| BY ESTHER HOON & LIN ZHIQIN |

Sellers are letting go of their properties, even if they have to incur seller’s stamp duty. However, they generally wait until the SSD falls to 4% in the fourth year of purchase. Based on the latest revision of

the SSD measure, homeowners who purchased their houses on or after Jan 14, 2011 and resold them within four years of the date of purchase are required to pay SSD. The SSD rates vary with the holding period, at 16%, 12%, 8% and 4% within the first, second, third and fourth years from the date of purchase respectively.

The number of sellers who paid 4% SSD grew from 200 in 2014 to 244 between January and November this year. On the other hand, only 68 sellers let go of their properties with-

in three years of purchase in 2015, when SSD rates were hefty at between 8% and 16% (see table on Page EP2).

There could be several factors behind this. First, sellers might prefer to hold cash or oth-er liquid assets in the current market so they can re-enter the market when property pric-es bottom.

The number of sellers who paid 4% SSD in 2014 and 2015 had purchased the properties in 2011 and 2012 and most of them netted a profit even after paying the 4% SSD.

Second, sellers who do not wish to hold on to their properties, for financial or other rea-sons, might do well to offload them now rath-er than next year, in case prices drop further. Prices of private non-landed homes have fall-en an average of 1% a quarter since 3Q2013’s

peak. If this trend continues or worsens, sell-ers might be better off incurring the 4% SSD now instead of waiting another year and risk selling their properties at lower prices as a re-sult of a higher supply in the market.

Third, there are sellers who are forced to let go of their properties because of the soft rentalenvironment and interest rate hikes. These properties might be sold at a loss or within the first three years of purchase. The propor-tion of unprofitable transactions moves in tan-dem with the decline in SSD rates, declining from 80% at 16% SSD rate in the first year to 22% at 4% SSD rate in the fourth year and 12% on the fifth year, when SSD is lifted (see chart on Page EP2).

The findings are based on matched URA’s re-sale and subsale caveats for private non-landed

homes as at Nov 24, 2015, with their previous transactions on or after Jan 14, 2011.

Investors pressured to offload shoebox and large unitsProjects with the highest number of resale transactions in the fourth year of purchase were Parc Rosewood, A Treasure Trove and Ripple Bay, with 19, 11 and 10 resale caveats respectively. Interestingly, these caveats in-volved mostly shoebox units.

Of the 19 resale caveats at Parc Rosewood, 84%, or 16 caveats, were for shoebox units averaging 445 sq ft. Similarly, for Ripple Bay, 90% — or nine of the 10 caveats — were for shoebox units averaging 490 sq ft.

The eagerness to offload shoebox units as CONTINUES NEXT PAGE

Star Wars wisdomFive insights for property investors PG2

Singapore’s ageing societyImpact on Iskandar Malaysia PG5

Home IdeasSuMisura offers tips on decorating for the holidays PG6

Deal WatchCondo near East Coast Park selling slightly above $1,100 psf PG7

Let it go Sellers do not mind paying seller’s stamp duty in anticipation of further downside

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news

A PULLOUT WITH

M A K E B E T T E R D E C I S I O N SMCI (P) 046/03/2015 PPS 1519/09/2012 (022805)

THE WEEK OF DECEMBER 21, 2015 708

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EP2 • THEEDGE SINGAPORE | DECEMBER 21, 2015

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

HEAD OF RESEARCH | Feily Sofi an ANALYSTS | Esther Hoon, Lin Zhiqin, Tan Chee Yuen

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Choy Wai FongPHOTO EDITOR | Samuel Isaac ChuaPHOTOJOURNALIST | Bryan TayEDITORIAL COORDINATOR | Rahayu MohamadDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Nik Edra,Mohd Yusry, Henry Lee

ADVERTISING + MARKETING HEAD | Edward StanislausGROUP SALES MANAGER | Cecilia KaySENIOR MANAGER | Windy TanMANAGERS | Mabel Wong, Danna Pusta, Elaine Tan

THE EDGE PROPERTY

GROUP SALES MANAGER | Cowie TanSENIOR MANAGERS | Diana Lim,Cheryann YeoACCOUNT MANAGER | Ken Tan

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Pseudonyms are allowed but please state your full name, address and contact number for us to verify.

Bigger units also affected by soft rental environment

THEEDGE P R O P E R T Y COVER STORY

FUN

FACT

Behind Chun Tin Road in the 

ANAK BUKIT area is a series of connected roads

named after banana varieties

— Lor Pisang Batu (stone), Lor Pisang

Udang (prawn), Lor Pisang Hijau

(green), Lor Pisang Emas (gold), Lor

Pisang Raja (king) and Lor Pisang

Asam (sour)

soon as SSD fell to 4% in the fourth year could have been motivated by a soft rental market, yield compression and the interest rate hike. In addition, shoebox units in the mass-market con-tinue to face strong competition from HDB flats for tenants. Based on our basket of properties, monthly rents for shoebox units in the mass-market were estimated to have fallen 21%, or more than $500, from $2,552 in 3Q2013 to $2,016 in 3Q2015.

In fact, URA data shows that monthly rents for a 400 to 500 sq ft unit at Parc Rosewood averaged just $1,657 in 3Q2015. Parc Rosewood was completed in 2014. Similar-sized units commanded an average month-ly rent of $1,815 in 3Q2014. Over the course of one year, the average rent for shoebox units in the development has fallen 8.7%.

At A Treasure Trove, 58% — or seven of 12 caveats — were for 775 sq ft units, the smallest apartments in the project. Although the project was completed this year, there is evidence of rental decline within the course of just a few months. For example, 700 to 800 sq ft units were let at an average monthly rent of $2,367 in July. Similar units fetched an average monthly rent of $2,230 in October, reflecting a 6% decline over a period of three months.

On a more positive note, all the transactions at Parc Rosewood, A Treasure Trove and Ripple Bay were profitable after accounting for the

4% SSD payable, as the sellers had purchased the properties at attrac-tive prices in 2011.

Larger units are also likely to be the most affected by the interest rate hike and soft rental environment. In dollar terms, Reflections at Keppel Bay accrued the most SSD from Jan 14, 2011, amounting to $1.81 million for seven resale caveats. Four cave-ats were for units measuring between 1,200 and 2,207 sq ft. The Minton trailed closely with $1.29 million for 18 resale caveats, with an aver-age unit size of 1,159 sq ft.

The highest SSD incurred for a sin-gle transaction was for a 3,821 sq ft unit at Four Seasons Park, amount-ing to $1.14 million in SSD.

At least 18,145 non-landed homes to be freed from SSDin 1H2016Based on our study, 18,145 non-land-ed homes will no longer be subject to SSD in 1H2016, as their holding peri-ods cross the four-year mark. Of these, 1,574 units will be located in Core Central Region, 4,164 units in Rest of Central Region and 12,407 units in Outside Central Region. Some of these units could turn out to be value deals, as the owners who are under pressure to sell have weaker bargaining power.

The top three projects with at least 100 shoebox units entering the fifth year of their holding period are Parc Rosewood, Guillemard Edge and Casa Cambio.

Spike in sales volume nearing the expiry of the four-year SSD holding period

SSD RATE (%)

SOLD IN 16 12 8 4 0

2011 16 – – – –

2012 19 27 – – –

2013 10 44 94 – –

2014 8 18 106 200 –

2015 6 11 51 244 595

Grand total 59 100 251 444 595

TABL

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Seller’s stamp duty has significant impact on profitability

100

20

60

80

0

40Prop

ortio

n (%

)

16 12 8 4 0

Loss Profi t

E

| BY LIN ZHIQIN |

Star Wars takes place in a cinematic universe a long time ago in a galaxy far, far away. As the curtain rises on Star Wars: The Force Awakens,

we chose our favourite Star Wars moments that can teach us a thing or two about investment.

Avoid acting on dark side emotions. In the cur-rent market, with prices and rents sliding, as well anticipation over an interest rate hike, some inves-tors might feel pressured to cut their losses and sell sooner than later. Like the Jedi, who believe there is a Dark Side but refuse to dwell on or fol-low it, property investors should avoid acting on emotions such as panic and fear. Instead, they should calmly take stock of their circumstances and consider options such as mortgage refinanc-ing or adjusting their spending to support the in-vestment mortgage. A temporary reduction in dis-cretionary spending could help provide sufficient cash flow to tide them over the period taken to secure a tenant.

Let go of attachment. If you own an HDB flat and a condo, which should you stay in and which should you rent out? Or should you sell one of them to raise capital for something else? Prop-erty purchases are often fraught with emotions, including instances where investors fall in love with their property, particularly their primary res-idence. Those who are in it for the money should weigh the worth, in terms of resale price and po-tential rental yield, and other factors as objec-tively as possible.

Your eyes can deceive you. It is important to learn more about the property and surroundings by visiting it before buying. Additional informa-

tion can be gleaned from talking to neighbours, who can give an unbiased view compared with the seller or agent. A house that looks to be in great shape could mask hidden issues. Buyers can take advantage of the following Council for Es-tate Agencies guideline in the Professional Service Manual to probe deeper: “When asked by a buyer or through his salesperson, the seller’s salesper-son must find out from the seller and convey to the buyer or the buyer’s salesperson information on the property, such as loan shark harassment, bankruptcy issues, recent deaths from unnatural causes, and defects such as spalling concrete and water leakages.”

Search your feelings. Most of us are familiar with buyer’s remorse, and seller’s remorse is not uncommon for big-ticket items like property. As human investors and not droids, it would be im-possible to be completely unfeeling. Perhaps the

key question to ask is, “Would I be able to sleep soundly tonight after acting on my decision?” If an investment will cause you to lose sleep over issues such as stretching your finances too thin, then it should sound off alarm bells. Although the Total Debt Servicing Ratio stands at 60%, a pru-dent investor might want to trade some leverage for a better night’s rest.

Unlearn what you have learnt. We all have pre-conceptions about property and the market, but can we rely on them? The common practice of drawing parallels between past and present could be unreliable when there are no rational or eco-nomic underpinnings for the relationships. Ac-cording to Alan Cheong, head of research and consultancy at Savills Singapore, dangerous ide-as about property can turn out to be falsehoods, and the public needs to think carefully about the information they are fed with.

Star Wars wisdom: Five insights for investors

FROM PREVIOUS PAGE

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SSD rate (%)

THEEDGE SINGAPORE | DECEMBER 21, 2015 • EP3

EP4 • THEEDGE SINGAPORE | DECEMBER 21, 2015

| BY JENNIFER RYAN |

The price of homes in central London will stagnate next year as prospective buyers priced out

of the UK capital look for property farther afield, Rightmove predicted.

Asking prices in outer London will rise 6%, creating a 3% gain across the capital, the property website operator said in a report published on Dec 14. Prices in London fell 0.5% this month, compared with a 1.1% drop nationwide.

A home in London now costs £616,548 ($1.3 million) on average, 20 times the average yearly salary of £30,821, after prices jumped almost 10% over the past year.

“2016 may be the year when many young urban professionals finally give up on the London market” and move to cities such as Manchester in northwest England and Edinburgh in Scotland, said Alasdair Rae, a Univer-sity of Sheffield professor who ana-lysed the data for Rightmove. “They are already very popular and pricey because of what they offer, but may

seem cheap to London émigrés priced out of the capital.”

UK asking prices rose an annual 7.4% in December amid a continu-

ing shortage of homes for sale, ac-cording to Rightmove. The number of prospective buyers making enquiries at real estate agencies rose 37% in

the fourth quarter from a year ear-lier, while the number of properties coming to market fell 5%.

Asking prices usually fall in

December, but the drop across the country was the smallest for the month since 2006. All 10 regions tracked by Rightmove posted declines, led by a 3.6% drop in Wales.

In London, the borough of Cam-den was the best performer, with a 15.3% increase from November. The biggest drop was in the City of West-minster, which fell 8.5%.

Describing housing as “a peren-nial British challenge”, Chancellor of the Exchequer George Osborne pledged financial incentives to spur homebuilding last month and said he is increasing a tax on purchas-ing properties for rental and second homes in a bid to reduce competi-tion for first-time buyers.

While a pickup in wages this year helped affordability measures, there might not be much further improve-ment. Bank of England deputy gov-ernor Minouche Shafik said on Dec 14 that gains may have levelled off, while data due to be published on Dec 16 may show basic pay growth cooled to 2.3% in the three months to October. — Bloomberg LP

A home in London now costs £616,548 on average, 20 times the average yearly salary of £30,821, after prices jumped almost 10% over the past year

Ivan Lee is a real estate salesperson and group division director with ERA Realty Network. He started out in the industry in 2009 as a part-timer. Lee now heads a team of more than 200 agents and has won nu-

merous awards including ERA Top 100 Achiev-er and Top Recruiter.

Your success story is an inspiration to many aspiring agents. Can you tell us about your past before joining the real estate industry, and what led to your success today? I was a Chinese medical shop helper when I was young. I became a medical herb delivery man after eight years. I entered the real estate industry in 2009 as a part-timer. I closed my first office rental case in Shenton Way, which earned me a commission of $3,600. At that time, this amount was huge as I was earning only $3,000 per month as a delivery man. This case actually turned my life around. Immedi-ately, I became a full-timer and began to be-lieve in the industry. Every day, I would wake up early and work late at the office or be at viewings until late. My success today actual-ly came from the realisation that I loved being a real estate agent. This career has no limits as to how much you can grow and it can take you from rags to riches.

What were the challenges you faced as a new agent and how did you overcome them?I was very shy and felt uncomfortable in crowds when I was just starting out. I had difficulties communicating with people be-cause for years, my job was to deliver goods

and leave. IT was also a major issue as I had never used a PC before. Lady Luck was with me, however. I met some nice clients-cum-investors who are still my friends today. They gave me a lot of opportunities to become active in the market. Through them, I picked up a lot of knowledge, learnt without any pressure and overcame my communication problem. I pro-gressed to attending ERA’s training sessions and also external courses to improve my IT knowledge and equip myself with more knowledge.

Could you share with us about your team and what sets it apart from others?My team was formed in 2014 and grew rapidly to 200-plus real estate salesper-sons in a span of two years. It has to be the strong bond as well as the ef-fort put in by everyone that has got-ten us to where we are now. We share and learn together unselfishly. Every-one is willing to share and help each other out without an agenda. This is the culture we cultivate and probably the reason we are still growing strong-ly. Our motto is to provide clients with utmost sincerity and concern. We be-lieve with this in mind, everyone will be headed in the right direction in carving out a successful real estate career with ERA. We are also blessed to be able to leverage ERA’s branding, the training provided and new ini-tiatives by the company to improve ourselves.

How have your priorities changed in the course of your career?My priorities have changed from doing my own sales to seeing my agents succeed. I derive a great sense of happiness when they message

me and thank me for helping them close certain cases. All this motivates me to keep on upgrading myself in order to provide for the group. I also attend courses to help me with pub-lic speaking and have applied to be a trainer in RIA School of Real Estate, so I can contribute back to the industry.

What challenges do you foresee and how are you preparing for them? Market sentiment is not good now. I foresee many more will leave the indus-try if the market gets worse. The way to keep our real estate career strong is to increase our portfolio. Assuming you focus on just the HDB market in good times, you should get involved and gain more knowledge in other areas such as commercial, landed or new project sales. You need to get more products to sell in such an environment. I’m now preparing and encouraging my team to go for more training in ERA. Effec-tive training is beneficial and makes up for your shortfalls.

If you had one piece of advice for aspiring agents, what would it be?Th ere are so many inspirational stories in the industry about how you can suc-

ceed if you are willing to work hard, believe in the industry and give your best to your cli-ents. You must also be willing to keep learn-ing. When you feel like quitting, think about why you started.

THEEDGE P R O P E R T Y SALES PERSONALITY

‘There are no limits to how much you can grow in this industry’

E

OVERSEAS NEWS

Lee: My priorities have changed from doing my own sales to seeing my agents succeed

Central London home prices seen stagnating as buyers ‘give up’

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THEEDGE SINGAPORE | DECEMBER 21, 2015 • EP5

THEEDGE P R O P E R T Y PROPERTY TAKE

Why your retirement plan is good news for Iskandar Malaysia

E

One major trend that is highly posi-tive for Iskandar Malaysia is Singa-pore’s ageing population. According to Singa pore’s Department of Statis-tics, there will be 900,000 residents

aged at least 65 by 2030 in the city-state. This effectively creates two outcomes. The

first is that Singapore, with its low birth rates and an ageing society, has to continue its policy of population growth via immigration. The old age support ratio (OASR) was 6:1 in 2014, which means there were six working adults to support each retiree in the country. By 2030, the ratio could fall to 2:1, which would be dis-astrous for economic productivity. A clear ex-ample of that today is Japan, where the econ-omy has stagnated for more than two decades.

To avoid a similar fate, Singapore would have to continue pursuing population growth via immigration — thereby increasing popu-lation density on the island owing to limited land — as per the much-maligned 2013 Popu-lation White Paper, to hit a 6.9 million popula-tion by 2030. Singapore is currently the third most-densely-populated country in the world, according to a recent government statistic. Hence, the cost of space here will remain high and climb higher in the longer run, making the business case for Iskandar Malaysia stronger.

The second outcome is how Iskandar Malay-sia has become an option for retirement plan-ning for Singapore’s elderly. The median age for Singapore today is 40 years, and observa-tions on the ground show that much of the real demand for properties in Iskandar Ma-laysia has been by the country’s older popula-tion. Many in this segment are sitting on cash savings of $100,000 to $200,000, yet are not able to buy a second or third property because of lower loan amounts owing to the total debt servicing ratio and additional buyer’s stamp duty for additional properties. So, buying a property in Iskandar Malaysia becomes a viable option because of the affordable pricing and the proximity to Singapore.

Property in Iskandar Malaysia can serve as a potential retirement home and an invest-ment. Other overseas property investments will not be able to achieve both these objec-tives. Those who buy properties in faraway locations such as Australia or the UK cannot possibly expect to retire there unless they em-igrate, thus weakening links to Singapore, and only if they can afford the higher cost of liv-ing in these countries. Iskandar remains the only practical retirement option as they can enjoy Malaysia’s lower cost of living, a bigger living space, and family ties, convenience and a sense of familiarity.

Many who buy properties in Iskandar today may not have retired yet, but are planning for when they do. With another 10 to 15 years to go before retirement, they can afford to look at the long term for Malaysian properties and not be affected by short-term market senti-ments. There are several more reasons why retiring in Malaysia is attractive.

Healthcare options in Malaysiaare attractiveHealthcare is one promising area for Iskandar to target as the Singapore consumer gets older, richer and better informed. Healthcare costs in Malaysia are between 30% and 50% cheap-er than in Singapore and Iskandar is just an hour’s drive from most parts of the city state. The local healthcare market is also significant and growing as Malaysians living in Iskandar — many of whom work or do business with Singapore — become more affluent as well.

Private healthcare in Iskan-dar Malaysia is still underdeve-loped, but big plans are on the cards. Gleneagles Medini, which was recently launched, is em-blematic of the rapid growth in greenfield Nusajaya, located just across the famed Legoland Theme Park and Afiniti Medini, the urban wellness joint-venture project by Singapore’s Temasek and Malaysia’s Khazanah. Glen-eagles Medini has a generous 15 acres of land for future expan-sion and immediate plans include a 17-storey tower for specialist suites.

The next highly anticipated player is billion-aire Peter Lim’s Vantage Bay healthcare city in Johor Baru City Centre. Lim’s Vantage Bay mixed-development project covers 23 acres, with plans of it being a healthcare and well-ness hub, and healthcare education hub. His privately owned Thomson Medical will operate the recently named Iskandariah Hospital, scheduled to open by 2018.

Other private players in the market include US-based Columbia Asia, Singapore-operated Regency Specialist Hospital and Malaysia- listed KPJ Healthcare. There are also numerous small-er operators that cater for another tier of the healthcare market — nursing homes and pri-vately managed retirement villages.

A little known fact is that Singaporeans can use their Medisave in selected Medisave- accredited hospitals in Malaysia. Today, this includes Regency Specialist Hospital in Johor Baru and Gleneagles Medini, and will like-ly be extended to all other privately operated hospitals in Iskandar Malay sia in the future.

Another big opportunity for healthcare in Iskandar Malaysia is healthcare tourism, with Indonesians being the largest number of medical tourists in Malaysia today. Medi-cal tourists from the West, China and Japan are also signifi cant. Private hospitals in Singa-pore’s Novena and Orchard Road do big busi-ness in this sector and as more options open up in Iskandar Malay sia, there is a large oppor-tunity to tap into the trend. Frost & Sullivan expects healthcare expenditure in Malaysia to

hit US$25 billion ($35.3 billion) by 2020, growing at 8% to 10% per annum.

High Speed Rail andRapid Transit Systemwill improve linksTravelling between Singapore and Iskandar Malaysia today can be a big hassle. Thousands cross the border daily, with Malaysians going into Singapore during the morning rush hour, and head-ing back home in hordes in the

evening. Traffic jams on the Causeway and the Second Link have throttled further growth.

While plans for a third bridge are unlikely to materialise anytime soon, discussions on the Rapid Transit System linking Woodlands North and Johor Baru City Centre have been going on for several years. Recently, the site for the Johor Baru RTS station was identified at Bukit Chagar, an empty plot of land that currently serves as a huge open-air carpark. With this confirmation, plans can now proceed towards detailed engineering studies.

The High Speed Rail has also seen pro-gress, with the Malaysian government set-ting up MyHSR Corp, a company dedicated to building the HSR in Malaysia. Recently a Request for Information initiated by Singa-pore’s Land Transport Authority and Malay-sia’s SPAD (Land Public Transport Commis-sion) saw more than 150 firms responding, indicating high interest to participate in this massive infrastructure project. The location of the HSR stations for Iskandar and Singapore will be at Gerbang Nusajaya and Jurong East (Jurong Country Club) respectively.

These rail links are important as experience in other cities show that three to six times more people can be moved when such rail links are in place. For Singaporeans planning to retire in Iskandar in the future, these rail links will make it easier to travel and save a lot of travel ling time, opening up opportuni-ties in services and the retail industry, serving the Singapore market on top of its own grow-ing local population. Imagine the economic benefits that Iskandar will enjoy if the Singa-

pore consumer market can be unleashed onto Johor Baru in its entirety.

Because of the proximity of both countries, Singaporeans retiring in Iskandar will not need to apply for the Malaysia My Second Home (MM2H) programme. Singaporeans currently enjoy 30 days’ visa-free entry into Malaysia. My personal experience is that with the city state so close by, retirees can easily spend one day in 30 to renew their entry documents. Liv-ing here and in Iskandar concurrently will be a reality for many, especially with the upcom-ing rail links linking both cities.

Cost of living in Malaysia is significantly lower than in SingaporeDepending on which survey you refer to, living costs in Iskandar Malaysia are between two and three times cheaper than in Singa-pore. Again, for retirees, this is an impor-tant consideration to stretch their savings. The lower costs of food and other essentials have been well documented, so let me fo-cus on transport.

While public transport in Malaysia is still behind Singapore’s, you can consider buying a car in Iskandar. Say, a brand new car costs about RM85,000 ($28,333) in Malaysia. You could get as high as 90% financing and up to a 10-year loan. The car is “freehold”, with no Certificate of Entitlement cost; in Singapore, it comes with only a 10-year lease. A more prac-tical option would be to get a second-hand car; small sedans are available for between RM15,000 and RM50,000.

What is a car worth to you if you live in Iskandar? Well, it buys you freedom of move-ment — something quite close to priceless if you have spent years travelling via buses and MRTs in Singapore. And that is part of the draw of having an Iskandar “retirement plan” and why an ageing Singapore population is good news for the Iskandar region.

Ryan Khoo is co-founder of Singapore-based Alpha Marketing, a real estate investment consultan-cy that focuses on the Malaysian market, espe-cially Iskandar Malaysia. The views express ed here are his own. He can be contacted at ryan.khoo@alpha marketingsg.com.

| BY RYAN KHOO |

Puteri Harbour residential and commercial development in Nusajaya. Buildings in Singapore can be seen in the distance. Proximity to the city state is an attraction for retirees who plan to live in Iskandar Malaysia.

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EP6 • THEEDGE SINGAPORE | DECEMBER 21, 2015

THEEDGE P R O P E R T Y HOME IDEAS

| BY ANGELA LIM |

For most people, there is nothing more rewarding than entertaining during the holidays. Holding small intimate par-ties for extended family members and your loved ones at home can be fun and

cozy. There are so many different elements that go into decorating a home for the holi-days that it is impossible to list all of them. Hence, here are some takeaways from the team at SuMisura. 

Serving that Christmas dinnerThis is the time of the year for some glitz and glamour on the table. Nestle sparkly, colour-dipped ice cubes in your Champagne ice bucket, add a candelabra or a colour-ful floral centrepiece in a decorative vase to make a show-stopping statement. Try setting the table with ribbons on the napkins. Guests will be rewarded with a pretty presentation! For more festive flair, you can also tie ribbons around the stems of your Champagne flutes or wine glasses for that extra bit of festivity.

More greeneryFor more festive cheer, bring a touch of green

into the house by placing lush greenery at door-ways and on the balcony. This creates an in-viting atmosphere and adds a woodsy aroma to the room. For those who lack green fingers, faux greenery can also look fabulous. Boughsof holly and pots of evergreen topiary make for a glossy yet understated decoration. Group various sizes and shapes together for astronger statement. 

Casting the perfect glowThose who prefer a more romantic setting can create soft, flickering lights for the man-telpiece or Christmas tree. Or, have a soft warm white LED glow on a table in a dark corner. You can group inexpensive frosted or clear glass vases of different sizes or add tea lights and enjoy the glow. If you like a brighter party setting, work with

cool white lights that diffuse through some cabinetry or wall features to prevent harsh light-throw. Striking accent colours such as red and tangerine on throw cushions and area rugs jazz up the festive mood.

Decorative photo collageTo decorate a fireplace mantel or media mantel, collect your family’s holiday photo-graphs and frame them up. The right mix ofaccessories can enhance a simple mantel piece. Apart from favourite pictures, you can fill the area with smaller accessories such as vases, candlesticks and decorative objects. Pick up on colours and materials found elsewhere in the room. Vary the height and visual weight of items and you’ll be on your way to a well-dressed mantelpiece!

Have fun decorating and cheers!

Angela Lim is the co-founder of SuMisura, a multiple award-winning interior design firm. It is the official interior designer for the tallest resi-dential building in Singapore and Malaysia, The Astaka in Iskandar Malaysia, scheduled for com-pletion in 2018. Better known for her glamorous, haute-couture show flats, Angela’s work has been featured in many design magazines.

Holiday decorating ideas

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If you prefer a brighter setting, jazz up the room with cool white lights and colour accents

Greenery at doorways and on the balcony add festive cheer to the occasionFamily photos and accessories draw the eye to the mantelpiece. Vary the height and visual weight of decorative items.

Have a soft glow in dark corners for a romantic setting A floral centrepiece, candles and glasses spell class when it comes to entertaining

THEEDGE SINGAPORE | DECEMBER 21, 2015 • EP7

THEEDGE P R O P E R T Y DEAL WATCH

Condo near East Coast Park selling slightly above $1,100 psf

Historical transactions for 1,500 to 1,600 sq ft units at The Makena

CONTRACT DATE FLOOR AREA (SQ FT) PRICE ($) PRICE ($ PSF)

11-Nov-15 Low 1,582 1,950,000 1,232

10-Jul-15 High 1,582 2,120,000 1,340

3-Jun-15 Mid 1,507 1,800,000 1,194

4-Dec-14 Mid 1,582 1,812,000 1,145

17-Apr-14 Mid 1,518 2,100,000 1,384

2-Apr-14 Mid 1,582 2,150,000 1,359

21-Feb-14 High 1,582 2,300,000 1,454

8-Jan-14 Mid 1,582 2,008,888 1,270

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Table 1

| BY TAN CHEE YUEN |

A 1,582 sq ft unit at The Makena is looking for a buyer on TheEdge-Property.com at $1.78 million, or $1,125 psf.

The Edge Fair Value, a valuation tool on TheEdgeProperty.com, puts the indic-ative value of the property at slightly above $1,150 psf. Last month, another 1,582 sq ft

unit on the seventh floor changed hands for $1.95 million, or $1,232 psf. There were three transactions involving similar-sized units this year with prices ranging from $1,194 to $1,340 psf.

The listed price of $1,125 psf has not been seen since 2012 when two 1,582 sq ft units were sold for that exact same price.

In the past three months, there were eight rental contracts involving three-bedroom

Table 2

Rental contracts for 1,500 to 1,600 sq ft units at The MakenaLEASE DATE MONTHLY RENT ($) ($ PSF)

Oct-15 4,200 2.7

Oct-15 3,600 2.3

Sep-15 3,800 2.5

Sep-15 4,300 2.8

Aug-15 4,000 2.6

Aug-15 3,500 2.3

Aug-15 4,300 2.8

Aug-15 4,500 2.9

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units measuring 1,500 to 1,600 sq ft at The Makena. The average rent for these units was $4,025, or $2.61 psf a month. Based on the listing price of $1.78 million, the average

rent translates into a potential gross rental yield of 2.7%.

The Makena is a 504-unit freehold con-dominium development at Meyer Road. Completed in 1998, it is located across East Coast Park. Nearby schools include Haig Girls’ School, Kong Hwa School, Canadian International School and Chatsworth Inter-national School.

Scan the QR code for value deals at The Makena and nearby projects

As we are not party to the contract between the client and agent, we are not able to verify information provided by the agent

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The Makena is a 504-unit freehold condominium development at Meyer Road