Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF JUNE 19, 2017 | ISSUE 784-6

M A K E B E T T E R D E C I S I O N S

Becoming Singapore’s No 1 realtor

The merger of PropNex and DWG marks a defi ning moment in the real estate agency business. However, the game of musical chairs by real estate agents is likely to

intensify as other agencies look to beef up their sales force in a quest for growth. See our Cover Story on Pages 8 to 10.

MCI (P) 079/05/2017 PPS 1519/09/2012 (022805)

Under the HammerBungalow on Paradise Island going for $13 mil

EP4

Alternative Investments

QIP offers chance to go into UK student housing EP6

Done DealsRitz-Carlton Residences see

prices hit $3,598 psfEP12

Gains and LossesUnit at Thomson Viewsold at $1.7 mil profi t

EP15

DWG’s Dennis Wee (left) and Ismail Gafoor of PropNex

EP2 • THEEDGE SINGAPORE | JUNE 19, 2017

EDITORIALEDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY SECTION EDITOR |Michael LimSENIOR ANALYST | Lin ZhiqinWRITER | Angela TeoANALYST | Tan Chee Yuen

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PROPERTY BRIEFS

SPH and Kajima place top bid of $1,132 mil for Bidadari siteElara 1 and Callisto 1, entities linked to Singapore

Press Holdings and Kajima Development, have submit-

ted the highest bid among 12 bidders for the Bidadari

estate at Upper Serangoon Road, according to pro-

visional tender results from HDB. SPH and Kajima’s

top bid of $1,132 million translates into $1,181 psf

per plot ratio.

In second place was Far East Civil Engineering and

Sekisui House, with a bid of $1,117,777,777 ($1,166

psf ppr), which is 1.27% lower than that of SPH

and Kajima Development. The other bidders include

Guoco Group’s First Meyer Development and GLL A,

which submitted the third-highest bid of $1,060 mil-

lion ($1,105 psf ppr).

Desmond Sim, head of CBRE Research for Singa-

pore and South East Asia, says the aggressive bids are

a testament to developers’ hunger for sites, as well

as the site being the epicentre of the up-and-coming

Bidadari estate. The site is also the sole mixed-develop-

ment site released under the Government Land Sales

programme in 2H2016 and the first land parcel for

private housing at the new estate.

“Based on the top bid, the developer of this mixed

development could be aiming to launch the residen-

tial units at above $1,700 psf from late-2018 onwards,”

says Nicholas Mak, head of research and consultancy

at ZACD. “If this [happens], it would set a new record

price for 99-year leasehold apartments in this location.”

IOI Properties and Hongkong Land form JVto develop Central Boulevard siteIOI Properties Group and Hongkong Land inked a

memorandum of agreement on June 12 (above) to

jointly develop and manage a “white” site on Central

Boulevard. The joint venture, subject to regulatory

and other approvals, will see IOI Properties owning

67% of the JV company, with the remainder held by

Hongkong Land.

Wealthy Link, a subsidiary of IOI Properties, won

the 99-year leasehold site in November last year with

a top bid of $2.57 billion ($1,689 per sq ft). Strategi-

cally located in the CBD and the Marina Bay area, the

1.1ha (118,400 sq ft) site will be developed into two

office towers with 1.26 million sq ft of leasable space

and a retail podium of about 30,000 sq ft.

The site is adjacent to One Raffles Quay, near the

Marina Bay Financial Centre and within walking dis-

tance of the Downtown MRT Station. Its gross develop-

ment value is estimated to be $3.5 billion. Construction

is likely to start at end-2017 or 1Q2018.

Retail unit in Bras Basah-Bugis district up for sale by EOIA corner retail unit on the first level of the GSM Build-

ing has been put up for sale by expression of interest

(EOI). According to joint marketing agents Cushman

& Wakefield and CBRE, the guide price for the ground-

floor property, which comes with a mezzanine level,

is $14 million.

GSM Building is located at the junction of Middle

Road and Waterloo Street and is within walking dis-

tance of the Bugis and Bras Basah MRT stations and

the upcoming Bencoolen MRT Station on the Down-

town Line. In addition to having triple frontages and

high pedestrian traffic, the site is said to have stable

tenancy and good rental yield. Currently, the prop-

erty is being rented to a single tenant for $45,000 a

month (3+3 years), until March 2019.

The 99-year leasehold site has an existing gross floor

area of 7,567 sq ft, including a void of about 700 sq

ft. Buyers can consider operating a food court on the

ground floor, and an office on the mezzanine level,

subject to approval. The EOI exercise closes on July 11.

Retail space in Marine Parade Central up for sale at guide price of $85 milA retail, commercial and banking hall space on the

first and second levels of 87 Marine Parade Central

(above) has been put up for sale by EOI, at a guide

price of $85 million. According to Cushman &

Wakefield, the appointed marketing agent, the sale

of the site is subject to HDB approval and it will be

sold with existing tenancies.

Situated next to the Marine Parade Food Centre

and opposite Parkway Parade, which is said to attract

more than 1.5 million shoppers a month, the 25,833

sq ft site is almost 100% occupied. The strata area

on the first floor spans 12,776 sq ft, while that on

the second floor covers 12,324 sq ft, including a 731

sq ft void space. The site has a net lettable area of

22,796 sq ft.

The prospective buyer will receive immediate rental

income, ranging from $7.50 to $39.60 psf a month,

from tenants such as clinics, money changers, banks,

apparel shops as well as beauty and wellness busi-

nesses. The site has 59 years remaining on its 83-year

lease. The closing date for the EOI is July 11.

The Albracca at Meyer Road up foren bloc sale from $62 milThe Albracca (below), a 10-storey residential develop-

ment on Meyer Road, has been put up for en bloc

sale by tender. The asking price, before potential

development charges payable, is between $62 and

$65 million, which works out to $1,262 to $1,323 psf

ppr. This is the first time The Albracca has been put

up for collective sale, says JLL, the appointed sole

marketing agent for the property.

The 11-unit strata-titled development is located at

the corner of Meyer Road and Meyer Place. Under

the 2014 Master Plan, the 23,400 sq ft site is zoned

“ Re sidential” and has a permissible gross plot ratio of

2.1. The Meyer Road area is widely regarded as a prime

location outside the Core Central Region and is popular

among high-net-worth buyers. But sites in the area are

rarely available for sale, says JLL.

According to JLL, the site could be redeveloped

into a high-rise residential development of 18 to 24

floors, subject to the technical height controls imposed

by the government. As such, developers, should they

receive approval from URA, could consider transform-

ing the GFA of 49,130 sq ft into 65 apartments, or less,

with an average size of 753 sq ft. The tender exercise

for The Albracca closes on July 20.

Frasers Hospitality opens Capri-branded hotel residence in BerlinFrasers Hospitality, a subsidiary of Frasers Centre-

point, has announced plans to expand the reach of

the Capri by Fraser brand to 19 properties in 16 cities,

or 4,000 keys worldwide, by 2021.

On June 12, the group opened hotel residence

Capri by Fraser Berlin, its second property under the

Capri by Fraser brand, in Germany, and its seventh

globally. Frasers Hospitality opened its first Capri-

branded property in Germany, Capri by Fraser Frank-

furt, in 2015.

Like other properties under the brand, Capri by Fraser

Berlin, which houses 143 studio and one- bedroom ser-

viced apartments, is targeted at millennial travellers.

Located in Berlin’s historic centre, Scharrenstraße,

the property is a short walk from attractions such as

the Altes Museum and Neues Museum on Museum

Island. The property is also a four-minute walk from

the nearest underground station and 10 minutes from

the Ostbahnhof train station.

Frasers Hospitality CEO Choe Peng Sum says there

are 12 new Capri-branded properties in the pipeline.

Some of these will be located in cities that are new to the

Capri by Fraser brand, such as Leipzig in Germany and

Shenzhen and Wuhan in China. Frasers Hospitality is also

looking to grow the brand by adding new Capri-brand-

ed properties in “key gateway cities” such as Singapore

and Kuala Lumpur. The next Capri by Fraser property

is set to open this year on Jalan Imbi, Kuala Lumpur.

World Class Global says IPO 2.1 times subscribedWorld Class Global, a real estate company that under-

takes property development and property investment

in major cities in Australia and Malaysia, says it has

received strong interest from both retail and institu-

tional investors for its IPO.

At the close of the invitation at noon on June 13,

3,052 valid applications for 138 million shares had been

received for the four million shares on public offer.

Based on the total invitational shares of 136 million

and the total valid applications received amounting to

280 million shares comprising valid applications re-

ceived for offer shares, 132 million placement shares

and over-allotment of 10 million shares, the IPO was

2.1 times subscribed.

World Class Global intends to use the net proceeds

of $21.9 million mainly for the acquisition of proper-

ties and construction and other related costs in con-

nection with the development properties, as well as

working capital for the group.

The net proceeds will increase by $2.7 million if

the over-allotment option is exercised by the under-

writer and placement agent during the option period.

World Class Global’s post-IPO market capitalisation

will be around $235.5 million, based on the issue price

of 26 cents, assuming the over-allotment option is not

exercised. The listing and trading of World Class Global

shares started on June 15.

Industrial, office and hotel sectors to bottom out in 2018: DBS Group ResearchSingapore’s industrial, office and hotel property sectors

are likely to approach a cyclical bottom in 2018, says

a report by DBS Group Research. It came to the con-

clusion based on sentiment that new supply for these

sectors is expected to taper off next year.

According to DBS Group Research, new industrial

supply is likely to decrease by nearly 50% in 2018, as

warehouse and business park space completions are

projected to peak this year. Business parks are poised

to see a rise in demand from firms in the telecom-

munications, media and technology sector. However,

REITs with interest in industrial and business parks

will continue to expect downside risks for the sector

for the rest of this year.

New commercial property and hotel room supply

is also set to fall in 2018. The commercial sector will

see a low number of new supply additions until 2020

following the supply boom in 2016 and 2017, while

hotels are likely to see additional room demand from

the return of major conferences and events in 2018.

The report cites a projected growth in GDP of 2.5% to

2.8% per annum over the next two years as the reason

hotels and office space will see an increase in demand,

particularly because the two sectors are closely corre-

lated with a buoyant economy. DBS Group Research be-

lieves hotels and commercial properties will lead market

recovery.— Compiled by Angela Teo & Michael Lim

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EP4 • THEEDGE SINGAPORE | JUNE 19, 2017

UNDER THE HAMMER

| BY ANGELA TEO |

A double-storey bungalow on

Paradise Island in Sentosa

Cove will be put up for auc-

tion by Colliers Internation-

al on June 21. The proper-

ty has a built-up area of 8,800 sq ft,

sits on a 99-year leasehold land site

of 7,360 sq ft, and has six bedrooms,

five ensuite bathrooms, a swimming

pool and a private berth. The prop-

erty is a mortgagee sale, and comes

with an indicative price tag of $13

million ($1,766 psf).

It is one of 29 villas developed

on the man-made island of Paradise

Island by Singapore-listed Ho Bee

Land, and completed in May 2009.

Ho Bee was a first-mover in Sentosa

Cove and is the biggest stakeholder

there. Besides Paradise Island, it also

developed Coral Island, a man-made

island with 21 villas and completed

in July 2007. Condos developed by

Ho Bee are the 200-unit The Berth by

the Cove, 249-unit The Coast, 91-unit

Turquoise, 151-unit Seascape and

302-unit Cape Royale. Seascape and

Cape Royale were developed jointly

with Malaysia’s IOI Properties Group.

When Paradise Island was first

launched for sale, many of the buy-

ers were foreigners, especially from

China. This is because Sentosa Cove

is the only area where foreigners are

eligible to purchase bungalows.

The previous owner of the bun-

galow is believed to be a citizen of

Hong Kong Special Administrative

Region. He purchased the bungalow

for about $8.3 million ($1,127 psf)

when it was launched in March 2007.

The last transaction at Paradise Is-

land was in September 2014. It was

the sale of a bungalow on a 99-year

leasehold land area of 7,341 sq ft.

The unit changed hands for $14.5

million ($1,976 psf).

Bungalow transactions in Sentosa

Cove have picked up since 1Q2017,

with six deals done from March to

May. Prices ranged from $10 million

($1,348 psf) for a bungalow on Cove

Drive that sits on a 99-year leasehold

land plot of 7,416 sq ft, to $21.25 mil-

lion ($1,886 psf) for a property on

Lakeshore View with a 99-year lease-

hold land size of 11,270 sq ft, accord-

ing to caveats lodged with URA Realis.

Significantly, the Paradise Island

mortgagee sale is the first for a bun-

galow on Sentosa Cove. The last time

a bungalow in Sentosa Cove was put

up for auction was in October 2008.

The bungalow, located along Ocean

Drive, sits on a land area of 7,815 sq

ft. It was put up for auction by the

former DTZ (now Edmund Tie & Co)

at an opening price of $18 million. It

was withdrawn from the auction, and

later sold by private treaty in January

2010 for $15.5 million ($1,984 psf).

Whether the bungalow at Par-

adise Island will find a buyer will

depend on the price expectations

of potential buyers and the seller,

says a property agent who declined

to be named.

Bungalow at Paradise Island up for mortgagee sale at $13 million

All the villas on Paradise Island come with a private berth for a boatA view of the private swimming pool of the double-storey bungalow on Paradise Island

The entrance of the bungalow at Paradise Island, which is one of 29 villas on the man-made island

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ALTERNATIVE INVESTMENTS

EP6 • THEEDGE SINGAPORE | JUNE 19, 2017

QIP offers opportunity to invest in UK student housing development| BY CECILIA CHOW |

The student housing sector

has become increasingly hot,

fuelled by multibillion- dollar

acquisitions by Singapore’s

sovereign wealth fund GIC

and Temasek-linked Mapletree Invest-

ments. Early this month, Maple tree

Investments purchased a portfolio

of student housing and multi- family

properties in the US and Canada. This

brings its total portfolio of student

housing assets in North America and

the UK to 43, with a total of 18,024

beds. The portfolio includes assets

held under its sponsored Mapletree

Global Student Accommodation

Private Trust.

Peter Young, co-founder and CEO

of Q Investment Partners (QIP), a

Singapore-based boutique real estate

fund manager, feels there is a niche

for non-institutional investors who

want to invest in student housing

assets, but do not have the financial

muscle of GIC and Mapletree to buy

entire portfolios of assets.

The investors that QIP is targeting

are high-net-worth individuals

( HNWIs) and family offices that

want to invest in institutional-grade

properties, but may not have access

to them.

“We [run] a buy, develop, operate

and sell model, to enhance the value

of the asset,” says Young. “We occupy

a niche between providing HNWIs

with institutional-level real estate that

they would ordinarily not have access

to, and institutions such as GIC and

Mapletree, which seek to buy yield-

ing assets, but don’t have the capa-

bility to develop them.”

‘Asset-by-asset approach’QIP is offering an “asset-by-asset”

investment approach. Part of the at-

tractiveness of this approach is that

it is easy for HNWIs to understand

what they are buying into in terms

of the location of the project, financ-

ing terms, investment period and exit

strategy, says Young.

The firm’s first investment oppor-

tunity is a 284-bed purpose-built stu-

dent accommodation block on West

Street, the main thoroughfare of

Sheffield city centre, in South York-

shire, the UK. QIP is looking to raise

£9 million ($16 million) in equity for

the development.

The student housing block is lo-

cated less than 1km from major aca-

demic institutions such as the Uni-

versity of Sheffield and Sheffield

Hallam University, as well as retail

and transport facilities. Sheffield pre-

sents an opportunity as existing and

future developments cater to only

40% of the student population of

60,000, says Young.

The minimum investment is

£350,000, with a four-year invest-

ment horizon. Investors can expect

to get 16% annual non-compound-

ing return, net of fees. Roadshows to

raise capital in Singapore and Hong

Kong have seen “an overwhelming

response”, says Young.

In the UK, QIP works with Develop-

ment Managers Ltd, a development

and project management company

headed by Kevin McGovern, who

has a team of 16 professional staff.

Besides handling the development

and project management of QIP’s

project in Sheffield, DML has also in-

vested in it. McGovern was former-

ly with American real estate builder

and investor Tishman Speyer Prop-

erties, Canadian real estate company

Markborough Properties and Rose-

haugh, a major property developer

in the City of London and Docklands

in the 1980s. The team will develop

QIP’s development and investment

projects in the UK.

Upon completion of the accommo-

dation block, QIP will operate the

asset until it has achieved stable in-

come, generally over a two- to three-

year period. The exit strategy will be

to sell to a property fund or institu-

tional investor buying into the in-

come stream, says Young.

‘Counter-cyclical’According to QIP business develop-

ment director Alex Bellingham, the

attraction of the student housing

sector is “its counter-cyclical aspect”.

Unlike residential property, which is

affected by both political and eco-

nomic uncertainty, the recent UK

election has had “zero effect” on

the student housing sector, he adds.

What will affect the student housing

market, and specifically QIP’s devel-

opment, reasons Bellingham, is the

number of international students in

the location.

QIP is also looking at Nottingham

as a potential location for a student

housing development, as well as

Birmingham and Edinburgh, cities

with top-tier universities. The target

is to have a pipeline of four student

housing assets of £30 to £40 million

each, with an eventual portfolio size

of £150 million, says Young.

QIP chose to focus on the UK

student housing sector owing to its

principals’ track record in developing

and investing in such assets. Young,

for instance, was CEO and executive

director of IP Investment Manage-

ment for two years until November

2015. Prior to that, he was invest-

ment director at IP Global for two

years. IP Global was founded in 2005

by its chairman, Tim Murphy, who

specialises in property investments

around the globe.

At IP Global, Young was involved

in the investment and development

of six student housing projects with

over 800 beds in six cities, such as

Birmingham, Cardiff and Edinburgh.

Those investments achieved internal

rates of return ranging from 12% to

20% over a three-year period.

Bellingham was formerly IP Global

director and head of its Singapore

office for seven years. He was also

the officer responsible for IP Global’s

fund management business in Hong

Kong before joining QIP.

Finding valueIn the course of marketing projects

from around the world at IP Global

— Birmingham, London and Man-

chester in the UK; Chicago in the US;

Melbourne, Australia; Niseko, Japan;

and Berlin, Germany — Belling ham

has seen many clients accumulate

property over the years. He has, like-

wise, done the same. “It was always

about the ease of buying a property

and generating returns for clients,”

he says. “However, with the new tax-

es in place and difficulty in securing

a mortgage, it has become harder to

find value buys.”

At QIP, the team will be rolling

up their sleeves, undertaking devel-

opment of their projects, securing

financing, and operating or letting

out the assets to generate returns

for investors. “The assets will then

[be] flipped to institutional inves-

tors looking to buy into the income

stream,” says Young.

The recent weakening of the pound

sterling has increased the purchasing

power of most international students

planning to study in the UK, reckons

Young. “ Given the large number of

established, high-ranking universities

in the UK, a degree from a British uni-

versity will remain a major draw irres-

pective of Brexit and the geo political

environment,” he adds.

Bellingham agrees. “The current

position of the pound against many

of the main currencies, including the

US dollar and Singapore dollar, is

also good for our investors as many

of our clients are taking advantage

of the current cheap currency to stay

invested in Britain.”

He believes the student housing

sector will continue to boom. In

periods of uncertainty, more people

will leave the workforce to seek a

quality education, and possibly a

change in careers, Bellingham notes.

“This could further increase demand

for student housing, thereby worsen-

ing the supply-demand metric.”

QIP has seven staff members in

Singapore. Young’s equity partner

and QIP co-founder is Singaporean

Eu Khoon Ang, executive director of

the firm and an entrepreneur who

has invested across a wide range of

venture capital and private equity

businesses.

Besides student housing, QIP also

sees potential in aged care and build-

to-rent sectors in the UK. The private

equity firm is also focusing on two

other markets, Australia and the US,

where it sees potential in student ac-

commodation and aged care.

Young (left) and Bellingham say QIP is focused on buying property and generating returns for clients

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EP8 • THEEDGE SINGAPORE | JUNE 19, 2017

COVER STORY

Becoming Singapore’s No 1 realtor

| BY CECILIA CHOW |

On June 12, PropNex Real-

ty announced a merger

with Dennis Wee Group

(DWG), which could result

in a combined sales force

of close to 7,000 agents. Prior to the

merger, PropNex was the second-

biggest real estate agency in Singa-

pore, with 5,855 agents. DWG was

in sixth place, with 1,071 salesper-

sons (see table).

The merged entity, called PropNex

DWG, will form the biggest group of

agents under the PropNex umbrella.

Other divisions within PropNex in-

clude PropNex Ace, PropNex PNG

(powerful negotiators group) and

PropNex POC (power of closing).

According to Ismail Gafoor, CEO

of PropNex Realty, the company has

arranged for “a bulk transfer” of all

the 1,071 agents to PropNex DWG.

Both PropNex and DWG are em-

phatic that the deal is a merger and

not an acquisition. “This isn’t a dol-

lar value transaction,” says Gafoor.

A home-grown agency, PropNex was

founded in 2000 by Gafoor, Alan Lim

and several other partners.

Dennis Wee, founder and chair-

man of DWG, will lead his sales team

at the new entity as senior strategic

partner. However, he will remain

chairman of his company, DWG. His

wife, Priska and son, Denka will be-

come strategic partners of PropNex

DWG, to assist in the transition pro-

cess. However, Priska and Denka will

remain as vice-chairman and exec-

utive director of DWG, respectively.

‘Not about money’Commenting on the merger, Wee

says: “It’s not about money. It’s about

giving my staff the opportunity to

grow that they never had before.”

He founded the group in 1993, with

just 10 real estate agents.

When Denka joined DWG several

years ago, he charted a new course

for the group, embarking on property

investment and development projects.

“We buy properties that generate a

yield and that we can sell for capital

gains over the long term,” he says.

The group is said to have investments

in Singapore, Tokyo, London and

Bangkok.

While the brokerage business

contributed to 70% of DWG’s overall

revenue, it accounted for less than

10% of overall profit, says Denka.

Following the alienation of DWG’s

brokerage business and its sales force

to PropNex, the remaining businesses

under DWG will be property devel-

opment, investment and valuation.

“Valuation accounts for just 10% of

the business, with the balance be-

ing investment and development,”

says Denka.

Increased market share to 50%For Gafoor, the additional sales force

following the merger will bring Prop-

Nex’s share of the residential market

to 50%. This includes HDB resale,

private resale and new launches.

“Developers will be excited by this

news,” he says. “If PropNex is going

to have 50% of the residential mar-

ket share moving forward — and we

have a strong workforce — it will be

to their advantage to consider us.”

He says PropNex has been ap-

pointed the marketing agent for

up to 50 projects. They include the

400-unit Artra at Alexandra by Far

East Consortium and New World

Development; GuocoLand’s upcoming

450-unit Martin Modern; and Qing-

jian Realty’s 516-unit Le Quest at

Bukit Batok.

Gafoor is confident that at least

80% of DWG’s sales force will cross

over to the new entity as they will

be able to participate in marketing

new projects. “If you lack scale,

and are struggling to continue in

this space, then it’s good to let the

brokerage business join a different

platform, and focus on what you’re

good at,” says Gafoor. “That’s what

Dennis Wee chose to do.”

The merger of PropNex and DWG marks a defining moment in the real estate agency business. However, the game of musical chairs by real estate agents is likely to intensify as other agencies

look to beef up their sales force in a quest for growth.

Gafoor (left) and Wee at the announcement of the merger of PropNex and DWG on June 12

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THEEDGE SINGAPORE | JUNE 19, 2017 • EP9

COVER STORY

When it comes to new project

launches, size matters. “What’s im-

portant for developers is the strength

of the realtor’s outreach, how well-

trained the sales force is, and how

well it can be galvanised to organise

a roadshow,” explains Gafoor. “It’s

not that developers don’t favour small

agencies. It’s because [the latter] do

not have the manpower to be effec-

tive when it comes to a significant

project launch.”

Who’s the biggest? Jack Chua, CEO of ERA Realty Net-

work, says his firm is currently the

biggest realtor in Singapore, with

over 6,200 agents. “We’ve been the

biggest since the formation of the

Council for Estate Agencies,” he says.

CEA was founded in October 2010 as

a statutory board to regulate the real

estate agency industry. It requires all

real estate agents to be licensed and

to obtain CEA approval when they

transfer from one agency to another.

“Saying you’re No 1 or the largest

real estate agency in Singapore is main-

ly for advertising purposes,” admits

Chua. “Ultimately, what’s important

for sellers and buyers is how you, as

a realtor, can help in the marketing

of their property.”

The extent of an agency’s network

is equally important, he adds. ERA

is a franchise under the New York

Stock Exchange-listed Realogy, which

also owns the franchise for Sotheby’s

International Realty, Century 21 and

Coldwell Banker.

In Singapore and the Asia- Pacific

region as a whole, the ERA franchise

is held by private equity firm North-

star. ERA has a global reach, with

36,000 sales agents and 2,350 of-

fices in 32 countries. In Asia-Pacific

alone, it has 15,829 sales associates

in 642 offices across eight countries.

According to Chua, ERA recently

signed the franchise for Vietnam and

will be opening an office in Ho Chi

Minh City in the next two months.

The other countries in Asia where it

has a presence are Japan, South Ko-

rea, Taiwan, Indonesia, Malaysia and

Thailand. Singapore is where it has the

most number of agents, as well as its

Asia-Pacific headquarters. This is fol-

lowed by Indonesia, where it has over

4,000 agents and Japan, over 2,000.

Growth by merger & acquisitionGrowth by acquisition has always

been an option, and international real

estate advisory firm JLL did precisely

that in 2014 when it took a 20%

stake in PropNex International, the

project marketing arm of PropNex.

“That was an acquisition at the

company level,” says Gafoor. “That’s

different from what we have with

DWG, which is a merger.”

However, an agency as a company

does not have any real assets, except

for the sales agents, points out an

industry veteran.

ERA’s Chua agrees. “ Whether or

not all the agents from DWG will

transfer to PropNex DWG remains to

be seen. These are free agents. They

can still move after that. A lot of agen-

cies are eyeing DWG’s associates.”

The merger of PropNex and

DWG underscores the consolida-

tion taking place in the Singapore

property market, where the volume

of new home sales has halved since

the implementation of the total debt

servicing ratio framework in June

2013, which came on the back of

seven rounds of property cooling

measures introduced earlier.

“When transaction volume is

thin, it’s only natural for people

to think that the more resources

they have in terms of manpower,

the greater cover age they will get,”

says an industry peer who declined

to be named. “That is certainly the

case for mass-market projects, but

not necessarily so for niche projects,

where some dev elopers or sellers

still prefer to use an international

real estate firm.”

Besides the number of agents,

developers also take into considera-

tion an agency’s track record, network

and management team, according to

a source. Whether a real estate agen-

cy has 6,400 or 6,900 agents makes

little difference to a developer, says

ERA’s Chua. “[But] if an agency has

only 600 agents, and someone else

has 6,000, it will make a difference.”

Consolidation in the industryAgencies with fewer than 500 sales-

persons may not have economies of

scale, and may not be developers’

preferred choice for marketing

mega project launches, says Tan

Tee Khoon, managing director of

Knight Frank Property Network

and head of project marketing.

“Size does matter, though it’s not

the only factor that matters in real

estate agency work.”

Tan is of the view that playing the

numbers game may not always turn

out for the best. “In fact, it is more

important to be profit able so that the

business is sustainable and the agen-

cy can continue to offer value-add to

its clients,” he says.

Knight Frank Property Network is

ranked No 7 nationwide in terms of

its headcount, which stands at 652.

Its strategy, therefore, is to focus on

developers’ projects in the prime

districts or Core Central Region and

in the city fringe, or Rest of Central

Region.

“This is where we have proven

success and track record owing to our

sales competencies in these regions,”

says Tan. “We also tend to sell the

larger units in the developments that

are not the usual cup of tea for our

competitors.”

Last year, 128 salespersons from

other agencies — both big and small

— joined Knight Frank, he adds.

This is because, beyond project mar-

keting, the firm also provides sales

consultancy to developers. “Offer-

ing a complete advisory for sales

service is in fact our forte.”

Given the tough environment,

smaller brokerage firms are finding

it difficult to stay afloat. “Only when

your business is profitable will you

be able to invest in training your

sales force and in IT platforms to

add value to your people,” says Prop-

Nex’s Gafoor. “How many players

can exist in Singapore? Honestly,

I would say probably two strong

brands, three at most. Singapore is

too small, and transaction volume

is limited.”

Top 10 real estate agencies based on number of salespersons*

NO ESTATE AGENCY NO OF SALESPERSONS

1 PropNex Realty 5,855 DWG 1,071 Total 6,9262 ERA Realty Network 6,243

3 Huttons Asia 3,107

4 OrangeTee.com 2,646

5 Edmund Tie & Company Property Network 1,125

6 Savills Residential 690

7 KF Property Network 652

8 Global Alliance Property 623

9 HSR International Realtors 491

10 C&H Properties 385

* CEA website as at June 9, 2017

E

Denka: While the brokerage business in DWG contributed to 70% of overall revenue, it only accounted for less than 10% of overall profit

Chua: We’ve been the biggest since the formation of the Council for Estate Agencies

Tan: Size does matter, but it’s not the only factor that matters in real estate agency work

SEE EP10: ORANGETEE ASPIRES TO BE THIRD- LARGEST REAL ESTATE

AGENCY IN SINGAPORE

The crowd at the preview of The Clement Canopy, the first new launch of 2017, jointly developed by UOL Group and Singapore Land

AGEN

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EP10 • THEEDGE SINGAPORE | JUNE 19, 2017

COVER STORY

OrangeTee aspires to be third-largest real estate agency in Singapore| BY MICHAEL LIM |

OrangeTee, currently the fourth- largest

real estate agency in Singapore in

terms of headcount — 2,646 agents

to be exact — reckons it could in-

crease in size to about 3,600 in the

coming months, says Gary Chua, senior asso-

ciate executive director at OrangeTee.

This could push OrangeTee into third place,

ahead of Huttons Asia, currently ranked third

largest with 3,100 agents, and below the two

biggest, PropNex Realty and ERA Realty Net-

work, with over 6,000 agents each.

Chua’s confidence stems from an announce-

ment in April that his group from ERA and an-

other from Savills Residential with a combined

sales force of 1,300 will be merging and join-

ing OrangeTee in batches. The five founding

members from the two groups joined Orange-

Tee in April to form Navis Living Group (NLG).

Numbers gameThe team from ERA, which calls itself Property

Navigator, or Navis, was formed in 2006, and

is headed by founding members Jay Ong, Ja-

son Tan and Chua. So far, around 440 agents

in Navis’ team have crossed over to Orange-

Tee since the beginning of April.

“At one point, Navis had a total of 1,100

agents and was the largest group of agents

under ERA,” says Chua. It was ranked as ERA

Singapore’s top team in 2009 and 2011, as well

as ERA Asia Pacific’s Top 3 Brokers in 2008,

2009, and 2011 to 2015.

Meanwhile, the team from Savills Residen-

tial, which calls itself East Living Group, was

founded in 2006 and initially focused on prop-

erties in the East Coast neighbourhood, but has

since expanded to the prime districts. The two

founders of East Living Group — Stuart Chng

and Jackie Mang — moved to OrangeTee in

April, along with 110 agents.

“The initial discussion to merge the two

groups and join OrangeTee began in mid-

4Q2016,” says Chng, senior associate exec-

utive director at OrangeTee. “The reason we

came over was because we felt that in order to

grow the group’s business, we needed a place

where the management team is proactive and

has a long-term vision on how to grow the

agency’s business.” Incidentally, Chng, togeth-

er with Mang, will oversee all of NLG’s train-

ing programmes.

“So far, about 550 members from both groups

have come over and I am confident that more

will be joining us in the coming months,” says

Chua. “We will be able to grow the group’s

strength to 800 by year-end.”

Chua will oversee NLG’s recruitment and

business development activities. He says the

group is currently in talks with the remaining

agents in East Living Group and Navis, as well

as several teams from other agencies that are

keen to join them. He estimates that even if

80% of the 1,300 agents from Navis and East

Living cross over, and assuming there are no

departures from OrangeTee, the total head-

count for OrangeTee could reach 3,600 agents.

Capacity to expand“OrangeTee is probably the only agency to have

its own 16-storey building, which is located right

in the heart of Toa Payoh Central and next to

the HDB Hub,” says Chua. The advantage is the

agency does not have to move office every few

years when leases are renewed and the land-

lord raises the rent. “This is very disruptive to

operations. What is more, there is still capac-

ity at the building for OrangeTee to expand.”

Another pull factor for the NLG team is

OrangeTee’s willingness to invest in IT sys-

tems and applications to ensure its agents

have access to all the data and latest tools to

simplify their job and help their clients make

informed decisions.

“An example is the online submission sys-

tem that OrangeTee has had in place for 12

years and that the other agencies only [adopt-

ed] three to four years ago,” says Tan, sen-

ior associate executive director at OrangeTee,

who oversees NLG’s IT initiatives. “Orange Tee

has also been keeping floor plans of various

developments here digitally for more than 10

years, something which some of the agen-

cies have just started doing. Last year, it in-

troduced a property agent review portal, and

we have yet to see the other agencies doing

something similar.”

According to Chua, since NLG joined

OrangeTee, OrangeTee has secured the mar-

keting of two projects: JForte’s Forte Suites, a

106-unit freehold condominium development

completed in 2016; and City Development’s

266-unit Venue Residences, which obtained

its Temporary Occupation Permit in April. Or-

angeTee’s appointment was to sell the remain-

ing units at Forte Suites (28 units) and Ven-

ue Residences (14 units). Chua is optimistic

that with the expanded sales force, OrangeT-

ee will be able to participate in the next few

project launches.

For the five founding members of NLG, the

decision to leave their previous company was

not easy. Chua, for one, had spent 17 years at

ERA. Ong and Tan, the other two co-founders at

Navis, had been with ERA for 11 and 12 years,

respectively. Meanwhile, Chng and Mang were

with Savills Residential for 10 years.

“I do miss the camaraderie among some of

the team leaders and project ICs [in-charge]

from the other groups at ERA,” admits Ong,

senior associate executive director at Orange-

Tee. “Maybe one day, they will join us.” E

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The founding members of Navis Living Group (from left): Mang, Chua, Chng, Tan and Ong

THEEDGE SINGAPORE | JUNE 19, 2017 • EP11

OFFSHORE

Buying prime assets in the UK| BY CECILIA CHOW |

The UK election result on June 8

makes investing in UK assets

tough, says Mark Schofield,

managing director of global

strategy and macro group at

Citi. With little certainty as to who

will be in power over the course of

the Brexit process, let alone what

the policy mix is going to look like,

it is hard to price assets other than

by raising risk premia in the form

of implied volatility, he adds in a

June 12 report.

The continued weakness of the

British pound against the US dollar

and the euro, however, may encourage

more investors to take advantage of

discounted prices in the property and

stock markets, reckons Naomi Hea-

ton, CEO of London Central Portfolio,

an investment firm that specialises in

central London residential property.

Nevertheless, the transaction volume

in Prime Central London is expect-

ed to slow as investors take stock of

the situation, particularly at the lux-

ury end and in the new-build sector,

segments that have already been bat-

tered by the introduction of new resi-

dential taxes, she adds.

Record office deals in 1Q2017 UK commercial real estate, on the

other hand, is on fairly steady foot-

ing, says M&G Real Estate’s head of

property research, Richard Gwilliam.

“With the economy continuing to

grow, investors should be comforted

by real estate’s rental fundamentals,

which benefit from ongoing — albeit

softer — occupational demand, and,

for most markets, a lack of signifi-

cant supply of space.”

Indeed, 1Q2017 was a record quar-

ter for the London office investment

market, with £4.9 billion ($8.6 bil-

lion) worth of transactions, according

to global real estate adviser CBRE.

It was the highest quarterly sales to

date since 4Q2014. The strong 1Q2017

per formance even surpassed that of

4Q2016, when £4.1 billion worth of

commercial real estate was sold, which

is a testament to the resilience of the

London office investment market

following the EU referendum on

June 23, 2016, notes CBRE.

A total of 13 deals of at least £100

million each were transacted in 1Q2017,

compared with 11 in 4Q2016. Overseas

investors once again dominated the

market, accounting for nine, or 80%,

of the 13 transactions, compared with

74% in 4Q2016, according to CBRE.

The £4.9 billion sales in 1Q2017

included that of the Leadenhall Build-

ing at 122 Leadenhall Street. Also

known as the “Cheesegrater”, it is

considered the tallest tower in the

City of London at 225m and span-

ning 46 floors. The buyer, Hong-

kong-listed CC Land, is controlled

by Chinese tycoon Cheung Chung-

kiu, nicknamed “Chongqing’s Li Ka-

shing”. Li, considered the wealthiest

man in Hong Kong, has made signif-

icant investments in the UK.

CC Land’s purchase of the Cheese-

grater for £1.15 billion represents

one of the largest investment trans-

actions in UK history. It is only the

third office building transaction in

which the price has crossed £1 bil-

lion, says Christopher J Brett, CBRE

executive director and head of inter-

national capital markets, UK.

The other two transactions above £1

billion were for HSBC’s headquarters,

HSBC Tower at Canary Wharf. It was

first sold in 2006 to Spanish property

group Metrovacesa for £1.09 billion,

and again in October 2014, to Qatar

Investment Authority for £1.1 billion.

Asian investors accounted for half the dealsBoosted by the Leadenhall Building

deal, Asian investors represented 50%

of the overall investment transactions,

says Christopher Pilgrim, CBRE direc-

tor of Central London international

capital markets. European investors

were the second biggest group with

a 23% share.

The start of the year saw German

fund manager Deka Immobilien buy-

ing Cannon Place for £510 million.

The 418,000 sq ft building was said

to have a net yield of 4.25%. CBRE

and Savills were said to have repre-

sented Deka in the deal.

In January this year, CBRE was

involved in the sale of 8 St James’s

Square to Hong Kong-listed Shun Tak

Group for £213 million, or £3,425 psf,

making it the most expensive proper-

ty sold in the West End so far, says

CBRE’s Pilgrim.

“The Asian investors were main-

ly from China and Hong Kong, with

Hong Kong-based players dominat-

ing,” he adds. “The Hong Kong buy-

ers are more aggressive on pricing,

and London yields still look relative-

ly attractive.”

After moving out by 25 basis points

to 4.25% in 2Q2016 (due to uncer-

tainty ahead of the Brexit referendum

on June 23, 2016), prime London City

office yields reverted to their pre-ref-

erendum level of 4% as a result of

strong investor demand while prime

West End yields remained at 3.75%

in 1Q2017, says CBRE.

Global appetite for Central London

office property has not diminished,

observes CBRE’s Brett. In 1H2016

pre-referendum, demand for Cen-

tral London office property stood at

£33 billion. Today, that demand has

increased to £38.5 billion, he says.

What’s on the market?On the market is a 50% stake in the

Walkie-Talkie building at 20 Fren-

church Street, in the City of London.

The vendor is Canary Wharf Group,

and the price tag for the 50% stake is

said to be £600 million. The property

is being marketed by CBRE.

Meanwhile, private equity group

Blackstone is selling St Kathar-

ine’s Dock, a part-office, part-ma-

rina complex near Lonon’s Tower

Bridge. The price tag is believed

to be £435 million. CBRE is said

to be one of the marketing agents

of the property.

Since Brexit, some foreign inves-

tor interest has shifted to Europe,

particularly Germany and France.

“However, both these markets still

have strong local demand and do

not have the liquidity that London

has,” notes Brett. “London also has

the advantage in terms of language,

legal system and time zone. Funda-

mentals are still a key point for in-

vestors.”

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Brett: CC Land’s purchase of the Cheese-grater for £1.15 billion is one of the larg-est investment transactions in UK history

Pilgrim: The Asian investors were mainly from China and Hong Kong, with Hong Kong-based players dominating

Skyscrapers in London’s financial district include Tower 42; the Heron Tower; the Leadenhall building, also known as the Cheesegrater; 30 St Mary Axe (The Gherkin); and 20 Frenchurch Street (the Walkie-Talkie)

Blackstone is selling St Katharine’s Dock, a part-office, part-marina complex near the Tower Bridge, at a price tag of £435 million

E

On the market is a 50% stake in the Walkie Talkie Building at 20 Frenchurch Street in the City of London. CBRE is the marketing agent.

EP12 • THEEDGE SINGAPORE | JUNE 19, 2017

Singapore — by postal districtLOCALITIES 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

Residential transactions with contracts dated May 30 to June 6

District 1 THE SAIL @ MARINA BAY Apartment 99 years June 1 861 1,560,000 - 1,812 2008 ResaleTHE SAIL @ MARINA BAY Apartment 99 years June 5 861 1,830,000 - 2,125 2008 ResaleDistrict 2 EON SHENTON Apartment 99 years May 31 786 1,823,100 - 2,320 Uncompleted New SaleDistrict 3 ALEX RESIDENCES Apartment 99 years June 1 1,044 2,100,000 - 2,011 Uncompleted New SaleALEX RESIDENCES Apartment 99 years June 1 883 1,615,000 - 1,830 Uncompleted New SaleALEX RESIDENCES Apartment 99 years June 2 678 1,410,900 - 2,081 Uncompleted New SaleALEX RESIDENCES Apartment 99 years June 3 904 1,618,000 - 1,789 Uncompleted New SaleALEX RESIDENCES Apartment 99 years June 3 883 1,545,000 - 1,750 Uncompleted New Sale

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

ALEX RESIDENCES Apartment 99 years June 4 904 1,633,000 - 1,806 Uncompleted New SaleARTRA Apartment 99 years May 30 829 1,450,999 - 1,751 Uncompleted New SaleARTRA Apartment 99 years May 30 829 1,352,999 - 1,632 Uncompleted New SaleARTRA Apartment 99 years May 31 1,227 1,979,999 - 1,614 Uncompleted New SaleARTRA Apartment 99 years June 1 829 1,437,999 - 1,735 Uncompleted New SaleARTRA Apartment 99 years June 3 1,410 2,339,999 - 1,659 Uncompleted New SaleARTRA Apartment 99 years June 3 829 1,550,999 - 1,871 Uncompleted New SaleARTRA Apartment 99 years June 4 829 1,412,999 - 1,705 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 30 904 1,660,200 - 1,836 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 30 700 1,288,000 - 1,841 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years May 31 1,033 1,728,000 - 1,672 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years June 3 1,033 1,728,000 - 1,672 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years June 3 753 1,368,000 - 1,816 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years June 3 474 893,000 - 1,885 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years June 3 463 951,700 - 2,056 Uncompleted New SaleDOMAIN 21 Condominium 99 years May 30 560 880,000 - 1,572 2007 ResaleHIGHLINE RESIDENCES Condominium 99 years May 30 506 1,120,600 - 2,215 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years June 1 506 1,127,300 - 2,228 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years June 1 506 1,119,100 - 2,212 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years June 1 915 1,714,900 - 1,874 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years June 1 915 1,703,700 - 1,862 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years June 3 506 1,133,200 - 2,240 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years June 3 700 1,371,500 - 1,960 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years June 3 506 1,120,600 - 2,215 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years May 31 484 817,000 - 1,687 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years June 1 807 1,447,000 - 1,792 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 30 1,507 2,373,112 - 1,575 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 30 947 1,354,000 - 1,429 Uncompleted New SaleQUEENS PEAK Condominium 99 years May 31 840 1,452,330 - 1,730 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 1 495 888,000 - 1,793 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 1 441 770,000 - 1,745 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 2 947 1,360,000 - 1,436 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 2 495 876,000 - 1,769 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 3 807 1,287,000 - 1,594 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 4 807 1,235,000 - 1,530 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 4 1,507 2,300,000 - 1,526 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 4 1,055 1,835,000 - 1,740 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 4 850 1,476,000 - 1,736 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 4 947 1,446,000 - 1,527 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 4 840 1,396,000 - 1,663 Uncompleted New SaleQUEENS PEAK Condominium 99 years June 4 431 744,000 - 1,728 Uncompleted New SaleRIVER PLACE Condominium 99 years June 2 797 980,000 - 1,230 1999 ResaleTHE CREST Condominium 99 years May 30 883 1,486,089 - 1,684 2017 New Sale

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

E

DONE DEALS

Prices at Ritz-Carlton Residences hit $3,598 psf

| BY TAN CHEE YUEN |

There were several significant

transactions in the Cairnhill

area over the week of May

30 to June 6. One was the

sale of a junior penthouse at

Ritz-Carlton Residences for $12.86

million ($3,598 psf). The 3,574 sq

ft, four-bedroom unit is on the 34th

floor of the 36-storey tower. It was

the biggest transaction of the week

in terms of absolute quantum and

psf price.

Another unit at Ritz-Carlton

Residences was also sold by devel-

oper KOP Properties. It was a 2,831

sq ft, three-bedroom unit on the sev-

enth floor and it went for $9.12 mil-

lion ($3,220 psf), according to a ca-

veat lodged on May 30. So far, six

units have been sold this year since

the developer offered a deferred pay-

ment scheme to buyers. The other

four units that were sold were also

three-bedroom units of 2,831 sq ft

each, and fetched prices ranging from

$9.41 million ($3,325 psf) to $9.99

million ($3,528 psf). Completed in

2011, Ritz-Carlton Residences contains

56 apartments and two penthouses.

At CapitaLand’s high-end devel-

opment Cairnhill Nine, a 1,044 sq

ft, two-bedroom unit was sold for

$2.82 million ($2,696 psf) on June

3. The 268-unit, 99-year leasehold

condominium obtained its Tempo-

rary Occupation Permit last Octo-

ber. Cairnhill Nine was relaunched at

end-February and 34 units had been

sold as at June 3. Prices range from

$2.47 million ($2,393 psf) to $2.9

million ($2,721 psf). All the units

sold are two-bedroom and two-bed-

room-plus-study units that start from

1,033 sq ft.

According to the latest URA de-

veloper sales data, 245 units, or 91%

of the total units at Cairnhill Nine,

were offloaded at a median price of

$2,691 psf.

In the exclusive Cairnhill Circle

enclave, a 1,173 sq ft, three-bedroom

unit at Cairnhill Residences changed

hands for $2.5 million ($2,131 psf)

on June 2. In terms of psf price, it

is the highest achieved in the devel-

opment this year. Three other units

were sold at prices ranging from $2.1

million ($1,805 psf) for a 1,163 sq

ft, three-bedroom unit on the second

floor to $2.28 million ($1,961 psf) for

another 1,163 sq ft unit on the sixth

floor, based on caveats lodged with

URA in February and March.

Cairnhill Residences was devel-

oped by Allgreen Properties and

completed in 2009. It has 97 units

in twin 20-storey towers.

Located at Cairnhill Rise is The Vermont on Cairnhill, where a 1,442

sq ft, three-bedroom unit fetched $2.9

million ($2,011 psf) on May 31. The

seller paid $3.33 million ($2,309 psf)

to the developer for the unit in Jan-

uary 2011. A week earlier, an 883 sq

ft, two-bedroom unit changed hands

for $1.85 million ($2,096 psf).

The Vermont on Cairnhill is a 158-

unit, freehold condo developed by

Bukit Sembawang Estates and com-

pleted in 2013.

A 1,173 sq ft, three-bedroom unit at Cairnhill Residences changed hands for$2.5 million ($2,131 psf) on June 2

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A junior penthouse at Ritz-Carlton Residences was sold for $12.86 million ($3,598 psf) over the week of May 30 to June 6

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THEEDGE SINGAPORE | JUNE 19, 2017 • EP13

Residential transactions with contracts dated May 30 to June 6

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years May 30 1,227 1,880,000 - 1,532 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years May 31 1,335 2,100,000 - 1,573 2004 ResaleSKYLINE RESIDENCES Condominium Freehold May 30 3,681 5,380,000 - 1,461 2015 ResaleTHE FORESTA @ MOUNT FABER Condominium Freehold June 2 721 1,428,000 - 1,980 2014 ResaleTHE PEARL @ MOUNT FABER Condominium 99 years May 31 2,347 2,150,000 - 916 2005 ResaleDistrict 5 BOTANNIA Condominium 956 years May 30 1,076 1,124,000 - 1,044 2009 ResaleCARABELLE Condominium 956 years June 1 1,130 1,220,000 - 1,079 2009 ResaleDOVER PARKVIEW Condominium 99 years June 1 1,249 1,310,000 - 1,049 1997 ResaleDOVER PARKVIEW Condominium 99 years June 1 936 952,800 - 1,017 1997 ResaleHERITAGE VIEW Condominium 99 years June 2 969 1,130,000 - 1,166 2000 ResaleNORMANTON PARK Condominium 102 years June 2 1,270 1,088,000 - 857 Unknown ResalePARC RIVIERA Condominium 99 years May 30 990 1,269,000 - 1,281 Uncompleted New SalePARC RIVIERA Condominium 99 years May 30 1,184 1,425,000 - 1,204 Uncompleted New SalePARC RIVIERA Condominium 99 years May 30 1,152 1,284,780 - 1,116 Uncompleted New SalePARC RIVIERA Condominium 99 years May 30 904 1,097,000 - 1,213 Uncompleted New SalePARC RIVIERA Condominium 99 years May 30 990 1,179,000 - 1,191 Uncompleted New SalePARC RIVIERA Condominium 99 years May 31 904 1,069,180 - 1,182 Uncompleted New SalePARC RIVIERA Condominium 99 years June 1 1,152 1,453,000 - 1,262 Uncompleted New SalePARC RIVIERA Condominium 99 years June 1 904 1,067,220 - 1,180 Uncompleted New SalePARC RIVIERA Condominium 99 years June 1 603 748,000 - 1,241 Uncompleted New SalePARC RIVIERA Condominium 99 years June 1 1,184 1,351,000 - 1,141 Uncompleted New SalePARC RIVIERA Condominium 99 years June 1 1,184 1,394,000 - 1,177 Uncompleted New SalePARC RIVIERA Condominium 99 years June 2 1,152 1,373,000 - 1,192 Uncompleted New SalePARC RIVIERA Condominium 99 years June 2 904 1,100,000 - 1,217 Uncompleted New SalePARC RIVIERA Condominium 99 years June 3 1,184 1,435,500 - 1,212 Uncompleted New SalePARC RIVIERA Condominium 99 years June 3 904 1,107,600 - 1,225 Uncompleted New SalePARC RIVIERA Condominium 99 years June 3 603 813,000 - 1,349 Uncompleted New SalePARC RIVIERA Condominium 99 years June 3 710 873,000 - 1,229 Uncompleted New SalePARC RIVIERA Condominium 99 years June 3 1,033 1,045,000 - 1,011 Uncompleted New SalePARC RIVIERA Condominium 99 years June 3 710 913,000 - 1,285 Uncompleted New SalePARC RIVIERA Condominium 99 years June 3 1,184 1,335,740 - 1,128 Uncompleted New SalePARC RIVIERA Condominium 99 years June 4 1,152 1,399,888 - 1,215 Uncompleted New SalePARC RIVIERA Condominium 99 years June 4 904 1,168,000 - 1,292 Uncompleted New SalePARC RIVIERA Condominium 99 years June 4 710 922,000 - 1,298 Uncompleted New SalePARK WEST Condominium 99 years May 31 1,894 1,280,000 - 676 1986 ResalePARK WEST Condominium 99 years June 5 1,249 976,000 - 782 1985 ResaleTHE CLEMENT CANOPY Apartment 99 years May 30 635 999,000 - 1,573 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 30 990 1,361,000 - 1,374 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years May 31 1,109 1,519,000 - 1,370 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years June 1 1,109 1,488,000 - 1,342 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years June 3 1,346 1,728,000 - 1,284 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years June 3 990 1,401,000 - 1,415 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years June 4 1,346 1,774,000 - 1,318 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years June 4 1,346 1,821,000 - 1,353 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years June 4 1,109 1,504,000 - 1,357 Uncompleted New SaleVIVA VISTA Apartment Freehold June 1 398 515,000 - 1,293 2014 Sub SaleWEST BAY CONDOMINIUM Condominium 99 years June 1 1,216 900,000 - 740 1993 ResaleDistrict 8 KERRISDALE Condominium 99 years May 30 990 1,010,000 - 1,020 2005 ResaleMERA SPRINGS Condominium Freehold June 5 1,292 1,620,000 - 1,254 2008 ResaleSING AVENUE Detached Freehold June 1 2,379 2,550,000 - 1,071 Unknown ResaleDistrict 9 CAIRNHILL NINE Apartment 99 years June 3 1,044 2,815,000 - 2,696 2016 New SaleCAIRNHILL RESIDENCES Apartment Freehold June 2 1,173 2,500,000 - 2,131 2009 ResaleCASA CAIRNHILL Apartment Freehold May 30 1,572 2,650,000 - 1,686 1991 ResaleEURO-ASIA COURT Apartment Freehold June 6 1,668 2,280,000 - 1,367 1994 ResaleLA CRYSTAL Apartment Freehold June 1 1,076 1,600,000 - 1,486 1996 ResaleLEONIE HILL RESIDENCES Apartment Freehold June 6 1,389 2,680,000 - 1,930 2005 ResalePACIFIC MANSION Apartment Freehold June 1 1,528 1,888,000 - 1,235 Unknown ResalePARC EMILY Condominium Freehold May 31 753 1,150,000 - 1,526 2008 ResalePATERSON COLLECTION Condominium Freehold May 30 1,389 3,300,000 - 2,377 2015 ResaleRIVERGATE Apartment Freehold May 30 2,077 3,900,000 - 1,877 2009 ResaleROBERTSON 100 Apartment Freehold May 30 1,313 1,935,000 - 1,473 2004 ResaleSCOTTS HIGHPARK Condominium Freehold June 5 4,209 6,820,000 - 1,620 2009 ResaleSOPHIA HILLS Condominium 99 years May 30 710 1,418,000 - 1,996 Uncompleted New SaleSOPHIA HILLS Condominium 99 years May 31 570 1,179,000 - 2,067 Uncompleted New SaleSOPHIA HILLS Condominium 99 years May 31 570 1,136,000 - 1,991 Uncompleted New SaleSOPHIA HILLS Condominium 99 years June 1 958 1,766,000 - 1,843 Uncompleted New SaleSOPHIA HILLS Condominium 99 years June 1 570 1,142,000 - 2,002 Uncompleted New SaleSOPHIA HILLS Condominium 99 years June 4 689 1,379,000 - 2,002 Uncompleted New SaleST THOMAS SUITES Condominium Freehold June 6 1,819 3,250,000 - 1,787 2010 ResaleTHE COSMOPOLITAN Condominium Freehold May 30 1,324 2,730,000 - 2,062 2008 ResaleTHE RITZ-CARLTON RESIDENCESSINGAPORE CAIRNHILL Apartment Freehold May 30 2,831 9,115,820 - 3,220 2011 ResaleTHE RITZ-CARLTON RESIDENCESSINGAPORE CAIRNHILL Apartment Freehold May 30 3,574 12,859,252 - 3,598 2011 ResaleTHE TRILLIUM Condominium Freehold June 1 2,390 4,300,000 - 1,799 2010 ResaleTHE VERMONT ON CAIRNHILL Apartment Freehold May 31 1,442 2,900,000 - 2,011 2013 ResaleTHE WHARF RESIDENCE Condominium 999 years June 2 1,033 1,900,000 - 1,839 2012 ResaleWATERFORD RESIDENCE Apartment 999 years June 1 1,195 1,910,000 - 1,599 2010 ResaleWATERSCAPE AT CAVENAGH Apartment Freehold June 2 581 978,888 - 1,684 2014 ResaleDistrict 10 CYAN Condominium Freehold June 5 1,130 2,269,000 - 2,008 2014 ResaleD’LEEDON Condominium 99 years June 1 3,810 3,253,000 - 854 2014 ResaleD’LEEDON Condominium 99 years June 1 3,520 4,996,000 - 1,419 2014 ResaleDUCHESS RESIDENCES Condominium 999 years May 30 2,756 3,800,000 - 1,379 2011 ResaleFOUR SEASONS PARK Condominium Freehold June 1 2,260 4,750,888 - 2,102 1994 ResaleGARDENVILLE Condominium Freehold June 2 1,572 2,900,000 - 1,845 1999 ResaleGRAMERCY PARK Condominium Freehold June 1 2,013 5,556,600 - 2,761 2016 ResaleLEEDON RESIDENCE Condominium Freehold May 30 4,704 9,800,000 - 2,083 2015 ResaleLEEDON RESIDENCE Condominium Freehold May 30 4,704 9,100,000 - 1,935 2015 ResaleLEEDON RESIDENCE Condominium Freehold May 31 4,704 8,750,000 - 1,860 2015 ResaleLEEDON RESIDENCE Condominium Freehold May 31 2,110 4,925,000 - 2,334 2015 ResaleLEEDON RESIDENCE Condominium Freehold May 31 2,648 5,350,000 - 2,020 2015 ResaleLEEDON RESIDENCE Condominium Freehold June 6 3,746 6,300,000 - 1,682 2015 ResaleNAMLY VIEW Detached Freehold May 30 6,071 11,600,000 - 1,912 2016 ResaleLASIA AVENUE Terrace Freehold May 31 4,219 3,250,000 - 769 1975 ResaleCORONATION DRIVE Semi-Detached 999 years June 2 3,907 6,000,000 - 1,536 1987 ResaleKENG CHIN ROAD Detached Freehold June 5 8,708 11,500,000 - 1,321 Unknown ResaleONE BALMORAL Condominium Freehold June 2 969 2,316,000 - 2,391 2016 ResaleONE BALMORAL Condominium Freehold June 5 1,410 3,236,000 - 2,295 2016 ResalePARVIS Condominium Freehold May 31 1,701 2,880,000 - 1,693 2012 ResalePINEWOOD GARDENS Condominium Freehold June 1 1,636 2,000,000 - 1,222 1990 ResaleSHANGHAI ONE Apartment Freehold June 1 883 1,310,000 - 1,484 2007 ResaleSOMMERVILLE PARK Condominium Freehold June 1 1,948 2,950,000 - 1,514 1985 ResaleTHE BOULEVARD RESIDENCE Apartment Freehold May 30 2,034 4,600,000 - 2,261 2005 ResaleTULIP GARDEN Condominium Freehold June 2 2,583 2,800,000 - 1,084 1985 ResaleVICTORIA PARK VILLAS Semi-Detached 99 years June 4 2,239 3,940,000 - 1,763 Uncompleted New SaleVIZ AT HOLLAND Condominium Freehold June 1 818 1,280,000 - 1,565 2008 ResaleVIZ AT HOLLAND Condominium Freehold June 6 818 1,270,000 - 1,552 2008 Resale

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

ZENITH Apartment 999 years June 1 775 1,285,000 - 1,658 2011 ResaleDistrict 11 26 NEWTON Apartment Freehold June 2 474 1,110,000 - 2,344 2016 ResaleD’CHATEAU @ SHELFORD Apartment Freehold May 31 893 1,385,000 - 1,550 2010 ResaleHILLCREST ARCADIA Condominium 99 years May 31 1,421 1,150,000 - 809 1980 ResaleBARKER ROAD Detached Freehold May 31 7,922 11,000,000 - 1,388 1994 ResaleNINETEEN SHELFORD ROAD Condominium Freehold June 1 926 1,245,000 - 1,345 1997 ResaleSKY@ELEVEN Condominium Freehold June 5 2,820 4,570,000 - 1,620 2010 ResaleSOLEIL @ SINARAN Condominium 99 years June 1 1,098 1,900,000 - 1,731 2011 ResaleTHE AXIS Apartment Freehold June 2 818 990,000 - 1,210 2009 ResaleTHE LINCOLN MODERN Apartment Freehold May 30 1,206 1,740,000 - 1,443 2003 ResaleTHE SPINNAKER Apartment Freehold May 30 1,281 1,750,000 - 1,366 1999 ResaleTRILIGHT Condominium Freehold May 30 1,087 1,925,000 - 1,771 2012 ResaleDistrict 12 BALESTIER PLAZA Apartment Freehold June 1 1,023 1,000,000 - 978 1983 ResaleGEM RESIDENCES Condominium 99 years May 30 936 1,220,000 - 1,303 Uncompleted New SaleREGENT RESIDENCES Apartment Freehold June 1 409 670,000 - 1,638 2015 ResaleTHE ABERDEEN Condominium Freehold June 5 1,302 1,325,000 - 1,017 1997 ResaleTHE ARTE Condominium Freehold May 31 1,873 2,150,000 - 1,148 2010 ResaleTHE ARTE Condominium Freehold June 2 1,055 1,330,000 - 1,261 2010 ResaleTHE BELLEFORTE Apartment Freehold May 30 1,023 1,150,000 - 1,125 2003 ResaleTHE CENTRIO Apartment Freehold June 2 1,421 1,860,000 - 1,309 2009 ResaleTHE INTERWEAVE Apartment Freehold May 31 388 580,000 - 1,497 2014 ResaleDistrict 13 E MAISON Apartment Freehold June 3 1,636 1,779,968 - 1,088 2016 New SaleE MAISON Apartment Freehold June 3 1,636 1,779,968 - 1,088 2016 New SaleTHE POIZ RESIDENCES Apartment 99 years June 1 1,152 1,571,000 - 1,364 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years June 3 538 786,000 - 1,460 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years June 3 1,528 1,975,000 - 1,292 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years June 3 1,184 1,646,000 - 1,390 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years June 2 1,238 1,711,060 - 1,382 2017 New SaleDistrict 14 CENTRA HEIGHTS Apartment Freehold June 2 431 650,000 - 1,510 2014 ResaleCENTRAL MEADOWS Apartment Freehold June 2 969 875,000 - 903 2002 ResaleE7 LODGE Apartment Freehold June 2 1,335 1,400,000 - 1,049 1991 ResalePARK 1 SUITES Apartment Freehold June 3 603 870,346 - 1,444 2017 New SaleSIMS URBAN OASIS Condominium 99 years May 30 484 737,800 - 1,523 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years May 31 1,033 1,448,700 - 1,402 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years June 1 1,033 1,404,300 - 1,359 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years June 2 958 1,379,000 - 1,439 Uncompleted New SaleSIMSVILLE Condominium 99 years June 1 1,238 1,100,000 - 889 1998 ResaleTRE RESIDENCES Condominium 99 years June 1 861 1,226,000 - 1,424 Uncompleted New SaleTRE RESIDENCES Condominium 99 years June 1 764 1,075,000 - 1,407 Uncompleted New SaleTRE RESIDENCES Condominium 99 years June 1 764 1,096,000 - 1,434 Uncompleted New SaleTRE RESIDENCES Condominium 99 years June 2 764 1,096,000 - 1,434 Uncompleted New SaleTRE RESIDENCES Condominium 99 years June 4 947 1,288,000 - 1,360 Uncompleted New SaleTRE RESIDENCES Condominium 99 years June 4 947 1,300,000 - 1,372 Uncompleted New SaleTREASURES @ G20 Apartment Freehold June 1 420 520,000 - 1,239 2015 ResaleWATERBANK AT DAKOTA Condominium 99 years June 2 484 760,000 - 1,569 2013 ResaleDistrict 15 AMBER SKYE Apartment Freehold June 2 1,335 2,600,000 - 1,948 2017 New SaleAMBER SKYE Apartment Freehold June 2 1,335 2,646,840 - 1,983 2017 New SaleAMBER SKYE Apartment Freehold June 4 1,335 2,608,200 - 1,954 2017 New SaleCALLIDORA VILLE Apartment Freehold June 2 1,862 1,881,000 - 1,010 2009 ResaleCASA MEYFORT Condominium Freehold June 5 1,765 2,540,000 - 1,439 1992 ResaleCOSTA RHU Condominium 99 years May 30 990 1,250,000 - 1,262 1997 ResaleEASTERN LAGOON Condominium Freehold June 5 893 1,288,000 - 1,442 1985 ResaleEBONY MANSIONS Apartment Freehold June 1 1,302 1,330,000 - 1,021 1995 ResaleFERNWOOD TOWERS Condominium Freehold May 30 1,647 1,900,000 - 1,154 1994 ResaleFRANKEL ESTATE Semi-Detached Freehold May 30 3,875 5,150,000 - 1,330 1960 ResaleHERITAGE EAST Apartment Freehold June 5 441 625,000 - 1,416 2012 ResaleLAGUNA PARK Apartment 99 years June 6 1,615 1,428,000 - 884 1978 ResaleJAGO CLOSE Semi-Detached Freehold June 2 3,584 3,800,000 - 1,061 Unknown ResaleNEPTUNE COURT Apartment 99 years May 31 1,636 1,240,000 - 758 1975 ResaleOPERA ESTATE Terrace Freehold May 31 1,464 1,700,000 - 1,160 Unknown ResalePARK EAST Condominium Freehold May 30 1,701 1,900,000 - 1,117 1994 ResalePEBBLE BAY Condominium 99 years May 31 2,174 2,780,000 - 1,279 1997 ResaleSANCTUARY GREEN Condominium 99 years May 31 786 925,000 - 1,177 2004 ResaleSEASIDE RESIDENCES Apartment 99 years May 30 786 1,267,000 - 1,612 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years June 1 1,130 1,958,000 - 1,732 Uncompleted New SaleSILVERSEA Condominium 99 years May 30 2,540 3,666,000 - 1,443 2014 ResaleTHE GERANIUM Condominium Freehold May 30 1,755 1,400,000 - 798 2006 ResaleTHE MAKENA Condominium Freehold June 1 1,292 1,650,000 - 1,277 1998 ResaleTHE SEA VIEW Condominium Freehold June 6 1,647 2,678,000 - 1,626 2008 ResaleTHE SERENNO Apartment Freehold June 1 1,044 1,300,000 - 1,245 2016 ResaleVILLA MARINA Condominium 99 years May 30 1,130 1,035,000 - 916 1999 ResaleVILLA MARINA Condominium 99 years June 2 1,679 1,420,000 - 846 1999 ResaleDistrict 16 BAYSHORE PARK Condominium 99 years June 5 1,173 1,000,000 - 852 1986 ResaleBEDOK RESIDENCES Apartment 99 years May 31 3,218 3,378,510 - 1,050 2015 ResaleCOSTA DEL SOL Condominium 99 years June 1 1,475 1,770,000 - 1,200 2004 ResaleECO Condominium 99 years May 31 1,152 1,468,000 - 1,275 2017 Sub SaleEVERGREEN GARDEN Terrace Freehold May 30 2,239 2,620,000 - 1,169 Unknown ResaleGRANDEUR PARK RESIDENCES Condominium 99 years May 30 969 1,292,000 - 1,334 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 31 624 962,000 - 1,541 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years May 31 969 1,269,000 - 1,310 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years June 2 1,141 1,245,000 - 1,091 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years June 2 667 938,000 - 1,406 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years June 2 980 1,337,000 - 1,365 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years June 3 883 1,111,000 - 1,259 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years June 3 893 1,164,000 - 1,303 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years June 3 969 1,274,000 - 1,315 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years June 4 581 895,000 - 1,540 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years June 4 980 1,342,000 - 1,370 Uncompleted New SaleHARVEY AVENUE Terrace Freehold June 5 3,175 2,850,000 - 899 1991 ResaleMERAGI CLOSE Semi-Detached 999 years June 6 2,992 2,900,000 - 969 1993 ResaleTHE BAYSHORE Condominium 99 years June 2 980 820,000 - 837 1996 ResaleTHE BAYSHORE Condominium 99 years June 2 1,023 840,000 - 821 1997 ResaleTHE GLADES Condominium 99 years May 30 1,281 1,728,000 - 1,349 2016 New SaleTHE GLADES Condominium 99 years May 30 1,981 2,530,000 - 1,277 2016 New SaleTHE GLADES Condominium 99 years June 3 484 800,000 - 1,652 2016 New SaleTHE GLADES Condominium 99 years June 3 484 805,000 - 1,662 2016 New SaleDistrict 17 HEDGES PARK CONDOMINIUM Condominium 99 years June 2 1,012 888,000 - 878 2015 ResaleLOYANG VALLEY Condominium 99 years May 31 1,873 1,080,000 - 577 1985 ResaleRIZ HAVEN Apartment 946 years June 2 1,076 1,180,000 - 1,096 2010 ResaleTHE GALE Condominium Freehold June 1 1,485 1,400,000 - 942 2013 ResaleDistrict 18 COCO PALMS Condominium 99 years June 2 1,389 1,405,480 - 1,012 Uncompleted New SaleCOCO PALMS Condominium 99 years June 2 1,259 1,360,800 - 1,081 Uncompleted New SaleELIAS GREEN Condominium 99 years May 30 1,518 830,000 - 547 1994 Resale

DONE DEALS

CONTINUES NEXT PAGE

EP14 • THEEDGE SINGAPORE | JUNE 19, 2017

DONE DEALS

Residential transactions with contracts dated May 30 to June 6

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE

LIVIA Condominium 99 years May 30 915 810,000 - 885 2011 ResaleLIVIA Condominium 99 years June 6 1,346 995,000 - 740 2011 ResaleMELVILLE PARK Condominium 99 years June 5 1,453 840,000 - 578 1996 ResaleOASIS @ ELIAS Condominium 99 years May 30 1,496 970,000 - 648 2011 ResaleRIPPLE BAY Condominium 99 years June 1 484 565,656 - 1,168 2015 ResaleSAVANNAH CONDOPARK Condominium 99 years May 30 1,367 915,000 - 669 2005 ResaleTHE ALPS RESIDENCES Condominium 99 years May 30 689 703,000 - 1,020 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years May 31 689 723,000 - 1,050 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years June 1 689 723,000 - 1,050 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years June 1 700 717,000 - 1,025 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years June 3 936 978,000 - 1,044 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years June 3 689 739,000 - 1,073 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years June 3 1,087 1,113,800 - 1,025 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years June 4 1,066 1,142,000 - 1,072 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years June 4 689 695,000 - 1,009 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years June 4 689 743,000 - 1,079 Uncompleted New SaleTHE EDEN AT TAMPINES EC 99 years May 31 1,485 1,175,000 - 791 2003 ResaleTHE PALETTE Condominium 99 years June 6 1,066 985,000 - 924 2015 ResaleTHE SANTORINI Condominium 99 years May 30 1,259 1,290,000 - 1,024 2017 New SaleTHE SANTORINI Condominium 99 years May 30 915 934,000 - 1,021 2017 New SaleTHE SANTORINI Condominium 99 years May 30 1,184 1,193,000 - 1,008 2017 New SaleTHE SANTORINI Condominium 99 years May 30 1,184 1,176,000 - 993 2017 New SaleTHE SANTORINI Condominium 99 years May 31 1,421 1,472,000 - 1,036 2017 New SaleTHE SANTORINI Condominium 99 years June 1 743 792,000 - 1,066 2017 New SaleTHE SANTORINI Condominium 99 years June 1 1,130 1,156,000 - 1,023 2017 New SaleTHE SANTORINI Condominium 99 years June 2 1,421 1,436,490 - 1,011 2017 New SaleTHE SANTORINI Condominium 99 years June 2 1,152 1,153,000 - 1,001 2017 New SaleTHE SANTORINI Condominium 99 years June 3 1,109 1,176,000 - 1,061 2017 New SaleTHE SANTORINI Condominium 99 years June 4 904 980,000 - 1,084 2017 New SaleVUE 8 RESIDENCE Condominium 99 years June 2 2,691 2,018,250 - 750 2017 New SaleVUE 8 RESIDENCE Condominium 99 years June 2 2,228 1,671,000 - 750 2017 New SaleVUE 8 RESIDENCE Condominium 99 years June 2 2,691 2,018,250 - 750 2017 New SaleWATERVIEW Condominium 99 years June 1 1,572 1,290,000 - 821 2014 ResaleDistrict 19 AMARANDA GARDENS Condominium Freehold June 6 1,163 1,640,000 - 1,411 2004 ResaleBARTLEY VILLAS Terrace 99 years June 1 1,615 1,760,000 - 1,090 1996 ResaleCHEPSTOW VILLE Semi-Detached 999 years June 6 3,315 2,119,000 - 639 2010 ResaleCOMPASS HEIGHTS Apartment 99 years June 6 667 700,000 - 1,049 2002 ResaleFLO RESIDENCE Condominium 99 years June 2 1,012 925,000 - 914 2016 Sub SaleFLO RESIDENCE Condominium 99 years June 5 861 848,000 - 985 2016 Sub SaleFOREST WOODS Condominium 99 years May 30 915 1,254,000 - 1,371 Uncompleted New SaleFOREST WOODS Condominium 99 years May 31 1,249 1,813,000 - 1,452 Uncompleted New SaleFOREST WOODS Condominium 99 years June 4 915 1,265,000 - 1,383 Uncompleted New SaleINFINIUM Terrace Freehold June 2 4,962 2,980,000 - 601 2017 New SaleISUITES @ PALM Apartment 999 years May 30 635 760,000 - 1,197 2013 ResaleKINGSFORD WATERBAY Terrace 99 years May 30 1,625 1,758,000 - 1,082 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,001 1,155,000 - 1,154 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,001 1,163,000 - 1,162 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,066 1,037,459 - 974 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,098 1,117,440 - 1,018 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,033 1,235,520 - 1,196 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,033 1,207,388 - 1,168 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 689 882,000 - 1,280 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 883 1,055,000 - 1,195 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 850 958,000 - 1,127 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,098 1,129,000 - 1,028 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 883 1,052,000 - 1,192 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 883 1,027,000 - 1,164 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 883 1,048,000 - 1,187 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 883 994,000 - 1,126 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 678 845,000 - 1,246 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,259 1,290,000 - 1,024 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,033 1,160,000 - 1,123 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 689 883,000 - 1,282 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,195 1,400,000 - 1,172 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 30 1,195 1,395,000 - 1,168 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 31 1,044 1,199,000 - 1,148 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 31 883 1,027,040 - 1,164 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 31 1,033 1,190,000 - 1,152 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 31 893 991,000 - 1,109 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years May 31 840 961,000 - 1,145 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 1 689 872,000 - 1,266 Uncompleted New SaleKINGSFORD WATERBAY Apartment 99 years June 1 678 856,000 - 1,262 Uncompleted New SaleKOVAN MELODY Condominium 99 years May 30 1,442 1,243,000 - 862 2006 ResaleHIGHLAND ROAD Terrace Freehold May 31 2,045 2,630,000 - 1,283 Unknown ResalePARC VERA Condominium 99 years June 5 1,141 1,070,000 - 938 2014 ResaleRIO VISTA Condominium 99 years June 5 1,249 918,000 - 735 2004 ResaleRIVERSAILS Condominium 99 years May 30 1,184 1,100,000 - 929 2016 ResaleRIVERSAILS Condominium 99 years May 31 1,378 1,200,000 - 871 2016 ResaleSTARS OF KOVAN Apartment 99 years June 4 764 1,022,540 - 1,338 Uncompleted New SaleSUNGLADE Condominium 99 years June 2 1,367 1,156,000 - 846 2003 ResaleTAI KENG GARDENS Terrace Freehold June 1 1,862 2,200,000 - 1,179 Unknown ResaleTAI KENG VILLAS Terrace 99 years June 5 1,615 1,820,000 - 1,127 1999 ResaleTHE LUXURIE Condominium 99 years June 2 1,249 1,232,000 - 987 2015 ResaleTHE MINTON Condominium 99 years May 31 1,841 1,660,000 - 902 2013 ResaleTHE VALES EC 99 years June 1 764 647,800 - 848 2017 New SaleTRILIVE Condominium Freehold June 2 624 1,030,000 - 1,650 Uncompleted New SaleTRILIVE Condominium Freehold June 3 549 969,000 - 1,765 Uncompleted New SaleTRILIVE Condominium Freehold June 4 1,163 1,720,000 - 1,480 Uncompleted New SaleVIBES @ KOVAN Apartment Freehold June 6 441 550,000 - 1,246 2014 ResaleDistrict 20 CENTRO RESIDENCES Condominium 99 years June 1 872 1,180,000 - 1,353 2014 ResaleFAR HORIZON GARDENS Condominium 99 years June 6 1,948 1,350,000 - 693 1986 ResaleGOLDENHILL PARKCONDOMINIUM Condominium Freehold June 1 1,313 1,768,000 - 1,346 2004 ResaleGOLDENHILL PARKCONDOMINIUM Condominium Freehold June 2 1,313 1,700,000 - 1,295 2004 ResaleGARDENIA ROAD Terrace Freehold June 1 2,013 2,800,000 - 1,395 1983 ResaleTHOMSON THREE Apartment 99 years June 5 1,141 1,670,000 - 1,464 2016 Sub SaleTHOMSON VIEWCONDOMINIUM Condominium 99 years June 1 2,024 1,710,000 - 845 1987 ResaleDistrict 21 CAVENDISH PARK Condominium 99 years June 2 958 1,050,000 - 1,096 1996 ResaleCLEMENTI PARK Condominium Freehold June 2 1,755 1,850,000 - 1,054 1983 ResaleGOLDEN RISE ESTATE Semi-Detached Freehold May 30 4,618 4,968,000 - 1,076 1975 ResaleHIGH OAK CONDOMINIUM Condominium 99 years June 5 1,227 950,000 - 774 1999 ResaleMAPLE WOODS Condominium Freehold May 30 915 1,240,000 - 1,355 1997 ResaleMAPLE WOODS Condominium Freehold June 5 1,485 2,050,000 - 1,380 1997 ResaleSUNSET WAY Semi-Detached Freehold May 30 4,456 5,110,000 - 1,148 Unknown ResaleSHERWOOD TOWER Apartment 99 years May 30 1,518 1,010,000 - 665 1980 ResaleSIGNATURE PARK Condominium Freehold May 31 1,399 1,475,000 - 1,054 1998 ResaleSPRINGDALE CONDOMINIUM Condominium 999 years June 1 926 980,000 - 1,059 1998 ResaleTHE CASCADIA Condominium Freehold June 5 883 1,280,000 - 1,450 2010 ResaleTHE HILLFORD Apartment 60 years June 5 398 495,000 - 1,243 2016 Resale

District 22 LAKEPOINT CONDOMINIUM Condominium 99 years June 6 915 765,000 - 836 Unknown ResaleTHE FLORAVALE EC 99 years May 30 1,324 760,000 - 574 2000 ResaleWESTWOOD RESIDENCES EC 99 years May 31 1,033 824,260 - 798 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years June 1 1,033 837,900 - 811 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years June 1 1,152 966,600 - 839 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years June 1 1,475 1,158,300 - 785 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years June 3 1,152 951,000 - 826 Uncompleted New SaleYUNNAN GARDENS Terrace Freehold June 5 2,551 2,050,000 - 804 1994 ResaleDistrict 23 CHESTERVALE EC 99 years May 31 1,432 830,000 - 580 1999 ResaleHILLION RESIDENCES Apartment 99 years May 30 463 694,450 - 1,500 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years June 2 474 652,650 - 1,378 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years June 2 463 699,200 - 1,511 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years June 2 463 687,800 - 1,486 Uncompleted New SaleHILLTOP GROVE Condominium 99 years June 5 1,647 1,152,000 - 699 2001 ResaleHILLVIEW APARTMENTS Apartment Freehold June 1 1,206 1,020,000 - 846 1997 ResaleINZ RESIDENCE EC 99 years May 30 1,098 830,000 - 756 Uncompleted New SaleINZ RESIDENCE EC 99 years May 30 689 539,000 - 782 Uncompleted New SaleINZ RESIDENCE EC 99 years May 30 1,184 901,700 - 762 Uncompleted New SaleINZ RESIDENCE EC 99 years May 31 969 709,000 - 732 Uncompleted New SaleINZ RESIDENCE EC 99 years June 1 969 789,000 - 814 Uncompleted New SaleINZ RESIDENCE EC 99 years June 2 1,109 888,000 - 801 Uncompleted New SaleINZ RESIDENCE EC 99 years June 3 1,109 873,000 - 787 Uncompleted New SaleINZ RESIDENCE EC 99 years June 3 969 765,000 - 790 Uncompleted New SaleINZ RESIDENCE EC 99 years June 3 883 727,000 - 824 Uncompleted New SaleINZ RESIDENCE EC 99 years June 4 689 564,500 - 819 Uncompleted New SaleINZ RESIDENCE EC 99 years June 4 1,012 830,000 - 820 Uncompleted New SaleMAYSPRINGS Apartment 99 years May 31 1,292 846,000 - 655 1998 ResaleSOL ACRES EC 99 years May 30 732 623,000 - 851 Uncompleted New SaleSOL ACRES EC 99 years May 31 1,044 789,000 - 756 Uncompleted New SaleSOL ACRES EC 99 years May 31 1,066 866,000 - 813 Uncompleted New SaleSOL ACRES EC 99 years May 31 926 722,000 - 780 Uncompleted New SaleSOL ACRES EC 99 years May 31 732 619,000 - 846 Uncompleted New SaleSOL ACRES EC 99 years June 1 872 658,000 - 755 Uncompleted New SaleSOL ACRES EC 99 years June 2 850 667,000 - 784 Uncompleted New SaleSOL ACRES EC 99 years June 2 926 669,000 - 723 Uncompleted New SaleSOL ACRES EC 99 years June 2 495 362,000 - 731 Uncompleted New SaleSOL ACRES EC 99 years June 2 495 380,000 - 767 Uncompleted New SaleSOL ACRES EC 99 years June 4 570 447,000 - 784 Uncompleted New SaleSOL ACRES EC 99 years June 4 732 626,000 - 855 Uncompleted New SaleSOL ACRES EC 99 years June 4 732 632,000 - 863 Uncompleted New SaleTHE HILLIER Apartment 99 years June 5 624 838,000 - 1,342 2016 Sub SaleTHE QUINTET EC 99 years May 30 1,270 900,000 - 709 2006 ResaleDistrict 25 BELLEWOODS EC 99 years June 3 1,249 982,080 - 787 2017 New SaleBELLEWOODS EC 99 years June 3 1,249 946,440 - 758 2017 New SaleLA CASA EC 99 years June 5 1,184 862,000 - 728 2008 ResaleNORTHWAVE EC 99 years June 3 1,109 831,250 - 750 Uncompleted New SaleNORTHWAVE EC 99 years June 3 990 741,950 - 749 Uncompleted New SaleNORTHWAVE EC 99 years June 3 990 723,500 - 731 Uncompleted New SaleNORTHWAVE EC 99 years June 3 1,098 810,900 - 739 Uncompleted New SaleNORTHWAVE EC 99 years June 4 1,270 968,050 - 762 Uncompleted New SaleNORTHWAVE EC 99 years June 4 980 713,450 - 728 Uncompleted New SaleNORTHWAVE EC 99 years June 4 1,464 1,098,200 - 750 Uncompleted New SaleNORTHWAVE EC 99 years June 4 990 764,350 - 772 Uncompleted New SaleNORTHWAVE EC 99 years June 4 1,098 814,150 - 742 Uncompleted New SalePARC ROSEWOOD Condominium 99 years June 2 431 488,000 - 1,133 2014 ResalePARC ROSEWOOD Condominium 99 years June 2 603 653,000 - 1,083 2014 ResaleDistrict 26 BULLION PARK Condominium Freehold May 31 807 805,000 - 997 1993 ResaleSPRINGLEAF GARDEN Semi-Detached Freehold May 31 3,552 3,100,000 - 873 1987 ResaleTHE BROOKS I & II Apartment Freehold June 1 1,399 1,536,928 - 1,098 2016 New SaleTHE SPRINGSIDE Terrace Freehold May 30 1,830 2,260,000 - 1,237 1998 ResaleDistrict 27 AVANT PARC Terrace 99 years May 30 1,905 2,418,000 - 1,271 2014 ResaleNORTH PARK RESIDENCES Apartment 99 years May 31 700 999,000 - 1,428 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years June 3 1,206 1,569,070 - 1,302 Uncompleted New SalePARC LIFE EC 99 years May 31 1,109 898,560 896,260 808 Uncompleted New SalePARC LIFE EC 99 years June 3 936 709,650 - 758 Uncompleted New SalePARC LIFE EC 99 years June 3 1,001 741,000 - 740 Uncompleted New SalePARC LIFE EC 99 years June 4 1,066 887,300 - 833 Uncompleted New SalePARC LIFE EC 99 years June 4 1,001 827,450 - 827 Uncompleted New SalePARC LIFE EC 99 years June 4 1,001 745,750 - 745 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years June 2 1,076 828,135 - 769 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years May 31 1,023 990,000 - 968 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years June 1 1,023 1,032,000 - 1,009 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years June 1 893 947,000 - 1,060 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years June 2 1,023 1,080,500 - 1,057 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years June 3 1,023 1,062,000 - 1,039 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years June 3 915 941,000 - 1,028 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years June 3 1,023 1,046,000 - 1,023 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years June 4 1,023 1,016,000 - 994 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 30 732 649,600 - 887 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 30 753 627,200 - 832 Uncompleted New SaleTHE BROWNSTONE EC 99 years June 3 753 631,200 - 838 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 30 1,023 804,000 - 786 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 30 1,141 952,000 - 834 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 30 1,141 933,500 - 818 Uncompleted New SaleTHE VISIONAIRE EC 99 years May 30 872 719,000 - 825 Uncompleted New SaleTHE VISIONAIRE EC 99 years June 1 1,281 1,004,000 - 784 Uncompleted New SaleTHE VISIONAIRE EC 99 years June 1 1,119 887,500 - 793 Uncompleted New SaleTHE VISIONAIRE EC 99 years June 2 1,141 937,500 - 822 Uncompleted New SaleTHE VISIONAIRE EC 99 years June 3 1,335 1,002,500 - 751 Uncompleted New SaleTHE VISIONAIRE EC 99 years June 3 980 819,000 - 836 Uncompleted New SaleTHE VISIONAIRE EC 99 years June 4 1,141 966,000 - 847 Uncompleted New SaleTHE VISIONAIRE EC 99 years June 4 721 613,500 - 851 Uncompleted New SaleTHE WISTERIA Apartment 99 years May 31 969 1,026,345 - 1,059 Uncompleted New SaleTHE WISTERIA Apartment 99 years June 4 969 1,030,000 - 1,063 Uncompleted New SaleTHE WISTERIA Apartment 99 years June 4 969 1,059,900 - 1,094 Uncompleted New SaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold June 4 3,584 2,751,620 - 768 Uncompleted New SaleGRANDE VISTA Condominium 999 years June 6 2,024 1,570,000 - 776 1992 ResaleRIVERBANK @ FERNVALE Condominium 99 years June 2 689 738,888 - 1,073 2017 Sub SaleSELETAR HILLS ESTATE Terrace 999 years June 5 3,574 2,465,000 - 690 Unknown ResaleSELETAR HILLS ESTATE Terrace 999 years June 6 3,261 2,920,000 - 896 1997 ResaleSELETAR PARK RESIDENCE Condominium 99 years May 31 1,604 1,560,000 - 973 2015 ResaleSELETAR SPRINGSCONDOMINIUM Condominium 99 years May 30 980 765,000 - 781 2000 Resale

DISCLAIMER:Source: URA Realis. Updated June 13, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium

FROM PREVIOUS PAGE

THEEDGE SINGAPORE | JUNE 19, 2017 • EP15

GAINS AND LOSSES

Top 10 gains and losses from May 30 to June 6

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Most profi table deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

1 Four Seasons Park 10 2,260 June 1 2,102 April 13, 2009 1,570 1,200,888 34 4 8.1

2 Thomson View Condominium 20 2,024 June 1 845 June 2, 2003 267 1,170,000 217 9 14.0

3 Maple Woods 21 1,485 June 5 1,380 March 1, 1999 606 1,150,000 128 5 18.3

4 The Pearl @ Mount Faber 4 2,347 May 31 916 Nov 30, 2006 426 1,150,000 115 8 10.5

5 Clementi Park 21 1,755 June 2 1,054 April 7, 2000 553 880,000 91 4 17.2

6 Robertson 100 9 1,313 May 30 1,473 June 20, 2002 813 867,500 81 4 15.0

7 Goldenhill Park Condominium 20 1,313 June 2 1,295 June 2, 2005 670 820,000 93 6 12.0

8 Pebble Bay 15 2,174 May 31 1,279 June 17, 2009 901 820,000 42 4 8.0

9 The Spinnaker 11 1,281 May 30 1,366 May 21, 1999 778 745,200 74 3 18.0

10 Mera Springs 8 1,292 June 5 1,254 Sept 15, 2006 689 730,000 82 6 10.7

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 Scotts Highpark 9 4,209 June 5 1,620 Sept 12, 2011 2,138 2,180,000 24 5.0 5.7

2 Silversea 15 2,540 May 30 1,443 April 19, 2012 1,931 1,238,800 25 6.0 5.1

3 The Vermont on Cairnhill 9 1,442 May 31 2,011 Jan 13, 2011 2,309 430,000 13 2.0 6.4

4 Parvis 10 1,701 May 31 1,693 Oct 17, 2012 1,882 320,000 10 2.0 4.6

5 Sky@Eleven 11 2,820 June 5 1,620 Feb 14, 2012 1,710 252,200 5 1.0 5.3

6 St Thomas Suites 9 1,819 June 6 1,787 Jan 28, 2011 1,909 222,471 6 1.0 6.4

7 Gardenville 10 1,572 June 2 1,845 Feb 1, 2012 1,973 200,000 6 1.0 5.3

8 Neptune Court 15 1,636 May 31 758 Aug 6, 2007 880 200,000 14 2.0 9.8

9 The Trillium 9 2,390 June 1 1,799 April 30, 2007 1,869 167,000 4 0.4 10.1

10 The Arte 12 1,873 May 31 1,148 Oct 22, 2010 1,223 141,000 6 1.0 6.6

Note: Computed based on URA caveat data as at June 13 for private non-landed houses transacted between May 30 and June 6. The profit-and-loss computation excludes transactions costs such as stamp duties.

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)DISTRICT SOLD ON (2017) BOUGHT ON LOSS ($) ANNUALISED LOSS (%)

Non-profi table deals

Large condo units sold for million-dollar profits| BY LIN ZHIQIN |

There were four condomini-

um transactions in the week

of May 30 to June 6 that saw

the sellers making profits of

more than $1 million. Three of

the transactions were for large units

of more than 2,000 sq ft.

The most profitable transaction of

the week was the sale of a 2,260 sq ft,

three-bedroom unit at Four Seasons

Park in prime District 10. The seller

made a $1.2 million profit on June

1. He purchased the unit for $3.55

million ($1,570 psf) in April 2009

and sold it for $4.75 million ($2,102

psf), translating into a profit of 34%,

or 4% annualised over eight years.

Based on URA caveat data, the

unit changed hands at a $250,000

profit in April 2009. The previous

seller purchased it for $3.3 million

($1,460 psf) in April 2006. The free-

hold Four Seasons Park comprises

202 units in three 26-storey blocks

sitting on a land area of 299,775 sq

ft. It is located across Orchard Boule-

vard from Four Seasons Hotel. Four

Seasons Park was developed by list-

ed property group Hotel Properties,

controlled by Singaporean tycoon Ong

Beng Seng. It was launched in the

early 1990s and completed in 1994.

Also on June 1, a 2,024 sq ft unit

at Thomson View Condominium was

sold for a $1.17 million profit. The

previous owner purchased the unit

for $540,000 ($267 psf) in June 2003

and sold it for $1.71 million ($845

psf). He recognised a 217% profit,

or a 9% annualised profit over a 14-

year holding period.

Based on URA caveat data, the unit

changed hands at a $348,000 loss in

June 2003. The previous owner pur-

chased it for $888,000 ($439 psf) in

May 1995. The sale reflects a 39%

loss, or 6% a year over eight years.

There have been no unprofitable

transactions at Thomson View Con-

dominium since October 2008, when

a 2,024 sq ft unit changed hands at a

$70,000 loss. Thomson View Condo-

minium is a leasehold development

with 254 units. It is located across

the road from Thomson Plaza, and

about 300m from the upcoming Up-

per Thomson MRT station. The $590

million collective sale of Thomson

View Condominium was halted by

the High Court in 2013, as the mar-

keting agent had offered incentive

payments to some owners to back

the deal.

The other two transactions that

saw million-dollar profits in the week

were the sale of a 1,485 sq ft unit at

Maple Woods, a freehold condo lo-

cated near the King Albert Park MRT

station, and the sale of a 2,347 sq ft

unit at The Pearl @ Mount Faber, a

leasehold condo in District 4. Both

units were sold for profits of $1.15

million.

On June 5, a 4,209 sq ft, four-bed-

room unit at Scotts Highpark in prime

District 9 was sold for the biggest

loss of the week. The seller suffered

a $2.18 million loss, the biggest at

Scotts Highpark so far. He purchased

the unit for $9 million ($2,138 psf)

in September 2011 and sold it for

$6.82 million ($1,620 psf). The sale

reflects a 24% loss, or 5% a year

over 5.7 years.

The most profitable transaction of the week was the sale of a 2,260 sq ft unit at Four Seasons Park. Find the most affordable listing in the project at edgepr.link/FourSeasonsPark.

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There have been no unprofitable trans-actions at Thomson View Condominium since October 2008. Find out more about the project at edgepr.link/ThomsonView.

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Based on URA caveat data, the

unit changed hands at a $1.95 mil-

lion profit in September 2011. The

previous seller purchased it from the

developer for $7.05 million ($1,675

psf) in September 2006. He made a

28% profit, or 5% a year over a five-

year holding period. Scotts Highpark

is a freehold condo located on Scotts

Road, near the Newton MRT sta-

tion. It was completed in 2009 and

has 73 units.

EP16 • THEEDGE SINGAPORE | JUNE 19, 2017

DEAL WATCH

Recent transactions at Floridian

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

May 9, 2017 1,690 2.850 1,686

April 24, 2017 936 1.558 1,664

April 3, 2017 1,658 2.600 1,568

March 28, 2017 1,658 2.600 1,568

March 8, 2017 915 1.550 1,694

Jan 26, 2017 1,281 2.168 1,693

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Recent rental contracts for 1,600 to 1,700 sq ft units at Floridian

LEASE DATE MONTHLY RENT $ $ PSF

March 2017 5,400 3.30

March 2017 6,000 3.60

| BY DELICIA LIM |

Floridian is a freehold condo-

minium located in District 21

along Bukit Timah Road. The

336-unit project was devel-

oped jointly by Far East Or-

ganization and Wing Tai Holdings,

and completed in 2012. The project

has a mix of two-bedders ranging

from 840 to 940 sq ft; three-bed-

room units of 1,281 to 1,432 sq ft;

and four-bedroom units of 1,830 to

2,347 sq ft.

The popularity of Floridian is due

to the fact that it is within walking

distance of King Albert Park MRT

station on the Downtown Line. It

is also close to Methodist Girls’

School (Primary), Pei Hwa Pres-

byterian Primary School and Ngee

Ann Polytechnic.

A 1,658 sq ft, three-bedroom unit

on the ground floor at Floridian was

recently listed for sale on TheEdge-

Property.com.sg for $2.54 million

($1,532 psf). The unit is currently

leased until March 2019 at a month-

ly rental rate of $5,400, according

to Douglas Chen, a property agent

with PropNex Realty.

This year, six units at The Flori-

an have changed hands. Two 1,658

sq ft, three-bedroom units fetched

similar prices of $2.6 million ($1,568

psf) in March and April, respective-

ly. The unit sold in April was last

transacted at $2.4 million ($1,448

psf) in January 2010. Meanwhile,

the unit sold in March fetched $2.3

million ($1,388 psf) in July 2009.

Prices at Floridian peaked in

July 2011, when a 1,830 sq ft unit

was sold for $2,040 psf. Prices have

softened since 2013, and have been

generally hovering in the range of

$1,500 to $1,700 psf over the past

three years, according to a proper-

ty agent.

Based on URA data for the month

of March, two units of 1,600 to

1,700 sq ft at Floridian were leased

at monthly rental rates of $5,400 to

$6,000. Based on the asking price

of $2.54 million for the three-bed-

room unit at Floridian, the buyer of

the unit is expected to see a gross

rental yield of 2.8%.

Visit edgepr.link//DealWatch-S784

for more information.

Floridian unit up for sale at $1,532 psf

A 1,658 sq ft, three-bedroom unit on the ground floor at Floridian was recently listed for sale at $2.54 million ($1,532 psf)

SAM

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