orchard road’s latest landmarks3-ap-southeast-1.amazonaws.com/...for 2017, inz residence on feb...
TRANSCRIPT
Done DealsSales pick up at Ardmore Park
EP18&19
Your NeighbourhoodLakefront living
in Jurong EP14&15
OffshoreHatten Land takes RTO
route for SGX listing EP4
A PULLOUT WITH
MCI (P) 043/03/2016 PPS 1519/09/2012 (022805)
Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF FEBRUARY 27, 2017 | ISSUE 768
M A K E B E T T E R D E C I S I O N S
Orchard Road’s latest landmark
CapitaLand to showcase Cairnhill Nine’s unsold units in Singapore and Jakarta following the project’s completion last October.
See our Cover Story on Pages 10 and 11.
SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
Under the HammerEstate sales of landed homes
EP8
EP2 • THEEDGE SINGAPORE | FEBRUARY 27, 2017
EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY
SECTION EDITOR | Cecilia ChowHEAD OF RESEARCH | Feily Sofi anDEPUTY SECTION EDITOR |Michael LimSENIOR ANALYST | Lin ZhiqinANALYST | Tan Chee Yuen
COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean,Geraldine TanPHOTO EDITOR | Samuel Isaac ChuaPHOTOGRAPHER | Albert ChuaEDITORIAL COORDINATOR | Rahayu MohamadDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafi an Mohd Za’abah
ADVERTISING + MARKETING ADVERTISING SALES
DIRECTOR, ADVERTISING & SALES | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimACCOUNT MANAGERS | Priscilla Wong, James Chua
THE EDGE SINGAPORE
ADVERTISING + MARKETING
ADVERTISING SALES
CHIEF MARKETING OFFICER |Cecilia KaySENIOR MANAGERS | Windy Tan, Garry LoMANAGER | Elaine TanEVENTS
SENIOR MANAGER | Sivam KumarMARKETING
EXECUTIVE | Tim Jacobs
COORDINATOR | Syazana Jumari
CIRCULATIONBUSINESS DEVELOPMENT DIRECTOR | Victor TheEXECUTIVES | Malliga Muthusamy, Ashikin Kader,Winnie Lim
CORPORATE CHIEF EXECUTIVE OFFICER | Ben PaulDIRECTOR | Anne Tong
PUBLISHERThe Edge Publishing Pte Ltd150 Cecil Street #08-01Singapore 069543Tel: (65) 6232 8622Fax: (65) 6232 8620
PRINTERKHL Printing Co Pte Ltd57 Loyang DriveSingapore 508968Tel: (65) 6543 2222Fax: (65) 6545 3333
We welcome your commentsand criticism: [email protected]
Pseudonyms are allowed but please state your full name, address and contact number for us to verify.
PROPERTY BRIEFS
QIN
GJIA
N R
EALT
Y
42-room boutique hotel up for saleChinatown Hotel (above), a 42-room
boutique hotel located on Teck Lim
Road, has been put up for sale by ex-
pression of interest (EOI). The indica-
tive price for the hotel is $40 million,
or about $952,000 per room.
The hotel occupies three 3½-storey
adjoining shophouses and is located with-
in the Chinatown-Bukit Pasoh Conser-
vation Area and Keong Saik Road area.
According to Cushman & Wakefield, the
marketing agent for the sale, the new
owner has the option to continue to op-
erate China town as a hotel, which is
the “highest and best use”, or convert
it to F&B use on the ground floor, with
offices on the upper floors, subject to
approval from the relevant authorities.
The EOI closes on March 28.
Qingjian unveils first EC for 2017, iNz ResidenceOn Feb 24, Qingjian Realty unveiled the
first Executive Condominium (EC) for
2017, iNz Residence (top, right) in Choa
Chu Kang. E-applications for iNz Resi-
dence began on the same day and will close
on March 5. The 497-unit iNz Residence
will have a mix of two- to four-bedroom
apartments of 689 to 1,378 sq ft, and five-
bedroom maisonettes of 1,690 to 1,711 sq
ft. The units are spread across nine 15- and
16-storey blocks, with landscaped deck,
sky terrace, communal facilities and one
common basement car park floor.
Separately, Qingjian has tied up with
Singapore Telecommunications (Singtel)
and smart home solutions provider HiLife
Interactive to provide internet-ready smart
home solutions. With this collaboration,
Qingjian hopes to make iNz Residence
the first internet-ready smart EC.
The collaboration means that all resi-
dential units in iNz Residence will come
fitted with 1Gbps Singtel fibre broadband.
Singtel will also provide WiFi services to
the other facilities and common spaces
within iNz Residence, such as the club-
house, fitness gym and poolside.
Overwhelming crowd at Grandeur Park previewAbout 10,000 people attended the preview
of Grandeur Park Residences (above) over
the weekend of Feb 18 and 19.
The 99-year leasehold condo by CEL
Development, the property development
arm of listed construction group Chip
Eng Seng Corp, is located next to the
Tanah Merah MRT station, at the corner
of New Upper Changi Road and Bedok
South Avenue 3.
“We expected a good response, but it
was overwhelming,” says CEL executive
director Chng Chee Beow. He reckons
the response was fuelled by the price
quantum and pent-up demand as there
has been no new launch in the area for
the past three years.
Sales of the 720-unit Grandeur Park
Residences will start on March 4. The
units will be priced at an average of $1,350
psf, says Raymond Chia, Chip Eng Seng’s
executive chairman and group CEO. — Compiled by Michael Lim
| BY SAM CHAMBERS & SVENJA O’DONNELL |
Britain’s Chancellor of the
Exchequer Philip Hammond
will not be able to offer sig-
nificant concessions to retailers
facing a hike in taxes on their
stores in his Budget next month,
according to an official familiar
with his plans.
There is little room to help
high-street retailers on March 8
as the scale of reform needed
is too broad, the official says.
With Article 50 set to be trig-
gered by end-March, Hammond
has limited capacity for give-
aways, according to the official,
who asked not to be identified
because the talks are private.
Business rates, a tax on com-
mercial properties, earn the UK
government about £26 billion
($46 billion) a year, according
to real estate advisers Colliers
International. A revalua tion of
the levy, determined by the rent-
al value of the premises rath-
er than the sales generated by
the site, is set to come into ef-
fect in England, Scotland and
Wales in April.
“The business rates system is
out of line with any other devel-
oped country; it’s no longer fit
for purpose,” Helen Dickinson,
CEO of the British Retail Con-
sortium, says in a telephone
interview. “The government
is persisting with this system
because it’s a great revenue
generator. From the Treasury’s
point of view, it’s a lovely tax.”
A boom in property prices,
particularly across London and
the southeast of England, means
many businesses will suffer dra-
matic increases to one of their
largest outgoings. The rental
value on shops in some central
London districts has jumped by
more than 200%, according to
Colliers.
UK retailers — from multi-
billion-pound businesses such
as J Sainsbury to small inde-
pendents — have pressured the
government to reform a system
which they claim does not re-
flect their industry in the 21st
century. Lawmakers from Prime
Minister Theresa May’s Conserv-
ative Party have been vocal in
their support for the campaign.
Store-based retailers say they
are being unfairly discriminated
against because business rates
have little impact on online-
only retailers such as Amazon.
com. Online sales account for
over 12% of all retail sales in
the UK, the highest proportion
globally, according to market
research firm Mintel.
The Treasury official acknow-
ledges that the current system is
out of step with the rise of the dig-
ital economy, saying Hammond
is in “listening mode”. Changes
to the tax system could be in-
troduced in the autumn Budget,
which will become the chan-
cellor’s main fiscal event of the
year, the official says.
Business rates are typically
revalued every five years. The
government delayed this year’s
review by two years, claiming it
would create uncertainty among
businesses, in the process making
this year’s increases more dra-
matic. — Bloomberg LP
An American Apparel fashion retail store on Carnaby Street, London. The UK government earns about £26 billion a year from business rates, according to Colliers International.
UK set to give limited rates relief to beleaguered retailers
C&W
CHIP
EN
G S
ENG
E
E
BLO
OM
BERG
THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP3
EP4 • THEEDGE SINGAPORE | FEBRUARY 27, 2017
OFFSHORE
CONTINUES ON PAGE EP6
SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
Hatten Land’s Tan brothers make their markin Singapore with reverse takeover| BY CECILIA CHOW |
When Colin Tan took over a com-
pany called Lianbang Ventures
in 2005 in order to revive an
abandoned shopping mall pro-
ject in Melaka, his friends used
to tease him about the firm’s name. That was
when Tan decided to choose a company name
that will endure.
“I’ve always liked the name ‘Hilton’, and
I’m also an admirer of Japanese culture,” says
the 33-year-old. It was fortuitous that the word
“hatten” means growth and development in Jap-
anese. He therefore decided to name the com-
pany he co-founded with his brother, 34-year-
old Edwin, Hatten Group.
Over the past decade, Hatten Group has
become a leading property player in Melaka,
where it is headquartered. Hatten Group’s core
businesses range from property development
and investment to hospitality, retail and edu-
cation. The group has a landbank of 215 acres,
mainly in Melaka, with some parcels in Cyber-
jaya, Selangor and Seremban.
As the developments became increasingly
large-scale and mixed-use, the Tan brothers
decided to spin off their development arm
into a separate Singapore-listed entity called
Hatten Land. “We are seeking to expand
through mergers and acquisitions, joint ven-
tures or strategic alliances with internation-
al business partners as we want to grow at
a faster pace,” says Tan.
This was done via a reverse takeover of
the Singapore Exchange-listed VGO Corp.
The RTO process was kick-started when VGO
Corp, formerly known as sporting goods
chain World of Sports, acquired privately
held Sky Win Management Consultancy in
June last year.
Sky Win Management Consultancy was in
turn a company controlled by the Tans and
owned a portfolio of four development pro-
jects in Melaka. The acquisition cost of Sky
Win Management Consultancy totalled $386
million, and would be made via the issue of
close to 1.188 billion consideration shares at
32.5 cents a share.
SGX listingOn completion of the acquisition of Sky Win
Management, VGO Corp was renamed Hatten
Land on Jan 26. Assuming the 123.1 million
new shares are fully placed out, the indicative
market capitalisation for Hatten Land will be
$393 million.
Trading of Hatten Land shares on the Catalist
board of the SGX will start on Feb 28. Tan has
been appointed executive chairman and manag-
ing director of Hatten Land, while Edwin is ex-
ecutive director and deputy managing director.
Hatten Land’s initial portfolio of four de-
velopment projects in Melaka are three mixed-
use projects (Hatten City Phases 1 and 2 and
Harbour City on Pulau Melaka) and the Vedro
by the River mall.
Hatten City Phases 1 and 2 are located in
the city centre fronting the Malacca Straits. The
RM628 million ($200 million) Phase 1 was com-
pleted in March 2016. Within the complex are
Elements Mall, with 1,530 strata shops; the 745-
unit SilverScape Residences; Hatten Suites, with
589 serviced apartments; and the 277-room Dou-
bleTree by Hilton, which is managed by Hilton
Worldwide. As at end-June last year, 34% of the
strata shops at Elements Mall were sold, while
85% of units at SilverScape Residences and
93% of Hatten Suites were taken up.
Hatten City Phase 2 is scheduled for com-
pletion in 2H2017. The project was valued at
RM363 million last June, and is made up of
Imperio Mall, with 786 shops; and the 950-
unit Imperio Residences. The building has
a stepped façade, with the cascading terrac-
es providing a jogging path with views of the
coast and the city. Imperio Residences is said
to feature 10 cabana villas, each spanning three
levels, with a floor area of 3,930 sq ft, private
swimming pool, private lift lobby and private
parking space for two cars. As at June 2016,
about half of the residences were sold, while
60% of the shops were taken up.
Under development is Harbour City on the
reclaimed island of Pulau Melaka, fronting the
Malacca Straits. The RM849 million mixed-
use development sits on a six-acre site and
comprises the Harbour City Mall, with 1,831
Tan: As a developer, we want to create quality and iconic projects. And people don’t just want a property — they want quality amenities with healthcare, wellness or lifestyle facilities.
Scheduled for completion in 2H2017, Hatten City Phase 2 comprises Imperio Mall, with 786 shops; and the 950-unit Imperio Residences
HATT
EN L
AND
THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP5
EP6 • THEEDGE SINGAPORE | FEBRUARY 27, 2017
OFFSHORE
Hatten Land to develop iconic projects to attract tourists
FROM PAGE EP4
shops; a water-theme park; and three hotel
blocks — the 648-unit Harbour City Suites, the
637-unit Harbour City Resort and a 325-room
luxury hotel. The development is targeted for
completion in phases from 2H2019 to 1H2020.
The fourth development, Vedro by the Riv-
er, was last valued at RM65 million. The mall
sits on two acres of land and will have a gross
floor area of 213,547 sq ft when completed in
1H2017. So far, 65% of the 736 shops in the
mall have been snapped up.
Development land pipelineHatten Land has the right of first refusal when
it comes to acquiring development parcels from
the privately held Hatten Group, which is also
controlled by the Tans. On Feb 10, Hatten Land
announced that it had signed a memorandum
of understanding with the Tans to exercise the
call option for the acquisition of five develop-
ment sites, of which four are 99-year leasehold
sites in Daerah Melaka Tengah. The fifth is a
freehold site in Cyberjaya.
One of the leasehold sites in Melaka is a
2.05-acre land parcel with a plot ratio of 5.8.
It is slated for the development of an integrat-
ed project with a hotel and serviced apartment
block called Thea Wellness. The second site
is a 9.34-acre parcel at Kawasan Bandar I that
will be used for a mixed-use project called
MICC. The project will comprise a mall, cine-
plex, convention hall and auditorium, meet-
ing rooms, a hotel block and a serviced apart-
ment block, with a plot ratio of 4.0. Both Thea
Wellness and MICC have obtained develop-
ment approval.
The third site is a 66-acre land parcel with
a plot ratio of 6.0 located on six parcels of land
at Kawasan Bandar XL. The land parcel is still
at the reclamation stage. The fourth site — also
at Kawasan Bandar XL — is made up of three
leasehold sites totalling 17.69 acres with a plot
ratio of 6.0, which can be amalgamated and de-
veloped into a mixed-use project with a “Mov-
ie Town” theme, comprising retail, residential
and hospitality components. Concept planning
is still underway.
The fifth site at Cyberjaya is a 25.55-acre
freehold land parcel with a plot ratio of 5.2. It
will be developed in three phases, with a mix
of retail, office, residential, hospitality units
and a hospital. The project’s concept plan is
still in progress. The acquisition will be made
through the purchase of the entire issued and
paid-up capital of Admiral Merger Sdn Bhd,
which owns the development rights to the land.
Large-scale, distinctive projectsEach project has a distinctive theme, says
Tan. The developer is able to secure relative-
ly high plot ratios for its large-scale, mixed-
use projects. “We have an established track
record,” he adds. “As a developer, we want to
create quality and iconic projects. And people
don’t just want a property — they want quali-
ty amenities with healthcare, wellness or life-
style facilities.”
In hindsight, his foray as a developer into
Melaka was an opportune one as being a de-
veloper in the state is not as capital-intensive
as it is in Singapore, says Tan, who is a Singa-
pore citizen. “There was also very little com-
petition then.”
According to Tan, the main guiding force
behind the brothers’ venture into the proper-
ty business is their father, Eric Tan Eng Huat,
who remains an adviser and mentor at Hatten
Group. Eric Tan shot to fame in Singapore in
the mid-1990s when he acquired more than 30
properties and sites in Geylang, earning him
the moniker “Geylang king”.
When Hatten Group first started developing
projects in Melaka, the population was around
750,000, recounts Tan. Melaka is a small state
and its population was estimated to be around
900,000 as at 2016.
Tourist arrivals in Melaka increased sig-
nificantly following its inclusion in the list of
Unesco’s World Heritage Sites in 2008. Tour-
ist arrivals hit a new high of 15.7 million in
2015, with tourism receipts up 39.5% y-o-y,
the highest annual growth since 2010.
According to Tan, the developer is developing
iconic projects that will put the state on the in-
ternational tourist map. He sees the target audi-
ence for Hatten Land’s developments being wid-
er than just the residents in Melaka. “If you look
at a 200km radius, that includes Indonesia, Kua-
la Lumpur and Singapore, which means a pop-
ulation of 15 million,” he estimates.
The current buyer profile for Hatten Land’s
properties is 69% Malaysians, with Singapore-
ans making up 15%, while Chinese and Taiwan-
ese make up 3% each.
Retail supplyThe retail scene in Melaka had been relative-
ly stagnant, hovering between 3.7 million and
3.9 million sq ft between 2010 and 2013. It was
only in 2014 that several new malls opened,
including The Shore Shopping Gallery in Mel-
aka city centre and Freeport A’Famosa Outlet
in Alor Gajah. Today, Melaka is said to have
19 shopping centres and eight hypermarkets,
with total retail space of 4.7 million sq ft.
Of the 19 shopping centres, 14 are located
within the city. The increase in retail space,
coupled with sluggish sales, however, has con-
tributed to a decline in average occupancy rate,
from 83% in 2014 to 80% in 2015. Nevertheless,
major malls in Melaka, such as Dataran Pahla-
wan Melaka Megamall and Aeon Mall, contin-
ue to have an occupancy rate of 90% to 100%.
Dataran Pahlawan Melaka Megamall, which
was the abandoned mall that the Tans revived
when they first took over Lianbang Ventures 12
years ago, is still the biggest and most visited
mall in Melaka today. Those who purchased
the strata shop units at RM1,800 psf in 2006
were able to sell them for about RM3,000 psf
in the resale market, according to Tan. Most
of the upcoming malls developed by Hatten
Group are also strata malls. Generally, the sell-
ing prices of these strata retail units in Melaka
range from RM1,500 to RM3,500 psf.
Residential supply and demandBesides the retail segment, Tan believes that
the other real-estate sectors, ranging from resi-
dential to serviced apartments and hotels, have
also benefited from Melaka’s elevated profile
following its inclusion on the list of Unesco
World Heritage Sites.
Based on the latest figures from the National
Property Information Centre, as at 3Q2016, Mel-
aka had an existing housing stock of 167,676
units, of which condominiums and apartments
accounted for 10,060 units (6%). However, in
terms of residences under construction, the to-
tal number of units was 30,326, with condos
and apartments making up 1,980 units (6.5%).
In the planning stage are another 13,542 units,
of which 2,329 units are condos and apartments
(17.2%). Notable upcoming developments in-
clude Impression City, Melaka Gateway, Cheng
Ho City and Eco Marine Theme Park.
For the first nine months of 2016, about
6,720 residential units were sold in Melaka,
just 1.5% lower than the 6,824 units record-
ed over the same period in 2015. The whole of
2015 saw total transactions of 8,914 residential
units, 3% fewer than the 9,187 units in 2014.
Despite the contraction in home sales in 2015,
total transacted value saw a moderate increase
of 1.7%, from RM1.94 billion in 2014 to RM1.97
billion in 2015. This reflects the 8.4% y-o-y in-
crease in the House Price Index in 4Q2015.
Future growthWith the upcoming Kuala Lumpur-Singapore
High Speed Rail having a stop at Ayer Keroh,
Melaka, sites in the area are likely to benefit
from their proximity to the train station, says
Tan. Incidentally, Hatten Group’s landbank in-
cludes several prime sites in Ayer Keroh.
The expansion of the Malacca International
Airport and the introduction of weekly sched-
uled flights between Guangzhou and Mela-
ka are likely to boost the number of Chinese
tourists. In fact, mainland China is already the
top contributor of foreign tourists to Melaka,
with 29.3%, followed by Singapore (26.7%),
Indonesia (14.8%), Taiwan (3.2%) and Japan
(2.8%), based on 2015 tourist arrival figures.
However, what has really grabbed every-
one’s attention is the announcement last Sep-
tember of the RM30 billion Melaka Gateway
project. The land reclamation project is a joint
venture between Malaysian master develop-
er KAJ Development, which will hold a 51%
stake, and Powerchina International, which
will take the lead in bringing in investors and
handling the construction of the project. Con-
struction is reportedly underway, and slated
for completion by 2025.
Melaka Gateway is a mixed-use develop-
ment off the coast of the city centre, with three
reclaimed islands and one natural island oc-
cupying a total area of 5.52 sq km. The first
three islands will be used for tourism, com-
mercial, property and maritime developments.
The fourth island, Pulau Melaka, has been
earmarked for a maritime activities centre with
a container and bulk terminal, shipbuilding
and ship-repair services, as well as a maritime
industrial park to be developed by KAJ Devel-
opment, China’s Guangdong state government
and Chief Minister Incorporated (CMI), an en-
tity wholly-owned by the state.
Expansion plansPulau Melaka is where Hatten Land will be devel-
oping its 99-year leasehold Harbour City project.
Tan is also open to partnerships and joint
ventures with other developers for his upcom-
ing projects. “We have had Chinese developers
with similar interests coming to discuss with
us,” he says. “And that is why we want to list
Hatten Land, as it will give us a greater plat-
form to collaborate with more international
business partners in our future developments.”
While Melaka remains Hatten Land’s main
focus for now, Tan is also interested in expand-
ing the company’s presence in Southeast Asia.
Completed in March 2016, Hatten City Phase 1 comprises Elements Mall, with 1,530 strata shops; the 745-unit SilverScape Residences; Hatten Suites, with 589 serviced apartments; and the 277-room DoubleTree by Hilton
Vedro by the River, which sits on two acres of land, will have a gross floor area of 213,547 sq ft when completed in 1H2017 E
PICT
URES
: HAT
TEN
LAN
D
Harbour City will sit on close to 100 acres of reclaimed land on the island of Pulau Melaka, fronting the Malacca Straits
THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP7
EP8 • THEEDGE SINGAPORE | FEBRUARY 27, 2017
UNDER THE HAMMER
Estate sales of landed homes | BY CECILIA CHOW |
Up for auction are several
landed homes, one of which
is a detached house at One
Tree Hill. The double-storey
detached house, believed
to have been built in 1963, sits on a
freehold regular-shaped site of 4,520
sq ft. An executor’s sale, the proper-
ty has a guide price of $12.8 million
($2,832 psf).
According to Mok Sze Sze, JLL
head of auction, an executor’s sale
is similar to an estate sale. The de-
tached house at One Tree Hill made
its debut at JLL’s auction on Feb 23.
The site has been seeing “intense
interest” from owner-occupiers giv-
en its location in prime District 10
and the rarity of a landed housing
estate accessible via Grange, Tom-
linson and Paterson Roads, just off
Orchard Boulevard, adds Mok. The
estate has mainly semi-detached and
detached houses.
The detached house is also attract-
ing interest as it is zoned for rede-
velopment into a pair of double-sto-
rey semi-detached houses, subject
to approval by the relevant authori-
ty, says Mok.
The most recent sale of a semi-
detached house at One Tree Hill was
for a property sitting on a 4,499 sq ft
freehold plot. The property fetched
$9.38 million ($2,086 psf), accord-
ing to a caveat lodged in June 2015.
Redevelopment potentialThe latest transaction of a detached
house at One Tree Hill, based on ca-
veats lodged so far, was in October
2014, when a newly built detached
house sitting on a freehold site of
4,499 sq ft was sold by niche de-
veloper Wah Khiaw Developments
for $17.2 million ($3,826 psf). A
caveat lodged earlier showed that
Wah Khiaw had paid $3.86 million
for the site in February 2006, when
a semi-detached house occupied the
land parcel.
Subsequent to the purchase, the
developer demolished the house and
built a detached house on the site af-
ter obtaining rezoning approval. Wah
Khiaw was able to do that as the land
area was bigger than 400 sq m (4,306
sq ft). Based on URA guidelines, a
site for a semi-detached house can
be rezoned for a detached house if
the land area is at least 400 sq m.
Another semi-detached house that
is up for estate sale is one where the
land area is just 10 sq m short of the
minimum 400 sq m required before
the property can be rezoned for a de-
tached house. The 1960s single-sto-
rey semi-detached house sits on a
999-year leasehold site of 4,201 sq
ft (390 sq m) on Farleigh Avenue in
Serangoon Garden, another popular
landed housing estate.
The semi-detached house was put
up for sale by the estate for the first
time at Colliers International’s prop-
erty auction on Feb 22. The indica-
tive price for the house is said to be
$3.85 million ($916 psf).
Mortgagee saleMeanwhile, up for auction for the
sixth time by JLL on Feb 23 was a
detached house at Eng Kong Garden
in the Upper Bukit Timah neighbour-
hood of District 21. The three-storey
detached house was built in 1997, but
has been renovated over the years.
The six-bedroom house has a built-
up area of 5,167 sq ft and sits on a
freehold land area of 4,316 sq ft. The
indicative price for the property in
the JLL auction on Feb 23 was $4.5
million ($1,043 psf).
The indicative price for the house
reflects a downward adjustment of
$1 million from the opening price of
$5.5 million when the property was
first put up for auction by JLL last
September.
Unlike the house at One Tree Hill
and Farleigh Avenue that are execu-
tor’s and estate sales, the house at
Eng Kong Garden is a mortgagee sale.
Word on the street is that the house
was previously owned by Ivy Lee, one
of Singapore’s top realtors.
This detached house at One Tree Hill sits on a regular-shaped site of 4,520 sq ft that can be redeveloped into two semi-detached houses
E
This three-storey detached house at Eng Kong Garden was put up for auction by JLL for the sixth time on Feb 23, with an indicative price of $4.5 million
This semi-detached house on Farleigh Avenue was put up for auction with a guide price of $3.85 million
PIC
TURE
S: JL
L
SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
E
CapCo writes down value of London Earls Court land by 20%| BY JACK SIDDERS |
Capital & Counties Properties plc wrote
down the value of its land holdings in
west London by 20%, less than expect-
ed by some analysts, as higher taxes and po-
litical uncertainty weaken sentiment in the UK
capital’s housing market.
The company, which plans to build 10,000
homes at Earls Court with venture partners, cut
the value of its sites in the district to £1.1 billion
($1.94 billion) from £1.4 billion a year earlier,
according to a statement on Feb 22. JPMorgan
Chase & Co had estimated a write-down of 30%.
“The reduction in Earls Court was driven main-
ly by a higher assumed developer’s margin for
consented development land, trimming of sales
values as well as some cost inflation,” JPMor-
gan analyst Neil Green writes in a note to clients.
CapCo’s shares climbed as much as 4.2% to
the highest since the day after the Brexit vote, and
were up 2.8% at 8.30am in London on Feb 22.
Home values in London’s best districts fell
an average of 6.7% in the 12 months through
January as successive sales tax increases
dampened demand, broker Knight Frank LLP
says in a report this month. The government
brought in a 3% levy on second-home pur-
chasers and landlords in April 2016, having
earlier increased charges for all luxury-home
buyers in December 2014.
CapCo’s net asset value fell 5.9% to 340 pence
a share. The company intends to pay a final divi-
dend of one pence a share, in line with a Bloomb-
erg dividend forecast. The firm says it expects the
open market rents at its Covent Garden holdings
to reach £125 million a year by December 2020
compared with £96 million at end-2016.
Buyers have now purchased or reserved
59 homes in the second phase of the Lillie
Square project at Earls Court compared with
41 apartments in July, with pricing at a “mod-
est premium” to sales in the first phase. —
Bloomberg LP
OFFSHORE
THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP9
EP10 • THEEDGE SINGAPORE | FEBRUARY 27, 2017
COVER STORY
CapitaLand to showcase Cairnhill Nine’s unsold units in Singapore and Jakartafollowing the project’s completion last October
Orchard Road’s latest landmarkOrchard Road’s latest landmark| STORIES BY FEILY SOFIAN |
Interest in luxury homes typically picks up
once they are completed as well-heeled buy-
ers can personally inspect the design and
quality of the project. For Cairnhill Nine,
an integrated development by CapitaLand,
it also means aspiring buyers can experience
for themselves the project’s proximity to Par-
agon, a luxury shopping mall in the Orchard
Road shopping belt.
Only 48 units have remained unsold at Cairn-
hill Nine since the project was launched a year
ago. Following the project’s completion in Oc-
tober, CapitaLand will showcase these units in
Singapore and Jakarta starting from Feb 25.
The robust sales at Cairnhill Nine were pri-
marily driven by its prime location. The devel-
opment is directly linked to Paragon via a cov-
ered overhead bridge. Cairnhill Nine is part of
an integrated development that includes As-
cott Orchard Singapore, a 20-storey luxury ser-
viced residence with 220 units.
In addition to the one-bedroom units,
buyers have also snapped up all the 22 four-
bedroom units and eight penthouse units within
the first two months of launch. Prices ranged
from $1.3 million for a one-bedroom unit to
$6.7 million for a 3,864 sq ft penthouse unit.
The remaining 48 units are mainly two-bed-
room units of 1,033 sq ft, with prices ranging
from $2.5 million to $2.9 million. This works out
to $2,400 to $2,750 psf. A majority of the units
are above the 14th floor, although there are still
a handful of lower-floor units available. High-
floor two-bedroom units sold over the past six
months have ranged from $2,513 psf for a 14th-
floor unit to $2,915 psf for a 27th-floor unit.
More than 20% of the buyers are from In-
donesia, according to a CapitaLand spokes-
person. This is not surprising as the Orchard
Road micro-market has traditionally been pop-
ular with Indonesian buyers.
“For them, the main draw is the conven-
ient location — with shopping, food and
medical facilities at the doorstep,” says Jerry
Tan, founder and managing director of JTR-
esi, a marketing agent specialising in luxu-
ry property. The site’s leasehold tenure, as a
result, took a backseat in their purchase de-
cision, he notes.
Luxury finishesResidents at Cairnhill Nine will be able to enjoy
hospitality services provided by the adjoining
Ascott Orchard, including concierge, housekeep-
ing, laundry and even grocery shopping ser-
vices. Each unit comes fully fitted with marble
flooring and Miele kitchen appliances, includ-
ing a coffee machine, microwave oven, slim-
line hood, induction/gas hob and concealed
refrigerator, as well as a Bosch washer-dryer.
The two-bedroom-plus-study unit features a
swivel TV panel that can pivot to face the liv-
ing room or the study. Meanwhile, the smart
home system allows residents to remotely con-
trol home devices such as the air-condition-
ing, digital lock with biometric access and se-
curity camera.
Unlike in most projects, Cairnhill Nine units
will be fitted with LED lighting and cove light-
ing in the living area. Homeowners therefore
need only buy soft furnishings before moving
in while investors can rent out the units im-
mediately.
As at end-January, there were eight rental
contracts for one-bedroom units in Cairnhill
Nine ranging from $3,700 to $5,500 a month.
There were four rental contracts for two-bedroom
units at between $5,900 and $6,850 a month.
Facilities in the project include a 50m lap
pool, children’s pool, spa pods, barbecue areas,
cabanas as well as two clubhouses that house a
gymnasium, golf simulator room, music room,
function room, wine room, spa room and read-
ing room. Ascott Orchard has a separate range
of facilities for its guests.
Homes for the global richCapitaLand has an established footprint in the
Cairnhill area, having developed Urban Suites
and Urban Resort Condominium, located just
across Cairnhill Nine. Unlike Cairnhill Nine,
which comprises predominantly one- and
two-bedroom apartments, units start from 1,044
sq ft at Urban Suites for two-bedroom apart-
ments and 2,121 sq ft at Urban Resort Condo-
minium for three-bedroom apartments. The
freehold developments were completed in 2013.
Both Urban Suites and Urban Resort Con-
dominium were designed by Kerry Hill Archi-
tects, whose portfolio includes Aman Tokyo,
dubbed Aman’s first city retreat. More than
half of the buyers at the condo projects were
foreign nationals, including Singapore perma-
nent residents and non-PRs.
The latest transaction at Urban Suites was
for a 2,045 sq ft unit that fetched $5.2 million,
or $2,518 psf. Meanwhile, the latest transac-
tion for a 1,044 sq ft, two-bedroom unit was
in January 2015. The unit on the 13th floor
changed hands at $2.9 million, or $2,758 psf.
The last two penthouses in Urban Resort
Condominium were snapped up in February
The newly completed Ascott Orchard serviced residences (left) and Cairnhill Nine apart-ment block on Cairnhill Road
The show suite of a 1,066 sq ft, two-bedroom-plus-study unit with a TV swivel panel between the living room and study
PICT
URES
: SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP11
COVER STORY
Ascott The Residence returns to Orchard Road
Orchard Road’s latest landmark
last year, by a Singaporean and a Chinese
national. The 4,715 sq ft penthouse on the
17th floor was sold for $8.5 million, or $1,803
psf, according to a caveat lodged on Feb 25,
2016. The 6,857 sq ft penthouse on the 19th
floor went for $12.2 million, or $1,779 psf,
according to a caveat lodged on Feb 17, 2016.
Aside from Cairnhill Nine, CapitaLand
also launched two luxury residences — Vic-
toria Park Villas and The Nassim — in 2016.
Victoria Park Villas comprises 106 semi-de-
tached houses and three bungalows on a
403,000 sq ft, 99-year leasehold site. The
project’s main appeal lies in its location at
the junction of Coronation Road and Victo-
ria Park Road, flanked by Good Class Bun-
galow areas in prime District 10.
Mok Wei Wei of W Architects was the mas-
ter planner for Victoria Park Villas. Mok col-
laborated with AR43, HYLA Architects and
Studio Wills + Architects, which designed
the individual houses. Transacted prices at
Victoria Park Villas ranged from $4.2 million
to $5.1 million, based on caveats lodged.
The Nassim is a luxury condo compris-
ing only 55 units on a sprawling 122,600 sq
ft freehold site. CapitaLand had envisioned
a project reminiscent of the black-and-white
bungalows of the early 1900s and commis-
sioned W Architects’ Mok to deliver this vision.
The development made headlines last
June when an Indonesian family picked up
two units at $20.3 million and $13.7 million.
In September, a Singaporean buyer shelled
out $14 million, or $3,204 psf, for a 4,370
sq ft unit in the project.
Earlier this year, CapitaLand announced
that its wholly-owned subsidiary, CRL Realty
Pte Ltd, had sold its 100% stake in Nassim
Hill Realty to Kheng Leong Co. NHR owned
the remaining 45 unsold units at The Nassim.
The purchase consideration was $411.6 mil-
lion. The 10 units that were sold to individu-
al buyers fetched prices ranging from $2,248
psf for the $20.3 million unit to $3,260 psf for
a 1,927 sq ft unit, based on caveats lodged.
The Nassim was completed in 3Q2015
and CapitaLand would have had to pay ex-
tension charges if had failed to sell all the
units by 3Q2017, that is, two years from the
date of completion.
The soft opening of Ascott Orchard Singapore on Dec 1, 2016 marked the return of the Ascott The Residence brand to Orchard Road after a decade-long hiatus. The 20-storey serviced residence comprises 220 luxury units ranging from 323 sq ft studios to 861 sq ft two-bedroom units. With a hotel licence, Ascott Orchard offers both short- and long-term stays.
The online rates for a studio unit for a one-night stay on May 6 start from $352 a night, excluding taxes. Meanwhile, the two-bedroom penthouse suite is going for $1,224 a night. The eight penthouse suites on the top floor are furnished and fitted out by Fendi Casa, the lifestyle living subsidiary of the Italian high fashion house.
Ascott Orchard is currently running at about 50% occupancy, two months into operations, according to Norman Lim, country general manager for Singapore at The Ascott Ltd. “There is an equal mix of short- and long-term guests. With its proximity to Orchard Road and world-class medical facilities at Paragon Medical Singapore and Mount Elizabeth Orchard, all less than five minutes away, this serviced residence is ideal for business, leisure and medical travellers,” he says.
Facilities at Ascott Orchard include a gymnasium, swimming pool and residents’ lounge. Breakfast is served at Kith Café, a favourite haunt among foodies and brunch enthusiasts.
Ascott The Residence ceased its Orchard Road operations about a decade ago. In 2004, The Ascott Group entered into a conditional agreement with Wheelock Properties, formerly known as Marco Polo Developments, to sell its Scotts Shopping Centre and The Ascott Singapore serviced residence located above the mall. The site is now occupied by Scotts Square, a luxury mixed-use development comprising a four-storey retail mall and 338-unit freehold apartments.
The overhead bridge linking Cairnhill Nine with Paragon
The swimming pool and corridor leading to the entertainment rooms on the right
E
The facilities deck of Ascott Orchard (right) and the adjacent Cairnhill Nine (left)
Residents’ lounge at Ascott Orchard A penthouse unit at Ascott Orchard
Show suite of a 1,033 sq ft, two-bedroom unit at Cairnhill Nine
EP12 • THEEDGE SINGAPORE | FEBRUARY 27, 2017
OFFSHORE
Toronto facing a speculative real estate dilemma
| BY THEOPHILOS ARGITIS |
Toronto’s housing boom is
unrelenting.
Prices in Canada’s largest
city surged more than 20%
over the past year, the fast-
est pace in three decades, data re-
cently released shows. Some of the
city’s neighbouring towns are post-
ing even bigger gains.
It has become a matter of con-
siderable alarm. Stability is one
concern — if the market tumbles,
so will Canada’s economy. Pricier
real estate also drives away less-af-
fluent, younger people and boosts
the cost of doing business, eroding
competitiveness.
“I don’t think anybody is cheer-
ing,” says Doug Porter, the Toron-
to-based chief economist of Bank
of Montreal, who used the dread-
ed “bubble” word to describe the
market. “I don’t see who benefits
other than real estate agents. It’s
trapped wealth.”
So, what is driving the boom?
The housing industry — builders
and brokers — claim lack of supply
is the main culprit. Others, Porter
included, see demand as the prob-
lem. Lately, evidence is mounting
that speculation is behind the jump.
Supply constraintsBuilders say they are being held back
by everything from regulations to pro-
hibitive taxes and land restrictions.
Ontario’s green-belt region around
Toronto is one example.
This is no doubt true for one seg-
ment of the market: single-detached
homes. Just over one-quarter of the
176,000 homes built in Toronto over
the past five years were single-de-
tached. That is well down from the
1990s, when they accounted for al-
most half of all construction.
Supply constraints do not explain
the price gains for condominiums,
which have seen a flood of new com-
pletions. The average sale price of a
condo is up 15% y-o-y. That is af-
ter builders completed more than
54,000 apartment units over the
past two years, easily a record sup-
ply for Toronto.
Canada’s recent census results,
released this month, also provide
some evidence against the shortage
argument. Occupied private dwell-
ings have risen by 7.2% in Toronto
over the past five years, faster than
population growth.
The census, however, does not
say what type of homes are being
built. Plus, there is also the recent
puzzle of disappearing listings.
New listings in Toronto fell 17%
in January from a month earli-
er, the biggest one-month decline
since 2002. Sales as a share of new
listings rose above 90%, smashing
the record.
Is this a sign of a bubble? Are sell-
ers holding off putting their homes
on the market to see where prices
settle? Has supply become so tight
that potential sellers are pulling out
of the market altogether since they
have nowhere to move to?
“The market is thinning out basi-
cally — you know what that means,”
David Madani, an economist at Cap-
ital Economics in Toronto, says in a
telephone interview.
First-timersSo, if home sellers are not driving
demand, is it first-time homebuyers?
It is tough to argue yes. The fed-
eral government has been tighten-
ing mortgage rules for a decade,
and took some significant steps in
October. But the moves — which
particularly hit first-time buyers —
have done little to curtail the re-
cent run-up.
“If it’s not sellers, if it’s not first-
time buyers, then who is buying?”
asks Robert Hogue, an economist at
Royal Bank of Canada. “We can’t say
for sure, but by deduction it’s got
to be probably investors are buying
quite a bit.”
Policy responseIf speculators are the cause of Toron-
to’s stratospheric home-price gains,
it makes it difficult for the federal
government to intervene, since its
primary tool is mortgage insurance
rules that do not apply as much to
investors.
One possibility may be to clamp
down on the country’s unregulated
private mortgage industry — so-
called shadow banking. There may
also be other avenues, such as curb-
ing foreign investment. But Prime
Minister Justin Trudeau’s govern-
ment has not shown much interest
in such a move, partly because it
would affect the national market,
not just Toronto.
In fact, the only place where gov-
ernment steps to rein in prices seems
to have worked has been in British
Columbia, which introduced a 15%
tax on foreign buyers in August. Van-
couver home prices are down 3.7%
over the past six months. Still, that
is a paltry retreat in a market that
long ago ceased to be affordable for
most Canadians.
The British Columbia experi-
ence shows that while stability of
the market may be an achievable
goal, affordability is a more daunt-
ing challenge.
“If policy success is measured by
affordability, not sure we’re quite there
yet,” Hogue says. — Bloomberg LP
China home prices increased
last month in the fewest
cities in a year, signalling
property curbs to deflate a po-
tential housing bubble are tak-
ing effect.
New-home prices, excluding
government-subsidised hous-
ing, gained last month in 45 of
the 70 cities tracked by the gov-
ernment, down from 46 in De-
cember, the National Bureau of
Statistics said on Feb 22. Pric-
es fell in 20 cities and were un-
changed in five.
Chinese authorities have ex-
panded curbs on home purchas-
es and tightened restrictions on
property lending in an attempt to
avoid a housing bubble and re-
duce financial risks. Some bank
branches in Beijing, Guangzhou
and Chongqing have raised mort-
gage rates for first-time buyers,
people familiar with the matter
said earlier this month.
New-home prices in Shen-
zhen, the nation’s hottest mar-
ket early last year, fell 0.5% in
January from December, the
fourth straight monthly decline,
data shows. Prices in Shanghai
declined 0.1%, a third month-
ly decline, and were unchanged
in Beijing. Values continued to
increase in the southern city of
Guangzhou, gaining 0.6%.
A drop in land releases this
year may keep pressure on pric-
es in the capital.
Beijing plans to supply just
260ha of residential land, exclud-
ing government subsidised hous-
ing, this year, down from 850ha
last year, Beijing News reports,
citing a government document.
Cooling measuresWhile the statistics bureau said
home values “stabilised further”
in mega and midsize cities due
to curbs, the government is like-
ly to hold steadfast on cooling
measures this year, says Bloomb-
erg Intelligence senior analyst
Patrick Wong. Further tighten-
ing of mortgage lending could
come after at least seven local
city governments stepped up
existing buying curbs since De-
cember, he adds.
Early private data shows resi-
dential transactions are recover-
ing slightly in February in large
cities. New-home sales in key cit-
ies tracked by China Internation-
al Capital Corp rose to a three-
month high in mid-February.
China’s central bank vowed to
“strictly limit” the flow of credit
into speculative housing purchas-
es in its fourth-quarter monetary
policy report on Feb 18. Apart
from adopting prudent monetary
policies, it encourages “city-spe-
cific” credit conditions to ensure
“reasonable” growth in housing
mortgages, the report says.
The wording is “a clear mes-
sage” that China’s central bank
will roll out more policy tools tar-
geting developers and households
to prevent a potential property
bubble, David Yang, a Shang-
hai-based analyst at UOB Kay
Hian Investment Co, wrote in a
report on Feb 21.
Land pricesCurbs have been tightened on
developer financing amid con-
cern easy credit helped send land
prices to record highs last year.
Some property bond sales were
halted on mainland exchanges in
October; this month, private eq-
uity investments in property pro-
jects were banned in key cities.
“Land prices are an expecta-
tion for where property prices
will be going,” says James Mac-
donald, Shanghai-based head
of China research for Savills.
“Cooling the residential market
through restrictions on hous-
ing purchases was not sustain-
able, as we saw last year. So the
government went to cool down
competition for land to have a
bigger impact.”
There are signs that the curbs
are biting. Three plots of residen-
tial land in Shanghai a couple of
weeks ago sold at a small pre-
mium to the starting offer pric-
es. — Bloomberg LP
New listings in Toronto fell 17% in January from a month earlier, the biggest one-month decline since 2002
China home prices rise in fewest cities in a year amid curbs
Chinese authorities have expanded curbs on home purchases and tightened restrictions on property lending
E
E
PICT
URES
: BLO
OM
BERG
THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP13
EP14 • THEEDGE SINGAPORE | FEBRUARY 27, 2017
YOUR NEIGHBOURHOOD
| BY MICHAEL LIM |
The picturesque Jurong Lake area is turn-
ing into the residential area of choice
for those staying in the western part of
Singapore. Not only do the residents of
the condominiums surrounding Jurong
Lake enjoy a scenic view, the serene neighbour-
hood also provides them with respite from the
hustle and bustle of city life.
“The area’s biggest draw is that it is the
only lakefront residential area in the western
part of Singapore,” says Alice Tan, head of re-
search with Knight Frank and a Jurong West
resident for more than 30 years. “On week-
ends, you can see children playing as well as
adults exercising and jogging around Jurong
Lake, the Chinese Garden and Japanese Gar-
den, enjoying the fresh air and tranquillity of
the lake and its surrounding area.”
The area in focus is bordered by Corpo-
ration Road and Jurong Canal and is served
by the Lakeside MRT Station. There are eight
99-year leasehold condos within a 10-minute
walk of the Lakeside MRT station. They range
from the latest developments by MCL Land —
Lakeville and Lake Grande — to the oldest,
Lakepoint, a 34-year-old project by JTC Corp.
Strong demand for new and old condosThe 304-unit Lakepoint was completed in
1983. It comprises two-bedroom units of 915
to 1,044 sq ft, maisonettes of 1,884 to 2,217
sq ft, penthouses of 2,734 to 3,261 sq ft and
townhouses of 2,486 to 3,401 sq ft.
Despite having just 65 years left on its lease,
this development remains popular among buy-
ers. Based on caveats lodged with Realis, there
have been on average six transactions a year
over the past three years. The latest transaction
was for a 2,217 sq ft, four-bedroom unit that
was sold in January for $1.23 million ($555 psf).
“Most of the new buyers are cash-rich in-
vestors who are buying because of its en-bloc
potential,” says Ryan Yeo, associate deputy di-
vision director with Knight Frank Property Net-
work, who specialises in marketing residential
developments in the western part of Singapore.
“I know of a few owners who have bought
and are not concerned whether they are able
to rent the unit out because their intention is
to hold on to the unit and wait for en-bloc.”
He reckons that owners of Lakepoint will
start the en-bloc process once the property
market improves because it is an ageing de-
velopment with no facilities.
The two newest additions to the area are
Lakeville and Lake Grande. The 696-unit Lake-
ville, located on Jurong Lake Link, is expected
to be completed by 1Q2017. The development
consists of one- to five-bedroom units of 560 to
1,862 sq ft. There are also four- and five-bed-
room penthouses of 1,981 to 2,680 sq ft.
Lakeville was launched for sale in April
2014 and about 180 units were snapped up
on the first day at an average price of $1,300
psf. According to MCL Land, most of the units
sold then were one- and two-bedroom apart-
ments and almost 90% of the buyers were
Singaporeans, with HDB upgraders account-
ing for the bulk of the purchasers.
According to the latest January developers’
sales data compiled by the URA, 689 out of
the total 696 units were sold at a median price
of $1,174 psf. The most recent unit sold was
a 1,423 sq ft, four-bedroom unit. It changed
hands in January for $1.65 million ($1,156
psf), according to caveats lodged with Realis.
Located just directly across from Lakeville
is Lake Grande, which is expected to be com-
pleted by 2019. The 710-unit, 99-year leasehold
condo was launched for sale last July and 436
units of the development, or 61%, were sold
during the launch weekend at an average price
of $1,368 psf.
According to MCL Land, two-bedroom units
at Lake Grande were the most popular, with
260 such units sold. The average two-bedder
is about 660 sq ft and was sold at $1,365 psf,
or around $900,000.
Some 85% of the buyers were Singaporeans,
while 12% were permanent residents and the
remainder, foreigners, says MCL Land.
According to the January developers’ sales
View of the Jurong Lake area with Lakefront Residences on the right
From left: The 629-unit Lakefront Residences by Keppel Land, 712-unit Caspian by Frasers Centrepoint and 369-unit Lakeholmz by Frasers Centrepoint
PICT
URES
: SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
Lakefront living in Jurong
THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP15
YOUR NEIGHBOURHOOD
The 696-unit Lakeville, located on Jurong Lake Link, is expected to be completed by 1Q2017
MCL Land’s 710-unit Lake Grande is under construction, with Lakeville on its left and Lakeshore Residences on its right
The 848-unit The Lakeshore by Far East Organization was completed in 2007
The 304-unit Lakepoint by JTC Corp was completed in 1983The 638-unit Parc Vista (right) by Far East Organization was completed in 1997
E
in June 2009 for $645,000 ($689 psf).
Two slightly newer developments, Caspian
and Lakefront Residences, were completed less
than five years ago. The 712-unit Caspian by
Frasers Centrepoint is fully sold and was com-
pleted in 2013. Units in the project are spread
across six 17-storey blocks and comprise two-
to four-bedroom apartments of 872 to 1,593 sq
ft. The latest transaction was for a 1,302 sq ft,
three-bedroom unit that was sold in January
for $1.37 million ($1,052 psf).
The 629-unit Lakefront Residences by Keppel
Land was completed in 2014 and is fully sold.
It is made up one- to four-bedders of 484 to
1,938 sq ft and penthouses of 2,000 to 3,186
sq ft. The latest transaction was for a 1,389 sq
ft, four-bedroom unit that was sold in January
for $1.65 million ($1,188 psf).
Jurong Lake GardensThe park around Jurong Lake will get a make-
over under the Jurong Lake District master plan
and will be renamed Jurong Lake Gardens.
According to Tan, the government is looking
at redesigning and revamping the park through
landscaping, adding new paths and exercise
areas as well as clusters of commercial space.
Residents at all eight developments will be
able to look forward to the new and revamped
Jurong Lake Gardens when it is unveiled sec-
tion by section starting from next year with the
Jurong Lake West Garden on Yuan Ching Road.
“Once the transformation of the Jurong Lake
area is completed, not only will residents be
able to experience a new lakefront lifestyle,
they are also likely to see the value of their
properties rise,” says Tan.
data, 559 out of the total 710 units were sold
at a median price of $1,302 psf. The latest
transaction was for a 980 sq ft, three-bed-
room unit that was sold in February for $1.17
million ($1,195 psf), based on caveats lodged
with Realis.
Both Lakeville and Lake Grande are ideal
for young families with children, given their
close proximity to Rulang Primary School, one
of the top three primary schools in the west of
Singapore, says Knight Frank’s Tan.
Other developmentsBesides Lakepoint, there are three other 99-
year leasehold developments in the area that
are 10 years old or older: Parc Vista, Lakeholmz
and The Lakeshore. Demand for all three de-
velopments remains high; at The Lakeshore,
28 units changed hands in 2016, while at Parc
Vista and Lakeholmz, 19 and 14 units were
transacted respectively.
Yeo notes that there is a growing number of
non-resident Indian professionals with perma-
nent resident status renting or buying in the
area, owing to its close proximity to the Inter-
national Business Park. Many of these profes-
sionals are in the IT industry and like to live
near their workplace, he says.
As many of these Indians have extended
families, they tend to favour big units, espe-
cially those at Parc Vista, The Lakeshore and
Lakepoint, where three-bedroom units start
from 1,100 sq ft compared with the newer con-
dos, explains Yeo. “Most of these older condos
are going for less than $1,000 psf and this is a
key pull factor,” he says.
The 638-unit Parc Vista by Far East Organi-
zation was completed in 1997. Units are a mix
of two- to four-bedders of 1,044 to 1,636 sq ft
and maisonettes of 1,938 to 2,379 sq ft. The lat-
est transaction was for a 1,076 sq ft, two-bed-
room unit in December that fetched $850,000
($790 psf). The seller had purchased it in Jan-
uary 1996 for $687,000 ($639 psf).
The 369-unit Lakeholmz was developed by
Frasers Centrepoint and completed in 2005.
Lakeholmz consists of two- to four-bedroom
units of 1,001 to 2,616 sq ft. The latest trans-
action was for a 1,249 sq ft, three-bedroom
unit that was sold in February for $1.04 mil-
lion ($831 psf). The seller had bought it in Sep-
tember 2005 for $567,000 ($454 psf).
The 848-unit The Lakeshore by Far East
Organization was completed in 2007. It is
made up of two- to four-bedroom apartments
of 861 to 1,900 sq ft. A 936 sq ft, two-bedroom-
plus-study unit changed hands in February for
$995,000 ($1,063 psf). The seller had bought it
EP16 • THEEDGE SINGAPORE | FEBRUARY 27, 2017
GAINS AND LOSSES
Residential transactions with contracts dated Feb 7 to 14
URA
, THE
EDG
E PR
OPE
RTY
Most profi table deals
Non-profi table deals
PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)
NON-LANDED
1 Ardmore Park 10 2,885 Feb 9 3,293 Sept 9, 2002 1,699 4,600,000 94 5 14.4
2 Goldenhill Park Condominium 20 1,335 Feb 9 1,371 April 10, 2001 732 853,500 87 4 15.8
3 Costa Rhu 15 1,765 Feb 14 1,146 May 1, 1995 733 729,480 56 2 21.8
4 Mera Springs 8 1,292 Feb 8 1,215 June 29, 2006 687 682,000 77 6 10.6
5 Duchess Crest 10 1,711 Feb 9 1,208 July 22, 2009 830 648,000 46 5 7.6
6 Pebble Bay 15 1,894 Feb 8 1,161 May 11, 1996 822 643,000 41 2 20.8
7 Amaryllis Ville 11 1,259 Feb 9 1,294 April 19, 2002 853 556,000 52 3 14.8
8 Limau Park 16 1,270 Feb 8 875 Sept 1, 2006 450 540,000 94 7 10.4
9 The Lucent 15 1,324 Feb 14 1,114 Jan 23, 2009 750 482,000 49 5 8.1
10 The Tate Residences 9 3,218 Feb 9 2,424 Oct 10, 2006 2,276 476,000 6 1 10.3
PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)
1 Scotts Square 9 947 Feb 7 2,956 Sept 3, 2007 4,184 1,163,195 29 4 9.4
2 Orchard Scotts 9 2,088 Feb 10 1,389 Feb 13, 2012 1,858 980,000 25 6 5.0
3 The Arcadia 11 3,778 Feb 8 810 Oct 20, 2009 1,006 740,000 19 3 7.3
4 Jewel Of Balmoral 10 2,411 Feb 13 1,410 Dec 10, 2007 1,667 620,000 15 2 9.2
5 The Arcadia 11 3,735 Feb 7 904 July 24, 2007 1,031 475,000 12 1 9.6
6 St Martin Residence 10 603 Feb 8 2,148 Sept 12, 2012 2,488 205,000 14 3 4.4
7 8 @ Mount Sophia 9 1,464 Feb 9 1,455 Aug 14, 2007 1,560 153,000 7 1 9.5
8 Rivergate 9 1,507 Feb 13 1,891 March 14, 2011 1,980 133,860 4 1 5.9
9 Laguna Park 15 1,615 Feb 8 879 Jan 10, 2011 929 80,000 5 1 6.1
10 D’Leedon 10 1,389 Feb 8 1,440 Jan 24, 2013 1,496 77,910 4 1 4.0
Note: The profit and loss computation excludes transaction costs such as stamp duties URA caveat record downloaded on Feb 17 and 21
All seven units transacted at Orchard Scotts since 2015 were sold at a loss. Find the most affordable unit in the project at bit.ly/OrchardScottsEdge.
Ardmore Park is a freehold condominium completed in 2001. Find the most affordable unit in the project at bit.ly/ArdmoreParkEdge.
PICT
URES
: SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
E
Ardmore Park unit makes $4.6 mil profit| BY LIN ZHIQIN |
On Feb 9, a 2,885 sq ft unit
at Ardmore Park in prime
District 10 was sold at a
$4.6 million profit. The gain
works out to 94%, or 5%
a year over 14 years. The previous
owner bought it at $4.9 million, or
$1,699 psf, in September 2002 and
sold it at $9.5 million, or $3,293 psf.
This was the first transaction at
Ardmore Park this year. The next
most recent transaction, in Decem-
ber 2016, resulted in a $3.18 million
profit for the seller. The 2,885 sq ft
unit was bought at $6.4 million, or
$2,219 psf, in August 2006 and sold
at $9.58 million, or $3,321 psf. The
profit works out to 50%, or 4% a
year over 10 years.
There were 58 rental contracts for
units of 2,800 to 2,900 sq ft at Ard-
more Park in 2H2016, with month-
ly rents averaging $14,598. This im-
plies a 2% gross rental yield for the
recently transacted unit. Completed
in 2001, Ardmore Park is a freehold
condominium comprising 330 units.
For private non-landed homes
sold in the week of Feb 7 to 14, the
biggest loss of $1.16 million was in-
curred by the seller of a 947 sq ft unit
at Scotts Square in prime District 9.
The unit was bought from the devel-
oper at $3.96 million, or $4,184 psf,
in September 2007 and sold at $2.8
million, or $2,956 psf, on Feb 7. The
loss works out to 29%, or 4% a year
over nine years.
There were 19 rental contracts for
units of 900 to 1,000 sq ft at Scotts
Square in 2H2016, with monthly
rents averaging $6,511. This implies
a 3% gross rental yield for the re-
cently transacted unit.
Based on the matching of URA
caveat data, both units transact-
ed at Scotts Square so far this year
were sold at a loss. A week earlier,
on Feb 3, a 1,249 sq ft unit was sold
at a $1.56 million loss, the biggest
at Scotts Square so far. The seller
bought the unit at $5.2 million, or
$4,171 psf, from the developer in Au-
gust 2007 and sold it at $3.65 mil-
lion, or $2,923 psf.
All seven units at Scotts Square
transacted last year, whose previ-
ous caveats could be traced, were
also sold at a loss. The sellers sus-
tained losses ranging from $647,088
to $1.2 million, with an average loss
of $910,579, or 24%. Scotts Square
is a mixed-use development com-
pleted in 2011. It has 338 freehold
residential units and is located with-
in walking distance of the Orchard
MRT station.
For private non-landed homes
sold in the week of Feb 7 to 14, the
second-biggest loss of $980,000 was
incurred by the seller of a 2,088 sq ft
unit at Orchard Scotts in prime District
9. The unit was bought at $3.88 mil-
lion, or $1,858 psf, in February 2012
and sold at $2.9 million, or $1,389
psf, on Feb 10. The loss works out to
25%, or 6% a year over five years.
There were two rental contracts
for units of 2,000 to 2,100 sq ft at Or-
chard Scotts in 2H2016, with monthly
rents at $9,200 and $12,000.
Based on the matching of URA
caveat data, all seven units transact-
ed at Orchard Scotts since 2015 were
sold at a loss. The sellers sustained
losses ranging from $823,923 to $2.4
million, with an average loss of $1.6
million, or 35%. Orchard Scotts is a
99-year leasehold condo completed
in 2008. It comprises 387 units and
is located within walking distance of
the Newton MRT station.
THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP17
BUDGET 2017
| BY LIN ZHIQIN |
On Feb 20, Finance Minister Heng
Swee Keat announced in his Budget
statement that, with immediate ef-
fect, the Central Provident Fund’s
(CPF) Housing Grant had been raised
to $50,000 for first-timer couples buying four-
room or smaller HDB flats from the resale mar-
ket. For those who purchase five-room or big-
ger flats, the grant has been raised to $40,000.
The CPF Housing Grant was previously
capped at $30,000. Including the Addition-
al CPF Housing Grant, capped at $40,000,
and the Proximity Housing Grant, capped at
$20,000, first-timer couples can now receive
up to $110,000 in subsidies.
According to Cushman &
Wakefield Research director
Christine Li, the move is time-
ly, as a large volume of build-
to-order HDB units, totalling
about 18,000 units, reached the
end of their Minimum Occu-
pation Period as at end-2016.
This is 80% higher than the
number of units that reached
MOP in 2015.
“The grant can therefore
help soak up additional HDB
resale supply, particularly for
those who need to dispose of resale flats af-
ter they have taken pos session of new BTOs,
executive condomi niums and private proper-
ties,” says Li.
RHB Research expects the move to trans-
late into a slight boost in demand for resale
HDB units and help stabilise resale prices. It
will also alleviate demand pressure on new
BTO launches, especially in mature estates.
ERA key executive officer Eugene Lim agrees.
He expects resale HDB transaction volume “to
receive a good boost, as resale flats are now
cheaper, and this might swing more purchas-
ers towards a resale flat instead of having to
wait three years or so for a BTO flat”.
The Budget did not include the easing of
property cooling measures.
Minister for National Develop-
ment Lawrence Wong signalled
in an interview with Bloomb-
erg TV on Feb 21 that the res-
idential property curbs were
expected to stay for some time.
Wong said the cooling
measures had “helped achieve
a soft landing in the property
market” and demand remained
“very resilient”. He also add-
ed that the government was
studying measures to boost
revenue, including higher
taxes, to help ease pressure on the budget as
spending increases.
Earlier this month, president and CEO of
CapitaLand Lim Ming Yan said the cooling
measures are expected to stay in place for at
least another year. “We see volume picking up
and price declines have slowed. We see this
trend continuing for 2017. There is no compel-
ling reason for the government to make major
changes at this point,” he said.
Private-home prices declined 3% in 2016,
in a third consecutive year of decline. As no
changes were introduced to the existing proper-
ty cooling measures, RHB Research maintains
its expectation of a 3%-to-7% decline in resi-
dential property prices this year.
Help for first-timers buying resale HDBs, but no easing of cooling measures
First-timer couples buying resale HDBs can now receive up to $110,000 in subsidies
The Budget delivered by Heng did not include any easing of property cooling measures E
SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
THE
EDG
E SI
NG
APO
RE
EP18 • THEEDGE SINGAPORE | FEBRUARY 27, 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 Feb 7 to 14
District 1 MARINA ONE RESIDENCES Apartment 99 years Feb 7, 2017 1,119 2,765,070 - 2,470 Uncompleted New SaleMARINA ONE RESIDENCES Apartment 99 years Feb 7, 2017 1,119 2,729,331 - 2,438 Uncompleted New SaleV ON SHENTON Apartment 99 years Feb 9, 2017 689 1,450,000 - 2,105 Uncompleted Sub SaleDistrict 3 ALEX RESIDENCES Apartment 99 years Feb 8, 2017 1,044 1,821,848 - 1,745 Uncompleted New SaleASCENTIA SKY Condominium 99 years Feb 10, 2017 1,475 2,198,000 - 1,491 2013 ResaleCOMMONWEALTH TOWERS Condominium 99 years Feb 7, 2017 1,076 1,642,000 - 1,525 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Feb 8, 2017 904 1,539,100 - 1,702 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years Feb 10, 2017 463 808,000 - 1,746 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years Feb 12, 2017 700 1,313,400 - 1,877 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 8, 2017 807 1,337,000 - 1,656 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 8, 2017 1,076 1,889,000 - 1,755 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 8, 2017 764 1,193,000 1,188,000 1,554 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 9, 2017 506 897,000 892,000 1,763 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 9, 2017 484 785,000 - 1,621 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 9, 2017 1,076 1,833,000 1,828,000 1,698 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years Feb 11, 2017 797 1,270,000 - 1,594 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 8, 2017 495 822,000 - 1,660 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 10, 2017 840 1,443,000 - 1,719 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 11, 2017 624 966,000 - 1,547 Uncompleted New Sale
LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
QUEENS PEAK Condominium 99 years Feb 12, 2017 947 1,361,000 - 1,437 Uncompleted New SaleQUEENS PEAK Condominium 99 years Feb 12, 2017 495 826,000 - 1,668 Uncompleted New SaleTHE CREST Condominium 99 years Feb 10, 2017 797 1,340,000 - 1,682 Uncompleted New SaleTHE CREST Condominium 99 years Feb 11, 2017 915 1,540,000 - 1,683 Uncompleted New SaleDistrict 4 SEASCAPE Condominium 99 years Feb 7, 2017 4,069 6,200,000 - 1,524 2011 ResaleTHE COAST AT SENTOSA COVE Condominium 99 years Feb 9, 2017 2,820 4,880,000 - 1,730 2009 ResaleTHE COAST AT SENTOSA COVE Condominium 99 years Feb 10, 2017 2,357 3,720,000 - 1,578 2009 ResaleDistrict 5 THE TRILINQ Condominium 99 years Feb 7, 2017 1,356 1,615,000 - 1,191 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 7, 2017 1,055 1,405,000 - 1,332 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 9, 2017 538 804,000 - 1,494 Uncompleted New SaleTHE TRILINQ Condominium 99 years Feb 10, 2017 538 815,000 - 1,514 Uncompleted New SaleVILLAGE @ PASIR PANJANG Condominium Freehold Feb 8, 2017 1,410 1,700,000 - 1,206 2016 New SaleDistrict 8 MERA SPRINGS Condominium Freehold Feb 8, 2017 1,292 1,570,000 - 1,215 2008 ResaleSTURDEE RESIDENCES Condominium 99 years Feb 10, 2017 657 1,114,300 - 1,697 Uncompleted New SaleDistrict 9 8 @ MOUNT SOPHIA Condominium 103 years Feb 7, 2017 861 1,110,000 - 1,289 2007 Resale8 @ MOUNT SOPHIA Condominium 103 years Feb 9, 2017 1,464 2,130,000 - 1,455 2007 ResaleESPADA Apartment Freehold Feb 8, 2017 721 1,650,000 - 2,288 2013 ResaleORCHARD SCOTTS Condominium 99 years Feb 10, 2017 2,088 2,900,000 - 1,389 2007 ResaleOUE TWIN PEAKS Condominium 99 years Feb 7, 2017 1,399 3,533,340 - 2,525 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 7, 2017 1,399 3,491,400 - 2,495 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 8, 2017 549 1,508,800 - 2,748 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 8, 2017 570 1,227,650 - 2,152 2015 ResaleOUE TWIN PEAKS Condominium 99 years Feb 14, 2017 549 1,618,300 - 2,948 2015 ResaleRIVERGATE Apartment Freehold Feb 13, 2017 1,507 2,850,000 - 1,891 2009 ResaleSCOTTS SQUARE Apartment Freehold Feb 7, 2017 947 2,800,000 - 2,956 2011 ResaleSOPHIA HILLS Condominium 99 years Feb 9, 2017 700 1,416,000 - 2,024 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 9, 2017 700 1,361,000 - 1,945 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 11, 2017 700 1,403,000 - 2,005 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 11, 2017 700 1,355,000 - 1,937 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 12, 2017 700 1,354,000 - 1,935 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 12, 2017 700 1,329,000 - 1,899 Uncompleted New SaleSOPHIA HILLS Condominium 99 years Feb 12, 2017 700 1,336,000 - 1,909 Uncompleted New SaleTHE RISE @ OXLEY - RESIDENCES Apartment Freehold Feb 9, 2017 646 1,550,000 - 2,400 Uncompleted New SaleTHE RISE @ OXLEY - RESIDENCES Apartment Freehold Feb 10, 2017 646 1,510,000 - 2,338 Uncompleted New SaleTHE TATE RESIDENCES Condominium Freehold Feb 9, 2017 3,218 7,800,000 - 2,424 2009 ResaleDistrict 10 ARDMORE II Condominium Freehold Feb 13, 2017 2,024 4,900,000 - 2,421 2010 ResaleARDMORE PARK Condominium Freehold Feb 9, 2017 2,885 9,500,000 - 3,293 2001 ResaleARDMORE THREE Condominium Freehold Feb 13, 2017 1,787 6,096,285 - 3,412 2014 ResaleBELMOND GREEN Condominium Freehold Feb 10, 2017 1,550 2,150,000 - 1,387 2004 ResaleD’LEEDON Condominium 99 years Feb 8, 2017 1,389 2,000,000 - 1,440 2014 ResaleDUCHESS CREST Condominium 99 years Feb 9, 2017 1,711 2,068,000 - 1,208 1998 ResaleHOLLAND RESIDENCES Condominium Freehold Feb 8, 2017 1,356 2,550,000 - 1,880 2012 ResaleJEWEL OF BALMORAL Apartment Freehold Feb 13, 2017 2,411 3,400,000 - 1,410 2000 ResaleLEEDON RESIDENCE Condominium Freehold Feb 8, 2017 4,704 10,550,000 - 2,243 2015 ResaleLEEDON RESIDENCE Condominium Freehold Feb 13, 2017 4,704 8,800,000 - 1,871 2015 ResaleSHAMROCK PARK Semi-Detached Freehold Feb 10, 2017 4,080 5,960,000 - 1,460 1992 ResaleST MARTIN RESIDENCE Condominium Freehold Feb 8, 2017 603 1,295,000 - 2,148 2001 ResaleTHE TRIZON Condominium Freehold Feb 10, 2017 1,044 1,690,000 - 1,619 2012 Resale
LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
E
DONE DEALS
Sales pick up at Ardmore Park area| BY TAN CHEE YUEN |
Over the past couple of weeks,
sales activities at the pres-
tigious Ardmore Park neigh-
bourhood have been brisk.
Ardmore Three, a freehold
development by Wheelock Proper-
ties, registered the sale of a fourth
unit in as many weeks. The latest
transaction, on Feb 13, was for the
sale of a 1,787 sq ft, three-bedroom
unit on the 23rd floor for $6.1 mil-
lion ($3,412 psf).
The renewed interest in Ardmore
Three came after Wheelock Proper-
ties launched its deferred payment
scheme towards end-January. Un-
der the DPS, buyers need only pay
a 1% booking fee, followed by 4% a
fortnight later and another 15% four
weeks later, with the remainder only
due two years from the date of sign-
ing the option to purchase. However,
there is a catch for those who opt for
the DPS, as they will receive only a
12% additional buyer’s stamp duty
(ABSD) rebate instead of 15% under
the normal payment scheme.
Wheelock Properties has been
offering a 15% discount and a 15%
ABSD assistance package to buyers
of Ardmore Three since last April. So
far, the developer has sold about 60
units at the 84-unit freehold project
that was completed in 2014.
Besides Ardmore Three, two oth-
er luxury condominiums in Whee-
lock Properties’ Ardmore series have
also seen some renewed interest re-
cently. At Ardmore II, a unit on the
14th floor was sold for $4.9 million
($2,421 psf), according to a caveat
lodged with Realis on Feb 13. It is
the first unit transacted at the de-
velopment this year. The last time
a unit changed hands at Ardmore
II was in December, when a unit on
the 30th floor was sold for $5.3 mil-
lion ($2,619 psf).
Ardmore II is a freehold devel-
opment with 118 identical four-bed-
room units of 2,024 sq ft each in
two 36-storey towers. The project
was launched in mid-2006, a dec-
ade after the launch of the Ardmore
Park condo.
Prices at Ardmore II peaked in Au-
A 2,885 sq ft, four-bedroom unit on the 25th floor of Ardmore Park changed hands for $9.5 million ($3,293 psf)
A 2,024 sq ft, four-bedroom unit on the 14th floor at Ardmore II was sold for $4.9 million ($2,421 psf) in February
Wheelock Properties launched a new DPS at Ardmore Three towards end-January and since then, four units have been sold
gust 2007, a year before the collapse
of Lehman Brothers, when a unit on
the 26th floor fetched $7.28 million
($3,599 psf). Since then, owing to
the property cooling measures, prices
have softened to between $2,483 and
$2,619 psf in 2016. The last time a unit
at Ardmore II changed hands above
the $3,000 psf mark was in April 2010
when a unit on the 29th floor was
sold for $6.19 million ($3,061 psf).
At Ardmore Park, a 2,885 sq
ft, four-bedroom unit on the 25th
floor changed hands for $9.5 mil-
lion ($3,293 psf). The seller bought
the unit for $4.9 million ($1,699 psf)
in September 2002. Last December,
an adjacent unit was sold for $9.58
million ($3,321 psf).
“Despite its age, Ardmore Park
remains a highly sought-after free-
hold development among the well-
heeled because of the size of the
units and the surrounding grounds;
buyers realise such a development
is very hard to find, especially in
a prime residential district,” says
Samuel Eyo, managing director at
Singapore Christie’s International
Real Estate. The 330-unit project
was completed in 2001 and contin-
ues to be held as the standard for
luxury projects to emulate.
At the neighbouring The Tate Residences, a prime freehold condo
project located on Claymore Road, a
3,218 sq ft, four-bedroom unit on the
21st floor of one of the twin 36-sto-
rey towers was sold in February
for $7.8 million ($2,424 psf). The
unit was purchased for $7.32 mil-
lion ($2,276 psf) in October 2006.
The 85-unit project by Hong Leong
Holdings was completed in 2009 and
comprises three-bedroom units of at
least 1,895 sq ft and four-bedroom
units that start from 3,200 sq ft.
PICT
URES
: SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
THE
EDG
E SI
NG
APO
RE
THEEDGE SINGAPORE | FEBRUARY 27, 2017 • EP19
DISCLAIMER:Source: URA Realis. Updated Feb 21, 2017. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.EC stands for executive condominium
Residential transactions with contracts dated Feb 7 to 14
LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
YGK GARDEN Condominium Freehold Feb 13, 2017 2,067 2,900,000 - 1,403 2008 ResaleDistrict 11 6 DERBYSHIRE Condominium Freehold Feb 10, 2017 732 1,532,755 - 2,094 2017 New SaleAMARYLLIS VILLE Condominium 99 years Feb 9, 2017 1,259 1,630,000 - 1,294 2004 ResaleSKY@ELEVEN Condominium Freehold Feb 8, 2017 2,271 3,100,000 - 1,365 2010 ResaleTHE ARCADIA Condominium 99 years Feb 7, 2017 3,735 3,375,000 - 904 1983 ResaleTHE ARCADIA Condominium 99 years Feb 8, 2017 3,778 3,060,000 - 810 1983 ResaleDistrict 12 AVA TOWERS Apartment Freehold Feb 8, 2017 1,281 1,150,000 - 898 1993 ResaleBEACON HEIGHTS Condominium 999 years Feb 8, 2017 1,076 1,130,000 - 1,050 2012 ResaleCALARASI Apartment Freehold Feb 8, 2017 1,184 1,250,000 - 1,056 2004 ResaleCHELSEA GROVE Apartment Freehold Feb 9, 2017 980 1,080,000 - 1,103 2007 ResaleEIGHT RIVERSUITES Condominium 99 years Feb 7, 2017 700 1,050,000 - 1,501 2016 Sub SaleGEM RESIDENCES Condominium 99 years Feb 11, 2017 452 750,000 - 1,659 Uncompleted New SaleGEM RESIDENCES Condominium 99 years Feb 12, 2017 1,055 1,553,000 - 1,472 Uncompleted New SaleREGENT RESIDENCES Apartment Freehold Feb 10, 2017 1,615 1,700,000 - 1,053 2015 ResaleTREVISTA Condominium 99 years Feb 8, 2017 915 1,200,000 - 1,312 2011 ResaleDistrict 13 E MAISON Apartment Freehold Feb 9, 2017 936 1,329,000 - 1,419 2016 New SaleMACPHERSON GARDEN ESTATE Terrace Freehold Feb 13, 2017 883 1,550,000 - 1,754 Unknown ResaleSUITES@BRADDELL Apartment Freehold Feb 10, 2017 420 560,000 - 1,334 2015 ResaleTHE POIZ RESIDENCES Apartment 99 years Feb 7, 2017 538 786,000 - 1,460 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years Feb 9, 2017 592 692,000 - 1,169 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 7, 2017 861 1,060,605 - 1,232 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 9, 2017 850 1,163,000 - 1,368 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 9, 2017 850 1,140,720 - 1,341 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 10, 2017 1,238 1,770,615 - 1,430 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 10, 2017 850 1,148,805 - 1,351 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 11, 2017 840 1,148,070 - 1,367 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 11, 2017 840 1,150,000 - 1,370 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 11, 2017 1,270 1,585,000 - 1,248 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years Feb 12, 2017 840 1,158,000 - 1,379 Uncompleted New SaleDistrict 14 # 1 SUITES Apartment Freehold Feb 9, 2017 614 630,000 - 1,027 2016 New SaleEUHABITAT Condominium 99 years Feb 10, 2017 1,270 1,345,000 - 1,059 2015 Sub SaleREZI 3TWO Apartment Freehold Feb 7, 2017 818 1,120,000 - 1,369 Uncompleted New SaleREZI 3TWO Apartment Freehold Feb 7, 2017 463 729,000 - 1,575 Uncompleted New SaleREZI 3TWO Apartment Freehold Feb 11, 2017 818 1,140,000 - 1,394 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Feb 7, 2017 484 728,757 - 1,505 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Feb 7, 2017 657 822,000 - 1,252 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years Feb 12, 2017 1,033 1,367,432 - 1,323 Uncompleted New SaleVACANZA @ EAST Condominium Freehold Feb 9, 2017 1,119 1,080,000 - 965 2014 ResaleDistrict 15 COSTA RHU Condominium 99 years Feb 14, 2017 1,765 2,023,000 - 1,146 1997 ResaleFLAMINGO VALLEY Condominium Freehold Feb 8, 2017 1,636 2,165,000 - 1,323 2014 ResaleLAGUNA PARK Apartment 99 years Feb 8, 2017 1,615 1,420,000 - 879 1978 ResaleSTILL LANE Terrace Freehold Feb 10, 2017 2,540 2,800,000 - 1,100 Unknown ResaleONE AMBER Condominium Freehold Feb 7, 2017 570 990,000 - 1,735 2010 ResalePEBBLE BAY Condominium 99 years Feb 8, 2017 1,894 2,200,000 - 1,161 1997 ResaleSANCTUARY GREEN Condominium 99 years Feb 7, 2017 1,119 1,230,000 - 1,099 2004 ResaleTHE LUCENT Apartment Freehold Feb 14, 2017 1,324 1,475,000 - 1,114 2011 ResaleDistrict 16 LIMAU PARK Condominium Freehold Feb 8, 2017 1,270 1,112,000 - 875 1991 ResaleTHE CLEARWATER Condominium 99 years Feb 8, 2017 1,442 1,200,000 - 832 2001 ResaleTHE GLADES Condominium 99 years Feb 7, 2017 990 1,398,000 - 1,412 2016 New SaleTHE GLADES Condominium 99 years Feb 12, 2017 484 696,800 - 1,439 2016 New SaleWATERFRONT WAVES Condominium 99 years Feb 10, 2017 1,378 1,300,000 - 944 2011 ResaleDistrict 17 BALLOTA PARK CONDOMINIUM Condominium Freehold Feb 9, 2017 1,249 840,000 - 673 2000 ResaleDistrict 18 CHANGI RISE CONDOMINIUM Condominium 99 years Feb 8, 2017 1,259 950,000 - 754 2004 ResaleCOCO PALMS Condominium 99 years Feb 7, 2017 1,098 1,124,000 - 1,024 Uncompleted New SaleCOCO PALMS Condominium 99 years Feb 10, 2017 1,744 1,819,200 - 1,043 Uncompleted New SaleD’NEST Condominium 99 years Feb 10, 2017 1,410 1,329,900 - 943 Uncompleted New SaleD’NEST Condominium 99 years Feb 11, 2017 1,270 1,299,480 - 1,023 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Feb 7, 2017 689 727,000 - 1,055 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Feb 7, 2017 700 743,000 - 1,062 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years Feb 7, 2017 700 749,000 - 1,071 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 7, 2017 753 792,000 - 1,051 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 7, 2017 743 792,000 - 1,066 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 8, 2017 753 784,000 - 1,041 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 8, 2017 753 805,000 - 1,068 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 10, 2017 753 793,000 - 1,052 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 11, 2017 753 779,130 - 1,034 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 11, 2017 753 760,320 - 1,009 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 11, 2017 764 771,200 - 1,009 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 12, 2017 753 779,000 - 1,034 Uncompleted New SaleTHE SANTORINI Condominium 99 years Feb 12, 2017 1,109 1,196,910 - 1,080 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 7, 2017 2,239 1,900,000 - 849 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 9, 2017 700 785,000 - 1,122 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 11, 2017 797 865,000 - 1,086 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 12, 2017 1,346 1,265,000 - 940 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 12, 2017 700 786,000 - 1,123 Uncompleted New SaleVUE 8 RESIDENCE Condominium 99 years Feb 12, 2017 1,464 1,193,500 - 815 Uncompleted New SaleWATERVIEW Condominium 99 years Feb 13, 2017 786 818,888 - 1,042 2014 ResaleDistrict 19 BOTANIQUE AT BARTLEY Condominium 99 years Feb 11, 2017 1,130 1,481,760 - 1,311 Uncompleted New SaleFOREST WOODS Condominium 99 years Feb 9, 2017 969 1,376,000 - 1,420 Uncompleted New SaleLA FIESTA Condominium 99 years Feb 7, 2017 452 620,000 - 1,371 2016 Sub SaleONE SURIN Terrace Freehold Feb 8, 2017 4,004 2,600,000 - 649 2017 New SaleONE SURIN Terrace Freehold Feb 9, 2017 4,004 2,550,000 - 637 2017 New SalePARK RESIDENCES KOVAN Apartment Freehold Feb 14, 2017 355 583,000 - 1,641 2014 ResaleRIO VISTA Condominium 99 years Feb 8, 2017 1,249 815,000 - 653 2004 ResaleRIVERSAILS Condominium 99 years Feb 9, 2017 1,184 1,262,000 - 1,066 2016 ResaleTHE QUARTZ Condominium 99 years Feb 8, 2017 1,367 1,150,000 - 841 2009 ResaleTHE SCALA Apartment 99 years Feb 8, 2017 1,550 1,577,900 - 1,018 2013 ResaleTHE TEMBUSU Condominium Freehold Feb 7, 2017 1,464 2,098,500 - 1,433 2016 New SaleTHE TERRACE EC 99 years Feb 7, 2017 1,001 814,600 - 814 Uncompleted New SaleTHE TERRACE EC 99 years Feb 10, 2017 1,001 814,600 - 814 Uncompleted New SaleTHE TERRACE EC 99 years Feb 10, 2017 1,001 791,700 - 791 Uncompleted New SaleTHE TERRACE EC 99 years Feb 11, 2017 1,001 798,600 - 798 Uncompleted New SaleTHE TERRACE EC 99 years Feb 11, 2017 1,001 810,600 - 810 Uncompleted New SaleTHE TERRACE EC 99 years Feb 11, 2017 1,001 806,600 - 806 Uncompleted New SaleTHE TERRACE EC 99 years Feb 11, 2017 1,001 802,600 - 802 Uncompleted New SaleTHE TERRACE EC 99 years Feb 12, 2017 1,001 766,600 - 766 Uncompleted New SaleTHE TERRACE EC 99 years Feb 12, 2017 1,001 790,600 - 790 Uncompleted New SaleTHE TERRACE EC 99 years Feb 12, 2017 1,001 766,600 - 766 Uncompleted New SaleTHE VALES EC 99 years Feb 7, 2017 753 685,020 - 909 Uncompleted New SaleTHE VALES EC 99 years Feb 12, 2017 753 650,888 - 864 Uncompleted New Sale
LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OFPROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE
THE VALES EC 99 years Feb 12, 2017 904 741,000 - 820 Uncompleted New SaleTRILIVE Condominium Freehold Feb 11, 2017 549 882,000 - 1,607 Uncompleted New SaleDistrict 20 GOLDENHILL PARK Condominium Freehold Feb 9, 2017 1,335 1,830,000 - 1,371 2004 ResaleCONDOMINIUM ISLAND COUNTRY VILLAS Semi-Detached 99 years Feb 8, 2017 2,411 2,150,000 - 892 1999 ResaleSKY HABITAT Condominium 99 years Feb 10, 2017 1,399 2,078,900 - 1,486 2015 ResaleTHE PANORAMA Condominium 99 years Feb 9, 2017 1,066 1,277,257 - 1,199 Uncompleted New SaleTHE WINDSOR Condominium Freehold Feb 8, 2017 2,174 2,050,000 - 943 1989 ResaleTHOMSON IMPRESSIONS Apartment 99 years Feb 7, 2017 1,055 1,425,700 - 1,352 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years Feb 9, 2017 463 754,300 - 1,630 Uncompleted New SaleDistrict 21 CAVENDISH PARK Condominium 99 years Feb 8, 2017 958 1,066,000 - 1,113 1996 ResaleJALAN KAMPONG CHANTEK Detached Freehold Feb 10, 2017 27,502 27,588,888 - 1,003 Unknown ResalePANDAN VALLEY Condominium Freehold Feb 7, 2017 2,024 1,800,000 - 889 1978 ResaleSIGNATURE PARK Condominium Freehold Feb 9, 2017 1,421 1,350,000 - 950 1998 ResaleSUMMERHILL Condominium Freehold Feb 7, 2017 1,259 1,360,000 - 1,080 2002 ResaleTHE CREEK @ BUKIT Condominium Freehold Feb 8, 2017 969 1,500,000 - 1,548 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold Feb 10, 2017 936 1,610,129 - 1,719 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold Feb 12, 2017 1,206 1,645,000 - 1,365 Uncompleted New SaleDistrict 22 LAKE GRANDE Condominium 99 years Feb 7, 2017 818 1,061,000 - 1,297 Uncompleted New SaleLAKE GRANDE Condominium 99 years Feb 12, 2017 980 1,171,000 - 1,195 Uncompleted New SaleLAKEHOLMZ Condominium 99 years Feb 10, 2017 1,249 1,038,000 - 831 2005 ResaleLAKEPOINT CONDOMINIUM Condominium 99 years Feb 13, 2017 1,001 790,000 - 789 Unknown ResalePARC OASIS Condominium 99 years Feb 8, 2017 1,076 820,000 - 762 1994 ResaleTHE LAKESHORE Condominium 99 years Feb 10, 2017 936 995,000 - 1,063 2007 ResaleTHE MAYFAIR Condominium 99 years Feb 7, 2017 1,227 1,030,000 - 839 2000 ResaleWESTWOOD RESIDENCES EC 99 years Feb 7, 2017 1,152 881,892 - 766 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 7, 2017 1,033 837,400 - 810 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 8, 2017 1,033 860,000 - 832 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 9, 2017 1,238 998,217 - 806 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 10, 2017 1,152 949,600 - 824 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 11, 2017 1,238 984,300 - 795 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 11, 2017 1,475 1,129,491 - 766 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 12, 2017 990 728,900 - 736 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 12, 2017 1,152 961,200 - 835 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years Feb 12, 2017 1,475 1,160,500 - 787 Uncompleted New SaleDistrict 23 CASHEW HEIGHTS Condominium 999 years Feb 8, 2017 1,658 1,520,000 - 917 1992 ResaleCONDOMINIUM GLENDALE PARK Condominium Freehold Feb 7, 2017 1,216 1,249,000 - 1,027 2000 ResaleHILLION RESIDENCES Apartment 99 years Feb 10, 2017 463 641,240 - 1,385 Uncompleted New SaleHILLVIEW REGENCY Condominium 99 years Feb 8, 2017 1,130 920,000 - 814 2006 ResaleMAYSPRINGS Apartment 99 years Feb 7, 2017 1,410 960,000 - 681 1998 ResalePALM GARDENS Condominium 99 years Feb 8, 2017 958 720,000 - 752 2000 ResaleSOL ACRES EC 99 years Feb 7, 2017 1,184 875,000 - 739 Uncompleted New SaleSOL ACRES EC 99 years Feb 7, 2017 614 502,000 - 818 Uncompleted New SaleSOL ACRES EC 99 years Feb 8, 2017 926 714,000 - 771 Uncompleted New SaleSOL ACRES EC 99 years Feb 9, 2017 614 476,000 - 776 Uncompleted New SaleSOL ACRES EC 99 years Feb 11, 2017 1,044 797,000 - 763 Uncompleted New SaleSOL ACRES EC 99 years Feb 11, 2017 1,044 809,000 - 775 Uncompleted New SaleSOL ACRES EC 99 years Feb 12, 2017 1,066 810,000 - 760 Uncompleted New SaleSOL ACRES EC 99 years Feb 12, 2017 1,066 809,000 - 759 Uncompleted New SaleSOL ACRES EC 99 years Feb 12, 2017 926 690,000 - 745 Uncompleted New SaleSOL ACRES EC 99 years Feb 12, 2017 732 596,000 - 814 Uncompleted New SaleWANDERVALE EC 99 years Feb 7, 2017 1,098 830,000 - 756 Uncompleted New SaleWANDERVALE EC 99 years Feb 10, 2017 1,098 855,000 - 779 Uncompleted New SaleWANDERVALE EC 99 years Feb 11, 2017 1,098 830,000 - 756 Uncompleted New SaleYEWTEE RESIDENCES Apartment 99 years Feb 13, 2017 1,119 1,010,000 - 902 2008 ResaleDistrict 25 BELLEWOODS EC 99 years Feb 7, 2017 1,227 958,000 - 781 Uncompleted New SaleBELLEWOODS EC 99 years Feb 12, 2017 1,249 982,000 - 786 Uncompleted New SaleDistrict 26 LENTOR VILLAS Terrace Freehold Feb 9, 2017 4,736 3,400,000 - 719 1997 ResaleTHE SPRINGSIDE Terrace Freehold Feb 11, 2017 1,711 3,008,000 - 1,756 2016 New SaleTHE SPRINGSIDE Terrace Freehold Feb 12, 2017 3,369 3,458,000 - 1,026 2016 New SaleDistrict 27 NORTH PARK RESIDENCES Apartment 99 years Feb 8, 2017 700 938,080 - 1,341 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Feb 8, 2017 700 950,400 - 1,358 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Feb 9, 2017 700 974,160 - 1,392 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years Feb 9, 2017 700 943,360 - 1,348 Uncompleted New SalePARC LIFE EC 99 years Feb 7, 2017 1,066 855,000 852,700 800 Uncompleted New SalePARC LIFE EC 99 years Feb 9, 2017 1,550 1,214,100 1,211,800 782 Uncompleted New SalePARC LIFE EC 99 years Feb 10, 2017 1,001 785,650 783,350 783 Uncompleted New SalePARC LIFE EC 99 years Feb 12, 2017 1,066 829,350 827,050 776 Uncompleted New SaleSEMBAWANG SPRINGS ESTATE Semi-Detached 999 years Feb 9, 2017 3,972 2,722,000 - 685 Unknown ResaleSIGNATURE AT YISHUN EC 99 years Feb 12, 2017 1,184 898,000 - 758 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Feb 7, 2017 797 838,000 - 1,052 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Feb 9, 2017 786 876,000 - 1,115 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years Feb 12, 2017 786 871,000 - 1,108 Uncompleted New SaleTHE BROWNSTONE EC 99 years Feb 12, 2017 883 725,600 - 822 Uncompleted New SaleTHE CRITERION EC 99 years Feb 7, 2017 1,023 796,000 - 778 Uncompleted New SaleTHE CRITERION EC 99 years Feb 8, 2017 1,378 1,138,400 - 826 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 8, 2017 1,152 947,700 - 823 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 9, 2017 1,152 826,000 - 717 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 10, 2017 980 805,000 - 822 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 10, 2017 1,119 858,000 - 766 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 10, 2017 958 786,000 - 820 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 11, 2017 1,023 845,000 - 826 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 11, 2017 980 782,000 - 798 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 11, 2017 980 816,000 - 833 Uncompleted New SaleTHE VISIONAIRE EC 99 years Feb 12, 2017 1,152 972,000 - 844 Uncompleted New SaleTHE WISTERIA Apartment 99 years Feb 7, 2017 969 965,000 - 996 Uncompleted New SaleTHE WISTERIA Apartment 99 years Feb 12, 2017 893 959,000 - 1,073 Uncompleted New SaleTHE WISTERIA Apartment 99 years Feb 12, 2017 1,173 1,280,100 - 1,091 Uncompleted New SaleTHE WISTERIA Apartment 99 years Feb 12, 2017 969 1,029,612 - 1,063 Uncompleted New SaleTHE WISTERIA Apartment 99 years Feb 12, 2017 893 941,888 - 1,054 Uncompleted New SaleDistrict 28 RIVERBANK @ FERNVALE Condominium 99 years Feb 10, 2017 1,044 1,067,000 - 1,022 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 947 920,000 - 971 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 1,012 970,000 - 959 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 1,012 1,021,000 1,016,000 1,004 Uncompleted New SaleRIVERBANK @ FERNVALE Condominium 99 years Feb 11, 2017 1,055 970,000 - 920 Uncompleted New Sale
DONE DEALS
EP20 • THEEDGE SINGAPORE | FEBRUARY 27, 2017
DEAL WATCH
CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF)
Oct 8, 2015 1,798 2.970 1,652
Sept 25, 2015 1,690 2.768 1,638
July 7, 2015 1,851 3.000 1,620
April 11, 2014 1,690 2.680 1,586
March 3, 2014 1,690 2.750 1,627
Recent transactions at The View @ Meyer
CONTRACT DATE AREA (SQ FT) PRICE ($ MIL)
1,652
1,638
1,620
1,586
1,627
PRICE ($ PSF)
1,798
1,690
1,851
1,690
1,690
AREA (SQ FT)
TABL
ES: U
RA, T
HE E
DGE
PRO
PERT
Y
Recent rental contract for a 1,600 to 1,700 sq ft unit at The View @ Meyer
LEASE DATE MONTHLY RENT $ $ PSF
April 2016 6,200 3.806,200
The View @ Meyer unit selling at $1,598 psf| BY TAN CHEE YUEN |
A 1,690 sq ft unit at The View
@ Meyer is on the market
for $2.7 million ($1,598
psf). The three-bedroom
unit is currently vacant,
according Javier Koh, a property
agent from ERA Realty who is mar-
keting the property. The unit is very
well-maintained and retains most of
its original fittings, he adds.
No transactions have taken place
at the development since October
2015. The latest comparable trans-
action of a similar-sized unit was
in September 2015 when another
1,690 sq ft three-bedroom unit on
the 13th floor was sold for $2.77
million ($1,638 psf).
That year also saw the sale of
two four-bedroom units at the de-
velopment: a 1,798 sq ft unit on the
19th floor changed hands for $2.97
million ($1,652 psf), while a 1,851
sq ft unit on the 20th floor was sold
for $3 million ($1,620 psf).
The last time prices for a three-
bedroom unit fell below the $1,600
psf mark was in April 2014 when a
1,690 unit on the 11th floor changed
hands for $2.68 million ($1,586 psf).
The View @ Meyer is a freehold
apartment across the road from Ka-
tong Park in District 15. The single
23-storey tower with 45 apartments
was developed by GuocoLand and
completed in 2010. Buyers of the
property will benefit from the up-
coming Katong Park MRT station
of the Thomson-East Coast Line,
which is scheduled to be complet-
ed by 2023.
There was one rental contract for
a 1,600-to-1,700 sq ft, three-bedroom
unit in April 2016. The monthly rent
was $6,200, which translates into a
potential gross rental yield of 2.8%
based on the asking price.
Visit tinyurl.com/DealWatch-S768
for more information. E
A 1,690 sq ft unit at The View @ Meyer is on the market for $2.7 million ($1,598 psf)
SAM
UEL
ISAA
C CH
UA/T
HE E
DGE
SIN
GAP
ORE
There’s no better place to celebrate your special occasions than at Lawry’s. Located in the heart of Orchard Road, Lawry’s The Prime Rib Singapore is renowned for its exceptional American cuisine. The restaurant has a seating capacity of 170, with six private dining rooms equipped with state of the art presentation facilities for private as well as corporate events.
Expect impeccable standard of service and savour the all-time-favourite Signature Roasted Prime Ribs of Beef, carved from “Silver Carts” and served with the Famous Original Spinning Bowl Salad. With choices of à la carte and set menus featuring unique dishes, enjoy a world-class dining experience you will never forget!
LAWRY’S THE PRIME RIB333A Orchard Road
#04-01/31 Mandarin GallerySingapore 238897
www.lawrys.com.sg
Operating hours: Lunch: 11.30am to 4pm
Dinner: Sun - Thurs: 5pm - 10.30pm (last order)
Sun - Thurs: 5pm - 11pm (last order)For reservations, please call: 6836 3333
Celebrating Special Occasions Since 1938
Visit www.lawrys.com.sg to fi nd out the latest special menu at Lawry’s.
SAVE 70% PLUS FREE!
Lawry’s The Prime Rib $50 dining voucher
TES768/LAWRY’S
YES! Start my annual subscription now.
$238.00 (Inclusive of GST) for The Edge Collection 3-year plan and
save 70% off newsstand price
$118.00 (Inclusive of GST) for The Edge Collection 1-year plan
TYPE OF SUBSCRIPTION Corporate Personal Gift
Last name (Mr/Ms/Dr )
First name
Company
Job Title
Delivery Address Home Offi ce
Postal Code
Tel Fax
Mobile Email
Date Of Birth
PAYMENT OPTIONS
1. Credit Card. Please charge to my credit card
American Express MasterCard Visa
Cardholder’s name
Contact No Email
Card no
Expiry date
Signature
2. Cheque. My cheque payable to “The Edge Publishing Pte Ltd” is enclosed
Cheque no
3. Online. Visit subscribe.theedgesingapore.com
4. Phone. Please call 6232 8622 (Monday to Friday 9am to 5.30pm)
Mail the duly completed subscription form and cheque to:
The Edge Publishing Pte Ltd
150 Cecil Street #08-01 Singapore 069543
Tel: 6232 8622 Fax: 6232 8630 Email: [email protected]
*This special promotion ends on February 28, 2017. Subscription to The Edge Collection is non-cancellable and non-refundable.
The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for
non-Singapore addresses. Dining voucher limited to fi rst 200 subscribers each month. Terms and conditions apply
** You hereby authorize The Edge Publishing Pte Ltd to charge to your credit card
for automatic subscription renewal as per the selected plan until you cancel your subscription.
If you wish to opt out of the auto-renewal, please check this box:
Celebrating SpSSpSpecececiiiaiaiallll OOccasions Since 1
COLLECTION 3-Year plan at
$238 onlyThe Edge Singapore
(print + 3 digital access)+ The Edge Malaysia
(1 digital access)
* Terms and conditions apply
visit http://subscribe.theedgesingapore.com/