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Visit EdgeProp.sg to find properties, research market trends and read the latest news The week of June 7, 2021 | ISSUE 987-209

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Market TrendsDemand for residential

property rises amid dwindling supply ep3

Bungalow WatchBungalow deals energised

by new generation of business titans ep4

Industry InsightInvesting in strata offices in a post-pandemic world

ep8

Gains and LossesUnit at Helios Residences

makes $2.6 mil lossep9

SAM

UEL

ISAA

C CH

UA/T

HE E

DGE

SIN

GAP

ORE

Lumiere finds new co-living operator, new landlords,

new occupiers Turn to our Cover Story on Pages 6 and 7.

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EP2 • EDGEPROP | JUNE 7, 2021

PROPERTY BRIEFS

JustCo to launch new co-working space in The Metropolis, Buona VistaCo-working space operator JustCo will be launching a new 35,000 sq ft space in The Metropolis, Buona Vista in 1Q2022.

The agreement, signed with Ho Bee Land, will see JustCo operating and managing the space across two floors in The Metropolis Tower One, located next to Buona Vista MRT station.

Prospective tenants at the managed space in The Metropolis will join JustCo’s community of over 100,000 members, gaining access to shared plat-forms that will allow collaboration and networking.

“The combination of businesses seeking to deploy less capital into real estate, and employees expecting more choices over how and where they work, will fuel expectations towards flexible office space and space-on-demand, to complement their primary real estate needs over the next decade,” says Kong Wan Sing, founder and CEO of JustCo.

Oakwood takes on management of Oakwood Suites Tiwanon BangkokHospitality group Oakwood World-wide has signed a management agreement with Chaopraya Ma-hanakorn for the management of the group’s eighth Oakwood brand-ed property in Thailand — Oak-wood Suites Ti-wanon Bangkok.

S l a t e d t o open in 3Q2021, Oakwood Suites Tiwanon Bangkok will feature 194 well-appointed one- to two-bedroom residences and a suite of facilities including a resi-dents’ lounge, restaurant, bar, swimming pool, fit-ness centre and meeting venues.

It is located next to the Yaek Tiwanon Metro Sta-tion and is nearby to the Chatuchak Weekend Market.

KKR and TIGA Investments-led consortium acquire The Executive CentreA consortium led by KKR and TIGA Investments will acquire The Executive Centre (TEC), a flexible of-fice space provider.

As part of the transaction, HPEF Capital Partners and CVC Capital Partners will exit their investments in the company.

“We are pleased to welcome KKR and TIGA Investments to TEC as our new investors. It’s a powerful partnership, well matched to drive the continued performance and growth of TEC. I also extend a big thank you to HPEF Capital Partners and CVC Capital Partners for their investment tenure, during which we increased the size of the business sevenfold,” says Paul Salnikow, founder and CEO of TEC.

TEC serves 32,000 members across over 150 cen-tres in 32 cities and 14 markets, including Greater China, Japan, South Korea, Southeast Asia, Australia, India, Sri Lanka, and the Middle East, with an annual turnover in excess of US$237 million ($313 million).

Lendlease appoints Ng Hsueh Ling as new chairmanLendlease property group has appointed Ng Hsueh Ling as the new chairman of Lendlease Global Com-mercial Trust Management from June 1.

Ng is currently the managing director, Singapore, and chief investment officer, Asia, at Lendlease, a post she has held since August 2017. She is also the key executive officer of Lendlease Retail.

Ng will take over from outgoing chairman, An-thony Peter Lombardo, who starts his new role as the Lendlease Group chief executive officer and man-aging director on June 1. Lombardo will remain on the board as a non-executive and non-independent director of the Lendlease Global Commercial Trust Management.

Worldwide Hotels inks green loan facility worth $405 milWorldwide Hotels Group has secured its first green loan facility worth $405 million from Maybank Sin-gapore for its new hotel and commercial develop-ment, 8 Club Street.

Once completed in 2022, 8 Club Street will be a 19-storey, four-star hotel with 900 rooms and com-mercial spaces comprising restaurants and shops within the CBD and Chinatown precinct.

The hotel will be connected to Chinatown and Telok Ayer MRT stations, and China Square, through a pedestrian link.

Ascott Residence Trust acquires three rental housing properties in Japan for $85 milAscott Residence Trust (ART) is acquiring three free-hold rental housing properties in central Sapporo for JPY6.78 billion ($85.2 million).

The p rope r -ties comprise a total of 411 units and will increase ART’s portfolio in Japan to over 4,500 units in 22 serviced residences, hotels and rental housing properties across nine cities. After the complet ion of the deal, ART will have 14 rental housing properties in Japan, including four in Sapporo.

The three rental housing properties — City Court Kita 1 jo, Big Palace Minami 5 jo, and Alpha Square Kita 15 jo — are from unrelated third parties. The average ebitda yield of the three acquisitions is approximately 4%.

The acquisition follows the recent completion of ART’s divestment of Somerset Xu Hu Shanghai for RMB1.05 billion ($216.6 million) on May 27. ART has received net proceeds of about RMB953.9 million and realised a net divestment gain of about RMB582.6 million, or some $120.2 million.

The acquisition of the Sapporo properties will be funded by debt and part of the net proceeds from Somerset Xu Hu Shanghai.

The three rental housing properties will be man-aged by a local property manager, Kabushiki Kaisha Big Service, which is also the current property man-ager for ART’s rental housing property in Sapporo, Big Palace Kita 14 jo.

“Through ART’s active portfolio reconstitution, we are able to create value for stapled security holders by reinvesting proceeds from our recent divestments at a lower capitalisation rate of about 2% into high-er yielding and resilient rental housing properties in Japan at about 4% yield,” says Bob Tan, chairman of ART’s managers.

Tan also highlights that the REIT aims to grow its student accommodation and rental housing portfo-lios to 15%-20% in the medium term, up from the current 8% which includes the Sapporo properties

and the acquisition of its first student accommoda-tion asset Paloma West Midtown in February.

Beh Siew Kim, CEO of the managers, points out that the acquisition is distribution per stapled security (DPS) accretive. On a FY2020 proforma basis, ART’s DPS is expected to increase by 2.6%.

“In 2020 amid Covid-19, ART’s 11 rental housing properties in Japan performed well at an average oc-cupancy rate of 96%, especially those located close to key demand drivers such as the working popula-tion in the central business districts or students from universities. Rental housing leases, which are typical-ly two years in length, also provide greater visibility and stability in future cashflows,” says Beh.

Frasers Hospitality to add seven new China properties over next four yearsFrasers Hospitality, a member of the Frasers Prop-erty Group, will add seven new hospitality proper-ties to its portfolio in China over the next four years. The new properties will be in first- and second-tier Chinese cities.

The seven properties will be Fraser Residence Chongqing; Fraser Suites Pazhou, Guangzhou; Fraser Residence Shenzhen; Fraser Residence Nanjing; Fraser Residence Tianjin; Fraser Place Chengdu; and Mode-na by Fraser Nanjing.

The company’s performance in the country is sup-ported by a strong base of long-term stay corporate guests, and its serviced apartments have seen strong demand from shorter-term guests, says Chew Hang Song, senior vice president and head of operations, North Asia, at Frasers Hospitality.

“Our growth plans in the market are backed by the significant business potential we’re observing in China, which has remained steadfast amidst the chal-lenges brought about by Covid-19,” says Mark Chan, COO of Frasers Hospitality.

He adds that the country will continue to play an integral role in the hospitality company’s future ex-pansion plans. Frasers Hospitality currently operates 12 properties in 12 gateway cities in China, and the seven new properties will bring its total inventory in the country to over 4,500 keys.

Keppel Land secures $150 mil sustainability linked loan from DBS BankKeppel Land has secured a sustainability-linked loan of $150 million from DBS bank, which incor-porates interest rate reductions linked to Environ-mental, Social and Governance targets.

The proceeds of the loan will be used for pur-poses which include refinancing of maturing debt, capital expenditure for new development projects, and potential land and property acquisitions, Kep-pel Land says.

This sustainability-linked loan follows Keppel Land’s first green loan facility of RMB850 million ($176 million), secured in 2019, for the develop-ment of Seasons City (Phase 1) in the Sino-Singa-pore Tianjin Eco-City, China.

“In line with Keppel’s Vision 2030, Keppel Land places sustainability at the core of our strat-egy. This goes beyond the development and man-agement of low-carbon, resource-efficient build-ings, but also extends to the strengthening of our green funding sources,” says Tan Boon Ping, CFO of Keppel Land.

“With conversations around a low-carbon econ-omy fast gaining traction, we have observed a keen interest within the real estate sector for more sus-tainable financing instruments,” notes Lim Wee Seng, head of energy, chemicals and infrastructure, DBS Bank. — Compiled by Charlene Chin, Timothy Tay and Atiqah Mokhtar E

JUSTCO

Coworking space operator JustCo will be launching its new coworking space of 35,000 sq ft in The Metropolis in Q12022

WORLDWIDE HOTELS

Once completed in 2022, 8 Club Street will be a 19-storey, four-star hotel with 900 rooms and commercial spaces

FRASERS HOSPITALITY

Fraser Residence Chengdu officially opened its doors to guests on June 28 last year with occupancy rates hitting a year-to-date high of 90%

WORLDWIDE HOTELS

The Alpha Square Kita 15 jo rental property in central Sapporo

OAKWOOD

Oakwood Suites Tiwanon Bangkok

EDGEPROP | JUNE 7, 2021 • EP3

BY CHARLENE CHINcharlene.chin@edgeprop.sg

The Singapore residential property market is currently like a pot of steel on a fire that is “boiling over”, describes Nicho-las Mak, head of research and consul-tancy at ERA Realty Network.

“That fire is fuelled by economic growth, household income, low interest rates and so on. And what the government is doing is putting more stones and bricks on top of the lid of the pot to try to keep it from boiling over, but the fire is still going on, and the government cannot cool the fire, because there is GDP growth,” Mak says in the “Homes For Tomorrow” episode in EdgeProp’s “Real As State” online series.

Despite news of the pandemic shuttering businesses and ravaging economies, the prop-erty market seemed to have held its own. In April, developers in Singapore sold 1,262 pri-vate homes, based on URA data. This is a slight dip from sales in March, when 1,296 units were transacted. However, compared to last April, new home sales (excluding executive condos or ECs) have jumped by 355.6%.

Property cooling measures are like the stones and bricks placed on the lid of a boiling pot, and there has been speculation in the property in-dustry that the government is mulling over such measures to keep prices in check.

To that, Ong Choon Fah, CEO and head of research and consulting at Edmund Tie & Co remarks: “We are seeing mispricing of assets and so the government is concerned that there might be a misallocation. So I think... that’s why over the years they have introduced mac-roprudential policies such as the TDSR (total debt servicing ratio) as well as the LTV (loan-to-value) ratios.”

She adds that “the government has made it very clear that they would want to see a stable property market that is fundamentally support-ed by the economy”.

Consultants note that amid robust demand for properties, housing supply is falling. Mak observes: “Last year, developers launched about 28 residential projects for sale, but this year, even if developers were to launch all the projects that they have lined up, it will only number about 22 and most of them are small and medium-sized projects. Only one of them has more than a thousand units and that is Normanton Park.”

“If you just apply economics, developers should be going out there to buy land right now and the government should be selling more land in the next upcoming GLS [government land sales] programme, but sometimes selling more land can be like adding fuel to the fire,” says Mak.

Construction delays, more flock to ready-built properties With a delay in construction caused by the pan-demic, buyers have also flocked to resale prop-erties. “People are entering the market to buy because they do not want to wait,” notes Kel-vin Fong, executive director at PropNex. He ob-serves that instead of buying HDB build-to-order (BTO) flats, couples are turning to resale flats instead, which has caused prices to “rebound to almost 2012 and 2013 prices”.

With the pandemic shutting borders and dis-rupting the usual flow of construction workers into Singapore, many projects have been delayed. This will inadvertently lead to construction costs going up, and that has also fuelled demand for private properties now, because many people are worried that the cost will be borne by the

consumer, eventually. “Because they reckon the land cost will go up, the construction cost will go up, the longer they wait. They’d think, ‘I’d rather buy something now,’” says Fong.

Ong notes that buyers have also been flocking to projects where the units are already complet-ed. “Developers are starting to sell those units where you can move in immediately instead of those under construction, where the construc-tion period will be longer than what it used to be,” she says.

Such delays could also lead to spillover ef-fects in the rental market. “In the private hous-ing market, if buyers have already sold their unit and are waiting to collect the keys to their next one, they might have to consider renting in the short term in anticipation of further delays for their new properties,” says Mak, who believes that construction delays will have to be expect-ed moving forward.

Flexible spaces, smart furnitureWith the increased practice of working-from-home, homes now require more flexible lay-outs. “I am always fascinated by the Japanese; their rooms are so flexible, so this is perhaps

an idea that some of us can adopt,” says Ong. For instance, one can use smart furniture like Murphy beds, which can be folded up to allow the bedroom to be used as an alternative space.

“We use our bedroom probably for like eight hours a day, so the rest of the time the space is under-utilised,” she says, adding: “There’s quite a lot of innovation in smart furniture that I think buyers can look into.”

Another idea, Mak suggests, is to look into temporary partitions such as foldable walls. One other alternative is for residents to utilise the function or meeting room facilities in their condos, he notes.

One simple way is also to declutter, suggests Ong. “You can get rid of a lot of things that you don’t need, or put them in self-storage. If you travel once a year during winter, put the winter clothes in self-storage so that it frees up more space,” she says.

Ong also believes that with working-from-home being such a key part of our lives now, developers will focus on designing for more communal spaces, be it common study rooms or function rooms, “so that people can actual-ly get out” of their house.

In addition, the pandemic has forced peo-ple to rethink their lives, and this translates into a question on what space means to every-one, Ong says. “It’s an entire rethink that the home is everything — it is your office, it’s your school, it’s an entertainment area, it is your cooking academy and your social space,” she elaborates.

With home being the primary residence and place in which most activities will converge, this will lead to other places becoming “third places”, says Ong. “The first place is usually our home, and the second place is the work-place, where you spend your time on week-days,” she explains.

“Instead of just the CBD, we will see a lot of the sub-regions becoming an activity hub, and each hub can be a kind of a bubble, so you commute within your area when neces-sary,” she adds.

SustainabilityThe real estate industry also has its part to play in sustainability. “The building and construction industry is responsible for 40% of the carbon emissions globally, so there is a lot that we can do,” says Ong.

She adds: “28% of [carbon emissions] actu-ally comes from operational emission, so we’re starting to think not just in terms of construc-tion, but in terms of the life cycle of a building — how can we make it more sustainable from construction through to operations.”

Mak is of the view that the en bloc concept in Singapore can be relooked at. This allows homeowners to sell off their existing develop-ments collectively. Buildings over 10 years old require 80% consent, while for buildings younger than 10 years, 90% of homeowners must agree.

“Many people do not realise that the man-ufacturing of cement leaves behind a very big carbon footprint, so ... is there a need to tear down buildings that are just 20 or 30 years old, and that are totally usable?” Mak questions.

“There are a lot of buildings in other coun-tries, such as in Europe, that are more than 100, 1,000 years old and are still standing,” he adds. E

MARKET TRENDS

Demand for residential property rises amid dwindling supply

New home sales (excluding executive condos) have jumped by 355.6% this April compared to a year ago

THE EDGE SINGAPORE

BLOOMBERG

(from left) Kelvin Fong, executive director at PropNex; Ong Choon Fah, CEO and head of research and consulting at Edmund Tie; Nicholas Mak, head of research and consultancy at ERA Realty Network; and Bernard Tong, CEO of EdgeProp Singapore

EP4 • EDGEPROP | JUNE 7, 2021

BY CECILIA CHOWcecilia.chow@edgeprop.sg

Making its debut in the Singapore bungalow scene is Land Manag-ers, the boutique real estate invest-ment firm founded by 36-year-old Andy Lim, the son of co-founder

and group CEO of ARA Asset Management John Lim. Land Managers forked out $18.1 million ($1,401 psf) for a 12,906 sq ft, freehold bun-galow site at 12A Broadrick Road, off Mount-batten Road in prime District 15 of East Coast.

The plan is to redevelop the site and build a pair of smaller bungalows which will then be sold, says William Wong, managing direc-tor of landed property agency, Realstar Premier Group, who brokered the sale.

Just last September, the adjacent freehold bungalow plot, which is larger at 16,150 sq ft, changed hands for $19 million ($1,176 psf). On a psf basis, that means prices have jumped 19% in just a space of eight months. The deal was likewise brokered by Realstar Premier.

“Indeed, the price psf for the landed proper-ty market has surpassed the last peak in 2013,” says Wong.

Outstripping previous peaksAverage prices of bungalow transactions across Singapore, including Sentosa Cove, have reached

a new high of $1,433 psf, outstripping the pre-vious record of $1,367 psf in 2013, according to research by List Sotheby’s International Real-ty based on transactions from 2010 to May 20, 2021. And this is even after Good Class Bunga-lows (GCBs) were excluded.

In the GCB market alone, average prices are now at $1,653 psf, based on 41 transactions with caveats lodged as at May 20, according to List Sotheby’s director of research, Han Huan Mei. It has even exceeded the previous peak of $1,535 psf in 2018, she adds.

The price increase has been most pronounced in the most coveted prime GCB estates — the likes of Nassim Road, Cluny Road-Cluny Hill, Dalvey Estate and Tanglin area — where pric-es have already surged 20% since the pre-Cov-id period in January 2020, according to Real-star’s Wong.

He anticipates average prime GCB land pric-es to hit $2,500 psf within the next year. Pric-es of non-prime GCBs have increased too, but at a slower pace of about 15% compared to a year earlier, notes Wong.

The GCB deals this year are also bigger: There are more deals above $40 million this year than in any of the past 11 years. Most of the deals are concentrated in the prized neighbourhoods of Nassim, Cluny, Dalvey Estate, Chatsworth Park and Leedon Park, notes Steve Tay, senior asso-ciate vice president of List Sotheby’s.

Tay also expects to see more “outsized deals above $80 million” in the coming years. For a GCB sitting on a land area of 15,000 sq ft, the price of $80 million will translate to $5,333 psf. In the Nassim area, a GCB of that size is already asking for $90 million ($6,000 psf). If such psf prices are achieved, they will certainly set a new benchmark in the GCB market. “But it doesn’t sound far-fetched as such prices have already been achieved for penthouses in the prime ar-eas,” Tay points out.

The notablesGCB transacted prices in the Nassim and Cluny area have already crossed $4,000 psf. In March, an old GCB on Nassim Road was purchased for $218 million or a record $4,005 psf by Jin Xiao Qun, the wife of Nanofilm Technologies Inter-national founder and CEO Shi Xu.

The recent sale of 2 Cluny Hill was yet another record price on a psf basis when it changed hands for $4,291 psf. The GCB is still under construction and likely to be com-pleted only in 3Q2022. The buyer who paid $63.7 million for the GCB is tech entrepre-neur Tommy Ong, who is in his 30s. He is the founder of Spotify review app, Stamped.io, which was sold for US$110 million ($145.86 million) in March.

Meanwhile, 37-year-old real estate magnate Kishin RK quietly purchased an old GCB on

Grange Road from the Goh family that founded both NatSteel and Tat Lee Bank Group. Kishin paid $48 million ($1,697 psf) for the GCB in a deal brokered by Realstar. Kishin is said to be looking for a “star architect” to design his new GCB. The plan is to redevelop the property and reorientate it to face Chatsworth Road, and to adopt that address too.

The young billionaire had sold one of his in-vestment properties, an 8,740 sq ft penthouse at Ardmore Park, for $27.65 million ($3,163 psf) last year. Kishin was said to be on the hunt for a GCB since.

Another GCB that was snapped up for $48 million earlier this year is at Swettenham Road. It was a relatively new GCB sitting on a 16,594 sq ft, freehold site. Hence, the price worked out to $2,893 psf. The deal was said to have been brokered by KH Tan of Newsman Realty. The buyer was Ben Chng, CEO of Viz Branz Hold-ings, a manufacturer and distributor of instant cereal and beverages under the brands of Gold Roast and Café 21, founded by his family in 1988. Last November, Bahrain-based invest-ment group Investcorp had purchased a ma-jority stake in Viz Branz from Chng.

At Astrid Hill, a GCB shielded from view by a long driveway, changed hands for $44.3 million ($1,413 psf) in May. The GCB sits on a freehold land area of 31,359 sq ft. The buy-er is believed to be Ng Keng Sing, a director of

Bungalow deals turbo-charged by new generation of business titans

BUNGALOW WATCH

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

The GCB at Grange Road that was purchased by real estate magnate Kishin RK for $48 million

The GCB at East Sussex Lane sitting on a land area of 27,181 sq ft that changed hands for $29 million ($1,067 psf) The GCB at Astrid Hill sitting on a sizeable land area of 31,359 sq ft that was recently sold for $44.3 million ($1,413 psf)

EDGEPROP | JUNE 7, 2021 • EP5

petroleum company Midas NSSG International and former CEO of TAT Petroleum.

New entrantsWhat is driving this incessant buying wave at the very top-end of the residential market? “The recent buyers are mainly the new multimillion-aires in the finance, trading, tech and pharma-ceutical sectors; and they are generally young-er, in the 30s to 40s age group,” observes List Sotheby’s Tay. “There are more naturalised cit-izens buying for their own family use as well.”

But it is not just the tycoons and the typical development firms that are buying, says Real-star’s Wong. “Interest is coming from family of-fices and fund management firms too,” he adds.

Landed property developers can still expect a 15% to 20% return on investment (ROI), de-spite the higher construction costs brought on by Covid disruption to both materials and foreign workforce, according to Wong. “Construction cost is now at an all-time high,” he adds. “The

cost will eventually be passed on to the buyer in the form of higher sale prices for bungalows.”

The perennial shortage in terms of supply of new landed homes is another reason that pric-es have been driven up by the spike in demand, notes Wong. “Demand is higher as more buy-ers crave bigger space due to the current pan-demic,” he adds. “This is despite the rising con-struction cost.”

Based on URA data, the stock of terraced houses stood at 40,132 units as at end-1Q2021. Semi-detached houses, on the other hand, make up 22,268 units in the overall housing market. Detached houses account for just 10,855 units as at end-1Q2021. And GCBs are said to make up just 2,500 to 2,600 out of the total stock of detached houses, estimates List Sotheby’s Tay.

Widening price gapSome of the significant GCB deals brokered by Realstar this year include a recent sale of a GCB at East Sussex Lane sitting on a land area of

27,181 sq ft that changed hands for $29 million ($1,067 psf); another GCB at Victoria Park Close that fetched $28.328 million ($1,857 psf); and a GCB at Ford Avenue that went for $26.5 million ($1,666 psf) in March this year. At Yarwood Av-enue, a GCB sitting on a 18,911 sq ft site changed hands for $23.1 million ($1,222 psf).

Meanwhile, List Sotheby’s Tay has brokered over $200 million in luxury bungalow deals, in-cluding those in Sentosa Cove, in just the first five months of 2021.

He is marketing several GCBs at Coronation Road West and King Albert Park. He sees GCB interest extending to in the Bukit Timah and Holland Road area, as well as King Albert Park,

a standalone GCB enclave in District 21. These neighbourhoods are surrounded by amenities such as MRT stations, the Rail Corridor, malls, eater-ies and top schools. Hence, they are sought-af-ter, says Tay.

Last year’s enforced “circuit breaker” and the ongoing restrictions to curb the spread of Cov-id have heightened the awareness of the fragili-ty of life, as well as the importance of striking a balance between business building, wealth cre-ation and strengthening family ties, notes Tay. “The purpose of wealth creation is to enhance one’s quality of life, and that of the family,” he adds. “And Covid-19 has really brought home that message to the ultra-rich.” E

BUNGALOW WATCHPICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

The GCB at Swettenham Close purchased by Ben Chng, CEO of Viz Branz Holdings, for $48 million earlier this yearLand Managers forked out $18.1 million ($1,401 psf) for a 12,903 sq ft, freehold bungalow site at 12A Broadrick Road, off Mountbatten Road in the prime District 15 of East Coast

Bungalow deals from $35 million*Address Transacted

price ($) Area

(sq ft) Unit price

($ psf) Sale date Tenure Completion

date

2019

ASTRID HILL 47,000,000 26,983 1,742 Sep 7 Freehold -

BELMONT ROAD 39,800,000 15,001 2,653 Jun 11 Freehold -

EAST SUSSEX LANE 36,882,500 36,883 1,000 Dec 30 Freehold -

2020

LEEDON PARK 73,000,000 44,435 1,643 Sep 23 Freehold -

CHATSWORTH PARK 44,000,000 21,133 2,082 Dec 11 Freehold 1996

GALLOP ROAD 42,000,000 21,647 1,940 Dec 22 Freehold -

CLUNY PARK 40,000,000 20,369 1,964 Mar 18 Freehold 1996

CLUNY HILL 38,600,000 16,675 2,315 Dec 23 Freehold 2007

MOUNT ROSIE ROAD 38,380,000 29,431 1,304 Aug 27 Freehold -

BIN TONG PARK 37,600,000 28,111 1,338 Sep 18 Freehold -

GARLICK AVENUE 37,500,000 22,595 1,660 Sep 11 Freehold 1998

BIN TONG PARK 37,000,000 21,952 1,685 Dec 20 Freehold 1999

DALVEY ESTATE 36,000,000 18,219 1,976 Jan 31 Freehold 2006

GALLOP PARK 35,000,000 27,491 1,273 Aug 19 Freehold 1978

2021 year-to-date

NASSIM ROAD 128,800,800 32,160 4,005 Mar 26 Freehold -

SWETTENHAM CLOSE

48,000,000 16,594 2,893 Jan 25 Freehold 2018

GRANGE ROAD 48,000,000 28,288 1,697 Apr 29 Freehold -

ASTRID HILL 44,300,000 31,359 1,413 May 14 Freehold -

COVE DRIVE 43,666,000 18,053 2,419 Feb 6 99-year 2011

CHANCERY LANE 43,500,000 23,403 1,859 May 20 Freehold 2017

KING ALBERT PARK 43,350,000 35,482 1,222 Jan 18 Freehold 1992

DALVEY ESTATE 40,000,000 22,526 1,776 Feb 1 Freehold 2019

LEEDON PARK 37,300,000 21,584 1,728 Jan 29 Freehold 1994

Price and transaction volume for bungalow deals in GCB areas (2010–2021 year-to-date)

Price and transaction volume for bungalow deals in rest of Singapore (2010–2021 year-to-date)

URA REALIS, EDGEPROP SINGAPORECHARTS: URA, LIST SOTHEBY’S INTERNATIONAL REALTY

Notes: Caveats downloaded from URA-Realis as at May 31, 2021. 2010 was an exceptional year due to Singapore’s rapid recovery from the Global Financial Crisis. The opening of the two integrated resorts that year also gave a boost to the economy, attracting a lot of foreign investors to our shores. Hence, the bungalow market in Sentosa Cove was particularly active in 2010–2013. Based on a 10-year trend (2011–2020), the sales volume of bungalows in the GCB areas has been stable, averaging at 39 deals per year. On a psf basis, bungalow prices rose by around 15% over the 10 years. The higher sales volume is not surprising since detached houses outside of the GCB areas are more affordable, especially those located in the suburbs of Sembawang, Seletar and Upper Changi. In general, the two segments of the market moved quite in tandem with each other.

Bungalow deals from $80 million (May 2015–2021 year-to-date)Address Transacted

price ($) Area

(sq ft) Unit price ($ psf) Sale date

RIDOUT ROAD 91,688,888 73,278 1,251 May 19, 2015

GARLICK AVENUE* 93,000,000 101,550 916 Sep 1, 2020

DALVEY ROAD 93,900,000 52,059 1,804 Sep 25, 2018

NASSIM ROAD* 95,000,000 34,251 2,774 Aug 22, 2019

NASSIM ROAD* 105,300,000 42,515 2,477 early 2018

NASSIM ROAD 128,800,800 32,160 4,005 Mar 26, 2021

NASSIM ROAD* 230,000,000 84,544 2,720 Jul 1, 2019

* No caveats lodged

LIST SOTHEBY’S INTERNATIONAL REALTY

* Only reflects caveats lodged with URA Realis

EP6 • EDGEPROP | JUNE 7, 2021

BY CECILIA CHOWcecilia.chow@edgeprop.sg

Despite co-living operator Hmlet’s abrupt exit from Lumiere last Sep-tember, Raymond Ng, founder of property development and invest-ment company BS Capital, says: “I

still believe that co-living works well.” That belief has been validated by the en-

try of Cove, another co-living operator, which stepped in on June 1 to take over the man-agement of the units at Lumiere for lease.

Ng’s company, BS Shenton Pte Ltd, had de-veloped the 168-unit Lumiere on Mistri Road, just off Shenton Way. The 45-storey residen-tial tower in the CBD was completed in 2010. While the others were sold, Ng held back 43 apartments for investment via BS Shenton.

The apartments are on the top 12 floors — from the 34th to 45th storeys — of the res-idential tower. Of the 43 units, studios and one-bedders make up 32 units, and these range from 506 to 678 sq ft. Two-bedders ac-count for eight units, with sizes from 980 to

1,001 sq ft. There are two 3-bedroom duplex-es of 2,326 and 2,551 sq ft on the 34th and 36th floors, and sitting on topmost level on the 45th floor is the sole duplex penthouse, with five bedrooms and spanning 5,091 sq ft.

DivestmentNg’s original intention had been to divest the entire residential portfolio at Lumiere in a bulk sale. However, the property cooling measures of July 2018 would have deterred such buyers. The additional buyer’s stamp duty for such corporate entities has increased to 25% from 20% earlier. The borrowing lim-it for such entities has further tightened to just 15% loan-to-value ratio, from 20% be-fore. “That would have taken away its val-ue,” points out Karamjit Singh, founder and CEO of Showsuite Consultancy, who is han-dling the marketing of Lumiere units on be-half of BS Shenton.

Showsuite has in turn appointed ERA, Hut-tons, OrangeTee & Tie, PropNex and SRI as joint marketing agents for the sale of the units.

Since this March, when the residential mar-

ket began to take off, 40 one- and two-bed-room apartments at Lumiere held by BS Shen-ton were released for sale. To date, 19 units (almost half) have been taken up at an av-erage selling price of about $1,800 to $2,000 psf, says Singh. “The underlying reason why the market is so hot is that there’s not enough new land supplied to developers to build,” he adds. “And projects under construction are being delayed in terms of completion. This is favouring the resale market.”

As some of the apartments are already occupied by co-living members, BS Shenton has offered buyers the option of a guaranteed gross return of 3% per annum for the next 24 months. Slightly more than half of the buyers have taken up the guaranteed return option.

“This arrangement appeals to both inves-tors as well as owner-occupiers who are look-ing to work-live-play in the CBD,” says Singh.

Three in four of the buyers are Singapo-reans or permanent residents, according to Singh. The rest were foreigners, predominant-ly from China.

In the coming months, the two duplexes

and the penthouse will be launched for sale. “The penthouse on the 45th floor naturally enjoys spectacular views,” he adds.

Strata shop units for sale at $3,000 psfBS Shenton also owns the four strata-titled shop units on the ground floor of Lumiere. They range from 581 sq ft to 1,873 sq ft, and have a combined floor area of some 4,209 sq ft. The largest shop has been approved for use as a restaurant, while two other shop units have been granted temporary approval for F&B use, with the approvals renewable every three years.

With a new tenant just secured for all the shop units, they are now for sale at an indic-ative price of $3,000 psf. This works out to just over $12.6 million for the entire portfo-lio. “The investor who buys it would have the benefit of a new 3+3+3 year lease with step-up returns starting with 3.6% per annum,” notes Singh. Showsuite is the exclusive mar-keting agent for the shop units at Lumiere.

Singh is confident that these strata shop units are likely to see an “increase in value

COVER STORY

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Lumiere finds new co-living operator, new landlords, new occupiers

Master bedroom of a one-bedroom unit at LumiereTwo-bedroom apartments at Lumiere range from 980 to 1,001 sq ft, and units have been sold at prices ranging from $1.65 million to $1.8 million so far

One-bedroom apartment at Lumiere listed on Cove for $3,850 per month

EDGEPROP | JUNE 7, 2021 • EP7

and appeal”. He attributes this to the rejuve-nation taking place in Tanjong Pagar, with the redevelopment of AXA Tower and Fuji Xerox into new mixed-use developments, as well as the upcoming One Bernam mixed-use project. “These new developments will increase the residential and working popu-lation in the area,” adds Singh.

What’s more, the final stage of the Cir-cle Line, which is expected to be completed in 2026, includes three stations at Keppel, Cantonment and Prince Edward Road. Lum-iere is located just a short walking distance from the upcoming station at Prince Edward Road, says Singh.

Alignment of interestsThe prices of the residential units at Lum-iere of $1,800 to $2,000 psf are at a discount to new properties in the area, says Samuel Eyo, managing director of Lighthouse Prop-erty Consultants, who is also the marketing agent that had brought in Cove to Lumiere. The delays and disruption in construction of new residential projects have also shift-ed home buyers’ attention to the resale mar-ket, adds Eyo.

At Lumiere, the 3% rental guarantee is provided by BS Shenton. Cove will be the co-living operator managing the units and operations, as well as handling the leasing, adds Eyo. “This is a win-win for both Cove and the buyers of the units, who will become the new landlords at Lumiere.”

Instead of a straight landlord-and-master tenant agreement, BS Shenton’s agreement with Cove has a fixed rent component and a profit-sharing component. “This way, it’s a better alignment of interests between land-lord and operator,” says BS Shenton’s Ng.

Another shift in the dynamics between co-living operator and landlord is the intro-duction of transparency in the leasing ar-rangement at Cove. “Thanks to the technol-ogy infrastructure that we have built in our back-end, we are able to give both existing

and prospective landlords access to the per-formance of their units — on a unit-by-unit basis, and in real time,” says Luca Bregoli, co-founder and COO of Cove. “It provides visibility of costs and revenue for the land-lord in real time without additional admin-istrative cost.”

At Lumiere, Cove is operating 30 apart-ments, which include a mix of the studios, one- and two-bedroom apartments. These will be leased on a per bed, per month basis.

Inventory of 1,000 roomsHaving rolled out the real-time performance feature at Lumiere, Cove intends to extend that offering to its other landlords elsewhere in Singapore and Indonesia. Today, Cove oper-ates more than 1,000 rooms in Singapore and Indonesia combined. “That is more than five times what we had at the start of the circuit breaker last year,” remarks Bregoli.

Cove was co-founded in 2018 by Brego-li, Sophie Jokelson and Guillaume Castagne, who met through Antler, a start-up genera-tor. At its inception, Cove raised over US$2 million ($2.75 million) in seed funding to ex-pand its presence in Southeast Asia and build its technology.

Investment firms that took part in that seed round included Venturra Capital, Yuj Ventures, Investigate VC and Picus Capital. The others that took part included Aetius Capital, Found Ventures and several other angel investors.

Last December, Cove raised $4.6 million in its Series-A funding round, which was led by Keppel Land, the real estate arm of Singa-pore conglomerate Keppel Corp. Idinvest Part-ners, a unit of private equity firm Eurazeo, also joined the funding round together with existing investors.

In Indonesia, Cove, in partnership with gi-ant real estate developer Lippo Group, con-verted a commercial building at Lippo Karawa-ci into a 150-room, co-living building called Cove Hilcrest. “It is the first student-focused co-living building in Jakarta and in South-

east Asia,” says Bregoli. The student-focused co-living building is located next to one of the most prestigious universities in the city.

Even though Cove had entered Indone-sia more recently, it is a fast-growing mar-ket. “We want to create a Grab of co-living, a Southeast Asian champion,” says Bregoli. Cove plans to extend its footprint to the rest of the region, for instance the Philippines and Vietnam. It intends to do so in partner-ship with its investors which are in the real estate sector, for instance, Keppel Land, Lip-po Group, and hedge fund Xander Group.

Demand shiftIn Singapore, the 30 units at Lumiere will be the biggest portfolio of units operated by Cove in a single building. Elsewhere in the CBD, Cove also operates co-living beds on behalf of landlords at The Sail at Marina Bay and Em-erald Garden at Club Street in Tanjong Pagar.

“At the height of the pandemic, during the circuit-breaker when everyone transitioned from the office to full work from home, co-liv-ing right in the city centre or at close proxim-ity to the office became less attractive,” notes Bregoli. “While there was a dip in occupancy during the circuit breaker, occupancy in the CBD area has since recovered.”

Last year, occupancy rate averaged about 80% across Cove’s portfolio in Singapore. To-day, it is above 90%. Besides the CBD, Cove also operates co-living rooms in the Orchard Road-River Valley area; in the the city fringe such as Geylang and Joo Chiat, Tiong Bah-ru, one-north and Buona Vista, Serangoon and Kovan as well as Pasir Panjang and Kent Ridge. It also has a presence in the suburban neighbourhoods of Changi and Tampines.

There has been a shift in the demand base for co-living: Before the start of Cov-id early last year, Singaporeans and perma-nent residents made up only 5% of Cove’s occupants. Today, they form a bigger pool of about 35%. The average length of stay in a Cove property in Singapore is about

nine months, says Bregoli. Families and individuals whose home-

moving plans have been disrupted by Covid have also found co-living to be an ideal op-tion, especially if they need temporary lodgings for just a few months. Under URA guidelines, the minimum rental period is three months. “We have a lot more families coming to us because they are stuck,” says Bregoli. “But the majority of our occupiers are still young professionals and tertiary students.”

‘Affordable rental option’Cove’s strategy is to be “more asset-light and capital-light on a per room basis” relative to its competitors, says Bregoli. “We don’t take on vanity projects for the sake of building our presence in a market. We need to make money from the beginning, and the numbers need to work. It’s not just about growth, but growth in a healthy way.”

Besides Cove, there are several other major players in the co-living space: Ascott’s Lyf, Hmlet, Metro Residences, ST Residences and The Assembly Place. Even LHN Group has entered the co-living space with its Coliwoo brand. Overseas operators which are in Sin-gapore include Commontown from South Ko-rea, Login Apartments from China and Weave from Hong Kong.

While Eyo expects consolidation to take place in the sector, he sees most co-living op-erators aspiring to operate entire buildings to achieve scale. “This is why we see more partnerships between owners of substantial residential portfolios and co-living opera-tors,” he adds.

Cove has plans to roll out an “afforda-ble rental option” that will appeal to locals. “There’s a big shift in mindset,” says Bre- goli. “If you’re going to work from home and your whole family is working from home, do you really want to live with your parents? It’s really pushing a lot of people towards their first rental property. So basically, we’re very bullish on Singapore.” E

COVER STORYPICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Bregoli: There’s a big shift in mindset. If you’re going to work from home and your whole family is working from home, do you really want to live with your parents? It’s really pushing a lot of people towards their first rental

Eyo: The delays and disruption in construction of new residential projects have also shifted home buyers’ attention to the resale marketNg: I still believe that co-living works well

Singh: Three in four of the buyers [at Lumiere] are Singaporeans or permanent residents

View from the master bedroom of a two-bedroom, high-floor unit at Lumiere Studios of 560 sq ft at Lumiere are listed on Cove at $3,350 per month

EP8 • EDGEPROP | JUNE 7, 2021

BY LEONARD TAY

While residential property transactions remained healthy amid the Covid pandemic, commercial properties were subject-

ed to contractionary pressures, with of-fice rents and prices declining through-out the whole of last year.

However, in early 2021, office rent-al declines began to ease. Even though Prime Grade office rents in the Raffles Place/Marina Bay precinct continued to decline in the first quarter of 2021, falling moderately by 1.0% q-o-q to $10.06 psf per month, this was not as severe as the quarterly declines of 4.1%, 2.3% and 2.0% for 2Q2020, 3Q2020 and 4Q2020 respectively.

With occupancy rate of prime office space at 94.2% in 1Q2021, this put a halt on the downward slide in rents. The URA office rental index in the Cen-tral Region turned positive for the first time since 2Q2019. In fact, it showed a 3.3% q-o-q growth in 1Q2021 — the largest quarterly growth since 1Q2011, and a reversal from the 3.5% quarterly decline recorded in 4Q2020.

How has strata-titled office build-ings weathered the pandemic com-pared to those owned by single own-ers? Strata-titled office buildings are built by developers who would sub- divide the usable space in the build-ing into individual office units. These units are then sold to users or inves-tors, much like strata-titled condomini-um units. Likewise, the owners contrib-ute to the maintenance of the common areas in the building based on their share value and strata area.

For strata commercial offices, the “circuit breaker” (from April 7 to June 1, 2020), as well as the economic re-cession that followed, did much more to the asset sub-class than just lower its volume of transactions and prices. The office market began to change and morph as remote working was force-fully applied to Singapore’s workforce, breaking through the cultural resistance frowned upon by many traditionally minded leaders of industry.

As the world grapples with the com-plexities of a post-pandemic world, the permanent and widespread practice of working from home (WFH) will have the inevitable consequence of lower-ing the net new demand for strata of-fice spaces. Nevertheless, such contrac-tionary pressures are likely to be offset by global tech giants and MNCs that continue to make big bets, setting up shop in Singapore.

With WFH, is there still a need for office spaces?While it is true that some businesses will continue to tighten their costs as-

sociated with large overheads such as office leases, this does not mean the office will become obsolete.

For businesses, the workplace re-mains relevant post-pandemic due to the innate need for people to meet and interact. Tone of voice, facial ex-pressions and context can get lost in virtual translation when teams are not communicating side-by-side.

A physical office also offers sup-port in the form of environment and equipment. At home, remote worksta-tions are likely to be dining tables sur-rounded by demanding families, un-supportive chairs and temperamental Internet connections that struggle to uphold software that employees rely heavily on to communicate. Dining tables and couches are not designed to inspire productivity, credibility and staff retention. But many offices are.

So what is so different about the strata office compared to oth-er commercial real estate that might benefit an investor in a post- pandemic world?

Predictable mortgage paymentsOne of the key traditional advantages of owning strata office space is a hedge against volatility typified in office rent cycles. Mortgage payments are more predictable on cash flows than rental re-newals, especially during periods when demand exceeds supply. In an age of remote working and flexible space use, strata office owners can adopt nimble/ agile space strategies, free from the va-garies of market rental cycles.

Greater control of asset utilityRight off the bat, owners of strata office have the flexibility to choose whether they would prefer to be landlords or oc-cupiers as the economic climate chang-es from one cycle to the next. Unlike residential investment properties, strata offices as commercial properties do not incur additional buyer’s stamp duty.

Small enterprises and family busi-nesses are able to better manage the control over their business space. With flexible work arrangements, unutilised space can be sub-let for supplementa-ry income during periods of economic downturn and taken back during peri-ods of organic company growth.

As an investment vehicle, a strata office unit or even a combination of units is relatively more affordable than an entire building. Therefore, invest-

ment opportunities are open to smaller investors with more modest appetites.

When the above factors are taken as a whole, and enjoined with the agil-ity of remote working, the strata office market might yet see a new lease of activity by providing the right mix of control, flexibility, potential for capital gain and security for several different types of SMEs and investors.

Where are strata offices usually located?An estimated 16.6% of the total office spaces available in Singapore are strata- titled, which works out to about 14.6 million sq ft. More than 55% of the strata office inventory is in the CBD, comprising the Downtown Core and Orchard Planning Areas. They vary in terms of location, age and quality.

Since 2015, annual transaction volume of strata offices has totalled less than 400 units. This was also because there was not a regular supply of new strata office projects launched compared to the 2011 to 2013 period. The already thin trans-action volume was made worse by the Covid-19 outbreak that affected all as-pects of the economy in 2020.

Nevertheless, while transaction ac-tivity fell due to the prevailing pessi-mistic and cautious environment, av-erage unit prices declined by a fairly moderate 3.2% in 2020 to about $2,093 psf on strata area, from $2,162 psf in 2019. In 1Q2021, average unit pric-es dropped by a marginal 2.5% from $2,041 psf in 2020.

The approach for investing in stra-ta offices, like all commercial property, is to focus on long-term rental returns.

Not everyone has the wherewith-al to buy an entire office building. But for smaller enterprises, family propri-etorships, local businesses and entre-preneurial start-ups, as well as indi-vidual retail investors looking to gain a foothold in the office market that forms Singapore’s commercial hub, strata offices can provide that niche.

Looking for a strata commercial office to invest?Typical locations which potential busi-ness occupiers tend to favour are in the CBD and city-fringe areas. Even with companies opting for flexible rents and agile WFH arrangements, there remains demand for decent-sized of-fice units that can provide companies with the ability to house 10 to 30 em-

ployees. Anyone interested in strata office space should also look out for buildings that are well managed, per-haps recently refurbished and within walking distance to MRT stations, as buildings with such attributes tend to retain their value longer with greater potential for lease.

Pros and consStrata offices might provide a unique op-portunity when one considers occupier space requirements, investment potential, and the need to right-size in a technology- enabled, post-Covid-19 world.

Nevertheless, any investor should also be aware that multiple ownership within an office building can result in a wide range of occupiers. The stand-ards of upkeep run by a Management Corporation (MCST) can sometimes be inconsistent.

Rental levels of strata office build-ings could therefore come under further contractionary pressure when factors such as age and quality of maintenance are taken into consideration, relative to a fully owned modern office tower.

The supply of new strata office space has been limited in recent years. Hence there are more ageing strata of-fice stock in the market, with less com-petitive rents.

However, office rents are expected to bottom out in 2021 before recover-ing in 2022. It may be an opportune time to invest in an office space as val-ues are relatively stable now, with per-haps some discount when compared to little over a year ago before the vi-rus outbreak. E

Leonard Tay is the head of research at Knight Frank Singapore

Investing in strata offices in a post-pandemic world

INDUSTRY INSIGHT

Average office rentals by key precincts from 1Q2020 to 1Q2021

URA, KNIGHT FRANK CORPORATE REAL ESTATE

Estimated distribution of strata-titled office space in Singapore

URA, KNIGHT FRANK RESEARCH

Historical transaction volume and average unit price of strata offices in Singapore

URA REALIS, KNIGHT FRANK RESEARCH

Note: Based on data available as at May 3, 2021

An estimated 16.6% of the total office spaces available in Singapore are strata-titled, which works out to about 14.6 million sq ft, and more than 55% of the inventory is in the CBD

ALBERT CHUA/THE EDGE SINGAPORE

EDGEPROP | JUNE 7, 2021 • EP9

Source: URA, EdgeProp SingaporeNote: 1. Computed based on URA caveat data as at June 1 for private non-landed houses transacted between May 18 and 25 2. The profit and loss computation excludes transaction costs such as stamp duties

BY TIMOTHY TAYtimothy.tay@edgeprop.sg

The sale of a 2,002 sq ft unit at Helios Residences was the most unprofitable transaction during the week of May 18 to 25. The four-bedroom unit on the 17th floor was sold for $4.5 million

($2,248 psf) on May 25, but had been pur-chased for $7.11 million ($3,552 psf) in April 2012. The seller therefore made a loss of $2.61 million (37%), which translates to an annu-alised loss of 4.9% over nine years.

Helios Residences is a freehold develop-ment located on Cairnhill Circle in prime Dis-trict 9. The 140-unit condominium, which was developed by Wing Tai Holdings, was com-pleted in 2011. It comprises a mix of two- to four-bedroom units.

The latest Helios Residences transaction is also the third most unprofitable resale deal there so far. The record loss was for a 4,629 sq ft unit on the 19th floor that was sold for $8.4 million ($1,815 psf) on Nov 5 last year. It was purchased for $14.5 million ($3,133 psf) in May 2014. This means that the seller made a record $6.1 million (42%) loss, which is an annualised loss of 8% over 6½ years.

Another 2,002 sq ft unit on the eighth floor sold for $4.3 million ($2,148 psf) in May 2017, but had been purchased for $7 million ($3,552 psf) in July 2012. The seller therefore suffered a loss of $2.7 million (39%), or an annualised loss of 9% over close to five years.

At the other end of the spectrum, the most profitable deal of the week occurred at Vil-

la Azura, a freehold development on Cher-ry Avenue in prime District 10. A 1,604 sq ft, two-bedroom unit at the development was sold for $2.46 million ($1,531 psf) on May 18. It was purchased for $992,876 ($619 psf) in June 1998. The seller therefore made a prof-it of $1.46 million (146%), or an annualised profit of 4% over nearly 23 years.

Villa Azura is a 53-unit condominium that was completed in 1999 by Far East Organization. The develpment comprises two 4-storey resi-dential blocks with two- to four-bedroom units.

The most recent transaction at Villa Azura is the most profitable deal recorded at the de-velopment so far. In December 2017, a 1,356 sq ft unit was sold for $1.82 million ($1,342

psf). It was purchased for $911,232 ($672 psf) in January 2009. The seller thus made a profit of $908,768 (99%), or an annualised profit of 8% over nine years.

The second most profitable transaction of the week was the sale of a 3,843 sq ft town-house at Paterson Residence. It was sold for $7.1 million ($1,848 psf) on May 18, and had been purchased for $5.99 million ($1,561 psf) in November 2009. This means that the seller made a profit of $1.1 million (18%), or an an-nualised profit of 1.5% over 11½ years.

Paterson Residence is a freehold develop-ment on Paterson Road in prime District 9, and was completed in 2008 by GuocoLand. It has six strata-titled townhouses as well as 110 apartment units that are in a single 50-storey block. The three-storey townhouses are a mix of terraces and semi-detached houses, and the condo units are a mix of one- to four-bedroom units and four-bedroom penthouses.

The recent transaction is the fourth town-house resale at Paterson Residence. In May 2018, a neighbouring 4,058 sq ft townhouse was sold for $6.35 million ($1,565 psf). It was purchased for $6.39 million ($1,577 psf) in February 2010. This means a $50,000 loss for the seller.

However, the most profitable townhouse sale at Paterson Residence was for a 3,972 sq ft unit that fetched $8.8 million ($2,216 psf) in February 2012. The unit was purchased for $6.49 million ($1,636 psf) in February 2010. The seller therefore made a profit of $2.3 mil-lion (35%), or an annualised profit of 16% over only two years. E

Top gains and losses from May 18 to 25

Non-profitable deals PROJECT DISTRICT AREA

(SQ FT)SOLD ON

(2021)SALE PRICE

($ PSF)BOUGHT ON PURCHASE PRICE

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

LOSS (%)HOLDING PERIOD

(YEARS)

1 HELIOS RESIDENCES 9 2,002 May 25 2,248 Apr 2, 2012 3,552 2,612,400 37 4.9 9.22 THE AZURE 4 1,744 May 18 1,434 Aug 8, 2007 2,208 1,350,000 35 3.1 13.83 THE OCEANFRONT @ SENTOSA COVE 4 1,733 May 20 1,529 Nov 21, 2012 1,900 642,700 20 2.5 8.54 BLUWATERS 2 17 2,756 May 19 599 Oct 29, 2007 750 417,888 20 1.7 13.65 THE CAPE 15 646 May 18 1,742 Mar 8, 2011 2,006 170,818 13 1.4 10.26 THE OCEANFRONT @ SENTOSA COVE 4 1,873 May 24 1,484 Mar 27, 2017 1,548 120,000 4 1.0 4.27 THE CAPE 15 850 May 24 1,793 Mar 17, 2011 1,926 112,909 7 0.7 10.28 PEACE CENTRE/MANSIONS 9 2,605 May 24 668 Jun 4, 2012 691 60,000 3 0.4 9.09 PARC ROSEWOOD 25 431 May 25 1,208 Sep 19, 2014 1,312 45,000 8 1.2 6.710 EUHABITAT 14 592 May 25 1,208 Dec 22, 2011 1,283 44,756 6 0.6 9.411 GILSTEAD TWO 11 775 May 25 1,972 Sep 23, 2016 2,013 32,000 2 0.4 4.712 D'ZIRE 19 463 May 25 1,296 Nov 19, 2012 1,332 16,590 3 0.3 8.513 GAMBIR RIDGE 19 592 May 20 1,385 Oct 17, 2012 1,410 14,800 2 0.2 8.614 THE VERVE 12 441 May 24 1,396 Jul 5, 2011 1,416 9,000 1 0.1 9.9

Unit at Helios Residences makes $2.6 mil lossPICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

Most profitable deals PROJECT DISTRICT AREA

( SQ FT)SOLD ON

(2021)SALE PRICE

($ PSF)BOUGHT ON PURCHASE PRICE

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

PROFIT (%)HOLDING PERIOD

(YEARS)

1 VILLA AZURA 10 1,604 May 18 1,531 Jun 26, 1998 619 1,455,000 146 4.0 22.9

2 PATERSON RESIDENCE 9 3,843 May 18 1,848 Nov 10, 2009 1,561 1,100,000 18 1.5 11.5

3 THE LIGHT @ CAIRNHILL 9 1,690 May 24 2,071 May 6, 2005 1,431 1,082,000 45 2.3 16.14 SOLEIL @ SINARAN 11 1,464 May 24 1,954 Sep 10, 2007 1,270 1,001,000 54 3.2 13.75 SYMPHONY HEIGHTS 21 1,281 May 21 1,249 Nov 27, 2006 488 975,000 156 6.7 14.56 LAKESIDE APARTMENTS 22 1,518 May 18 805 Mar 17, 2006 198 922,500 308 9.7 15.27 ICON 2 915 May 25 1,683 Jun 2, 2003 717 883,910 135 4.9 18.08 LE CRESCENDO 14 1,184 May 21 1,394 Nov 26, 2002 664 864,000 110 4.1 18.59 MARTIN MODERN 9 1,421 May 24 2,801 Jul 23, 2017 2,246 789,440 25 5.9 3.810 DAWN VILLE 15 1,206 May 20 1,355 Jul 8, 2009 705 783,888 92 5.7 11.911 KOVAN RESIDENCES 19 1,776 May 24 1,239 Jun 18, 2010 844 701,160 47 3.6 10.912 BOTANIKA 10 2,605 May 24 1,881 Feb 25, 2013 1,612 700,000 17 1.9 8.213 HARBOURLIGHTS 4 764 May 21 1,727 Oct 31, 1995 821 692,183 110 2.9 25.614 THE LINEAR 23 1,389 May 21 1,044 Jan 2, 2004 565 665,000 85 3.6 17.415 D'LEEDON 10 2,217 May 25 1,727 Jan 22, 2013 1,429 661,570 21 2.3 8.3

The most unprofitable deal of the week was the sale of 2,002 sq ft unit at Helios Residences for $4.5 million ($2,248 psf) on May 25

The sale of a 3,843 sq ft townhouse at Paterson Residence on May 18 earned the seller a profit of $1.1 million

GAINS AND LOSSES

EP10 • EDGEPROP | JUNE 7, 2021

Residential transactions with contracts dated May 18 to 25

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2021)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

DONE DEALS

District 1 MARINA ONE RESIDENCES Apartment 99 years May 21 732 1,691,910 - 2,312 2017 ResaleONE SHENTON Apartment 99 years May 24 1,001 1,450,000 - 1,448 2011 ResaleDistrict 2 ICON Apartment 99 years May 25 915 1,540,000 - 1,683 2007 ResaleLUMIERE Apartment 99 years May 19 678 1,234,000 - 1,820 2010 ResaleLUMIERE Apartment 99 years May 21 624 1,100,000 - 1,762 2010 ResaleONE BERNAM Apartment 99 years May 19 441 1,050,000 - 2,379 Uncompleted New SaleONE BERNAM Apartment 99 years May 20 452 1,075,000 - 2,378 Uncompleted New SaleONE BERNAM Apartment 99 years May 21 452 1,171,000 - 2,590 Uncompleted New SaleSKY EVERTON Apartment Freehold May 23 1,345 3,744,000 - 2,783 Uncompleted New SaleWALLICH RESIDENCE Apartment 99 years May 19 915 3,430,000 - 3,749 2017 ResaleDistrict 3 AVENUE SOUTH RESIDENCE Apartment 99 years May 19 656 1,489,000 - 2,268 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years May 20 527 1,226,000 - 2,324 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years May 21 732 1,610,000 - 2,200 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years May 21 721 1,709,000 - 2,370 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years May 22 732 1,610,000 - 2,200 Uncompleted New SaleAVENUE SOUTH RESIDENCE Apartment 99 years May 22 947 2,058,000 - 2,173 Uncompleted New SaleDOMAIN 21 Condominium 99 years May 21 1,033 1,600,000 - 1,548 2007 ResaleECHELON Condominium 99 years May 19 1,313 2,450,000 - 1,866 2016 ResaleECHELON Condominium 99 years May 24 732 1,420,000 - 1,940 2016 ResaleEMERALD PARK Condominium 99 years May 24 925 1,160,000 - 1,253 1993 ResalePRINCIPAL GARDEN Condominium 99 years May 25 2,001 3,988,888 - 1,992 2018 ResaleQUEENS Condominium 99 years May 21 1,194 1,595,000 - 1,335 2002 ResaleRIVER PLACE Condominium 99 years May 20 2,066 3,050,000 - 1,476 2000 ResaleRIVIERE Apartment 99 years May 18 1,248 3,047,560 - 2,441 Uncompleted New SaleRIVIERE Apartment 99 years May 23 1,248 3,196,800 - 2,560 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years May 19 1,969 3,268,000 - 1,659 Uncompleted New SaleSTIRLING RESIDENCES Apartment 99 years May 21 904 1,654,000 - 1,829 Uncompleted New SaleTANGLIN VIEW Condominium 99 years May 20 1,130 1,300,000 - 1,150 2001 ResaleTHE ANCHORAGE Condominium Freehold May 24 1,646 2,350,000 - 1,427 1997 ResaleTHE LANDMARK Condominium 99 years May 19 495 1,113,000 - 2,248 Uncompleted New SaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years May 19 1,646 2,550,000 - 1,548 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years May 20 1,248 1,980,000 - 1,586 2004 ResaleHARBOURLIGHTS Apartment Freehold May 21 764 1,320,000 - 1,727 1997 ResaleTREASURE ISLAND Detached 99 years May 20 8,371 12,900,128 - 1,540 2009 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years May 19 3,368 5,730,000 - 1,701 2011 ResaleTHE AZURE Condominium 99 years May 18 1,743 2,500,000 - 1,434 2008 ResaleTHE FORESTA @ MOUNT FABER Condominium Freehold May 18 785 1,450,000 - 1,845 2014 ResaleTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years May 18 1,216 1,900,000 - 1,562 2010 ResaleTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years May 20 1,732 2,650,000 - 1,529 2010 ResaleTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years May 24 1,872 2,780,000 - 1,484 2010 ResaleTHE PEARL @ MOUNT FABER Condominium 99 years May 25 1,388 1,788,000 - 1,288 2005 ResaleTURQUOISE Condominium 99 years May 21 2,087 2,793,790 - 1,338 2010 ResaleDistrict 5 CARABELLE Condominium 956 years May 21 882 1,270,000 - 1,439 2009 ResaleCLAVON Apartment 99 years May 22 1,582 2,426,000 - 1,533 Uncompleted New SaleCLEMENTIWOODS CONDOMINIUM Condominium 99 years May 18 1,130 1,303,000 - 1,153 2010 ResaleHERITAGE VIEW Condominium 99 years May 24 1,162 1,460,000 - 1,256 2000 ResaleLE HILL CONDOMINIUM Condominium Freehold May 20 958 1,400,000 - 1,461 1999 ResaleNORMANTON PARK Apartment 99 years May 18 775 1,377,900 - 1,778 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 18 936 1,645,488 - 1,757 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 18 1,098 2,021,100 - 1,841 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 18 796 1,330,990 - 1,671 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 18 1,098 1,951,000 - 1,777 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 18 732 1,346,300 - 1,839 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 18 732 1,341,900 - 1,833 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 19 829 1,452,408 - 1,752 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 19 667 1,214,000 - 1,819 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 19 829 1,494,700 - 1,803 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 19 581 1,037,085 - 1,784 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 19 732 1,339,700 - 1,830 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 19 732 1,344,100 - 1,836 Uncompleted New SaleNORMANTON PARK Apartment 99 years May 23 1,194 2,135,000 - 1,787 Uncompleted New SaleONE-NORTH RESIDENCES Apartment 99 years May 19 2,690 3,572,000 - 1,327 2009 ResalePARC CLEMATIS Apartment 99 years May 19 689 1,204,000 - 1,748 Uncompleted New SalePARC CLEMATIS Apartment 99 years May 21 1,291 2,246,000 - 1,739 Uncompleted New SalePARC CLEMATIS Apartment 99 years May 22 893 1,568,000 - 1,755 Uncompleted New SalePARC CLEMATIS Apartment 99 years May 23 1,248 2,067,000 - 1,655 Uncompleted New SalePARC IMPERIAL Condominium Freehold May 18 409 650,000 - 1,589 2010 ResaleTHE CLEMENT CANOPY Apartment 99 years May 18 656 1,129,999 - 1,721 2019 Sub SaleTHE PARC CONDOMINIUM Condominium Freehold May 20 979 1,350,000 - 1,378 2010 ResaleTHE ROCHESTER RESIDENCES Apartment 99 years May 21 1,302 1,800,000 - 1,382 2011 ResaleWEST COAST GARDENS Terrace 956 years May 25 2,001 3,150,000 - 1,570 1976 ResaleWESTCOVE CONDOMINIUM Condominium 99 years May 21 1,098 985,000 - 897 1998 ResaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years May 19 1,162 2,308,000 - 1,985 2014 ResaleTHE M Apartment 99 years May 18 592 1,691,000 - 2,856 Uncompleted New SaleTHE M Apartment 99 years May 21 527 1,572,000 - 2,980 Uncompleted New SaleDistrict 8 UPTOWN @ FARRER Apartment 99 years May 18 1,184 1,950,000 - 1,647 Uncompleted New SaleUPTOWN @ FARRER Apartment 99 years May 22 861 1,510,000 - 1,754 Uncompleted New SaleDistrict 9 111 EMERALD HILL Apartment Freehold May 25 1,969 4,350,000 - 2,208 2011 Resale8 RODYK Apartment Freehold May 19 1,205 2,448,888 - 2,031 2011 ResaleHELIOS RESIDENCES Apartment Freehold May 25 2,001 4,500,000 - 2,248 2011 ResaleLANGSTON VILLE Apartment 999 years May 25 936 1,628,000 - 1,738 2000 ResaleMARTIN MODERN Condominium 99 years May 18 1,087 3,172,900 - 2,919 Uncompleted New SaleMARTIN MODERN Condominium 99 years May 21 764 1,986,750 - 2,600 Uncompleted New SaleMARTIN MODERN Condominium 99 years May 24 1,420 3,980,000 - 2,801 Uncompleted Sub Sale

MARTIN PLACE RESIDENCES Condominium Freehold May 21 1,894 4,580,000 - 2,418 2011 ResaleMAKEPEACE ROAD Terrace Freehold May 24 1,549 4,500,000 - 2,905 - ResalePATERSON RESIDENCE Condominium Freehold May 18 3,841 7,100,000 - 1,848 2008 ResalePEACE CENTRE/MANSIONS Apartment 99 years May 24 2,604 1,740,000 - 668 1977 ResaleRESIDENCES @ KILLINEY Apartment Freehold May 20 1,496 3,060,000 - 2,045 2012 ResaleRIVERGATE Apartment Freehold May 21 1,033 2,700,000 - 2,613 2009 ResaleST THOMAS SUITES Condominium Freehold May 25 1,818 3,920,000 - 2,155 2010 ResaleTHE LIGHT @ CAIRNHILL Condominium Freehold May 24 1,689 3,500,000 - 2,071 2004 ResaleTHE PATERSON Condominium Freehold May 21 1,420 3,020,000 - 2,125 2004 ResaleTHE TRILLIUM Condominium Freehold May 20 2,217 5,000,000 - 2,255 2010 ResaleTHE WHARF RESIDENCE Condominium 999 years May 25 1,442 3,118,800 - 2,162 2012 ResaleWILKIE 87 Apartment Freehold May 25 1,227 1,880,000 - 1,532 2004 ResaleYONG AN PARK Condominium Freehold May 21 1,022 2,200,000 - 2,151 1986 ResaleDistrict 10 BELMOND GREEN Condominium Freehold May 21 1,549 2,660,000 - 1,716 2004 ResaleBOTANIKA Apartment Freehold May 24 2,604 4,900,000 - 1,881 2008 ResaleBOULEVARD 88 Apartment Freehold May 19 1,775 6,774,500 - 3,814 Uncompleted New SaleCHIVERTON Apartment Freehold May 20 1,291 2,135,000 - 1,653 2003 ResaleCUSCADEN RESIDENCES Condominium Freehold May 25 2,077 4,950,000 - 2,383 2002 ResaleD’LEEDON Condominium 99 years May 19 635 1,048,000 - 1,650 2014 ResaleD’LEEDON Condominium 99 years May 25 2,217 3,830,000 - 1,727 2014 ResaleDRAYCOTT EIGHT Condominium 99 years May 18 2,862 5,900,000 - 2,061 2005 ResaleFOUR SEASONS PARK Condominium Freehold May 18 2,260 6,380,000 - 2,822 1994 ResaleFOURTH AVENUE RESIDENCES Apartment 99 years May 18 1,076 2,508,000 - 2,330 Uncompleted New SaleFOURTH AVENUE RESIDENCES Apartment 99 years May 23 710 1,598,000 - 2,249 Uncompleted New SaleHOLLAND RESIDENCES Condominium Freehold May 19 1,883 3,050,000 - 1,619 2012 ResaleLEEDON GREEN Condominium Freehold May 22 710 1,728,000 - 2,432 Uncompleted New SaleMON JERVOIS Condominium 99 years May 21 1,582 2,880,000 - 1,820 2016 ResaleORANGE GROVE ROAD Apartment Freehold May 20 2,744 6,420,000 - 2,339 1989 ResaleFERNHILL CRESCENT Semi-Detached Freehold May 21 4,551 13,800,000 - 3,032 - ResaleGREENLEAF PLACE Semi-Detached Freehold May 24 3,303 6,280,000 - 1,904 1968 ResaleNAMLY HILL Detached Freehold May 24 7,693 15,000,000 - 1,950 - ResaleONE ROBIN Apartment Freehold May 19 1,905 3,300,000 - 1,732 2009 ResaleONE TREE HILL COLLECTION Semi-Detached Freehold May 18 2,399 8,250,000 - 3,437 Uncompleted New SalePARK NOVA Apartment Freehold May 22 1,431 7,109,000 - 4,966 Uncompleted New SalePARK NOVA Apartment Freehold May 22 3,228 17,178,000 - 5,320 Uncompleted New SalePOLLEN & BLEU Condominium 99 years May 25 2,830 5,100,000 - 1,802 2016 ResaleQUINTERRA Apartment 99 years May 20 1,410 2,116,000 - 1,501 2009 ResaleRV RESIDENCES Condominium 999 years May 20 420 850,000 - 2,025 2015 ResaleTHE TRESOR Condominium 999 years May 20 1,937 3,938,000 - 2,032 2007 ResaleTHE TRIZON Condominium Freehold May 19 1,011 1,850,000 - 1,828 2012 ResaleVILLA AZURA Condominium Freehold May 18 1,603 2,455,000 - 1,531 1999 ResaleDistrict 11 35 GILSTEAD Apartment Freehold May 19 678 1,787,600 - 2,636 Uncompleted New SaleADRIA Apartment Freehold May 19 1,410 2,600,000 - 1,844 2013 ResaleGILSTEAD TWO Apartment Freehold May 25 775 1,528,000 - 1,972 2014 ResaleHILLCREST ARCADIA Condominium 99 years May 19 2,894 2,500,000 - 863 1980 ResaleIRIDIUM Apartment Freehold May 20 1,184 1,980,000 - 1,672 2009 ResaleMANDALE HEIGHTS Apartment Freehold May 21 1,216 1,795,000 - 1,476 2004 ResaleMONTEBLEU Condominium Freehold May 21 807 1,318,000 - 1,633 2010 ResaleJALAN NAGA SARI Semi-Detached Freehold May 18 3,992 8,080,000 - 2,024 - ResaleCHANCERY LANE Detached Freehold May 20 23,392 43,500,000 - 1,859 2017 ResalePARK INFINIA AT WEE NAM Condominium Freehold May 20 1,001 2,220,000 - 2,218 2008 ResalePULLMAN RESIDENCES NEWTON Apartment Freehold May 18 667 1,982,000 - 2,970 Uncompleted New SaleSHELFORD REGENCY Condominium Freehold May 25 1,151 1,848,000 - 1,605 1998 ResaleSHELFORD SUITES Condominium Freehold May 20 1,270 2,180,000 - 1,716 2011 ResaleSOLEIL @ SINARAN Condominium 99 years May 24 1,463 2,860,000 - 1,954 2011 ResaleTHE GLYNDEBOURNE Condominium Freehold May 19 2,668 4,920,000 - 1,843 2013 ResaleVILLA DES FLORES Condominium Freehold May 24 1,915 2,600,000 - 1,357 1985 ResaleDistrict 12 EIGHT RIVERSUITES Condominium 99 years May 18 699 1,035,000 - 1,479 2016 ResaleEIGHT RIVERSUITES Condominium 99 years May 21 441 750,000 - 1,699 2016 ResaleGEM RESIDENCES Condominium 99 years May 21 1,011 1,750,000 - 1,730 2019 Sub SaleGEM RESIDENCES Condominium 99 years May 24 452 818,000 - 1,809 2019 Sub SaleOLEANDER TOWERS Apartment 99 years May 19 1,151 1,308,000 - 1,136 1998 ResaleSKYSUITES17 Apartment Freehold May 20 355 600,000 - 1,689 2014 ResaleTHE VERVE Apartment Freehold May 24 441 616,000 - 1,396 2012 ResaleTHE VIRIDIAN Apartment Freehold May 20 506 770,000 - 1,522 2015 ResaleTREVISTA Condominium 99 years May 21 1,280 1,920,000 - 1,499 2011 ResaleVETRO Apartment 999 years May 20 473 580,000 - 1,225 2010 ResaleDistrict 13 8@WOODLEIGH Condominium 99 years May 25 839 1,188,000 - 1,415 2012 ResaleBARTLEY RIDGE Condominium 99 years May 21 721 1,065,000 - 1,477 2016 ResaleBLOSSOMS @ WOODLEIGH Condominium Freehold May 20 1,205 1,860,000 - 1,543 2007 ResaleCASA MEYA Apartment Freehold May 19 807 1,110,000 - 1,375 2009 ResaleMACPHERSON ROAD Terrace Freehold May 20 2,098 2,500,000 - 1,192 1974 ResaleONE LEICESTER Condominium Freehold May 18 904 1,250,000 - 1,382 2008 ResaleSENNETT ESTATE Terrace Freehold May 20 2,034 2,880,000 - 1,414 - ResaleSKY GREEN Condominium Freehold May 20 1,162 1,760,000 - 1,514 2015 ResaleTHE POIZ RESIDENCES Apartment 99 years May 19 1,151 1,920,000 - 1,667 2018 ResaleTHE WOODLEIGH RESIDENCES Apartment 99 years May 18 958 2,060,000 - 2,150 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years May 19 850 1,790,000 - 2,105 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years May 20 850 1,790,000 - 2,105 Uncompleted New SaleTHE WOODLEIGH RESIDENCES Apartment 99 years May 22 958 2,060,000 - 2,150 Uncompleted New SaleDistrict 14 ASTON MANSIONS Apartment 99 years May 18 1,141 975,000 - 855 1998 ResaleCENTRA HEIGHTS Apartment Freehold May 19 463 660,000 - 1,426 2014 ResaleEUHABITAT Condominium 99 years May 25 592 715,000 - 1,208 2015 ResaleLE CRESCENDO Condominium Freehold May 21 1,184 1,650,000 - 1,394 2006 ResalePARC ESTA Apartment 99 years May 20 925 1,606,000 - 1,735 Uncompleted New SalePENROSE Apartment 99 years May 23 1,098 1,823,000 - 1,660 Uncompleted New SaleTHE ANTARES Apartment 99 years May 18 667 1,247,860 - 1,870 Uncompleted New SaleTRE RESIDENCES Condominium 99 years May 19 947 1,475,000 - 1,557 2018 ResaleVIENTO Apartment Freehold May 21 473 610,000 - 1,288 2013 ResaleWATERBANK AT DAKOTA Condominium 99 years May 18 882 1,385,000 - 1,569 2013 ResaleDistrict 15 91 MARSHALL Apartment Freehold May 21 1,399 1,690,000 - 1,208 2014 ResaleAMBER PARK Condominium Freehold May 18 1,108 2,684,680 - 2,421 Uncompleted New SaleAMBER PARK Condominium Freehold May 23 1,108 2,690,420 - 2,427 Uncompleted New SaleCOASTLINE RESIDENCES Apartment Freehold May 20 452 1,160,000 - 2,566 Uncompleted New SaleCOASTLINE RESIDENCES Apartment Freehold May 22 742 1,809,000 - 2,436 Uncompleted New SaleCOSTA RHU Condominium 99 years May 19 1,011 1,300,000 - 1,285 1997 ResaleCOSTA RHU Condominium 99 years May 20 1,399 1,750,000 - 1,251 1997 ResaleCOSTA RHU Condominium 99 years May 21 1,011 1,230,000 - 1,216 1997 ResaleCOSTA RHU Condominium 99 years May 21 1,334 1,720,000 - 1,289 1997 ResaleCOSTA RHU Condominium 99 years May 25 1,011 1,290,000 - 1,275 1997 ResaleDAWN VILLE Apartment Freehold May 20 1,205 1,633,888 - 1,355 1998 ResaleD’ECOSIA Condominium Freehold May 24 1,754 1,950,000 - 1,111 2003 ResaleESPIRA SPRING Apartment Freehold May 18 2,378 1,950,000 - 820 2009 ResaleESTERINA Apartment Freehold May 19 1,044 1,200,000 - 1,149 2009 ResaleFLAMINGO VALLEY Condominium Freehold May 19 829 1,160,000 - 1,400 2014 ResaleFLAMINGO VALLEY Condominium Freehold May 24 1,205 1,740,000 - 1,443 2014 ResaleFRANKEL ESTATE Detached Freehold May 18 4,638 7,238,000 - 1,559 2001 ResaleKNOX VIEW Apartment Freehold May 21 2,206 2,180,000 - 988 2003 ResaleLEGENDA AT JOO CHIAT Condominium 99 years May 24 1,033 1,180,000 - 1,142 2004 ResaleLANGSAT ROAD Terrace Freehold May 21 2,206 2,600,000 - 1,177 - ResaleTEMBELING ROAD Terrace Freehold May 24 1,625 3,860,000 - 2,372 1986 ResaleNYON Apartment Freehold May 22 484 1,228,000 - 2,535 Uncompleted New SaleOPERA ESTATE Semi-Detached Freehold May 24 3,002 4,600,000 - 1,533 2001 ResalePALACIO Terrace Freehold May 20 3,734 2,880,000 - 771 2015 ResaleRITZ REGENCY Apartment Freehold May 24 1,194 1,700,000 - 1,423 2009 ResaleSANCTUARY GREEN Condominium 99 years May 24 775 1,118,000 - 1,443 2003 ResaleSEASIDE RESIDENCES Apartment 99 years May 20 1,259 2,668,000 - 2,118 2021 Sub Sale

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2021)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

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

EDGEPROP | JUNE 7, 2021 • EP11

Residential transactions with contracts dated May 18 to 25

PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2021)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE PROJECT NAME PROPERTY TYPE TENURESALE DATE

(2021)LAND AREA/

FLOOR AREA (SQ FT)TRANSACTED

PRICE ($)NETT PRICE

($ PSF)UNIT PRICE

($ PSF)COMPLETION

DATE TYPE OF SALE

DONE DEALS

SILVERSEA Condominium 99 years May 24 1,571 2,680,000 - 1,705 2014 ResaleSUITES@ KATONG Apartment Freehold May 20 452 610,000 - 1,349 2012 ResaleTAIPAN REGENCY Apartment Freehold May 21 1,205 1,380,000 - 1,145 2002 ResaleTHE AMBRA Apartment Freehold May 19 1,173 1,350,000 - 1,151 2010 ResaleTHE ATRIA AT MEYER Condominium Freehold May 20 1,614 2,800,000 - 1,734 1996 ResaleTHE CAPE Apartment Freehold May 18 646 1,125,000 - 1,742 2014 ResaleTHE CAPE Apartment Freehold May 24 850 1,525,000 - 1,793 2014 ResaleTHE MINT RESIDENCES Apartment Freehold May 20 1,926 2,110,000 - 1,095 2009 ResaleVENTURA VIEW Apartment Freehold May 19 581 615,000 - 1,058 2012 ResaleVILLA MARINA Condominium 99 years May 18 2,023 1,850,000 - 914 1999 ResaleDistrict 16 AQUARIUS BY THE PARK Condominium 99 years May 21 893 858,000 - 960 2001 ResaleBREEZE BY THE EAST Condominium Freehold May 25 2,044 2,400,000 - 1,174 2011 ResaleCHANGI GREEN Condominium Freehold May 24 872 920,000 - 1,055 1998 ResaleEAST COAST HILL Semi-Detached Freehold May 19 3,443 6,000,000 - 1,742 1983 ResaleEAST COAST RESIDENCES Apartment Freehold May 20 1,130 1,570,000 - 1,389 2011 ResaleEASTERN GROVE Terrace 999 years May 25 3,357 3,950,000 - 1,178 1982 ResaleEASTWOOD CENTRE Apartment 99 years May 20 2,991 1,580,000 - 528 1998 ResaleGRANDEUR PARK RESIDENCES Condominium 99 years May 20 904 1,220,000 - 1,349 2020 Sub SaleLAGUNA 88 Condominium 99 years May 24 1,539 1,450,000 - 942 2000 ResaleLIMAU GROVE Semi-Detached Freehold May 18 5,154 4,880,000 - 946 1989 ResaleSUNBIRD CIRCLE Semi-Detached 99 years May 20 2,421 2,128,000 - 877 1994 ResaleWILTSHIRE ROAD Detached Freehold May 21 6,940 7,650,000 - 1,102 - ResaleBEDOK GARDEN Semi-Detached Freehold May 24 5,778 4,780,000 - 827 1992 ResalePARBURY HILL CONDOMINIUM Condominium Freehold May 19 1,237 1,688,800 - 1,364 1997 ResaleTHE BAYSHORE Condominium 99 years May 18 1,237 1,228,000 - 992 1997 ResaleURBAN VISTA Condominium 99 years May 20 1,098 1,350,000 - 1,230 2016 ResaleWATERFRONT GOLD Condominium 99 years May 21 1,356 1,485,000 - 1,095 2014 ResaleWATERFRONT ISLE Condominium 99 years May 24 1,216 1,450,000 - 1,192 2015 ResaleWATERFRONT KEY Condominium 99 years May 20 1,216 1,408,000 - 1,158 2012 ResaleDistrict 17 BLUWATERS 2 Condominium 946 years May 19 2,755 1,650,000 - 599 2010 ResaleCASA PASIR RIS Condominium 946 years May 18 1,334 1,200,000 - 899 1997 ResaleEDELWEISS PARK CONDOMINIUM Condominium Freehold May 20 1,280 1,130,000 - 882 2006 ResaleFERRARIA PARK CONDOMINIUM Condominium Freehold May 18 882 830,000 - 940 2009 ResaleFERRARIA PARK CONDOMINIUM Condominium Freehold May 19 1,022 1,024,000 - 1,001 2009 ResaleFERRARIA PARK CONDOMINIUM Condominium Freehold May 21 882 845,000 - 957 2009 ResaleLOYANG VALLEY Condominium 99 years May 19 1,496 1,170,000 - 782 1985 ResaleLOYANG VILLAS Terrace 99 years May 19 2,496 1,820,000 - 730 1996 ResalePARC OLYMPIA Condominium 99 years May 21 2,163 1,630,000 - 753 2015 ResaleSPRINGBROOK TERRACE Terrace Freehold May 19 1,679 2,370,000 - 1,410 1998 ResaleTHE EDGEWATER Condominium Freehold May 20 1,905 1,330,000 - 698 2003 ResaleTHE GALE Condominium Freehold May 18 1,603 1,520,000 - 948 2013 ResaleTHE INFLORA Condominium 99 years May 21 463 530,000 - 1,145 2016 ResaleTHE JOVELL Condominium 99 years May 18 904 1,149,200 - 1,271 Uncompleted New SaleTHE JOVELL Condominium 99 years May 19 1,033 1,302,200 - 1,260 Uncompleted New SaleTHE JOVELL Condominium 99 years May 21 1,033 1,332,900 - 1,290 Uncompleted New SaleDistrict 18 CHANGI RISE CONDOMINIUM Condominium 99 years May 24 3,153 2,190,000 - 694 2004 ResaleCITYLIFE@TAMPINES EC 99 years May 21 1,248 1,340,000 - 1,073 2016 ResaleCITYLIFE@TAMPINES EC 99 years May 24 1,377 1,450,000 - 1,052 2016 ResaleCITYLIFE@TAMPINES EC 99 years May 24 1,130 1,250,000 - 1,106 2016 ResaleCOCO PALMS Condominium 99 years May 20 904 1,145,000 - 1,266 2018 ResaleCOCO PALMS Condominium 99 years May 20 904 1,140,000 - 1,261 2018 ResaleCOCO PALMS Condominium 99 years May 25 1,098 1,355,000 - 1,234 2018 ResaleDOUBLE BAY RESIDENCES Condominium 99 years May 19 1,367 1,555,000 - 1,138 2012 ResaleNV RESIDENCES Condominium 99 years May 19 1,270 1,210,000 - 953 2013 ResaleOASIS @ ELIAS Condominium 99 years May 18 1,216 1,055,000 - 867 2011 ResaleOASIS @ ELIAS Condominium 99 years May 20 1,194 1,015,000 - 850 2011 ResalePARC CENTRAL RESIDENCES EC 99 years May 18 925 1,083,000 - 1,170 Uncompleted New SalePARC CENTRAL RESIDENCES EC 99 years May 19 1,054 1,251,000 - 1,186 Uncompleted New SalePARC CENTRAL RESIDENCES EC 99 years May 22 925 1,096,000 - 1,184 Uncompleted New SaleSEASTRAND Condominium 99 years May 21 882 840,000 - 952 2014 ResaleTHE SANTORINI Condominium 99 years May 24 463 580,000 - 1,253 2017 ResaleTHE SANTORINI Condominium 99 years May 25 527 590,000 - 1,119 2017 ResaleTHE TAMPINES TRILLIANT EC 99 years May 24 1,302 1,430,000 - 1,098 2015 ResaleTHE TAMPINES TRILLIANT EC 99 years May 24 1,130 1,285,000 - 1,137 2015 ResaleTREASURE AT TAMPINES Condominium 99 years May 18 678 1,023,000 - 1,509 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 18 678 1,021,000 - 1,506 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 19 656 1,001,000 - 1,525 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 20 1,033 1,525,000 - 1,476 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 21 1,033 1,570,000 - 1,519 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 21 678 1,047,000 - 1,544 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 21 915 1,309,000 - 1,431 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 22 915 1,302,000 - 1,423 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 23 915 1,267,000 - 1,385 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 23 678 1,058,000 - 1,560 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 23 915 1,280,000 - 1,399 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 23 1,237 1,705,000 - 1,377 Uncompleted New SaleTREASURE AT TAMPINES Condominium 99 years May 23 1,237 1,695,000 - 1,369 Uncompleted New SaleTROPICAL SPRING Condominium 99 years May 18 1,377 1,280,000 - 929 2002 ResaleWATERCOLOURS EC 99 years May 20 742 710,000 - 956 2014 ResaleWATERVIEW Condominium 99 years May 19 1,184 1,230,000 - 1,039 2014 ResaleDistrict 19 ARDISIA GARDENS Terrace 99 years May 21 2,281 2,620,000 - 1,148 1996 ResaleBARTLEY RESIDENCES Apartment 99 years May 19 1,162 1,600,000 - 1,376 2015 ResaleBLISS@KOVAN Condominium Freehold May 21 915 1,300,000 - 1,421 2015 ResaleBOTANIQUE AT BARTLEY Condominium 99 years May 18 732 1,180,000 - 1,612 2019 ResaleBOTANIQUE AT BARTLEY Condominium 99 years May 20 732 1,145,000 - 1,564 2019 ResaleD’ZIRE Apartment 999 years May 25 463 600,000 - 1,296 2014 ResaleFLO RESIDENCE Condominium 99 years May 18 925 898,000 - 970 2016 ResaleGAMBIR RIDGE Apartment Freehold May 20 592 820,000 - 1,385 2015 ResaleHERON BAY EC 99 years May 20 1,022 945,000 - 924 2015 ResaleINFINIUM Terrace Freehold May 20 5,746 3,500,000 - 609 2017 ResaleKINGSFORD WATERBAY Apartment 99 years May 21 484 600,000 - 1,239 2018 ResaleKOVAN GRANDEUR Apartment 99 years May 20 570 685,000 - 1,201 2011 ResaleKOVAN RESIDENCES Condominium 99 years May 24 1,775 2,200,000 - 1,239 2011 ResaleLA FIESTA Condominium 99 years May 21 732 910,000 - 1,243 2016 ResaleMIDTOWN RESIDENCES Apartment 99 years May 24 656 908,000 - 1,383 2016 ResaleGAMBIR WALK Terrace Freehold May 18 3,206 3,608,000 - 1,124 1993 ResaleNOUVELLE PARK Condominium Freehold May 19 1,851 2,120,000 - 1,145 1994 ResalePALM GROVE REGENCY Terrace 999 years May 24 2,862 2,220,000 - 775 2008 ResalePARC CENTROS Condominium 99 years May 25 764 940,000 - 1,230 2016 ResalePARC VERA Condominium 99 years May 18 785 860,000 - 1,094 2014 ResalePARK GREEN EC 99 years May 21 1,345 1,050,000 - 780 2004 ResalePARKWOOD COLLECTION Semi-Detached 99 years May 20 4,508 3,550,000 - 787 Uncompleted New SalePIERMONT GRAND EC 99 years May 21 1,334 1,473,360 - 1,104 Uncompleted New SalePIERMONT GRAND EC 99 years May 22 872 1,010,600 - 1,159 Uncompleted New SaleREGENTVILLE Apartment 99 years May 18 1,151 860,000 - 747 1999 ResaleRIVERFRONT RESIDENCES Apartment 99 years May 18 915 1,253,580 - 1,370 Uncompleted New SaleRIVERFRONT RESIDENCES Terrace 99 years May 18 2,109 2,395,940 - 1,136 Uncompleted New SaleRIVERFRONT RESIDENCES Terrace 99 years May 20 2,109 2,323,530 - 1,101 Uncompleted New SaleRIVERFRONT RESIDENCES Terrace 99 years May 20 2,109 2,340,000 - 1,109 Uncompleted New SaleRIVERFRONT RESIDENCES Apartment 99 years May 23 1,485 2,091,000 - 1,408 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years May 20 1,033 1,732,000 - 1,676 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years May 21 936 1,600,000 - 1,709 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years May 22 764 1,305,600 - 1,708 Uncompleted New SaleSENGKANG GRAND RESIDENCES Apartment 99 years May 23 678 1,148,800 - 1,694 Uncompleted New SaleSERANGOON GARDEN ESTATE Terrace 999 years May 18 2,163 2,820,000 - 1,305 - ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years May 18 2,647 3,830,000 - 1,445 1996 ResaleSERANGOON GARDEN ESTATE Detached 999 years May 20 4,250 4,200,000 - 987 - ResaleSERANGOON GARDEN ESTATE Detached 999 years May 21 4,648 5,800,000 - 1,247 1993 ResaleSERANGOON GARDEN ESTATE Terrace 999 years May 24 2,959 3,138,000 - 1,059 - ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years May 25 2,798 4,128,000 - 1,474 - Resale

SERANGOON GARDEN ESTATE Detached 999 years May 25 8,027 6,805,000 - 847 - ResaleSTARS OF KOVAN Apartment 99 years May 19 947 1,580,000 - 1,668 2019 Sub SaleTAI KENG GARDENS Terrace Freehold May 18 1,872 2,670,000 - 1,429 - ResaleTANGERINE GROVE Condominium Freehold May 20 1,184 1,550,000 - 1,309 2007 ResaleTHE BENTLY RESIDENCES@KOVAN Apartment Freehold May 21 2,077 2,280,000 - 1,097 2016 ResaleTHE FLORENCE RESIDENCES Apartment 99 years May 22 624 1,077,000 - 1,725 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years May 23 1,679 2,530,000 - 1,507 Uncompleted New SaleTHE FLORENCE RESIDENCES Apartment 99 years May 23 1,022 1,595,000 - 1,560 Uncompleted New SaleTHE RIVERVALE EC 99 years May 20 1,313 913,000 - 695 2000 ResaleTHE SPRINGBLOOM Condominium 99 years May 19 893 999,000 - 1,118 1999 ResaleTWIN WATERFALLS EC 99 years May 21 1,399 1,330,000 - 950 2015 ResaleWATERTOWN Apartment 99 years May 25 581 765,000 - 1,316 2017 ResaleWATERWOODS EC 99 years May 20 1,700 1,488,000 - 875 2015 ResaleDistrict 20 BISHAN POINT Condominium 99 years May 19 936 1,130,000 - 1,207 2005 ResaleCENTRO RESIDENCES Condominium 99 years May 19 872 1,285,000 - 1,474 2014 ResaleFULTON HILL Terrace Freehold May 24 2,679 4,150,000 - 1,551 1981 ResaleGRANDEUR 8 Condominium 99 years May 24 1,119 1,150,000 - 1,027 2005 ResaleISLAND GARDENS Terrace Freehold May 21 2,141 3,200,000 - 1,496 1986 ResaleJALAN TERUBOK Terrace Freehold May 20 1,506 2,800,000 - 1,865 - ResaleSEMBAWANG HILLS ESTATE Terrace Freehold May 24 1,948 3,600,000 - 1,844 - ResaleSEMBAWANG HILLS ESTATE Terrace Freehold May 24 1,496 1,900,000 - 1,266 - ResaleSKY VUE Condominium 99 years May 21 678 1,160,000 - 1,711 2016 ResaleTHE PANORAMA Condominium 99 years May 21 785 1,100,000 - 1,400 2017 ResaleTHOMSON THREE Apartment 99 years May 24 710 1,170,000 - 1,647 2016 ResaleDistrict 21 DAINTREE RESIDENCE Condominium 99 years May 22 1,205 1,973,860 - 1,637 Uncompleted New SaleFLORIDIAN Condominium Freehold May 20 1,679 3,480,000 - 2,072 2012 ResaleFORETT AT BUKIT TIMAH Apartment Freehold May 19 764 1,510,000 - 1,976 Uncompleted New SaleHOCK SENG PARK Semi-Detached Freehold May 25 3,196 7,000,000 - 2,193 2008 ResaleKI RESIDENCES AT BROOKVALE Condominium 999 years May 19 1,173 2,075,000 - 1,769 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years May 21 861 1,493,000 - 1,734 Uncompleted New SaleKI RESIDENCES AT BROOKVALE Condominium 999 years May 23 753 1,376,000 - 1,826 Uncompleted New SaleMONT TIMAH Terrace 99 years May 20 4,960 3,828,000 - 771 2011 ResalePARC PALAIS Condominium Freehold May 21 1,377 1,750,000 - 1,270 1999 ResaleSYMPHONY HEIGHTS Condominium Freehold May 21 1,280 1,600,000 - 1,249 1998 ResaleTHE CASCADIA Condominium Freehold May 18 1,410 2,600,000 - 1,844 2010 ResaleTHE RAINTREE Condominium 99 years May 19 947 1,150,000 - 1,214 2008 ResaleTHE RAINTREE Condominium 99 years May 20 1,334 1,595,000 - 1,195 2008 ResaleVERDALE Apartment 99 years May 23 947 1,631,500 - 1,722 Uncompleted New SaleDistrict 22 CASPIAN Condominium 99 years May 21 1,001 1,110,000 - 1,109 2012 ResaleLAKE GRANDE Condominium 99 years May 19 409 650,000 - 1,589 2019 ResaleLAKESIDE APARTMENTS Apartment 99 years May 18 1,517 1,222,500 - 805 - ResaleLAKEVILLE Condominium 99 years May 24 635 970,000 - 1,527 2017 ResalePARC OASIS Condominium 99 years May 24 1,076 1,050,000 - 975 1994 ResalePARC OASIS Condominium 99 years May 25 1,227 1,180,000 - 962 1994 ResaleSUMMERDALE EC 99 years May 25 1,194 860,000 - 720 2000 ResaleTHE LAKEFRONT RESIDENCES Condominium 99 years May 25 1,410 1,780,000 - 1,262 2014 ResaleTHE LAKESHORE Condominium 99 years May 20 1,184 1,350,000 - 1,140 2007 ResaleTHE MAYFAIR Condominium 99 years May 18 893 840,000 - 940 2000 ResaleTHE MAYFAIR Condominium 99 years May 24 1,173 1,100,000 - 938 2000 ResaleTHE MAYFAIR Condominium 99 years May 24 1,173 1,143,000 - 974 2000 ResaleDistrict 23 CASHEW VILLAS Terrace 999 years May 18 1,679 3,246,000 - 1,933 2003 ResaleDAIRY FARM RESIDENCES Apartment 99 years May 18 1,334 2,024,400 - 1,517 Uncompleted New SaleECO SANCTUARY Condominium 99 years May 18 506 690,000 - 1,364 2016 ResaleHILLION RESIDENCES Apartment 99 years May 18 463 690,000 - 1,491 2017 ResaleHILLION RESIDENCES Apartment 99 years May 20 710 1,050,000 - 1,478 2017 ResaleHILLTOP GROVE Condominium 99 years May 24 1,302 1,132,800 - 870 2001 ResaleKINGSFORD . HILLVIEW PEAK Condominium 99 years May 18 1,098 1,450,000 - 1,321 2017 ResaleLE QUEST Apartment 99 years May 24 1,141 1,550,000 - 1,358 2020 ResaleMIDWOOD Condominium 99 years May 19 484 777,000 - 1,604 Uncompleted New SaleMIDWOOD Condominium 99 years May 19 785 1,280,000 - 1,629 Uncompleted New SaleMIDWOOD Condominium 99 years May 20 484 811,000 - 1,674 Uncompleted New SaleMIDWOOD Condominium 99 years May 21 689 1,109,000 - 1,610 Uncompleted New SaleMIDWOOD Condominium 99 years May 21 990 1,568,000 - 1,583 Uncompleted New SaleMIDWOOD Condominium 99 years May 21 785 1,283,000 - 1,633 Uncompleted New SaleMIDWOOD Condominium 99 years May 21 549 922,000 - 1,680 Uncompleted New SaleMIDWOOD Condominium 99 years May 22 893 1,478,000 - 1,654 Uncompleted New SaleMIDWOOD Condominium 99 years May 22 785 1,287,000 - 1,638 Uncompleted New SaleMIDWOOD Condominium 99 years May 22 785 1,272,000 - 1,619 Uncompleted New SaleMIDWOOD Condominium 99 years May 22 635 1,060,000 - 1,669 Uncompleted New SaleNATURA@HILLVIEW Apartment Freehold May 25 721 955,000 - 1,324 2015 ResaleNORTHVALE Apartment 99 years May 20 1,033 835,000 - 808 1998 ResaleREGENT GROVE Condominium 99 years May 19 1,474 950,000 - 644 2000 ResaleTHE HILLIER Apartment 99 years May 18 516 788,888 - 1,527 2016 ResaleTHE LINEAR Apartment 999 years May 21 1,388 1,450,000 - 1,044 2006 ResaleTHE RAINFOREST EC 99 years May 21 1,151 1,200,000 - 1,042 2015 ResaleTHE SKYWOODS Condominium 99 years May 21 1,291 1,720,000 - 1,332 2016 ResaleTHE TENNERY Apartment 99 years May 20 882 950,000 - 1,076 2014 ResaleVILLA VERDE Terrace 99 years May 24 1,668 1,560,000 - 936 2000 ResaleVILLA VERDE Terrace 99 years May 24 1,614 1,650,000 - 1,019 2000 ResaleDistrict 25 BELLEWOODS EC 99 years May 25 1,065 930,000 - 873 2017 ResaleCASABLANCA Condominium 99 years May 19 904 725,000 - 802 2005 ResaleNORTHOAKS EC 99 years May 19 1,248 828,000 - 663 2000 ResalePARC ROSEWOOD Condominium 99 years May 25 430 520,000 - 1,208 2014 ResaleTWIN FOUNTAINS EC 99 years May 19 1,098 1,000,000 - 911 2016 ResaleWOODHAVEN Condominium 99 years May 20 646 690,000 - 1,068 2015 ResaleDistrict 26 SEASONS PARK Condominium 99 years May 24 1,065 980,000 - 920 1997 ResaleSPRINGLEAF GARDEN Semi-Detached Freehold May 19 3,400 3,830,000 - 1,126 1984 ResaleTEACHER’S HOUSING ESTATE Terrace 999 years May 20 2,496 4,880,000 - 1,958 - ResaleTEACHER’S HOUSING ESTATE Terrace 999 years May 21 2,389 3,100,000 - 1,300 - ResaleTHE CALROSE Condominium Freehold May 19 1,237 1,718,000 - 1,388 2007 ResaleDistrict 27 EIGHT COURTYARDS Condominium 99 years May 21 549 660,000 - 1,202 2014 ResaleNORTHWOOD Condominium Freehold May 25 2,227 2,000,000 - 898 2009 ResalePROVENCE RESIDENCE EC 99 years May 19 1,044 1,268,000 - 1,214 Uncompleted New SalePROVENCE RESIDENCE EC 99 years May 20 1,044 1,289,000 - 1,235 Uncompleted New SalePROVENCE RESIDENCE EC 99 years May 20 1,399 1,714,000 - 1,225 Uncompleted New SaleTHE BROWNSTONE EC 99 years May 25 1,141 1,220,000 - 1,069 2017 ResaleTHE MILTONIA RESIDENCES Condominium 99 years May 20 2,077 1,830,000 - 881 2014 ResaleTHE VISIONAIRE EC 99 years May 24 721 755,000 - 1,047 2018 ResaleYISHUN EMERALD Condominium 99 years May 20 1,388 1,020,000 - 735 2002 ResaleYISHUN EMERALD Condominium 99 years May 24 1,431 1,048,000 - 732 2002 ResaleDistrict 28 EATON PARK Semi-Detached Freehold May 18 2,174 3,400,000 - 1,562 2012 ResaleESTE VILLA Terrace Freehold May 20 3,970 3,100,000 - 780 2013 ResaleSELETAR HILLS ESTATE Terrace 999 years May 18 2,313 3,830,000 - 1,657 - ResaleSELETAR HILLS ESTATE Semi-Detached 999 years May 19 3,163 4,100,000 - 1,296 - ResaleSELETAR HILLS ESTATE Semi-Detached Freehold May 19 3,486 5,280,000 - 1,515 - ResaleTHE TOPIARY EC 99 years May 18 1,291 1,450,000 - 1,123 2016 ResaleTHE TOPIARY EC 99 years May 24 2,227 2,188,888 - 982 2016 ResaleTHE TOPIARY EC 99 years May 25 904 938,000 - 1,037 2016 Resale

Source: URA Realis. Updated June 1, 2021. EC stands for executive condominium

DISCLAIMER:The Edge Property Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

EP12 • EDGEPROP | JUNE 7, 2021

PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

BY CHARLENE CHINcharlene.chin@edgeprop.sg

A two-bedroom unit at V on Shenton, along Shenton Way in District 1, is currently in the pipeline for a bank auction by Edmund Tie at a guide price

of $2.1 million ($1,991 psf), pending confirmation from the bank.

Edmund Tie says until further in-structions from the Ministry of Trade and Industry and Council for Estate Agencies, its auctions should be pro-ceeding as planned on June 23.

Spanning 1,055 sq ft, the corner unit is on the ninth floor of the devel-opment. With a north-east orientation, it is bright and breezy, and enjoys an unblocked view of the sea and green-ery, says Joy Tan, head of auction and sales at Edmund Tie.

Potential buyers who are looking for more space can convert the extra study room into a third bedroom, Tan says. She adds that the living room is spa-cious, providing homeowners sufficient space for their daily living.

The unit was first purchased in Febru-ary 2015 for $1.98 million ($1,877 psf), according to caveats lodged with URA.

“Being in the heart of the CBD area, the development is well-connected to other parts of the city via public trans-port and main roads,” says Tan. It is also integrated with the upcoming Shenton

Way MRT Station on the Thomson-East Coast Line, and is within walking dis-tance to Tanjong Pagar and Downtown MRT Stations.

The development also boasts “full condo facilities”, such as a sun deck, pool, private lounge, swivel day beds, an outback grill and an outdoor fit-ness area, says Tan. These are located on “levels 8, 24, 34 and 35, providing residents ample space for leisure activ-ities”, she adds.

Similar-sized units at V on Shen-ton have been able to fetch rentals of between $4,500 and $5,800 this year, based on past rental transactions lodged with URA.

So far, the property has received “a good level of enquiries”, notes Tan. She believes the unit will attract both investors and younger buyers who are looking to live near their workplaces.

“With work-from-home arrange-ments becoming the new norm, this would allow buyers or tenants to con-vert the unit into a Small Office Home Office (Soho) to be nearer to their work-places, in the comfort of their homes,” she says.

The most recent transaction at V on Shenton was on April 30, when a 1,055 sq ft unit on the 20th floor changed hands for $1.9 million ($1,801 psf). Prior to that, a 689 sq ft unit on the 31st floor transacted at $1.33 million ($1,931 psf) on April 19. E

Recent transactions at V on ShentonContract date

(2021)Area (sq ft) Price ($) Price ($ psf)

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

Apr 19 689 1,330,000 1,931

Apr 8 1,765 4,200,000 2,379

Mar 29 474 1,200,000 2,534

Jan 21 1,518 3,428,000 2,259

Recent rental contracts for 1,000 to 1,100 sq ft units at V on Shenton

Lease date (2021) Monthly rent ($)

April 5,300

April 5,500

April 4,500

April 5,100

April 5,800

January 5,300

January 5,000

January 5,100

UNDER THE HAMMER

Two-bedder at V on Shenton offered for $2.1 milTABLES: URA, EDGEPROP SINGAPORESAMUEL ISAAC CHUA/ THE EDGE SINGAPORE

EDMUND TIE EDMUND TIE

The 1,055 sq ft corner unit on the ninth floor of V on Shenton is in the pipeline for a bank auction

The unblocked view from the unit The pool at V on Shenton