Market TrendsMarch new-home sales

highest in four yearsEP4

SpotlightSotheby’s International

Realty adopts multipronged Asian strategy EP10&11

Done DealsPrime freehold units

at Scotts Square,Tate Residences sold

EP12,13&14

Gains and LossesArdmore Park unit sold

at $3.5 mil profi tEP15

A PULLOUT WITH

MCI (P) 056/03/2017 PPS 1519/09/2012 (022805)

Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF APRIL 24, 2017 | ISSUE 776

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

Perils of owning ageing leasehold properties

Homeowners of ageing HDB fl ats and leasehold condos are starting to worry about the value of their homes as the leases run low. What are their options? See our Cover Story on Pages 8 and 9.

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EP2 • THEEDGE SINGAPORE | APRIL 24, 2017

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PROPERTY BRIEFS

Six shophouses for sale at $58 milA row of six contiguous shophouses

on Peck Seah Street (above) has been

put up for sale by expression of interest

at an indicative price of $57.8 million.

According to JLL, which is marketing

the property, the guide price for the units

— 48 to 56 Peck Seah Street — works

out to $2,900 psf on the existing gross

floor area of 19,938 sq ft.

The shophouses, which are owned by

a private equity fund, have a 33m-wide

main road frontage and are near the Tan-

jong Pagar MRT station. JLL notes that

the property was refurbished at a cost

of $2 million in September 2015. The

shophouses sit on three separate land

lots and have a combined land area of

8,213 sq ft. Under the Master Plan 2014,

the site was zoned “Commercial” within

the Chinatown (Tanjong Pagar) Historic

District Conservation Area.

The shophouses are being offered for

sale with existing tenancies. The tenants

are kitchen and bathware manufacturer

Kohler, and Middle Eastern restaurant

Fat Prince. The expression of interest

exercise will close on May 23.

S P Setia wins Toh Tuck Road siteThe URA has awarded the Toh Tuck

Road site to S P Setia Group. The site

will be home to the Malaysian group’s

third development in Singapore.

URA received a total of 24 bids,

with S P Setia submitting the top bid

of $265 million. That works out to $939

psf of gross floor area for the 1.87ha

site, which has a plot ratio of 1.4. S P

Setia says it plans to build a 327-unit,

five-storey condominium with a total

GFA of 282,100 sq ft on the site. It plans

to launch the project in 2018.

The new condo, which is within

short walking distance of the Beauty

World MRT station, will enjoy choice

ameni ties, the developer says. It is also

acces sible to other parts of the city state

via the Pan Island Expressway and the

Bukit Timah Expressway. It is also close

to the Bukit Timah Nature Reserve and

Bukit Batok Nature Park — a boon for

those who enjoy the outdoors.

S P Setia’s first project in Singapore

was 18 Woodsville, next to the Potong

Pasir MRT station. The 101-unit free-

hold condo was launched in 2012

and completed in 2015. The group’s

second development was the 99-year

leasehold Eco Sanctuary. The 483-unit

condo on Chestnut Avenue was com-

pleted last year.

Southeast Asian countries drawing manufacturers away from China, says JLLSoutheast Asian countries are winning

manufacturers over from China owing

to lower costs, rising domestic con-

sumption and improving infrastruc-

ture, according to a report by property

consultant JLL.

The consultancy’s top picks for invest-

ing in industrial real estate are Indo nesia

and Vietnam. It says it chose Indo nesia

because of the country’s large population

base, stabilising currency and changes

to its economic policy. Vietnam’s edge

is in its young and skilled workforce,

relatively low-cost base and stable poli-

tical climate.

According to the report, the growth

in manufacturing in Southeast Asia will

come at the expense of China, which has

been restructuring its economy towards

domestic consumption, services and high-

er-value exports over the last five years.

The other concern is rising labour and

land costs, which has caused China’s

manufacturing exports to slow as com-

panies relocate their manufacturing

facilities to cheaper locations, such as

Indonesia and Vietnam. As a result, ex-

port growth from Indonesia accelerated

between 5% and 6% annually, while

Vietnam’s exports grew 16% annually

between 2011 and 2016, compared with

just 6% in China.

In addition, JLL says its data shows

that the Global Real Estate Transparen-

cy Index scores across Southeast Asia,

particularly in those two countries, have

improved in the last 12 years, giving in-

ternational investors more confidence

to enter those markets.

ULI Singapore appoints Khoo Teng Chye as chairmanThe Urban Land Institute (ULI) has

appointed Khoo Teng Chye (below)

as its chairman for Singapore. Khoo

is execu tive director of the Centre for

Liveable Cities, Ministry of National

Development.

ULI is an interdisciplinary research

and education institute with more than

40,000 members dedicated to leadership

in real estate and land use and creating

thriving communities worldwide. Khoo,

formerly chief executive of the Public

Utilities Board and CEO/chief planner at

URA, is ULI’s first council chair to come

from the public sector in Asia-Pacific.

In a media release, ULI says Khoo

will lead the executive committee in

Singapore, which will continue to focus

its efforts on providing long-term think-

ing and sustainable solutions for the

city state’s ongoing development. Khoo

will also help ULI play an active role

in supporting some of the exciting new

developments in Singapore, such as the

proposed second CBD at Jurong Lake.

JLL to launch its first Berlin property for sale in SingaporeJLL and German developer Groth Gruppe

will be launching The Fritz (above, right), a freehold residential project in

Berlin’s Quartier Lehrter Straße, for sale

in Singapore on April 22 and 23 at The

Grand Park Orchard.

The Fritz has 266 micro-apartments,

with sizes ranging from 237 sq ft for a

studio to 549 sq ft for a one-bedder.

The units are priced from €135,000

($202,290).

The 17-storey tower is a key element

of the new neighbourhood, which will

see about 1,000 new apartments. At

the heart of the development is a new

city square with shops and restaurants.

The quarter is within walking distance

of Berlin Hauptbahnhof (main train

station) and will be directly connected

to Europa City via a new bridge.

According to JLL, residents can ex-

pect hotel-like facilities at The Fritz, in-

cluding a concierge service, co-working

spaces and a bistro on the ground floor,

as well as a communal laundry room.

Singapore is Groth Gruppe’s third

stop, after China and Malaysia. Hong

Kong will be the final leg of its Asian

launch. JLL says there are about 200

units still available at The Fritz. So

far, its buyers are multinational, com-

ing from over 10 nations, adds JLL. — Compiled by Michael Lim

ULI

| BY JOHN DETRIXHE |

NEX Group, formerly known as ICAP, is relocating

its New York and London offices as CEO Michael

Spencer takes the recently streamlined financial

technology company into its next era.

NEX will relocate to offices at 4 Times Square,

formerly known as the Condé Nast Building, at end-

April, according to an emailed statement on April 19.

The move will bring all of its New York business

under the same roof for the first time.

In London, the company is in “advanced negotia-

tions” to lease space at the London Fruit and Wool

Exchange. The move is planned to take place in

early 2019.

NEX was created from Tullett Prebon’s purchase

of ICAP’s voice-broker business last year. ICAP sold

its name to Tullett, now known as TP ICAP, as part

of the deal and became NEX.

NEX, which focuses on electronic markets and

post-trade services, has operated in London’s Broad-

gate area for 13 years.

“NEX is a financial technology business so we are

really excited to be moving closer to a technology and

commercial hub which aligns more closely with the

brand,” Jenny Knott, CEO of NEX Optimisation, said

in the statement. — Bloomberg LP

Michael Spencer’s NEX Group plans relocation in New York, London

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EP4 • THEEDGE SINGAPORE | APRIL 24, 2017

MARKET TRENDS

| BY MICHAEL LIM |

The strong bids for the Toh Tuck Road site

on April 11 and high developers’ sales

numbers unveiled by URA on April 17

are more signs that the Singapore residential

market may be turning the corner, says JLL.

According to JLL, signs of recovery emerged

last year, beginning with the luxury residential

sector when prices bottomed out in 3Q2016.

Based on its basket of luxury properties, JLL

says prices of luxury properties fell 18.3% in

3Q2016 from their peak in 2013.

Tay Huey Ying, JLL’s head of research

for Singapore, says: “Prices of luxury homes

have since recovered by 1.1% over the past

six months.”

The recovery in the luxury sector was large-

ly due to the various types of deferred pay-

ment schemes that developers such as OUE

and Wheelock Properties rolled out for OUE

Twinpeaks and Ardmore III, respectively, as

well as the attractive pricing of CapitaLand’s

Cairnhill Nine project, notes Tay.

The same cannot be said, however, about

prices for mass market homes. According to

JLL’s basket of properties, prices have fallen

11% since their peak in 2013. That could soon

change, following the strong monthly developers’

sales of 1,780 units achieved in March.

“Barring unforeseen circumstances, we

could see prices bottoming by year-end or

early next year if sales volumes continue to

strengthen,” says Tay.

“We could be looking at monthly develop-

er sales averaging 750 to 800 units a month,

which means we could see full-year develop-

ers’ sales coming in 20% more than the 7,900

units achieved last year.”

According to JLL’s research based on house-

hold income versus average private property

prices in 2016, Singapore was ranked the most

affordable among key gateway cities at only 4.8

times compared with Hong Kong (18 times),

and global cities such as London, San Fran-

cisco, Tokyo and Sydney, at at least 10 times.

In 2010, the affordability level for Singapore,

London, San Francisco and Tokyo were on a

par at 7.3 times; Sydney was at 10 times and

Hong Kong at 11.4 times.

That means the average person working

in Singapore will be able to buy a home after

4.8 years versus 18 years in Hong Kong and

at least 10 years in London, San Francisco,

Tokyo and Sydney. As such, the affordabili-

ty level in Singapore has improved compared

with the other key gateway cities.

Although sales volume is picking up, JLL

believes developers are unlikely to raise prices

anytime soon because of uncertainties in the

job market and economic outlook for Singapore.

According to Chris Fossick, JLL’s manag-

ing director for Singapore and Southeast Asia,

developers have refrained from raising pric-

es because there is an element of competi-

tion among them to sell down their projects.

Another sign that the residential market may

be bottoming is the recent aggressive bidding

for government land sales programme sites on

the confirmed list. For example, the Toh Tuck

Road site attracted 24 bids.

“The motivation to buy land is becoming

more urgent for developers as unsold inven-

tories are slowly being cleared,” says Tay.

Property consultants were not surprised by

the aggressive bidding by developers looking

to replenish their landbanks, as there are fewer

GLS sites available on the confirmed list. This

may just be the impetus needed to revive the

collective sale market.

“We could see a repeat of 2005/06, where

developers had no choice but to go for collec-

tive sale sites, owing to the lack of GLS sites

available,” says Tay.

Three sites were sold last year: Shunfu

Ville, Raintree Gardens and Harbour View

Gardens. There could be more, with the re-

cent launches of two former HUDC sites for

sale: Rio Casa at Hougang Avenue 7; and Eu-

nos Ville in Eunos.

Tay warns, however, that not all sites put

up for collective sale will succeed because de-

velopers are also mindful about not paying ex-

cessive prices for sites, given the uncertain-

ties in the market.

“In current market condition, collective

sale sites costing below $500 million, which

could be redeveloped into [projects] of about

800 units, are more palatable to developers,”

says Tay.

March new-home sales up 82% — the highest in four years| BY MICHAEL LIM |

Sales of new private homes

surged to a four-year high last

month when some property

cooling measures were ad-

justed for the first time since

they were rolled out in 2009.

Excluding executive condomin-

iums (ECs), 1,780 units were sold

in March — an 82% jump com-

pared with February’s 979 units. Last

month’s strong showing took new-

home sales in 1Q2017 to 3,141. Ac-

cording to CBRE, the last time quar-

terly sales volume crossed the 3,000

mark was in 2Q2013, when 4,538

new homes were sold.

Property consultants say the lat-

est sales data released by the URA

points to a gradual recovery in the

private residential property sector and

is a huge boost to market sentiment.

“This is reflective of a broad-based

improvement in demand, with buyers

not just attracted to newly launched

projects, but also to those launched

previously as well,” says Ong Teck

Hui, JLL’s national director of re-

search and consultancy.

“The recent easing of the Seller’s

Stamp Duty (SSD) and the Total Debt

Servicing Ratio (TDSR) would have

had a favourable effect on March’s

new-home sales,” notes Ong.

The government unexpectedly an-

nounced last month that it will reduce

the SSD holding period for homes

bought from March 11 to three years

instead of four. It will also cut rates

for each tier by four percentage points.

“With liquidity aplenty, waning con-

cerns over the supply situation, buyers

are coming back to the primary market

in droves, as many are buying into the

idea that Singapore’s residential mar-

ket is moving a step closer to a turning

point,” says Christine Li, research di-

rector at Cushman & Wakefield.

The new-home sales level of 1,780

units achieved last month has not

been seen since June 2013, when

about 1,806 units were sold. Month-

ly sales cooled substantially after the

government implemented the TDSR

framework in June 2013.

The strong performance came

on the back of two private residen-

tial project launches: Grandeur Park

Residences and Park Place Residences

at PLQ. Both projects accounted for

about 40% of the sales.

Grandeur Park Residences was

the top seller, with 484 units sold

at a median price of $1,406 psf, fol-

lowed by Park Place Residences at

PLQ, with 217 units sold at a medi-

an price of $1,805 psf. Parc Riviera

came in third with 163 units sold at

a median price of $1,246 psf.

Property consultants believe

March’s sales momentum is likely

to continue over the next few months

when several new projects such as

Seaside Residences in Siglap and Ar-

tra in Redhill are due to hit the mar-

ket. Despite the surge in sales and

the positive sentiment, market watch-

ers say it is still premature to con-

clude that private home prices will

rise this year.

Head of research for SLP Interna-

tional Property Nicholas Mak says

some developers may try to increase

prices to test the market, but it may

not be enough to move overall pric-

es because only select well-located

projects will be able to pull this off.

For the EC segment, a total of 578

units were sold in March — 76%

higher than the 329 units sold in

February. Qingjian Realty sold 187

units at iNz Residence, the first EC

project launched this year, at a me-

dian price of $774 psf. This was fol-

lowed by Sol Acres, which saw 147

units sold at a median price of $794

psf, and The Visionaire with 43 units

sold at a median price of $811 psf.

Cushman’s Li expects sales mo-

mentum to remain relatively strong

in the 1,000 range due to the expect-

ed launches of Seaside Residences,

Alexandra View, Bukit Batok West

Avenue 6, Martin Place and Fern-

vale Road. The full-year new-home

sales figure is estimated to range from

8,000 to 10,000 in the absence of an

economic recession.

Crowds at the launch of Grandeur Park Residences over the weekend of March 4 and 5

Tay: We could see prices bottoming by year-end or early next year if sales volumes continue to strengthen

Residential market likely to recover by early 2018, says JLL

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EP6 • THEEDGE SINGAPORE | APRIL 24, 2017

EAT, PLAY, LIVE

Coastal living — beach, parkand amenities at your doorstep| BY MICHAEL LIM |

In Singapore, the most coveted homes are

those with a seafront view, within walking

distance of the beach and the park, and

near eateries. The East Coast and Sentosa

Cove are two areas in Singapore that offer

such luxuries.

Prices in the exclusive 99-year leasehold

Sentosa Cove start from $2.2 million for the

oldest condominium there: The Berth by the

Cove, the first to be launched and which was

completed in 2006. Most of the newer condos in

Sentosa Cove are priced from $3 million. “Pric-

es of condominiums in the exclusive Sentosa

Cove are beyond the reach of most Singapore-

ans, which leaves only the neighbourhood of

East Coast Parkway,” says Ken Low, associate

senior division director of Huttons Real Estate,

who has been marketing projects in the east-

ern part of Singapore over the past 10 years.

George, a Chinese businessman turned Singa-

pore permanent resident, bought a 1,529 sq ft,

three-bedroom unit at one of the blocks at

1,000-unit, 31-year-old Mandarin Gardens a

decade ago. He has been living there with his

wife and two children, who are studying at a

secondary school in the Marine Parade neigh-

bourhood. George, who is in his early 50s, is

involved in the agricultural commodities busi-

ness, with subsidiaries in Australia, China, Ma-

laysia and the US.

George says his family rarely needs to turn

on the air-conditioner at home, as there is

always a cool breeze blowing from the sea.

“That’s why I like living in the East Coast Park

area,” he says.

Going for newGeorge is considering buying either a two- or

three-bedroom unit with the same unobstruct-

ed sea views at the upcoming 841-unit Seaside

Residences, developed jointly by Frasers Cen-

trepoint, Sekisui House and Keong Hong. Sea-

side Residences previewed on April 8 and was

scheduled to be launched for sale on April 21.

Seaside Residences at Siglap View is both

a four-minute walk via the underpass to the

beach and East Coast Park, and a two-minute

walk from the future Siglap MRT station on

the Thomson-East Coast Line. “I fell in love

with Seaside Residences because it is next to

Mandarin Gardens, where we live, and we’re

very familiar with the neighbourhood as well

as the amenities there,” says George. “There

are a lot of good eateries in the Siglap and Up-

per East Coast area. One of the attractions is

also the more relaxed lifestyle.”

The family’s favourite eateries in the area

include Killiney Kopitiam — Siglap, located on

Upper East Coast Road, and a 15-minute walk

from their home as well as Jumbo Seafood

restaurant at the East Coast Seafood Centre.

George is not the only one considering in-

vesting in a unit at Seaside Residences. Others

who live in the other older residential blocks

in the area are also eyeing the new project for

the lifestyle it offers and because they want to

live in the same neighbourhood.

Besides Mandarin Gardens, the other two

projects in the neighbourhood are old HUDC

estates: 751-unit Neptune Court, which was

completed in 1975; and 528-unit privatised

Laguna Park, which was completed in 1978.

According to Huttons’ Low, one of his clients,

who is also considering buying a unit at Sea-

side Residences, currently lives in Neptune

Court. He jogs 10km twice a week on week-

ends from his home to the Marina Barrage and

Gardens By The Bay area via East Coast Park

and back. He wants to upgrade to a new resi-

dential unit that allows him to continue with

that healthy lifestyle.

East Coast lifestyleEast Coast Park is a popular destination among

Singaporeans, as it is 185ha and has a 15km

picturesque coastline stretching from Changi

to Marina Bay. “It’s the only park where Singa-

poreans can engage in all kinds of sports —

from jogging, cycling, roller blading, cable-ski-

ing and kite flying to more leisurely activities

such as fishing, barbecues, camping or pic-

nics,” says Huttons’ Low.

For George and his family, East Coast Park

has become a favourite weekend haunt, with

the family taking leisurely walks or jogs, as well

as cable-skiing at the Singapore Wake Park.

The Xtreme SkatePark is also highly popular

during weekends. It is the first skate park built

according to international competition stand-

ards. The entire skate park occupies an area

of 1.4ha (the size of about 2½ football fields)

and is divided into three areas catering to dif-

ferent levels of skaters and bikers.

Besides extreme sports, there is also an

area for radio control car enthusiasts. Built in

1998, the 100m x 60m Marine Parade Radio

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View of East Coast Park from around 60m (about15 floors) above the site of Seaside Residences

Families cycling and rollerblading in East Coast Park on a Saturday afternoon East Coast Lagoon Food Village continues to draw crowds on week nights and weekends Sing

THEEDGE SINGAPORE | APRIL 24, 2017 • EP7

EAT, PLAY, LIVE

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Control Modellers Club’s East Coast track is

a 1.3km-long circuit that is the size of a foot-

ball field. It is open to members who want to

race either battery-powered or gas-powered

radio control cars.

East Coast Park is also the only park in

Singa pore that has clusters of F&B spread

throughout its length.

The National Parks Board (NParks) is re-

vamping the park in phases. This year saw the

closure of Raintree Cove, which used to house

Long Beach Main Seafood Restaurant, Lorna

Whiston Pre-school and Burger King outlets,

as well as the Big Splash. The sites have been

returned to the government for redevelopment.

F&B clusters, family-friendly areasParkland Green, formerly home to the Park-

land Golf Driving Range, was reopened in No-

vember 2014. The revamped Parkland Green

has eight F&B outlets, a sports shop, Cheers

convenience store, bicycle rental store, laser

tag arena and lawn for children to play. “It is

probably one of the few places in Singapore

where you can dine al fresco, enjoy the sea

views and sea breeze, while your children play

in front of you in the open lawn,” says Low.

Some of the new F&B outlets at Parkland

Green are Pick Me Up Café, which serves ice-

cream, yogurt, western breakfast and cold-

pressed juices all day. Sandbank serves Western

favourites such as pizzas, pastas and sand-

wiches; Full Pint Brewery is a microbrewery

with a wide selection of seafood choices and

a children’s menu.

About 1km from Parkland Green lies Marine

Cove, which had closed four years ago for a

major revamp and reopened last June. The

cluster has five restaurants, a large children’s

playground, upgraded public restrooms and

parking facilities. NParks is said to have spent

$18 million redeveloping Marine Cove into

a family-friendly recreational area, especial-

ly for those with young children. The dining

outlets include McDonald’s, which has been

there since 1982 but has since been updated.

Other tenants include Peranakan restaurant

Babalicious, Hill Street Coffee Shop, My Bri-

yani House and The Coffee Bean & Tea Leaf.

‘Seaside paradise’The East Coast Seafood Centre was a tri-block

food centre best known for co-locating sever-

al major local seafood restaurants, including

Jumbo Seafood and Long Beach Seafood Res-

taurants. The centre opened 31 years ago as

the UDMC (Urban Development and Manage-

ment Co) Seafood Centre, before it took on its

current name in 2000.

The centre became a two-block food centre

last year when Red House Seafood moved out

after its lease expired. The block occupied by

Red House Seafood was then demolished to

create an open space for park users. The two

remaining blocks are anchored by Jumbo Sea-

food, Ubin First Stop Restaurant, Rong Heng

Seafood and Hong Kong Tea House.

Hawker centre East Coast Lagoon Food Vil-

lage continues to draw crowds on week nights

and weekends. It is famous for local favourites

such as BBQ stingray, BBQ chicken wings, fried

carrot cakes and fried oysters, says Huttons’

Low. “East Coast Park is the only seaside par-

adise that is open to everyone who [wants to]

enjoy a wide range of leisure activities, sports

and F&B in one area.”

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Parkland Green has eight F&B outlets, a sports shop, Cheers convenience store, bicycle rental store, laser tag arena and lawn

Singapore Wake Park is the city state’s only cable-skiing and wakeboard park

Xtreme SkatePark occupies an area the size of about 2½ football fields and is divided into three areas cater-ing for different levels of skaters and bikers

East Coast Seafood Centre was a two-block food centre that co-located major local seafood restaurants such as Jumbo Seafood

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EP8 • THEEDGE SINGAPORE | APRIL 24, 2017

COVER STORY

| BY CECILIA CHOW |

A week ago, Singapore permanent res-

ident Ms Lew was just calculating

the remaining lease on her 700 sq ft,

three-room HDB flat in Marine Parade

and wondering how much it could

fetch in the resale market. “I’m just a couple

of years from retirement,” she says.

Lew’s flat, like the more than 7,000 in

Marine Parade, was completed in 1975. Ac-

cording to HDB’s website, Marine Parade

was the first housing estate to be built on re-

claimed land. This means that the flats in Ma-

rine Parade have 57 years remaining on their

99-year leases.

Singaporean Ms Aw, who bought her 1,128

sq ft, five-room HDB flat in Marine Parade

17 years ago, says she now feels “a little un-

settled”. Even though her flat is already fully

paid for, the 56-year-old says, “my retirement

is locked in this flat. If I want to make money

from it, I will have to sell it and downgrade to

a smaller BTO [built-to-order] flat so I won’t

be saddled with a big home loan”.

The two HDB owners are representative of

many others staying in ageing leasehold prop-

erties who became worried, following National

Development Minister Lawrence Wong’s blog

post on March 24. It was intended to caution

buyers against paying high prices for older

HDB flats on the assumption that their flats

would automatically be eligible for the Selec-

tive En-bloc Redevelopment Scheme (SERS).

Wong wrote, “In fact, for the vast majority

of HDB flats, the leases will eventually run out,

and the flats will be returned to HDB, which

will in turn have to surrender the land to the

State.” He added, “As the leases run down,

especially towards the tail-end, the flat prices

will come down correspondingly.”

Wong subsequently tempered his point with

an April 12 Facebook post that said, “Lease-

hold properties are still a good store of asset

value, so long as you plan ahead and make

prudent housing decisions.”

Rising uncertaintyNevertheless, homeowners like Lew have start-

ed mulling over their options — whether to

keep or sell their flat before the lease runs low-

er. “It’s unpleasant to have this uncertainty,”

she says. “I’m not holding on to the hope for

SERS, but I thought I could keep my flat until

I’m 70. Now, I’ve to recalibrate and figure out

the best time to sell and have enough cash for

the next 20 years of my life.”

The main solution for owners of ageing

leasehold private properties is a collective sale,

but the success rate is not high.

According to Tan Hong Boon, JLL regional

director of capital markets, over the past three

years, five out of 25 collective sale sites put up

for tender were successfully sold, which trans-

lates into a success rate of 20%.

Tan says, however, that the outlook for the

collective sale market is decidedly brighter

this year, with the success rate likely to be

higher than 20%. “Those who didn’t succeed

the first time around will attempt a second or

a third time.”

While owners of units in privatised Hous-

ing and Urban Development Corp (HUDC) es-

tates and private condos can decide whether

they want to embark on a collective sale, HDB

flat owners do not have that option. “This is

unlike SERS, where the decision lies entirely

with HDB,” says Tan. “As an HDB dweller, you

have no say in initiating a SERS.”

Who owns your flat? There is a fundamental difference between

public housing and private, and that is in the

ownership title. Nicholas Mak, SLP Interna-

tional executive director and head of research

and consultancy, says: “In public housing, the

relationship between HDB and the dweller is

as lessor-lessee. It’s not like a private condo-

minium, where upon completion — Temporary

Occupation Permit and Certificate of Statuto-

ry Completion — the developer will transfer

the strata titles over to the individual buyers.”

For public housing, the property title re-

mains with HDB, says Mak. A group of HDB

dwellers in three housing blocks discovered

that the hard way when they banded togeth-

er to attempt a collective sale on their own

during the collective sale fever some 20 years

ago. “That was when they woke up to the re-

ality that they didn’t actually own the land,”

he recounts. “As HDB dwellers, they own just

the right to use that box in the sky.”

This is unlike HUDC estates, which have

been privatised, explains Mak. “Once an HUDC

estate is privatised, it is similar to the 99-year

leasehold private condos, as the owners will

get their strata title.”

There are 18 HUDC estates, with a total of

7,731 units. These HUDC flats, which come

with a 99-year lease, were built in the 1970s

and 1980s for the sandwiched class of that

era — people who did not qualify for HDB

flats but could not make that leap into pri-

vate housing. HUDC estates are the predeces-

Perils of owning ageing leasehold propertiesHomeowners in ageing HDB flats and leasehold condos are starting to worry about the value of their homes as the leases run low. What are their options?

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Marine Parade is the first HDB estateto be built on reclaimed land; more than 7,000 HDB flats were completed in 1975

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THEEDGE SINGAPORE | APRIL 24, 2017 • EP9

COVER STORY

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Differential premiums make up31% of total land cost at Rio Casa

Differential premiumto maximise plot ratio:$141.5 mil(22%)

Owners’ asking price:

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Differential premium to top up lease:$57.5 mil(9%)

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Total land cost:$649.8 mil

sors of executive condos. When ECs were in-

troduced in 1995, the government moved to

privatise the HUDC estates.

Braddell Heights, the largest of all the HUDC

estates, has 918 flats and two shops. It was the

last of the HUDCs to be privatised, and that

was in March this year.

“HUDC unit owners are among the first

to feel what it’s like living in a private estate

where the lease is running low,” says Mak.

Collective sales take offMany HUDC estates therefore opted for the

collective sale route as soon as the privati-

sation exercise was completed. From 2006 to

end-2016, there were seven successful collec-

tive sales: Amberville, Minton Rise, Waterfront

View, Gillman Heights, Farrer Court, Shunfu

Ville and Raintree Gardens.

The latest is Rio Casa, a privatised HUDC es-

tate with 286 apartments and maisonette units

that was put up for collective sale through a

tender process on April 10, with Knight Frank

as the marketing agent.

Rio Casa is located on Hougang Avenue 7

and has a site area of 396,231 sq ft, with a plot

ratio of 2.8 and maximum permissible gross

floor area (GFA) of more than 1.1 million sq

ft. Ian Loh, Knight Frank executive director

and head of investment and capital markets,

says the site can be redeveloped into a private

condo of about 1,000 units.

According to Loh, the sales committee had

secured the requisite 80% consensus among

the home owners for the collective sale to take

place. “It is quite a feat,” he says.

The owners of Rio Casa are expecting about

$450.8 million, or $586 psf per plot ratio (ppr).

The price tag excludes a differential premium

of $141.5 million for intensification of the site

based on the maximum permissible GFA and

lease top-up premium of $57.5 million for a

fresh 99-year lease. Rio Casa has 73 years re-

maining on its 99-year lease.

Eunosville, a 330-unit privatised HUDC,

was put up for sale by tender on April 12,

with OrangeTee.com as the marketing agent.

The asking price for the site is between $643

million and $653 million, or $780 to $790 psf

ppr. Developed in the late 1980s, it has a bal-

ance lease of about 70 years.

The site has a land area of 376,713 sq ft and

a gross plot ratio of 2.8. It can be redeveloped

into a 1,035-unit private condo, assuming an

average unit size of 969 sq ft. The tender closes

on May 31.

This is Eunosville’s second collective sale

attempt. The first time was in 2013, with JLL

as the marketing agent.

High differential premiumsJLL’s Tan advises owners of private residential

projects on leasehold sites to be aware that,

as the lease gets shorter, the differential pre-

mium that developers have to pay gets higher.

“This will eat into their sale price,” he says.

For Rio Casa, if the differential premiums

were included, the total land cost would amount

to $649.8 million, according to SLP Research

(see chart). SLP’s Mak points out that the dif-

ferential premiums account for about 30% of the

total land cost for some of these HUDC estates.

Mak attributes this to the Differential

Premium system adopted by the Singapore

Land Authority (SLA), which values a fresh

99-year leasehold property at 96% of a free-

hold property. When the remaining lease is

60 years, the differential premium is pegged

at 80% of the freehold value. Even when the

remaining lease is 30 years, the value is 60%

of that of freehold property. The differential

premium for topping up the lease is therefore

steep, says Mak.

Besides the lease running low, another con-

cern for owners of leasehold condos that are

now 30 to 40 years old is that capital costs

increase as the buildings age. “The building

themselves don’t last 99 years,” Mak says. “The

lifts may need to be replaced, the waterproof-

ing or water tank may also need to be fixed,

or the swimming pool regrouted.”

Possible solutions?Mak believes there are two solutions for age-

ing leasehold properties. One is that SLA could

allow homeowners to top up the lease if there

is 100% consensus among them. “They can do

this on a case-by-case basis,” he says.

In May 2011, it was reported that the own-

ers of the 164-unit The Arcadia had failed in

their attempt to get their lease topped up to

a fresh 99 years without going through a col-

lective sale. This was despite securing full

consent among the owners, who were willing

to foot the bill had permission been granted.

SLA will allow a lease to be topped up only if

there is intensification of land use, says Mak.

The other solution is that developers could

choose not to top up the lease, and there-

fore not have to pay the differential premi-

um. This will then bring down the total land

cost, says Mak.

Most buyers want a fresh 99-year lease,

however, as the main concern of buying lease-

hold properties is the financing restrictions that

kick in when the lease is low. “Therein lies the

conundrum,” says Mak.

Financing restrictions According to OCBC, when it comes to financ-

ing of leasehold properties, the requirement

is for the property to have a remaining lease

of 30 years on the maturity of the loan. “The

quantum of loan to be granted is dependent on

the bank’s credit assessment, which includes

assessment of debt servicing capacity,” says

a spokesman in an email response.

Banks will generally provide financing for

the purchase of a leasehold property if home

buyers are able to tap their Central Provident

Fund contribution. CPF has several ways to

calculate this, says Eugene Huang, co-founder

and director of Redbrick Mortgage Advisory.

The first formula is based on the sum of the

age of the applicant and the remaining lease on

the property. The total must be equal to or exceed

80 years, says Huang. For instance, if the buyer

is 40 and the remaining lease on the property is

also 40 years, the total is 80 years. This means

that the buyer is eligible to use his CPF contribu-

tion for the purchase of the leasehold property.

If the buyer is only 30, however, and the

remaining lease on the property is 40 years, the

total equals 70 years. In this case, the buyer

will not be eligible to use his CPF contribution

towards the purchase of the leasehold property.

“This implies that young people cannot use

their CPF to buy old leasehold properties,”

says Huang.

CPF also requires that a property have a re-

maining lease of at least 60 years. If the lease on

a property is below 60 years, but more than 30

years, a valuation limit is set on the amount of

CPF contribution that can go towards the pay-

ment of the property.

In this scenario, the numerator in the ratio

will be the remaining lease on the property

when the purchaser turns 55. Assuming the

buyer is 40 today and the remaining lease on

the property he wants to buy is also 40 years,

when he turns 55, the remaining lease will be

25 years. The denominator will be the remain-

ing lease today, which is 40 years. The ratio

of 25 years/40 years is equivalent to 62.5%.

This means if the property purchase price

is $1 million, the buyer can withdraw from his

CPF up to a limit of 62.5% of the value, that

is, $625,000, explains Huang. “And that per-

centage is the valuation limit.”

‘Limited target audience in resale’As mortgage advisers, Huang and his col-

leagues naturally received a lot of calls over

the past two weeks. “Some of the calls came

from those sitting on old HDB flats, and others

on old leasehold private condos,” he says.

Huang is not spooked by the National De-

velopment Minister’s blog post. He and his

wife, Landy Lan, also a co-founder of Red-

brick, purchased a 710 sq ft, two-bedroom unit

at Chuan Park in Lorong Chuan.

The couple paid $850,000 for the condo unit

in 2013, which Huang says, on hindsight, was

at the peak of the market.

Chuan Park is a 452-unit, 99-year leasehold

property completed in 1985, with a lease from

1980. Even though the property is already 32

years old, Huang is not too worried.

The main reason for the purchase was that

he and his wife wanted to live near his par-

ents, who reside in Yio Chu Kang. They also

like the location because it is within driving

distance of the CBD, and the MRT station is

at their doorstep, he says.

“For private condos, the collective sale mar-

ket is much bigger. So, the possibility that a

developer will come in to buy the project en

bloc for redevelopment is quite high,” says

Huang. “The fact that the property is leasehold

and old obviously means the target audience

in the resale market is already limited, as they

will face financing restrictions.”

‘A ticking time bomb’According to the Department of Statistics, the

home ownership rate among Singapore res-

ident households is 90.9%. Today, 80% of

Singa pore residents live in HDB flats. Another

14.4% live in condos and apartments, with

5.2% in houses or landed property.

Assuming just half the people in private

housing are holding on to 99-year leasehold

properties, that implies that 90% of the resi-

dent population will be affected by a shorten-

ing lease at some point, says SLP’s Mak. “What

is going to happen in the future when more of

these 99-year leasehold developments age?” he

asks. “It’s a bit of a ticking time bomb if the

current situation continues.”

Owners of ageing 99-year leasehold condos

and privatised HUDCs can still exit via a col-

lective sale, though. “They can generally ex-

pect a premium of 30% to 60% over the exist-

ing value in a collective sale,” says JLL’s Tan.

Owners of ageing HDB flats need not worry

too much, though, says mortgage adviser Huang.

“You may not make money, but you will not

be sitting on a property with zero value,” he

says. “After all, 80% of Singaporeans’ wealth

is tied up in their HDB flats.”HUDC estate Eunosville has been put up for collective sale for the second time

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Loh: The Rio Casa site can be developed into a 1,000-unit project

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Mak: It’s a bit of a ticking time bomb if the current situation continues

Huang: Eighty per cent of Singaporeans’ wealth is tied up in their HDB flats

Tan: As an HDB dweller, you have no choice even of initiating a SERS

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EP10 • THEEDGE SINGAPORE | APRIL 24, 2017

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Sotheby’s International Realtyadopts multipronged Asian strategy| BY CECILIA CHOW |

Early this month, Sotheby’s auction house

set a world record when Hong Kong-

based jeweller Chow Tai Fook bought

a 59.6-carat pink diamond dubbed the

“Pink Star” for US$71.2 million ($99.7

million). The oval-shaped precious gem dis-

placed the 14.62-carat Oppenheimer Blue Dia-

mond, which had set the previous record of

US$57.5 million when it was sold under the

hammer by Christie’s in Geneva last May.

In March, Sotheby’s in London sold an

Impressionist painting of flowers by Austrian

artist Gustav Klimt in 1907 — for £48 million

($84.4 million), the third-highest price paid for

a piece of art at an auction in Europe.

Art, jewellery, watches, wine and classic

cars are some of the alternative investments

favoured by the super-rich. These are the pas-

sion investments that Sotheby’s has specialised

in over the course of its 273-year history. It was

established in London in 1744 and opened its

office in New York in 1955. It went public in

1977 and was listed on the New York Stock

Exchange in 1988. As at end-December 2016,

Sotheby’s reported US$4.9 billion in sales, and

net income of US$74.1 million.

In 1976, the auction house decided to set

up a real estate arm, Sotheby’s International

Realty. “They figured everyone who bought a

US$10 million painting would need a wall to

hang it on,” says Michael Valdes, Sotheby’s In-

ternational Realty Affiliates’ global vice-presi-

dent, who was in Singapore earlier this month.

In February 2004, NYSE-listed real estate

services provider Realogy Holding Corp signed

a 100-year franchise with Sotheby’s Interna-

tional Realty. Incidentally, Realogy also owns

the franchise of Century 21, Coldwell Banker

and ERA. As at end-FY2016, Realogy registered

total sales of US$5.81 billion, up 2% from a

year ago, and earnings of US$216 million, up

16% y-o-y.

Last year was a historic one for Sotheby’s

International Realty, as it booked total sales of

US$95 billion, according to Valdes. Of the total,

US$10 billion was attributed to sales outside the

US, of which one-third came from Canada. The

remaining two-thirds were evenly distributed

among the different regions, with Asia-Pacific

estimated to have contributed US$3.5 billion

in sales.

Regional networkLast month also saw Sotheby’s International

Realty roll out an Asiawide strategy through

its affiliate, Japan’s Yokohama-based List Co,

a Japanese real estate developer, builder and

brokerage services company with eight offic-

es in Japan and two offices in Oahu, Hawaii.

List was founded in 1991 by CEO and presi-

dent Hisashi Kitami, described as an avid surfer

active in sports and community organisations

in Yokohama, including the professional base-

ball team Yokohama Baystars and professional

football team Yokohama Mariners.

List’s real estate brokerage franchise started

in Japan in 2009, and then expanded to Oahu

“because Hawaii is the most popular destina-

tion for high-net-worth individuals in Japan”,

says Yasushi Yamada, chief operating officer of

List Holdings Singapore, the Singapore entity

of List Co. In December 2013, the brokerage

offices in Japan and Hawaii were rebranded

List Sotheby’s International Realty.

The success of the business led List Co pres-

ident and CEO Kitami to extend List Sotheby’s

International Realty’s reach in Southeast Asia.

It started by acquiring the franchise rights in

Singapore in December 2015, followed by Thai-

land and, most recently, Hong Kong.

The company owns the franchise in the

Philippines, where operations began last Sep-

tember. The Singapore office officially opened

in March, with Hong Kong slated for Septem-

ber and Thailand by year-end, says Yamada.

Second time the charm?This is not Sotheby’s International Realty’s

maiden foray into Singapore. It arrived 10 years

The Sky Garden on the 70th floor of the 101-storey Australia 108 skyscraper is the tallest in the Southern Hemisphere

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Valdes: In the luxury marketplace, especially for real estate over US$5 million, we usually lead on a global scale

Yamada: The success of the List Sotheby’s Interna-tional Realty franchise in Japan and Hawaii led to its extension into Southeast Asia

Leong: The Singapore market is sophisticated, and the prime districts are well defined

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ago during the last property boom in 2007, under

the auspices of several businessmen. “It was obvi-

ously the wrong partner,” concedes Valdes.

Neither is it the first time for Sotheby’s Interna-

tional Realty to be in Hong Kong nor Japan. Prior to

List Co, Sotheby’s International Realty had anoth-

er affiliate in Japan, but it proved to be an under-

funded company that could not sustain the growth

of the brand, says Valdes.

In Hong Kong, Sotheby’s International Realty

terminated its agreement with former Hong Kong

partner Sino Gateway effective from Aug 26, 2016.

Sino Gateway’s owner, Samson Law, owned another

agency called Hong Kong Homes, which specialised

in selling overseas properties to Hong Kong buyers.

Hong Kong Homes was the marketing agent pro-

moting several uncompleted properties in Manches-

ter to Hong Kong buyers in 2014. Some of the pro-

jects failed to be completed according to schedule,

causing angry buyers to report the case to the Hong

Kong police, according to the South China Morning Post in a report last September.

“[Sino Gateway] had done a deal under Hong

Kong Homes that had nothing to do with our brand,”

says Valdes. “But the deal had negative repercus-

sions for the [Sotheby’s] brand.”

So, even though the master franchise agreements

with its overseas affiliates are for a duration of 25

years, there have been circumstances in which So-

theby’s International Realty has terminated the agree-

ments earlier. “One of the reasons would be reputa-

tional risk to the brand and, in some circumstances,

we have taken action,” explains Valdes. “Our first

and foremost plan is to protect the brand.”

Therefore, anyone interested in becoming an affiliate

of Sotheby’s International Realty is subject to a “deep

due diligence and background check”, with the final

approval to be given by the auction house, he adds.

Hiring real estate veteransWith that in mind, List Sotheby’s International Realty

is employing professionals to head the businesses

in Singapore and Hong Kong. In Singapore, Leong

Boon Hoe, a property veteran of 18 years

with CBRE, where he was last managing di-

rector of CBRE Realty Associates, came on

board as chief operating officer of Sotheby’s

International Realty, Singapore.

Leong says Sotheby’s International Realty

intends to be research-focused. “The Singa-

pore market is sophisticated and mature,

and the prime districts in Singapore are well

defined. It’s quite easy to enter the luxury

market, but not that easy to be good at it.”

Leong reckons Sotheby’s International

Realty’s target audience in Singapore will

be those who either have already invested

overseas or are looking to do so. “It’s there-

fore important for us to hire people who have

an understanding of not just the Singapore

real estate market but the overseas market

as well.” The Singapore office has 12 staff,

five of whom are licensed real estate agents.

The target is to grow the number to 100 over

the next few years, adds Leong.

In Hong Kong and Thailand, List Sotheby’s

will adopt the same approach it has taken

in Singapore. “We will look for very experi-

enced candidates in the marketplace to set

up the company, and focus on the business

of local and overseas brokerage services,

project marketing and research,” says Le-

ong. “Thereafter, we will decide whether to

buy over an existing company or to grow or-

ganically by picking the right candidates to

join the group.”

Focus on iconic projectsAs befits the Sotheby’s brand, Leong says

the focus will be on marketing “iconic deve-

lop ments”. In Singapore, they include the

1,129-unit Reflections at Keppel Bay by Kep-

pel Land, designed by renowned architect

Daniel Libeskind; the 1,042-unit Marina One

Residences, which is part of a giant mixed-

use scheme by M+S, a joint venture between

Khazanah Nasional and Temasek Holdings;

and the waterfront luxury condominiums and hous-

es at Sentosa Cove.

The first appointment secured by List Sotheby’s

International Realty, Singapore is to handle the mar-

keting of two remaining penthouses at Australia 108

in Melbourne. At 101 storeys and 319m in height,

it is considered the tallest skyscraper in the South-

ern Hemisphere. Australia 108 contains a total of

1,105 residential units, and is developed by World

Class Global, a subsidiary of Singapore-listed jew-

eller Aspial Corp.

List Sotheby’s International Realty, Singapore will

be marketing the two 3,856 sq ft penthouses on the

97th storey, which have three bedrooms, three pri-

vate parking spaces, and uninterrupted views of the

Melbourne CBD and Port Phillip Bay. The price tag on

the penthouses is A$12 million ($12.7 million) each.

Capitalising on brandEven though the real estate business is separate

from the auction house, the latter is a very big part

of the brand lineage, says Valdes. Sotheby’s is in 90

locations in more than 40 countries, with the main

headquarters in New York, as well as in Hong Kong

and London, where the major auctions take place.

Even the auction house has had to adapt to

changes in technology, with online bids accepted for

products under US$100,000. Meanwhile, for those

above US$100,000, bidding has to be conducted via

the phone, live or a representative at the auction.

Leong is hoping to tap the clients of the Sotheby’s

New York and Hong Kong auction houses. “The Hong

Kong market is the melting pot for North Asian and

Southeast Asian high-net-worth investors,” he says.

Prices of luxury property vary widely across coun-

tries. For instance, the average price of real estate

transacted by Sotheby’s in the US was just under

US$800,000 last year, compared with the national av-

erage of US$230,000. Globally, the average price of real

estate deals conducted by Sotheby’s is higher, at US$1.2

million, notes Valdes. “In the luxury marketplace, es-

pecially for real estate over US$5 million, we usually

lead on a global scale.”

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List Sotheby’s International Realty Singapore is marketing two penthouses at Australia 108 at A$12 million each

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Canadian officials across all three

levels of government vowed to be

vigilant in monitoring the Toron-

to region’s rapidly accelerating hous-

ing market, including possibly taking

formal steps aimed at curbing specu-

lative activity.

Federal Finance Minister Bill

Morneau, Ontario Finance Minis-

ter Charles Sousa and Toronto May-

or John Tory met on April 18 to dis-

cuss the thorny question of how to

cool the city’s residential real es-

tate market, though they stopped

short of providing details on specif-

ic measures. Possible steps include

taxing homes left empty for specu-

lative purposes, Tory said.

“We are looking at a vacant home

tax and whether that could ensure real

estate in Toronto is first and foremost

as it should be, a place to live, and

as an investment second,” the mayor

said at a joint press conference with

Morneau and Sousa. “I hope today’s

meeting sends a message that we are

concerned, we are preparing for in-

tervention if needed and we’re com-

mitted to keeping Toronto as afforda-

ble as possible.”

Home prices in the Toronto area

climbed 6.2% in March, the biggest

one-month gain on record, according

to a benchmark price index released

on April 18 by the Canadian Real Es-

tate Association, and are up almost

30% over the past 12 months. Bank of

Canada governor Stephen Poloz said

two weeks ago that the price gains are

“divorced” from the usual measures

of demand, such as income growth

and demographics, and deemed them

unsustainable.

Sousa said Ontario policymakers

would unveil a “suite of measures”

in the coming days in an effort to

boost housing supply and address

price gains in Toronto and the broad-

er region. The provincial government

is “aware that a response is needed

now to address recent dramatic in-

creases in rents and home prices”, he

said. “Ontarians can’t afford to wait.”

Premier Kathleen Wynne’s Lib-

erals are widely expected to reveal

housing policy measures when Sou-

sa issues his budget on April 27. In

addition to imposing levies on emp-

ty homes, options to cool the market

could include taxing foreign buyers,

steps to boost supply, and rent con-

trol measures.

The path forward is mired in a

lack of data, uncertainty on the role

of foreign money, low interest rates

and a strong Toronto economy. One

thing officials did agree on was not to

take any measures that would boost

housing demand, Morneau said on

April 18, adding that policymakers

were also looking at steps to deal

with speculation. The federal finance

minister noted that there were no im-

minent plans regarding Ontario’s re-

quest to close a loophole on capital

gains exemptions.

“What we are trying to do today is

to work collaboratively to make sure

we are getting at measures that can

actually deal with that potentially

speculative behaviour,” Morneau said.

The three officials also agreed to

meet every three months to discuss

“managing expectations”, housing af-

fordability and the issue of specula-

tive activity, according to a separate

statement from Sousa’s office after

the closed-door meeting in Canada’s

largest city. — Bloomberg LP

Canada puts housing speculators on notice as Toronto prices soar

d

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OFFSHORE

EP12 • THEEDGE SINGAPORE | APRIL 24, 2017

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

Residential transactions with contracts dated April 4 to 11

District 1 MARINA ONE RESIDENCES Apartment 99 years April 07, 2017 1,119 2,530,000 - 2,260 Uncompleted New SaleTHE CLIFT Apartment 99 years April 04, 2017 527 980,000 - 1,858 2011 ResaleDistrict 2 SKYSUITES@ANSON Apartment 99 years April 07, 2017 398 890,000 - 2,235 2014 ResaleSPOTTISWOODE SUITES Apartment Freehold April 04, 2017 840 1,734,000 - 2,065 Uncompleted New SaleDistrict 3 COMMONWEALTH TOWERS Condominium 99 years April 04, 2017 452 799,000 - 1,767 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 05, 2017 452 799,000 - 1,767 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 05, 2017 700 1,268,000 - 1,812 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 06, 2017 753 1,330,800 - 1,766 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 07, 2017 474 838,000 - 1,769 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 07, 2017 452 799,000 - 1,767 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 07, 2017 904 1,399,900 - 1,548 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 08, 2017 474 838,000 - 1,769 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 08, 2017 452 799,000 - 1,767 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 08, 2017 1,076 1,583,500 - 1,471 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 08, 2017 1,302 1,988,000 - 1,526 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 08, 2017 1,302 1,988,000 - 1,526 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 08, 2017 1,302 1,988,000 - 1,526 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 09, 2017 904 1,386,100 - 1,533 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 05, 2017 667 1,397,700 - 2,094 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 05, 2017 1,152 1,915,500 - 1,663 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 05, 2017 1,109 1,880,000 - 1,696 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 06, 2017 1,076 1,765,400 - 1,640 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 08, 2017 1,292 2,411,900 - 1,867 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 04, 2017 807 1,357,000 - 1,681 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 06, 2017 786 1,296,000 - 1,649 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 07, 2017 484 800,000 - 1,652 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 08, 2017 807 1,342,000 - 1,662 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 09, 2017 495 793,000 - 1,602 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 09, 2017 797 1,286,000 - 1,614 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 09, 2017 797 1,278,000 - 1,604 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 09, 2017 786 1,292,000 - 1,644 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 05, 2017 1,507 2,333,112 - 1,548 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 05, 2017 624 1,114,000 - 1,784 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 06, 2017 441 775,000 - 1,756 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 07, 2017 431 744,000 - 1,728 Uncompleted New Sale

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

QUEENS PEAK Condominium 99 years April 08, 2017 431 762,000 - 1,770 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 09, 2017 495 876,000 - 1,769 Uncompleted New SaleTHE CREST Condominium 99 years April 07, 2017 764 1,280,000 - 1,675 2017 New SaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years April 04, 2017 1,335 2,180,000 - 1,633 2004 ResaleCARIBBEAN AT KEPPEL BAY Condominium 99 years April 07, 2017 1,356 2,230,000 - 1,644 2004 ResaleCORALS AT KEPPEL BAY Condominium 99 years April 07, 2017 883 1,552,000 - 1,758 2016 New SaleCORALS AT KEPPEL BAY Condominium 99 years April 08, 2017 893 1,608,000 - 1,800 2016 New SaleOCEAN DRIVE Detached 99 years April 04, 2017 7,384 12,500,000 - 1,694 2008 ResaleREFLECTIONS AT KEPPEL BAY Condominium 99 years April 04, 2017 1,302 1,880,000 - 1,443 2011 ResaleSKYLINE RESIDENCES Condominium Freehold April 10, 2017 484 900,000 - 1,858 2015 ResaleTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years April 06, 2017 2,067 3,600,000 - 1,742 2010 ResaleDistrict 5 BLUE HORIZON Condominium 99 years April 04, 2017 969 1,010,000 - 1,043 2005 ResaleCARABELLE Condominium 956 years April 05, 2017 947 1,100,000 - 1,161 2009 ResaleDOVER PARKVIEW Condominium 99 years April 06, 2017 1,281 1,310,000 - 1,023 1997 ResaleGRYPHON TERRACE Terrace Freehold April 04, 2017 2,336 1,850,000 - 792 1996 ResaleLE HILL CONDOMINIUM Condominium Freehold April 07, 2017 1,485 1,355,000 - 912 1999 ResalePARC RIVIERA Condominium 99 years April 04, 2017 904 1,095,000 - 1,211 Uncompleted New SalePARC RIVIERA Condominium 99 years April 04, 2017 1,184 1,285,760 - 1,086 Uncompleted New SalePARC RIVIERA Condominium 99 years April 04, 2017 710 913,000 - 1,285 Uncompleted New SalePARC RIVIERA Condominium 99 years April 04, 2017 710 916,000 - 1,289 Uncompleted New SalePARC RIVIERA Condominium 99 years April 04, 2017 710 873,000 - 1,229 Uncompleted New SalePARC RIVIERA Condominium 99 years April 06, 2017 710 865,340 - 1,218 Uncompleted New SalePARC RIVIERA Condominium 99 years April 06, 2017 603 744,000 - 1,234 Uncompleted New SalePARC RIVIERA Condominium 99 years April 06, 2017 990 1,126,000 - 1,137 Uncompleted New SalePARC RIVIERA Condominium 99 years April 07, 2017 463 595,000 - 1,286 Uncompleted New SalePARC RIVIERA Condominium 99 years April 08, 2017 990 1,156,000 - 1,167 Uncompleted New SalePARC RIVIERA Condominium 99 years April 08, 2017 710 938,000 - 1,320 Uncompleted New SalePARC RIVIERA Condominium 99 years April 08, 2017 710 879,000 - 1,237 Uncompleted New SalePARC RIVIERA Condominium 99 years April 09, 2017 710 944,000 - 1,329 Uncompleted New SalePARC RIVIERA Condominium 99 years April 09, 2017 710 935,000 - 1,316 Uncompleted New SalePARC RIVIERA Condominium 99 years April 09, 2017 710 941,000 - 1,325 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years April 08, 2017 990 1,360,000 - 1,373 Uncompleted New SaleTHE INFINITI Condominium Freehold April 07, 2017 1,302 1,215,000 - 933 2008 ResaleTHE PARC CONDOMINIUM Condominium Freehold April 11, 2017 1,421 1,590,000 - 1,119 2010 ResaleTHE SPECTRUM Condominium Freehold April 10, 2017 1,270 1,280,000 - 1,008 2005 ResaleTHE TRILINQ Condominium 99 years April 06, 2017 1,518 1,886,000 - 1,243 Uncompleted New SaleTHE TRILINQ Condominium 99 years April 10, 2017 915 1,160,000 - 1,268 Uncompleted Sub SaleWEST POINT PEARL GARDEN Detached Freehold April 10, 2017 6,792 6,700,000 - 987 1978 ResaleWHITEHAVEN Apartment Freehold April 08, 2017 1,550 1,350,000 - 871 2016 New SaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years April 07, 2017 829 1,298,000 - 1,566 2014 ResaleSUNSHINE PLAZA Apartment 99 years April 11, 2017 1,130 1,420,000 - 1,256 2001 ResaleDistrict 8 CITYLIGHTS Condominium 99 years April 05, 2017 689 1,035,000 - 1,502 2007 ResaleSTURDEE RESIDENCES Condominium 99 years April 08, 2017 721 1,070,700 - 1,485 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years April 09, 2017 829 1,252,900 - 1,512 Uncompleted New SaleDistrict 9 CAIRNHILL NINE Apartment 99 years April 09, 2017 1,033 2,761,000 - 2,672 2016 New SaleCAIRNHILL PLAZA Apartment Freehold April 05, 2017 2,852 3,600,000 - 1,262 1978 ResaleCAVENAGH GARDENS Apartment Freehold April 04, 2017 1,550 1,665,000 - 1,074 Unknown ResaleLEONIE PARC VIEW Apartment Freehold April 07, 2017 2,013 4,228,000 - 2,100 2009 ResaleMOUNT SOPHIA SUITES Apartment Freehold April 06, 2017 560 888,000 - 1,586 2010 ResaleNOMU Apartment Freehold April 04, 2017 603 1,200,000 - 1,991 2009 ResaleOUE TWIN PEAKS Condominium 99 years April 04, 2017 570 1,328,888 - 2,329 2015 ResaleOUE TWIN PEAKS Condominium 99 years April 06, 2017 570 1,852,700 - 3,248 2015 ResaleRICHMOND PARK Condominium Freehold April 10, 2017 1,733 4,150,000 - 2,395 1996 ResaleSCOTTS SQUARE Apartment Freehold April 07, 2017 947 2,760,000 - 2,914 2011 ResaleSCOTTS SQUARE Apartment Freehold April 07, 2017 1,249 3,900,000 - 3,123 2011 ResaleSOPHIA RESIDENCE Condominium Freehold April 10, 2017 1,033 1,608,888 - 1,557 2014 ResaleTHE LAURELS Condominium Freehold April 04, 2017 549 1,480,000 - 2,696 2013 ResaleTHE TATE RESIDENCES Condominium Freehold April 07, 2017 1,894 4,400,000 - 2,323 2009 ResaleDistrict 10 ARDMORE PARK Condominium Freehold April 05, 2017 2,885 8,300,000 - 2,877 2001 ResaleARDMORE PARK Condominium Freehold April 05, 2017 2,885 8,180,000 - 2,836 2001 ResaleBOTANIC GARDENS MANSION Apartment Freehold April 04, 2017 1,399 1,900,000 - 1,358 Unknown ResaleBOTANIC GARDENS VIEW Apartment Freehold April 04, 2017 1,259 2,000,000 - 1,588 Unknown ResaleCUSCADEN RESIDENCES Condominium Freehold April 07, 2017 1,485 2,600,000 - 1,750 2002 ResaleCYAN Condominium Freehold April 06, 2017 1,475 2,850,000 - 1,933 2014 Resale

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

| BY TAN CHEE YUEN |

The freehold 338-unit Scotts

Square, located on Scotts

Road, saw several units change

hands in the week of April 4

to 11. One of the transactions

was the sale of a 947 sq ft, two-bed-

room unit on the 21st floor that fetched

$2.76 million ($2,914 psf), according

to a caveat lodged on April 7. The

seller had purchased the unit from the

dev eloper for $3.65 million ($3,849

psf) in August 2007, when the pro-

ject was launched.

Another bigger unit, a 1,249 sq

ft, three-bedroom unit on the 31st

floor changed hands for $3.9 million

($3,123 psf). The unit was purchased

from the developer as well, for $5.2

million ($4,161 psf) a decade ago.

Last month, there were four trans-

actions at Scotts Square with prices

ranging from $1.81 million ($2,899

psf) for a 624 sq ft, one-bedroom unit

on the 10th floor to $2.86 million

($3,019 psf) for a 947 sq ft, two-bed-

room unit on the 37th floor.

Scotts Square was developed by

Wheelock Properties and complet-

ed in 2011. At its launch in 2007,

units were sold at an average price

of $4,000 psf. At the peak of the mar-

ket, a 635 sq ft, one-bedroom unit

fetched $3.05 million ($4,803 psf) in

June 2012. The mixed-use develop-

ment has two residential towers —

one of 34 storeys and the other of 43

storeys — sitting on top of a luxury

shopping mall.

Over the years, prices have soften ed,

following the implementation of

cooling measures. Prices fell be-

low the $3,000 psf mark for the

first time in 2015 when a 624 sq ft

unit changed hands for $1.8 mil-

lion ($2,883 psf), according to a ca-

veat lodged on Nov 20. Across the

road, up on the hillslope of Clay-

more Road is Tate Residences. The

85-unit freehold project by Hong

Leong Holdings was completed in

2009. The luxury condo compris-

es only three-bedroom units of at

least 1,895 sq ft and four-bedroom

units from 3,200 sq ft.

Recently, a 1,894 sq ft, three-bed-

room unit on the 12th floor of one

of the twin 36-storey towers at Tate

Residences was sold for $4.4 mil-

lion ($2,323 psf), according to a ca-

veat lodged on April 7. The unit was

purchased for $3.97 million ($2,098

psf) from the developer in September

2006.

Two other units at Tate Residences

changed hands in February. One was

a 3,218 sq ft, four-bedroom unit that

was sold for $7.8 million ($2,424 psf);

the other was a 2,185 sq ft, three-bed-

room unit that went for $4.69 mil-

lion ($2,145 psf) on Feb 1.

DONE DEALS

Prime freehold units at Scotts Square, Tate Residences sold

A 1,249 sq ft, three-bedroom unit on the 31st floor of Scotts Square changed hands for $3.9 million ($3,123 psf) earlier this monthE

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THEEDGE SINGAPORE | APRIL 24, 2017 • EP13

Residential transactions with contracts dated April 4 to 11

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

DE LENTE Apartment Freehold April 07, 2017 1,109 1,568,000 - 1,414 2002 ResaleD’LEEDON Condominium 99 years April 04, 2017 2,013 2,750,000 - 1,366 2014 ResaleFIFTY-TWO STEVENS Apartment Freehold April 07, 2017 527 860,000 - 1,631 2011 ResaleGRAMERCY PARK Condominium Freehold April 05, 2017 2,702 7,398,620 - 2,738 2016 ResaleGRAMERCY PARK Condominium Freehold April 07, 2017 1,948 4,973,300 - 2,553 2016 ResaleHOLLANDSWOOD COURT Apartment 99 years April 10, 2017 2,131 1,500,000 - 704 1980 ResaleJEWEL OF BALMORAL Apartment Freehold April 05, 2017 2,411 3,500,000 - 1,452 2000 ResaleJUNIPER AT ARDMORE Apartment Freehold April 04, 2017 3,520 7,000,000 - 1,989 1991 ResaleLEEDON RESIDENCE Condominium Freehold April 04, 2017 6,125 12,000,000 - 1,959 2015 ResaleLEEDON RESIDENCE Condominium Freehold April 06, 2017 2,659 5,880,000 - 2,212 2015 ResaleLEEDON RESIDENCE Condominium Freehold April 07, 2017 1,044 2,510,000 - 2,404 2015 ResaleLEEDON RESIDENCE Condominium Freehold April 10, 2017 4,704 9,870,000 - 2,098 2015 ResaleLEEDON RESIDENCE Condominium Freehold April 11, 2017 2,110 4,900,000 - 2,323 2015 ResaleLEEDON RESIDENCE Condominium Freehold April 11, 2017 1,044 2,550,000 - 2,442 2015 ResaleLOFT @ NATHAN Apartment Freehold April 06, 2017 388 760,000 - 1,961 2014 ResaleLOFT @ NATHAN Apartment Freehold April 10, 2017 463 838,000 - 1,811 2014 ResaleMUTIARA CREST Apartment Freehold April 04, 2017 1,550 1,800,000 - 1,161 2000 ResaleMOONBEAM TERRACE Semi-Detached 999 years April 05, 2017 4,015 5,380,000 - 1,339 1982 ResaleONE BALMORAL Condominium Freehold April 07, 2017 969 2,115,000 - 2,183 2016 ResaleONE BALMORAL Condominium Freehold April 10, 2017 1,421 3,132,000 - 2,204 2016 ResaleONE BALMORAL Condominium Freehold April 11, 2017 969 2,128,000 - 2,197 2016 ResalePOLLEN & BLEU Condominium 99 years April 04, 2017 549 1,066,750 - 1,943 2016 ResalePOLLEN & BLEU Condominium 99 years April 04, 2017 893 1,718,700 - 1,924 2016 ResalePOLLEN & BLEU Condominium 99 years April 04, 2017 549 1,087,150 - 1,980 2016 ResalePOLLEN & BLEU Condominium 99 years April 05, 2017 1,206 2,585,700 - 2,145 2016 ResalePOLLEN & BLEU Condominium 99 years April 05, 2017 1,313 2,392,750 - 1,822 2016 ResalePOLLEN & BLEU Condominium 99 years April 06, 2017 603 1,279,250 - 2,122 2016 ResalePOLLEN & BLEU Condominium 99 years April 06, 2017 893 1,723,800 - 1,929 2016 ResalePOLLEN & BLEU Condominium 99 years April 06, 2017 1,432 3,088,050 - 2,157 2016 ResalePOLLEN & BLEU Condominium 99 years April 07, 2017 1,206 2,699,600 - 2,239 2016 ResalePOLLEN & BLEU Condominium 99 years April 07, 2017 603 1,320,900 - 2,191 2016 ResalePOLLEN & BLEU Condominium 99 years April 07, 2017 1,442 3,014,950 - 2,090 2016 ResalePOLLEN & BLEU Condominium 99 years April 10, 2017 549 1,076,950 - 1,962 2016 ResalePOLLEN & BLEU Condominium 99 years April 11, 2017 893 1,677,900 - 1,878 2016 ResalePOLLEN & BLEU Condominium 99 years April 11, 2017 700 1,398,250 - 1,998 2016 ResaleREGENCY PARK Condominium Freehold April 05, 2017 2,260 3,980,000 - 1,761 1987 ResaleROBIN RESIDENCES Condominium Freehold April 10, 2017 1,539 3,835,000 - 2,491 2015 ResaleSIXTH AVENUE VILLE Condominium Freehold April 04, 2017 1,550 2,218,000 - 1,431 1999 ResaleSPANISH VILLAGE Condominium Freehold April 05, 2017 775 1,080,000 - 1,394 1987 ResaleST REGIS RESIDENCES SINGAPORE Apartment 999 years April 07, 2017 1,507 3,250,000 - 2,157 2008 ResaleST REGIS RESIDENCES SINGAPORE Apartment 999 years April 11, 2017 2,121 4,242,000 - 2,000 2008 ResaleTHE SOLITAIRE Condominium Freehold April 10, 2017 1,561 2,400,000 - 1,538 2009 ResaleTHE TESSARINA Condominium Freehold April 05, 2017 1,615 2,400,000 - 1,486 2003 ResaleVERDURE Condominium Freehold April 04, 2017 1,744 2,450,000 - 1,405 2012 ResaleDistrict 11 6 DERBYSHIRE Condominium Freehold April 06, 2017 1,012 2,004,635 - 1,981 2017 New SaleD’CHATEAU @ SHELFORD Apartment Freehold April 05, 2017 915 1,330,000 - 1,454 2010 ResaleGREENWOOD AVENUE Semi-Detached Freehold April 10, 2017 3,197 4,750,000 - 1,487 Unknown ResaleNEWTON SUITES Apartment Freehold April 07, 2017 1,238 2,250,000 - 1,818 2007 ResaleNOVELIS Apartment Freehold April 06, 2017 807 1,256,000 - 1,556 2008 ResalePARK INFINIA AT WEE NAM Condominium Freehold April 11, 2017 1,690 3,020,000 - 1,787 2008 ResaleSKY@ELEVEN Condominium Freehold April 06, 2017 2,713 4,300,000 - 1,585 2010 ResaleSKY@ELEVEN Condominium Freehold April 11, 2017 1,851 2,950,000 - 1,593 2010 ResaleTHOMSON EURO-ASIA Condominium Freehold April 07, 2017 1,130 1,718,000 - 1,520 2002 ResaleTRILIGHT Condominium Freehold April 04, 2017 1,087 1,968,888 - 1,811 2012 ResaleWATTEN ESTATE Terrace Freehold April 11, 2017 2,250 4,350,000 - 1,936 Unknown ResaleDistrict 12 GEM RESIDENCES Condominium 99 years April 04, 2017 678 1,021,000 - 1,506 Uncompleted New SaleKEMAMAN POINT Apartment Freehold April 06, 2017 1,711 1,500,000 - 876 1993 ResaleOLEANDER TOWERS Apartment 99 years April 07, 2017 1,152 1,275,000 - 1,107 1998 ResaleOLEANDER TOWERS Apartment 99 years April 11, 2017 1,152 1,250,000 - 1,085 1997 ResaleRIVIERA 38 Apartment 999 years April 11, 2017 1,141 1,300,000 - 1,139 2014 ResaleST MICHAEL REGENCY Apartment Freehold April 10, 2017 1,238 1,290,000 - 1,042 2010 ResaleTHE ABERDEEN Condominium Freehold April 04, 2017 1,399 1,462,888 - 1,045 1997 ResaleTHE ABERDEEN Condominium Freehold April 11, 2017 1,765 1,588,000 - 900 1997 ResaleTHE BELLEFORTE Apartment Freehold April 06, 2017 1,432 1,510,000 - 1,055 2003 ResaleTHE MARQUE @ IRRAWADDY Apartment Freehold April 10, 2017 883 1,250,000 - 1,416 2009 ResaleDistrict 13 8@WOODLEIGH Condominium 99 years April 10, 2017 1,378 1,618,000 - 1,174 2012 ResaleDAISY SUITES Apartment Freehold April 06, 2017 1,033 1,000,000 - 968 2015 ResaleMATLOCK RISE Detached Freehold April 07, 2017 10,204 10,500,000 - 1,030 Unknown ResaleSENNETT ESTATE Apartment Freehold April 10, 2017 829 820,000 - 989 1968 ResaleTHE POIZ RESIDENCES Apartment 99 years April 04, 2017 538 816,000 - 1,516 Uncompleted New Sale

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

THE POIZ RESIDENCES Apartment 99 years April 04, 2017 420 646,000 - 1,539 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 07, 2017 1,485 1,968,000 - 1,325 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 08, 2017 420 663,000 - 1,579 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 08, 2017 420 654,000 - 1,558 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 08, 2017 420 646,000 - 1,539 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 09, 2017 420 655,000 - 1,560 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 09, 2017 420 646,000 - 1,539 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years April 04, 2017 1,378 1,726,700 - 1,253 Uncompleted New SaleDistrict 14 CASSIA VIEW Apartment Freehold April 04, 2017 1,152 1,060,000 - 920 1998 ResaleCENTRAL GROVE Condominium 99 years April 11, 2017 1,206 1,057,000 - 877 2001 ResaleGEYLANG MANSION Apartment Freehold April 06, 2017 1,119 820,000 - 732 1983 ResalePARK PLACE RESIDENCES AT PLQ Apartment 99 years April 04, 2017 743 1,462,999 - 1,970 Uncompleted New SalePARK PLACE RESIDENCES AT PLQ Apartment 99 years April 05, 2017 667 1,189,999 - 1,783 Uncompleted New SaleSILVERSCAPE Apartment Freehold April 10, 2017 474 655,000 - 1,383 2015 ResaleSIMS URBAN OASIS Condominium 99 years April 04, 2017 614 800,000 - 1,304 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 04, 2017 484 720,200 - 1,487 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 04, 2017 1,033 1,366,700 - 1,323 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 05, 2017 818 1,203,888 - 1,472 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 05, 2017 1,184 1,461,000 - 1,234 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 07, 2017 829 1,068,000 - 1,289 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 07, 2017 1,033 1,404,300 - 1,359 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 07, 2017 958 1,288,800 - 1,345 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 08, 2017 1,206 1,638,000 - 1,359 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 08, 2017 958 1,294,300 - 1,351 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 09, 2017 958 1,336,700 - 1,395 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 09, 2017 667 938,100 - 1,406 Uncompleted New SaleSIMSVILLE Condominium 99 years April 06, 2017 980 800,000 - 817 1998 ResaleSIMSVILLE Condominium 99 years April 06, 2017 969 845,000 - 872 1998 ResaleTHE VINES Apartment Freehold April 06, 2017 1,066 1,060,000 - 995 2003 ResaleTRE RESIDENCES Condominium 99 years April 04, 2017 570 902,000 - 1,581 Uncompleted New SaleTRE RESIDENCES Condominium 99 years April 05, 2017 861 1,275,000 - 1,481 Uncompleted New SaleTRE RESIDENCES Condominium 99 years April 09, 2017 570 870,000 - 1,525 Uncompleted New SaleWATERBANK AT DAKOTA Condominium 99 years April 07, 2017 624 1,010,000 - 1,618 2013 ResaleDistrict 15 AMBER SKYE Apartment Freehold April 04, 2017 1,119 1,888,000 - 1,687 Uncompleted New SaleAQUARINE GARDENS Apartment Freehold April 07, 2017 1,647 1,600,000 - 972 2004 ResaleBLU CORAL Condominium Freehold April 04, 2017 1,141 1,200,000 - 1,052 2009 ResaleCOASTARINA Apartment Freehold April 10, 2017 1,012 1,220,000 - 1,206 2006 ResaleCOSTA RHU Condominium 99 years April 07, 2017 2,056 2,056,000 - 1,000 1997 ResaleCOTE D’AZUR Condominium 99 years April 05, 2017 1,281 1,620,000 - 1,265 2004 ResaleDUNMAN VIEW Condominium 99 years April 06, 2017 1,195 1,250,000 - 1,046 2004 ResaleESPIRA SUITES Apartment Freehold April 07, 2017 484 655,000 - 1,352 2012 ResaleLAGOON VIEW Apartment 99 years April 07, 2017 1,647 1,320,000 - 802 Unknown ResaleMARINE BLUE Condominium Freehold April 09, 2017 1,270 1,639,800 - 1,291 2016 New SaleRAMBUTAN ROAD Apartment Freehold April 06, 2017 1,249 1,150,000 - 921 1997 ResaleBROADRICK ROAD Detached Freehold April 06, 2017 6,652 8,610,000 - 1,295 1965 ResaleNEPTUNE COURT Apartment 99 years April 06, 2017 1,270 860,000 - 677 1975 ResaleONE AMBER Condominium Freehold April 06, 2017 1,701 2,200,000 - 1,294 2010 ResaleONE AMBER Condominium Freehold April 07, 2017 1,270 1,900,000 - 1,496 2010 ResaleONE EIGHTIES RESIDENCES Apartment Freehold April 10, 2017 614 911,888 - 1,486 2015 ResaleOPERA ESTATE Terrace Freehold April 04, 2017 1,389 1,570,000 - 1,127 Unknown ResaleTHE ATRIA AT MEYER Condominium Freehold April 06, 2017 1,475 1,960,000 - 1,329 1996 ResaleTHE ESTA Condominium Freehold April 04, 2017 1,346 1,760,000 - 1,308 2008 ResaleTHE SHORE RESIDENCES Condominium 103 years April 10, 2017 1,141 1,880,000 - 1,648 2014 ResaleTIERRA VUE Condominium Freehold April 06, 2017 1,259 1,800,000 - 1,429 2009 ResaleWATER PLACE Condominium 99 years April 04, 2017 1,216 1,420,000 - 1,167 2004 ResaleDistrict 16 BREEZE BY THE EAST Condominium Freehold April 04, 2017 1,249 1,480,000 - 1,185 2011 ResaleGUAN SOON TERRACE Terrace Freehold April 06, 2017 1,658 2,338,000 - 1,412 1991 ResaleJALAN CHEMPAKA KUNING Terrace 70 years April 05, 2017 2,433 415,000 - 171 Unknown ResalePARBURY AVENUE Terrace Freehold April 11, 2017 3,305 3,680,000 - 1,115 2005 ResaleSUNHAVEN Condominium Freehold April 07, 2017 1,819 1,255,000 - 690 2002 ResaleTHE GLADES Condominium 99 years April 06, 2017 1,023 1,420,000 - 1,389 2016 New SaleTHE GLADES Condominium 99 years April 09, 2017 1,023 1,394,000 - 1,363 2016 New SaleTHE SUMMIT Condominium Freehold April 11, 2017 1,238 1,270,000 - 1,026 1991 ResaleWATERFRONT WAVES Condominium 99 years April 06, 2017 1,270 1,460,000 - 1,149 2011 ResaleWATERFRONT WAVES Condominium 99 years April 10, 2017 969 1,025,000 - 1,058 2011 ResaleDistrict 17 AZALEA PARK CONDOMINIUM Condominium 999 years April 10, 2017 1,507 1,038,000 - 689 1996 ResaleESTELLA GARDENS Condominium Freehold April 04, 2017 657 575,000 - 876 1999 Resale

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DISCLAIMER:Source: URA Realis. Updated April 18, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.

FROM PREVIOUS PAGE

Residential transactions with contracts dated April 4 to 11

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

LOYANG VILLAS Terrace 99 years April 06, 2017 1,658 1,390,000 - 841 1995 ResaleLOYANG VILLAS Terrace 99 years April 07, 2017 2,034 1,460,000 - 718 1996 ResalePALM ISLES Condominium 99 years April 10, 2017 506 530,000 - 1,048 2015 ResaleRIZ HAVEN Apartment 946 years April 10, 2017 872 830,000 - 952 2010 ResaleDistrict 18 COCO PALMS Condominium 99 years April 05, 2017 1,378 1,382,400 - 1,003 Uncompleted New SaleCOCO PALMS Condominium 99 years April 06, 2017 1,378 1,387,200 - 1,007 Uncompleted New SaleCOCO PALMS Condominium 99 years April 06, 2017 1,098 1,176,600 - 1,072 Uncompleted New SaleCOCO PALMS Condominium 99 years April 08, 2017 1,259 1,418,000 - 1,126 Uncompleted New SaleD’NEST Condominium 99 years April 06, 2017 1,270 1,280,000 - 1,008 Uncompleted New SaleEASTPOINT GREEN Condominium 99 years April 06, 2017 1,130 850,000 - 752 1999 ResaleLIVIA Condominium 99 years April 10, 2017 1,539 1,200,000 - 780 2011 ResalePASIR RIS BEACH PARK Terrace 999 years April 06, 2017 3,401 2,810,000 - 826 1976 ResalePINEVALE EC 99 years April 11, 2017 1,389 930,000 - 670 1999 ResaleSAVANNAH CONDOPARK Condominium 99 years April 06, 2017 1,227 930,000 - 758 2005 ResaleSEA ESTA Condominium 99 years April 06, 2017 1,098 1,280,000 - 1,166 2015 ResaleTHE ALPS RESIDENCES Condominium 99 years April 08, 2017 700 725,000 - 1,036 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 04, 2017 1,421 1,429,000 - 1,006 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 04, 2017 915 983,070 - 1,074 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 04, 2017 753 757,000 - 1,005 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 05, 2017 1,152 1,181,000 - 1,025 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 05, 2017 743 792,000 - 1,066 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 06, 2017 1,249 1,245,400 - 997 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 06, 2017 915 909,000 - 994 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 07, 2017 1,130 1,140,000 - 1,009 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 08, 2017 1,119 1,100,000 - 983 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 08, 2017 1,130 1,147,000 - 1,015 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 09, 2017 1,119 1,109,000 - 991 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 09, 2017 1,130 1,098,000 - 971 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years April 09, 2017 1,346 1,235,000 - 918 2017 New SaleDistrict 19 A TREASURE TROVE Condominium 99 years April 06, 2017 775 860,000 - 1,110 2015 ResaleA TREASURE TROVE Condominium 99 years April 11, 2017 915 940,000 - 1,027 2015 ResaleBARTLEY RESIDENCES Apartment 99 years April 06, 2017 797 1,010,000 - 1,268 2015 ResaleBELLEWATERS EC 99 years April 08, 2017 1,066 881,000 - 827 Uncompleted New SaleBELLEWATERS EC 99 years April 08, 2017 1,195 1,032,000 - 864 Uncompleted New SaleBELLEWATERS EC 99 years April 08, 2017 1,453 1,092,000 - 751 Uncompleted New SaleBELLEWATERS EC 99 years April 08, 2017 926 800,000 - 864 Uncompleted New SaleBELLEWATERS EC 99 years April 08, 2017 1,453 1,060,000 - 729 Uncompleted New SaleBELLEWATERS EC 99 years April 08, 2017 1,302 1,050,000 - 806 Uncompleted New SaleBELLEWATERS EC 99 years April 08, 2017 1,270 1,020,000 - 803 Uncompleted New SaleBELLEWATERS EC 99 years April 08, 2017 1,195 990,000 - 829 Uncompleted New SaleBELLEWATERS EC 99 years April 08, 2017 1,528 1,228,000 - 803 Uncompleted New SaleBELLEWATERS EC 99 years April 08, 2017 1,216 979,000 - 805 Uncompleted New SaleCASA CAMBIO Condominium Freehold April 05, 2017 431 608,000 - 1,412 2014 ResaleCASA CAMBIO Condominium Freehold April 06, 2017 441 625,000 - 1,416 2014 ResaleCENTRAL VIEW Condominium 99 years April 06, 2017 1,292 1,038,000 - 804 2002 ResaleCOMPASS HEIGHTS Apartment 99 years April 06, 2017 1,292 990,000 - 766 2002 ResaleFOREST WOODS Condominium 99 years April 06, 2017 915 1,205,000 - 1,317 Uncompleted New SaleJAZZ RESIDENCES Terrace Freehold April 07, 2017 3,972 2,800,000 - 705 2016 New SaleKENSINGTON PARK CONDOMINIUM Condominium 999 years April 07, 2017 2,293 2,350,000 - 1,025 1987 ResaleKOVAN GRANDEUR Apartment 99 years April 10, 2017 366 480,000 - 1,312 2011 ResaleKOVAN MELODY Condominium 99 years April 11, 2017 1,227 1,168,000 - 952 2006 ResaleJOON HIANG ROAD Terrace Freehold April 04, 2017 1,776 1,900,000 - 1,067 Unknown ResaleJALAN TENON Terrace Freehold April 06, 2017 3,940 3,160,000 - 802 Unknown ResaleBRIGHTON AVENUE Detached Freehold April 07, 2017 5,457 5,330,000 - 977 2006 ResaleLORONG GAMBIR Detached Freehold April 07, 2017 6,060 4,280,000 - 706 1974 ResaleYIO CHU KANG ROAD Apartment Freehold April 10, 2017 2,067 1,618,000 - 783 Unknown ResaleBRIGHTON AVENUE Semi-Detached Freehold April 10, 2017 2,734 2,750,000 - 1,006 1998 ResaleONE SURIN Terrace Freehold April 07, 2017 4,306 2,580,000 - 599 2017 New SaleRIVERSAILS Condominium 99 years April 04, 2017 947 820,000 - 866 2016 ResaleRIVERSAILS Condominium 99 years April 10, 2017 872 828,000 - 950 2016 ResaleRIVERSOUND RESIDENCE Condominium 99 years April 11, 2017 474 551,888 - 1,165 2015 ResaleRIVERVALE CREST Apartment 99 years April 07, 2017 1,216 850,000 - 699 2002 ResaleSERANGOON GARDEN ESTATE Terrace 999 years April 05, 2017 2,164 2,680,000 - 1,242 Unknown ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years April 07, 2017 2,799 3,650,000 - 1,304 Unknown ResaleSERANGOON GARDEN ESTATE Semi-Detached 999 years April 11, 2017 4,176 3,300,000 - 791 Unknown ResaleSTARS OF KOVAN Apartment 99 years April 07, 2017 743 1,034,900 - 1,393 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years April 07, 2017 732 990,000 - 1,353 Uncompleted New SaleTAI KENG GARDENS Semi-Detached Freehold April 10, 2017 3,423 2,800,000 - 819 1976 ResaleTHE MORNING GLORY Apartment Freehold April 07, 2017 807 780,000 - 966 2003 ResaleTHE QUARTZ Condominium 99 years April 04, 2017 1,044 955,000 - 915 2009 ResaleTHE QUARTZ Condominium 99 years April 07, 2017 1,367 1,152,000 - 843 2009 ResaleTHE VALES EC 99 years April 04, 2017 915 783,800 - 857 Uncompleted New SaleTHE VALES EC 99 years April 08, 2017 764 645,112 - 844 Uncompleted New SaleDistrict 20 SOO CHOW DRIVE Terrace Freehold April 05, 2017 1,776 2,500,000 - 1,411 1992 ResaleGARDENIA ROAD Terrace Freehold April 10, 2017 2,196 2,630,000 - 1,195 Unknown ResaleTHE GARDENS AT BISHAN Condominium 99 years April 07, 2017 2,379 2,060,000 - 866 2004 ResaleTHE GARDENS AT BISHAN Condominium 99 years April 10, 2017 883 920,000 - 1,042 2004 ResaleTHOMSON GARDEN ESTATE Terrace Freehold April 04, 2017 958 1,650,000 - 1,718 Unknown ResaleTHOMSON GRAND Condominium 99 years April 06, 2017 958 1,260,000 - 1,315 2015 ResaleTHOMSON IMPRESSIONS Apartment 99 years April 08, 2017 463 777,200 - 1,679 Uncompleted New SaleDistrict 21 MAPLE WOODS Condominium Freehold April 10, 2017 1,324 1,920,000 - 1,450 1997 ResaleMAPLE WOODS Condominium Freehold April 11, 2017 1,496 2,190,000 - 1,464 1997 ResaleHUA GUAN AVENUE Detached 999 years April 10, 2017 9,558 11,600,000 - 1,214 Unknown ResalePARC PALAIS Condominium Freehold April 07, 2017 969 900,000 - 929 1999 ResaleSPRINGDALE CONDOMINIUM Condominium 999 years April 04, 2017 1,119 1,300,000 - 1,161 1998 ResaleSYMPHONY HEIGHTS Condominium Freehold April 10, 2017 926 1,005,000 - 1,086 1998 ResaleTERRENE AT BUKIT TIMAH Condominium 999 years April 06, 2017 1,001 1,250,000 - 1,249 2013 ResaleTERRENE AT BUKIT TIMAH Condominium 999 years April 06, 2017 1,356 1,748,000 - 1,289 2013 ResaleTHE CREEK @ BUKIT Condominium Freehold April 04, 2017 969 1,606,000 - 1,658 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold April 07, 2017 969 1,540,000 - 1,590 Uncompleted New SaleDistrict 22 CASPIAN Condominium 99 years April 06, 2017 1,399 1,500,000 - 1,072 2012 ResaleLAKE GRANDE Condominium 99 years April 06, 2017 904 1,148,000 - 1,270 Uncompleted New SaleLAKE GRANDE Condominium 99 years April 06, 2017 818 1,077,000 - 1,317 Uncompleted New SaleLAKE GRANDE Condominium 99 years April 07, 2017 818 1,036,000 - 1,266 Uncompleted New SaleLAKE GRANDE Condominium 99 years April 08, 2017 1,173 1,488,000 - 1,268 Uncompleted New SaleLAKEVILLE Condominium 99 years April 05, 2017 1,281 1,506,456 - 1,176 2017 New SaleLAKEVILLE Condominium 99 years April 06, 2017 1,324 1,560,250 - 1,178 2017 New SaleLAKEVILLE Condominium 99 years April 08, 2017 1,324 1,536,000 - 1,160 2017 New SalePARC OASIS Condominium 99 years April 04, 2017 1,227 1,070,000 - 872 1994 ResalePARC VISTA Condominium 99 years April 06, 2017 1,249 1,050,000 - 841 1997 ResaleTHE CENTRIS Apartment 99 years April 04, 2017 936 1,170,000 - 1,249 2009 ResaleTHE CENTRIS Apartment 99 years April 06, 2017 2,443 1,510,000 - 618 2009 ResaleTHE CENTRIS Apartment 99 years April 11, 2017 915 1,045,000 - 1,142 2009 ResaleTHE FLORAVALE EC 99 years April 04, 2017 2,228 1,080,000 - 485 2000 ResaleWESTWOOD RESIDENCES EC 99 years April 06, 2017 1,475 1,181,900 - 801 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years April 06, 2017 1,475 1,153,400 - 782 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years April 07, 2017 1,152 943,000 - 819 Uncompleted New Sale

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

WESTWOOD RESIDENCES EC 99 years April 08, 2017 1,033 786,700 - 761 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years April 09, 2017 1,475 1,157,000 - 785 Uncompleted New SaleDistrict 23 CASHEW HEIGHTS CONDOMINIUM Condominium 999 years April 10, 2017 1,658 1,520,000 - 917 1990 ResaleECO SANCTUARY Condominium 99 years April 07, 2017 1,604 1,571,750 - 980 2016 New SaleECO SANCTUARY Condominium 99 years April 10, 2017 506 686,000 - 1,356 2016 Sub SaleFORESQUE RESIDENCES Condominium 99 years April 06, 2017 1,184 1,220,000 - 1,030 2014 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years April 07, 2017 1,346 1,338,000 - 994 2000 ResaleHILLION RESIDENCES Apartment 99 years April 04, 2017 474 697,300 - 1,472 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 04, 2017 474 669,600 - 1,414 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 05, 2017 474 665,000 - 1,404 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 06, 2017 474 660,250 - 1,394 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 06, 2017 474 656,450 - 1,386 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 09, 2017 474 703,950 - 1,486 Uncompleted New SaleINZ RESIDENCE EC 99 years April 04, 2017 818 616,000 - 753 Uncompleted New SaleINZ RESIDENCE EC 99 years April 04, 2017 1,184 912,000 - 770 Uncompleted New SaleINZ RESIDENCE EC 99 years April 07, 2017 990 796,000 - 804 Uncompleted New SaleINZ RESIDENCE EC 99 years April 09, 2017 990 750,000 - 757 Uncompleted New SaleINZ RESIDENCE EC 99 years April 09, 2017 883 671,000 - 760 Uncompleted New SaleMAYSPRINGS Apartment 99 years April 07, 2017 1,399 970,000 - 693 1998 ResaleSOL ACRES EC 99 years April 04, 2017 1,044 798,000 - 764 Uncompleted New SaleSOL ACRES EC 99 years April 04, 2017 614 512,000 - 834 Uncompleted New SaleSOL ACRES EC 99 years April 04, 2017 570 463,000 - 812 Uncompleted New SaleSOL ACRES EC 99 years April 04, 2017 732 562,000 - 768 Uncompleted New SaleSOL ACRES EC 99 years April 04, 2017 732 556,000 - 760 Uncompleted New SaleSOL ACRES EC 99 years April 04, 2017 872 708,000 - 812 Uncompleted New SaleSOL ACRES EC 99 years April 07, 2017 1,044 825,000 - 790 Uncompleted New SaleSOL ACRES EC 99 years April 07, 2017 850 661,000 - 777 Uncompleted New SaleSOL ACRES EC 99 years April 07, 2017 570 469,000 - 822 Uncompleted New SaleSOL ACRES EC 99 years April 08, 2017 1,044 877,000 - 840 Uncompleted New SaleSOL ACRES EC 99 years April 08, 2017 1,066 904,000 - 848 Uncompleted New SaleSOL ACRES EC 99 years April 09, 2017 1,044 869,000 - 832 Uncompleted New SaleSOL ACRES EC 99 years April 09, 2017 850 713,000 - 838 Uncompleted New SaleSOL ACRES EC 99 years April 09, 2017 732 559,000 - 764 Uncompleted New SaleSOL ACRES EC 99 years April 09, 2017 732 598,000 - 817 Uncompleted New SaleSOL ACRES EC 99 years April 09, 2017 732 607,000 - 829 Uncompleted New SaleSOL ACRES EC 99 years April 09, 2017 732 610,000 - 833 Uncompleted New SaleSOL ACRES EC 99 years April 09, 2017 926 702,000 - 758 Uncompleted New SaleSOL ACRES EC 99 years April 09, 2017 732 611,000 - 835 Uncompleted New SaleSOL ACRES EC 99 years April 09, 2017 1,044 849,000 - 813 Uncompleted New SaleSUNCOTTAGES Terrace 999 years April 05, 2017 2,777 2,320,000 - 835 2012 ResaleSUNCOTTAGES Terrace 999 years April 10, 2017 3,068 2,420,000 - 789 2012 ResaleTHE WARREN Condominium 99 years April 07, 2017 1,216 958,000 - 788 2004 ResaleWANDERVALE EC 99 years April 04, 2017 1,087 860,000 - 791 Uncompleted New SaleDistrict 25 BELLEWOODS EC 99 years April 04, 2017 1,507 1,030,590 - 684 2017 New SaleBELLEWOODS EC 99 years April 05, 2017 1,249 985,050 - 789 2017 New SaleBELLEWOODS EC 99 years April 07, 2017 1,066 819,720 - 769 2017 New SaleBELLEWOODS EC 99 years April 08, 2017 1,346 913,770 - 679 2017 New SaleBELLEWOODS EC 99 years April 08, 2017 1,227 972,180 - 792 2017 New SaleCASABLANCA Condominium 99 years April 04, 2017 936 750,000 - 801 2005 ResaleFORESTVILLE EC 99 years April 07, 2017 2,153 1,520,960 - 707 2016 New SaleNORTHWAVE EC 99 years April 08, 2017 1,098 794,750 - 724 Uncompleted New SaleNORTHWAVE EC 99 years April 08, 2017 990 761,000 - 768 Uncompleted New SaleNORTHWAVE EC 99 years April 09, 2017 1,109 809,950 - 731 Uncompleted New SaleNORTHWAVE EC 99 years April 09, 2017 980 755,800 - 772 Uncompleted New SaleNORTHWAVE EC 99 years April 09, 2017 753 574,500 - 762 Uncompleted New SaleDistrict 26 BULLION PARK Condominium Freehold April 05, 2017 1,658 1,600,000 - 965 1992 ResaleSEASONS PARK Condominium 99 years April 05, 2017 2,885 1,750,000 - 607 1997 ResaleTHE BROOKS I & II Apartment Freehold April 04, 2017 710 905,250 - 1,274 2016 New SaleDistrict 27 JALAN SANKAM Terrace Freehold April 06, 2017 1,711 1,328,000 - 775 Unknown ResaleNORTH PARK RESIDENCES Apartment 99 years April 04, 2017 829 1,102,500 - 1,330 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years April 05, 2017 829 1,109,700 - 1,339 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years April 09, 2017 1,098 1,421,330 - 1,295 Uncompleted New SalePARC LIFE EC 99 years April 05, 2017 1,066 833,150 830,850 780 Uncompleted New SalePARC LIFE EC 99 years April 07, 2017 1,044 821,750 819,450 785 Uncompleted New SalePARC LIFE EC 99 years April 08, 2017 1,109 831,250 828,950 748 Uncompleted New SalePARC LIFE EC 99 years April 08, 2017 1,550 1,204,600 1,202,300 776 Uncompleted New SalePARC LIFE EC 99 years April 08, 2017 764 590,900 - 773 Uncompleted New SalePARC LIFE EC 99 years April 08, 2017 947 716,300 714,000 754 Uncompleted New SalePARC LIFE EC 99 years April 08, 2017 1,001 799,900 - 799 Uncompleted New SalePARC LIFE EC 99 years April 08, 2017 1,109 856,900 854,600 771 Uncompleted New SalePARC LIFE EC 99 years April 08, 2017 1,270 985,150 982,850 774 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 05, 2017 1,098 779,112 - 710 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 06, 2017 775 631,500 - 815 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 06, 2017 1,184 916,730 - 774 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 04, 2017 786 874,000 - 1,112 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 06, 2017 797 869,000 - 1,091 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 08, 2017 915 961,000 - 1,050 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 08, 2017 1,023 1,008,000 - 986 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 09, 2017 915 927,000 - 1,013 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 09, 2017 786 850,000 - 1,082 Uncompleted New SaleTHE BROWNSTONE EC 99 years April 09, 2017 947 758,400 - 801 Uncompleted New SaleTHE BROWNSTONE EC 99 years April 09, 2017 883 784,800 - 889 Uncompleted New SaleTHE CRITERION EC 99 years April 05, 2017 1,098 834,800 - 760 Uncompleted New SaleTHE CRITERION EC 99 years April 07, 2017 1,119 848,800 - 758 Uncompleted New SaleTHE CRITERION EC 99 years April 07, 2017 893 672,000 - 752 Uncompleted New SaleTHE ESTUARY Condominium 99 years April 04, 2017 603 650,000 - 1,078 2013 ResaleTHE NAUTICAL Condominium 99 years April 11, 2017 764 800,000 - 1,047 2015 ResaleTHE SHAUGHNESSY Terrace 99 years April 10, 2017 3,509 1,480,000 - 422 2006 ResaleTHE VISIONAIRE EC 99 years April 05, 2017 980 796,500 - 813 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 06, 2017 850 697,000 - 820 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 06, 2017 980 782,100 - 798 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 06, 2017 872 706,000 - 810 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 07, 2017 980 778,140 - 794 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 07, 2017 1,023 818,000 - 800 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 08, 2017 980 795,500 - 812 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 09, 2017 980 800,000 - 817 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 09, 2017 872 709,000 - 813 Uncompleted New SaleTHE WISTERIA Apartment 99 years April 06, 2017 969 962,200 - 993 Uncompleted New SaleTHE WISTERIA Apartment 99 years April 06, 2017 969 1,000,012 - 1,032 Uncompleted New SaleTHE WISTERIA Apartment 99 years April 08, 2017 969 1,014,912 - 1,048 Uncompleted New SaleTHE WISTERIA Apartment 99 years April 09, 2017 969 986,912 - 1,019 Uncompleted New SaleDistrict 28 HOCK SWEE HILL Semi-Detached Freehold April 07, 2017 4,865 3,700,000 - 761 1979 Resale

THEEDGE SINGAPORE | APRIL 24, 2017 • EP15

GAINS AND LOSSES

Top 10 gains and losses from April 4 to 11

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Most profi table deals

Non-profi table deals

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

NON-LANDED

1 Ardmore Park 10 2,885 April 5 2,877 Aug 27, 1996 1,664 3,501,118 73 3 20.6

2 Cairnhill Plaza 9 2,852 April 5 1,262 April 19, 2005 596 1,900,000 112 6 12.0

3 Costa Rhu 15 2,056 April 7 1,000 Dec 31, 1998 470 1,089,680 113 4 18.3

4 Sky@Eleven 11 2,713 April 6 1,585 Feb 23, 2007 1,200 1,044,400 32 3 10.1

5 Hollandswood Court 10 2,131 April 10 704 Dec 7, 2005 244 980,000 188 10 11.3

6 One Amber 15 1,270 April 7 1,496 April 18, 2006 736 965,280 103 7 11.0

7 One Amber 15 1,701 April 6 1,294 Dec 5, 2006 729 960,000 77 6 10.3

8 Sky@Eleven 11 1,851 April 11 1,593 July 20, 2007 1,140 839,860 40 4 9.7

9 Cashew Heights Condominium 23 1,658 April 10 917 Oct 30, 2006 413 835,000 122 8 10.5

10 Newton Suites 11 1,238 April 7 1,818 Nov 17, 2006 1,155 820,000 57 4 10.4

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

1 Leonie Parc View 9 2,013 April 7 2,100 May 23, 2007 3,040 1,891,520 31 4 9.9

2 Scotts Square 9 1,249 April 7 3,123 Oct 19, 2007 4,161 1,295,840 25 3 9.5

3 St Regis Residences Singapore 10 2,120 April 11 2,000 March 15, 2007 2,570 1,207,840 22 2 10.1

4 Scotts Square 9 947 April 7 2,914 Aug 24, 2007 3,849 885,950 24 3 9.6

5 St Regis Residences Singapore 10 1,507 April 7 2,157 July 19, 2006 2,654 750,000 19 2 10.7

6 Daisy Suites 13 1,033 April 6 968 Feb 18, 2013 1,436 483,490 33 9 4.1

7 The Solitaire 10 1,561 April 10 1,538 April 25, 2007 1,835 464,260 16 2 10.0

8 OUE Twin Peaks 9 570 April 4 2,329 May 4, 2011 2,921 337,672 20 4 5.9

9 The Oceanfront @ Sentosa Cove 4 2,067 April 6 1,742 April 27, 2007 1,900 327,300 8 1 10.0

10 Sennett Estate 13 829 April 10 989 Dec 28, 2012 1,207 180,000 18 5 4.3

Note: Computed based on URA caveat data as at April 18 for private non-landed houses transacted between April 4 and 11. The profit and loss computation excludes transaction costs such as stamp duties.

Ardmore Park unit soldat $3.5 mil profit| BY LIN ZHIQIN |

So far this year, there have been

three profitable and one unprof-

itable transactions at Ardmore

Park in prime District 10, based

on the matching of URA caveat

data. A 2,885 sq ft unit fetched a $4.6

million profit on Feb 9; another reaped

a $3.5 million profit on Feb 28.

Then, two other 2,885 sq ft units

at Ardmore Park were sold on April 5.

One fetched the biggest profit of $3.5

million for the week of April 4 to 11.

The seller had bought it at $4.8 mil-

lion ($1,664 psf) from the developer in

August 1996 and sold it at $8.3 million

($2,877 psf). The profit works out to a

73% gain, or 3% a year over 21 years.

The other unit was sold at a $70,000

loss. The seller had bought it at $8.25

million ($2,860 psf) in June 2011 and

sold it at $8.18 million ($2,836 psf).

There were 20 rental contracts for

units ranging from 2,800 to 2,900 sq ft

at Ardmore Park in 1Q2017, with the

monthly rent averaging $14,203. This

implies a 2% gross rental yield for the

two units sold on April 5. Ardmore

Park is a freehold condominium with

330 units. It was completed in 2001.

A 2,852 sq ft unit at Cairnhill Plaza

in prime District 9 fetched the sec-

ond-biggest profit of $1.9 million for

the week of April 4 to 11. The unit was

bought at $1.7 million ($596 psf) in April

2005 and sold at $3.6 million ($1,262

psf) on April 5. The profit works out

to 112%, or 6% a year over 12 years.

There were five rental contracts for

units ranging from 2,800 to 2,900 sq ft

at Cairnhill Plaza in 1Q2017, with the

monthly rent ranging from $6,000 to

$8,000. The freehold Cairnhill Plaza has

204 units. It was completed in 1978.

On April 7, a 2,056 sq ft unit at

Costa Rhu fetched the third-biggest

profit of $1.09 million for the week.

The seller had bought it at $966,320

($470 psf) from the developer in De-

cember 1998 and sold it at $2.06 mil-

lion ($1,000 psf). The profit works out

to 113%, or 4% a year over 18 years.

Based on the matching of URA caveat

data, there have been 123 profitable

transactions, with an average profit of

$674,737 (58%), and two unprofitable

transactions at Costa Rhu since 2012.

The two unprofitable transactions were

those of units that were sold for the

same prices that they were purchased at.

There were three rental contracts

for units ranging from 2,000 to 2,100

sq ft at Costa Rhu in 1Q2017, with the

monthly rent ranging from $5,200 to

$6,100. Costa Rhu, a 99-year lease-

hold condo with 737 units, was com-

pleted in 1997.

A 2,713 sq ft unit at Sky@Eleven in

prime District 11 fetched the fourth-big-

gest profit of $1.04 million for the week.

The unit was bought at $3.26 million

($1,200 psf) and sold at $4.3 million

($1,585 psf) on April 6. The profit works

out to 32%, or 3% a year over 10 years.

Another unit at Sky@Eleven was sold

during the week. The 1,851 sq ft unit

fetched a $839,860 profit on April 11.

It was bought at $2.11 million ($1,140

psf) in July 2007 and sold at $2.95 mil-

lion ($1,593 psf). The profit works out

to 40%, or 4% a year over 10 years.

There were six rental contracts for

2,700 to 2,800 sq ft units at Sky@Eleven

in 1Q2017, with the monthly rent ave-

raging $9,175. This implies a 2.5%

gross rental yield for the 2,713 sq ft

unit. In the same period, there were

three rental contracts for units rang-

ing from 1,800 to 1,900 sq ft, with the

monthly rent ranging from $6,200 to

$7,200. The freehold Sky@Eleven is

adjacent to CHIJ Toa Payoh and has

273 units. It was completed in 2010.

A 2,852 sq ft unit at Cairnhill Plaza fetched a $1.9 million profit on April 5. Find the most affordable listing in the project at bit.ly/CairnhillPlazaEdge.

So far this year, three units at Ardmore Park have been sold for profits ranging from $3.5 million to $4.6 million. Find the most affordable listing in the project at bit.ly/ArdmoreParkEdge.E

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EP16 • THEEDGE SINGAPORE | APRIL 24, 2017

DEAL WATCH

Recent transactions at Starlight Suites

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

July 1, 2016 1,076 1.980 1,839

June 17, 2016 850 1.530 1,799

March 25, 2016 775 1.683 2,172

Feb 25, 2016 560 1.264 2,259

Jan 15, 2016 1,259 2.330 1,850

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Recent rental contracts for 800 to 900 sq ft units at Starlight Suites

LEASE DATE MONTHLY RENT $ $ PSF

February 2017 4,200 4.90

February 2017 3,800 4.50

February 2017 4,480 5.30

February 2017 4,400 5.20

January 2017 4,100 4.80

$ $ PSF

4,200 4.90

3,800 4.50

4,480 5.30

4,400 5.20

4,100 4.80

The unit for sale is vacant, but was previously tenanted at $4,700 a month

Starlight Suites unit up for sale at $1.55 mil| BY TAN CHEE YUEN |

Starlight Suites is a free-

hold apartment located

on River Valley Close.

The 35-storey tower com-

prises 105 units. Com-

pleted in 2014, it was jointly

developed by King Wan Corp

and TA Corp.

An 850 sq ft, one-bedroom

unit at Starlight Suites is cur-

rently on the market for $1.55

million ($1,824 psf) on The

EdgeProperty.com. “The high-

floor unit offers views of the

city and Marina Bay Sands,”

says Kenneth Sim, a proper-

ty agent with PropNex Real-

ty. “The main attraction of

the project is that it is within

walking distance of the vibrant

Robertson Quay area and the

upcoming Great World MRT

station.”

Although the unit is now

vacant, it was previously ten-

anted at $4,700 a month. Sim

says the unit is therefore ideal

for both owner-occupiers and

investors. Based on the previous

rental rate, the gross yield —

based on the current asking

price — translates into 3.6%.

In January and February,

five units of 800 to 900 sq ft

were leased at monthly rents

of $3,800 to $4,480, according

to URA rental data.

Since Starlight Suites’ launch

in 2010, units in the develop-

ment have generally changed

hands at prices above $2,000

psf. Last year, five units were

sold. The latest deal was done

in July 2016, when a 1,076 sq

ft, two-bedroom unit changed

hands for $1.98 million ($1,839

psf). Prices of units recently

sold ranged from $1.26 mil-

lion ($2,259 psf) for a 560 sq

ft, one-bedder to $2.33 mil-

lion ($1,850 psf) for a 1,259

sq ft unit with two bedrooms

and a study.

Visit tinyurl.com/Deal-

Watch-S776 for more infor-

mation. E

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