS FREEHOLD 614 1,814,000 2,957Jul 28 15 AMBER 45 45 AMBER ROAD FREEHOLD 614 1,580,000 2,575Jul 27 10 GOODWOOD GRAND 16 BALMORAL ROAD FREEHOLD 893 2,300,000 2,574Jul 31 3 STIRLING RESIDENCES 23 STIRLING ROAD 99 YRS FROM 2017 441 1,067,000 2,418Jul 29 21 FORETT AT BUKIT TIMAH 34 TOH TUCK ROAD FREEHOLD 474 1,054,000 2,225Jul 28 15 SEVENTY SAINT PATRICK'S 84 ST. PATRICK'S ROAD FREEHOLD 840 1,750,000 2,084Jul 30 3 PRINCIPAL GARDEN 93 PRINCE CHARLES CRESCENT 99 YRS FROM 2014 797 1,615,000 2,028Jul 27 21 THE STERLING 1001 BUKIT TIMAH ROAD FREEHOLD 1,001 1,950,000 1,948Jul 28 10 THE SIXTH AVENUE RESIDENCES 172 SIXTH AVENUE FREEHOLD 1,356 2,610,000 1,924Jul 30 5 NORMANTON PARK 53 NORMANTON PARK 99 YRS FROM 2019 570 1,085,000 1,902Jul 29 11 IRIDIUM 11 LINCOLN ROAD FREEHOLD 764 1,450,000 1,897Aug 1 19 THE FLORENCE RESIDENCES 93 HOUGANG AVENUE 2 99 YRS FROM 2018 474 887,000 1,873Jul 28 23 MIDWOOD 10 HILLVIEW RISE 99 YRS FROM 2018 549 994,000 1,811Jul 29 15 THE MAKENA 121 MEYER ROAD FREEHOLD 1,507 2,650,000 1,759Jul 26 11 MONTEBLEU 8 MINBU ROAD FREEHOLD 1,141 1,985,000 1,740Jul 26 11 WATTEN HILL 85 WATTEN ESTATE ROAD FREEHOLD 1,507 2,580,000 1,712Jul 26 15 ELLIOT AT THE EAST COAST 33 ELLIOT ROAD FREEHOLD 990 1,680,000 1,696Jul 29 15 OLA RESIDENCES 839 MOUNTBATTEN ROAD FREEHOLD 1,916 3,034,000 1,584Jul 27 17 THE JOVELL 25 FLORA DRIVE 99 YRS FROM 2018 527 833,700 1,581Jul 28 10 CORONA VILLE 35 JALAN HAJI ALIAS FREEHOLD 1,528 2,300,000 1,505Jul 29 15 EAST SIGNATURE 1A ELLIOT WALK FREEHOLD 1,001 1,450,000 1,448Jul 26 14 SUITES 28 28 LORONG 30 GEYLANG FREEHOLD 431 585,000 1,359Jul 29 15 ESPIRA RESIDENCE 80 LORONG K TELOK KURAU FREEHOLD 786 880,000 1,120Jul 29 28 LUSH ACRES 3 FERNVALE CLOSE 99 YRS FROM 2013 1,238 1,325,000 1,070Jul 27 15 JC COURT 150 JOO CHIAT PLACE FREEHOLD 1,270 1,250,000 984

Project lows (based on psf prices from July 26 to Aug 1)Date

(2021)District Project name Address Property type Tenure Area

(sq ft)Price

($)Price

($ psf)

Jul 26 19 THE QUINN 9 BARTLEY ROAD APARTMENT FREEHOLD 2,013 2,180,000 1,083Jul 28 14 SUITES@CHANGI 226 CHANGI ROAD APARTMENT FREEHOLD 1,152 1,250,000 1,085Jul 27 2 SPOTTISWOODE SUITES 16 SPOTTISWOODE PARK ROAD APARTMENT FREEHOLD 1,087 1,708,000 1,571

TABLES: EDGEPROP SINGAPORE

MCL LAND, YANLORD LAND

A 614 sq ft, two-bedroom unit at Leedon Green was sold for $1.81 million, or $2,957 psf


BY CHARLENE [email protected]

A two-bedroom unit at V on Shen-ton, located along Shenton Way in District 15, will be put up for auction for $2.17 million ($1,884 psf) on Aug 25. This is accord-

ing to Edmund Tie, which is handling the bank auction.

Spanning 1,152 sq ft, the unit is on the 20th floor of the development. There is an additional room that can be used as a study room or a dining area, says Joy Tan, senior director, head of auction and sales at Ed-mund Tie.

As it is in a well-kept and move-in-ready condition, investors will not need to spend much on renovations, says Tan. The unit on auction is also a corner unit, offering “priva-cy, and is also bright and breezy”.

The unit was first acquired in August 2012 for $1.99 million ($1,729 psf), based on ca-veats lodged with URA.

“There have been healthy levels of en-quiries thus far, although the current Cov-id-19 situation has dampened market senti-ments,” says Tan.

She believes that “both investors and own-er occupiers will be keen on this unit as it is situated in a very convenient and accessible location”, adding that “investors could rent the unit out to potential tenants who work in the CBD”.

Facilities at the development include an outback grill, various lounges, pool, outdoor fitness area, swivel day beds and a refresh-ment bar. The unit can also benefit from fu-

ture capital appreciation as the upcoming Shenton Way MRT Station on the Thom-son-East Coast Line is close to the develop-ment, notes Tan.

V on Shenton comprises 510 units and was completed in 2017. The development is within walking distance to three train stations in the CBD: The upcoming Shenton Way MRT Sta-tion on the Thomson-East Coast Line, Tanjong Pagar MRT Station on the East-West Line and Downtown MRT Station on the Downtown Line. It is also a short drive to Marina Bay Sands, VivoCity shopping mall and Sentosa.

Rentals at a similar-sized unit at V on Shen-ton this year ranged from $4,100 to $5,400 per month, according to URA data.

The most recent transaction at V on Shen-ton was on July 22, when a 1,518 sq ft unit on the 40th floor changed hands for $3.36 million ($2,214 psf). On July 1, a 1,206 sq ft unit on the 45th floor transacted at $2.99 million ($2,478 psf), based on URA cave-ats lodged. E

Recent transactions at V on ShentonContract date (2021) Area (sq ft) Price ($) Price ($ psf)

Jul 22 1,518 3,360,960 2,214

Jul 1 1,206 2,988,000 2,478

Jun 29 1,055 2,150,000 2,038

Apr 30 1,055 1,900,000 1,801

Apr 19 689 1,330,000 1,931

Recent rental contracts for 1,100 to 1,200 sq ft units at V on Shenton

Lease date (2021) Monthly rent ($)

May 5,000

April 5,100

March 4,900

March 5,000

February 5,400

February 4,300

January 4,100

TABLES: URA, EDGEPROP SINGAPORE

UNDER THE HAMMER

Unit at V on Shenton on the market for $2.17 mil

The pool facility at V on Shenton

A two-bedroom unit at V on Shenton is set for auction on Aug 25

The living and dining area of the 1,152 sq ft unit

EDMUND TIE


EDMUND TIE

ep tackling waste in retail

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