vietnam: southeast asia’s rising star...active in all sectors of the real estate market. it sold a...

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Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF MAY 8, 2017 | ISSUE 778

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

Vietnam: Southeast Asia’s rising star

As the country’s red-hot property market draws the interest of investors, real estate developers — both local and

international — are getting in on the act

EP2 • THEEDGE SINGAPORE | MAY 8, 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

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PROPERTY BRIEFS

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CCT sells One George Street for $1.18 bil to limited liability partnershipCapitaLand Commercial Trust is divesting One George

Street (above) to One George Street LLP, a limited

liability partnership. CCT will hold 50% of OGS LLP,

with joint-venture (JV) partner OGS (II), a special pur-

pose vehicle owned by insurer FWD Group, holding

the remaining 50%.

The agreed value of OGS is $1.18 billion, or $2,650

psf, which is 16.7% above OGS’s latest valuation

of $1 billion ($2,271 psf) as at Dec 31, 2016. Based

on the net income of $38 million for the 12 months

preceding March 31 this year, this translates into an

exit net property income yield of 3.2%.

Under the agreement, if the JV does not achieve

an agreed after-tax return on equity, CCT will direct

OGS LLP to pay FWD Group a portion of income

from OGS LLP to which CCT is entitled. After the

disposal, OGS will continue to be managed by

Capita Land Commercial Trust Management for an

initial term of five years, which may be renewed

at the option of CCTML for successive periods of

three years each.

CCT expects to recognise an estimated net gain of

$79.7 million from the sale of an effective 50% inter-

est in OGS. CCT’s net asset value per unit is expected

to increase 2.3% y-o-y to $1.77 from $1.73, with pro-

forma distribution per unit falling 4.4% to 8.68 cents

from 9.08 cents.

IE Singapore paves way for SMEs to break into Indian marketInternational Enterprise Singapore has inked two

memoranda of understanding with India’s top co-

working space operators 91springboard and SKP

Business Consulting to help Singapore small and

medium-sized enterprises (SMEs) break into the

Indian market.

According to IE Singapore, the partnerships are in

recognition of India’s growing importance to Singapore

companies. It says that having worked with over 200

companies exploring business opportunities in India

over the past few years, it has seen rising interest from

SMEs to tap the Indian market.

Singapore’s cumulative investments in India grew

30% to reach $29.6 billion as at end-2015. With GDP

growth hitting 7.9% last year, India is one of the fast-

est-growing economies globally. Consumption is pro-

jected to grow fourfold by 2025 to reach US$1.06 tril-

lion ($1.48 trillion). (Prime Minister Narendra) Modi’s

initiatives and push for greater foreign direct invest-

ment have seen Singapore companies gaining trac-

tion in the consumer, infrastructure, manufacturing,

digital and techno logy sectors.

IE Singapore assistant CEO Satvinder Singh says

the city state has been deepening relations with Indian

states and cities to boost partnerships for Singapore

companies, including SMEs.

Asian investors snap up UK property, says JLLAsian investors remain confident in the UK despite

the many unanswered questions and uncertainty sur-

rounding Brexit, according to a new report by JLL.

The property consultancy reveals that real estate

transaction volumes in the UK for 1Q2017 in local

currency terms are at their highest level since 2015.

The research shows the UK led the way as the

most active real estate market in Europe and was the

world’s most traded city. Hong Kong buyers were the

most active, spending close to US$3 billion on UK

properties in 1Q2017, compared with only US$842 mil-

lion in 1Q2016. Hong Kong buyers snapped up offices

in the City of London and West End, outspending

global funds and all other foreign groups combined

by almost US$1.3 billion.

Elsewhere, Asian buyers continue to seek proper-

ties in the US, despite broader political and econom-

ic uncertainties.

“Asian buyers were among the most active inves-

tors in the US, with investors from Singapore, Japan

and China driving most activity,” says David Green-

Morgan, head of research, global capital markets at

JLL. “Investors from Singapore and Japan acquired

offices in New York, Boston and Washington DC,

as they renewed their focus on core assets in global

gateway cities.”

Despite increased government scrutiny, Chinese

outbound capital increased 84% in 1Q2017 to US$7.5

billion, compared with US$4 billion in 1Q2016. Chinese

buyers continued to invest in Hong Kong, Chicago,

Los Angeles and San Francisco. The shortfall in out-

bound capital was confined to investments in Australia

and Hong Kong, with cross-border buyers focusing

mainly on core CBD office assets, retail malls and

properties in niche sectors such as senior housing.

Galliard Homes launches Orchard WharfUK-based developer Galliard Homes is launching

its latest project, Orchard Wharf (above), for sale in

Singapore on May 5 and 6. Located in East London

and between Canary Wharf and Royal Docks, Orchard

Wharf will have a total of 338 one-, two- and three-

bedroom homes, duplex properties and penthouses

as well as a café, shops, landscaped roof terraces and

courtyard gardens.

The units range from 470 sq ft for a one-bedder

to 1,536 sq ft for a three-bedroom duplex, with the

majority of apartments offering views in two direc-

tions. Prices start from £420,000 ($756,882) for the

one-bedder.

All the units have either private balconies, terraces

or gardens, with some of the larger properties having

two or three balconies or terraces. Galliard says most

units will have views of the Thames. Designed by BUJ

Architects around a centrepiece 23-storey red-brick

tower, the development includes a private residents’

lounge and daytime concierge services.

According to Galliard Homes, 150 units will be made

available for sale in Singapore. So far, 50% of the 338

units at Orchard Wharf have been sold in the UK and

Hong Kong, after they were launched for sale on April

22 and 23. — Compiled by Michael Lim

CCT

GAL

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| BY LIN ZHIQIN |

AsiaInvest, a financial and investment advi-

sory firm with operations in Vietnam and

Singapore, was formed in 2008 to help for-

eign investors who want to establish a foothold

in Vietnam, says Nguyen Ngoc Bach, its chairman

and CEO. To better assist new entrants into the

country, the AsiaInvest group now has a legal

arm (AsiaLaw) as well AsiaReal, which offers

real estate marketing and distribution services.

In 2010, AsiaInvest signed a cooperation

agreement with the Vietnam Real Estate Asso-

ciation. Today, the group is both a member of

and the main consulting firm of VNREA. “We

assist in organising activities, seminars and ex-

hibitions, as well as provide training and con-

sultancy to members,” says Nguyen.

Other members of VNREA, including developers

and real estate agencies, also participate in these

events as they provide a platform for them to show-

case their pro jects, he adds.

According to him, now is a good time for for-

eigners to enter Vietnam’s property market, which

only opened to international investors less than

two years ago. As prices are still reasonable,

he sees opportunities for overseas investors and

developers across all real estate sectors.

While AsiaReal operates only in Vietnam cur-

rently, it has plans to partner agencies in Singa-

pore to market Vietnamese properties, given the

intense interest from investors here, says Nguyen.

For details, visit www.en.asiareal.com.vn or

email [email protected].

Nguyen reckons now is a good time for foreign investors to enter Vietnam’s property market

AsiaInvest — ‘bridge’ to Vietnam

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THEEDGE SINGAPORE | MAY 8, 2017 • EP3

SPOTLIGHT ON VIETNAM

Bustling Hanoi. There are still opportunities in the market for property investors eyeing Vietnam.

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Hot investment destination

Since the Vietnamese government relaxed its foreign

ownership rules in July 2015, the country has become

a hot investment destination for Singapore compa-

nies. In 1Q2017, Singapore was the largest contributor

of foreign direct investment in Vietnam, after South

Korea. Singapore property groups such as CapitaLand and

Keppel Land entered Vietnam more than two decades ago.

CapitaLand’s foray was via its serviced apartment arm, The

Ascott. A decade ago, CapitaLand ventured into property

development, with projects such as The Vista and Vista Verde

in District 2 of Ho Chi Minh City. It has since launched and

developed nine residential projects in Vietnam, including

two in Hanoi. The Singapore-listed giant recently purchased

a commercial site in the CBD of Ho Chi Minh City.

Keppel Land has also been growing its footprint in Vietnam

with its wide range of waterfront residential developments,

such as The Estella, Estella Heights and Riviera Point. The

developer recently increased its stake in its flagship mixed-

use development, Saigon Centre, in Ho Chi Minh City.

Meanwhile, Mapletree Investments, which entered Viet-

nam 12 years ago, has two integrated developments in Ho

Chi Minh City. Its flagship development is Saigon South

Complex, which features its signature SC VivoCity shopping

mall, Mapletree Business City office complex and the recent-

ly launched RichLane Residences.

Malaysian property group Gamuda Land, which specialises

in developing townships, has been in Vietnam for a decade.

The group is behind the 500ha Gamuda City in South Hanoi

and the 200ha Celadon City in Ho Chi Minh City.

Vingroup, Vietnam’s largest property group and helmed

by the country’s richest man, Pham Nhat Vuong, has been

active in all sectors of the real estate market. It sold a record

15,000 homes worth US$3.65 billion ($5.1 billion) in 2016.

This year, it intends to open up to 80 supermarkets and over

1,000 convenience stores.

Meanwhile, PPC An Thinh Vietnam Investment and

Infrastructure, one of Vietnam’s leading industrial prop-

erty players, has ventured into the development of lifestyle

and resort projects — from golf courses to Danang’s tallest

hotel, the Wyndham Soleil Da Nang.

Eurowindow Holding, which had its origins as a manu-

facturer of high-end windows and doors 15 years ago, is

developing two five-star resorts in Cam Ranh Bay, a deep-

water bay on the southeastern coast of Vietnam.

According to Neil MacGregor, managing director of Savills

Vietnam, “after two years of recovery, we are just at the level

of the previous peak of 2009”. For property investors, that

means there are still opportunities in the market.

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The property market in Vietnam is back to the previous peak of 2009. Where are the opportunities?


COVER STORY

| BY CECILIA CHOW & LIN ZHIQIN |

Singaporean businessman and proper-

ty investor Alvin Ong relocated with

his family to Ho Chi Minh City in Viet-

nam in 2012. Ong, who is married to a

Viet namese citizen and a father of four,

says, “It’s a slower pace of life.”

The same cannot be said of Vietnam’s prop-

erty market, though. It has been sizzling since

the government relaxed its foreign ownership

rules in July 2015. “There has been a lot of

interest from overseas investors, especially

those from Singapore,” notes Ong.

The appetite for Vietnamese projects was

evident at CapitaLand’s and Keppel Land’s

weekend launches of their Ho Chi Minh City

(HCMC) projects in Singapore in late-2015.

Keppel Land sold more than 50 units in the

second phase of the 719-unit The Estella over

one weekend in late October. The following

weekend, Capita Land sold over 100 units in

Singapore when it showcased two projects,

the 1,152-unit Vista Verde and the 750-unit

The Vista.

Meanwhile, Singaporean serial entrepreneur

and property investor Adam Khoo of the epony-

mous Adam Khoo Learning Centre reportedly

scooped up 100 apartments at Diamond Lotus

Lake View project in Tan Phu District, HCMC

in December 2015. The 100 apartments Khoo

purchased are equivalent to 10 floors in the

project of more than 700 units, developed by

Vietnamese developer Phuc Khang Corp.

Prices at Diamond Lotus Lake View are

said to start from VND678 million ($41,656 )

a unit. For that price, one cannot buy even an

HDB flat in Singapore, nor the Certificate of

Entitlement on a new car — only a four-year-

old Ducati or a used Honda Civic.

‘Very attractive yields’And it is such price comparisons that are luring

Singaporeans to invest in Vietnam. “For $1 mil-

lion, you can buy five to six high-end condos

in Ho Chi Minh City, or up to 10 units in a

mid-tier condo,” says Ong.

He and his wife have amassed a portfolio

of more than five properties in Vietnam, pri-

marily in Hanoi and HCMC. “We buy condos

in the city centre, or within 2km to 3km of the

CBD,” he adds.

Prices have also escalated over the past

three years. Ong bought a high-end condo

for US$1,600 psm in HCMC in 2013. A month

ago, a new high-end condo development locat-

ed across the road was launched at US$2,500

psm. “If I were to sell my unit today, I think

I can easily fetch US$2,000 psm,” says Ong.

Currently, gross yields are at about 6% to

7%, which is considered “very attractive” for

investors from Singapore and Taiwan, as yield

is low in their home markets, observes Neil

MacGregor, managing director of Savills Viet-

nam. Hence, these investors tend to focus on

smaller units priced between US$150,000 and

US$250,000, which can be easily leased out,

and achieve higher yields, he says.

Investments by Singaporean investors may

not be as much as that by the mainland

Chinese, but they are the leading investors in

real estate in Vietnam to date,” notes Marc

Townsend of CBRE.

Set to reap ‘demographic dividend’One of Vietnam’s biggest assets is its popula-

tion of 95.2 million, of which more than half

are aged between 15 and 39. They form the

majority of the workforce. “With a young and

entrepreneurial population driving consumer

spending and GDP growth, Vietnam has one

of the most vibrant economies in the region,”

says Savills’ MacGregor, who has lived there

since 2000.

Vietnam is set to reap the benefits of this

“demographic dividend” for the next 10 to 15

years, MacGregor notes. The rapidly growing

middle class and the young population have

also fuelled strong demand for affordable

housing, with the “sweet spot” in the price

range of US$40,000 to US$120,000, he adds.

Recognising the demand, major real estate

companies, especially local firms, have shift-

ed their focus to low- to mid-tier residential

developments.

With a booming economy, Vietnam is at-

tracting foreign investors who see untapped

opportunities in a range of different sectors,

says MacGregor.

Boom in hospitalityThe hospitality sector is also entering a boom

period, with strong demand for both city- centre

hotels as well as resorts, says MacGregor. Ac-

cording to the General Statistics Office, Vietnam

recorded 10.1 million international visitor ar-

rivals in 2016, up 26% from a year ago.

In 1Q2017, international visitors reached

3.2 million, a 29% increase over the same

period last year, according to financial and

investment advisory services firm AsiaInvest

Group. The increase was said to be driven by

visitors from other Asian countries, notably

mainland Chinese, who accounted for almost

30% of the total number of arrivals. This was

followed by visitors from South Korea, Japan,

the US and Russia.

Danang has seen particularly strong growth

in recent years as tourism has boomed, sup-

ported by rapid growth in the number of

direct flights from other cities across Asia,

says MacGregor. With Danang hosting the

Asia-Pacific Economic Cooperation (Apec)

Summit this year, the profile of the city is

likely to be raised.

“Nha Trang/Cam Ranh and Phu Quoc are

the next destinations that will benefit from tour-

ism growth, with the number of direct flights

set to increase rapidly over the next three to

five years,” says MacGregor. “In Haiphong,

northern Vietnam’s busiest port, the econo-

my is being driven by growth in manufactur-

ing and logistics.”

Manufacturing-led economyThe manufacturing sector is fuelling house-

hold income and promises a sustained trade

surplus in Vietnam, according to AsiaInvest.

While GDP growth in 1Q2017 was estimated

at 5.1%, according to the General Statistics

Office, FocusEconomics panellists have fore-

cast economic growth of 6.4% for Vietnam

for the whole of 2017, and the same level of

growth in 2018.

The Nikkei manufacturing Purchasing

Managers’ Index hit a 22-month high of 54.6

points in March. This resulted in 1Q2017 PMI

data being “the strongest quarter that we have

seen since the survey began in early 2011”, says

IHS Markit economist Andrew Harker. This

was coupled with a “near-record increase in

employment” stemming from companies’ op-

timism that workload will continue to expand

in the near term, he adds.

It is even more remarkable considering

that the Trans-Pacific Partnership, of which

Vietnam was supposed to be a major benefi-

ciary, has since been put on ice after the US

pulled out. Instead, Vietnam’s economy has

been bolstered by its other regional alliances,

including the Asean Economic Community;

Free Trade Agreements with the EU, Russia,

South Korea, Chile; and the upcoming Region-

al Comprehensive Economic Partnership.

In 1Q2017, Vietnam registered foreign di-

rect investment of US$7.7 billion, up 77.6%

y-o-y. About 85% of the FDI went to the man-

ufacturing sector, and 4.4%, to real estate.

The 4.4% FDI in real estate totalled US$343.7

million, representing a 34.4% increase from a

year ago, according to the Ministry of Planning

and Investment. The property sector, therefore,

ranked second in terms of FDI inflows between

January and March this year.

The biggest FDI contributor to Vietnam in

1Q2017 was South Korea (US$3.75 billion), with

Singapore in second place (US$911 million),

followed by China (US$824 million), Taiwan

(US$644 million) and Japan (US$452 million).

Growth in retailAnother sector that is booming is retail. During

the first two months of 2017, Vietnam’s retail

Buying into Vietnam’s sizzling market

The relaxation of foreign property ownership by the government and the influx of foreign direct investmentinto manufacturing and real estate have sparked a boom across all property sectors

CONTINUES ON PAGE EP10

With a young and entrepreneurial population driving consumer spending and GDP growth, Vietnam has one

of the most vibrant economies in the region

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EP6 • THEEDGE SINGAPORE MAY 8, 2017|


CapitaLand a long-term player in Vietnam’s rapid urbanisation | BY LIN ZHIQIN |

On the weekend of April 30 and May 1,Singapore’s largest listed property group, CapitaLand, launched the latest phase of its Hanoi residential project, Seasons Avenue, in the first

of a series of roadshows in Singapore. The 1,300-unit Seasons Avenue — with four

40- to 41-storey towers, each representing one of the four seasons — is located at Mo Lao New Urban Area in Ha Dong District, Hanoi’s new CBD. The project sits on a land area of 1.36ha, near a bus rapid transit station and the Cat Linh-Ha Dong Metro Line, which will con-nect the old and new CBD. Within a 10-min-ute walk from the residential development are amenities such as Big C shopping mall, OGV cineplex, Co.opMart supermarket and the Hanoi Military Hospital.

A high-end residential development, Seasons Avenue has a mix of two- and three-bedroom apartments sized from 721 to 1,453 sq ft. The project was launched in Au-gust 2015 and 741 units (57%) had been sold as at end-1Q2017. The project was topped out in March this year and is slated for com-pletion by end-2017.

Seasons Avenue also marks CapitaLand’s ninth residential dev elopment in Vietnam since 2006. In fact, Vietnam represents the third- largest market in Asean for CapitaLand, after Singapore and Malaysia. Out of CapitaLand’s $44.2 billion in total assets under management around the world, about $2.1 billion (5%) is in Vietnam.

‘Focus on prime cities’“With an annual economic growth rate ave-raging 6% over the last three years, Vietnam is one of the fastest- growing economies in Asia,” says Chen Lian Pang, CEO of CapitaLand Vietnam. “We remain focused on the prime cities of Ho Chi Minh City and Hanoi. Never-theless, we will also keep a lookout for other up-and-coming cities or districts and explore potential opportunities.”

Chen says “urbanisation is a key driver in the economy”, and as the key cities develop, demand for improved infrastructure and real estate will invariably rise. As such, CapitaLand intends to focus on sites that are not just well located in terms of proximity to metro lines and transport network, but also accessible to established amenities such as schools, shop-ping centres, business and financial districts, as well as other expatriate communities.

Seasons Avenue marks CapitaLand’s second residential development in Hanoi, and its second joint venture with leading Vietnamese real estate group, Hoang Thanh Investment Co. Japan’s Mitsubish Estate Asia is also a joint-venture partner in Seasons Avenue.

CapitaLand and Hoang Thanh’s flagship pro-ject in Hanoi was the 1,478-unit Mulberry Lane, located near Seasons Avenue and in Mo Lao New Urban Area, Ha Dong district. Mulberry Lane is a high-end residential dev e lopment close to the National Convention Centre, as well as edu cational institutions such as Hanoi University of Science and Techno logy, Hanoi Architectural University and Vietnam Nation-al University, and kindergartens. About 1,117 units, or 76% of the project, were sold as at end-1Q2017.

The other seven residential projects devel-oped by CapitaLand are in the prime districts of Ho Chi Minh City. They include the 750-unit

The Vista, the 402-unit PARCSpring and the 1,152-unit Vista Verde. Of the nine residential

evah ruof ,oiloftrop s’dnaL atipaC ni stcejorpbeen completed: Mulberry Lane, PARCSpring (100% sold), The Vista (97% sold) and the 344-unit The Krista (91% sold).

Spike in overseas demand evah manteiV ni selas laitnediser s’dnaLatipaC sraey eerht tsap eht revo ylla citamard desaercni

— from 1,125 units at a total of $151.5 million in FY2014 to 1,321 units for $226.5 million in 2015. Last year, home sales rang in at 1,480 units at $282 million.

The y-o-y jump in new-home sales is even more stark compared with residential sales in the first quarter over the past three years. In 1Q2015, 90 units worth $18 million were sold, compared with 240 units worth $36 million in 1Q2016. In 1Q2017, CapitaLand sold 316 units worth $119 million — 3.3 times more than a year ago.

The spike in residential sales is due large-ly to the Vietnamese government’s relaxation of foreign ownership regulations, which came into effect in July 2015. And that has increased investor demand — both local and internation-al — for residential property in Vietnam. Pri-

or to that, foreigners were not allowed to buy property in the country unless they worked there, and they could purchase only a unit for their own use. They had to sell the property when they left.

CapitaLand was among the first to tap inter national appetite for Vietnam residentialproperty, launching four of its developments in Singa pore from late 2015 to 2016. They are The Vista, Vista Verde, Seasons Avenue ( Summer Suites tower) and D1MENSION, its boutique luxury project in Ho Chi Minh City. This was followed by the launch of Vista Verde and the 1,127-unit Feliz en Vista in Hong Kong.

While local Vietnamese still make up about eht ,stcejorp dne-hgih ni sreyub eht fo %08

remaining 20% are foreigners, primarily from Singapore and Hong Kong. “Our overseas launches have been well received, and we will continue to bring relevant projects to these markets,” says CapitaLand’s Chen.

Building a pipeline of projectsCapitaLand intends to ramp up its pipeline of projects by acquiring more residential develop-ment sites — with the potential to yield be-tween 2,000 and 2,500 units — this year. The group also plans to look out for investment

opportunities in offices, serviced residences and integrated developments.

In January, the company announced that it had agreed to acquire a 0.6ha prime commer-cial site in Ho Chi Minh’s CBD, in prime Dis-trict 1. The site can be developed into a new 240m Grade-A office tower with a gross floor area of 1.4 million sq ft. The development, lo-cated near the Saigon River, will be directly connected to a planned metro station, linking the CBD to the Binh Thanh District, as well as Districts 2 and 9.

The office tower is slated for completion in 2020, around the same time as the opening of the new metro line. “The consistently high for-eign direct investment inflows have also boost-ed demand for Grade-A office space, especially in Ho Chi Minh City,” says Chen.

In March, CapitaLand opened The Oxygen, a three-storey community mall at The Vista in Ho Chi Minh City. It has a net lettable area of

-ni ,sgni reffo liater fo egnar a dna tf qs 385,46cluding a supermarket, restaurants, cafés and a co-working space.

CapitaLand’s president and group CEO Lim Ming Yan says Ho Chi Minh City could be a potential home for a Raffles City — the group’s

Seasons Avenue was topped out in March and is slated for completion by end-2017

The 1,478-unit Mulberry Lane is CapitaLand and Hoang Thanh’s flagship project in Hanoi

Chen: Given Vietnam’s strong growth outlook and positive market sentiment, we are committed to being a long-term player in its urbanisation story

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flagship brand of integrated developments

characterised by their city-centre location and

link to key transport nodes — given Vietnam’s

growth trajectory.

There are also plans to establish a US$500

million ($697 million) fund focusing on com-

mercial proper ties, mainly in Ho Chi Minh

City and Hanoi, by end-2017. This will be

Capita Land’s second fund. The first, com-

prising US$200 million, was launched in

2010 and is fully invested, with its underly-

ing assets being three residential projects in

Ho Chi Minh City and Hanoi. Seed projects

have been identified for the second fund, and

CapitaLand is currently in discussions with

prospective investors.

Biggest serviced apartment playerCapitaLand was among the first property

groups from Singapore to esta blish a beach-

head in Vietnam. In 1994, it ventured into the

serviced apartments sector with Hanoi Tower

and Sofitel Plaza Hanoi, followed by Somerset

West Lake Hanoi, managed by its serviced

apartment arm, The Ascott.

Today, Ascott is the world’s largest serviced

residence owner-operator, with 22 assets in Viet-

nam and a total of 4,600 residences across six

cities — Hanoi, Halong, Hai Phong, Danang,

Nha Trang and Ho Chi Minh City. According

to Chen, Ascott is expected to open more than

3,000 serviced residences in Vietnam over the

next three years, and is on track to achieve a

target of 7,000 units by 2020.

In September 2016, CapitaLand paid US$51.9

million for a 0.5ha site in Cau Kho ward in Ho

Chi Minh City’s District 1. The site is being de-

veloped into a 22-storey, 200-unit serviced res-

idence tower under the Somerset brand, and

D1MENSION, a 17-storey residential tower.

Setting benchmark in luxuryD1MENSION was launched last Nov ember and

40% of the 30 units released had been sold as

at end-1Q2017. The US$106 million mixed-use

development in prime District 1 is positioned

in the same league as Cairnhill Nine in Singa-

pore, which is located in the heart of Orchard

Road and linked to Ascott’s serviced apartment

tower, branded The Ascott Orchard Singapore.

At an average price of US$5,000 psm, the

102-unit D1MENSION has also set a new price

benchmark for luxury residences in Ho Chi

Minh City. For investors, CapitaLand is offer-

ing a guaranteed yield of 7% a year for two

years. Residents will be able to enjoy pano-

ramic views of the city skyline and round-

the-clock concierge service offered by Ascott.

When completed in 2018, D1MENSION will

bring CapitaLand’s total residential portfolio in

Vietnam to nine projects, with a total of 9,100

units. “Given Vietnam’s strong growth outlook

and positive market sentiment, we are com-

mitted to being a long-term player in its ur-

banisation story,” says Chen.

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The Oxygen, a three-storey mall at The Vista in Ho Chi Minh City, was opened in March D1MENSION is a US$106 million mixed-use development in Ho Chi Minh City’s prime District 1

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Saigon Centre is located on a prime 2ha site in the CBD of Ho Chi Minh City

Lim: Vietnam’s property market offers long-term growth potential and opportunities for investors

Keppel Land a ‘pioneer developer’ in Vietnam| BY LIN ZHIQIN |

Keppel Land, the property arm of Singa-

pore-listed conglomerate Keppel Corp,

is “one of the pioneer real estate de-

velopers in Vietnam”, having had a

presence in the country since the ear-

ly 1990s, says Linson Lim, Keppel Land’s pres-

ident for Vietnam.

Keppel Land has 20 projects in the country

with a total capital of US$2 billion ($1.8 billion)

and a pipeline of more than 25,000 homes. Its

diverse portfolio of properties — from Grade-A

offices and retail centres, to waterfront homes,

serviced residences and integrated townships

— are located in Hanoi, Ho Chi Minh City,

Dong Nai and Vung Tau.

“We are committed to strengthening our

presence in Vietnam, with a focus on Ho Chi

Minh City,” says Lim.

‘First-mover advantage’In March, Keppel Land announced it had ac-

quired an additional 16% stake from its joint

venture partner for Saigon Centre, Vietnam-

ese company Southern Waterfront Transport

Corp. Keppel Land paid $53.5 million for the

stake, which increased its aggregate interest

in the JV companies for Saigon Centre Phase

One and Two to 53.5%, from 45.3%. It also

increased its stake in the subsequent phases

of Saigon Centre from 68% to 76.2%.

“Leveraging our first-mover advantage in

Vietnam, we are deepening our presence in

this growth market, with an increased stake in

the Saigon Centre development in Ho Chi Minh

City,” says Loh Chin Hua, CEO of Keppel Corp,

in the group’s 1Q2017 results announcement.

Located on a prime 2ha site in the heart of

the CBD, Saigon Centre is being developed in

several phases. Phase One, a 25-storey mixed-

use development that includes three floors of

retail, office space and 89 serviced apartments,

was completed in 1996. The office tower is

fully leased; tenants include AIG, DBS Bank,

Mitsubishi Corp and Reuters. The shopping

mall, which opened last August, is also ful-

ly leased. It is anchored by Takashimaya De-

partment Store.

Phase Two of Saigon Centre is scheduled

for completion by year-end. Also a mixed-use

development, it has 44,000 sq m of Grade A

office space, 55,000 sq m of retail space and

195 luxury serviced apartment units.

Riding on the rising demand for shared

workspaces globally, Keppel Land will also

be introducing a co-working space in Phase 2

of Saigon Centre.

Strong project salesIn 1Q2017, Keppel Land sold 980 homes to-

talling $530 million, 4% higher y-o-y. Of the

total, 110 were in Vietnam. Last year, it sold

more than 1,500 homes in Vietnam, 63% jump

from the 930 units sold in 2015.

Keppel Land is also developing Empire City

on a prime 14.6ha waterfront site in the up-

and-coming Thu Thiem New Urban Area in

Ho Chi Minh City. Empire City comprises res-

idential apartments, and retail and office com-

ponents, and is integrated with an 86-storey,

mixed-use tower.

Phase One of Empire City, the high-end apart-

ment tower Linden Residences, was launched

in December 2016. By end-2016, 82% of the

510 units in the project had been sold.

At its 872-unit Estella Heights in Ho Chi

Minh City District 2, Keppel Land introduced a

wide range of amenities in Phase 2 — Signature

Collection. They include a clubhouse, private

entertainment lounge, sky gardens and a lazy

pool for children, a first in the city. Homebuy-

ers also have access to a sky gymnasium, sky

lounge and personalised concierge services.

Last year, Keppel Land launched Palm City,

a 30ha integrated waterfront township devel-

opment located by the Giong Ong To and Mu-

ong Kinh Rivers. Located in District 2, it is a

15-minute drive from the CBD. Palm City will

be developed in phases. When completed, it

will have about 5,000 apartments, as well as

retail, commercial, educational and medical

facilities. The township will also house The

E

Besides District 2, another sought after res-

idential area in Ho Chi Minh City is District 7,

owing to its proximity to international schools

such as Canadian International School, Saigon

South International School and Singapore In-

ternational School. Keppel Land has a 2,400-

unit project in District 7 called Riviera Point.

The project, which will have a 500m frontage

of the Ca Cam River, will be the tallest condo-

minium in District 7 when completed. Phas-

es 1A and 1B with a total of 894 units were

launched last year, and 698 units (78%) had

been sold as at end-1Q2017.

Weathering economic upheavalsHaving been in Vietnam for more than two dec-

ades, Keppel Land has weathered many of the

country’s economic upheavals. During the glob-

al financial crisis, Vietnam’s exports plunged

in 2008 and 2009. Foreign direct investment

inflows also slowed considerably, resulting in

project delays and cancellations. Unemploy-

ment soared. Therefore, in 2008, Keppel Land

therefore introduced an innovative “flexible

payment scheme” for its homebuyers in Viet-

nam. Under the scheme, homebuyers needed

to pay only a 50% down payment, and were

able to move into their new homes. The bal-

ance 50% could be paid progressively over the

next few years, without interest. Aimed at as-

piring homebuyers, the scheme was the first

of its kind in Vietnam, and was “very well-re-

ceived”, recounts Lim.

Since the global financial crisis, the gov-

ernment of Vietnam has taken active steps to

strengthen the economy and support enter-

prise growth, observes Lim.

“With the relaxation of the foreign home-

ownership policies, coupled with the govern-

ment’s pro-business and pro-investment poli-

cies, Vietnam’s property market offers long-term

growth potential and opportunities for inves-

tors,” adds Lim. “This, in turn, will have a

positive impact on all sectors of the property

market — from homes and offices to retail.”

With an estimated 47% of the current popula-

tion of more than 95.2 million expected to live in

cities by 2020, Lim is confident of the country’s

long-term potential growth. “The city’s high ur-

banisation rate and improving infrastructure also

support the demand for housing,” he adds.

American School’s new expanded campus.

Palm Residences — the first phase of Palm

City — comprises 135 landed homes, with a

mix of terraced and semi-detached houses. All

the houses were snapped up at a private pre-

view over one weekend in July 2016.

Following that success, Keppel Land and its

partners launched the 816-unit Palm Heights

to prospective homebuyers in October 2016.

As at end-2016, more than 82% of the homes

had been sold at an average price of VND32.7

million psm, or about $2,000 psm.

The 872-unit Estella Heights is located in Ho Chi Minh City’s District 2

The 816-unit Palm Heights was launched in October 2016

Phase 1A and 1B of Riviera Point were launched last year and 78% had been sold as at end-1Q2017


sales and service turnover grew 8.7% compared

with the same period last year, says JLL in its

Vietnam property market report on March 28.

While supply of prime shopping centres in

HCMC remained flat in 1Q2017, convenience

stores — operated by domestic and foreign

retailers — continued to expand citywide, JLL

adds. Supply reached 199,350 sq m in total,

and the overall occupancy rate rose to 92.2%.

Likewise, in the capital city of Hanoi, total

supply of prime shopping centres and retail

space remained unchanged as no new projects

were completed in 1Q2017. However, conven-

ience stores saw rapid growth in the city, with

supply reaching 47,500 sq m in total.

“A large volume of quality supply in retail

space is projected to be completed over the

next two years,” says JLL.

The retail market in Hanoi and HCMC is

likely to see more local and foreign retailers

expanding their footprint in good locations,

according to the property consultancy.

Record office occupancyThere is also strong demand for quality of-

fice buildings in HCMC. The occupancy rate

of Grade-A office space hit a record 95.6% in

1Q2017, while that for Grade-B office space

stood at 91.8%, according to JLL. Total stock

of Grade-A office space in HCMC was 192,179

sq m — just 23% of Grade-B stock (831,948 sq

m) and 24.5% of Grade-C stock (785,037 sq m).

In 1Q2017, average net rents in the Grade-A

and Grade-B space in HCMC rose 0.4% q-o-q

to US$38.7 and US$22 psm per month respec-

tively, says JLL. Net absorption in Grade-A and

Grade-B projects totalled 490 sq m and 41,087

sq m, respectively, with demand driven pri-

marily by the financial services and IT sectors.

Average rents of office space in non-CBD office

projects rose at a faster clip — up 0.9% q-o-q

in 1Q2017 — with demand driven by new-

comers in District 7, District 10 and Tan Binh

District, says JLL.

Office rents in HCMC are expected to con-

tinue their upward trend as supply will remain

unchanged until 2H2017, notes JLL. The new

office developments — Deutsches Haus and

Saigon Centre Phase II — are scheduled to

be completed in 3Q2017. Office supply is ex-

pected to soar only in 2019, as high-quality

projects are expected to come on stream then,

and mostly in the suburban areas, JLL says.

In Hanoi, more than 130,000 sq m of Grade-B

office space from five projects is expected to

come on stream this year. However, there is no

new supply of Grade-A office space this year.

Two huge Grade-A office projects scheduled

for completion in 2018/19 will add a total of

240,000 sq m of space to the market, says JLL.

“Demand for new and modern office space

with a reasonable rent is expected to increase

over the next quarters.”

Infrastructure boomBoth Hanoi and HCMC have ambitious trans-

port infrastructure programmes, according to

Savills Vietnam Research. HCMC is expected to

invest more than US$20 billion in infrastructure,

including five planned elevated roads stretch-

ing 71km and five new metro lines of 106km.

Similarly, Hanoi has eight metro lines of

260km and six elevated roads in the pipe-

line. The first metro line, scheduled to be

fully operational by 2020, is expected to shift

development focus.

“Living further from the city will become

more appealing and cost-effective and shift

the focus of investors away from the centre,”

says Savills in its report on urban transport.

“Properties near transit hubs can have signif-

icant capital appreciation: 10% in China and

Thailand, and 32% in Hong Kong. The same

pattern will arise in Vietnam.”

Building infrastructure has become critical

as more people are buying cars in Vietnam,

owing to decreased import duties within Asean

and increased incomes. In the past five years,

car sales grew 35% per annum and are ex-

pected to triple by 2025, according to Savills.

Massive urbanisation is also taking place.

Construction is happening everywhere —

not just in HCMC, but Hanoi, Danang and

across many other cities in Vietnam, accord-

ing to CBRE.

COVER STORY

Vietnam economy firing on all cylindersFROM PAGE EP4

MacGregor: Vietnam is set to reap the benefitsof this ‘demographic dividend’ for the next 10to 15 years

Nguyen expects more new launches in 2Q2017and foresees higher sales volume than in thefirst quarter

BEFORE JULY 1, 2015 AFTER JULY 1, 2015

Who can buy? A foreigner, subject to certain criteria and working in Vietnam Foreigners who are allowed to enter Vietnam for at least a year How many? One condo unit Limit of 30% of total units in an apartment/condo building (foreigners not allowed to buy landed property) Limit of 10% of total number of houses in a strata landed projectHow long? 50-year leasehold tenure with renewal possibility upon expiration 50+ years extendable, subject to applicable laws (Freehold tenure for foreigners married to Vietnamese citizens) (Freehold tenure for foreigners married to Vietnamese citizens)What for? Only for owner occupancy, no sub-lease Foreigners are allowed to lease, mortgage, contribute as capital, gift, bequest, exchange, etc, subject to certain limitations

Taxes imposed on real estate investment by foreign individuals

New Vietnam Housing Laws on Foreign Ownership

BEFORE JULY 1, 2015

Who can buy?

How many?

How long?

What for?

Foreigners who are allowed to enter Vietnam

Limit of 30% of total units in an apartment/condo building Limit of 10% of total number of houses in a strata landed project50+ years extendable, subject to applicable laws(Freehold tenure for foreigners married to Vietnamese citizens)Foreigners are allowed to lease, mortgage, contribute as capital, gift, bequest, exchange, etc, subject to certain limitations

AFTER JULY 1, 2015

TABL

ES: C

BRE

MAR

KET

INSI

GHT

S 1Q

2017

, KPM

G

Acquiring land is a challengeAs there is a limited amount of government

land for public auction, the big local Vietnam-

ese developers are turning to farmers to pur-

chase big land parcels, notes CBRE’s Townsend.

They are developing large townships that are

likely to benefit from future infrastructure

development, he adds.

As the rules concerning buying government

land are opaque, the biggest challenge for for-

eign developers is finding a greenfield site that

is free and has a clean ownership title, says

Savills’ MacGregor. Some developers may face

issues, such as having to buy a site from mul-

tiple shareholders. Others may have to deal

with clearance and compensation of existing

households on the site, which can be time-

consuming, he notes.

The Vietnam Association of Realtors record-

ed 18,340 transactions of land plots, residen-

tial and resort properties in 1Q2017, according

to the breaking news on Vietnam on April 21.

The figure is said to reflect both a q-o-q and

y-o-y decline.

The difficulty in securing land sites could

have also led to a fall in the number of new

apartments launched. In 1Q2017, 5,200 new

apartments were available for sale in HCMC, a

47% contraction q-o-q. At the same time, total

volume of transactions in 1Q2017 was 8,800

units, down 13% q-o-q. Savills forecasts that

supply from 2Q2017 to 2019 will reach 62,200

in HCMC, with Districts 2 and 7 contributing

the most — 21% each.

Foreign ownership concernsThe biggest concern among individual for-

eign buyers of apartments is the withdrawal

of their funds when they sell their property in

the future, and also whether the 50-year lease

is renewable, says MacGregor (see tables).

Another major concern that surfaced re-

cently is the issue of ownership certificates

(or pink book) to foreigners. Tuoi Tre News and The Straits Times reported last month

that the municipal land registration office in

HCMC has stopped issuing ownership certifi-

cates to foreigners.

Currently, foreign purchasers of Capita-

Land’s projects, including Mulberry Lane in

Hanoi, have received ownership certificates,

says the developer. Thus, it is a matter of wait-

ing “for clear procedural guidelines from the

upper level authorities”, says CapitaLand in

an email response to queries.

The issue has not dented demand in

Vietnam’s housing market, though. Nguyen

Tran Nam, chairman of the Vietnam Nation-

al Real Estate Association (VNREA) and for-

mer deputy minister of construction, expects

more new launches in 2Q2017 and foresees

higher sales volume than in the first quarter.

VNREA is a non-profit organisation with

4,500 members across the country, many of

whom are involved in the real estate sector

— from developers and property consult-

ants to investors and analysts. “As an of-

ficial representative of the real estate com-

munity, VNREA is also the bridge between

enterprises and govern ment authorities, and

between Vietnam enterprises and the inter-

national business community,” says Nguyen.

VNREA members have played an important

role in Vietnam’s booming property mar-

ket, he adds.

Meanwhile, Vietnam is seeing more mil-

lionaires who have made their money from

trading property, says Savills’ MacGregor. “It

has happened all over the world. But the fact

that Vietnam is still at a very early stage of

development, it is possible to make a lot of

money in a short space of time during the

boom times.” E

ALBE

RT C

HUA/

THE

EDG

E SI

NG

APO

RE

VNRE

A

BUYING THE PROPERTY SELLING THE PROPERTY RENTING THE PROPERTY

Value Added Tax Personal Income Tax (PIT) Tax for Vietnam residents:* 10% VAT based on transfer price * 2% on gross sales proceeds Business licence taxof the condo/house * VND1 million per year for rental income equal to, * No VAT for transfer of land use rights VAT or exceeding VND1.5 million per monthRegistration fee (stamp duty) * Individuals not carrying out registered business VAT* Payable when buyers receive their activities are not required to declare and pay * Not applicable if rental income is equal to, or less than Certificate of Ownership VAT when selling assets VND100 million per year* Registration fee = Price for registration * Unclear if a property purchased for lease is * VAT = Total rental income x 0.5%fee calculation issued by Provincial subject to VAT when sold. People’s Committee PIT(Land/house area x 0.5%) * Not applicable if rental income is less than, or equal * Maximum fee is VND500 million to VND100 million per yearper asset/transaction * PIT = Total rental income x 0.5% Tax for non-Vietnam residents: * No clear, specific rules and regulations * May likely be taxed like an individual resident lessor



Investing in Sun Group’s world-class resorts | BY LIN ZHIQIN |

Established in 2007 by a group

of Vietnamese businessmen

returning from Ukraine, Sun

Group is now a leading com-

pany in real estate, tourism,

entertainment and infrastructure in-

vestment.

Sun Group was started in Danang,

and its resort developments there in-

clude InterContinental Danang Sun

Peninsula Resort, Sun World Ba Na

Hills, Sun World Danang Wonders

and Novotel Premier Han River Hotel.

Dang Minh Truong, CEO of Sun

Group, says the company aims to

construct “timeless and influential

developments” with quality products

and services. Sun Group also plans to

promote Vietnam as a tourist desti na-

tion, given its many natural attractions,

he adds.

Dang believes the country still has

room to grow, especially in terms of

offering international-quality five-star

resorts. To fill that gap, Sun Group

has partnered leading names in ho-

tel management and hospitality for

its resort projects. The partners in-

clude InterContinental Hotels Group

in InterContinental Danang Sun Pen-

insula Resort; Marriott Internation-

al in JW Marriott Phu Quoc Emerald

Bay; Starwood Hotels & Resorts in St

Regis Cham Island; and Ritz-Carl-

ton in Phu Quoc island’s Ritz-Carl-

ton resort.

In October 2015, Sun Group signed

an agreement with AccorHotels to

manage Sun Group’s resorts such as

the Premier Village Phu Quoc Resort,

Premier Residences Phu Quoc Emer-

ald Bay, Mercure Bana Hills French

Village and M.Gallery in Sapa.

World-renowned architect and

landscape designer Bill Bensley

designed two of Sun Group’s resorts:

InterContinental Danang Sun Penin-

sula Resort, a luxury hillside resort

and spa overlooking a bay and the

Son Tra Peninsula; and JW Marriot

Phu Quoc Emerald Bay, which opened

earlier this year. The latter is a 244-

room resort, with a mix of suites and

villas that offer unobstructed ocean

views. The property also has 1,100

sq m of meeting space, including a

715 sq m grand ballroom, and a spa

operated by JW Marriott.

Sun Group has also ventured into

Sapa in the northern mountainous

province of Lao Cai. Its flagship de-

velopment there is Sun World Fansi-

pan Legend project. The first phase

of the project — comprising Fansipan

Sapa cable car centre, as well as shop-

ping malls and restaurants around it

— began operating in February 2016.

It holds the Guinness World Records

for the world’s longest three-rope ca-

ble car system (6,292.5m) and big-

gest height gap between its depar-

ture and arrival stations (1,410m).

According to Sun Group, the ca-

ble car shortens the travel time to

the peak of Fansipan — the highest

mountain in Vietnam, Laos and Cam-

bodia at 3,143m — from a two-day

climb to a 15-minute cable car ride.

The cable car system is expected to

boost tourist arrivals, which is fore-

cast to grow 30% to 40% a year, and

reach three million by 2020.

Meanwhile, Sun World Halong

Complex was opened last June. The

property is located in the north-

ern province of Quang Ninh. The

develop ment includes the Queen cable

car system, the 250m high Sun Wheel

Halong, the Dragon Park theme park

and the Typhoon Water Park.

Sun Group is also developing

a VND7 trillion (US$308 million)

eco-tourism and entertainment com-

plex on Cat Ba Island, and the 198ha

Kim Quy Amusement Park in Hanoi,

billed as a version of Universal Studi-

os in Vietnam. The park is designed

by ITEC Group, a US-based theme

park designer. The VND5 trillion first

phase of the amusement park is slat-

ed for completion in 2018.

In September 2016, Sun Group

showcased Premier Village Phu Quoc

Resort and Premier Residences Phu

Quoc Emerald Bay in road shows in

Singapore.

According to Dang, Sun Group’s

developments are attracting not only

individual investors but also compa-

nies and property funds from around

the world. “This is in recognition of

our world-class projects,” he adds.

InterContinental Danang Sun Peninsula Resort was opened in June 2012 and has won numerous awards

JW Marriot Phu Quoc Emerald Bay was opened earlier this year

In September 2016, Sun Group showcased Premier Village Phu Quoc Resort in road-shows in Singapore

Dang says Sun Group aims to construct ‘timeless and influential developments’

E

PICT

URES

: SUN

GRO

UP

TEPS_11_S778 11TEPS_11_S778 11 4/5/2017 1:33:53 AM4/5/2017 1:33:53 AM



Saigon South Place Complex is a mixed-use development jointly developed by Mapletree and Saigon Co.op Investment Development

Koh: We are also constantly seeking investmentopportunities in completed, quality and yield-accretive assets in Vietnam’s major cities

Mapletree acquired Kumho Asiana Plaza Saigon in Ho Chi Minh City’s CBD from Asiana Kumho Group in June 2016 for US$215 million

Mapletree recently launched RichLane Residences, its first residential project inVietnam, at a starting price of US$95,000 ($133,000) for a studio

PICT

URES

: MAP

LETR

EE

Mapletree banks on integrated developments| BY MICHAEL LIM |

Mapletree Investments, the real es-

tate development, investment and

capital management company

backed by Temasek Holdings, has

been growing its footprint around

the globe and across all real estate sectors.

Mapletree first entered Vietnam 12 years

ago with a logistics park project. It then ven-

tured into industrial parks, and subsequent-

ly diversified into commercial and mixed-use

schemes. Acquisitions include Pacific Place

in Hanoi, a mixed-use development with of-

fice, retail and serviced apartments; and Cen-

trePoint office building in Ho Chi Minh City.

Today, Mapletree owns and manages more

than $1.2 billion worth of developments —

comprising mixed-use, office, retail, industri-

al, logistics and residential properties as well

as serviced apartments — in Hanoi, Ho Chi

Minh City, Binh Duong and Bac Ninh. Hiew

Yoon Khong, Mapletree group CEO, says in

a statement: “We are exploring Vietnam fur-

ther, as we view the country to be a key mar-

ket for Mapletree.”

Residential project part of mixed-use schemeA month ago, Mapletree launched its first resi-

dential project in Vietnam — RichLane Resi-

dences — in District 7 of Ho Chi Minh City.

The 243-unit RichLane Residences is a 29-storey

condo tower slated for completion in 1Q2018.

The architect and interior designer are Singa-

pore-based CPG Consultants and Ong & Ong,

respectively.

The starting price for units at RichLane

Residences was US$95,000 ($133,000) for a

studio, according to marketing agent CBRE.

The project registered strong sales when it

was launched in Singapore over the weekend

of April 1 and 2.

What is significant about RichLane Resi-

dences is that it is part of an integrated de-

velopment by Mapletree called Saigon South

Place Complex, which sits on a 4.4ha site in Ho

Chi Minh City. It is anchored by the SC Vivo-

City Mall, a five-storey shopping mall with a

gross floor area (GFA) of about 692,000 sq ft.

The mall opened in April 2015 and is more

than 90% leased. New-to-market brands include

soon-to-be-opened toy store Hamleys, fashion

retailers Miss Selfridge and Dorothy Perkins, as

well as local musical instrument retailer and

distributor Swee Lee. There are also Co.op Xtra

hypermarket, a cineplex, F&B outlets and edu-

cation centres. Modelled after VivoCity in Singa-

pore, the rooftop of SC VivoCity also features a

skypark and children’s playground. The mall

sees an average of 700,000 visitors a month.

SC Vivocity Mall was developed by a joint

venture between Mapletree Investments and

Saigon Co.op Investment Development Joint

Stock Co, an affiliate of Vietnam retailer Sai-

gon Co.op. Wendy Koh, Mapletree’s region-

al CEO for Southeast Asia, says: “The mall is

positioned as a family-lifestyle mall for mid-

dle- to middle-upper-class Vietnamese as well

as expatriates.”

Adjacent to RichLane Residences is the 237-

room serviced apartment block managed by

Oakwood Worldwide, which is wholly-owned

by Mapletree. The serviced apartment block

is scheduled for completion by year-end and

will be operational early next year. Koh says

the future Nguyen Van Linh Metro Station is

also within walking distance of RichLane Res-

idences, conveniently connecting residents to

the rest of Ho Chi Minh City.

The second phase of Saigon South Place

Complex is Mapletree Business Centre — Ma-

pletree’s first office development in Vietnam.

Tenants in the 17-storey, Grade-A office tower,

which will have about 323,000 sq ft in GFA,

include Standard Chartered Bank, Vietnamese

food manufacturer Uniben, textile company Far

Eastern Polytex and IT services company SCC

UK. There are plans for two more office tow-

ers at Saigon South Place Complex.

Acquisition of a ‘rare asset’Saigon South Place Complex will be Maple-

tree’s second integrated development in Ho Chi

Minh City. The first was Kumho Asiana Plaza

Saigon in Ho Chi Minh City’s CBD in prime

District 1, which it acquired in June 2016 for

US$215 million.

Kumho Asiana Plaza was considered one

of the most significant acquisitions in Vietnam

by a foreign property group last year. It is part

of a prime 1.5 million sq ft, mixed-use devel-

opment with offices, retail space, a hotel and

serviced apartments managed by InterConti-

nental Hotels Group.

“Kumho Asiana Plaza is a rare asset giv-

en its attributes — size, multiple components

with strong occupancies, and location in the

heart of the CBD,” says Koh. The acquisition

is in line with Mapletree’s overall strategy to

invest in strong-yielding assets to further grow

its earnings, she adds.

Mapletree is carrying out asset enhance-

ment on the retail space. The group plans to

bring in cinema operator CGV, have new F&B

concepts as well as renovate the common are-

as to give the F&B podium a new lease of life.

The first phase of renovation will start in June

and is scheduled for completion by September.

Meanwhile, the office, hotel and serviced

apartments are still operating and have con-

sistently achieved occupancy rates above 90%.

These components in the mixed-use develop-

ment will be renovated in phases over the next

two years. In addition to refreshing the proper-

ty, Mapletree also intends to rename the com-

plex as mPlaza Saigon, effective from June.

The group continues to pursue new oppor-

tunities in Hanoi, Ho Chi Minh City and other

cities, and is open to all sectors — including

office, retail, serviced apartment and residen-

tial projects and mixed-use developments. “We

are also constantly seeking investment oppor-

tunities in completed, quality and yield-ac-

cretive assets in Vietnam’s major cities,” says

Mapletree’s Koh. E



Gamuda Land’s mega townships in Vietnam| BY LIN ZHIQIN |

Gamuda Land, the property development arm of Malay-sia-listed engineering, con-struction and infrastructure firm Gamuda Bhd, ventured

into Vietnam 10 years ago. It set up ni ,ionaH ,latipac eht ni eciffo na

2007. Its aim was to conduct feasi-bility studies and look for suitable development land in both Hanoi and Ho Chi Minh City, the country’s largest city.

“We looked at the market and re-alised that it was fast-growing,” re-counts Chow Chee Fan, general di-rector of Gamuda Land Vietnam. “Back then, there were few township developments in Vietnam.” Hence, Gamuda Land saw the opportunity to develop integrated lifestyle pro-jects there.

By then, Gamuda Land had ce-mented its reputation as a developer of award-winning integrated develop-ments and townships in Malaysia. Established in 1995, Gamuda Land’s flagship development in Malaysia was Kota Kemuning, a 1,854-acre integrated township in Shah Alam. Built 20 years ago, Kota Kemuning was famous for its 22-acre Central Lake and the Kota Permai Golf and Country Club.

Its success was followed by two more townships in Selangor, the 1,200-acre Bandar Botanic in Klang, and the 280-acre Valencia in Sungai Bu-loh. In 2005, Gamuda ventured into

-oH depole ved dna aisyalaM radnaksIrizon Hills, a 1,200-acre gated devel-opment with an 18-hole champion-ship golf course and luxury homes overlooking the golf course.

US$5 billion Gamuda CityGamuda Land’s maiden township project in Vietnam is the US$5 billion($7 billion) master-planned develop-ment called Gamuda City, which sits on a sprawling 500ha site — equiva-lent to the size of Sentosa Island.

Located just 6km from Hanoi’s old CBD, Gamuda City, which will be de-veloped in phases, has five precincts: Gamuda Gardens, Gamuda Central, Gamuda Plaza, Gamuda Lakes and Yen So Park.

Lush greenery, parks and lakes are a hallmark of all Gamuda Land’s pro-jects, says Chow. “We believe in in-vesting in landscaping, and creating parks and lakes within our township developments.”

For instance, the highlight of Gamuda City is the 323ha Yen So Park, a landscaped park with five picturesque lakes. It is completed and accessible to the public. “It’s the big-gest park of its kind in Hanoi,” says Chow. “And it’s an ideal venue for promoting cultural and community events that draw people and open up business and tourism opportunities in South Hanoi.”

‘Holistic lifestyle’The first phase of Gamuda City is Gamuda Gardens, a 73ha integrated lifestyle development. The first phase of landed homes comprising 364

three-storey terraced and semi- detached houses was launched in 2012. The houses were completed in 2014 and handed over to the owners.

Last month, Gamuda Land launched its apartment develop-ment, The ZEN Residence, at Gamu-da Gardens. An initial phase of 123 units were released and 35% of them were snapped up within two weeks.

When completed, The ZEN Resi-dence will have three towers and a total of 927 units. The apartments range from studios to three- bedroom units and penthouses. The towers will also feature rooftop gardens, a child ren’s playground on the fifth- level deck, and retail shops on the first level for the convenience of the residents.

Another draw for families with children is the schools located with-in Gamuda Gardens. Singapore Inter-national School @ Gamuda Gardens, a purpose-built campus on a 2.3ha site, opened in August 2015. Kinder-gartens located with the development include IQ Montessori, Little Maple and Blossom @ Gamuda Gardens.

“Our township contains a well- balanced mix of residential and com-

mercial developments supported by essential amenities, as well as a net-work of expressways,” says Chow. “All these elements within an inno-vative master plan ensure residents get to enjoy a holistic lifestyle.”

Located within the Gamuda Central precinct is LePARC, a 20,000 sq m mixed-use complex completed at end-2016. It comprises 56 shop-houses set around a waterfront

promenade beside Yen So Park, with shopping, F&B, entertainment and leisure components. The concept for LePARC, “a riverside festival vil-lage”, is based on Singapore’s Clarke Quay, says Chow.

Gamuda Land plans to launch another 3,000 apartments within Gamuda City by 2019. The group is currently negotiating with prospec-tive partners for future phases of the township development, says Chow.

Ho Chi Minh City flagshipGamuda’s second project in Vietnam, and its flagship development in Ho Chi Minh City, is Celadon City. The inte-grated development sits on an 82ha site. Its key feature is a 40-acre Cen-tral Park — the largest private park in the city — which has 2,000 mature trees and three lakes. Apartments at Celadon City will be set around the park so residents can enjoy views of the greenery and the lakes.

Celadon City was designed as a self-contained township, says Chow. It has a shopping mall, a 13.4-acre Celadon City Sports Centre and other amenities within a 10-minute walk of the apartments. When completed, it will have 6,000 apartments.

Celadon City has the added dis-tinction of being the first township project in Vietnam to have received Conquas certification from Singa-pore’s Building and Construction Authority. The Construction Quality Assessment System, introduced

a sa sevres ,9891 ni eropagniS ni standard measure of the quality of building projects.

Celadon City was developed in a joint venture with Vietnamese devel-opers Saigon Thuong Tin Real Estate and Thanh Thang Duong. Gamuda Land had acquired a 60% stake in the project for US$82.8 million in March 2010. In June 2015, it bought the remaining 40% stake from its Vietnamese JV partners for US$64.1 million, giving it full ownership of the project.

To date, 900 units at Celadon City have been completed and handed over to the homebuyers. Another 1,000 units are under construction and almost fully sold. Gamuda Land intends to launch a new phase of 300 apartments next month.

A testament to Gamuda’s success, says Chow, is that 20% of the foreign buyers of its projects in Viet nam are Malaysians.

The first phase of Gamuda Gardens, comprising 364 landed houses, was completed and handed over in 2014

The highlight of Gamuda City is the 323ha Yen So Park, which is completed and open to public

The ZEN Residence consists of three towers with a total of 927 units

Chow: We looked at the market and realised that it was fast-growing

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Vingroup completed its first com-

mercial development — Vincom

Center Ba Trieu — in 2002, followed

by high-end townships in Hanoi, in-

cluding luxury villa development Vin-

com Village, Royal City, Times City

and Vinhomes Riverside.

The company is building a theme

park complex on Phu Quoc Island,

which the government has designat-

ed as a tourist destination.

Vingroup founder and chairman

Pham is reportedly in the process of

raising money from “strategic inves-

tors” in the hopes of listing his firm

on the Singapore Exchange.

Vinhomes Central Park occupies

a 43.9ha site. Besides apartments

and villas, it also has a 40,000 sq

m shopping centre, a hospital and

a school catering for students from

kindergarten to secondary school.

The hospital and school will be op-

erated by Vinmec and Vinschool re-

spectively, wholly-owned units of

Vingroup.

According to CBRE Vietnam, the

residential units at Vinhomes Central

Park — which range from 50 to 200

sq m — are priced from US$1,986 to

US$2,205 psm (US$184 to US$205 psf).

New brand of affordable housing Vingroup also plans to launch a new

brand of affordable housing called

VinCity in the suburbs of new towns.

VinCity will join Vingroup’s three

other brands: Vinhomes, which fo-

cuses on residential developments;

Vinpearl, which specialises in resort

properties; and Vincom, which is in-

volved in marketing commercial and

mixed-use developments.

Vingroup plans to launch its new

residential project Vinhomes Smart

City later this quarter, the first project

in Vietnam to incorporate smart-home

technology. The flagship Vinhomes

Smart City is located on Nguen Trai

Street in Hanoi. Vingroup plans to

launch the project overseas, includ-

ing Singapore. “By participating in

this public housing segment, Vin-

group is looking forward to bringing

modern, safe and affordable homes

catering to middle-income families,”

says Duong.

Hospitality, commercialAnother sector that Vingroup has en-

tered is hospitality. Its flagship de-

velopment is the 225-room, Vinpearl

Nha Trang Resort, built in 2001. Vin-

pearl has developed and is manag-

ing a string of five-star resorts in Hon

Tre, Nha Trang City (which features

the Vinpearl Amusement Park), Vin-

pearl Luxury Nha Trang (with an 18-

hole golf course by the sea), Vinpearl

Ha Long Bay Resort and Vinpearl

Luxu ry Danang.

| BY MICHAEL LIM |

Vingroup, one of Vietnam’s

largest listed conglomerates,

was founded by the coun-

try’s richest man, billion-

aire Pham Nhat Vuong, who

according to Forbes, has a net worth

of US$2.3 billion ($3.2 billion). The

company saw total revenue of more

than US$2 billion in 2016.

The biggest revenue contributor

was its property development busi-

ness, which is said to have sold 15,000

houses and apartments last year, gen-

erating total sales of VND83 trillion

(US$3.65 billion, $5.1 billion), up

18% from the previous year.

Vingroup has diversified into oth-

er sectors, including retail, logistics,

agri culture, education and health-

care. It has opened 18 shopping

centres in Vietnam: seven in Ha-

noi, four in Ho Chi Minh City, and

one each in Viet Tri, Ha Long, Hai

Phong, Da Nang, Bien Hoa, Can

Tho and Long Xuyen. The group’s

net sales came in at VND57.6 tril-

lion (US$2.5 billion, $3.49 billion)

last year, up 70% y-o-y.

Responsible for biggest, tallest local projectsDuong Mai Hoa, CEO of Vingroup,

says it plans to open 70 to 80 Vin-

Mart super markets and more than

1,000 VinMart+ convenience stores

in at least 30 provinces by year-end,

she adds.

Vingroup’s biggest project is the

US$1.5 billion Vinhomes Central Park

township, which features an 81-sto-

rey skyscraper Landmark 81, 10,000

apartments and villas, as well as a

park inspired by New York City's

Central Park. When completed at

end-2018, Landmark 81 will be the

tallest tower in Vietnam.

Vinhomes Central Park is a township on the banks of the Saigon River in Binh Thanh District

Duong says Vingroup plans to open more VinMart supermarkets and VinMart+convenience stores in at least 30 provinces by year-end A Vinmec hospital in Times City, Vingroup’s township development in Hanoi

Vinpearl Ha Long Bay Resort is located on its own private island of Dao Reu and enjoys spectacular views of the limestone pillars stretching across the Gulf of Tonkin

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Largest conglomerate Vingroup expands

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PPC An Thinh leaps from industrial buildings to luxury resorts| BY LIN ZHIQIN |

PPC An Thinh Vietnam Investment and Infrastructure Joint Stock Company, or PPCAT as it is better known, started out as a developer of suburban industrial zones 20 years ago. It was established

in 1996 as An Thinh Construction Investment.Today, PPCAT is one of Vietnam’s top play-

ers in the industrial property market. Its pro-jects include the 271ha Binh Xuyen industrial park in Vinh Phuc provice, the 201ha Yen Quang industrial park in Hoa Binh province, and the 211ha Dong Que Son industrial zone in Quang Nam province.

Some of the world-renowned companies that operate from PPCAT’s industrial develop-ments include Italian scooter company Piaggio and Hong Kong’s leading garment manufac-turer Gernton.

According to Nguyen Khang Chien, chairman of PPCAT’s board of directors, the key to the company’s success is customer satisfaction. “We work relentlessly to bring the best service to our customers,” says Nguyen. “And we listen to customer feedback and respond as soon as we can.”

Perhaps it is this relentless aim to achieve quality service “to touch people’s lives posi-tively” and leave a legacy that propelled PPCAT into the lifestyle and luxury hotel business.

Foray into golf coursesAnecdotally, it started when Nguyen observed that with rising affluence, more Vietnamese were taking up golf. More international celebri-ty golfers were also visiting Vietnam. That was when PPCAT began investing in resort devel-opments with golf courses. To set it apart from the others, the company formed partnerships with “world-class brands” to provide interna-tional-standard services at their golf courses, says Nguyen.

PPCAT’s two resort projects with golf courses are in Tam Dao District, Vinh Phuc province, famous for its mountains and lakes, 60km north of Hanoi.

One of PPCAT’s golf course projects is the 158ha Ban Long Golf Course, which has a pic-turesque 36-hole course overlooking Ban Long Lake and the mountains beyond.

Another project owned by PPCAT in Vinh Phuc province is the 275ha, 54-hole Gia Khau Golf Course, located in Trung My Commune in Binh Xuyen District, adjacent to La Khau Lake.

Meanwhile, PPCAT is developing a 36-hole golf course on a 200ha site within the 500ha Bao Ninh luxury resort in Quang Binh province. The province, located in the upper middle re-gion of Vietnam — between Hanoi and Ho Chi Minh City — is famed for the Hang Son Doong river caves.

PPCAT is also developing its flagship An Thinh hotel and office complex located south-west of Hanoi Centre. The 19-storey develop-ment sits on a 1,190 sq m site and is slated for completion this year.

Tallest hotel in DanangTo build on its growing success, PPCAT decid-ed to embark on a luxury hotel and residenc-es dev elopment in Danang, with Wyndham Hotel Group as its partner. Wyndham has near-ly 8,000 hotels worldwide, and the develop-ment in Danang will feature its upscale Wyn-dham Hotels and Resorts brand.

“With airport improvements underway, as well as its proximity to scenic beaches and

Unesco World Heritage sites, Danang is a market poised for great growth in a country popular with world travellers,” says Barry Robinson, president and managing director of Wyndham Hotel Group for South East Asia and Pacific Rim.

PPCAT’s landmark project, Wyndham Soleil Danang, will sit on a 21,800 sq m site that is just a 15-minute drive from the Danang in-ternational airport. Nguyen says the group chose to have its landmark development in Danang as it is an established and popular tourist spot, with its long coastline and beau-tiful beaches.

The US$446 million ($622 million) Wyndham Soleil Danang is designed by world-renowned architectural firm Aedas, known for its futuris tic design of The Star Vista and Lucasfilm’s “Sand-

crawler” building in Singapore’s one-north. Wyndham Solei Danang will feature a

coral-inspired façade and be the tallest hotel in the city when completed. The development will feature two 57-storey towers, a 50-storey tow-er and a 45-storey tower with a mix of studios, apartments and hotel rooms, totalling 3,200 units. They range from 33 to 43 sq m for studios; 55 to 59 sq m for one-bedders; and 80 to 160 sq m for two-bedroom apartments.

There will be extensive conference facilities, a shopping mall, a dining precinct, recrea tional parks, swimming pools, a gym, a spa, as well as a health and wellness centre.

As it is a resort development, buyers of the luxury residences can choose to place their units back in the hotel pool to be managed by Wyndham. PPCAT is offering buyers a

guaranteed return of 9% for the first five years. Since its recent exclusive launch, more than

50% of Tower D has been sold, and several in-vestors have purchased entire floors with 22 units each. PPCAT plans to launch the pro-ject to a wider audience in the third quarter.

The Wyndham Soleil Danang is scheduled to open in 2Q2018. For now, its site may be just an empty plot, says Nguyen. “But in 24 months, it will be a skyscraper and a new icon for Danang city.”

More than 50% of Tower D at Wyndham Soleil Danang has been sold, and several investors have purchased entire floors with 22 units each

Wyndham Soleil Danang features a coral-inspired façade, and will be the tallest hotel in Danang when completed

Nguyen (left) and Robinson at the signing ceremony for Wyndham Soleil Danang’s management

E



| BY LIN ZHIQIN |

Eurowindow Holding started

out as a manufacturer of high-

end windows and doors 15

years ago. The company was

origin ally known as Europe-

an Plastics Window Joint Stock Com-

pany (JSC). It changed its name to

Eurowindow Holding in 2007, when

the company morphed into a sprawl-

ing conglomerate with businesses

including building materials, con-

struction, real estate develop ment,

property brokerage, interior design,

banking, insurance and securities.

Being involved in the entire val-

ue chain of the real estate business

— from building materials to con-

struction, property development,

sales and even interior design —

“helps us guarantee the quality

of our projects,” says Hannes Ro-

mauch, general director of Euro-

window Nha Trang Investment and

Tourism JSC, a subsidiary of Eu-

rowindow Holding.

Having an integrated business

model also means the group is able

to have a deeper under standing of the

market, and better manage costs as

well as risks. “The savings are then

passed on to our customers,” Ro-

mauch adds.

In 2015, Eurowindow Holding an-

nounced that it had invested US$100

million to construct two five-star re-

sorts on a 35ha site in Cam Ranh Bay,

a deep-water bay on the southeast-

ern coast of Vietnam. The investment

was made via its subsidiary, Euro-

window Nha Trang Investment, and

Tourism JSC.

The two properties, Mövenpick

Cam Ranh Resort and the adjacent

Radisson Blu Cam Ranh Bay, are

slated to open in 2018. Both are lo-

cated within a five-minute drive of

the Cam Ranh International Airport,

one of the busiest airports in Viet-

nam, and a 25-minute drive from

Nha Trang City.

Radisson Blu Cam Ranh Bay,

the smaller of the two projects, is

a 290-key beachfront resort with

facilities that include a grand ball-

room, multiple meeting rooms for

meetings, incentives, conferences

and exhibitions, and other busi-

ness events.

Mövenpick Cam Ranh Resort sits

on a 24ha site and was designed by

Australian firm PTW Architects, famed

for designing the Beijing National

Aquatics Centre or the “Water Cube”.

An integrated luxury resort, Möven-

pick Cam Ranh Resort contains 121

villas, 250 hotel rooms and 132 con-

dotel apartments. Sizes range from

416 sq m for a one-bedroom villa to

620 sq m for a three-bedroom villa.

The condotel units range from 48 sq

m to 109 sq m.

Amenities within the Möven-

pick Cam Ranh Resort include golf

courses, tennis courts, a beach club,

restaurants, and entertainment and

recreational areas. Within the re-

sort is also a Swiss Village. All the

villas and condotel apartments are

designed to capitalise on the sea

views, with residents and hotel

guests having direct access to an

800m beachfront.

Eurowindow Holding partnered

internationally recognised Möven-

pick Hotels & Resorts to manage the

Mövenpick Cam Ranh Resort. The

Mövenpick brand offers a 10% to

15% premium over other non-brand-

ed properties with similar attributes

in the area, Romauch reckons.

The group also has a partnership

with VP Bank, which will guarantee

resort buyers a minimum 9% rent-

al yield per annum. The guarantee

will be for the first 10 years for villa

owners, and up to five years for con-

dotel apartment owners. Buyers of

the villas and the apartments will

get to enjoy a maximum stay of 180

days per year in the resort.

Mövenpick Cam Ranh Resort is “a

product that hits all the sweet spots

— boasting an experienced develop-

er, a prestigious international opera-

tor, and returns that are guaranteed

by a bank, not just the developer”,

says Romauch.

Eurowindow Holding — an integrated real estate business

Romauch: [Mövenpick Cam Ranh Resort] is a product that hits all the sweet spots that customers are looking for

Eurowindow Holding has partnered Swit-zerland’s Mövenpick Hotels & Resorts to manage Mövenpick Cam Ranh Resort

E E

IE Singapore helps SMEs tap booming Vietnam market

In collaboration with:

| BY LIN ZHIQIN |

International Enterprise Singapore

has been very busy in Vietnam,

says Ivan Tan, its group director

for Southeast Asia and Oceania.

IE Singapore is a statutory board

under the Ministry of Trade and

Industry. “Our main role is to help

Singapore companies expand their

footprint overseas, and to promote

trade between other countries and

Singapore,” he adds.

In Southeast Asia, IE Singapore

has eight offices in six countries.

Indonesia and Vietnam, “the two

busiest markets”, says Tan, are the

only countries with two offices

each. In the latter, the offices are

in the capital city of Hanoi and

the largest city in Vietnam, Ho

Chi Minh City.

Interest in Vietnam heightened

when the government relaxed for-

eign ownership rules in 2015. In

addition to allowing foreigners to

buy property, it also relaxed the

foreign ownership limit on acqui-

sition of companies. This means

that foreign investors will now be

able to own 100% of big Vietnam-

ese companies.

The financial sector is one that

presents “huge potential” for Sin-

gapore banks, says Tan. In March,

United Overseas Bank became the

first bank from Singapore to be

granted a foreign-owned subsidiary

licence. In 2013, UOB set up a for-

eign direct investment advisory

unit in Vietnam, offering services

to its clients who aim to expand

their businesses within the country.

Another sector in Vietnam that

is attracting the interest of small

and medium-sized companies

from Singapore is F&B and life-

style. In 2015, IE Singapore con-

ducted a workshop offering train-

ing, networking sessions and site

visits to the different malls. “The

workshop was targeted at SMEs

as they may not have the resourc-

es to undertake such educational

trips on their own,” says Tan. “It

also helps speed up the learning

process.”

He adds that among the SMEs in

the F&B industry that have entered

Vietnam is Lao Ban Soya Bean curd,

which has rebranded itself as Xiao

Ban Soya Beancurd there.

Another Singapore F&B compa-

ny that is also in Vietnam is Pon-

tian Wonton Noodle House — lo-

cated, incidentally, in SC VivoCity

in Ho Chi Minh City, a shopping

mall dev eloped by Singapore’s

Mapletree Investments. “SC Vivo-

City and Mapletree Business City

are the Singapore icons in Ho Chi

Minh City,” says Tan.

Another Singapore F&B group

that has made inroads into Vietnam

on its own is The Les Amis Group,

which was founded by Singa poreans

and started with just one French

fine-dining restaurant of the same

name in Singapore in 1994. Today,

it is a sprawling restaurant group

with 20 different concepts, includ-

ing Vietnamese pho chain NamNam

Noodle Bar, French-style eatery Bistro

du Vin, and Peperoni Pizzeria. In

Vietnam, Les Amis is represented

by Sorae Sushi Sake Lounge, San

Fu Lou Cantonese Kitchen and Di

Mai. The last offers a blend of Viet-

namese street food.

Property developers such as

CapitaLand and Keppel Land rep-

resent “the first wave” of Singa-

pore companies that established a

beachhead in Vietnam in the early

1990s, notes Tan.

Besides F&B operators, he also

sees opportunities for start-up com-

panies in Vietnam’s burgeoning

tech sector. An example is Ninja

Van, founded by three Singapore-

ans. It started out by offer-

ing next-day door-to-door

delivery for customers of

e-commerce firms, and is

now a Southeast Asian

logistics firm, with a pres-

ence in Vietnam.

“We’re encouraging

more start-ups to enter

Viet nam,” Tan says. He

sees opportunities for tech

companies in the booming

consumer-to-consumer busi-

ness. He is also optimistic

about their prospects, given

Vietnam’s young population

and its positioning as “the

manufacturing powerhouse

in Southeast Asia”.

Tan: We’re encouraging more start-ups in the tech sector to enter Vietnam

ALBE

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DONE DEALS

| BY TAN CHEE YUEN |

A 2,885 sq ft, high-floor unit at Ard-

more Park changed hands for $9.70

million ($3,363 psf), according to a

caveat lodged on April 18. The sell-

er reaped a profit of $2.45 million,

or 3.8% annually, having purchased the unit

for $7.25 million ($2,513 psf) in June 2009.

This marked the third sale in the luxury con-

do last month.

The price per sq ft is the highest achieved

since 2013, when a unit on the 28th floor

fetched $10.5 million ($3,640 psf). Meanwhile,

the project’s record price was for a 2,885 sq ft

unit that fetched $3,688 psf in January 2010.

In the first week of April, two adjacent

units on the fourth floor were sold for $8.18

million ($2,836 psf) and $8.30 million ($2,877

psf), according to caveats lodged on April 5.

Ardmore Park was developed by Wheelock

Properties and completed in 2001. It comprises

2,885 sq ft, four-bedroom units and pent-

houses spanning over 8,000 sq ft. Sitting on a

sprawling eight-acre freehold land site in prime

District 10, the project has been regarded as

the standard for luxury residential projects.

Elsewhere, three condo units were trans-

acted above $10 million in the week of April

18 to 25. At Tomlinson Heights, two 4,047

sq ft units fetched $11.15 million ($2,755 psf)

and $10.75 million ($2,656 psf). The trans-

actions are believed to be developer sales

as no prior caveat was lodged for the units.

Developed by Hotel Properties, Tomlinson

Heights has only 70 luxury units. All the units

are large, with three-bedroom apartments meas-

uring 2,745 sq ft and five-bedroom units from

4,004 sq ft. Penthouses start from 4,941 sq ft.

Completed in 2014, the project sits on a free-

hold site of 76,888 sq ft. So far, 49 units have

been sold, based on caveats lodged.

Tomlinson Heights had its heyday in 2011,

when a 4,941 sq ft penthouse was sold for

$18.30 million ($3,704 psf). In the past six

years, prices have softened following the

implementation of cooling measures. The units

have been transacted at an average price of

$2,900 psf since 2012.

Outside the Central Region, a 3,294 sq ft,

five-room penthouse at Seaside Residences

fetched $5.72 million ($1,738 psf). This is no-

tably the highest absolute quantum achieved

historically for a private non-landed home of

a similar size outside the Central Region.

Seaside Residences is jointly developed by

Frasers Centrepoint, Sekisui House and Keong

Hong Holdings. The project is within walking

distance of the upcoming Siglap MRT station

and East Coast Park. Comprising four 27- storey

residential towers, the project offers a mix of

one-bedroom units to five-bedroom penthouses.

So far, 400 (48%) of the total 841 units have

been sold, according to caveats lodged.

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

Residential transactions with contracts dated April 18 to 25

District 1 ONE SHENTON Apartment 99 years April 19, 2017 1,206 1,900,000 - 1,576 2011 ResaleTHE CLIFT Apartment 99 years April 19, 2017 506 1,080,000 - 2,135 2011 ResaleTHE SAIL @ MARINA BAY Apartment 99 years April 24, 2017 689 1,580,000 - 2,294 2008 ResaleV ON SHENTON Apartment 99 years April 21, 2017 1,206 2,650,000 - 2,198 Uncompleted New SaleDistrict 2 SPOTTISWOODE SUITES Apartment Freehold April 21, 2017 441 1,126,080 - 2,552 Uncompleted New SaleDistrict 3 ALEX RESIDENCES Apartment 99 years April 18, 2017 883 1,587,600 - 1,799 Uncompleted New SaleALEX RESIDENCES Apartment 99 years April 18, 2017 474 975,000 - 2,059 Uncompleted New SaleALEX RESIDENCES* Apartment 99 years April 19, 2017 657 1,250,000 - 1,904 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 18, 2017 1,302 2,086,900 - 1,602 Uncompleted New SaleCOMMONWEALTH TOWERS Condominium 99 years April 19, 2017 1,076 1,724,300 - 1,602 Uncompleted New SaleCOMMONWEALTH TOWERS* Condominium 99 years April 19, 2017 797 1,318,000 - 1,655 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 18, 2017 1,152 2,027,900 - 1,761 Uncompleted New SaleHIGHLINE RESIDENCES Condominium 99 years April 22, 2017 915 1,660,900 - 1,815 Uncompleted New SaleLANDMARK TOWER Apartment 99 years April 25, 2017 1,399 1,108,000 - 792 1985 ResalePRINCIPAL GARDEN Condominium 99 years April 18, 2017 495 841,000 - 1,698 Uncompleted New SalePRINCIPAL GARDEN Condominium 99 years April 19, 2017 786 1,253,000 - 1,595 Uncompleted New SalePRINCIPAL GARDEN* Condominium 99 years April 19, 2017 484 822,000 - 1,697 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 18, 2017 431 766,000 - 1,779 Uncompleted New SaleQUEENS PEAK Condominium 99 years April 19, 2017 441 779,000 - 1,765 Uncompleted New SaleQUEENS PEAK* Condominium 99 years April 20, 2017 624 1,044,000 - 1,672 Uncompleted New SaleTHE CREST Condominium 99 years April 22, 2017 775 1,280,000 - 1,652 2017 New SaleTHE CREST Condominium 99 years April 22, 2017 1,259 2,044,000 - 1,623 2017 New SaleTHE CREST Condominium 99 years April 23, 2017 775 1,280,000 - 1,652 2017 New SaleTHE REGENCY AT TIONG BAHRU Condominium Freehold April 18, 2017 1,270 2,060,000 - 1,622 2010 ResaleDistrict 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years April 25, 2017 1,206 1,750,000 - 1,452 2004 ResaleCORALS AT KEPPEL BAY Condominium 99 years April 19, 2017 1,356 2,552,511 - 1,882 2016 New SaleCORALS AT KEPPEL BAY Condominium 99 years April 22, 2017 893 1,592,000 - 1,782 2016 New SaleCORALS AT KEPPEL BAY Condominium 99 years April 23, 2017 1,281 2,452,000 - 1,914 2016 New SaleHARBOURLIGHTS Apartment Freehold April 21, 2017 818 1,198,000 - 1,464 1997 ResaleMARINA COLLECTION Condominium 99 years April 19, 2017 3,789 6,385,000 - 1,685 2011 ResaleTHE OCEANFRONT @ SENTOSA COVE Condominium 99 years April 21, 2017 1,711 2,600,000 - 1,519 2010 ResaleDistrict 5 BOTANNIA Condominium 956 years April 21, 2017 2,637 2,480,000 - 940 2009 ResaleBOTANNIA Condominium 956 years April 24, 2017 1,270 1,450,000 - 1,142 2009 ResaleCRYSTAL HEIGHTS Apartment Freehold April 24, 2017 1,109 1,280,000 - 1,155 2010 ResaleHERITAGE VIEW Condominium 99 years April 19, 2017 969 1,160,000 - 1,197 2000 Resale

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

HORIZON RESIDENCES Condominium Freehold April 18, 2017 1,356 1,850,000 - 1,364 2014 ResaleFABER DRIVE Terrace Freehold April 19, 2017 2,142 2,930,000 - 1,370 1997 ResaleNORMANTON PARK Condominium 102 years April 20, 2017 1,270 1,040,000 - 819 Unknown ResalePARC RIVIERA Condominium 99 years April 18, 2017 990 1,238,000 - 1,250 Uncompleted New SalePARC RIVIERA Condominium 99 years April 18, 2017 710 943,470 - 1,328 Uncompleted New SalePARC RIVIERA* Condominium 99 years April 19, 2017 603 744,000 - 1,234 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years April 18, 2017 990 1,301,000 - 1,314 Uncompleted New SaleTHE CLEMENT CANOPY Apartment 99 years April 18, 2017 732 1,073,000 - 1,466 Uncompleted New SaleTHE CLEMENT CANOPY* Apartment 99 years April 19, 2017 990 1,322,000 - 1,335 Uncompleted New SaleTHE PARC CONDOMINIUM Condominium Freehold April 18, 2017 980 1,220,000 - 1,246 2010 ResaleTHE TRILINQ Condominium 99 years April 19, 2017 1,356 1,650,000 - 1,217 Uncompleted New SaleTHE TRILINQ Condominium 99 years April 19, 2017 1,356 1,652,000 - 1,218 Uncompleted New SaleTHE TRILINQ Condominium 99 years April 19, 2017 1,604 1,612,000 - 1,005 Uncompleted New SaleTHE VISION Condominium 99 years April 21, 2017 1,313 1,580,000 - 1,203 2014 ResaleVARSITY PARK CONDOMINIUM Condominium 99 years April 19, 2017 1,453 1,620,000 - 1,115 2008 ResaleVIVA VISTA Apartment Freehold April 18, 2017 560 715,000 - 1,277 2014 Sub SaleWEST COAST GARDENS Semi-Detached 956 years April 21, 2017 3,886 3,500,000 - 900 1976 ResaleDistrict 7 CONCOURSE SKYLINE Apartment 99 years April 25, 2017 1,098 1,615,000 - 1,471 2014 ResaleSOUTHBANK Apartment 99 years April 24, 2017 958 1,450,000 - 1,514 2010 ResaleDistrict 8 CITY SQUARE RESIDENCES Condominium Freehold April 18, 2017 861 1,330,000 - 1,545 2008 ResaleKENTISH COURT Apartment 99 years April 18, 2017 1,055 1,045,000 - 991 1999 ResaleCAMBRIDGE ROAD Terrace Freehold April 20, 2017 2,196 2,700,000 - 1,231 1996 ResaleOXFORD SUITES Apartment Freehold April 21, 2017 893 1,170,000 - 1,310 2010 ResaleSTURDEE RESIDENCES Condominium 99 years April 19, 2017 721 1,202,700 - 1,668 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years April 20, 2017 947 1,419,800 - 1,499 Uncompleted New SaleSTURDEE RESIDENCES Condominium 99 years April 22, 2017 1,302 1,781,700 - 1,368 Uncompleted New SaleTYRWHITT 139 Apartment Freehold April 19, 2017 463 660,000 - 1,426 2009 ResaleDistrict 9 ASPEN HEIGHTS Condominium 999 years April 20, 2017 1,604 2,100,000 - 1,309 1998 ResaleBELLE VUE RESIDENCES Condominium Freehold April 21, 2017 2,002 3,460,000 - 1,728 2010 ResaleCAIRNHILL NINE Apartment 99 years April 20, 2017 1,055 2,588,000 - 2,453 2016 New SaleELIZABETH TOWER Apartment Freehold April 24, 2017 3,068 4,350,000 - 1,418 1980 ResaleESPADA Apartment Freehold April 21, 2017 646 1,400,000 - 2,168 2013 ResaleILLUMINAIRE ON DEVONSHIRE Apartment Freehold April 18, 2017 721 1,550,000 - 2,149 2011 ResaleLUCKY PLAZA Apartment Freehold April 21, 2017 829 1,300,000 - 1,568 1981 ResaleOUE TWIN PEAKS Condominium 99 years April 20, 2017 549 1,649,400 - 3,005 2015 ResaleOUE TWIN PEAKS Condominium 99 years April 25, 2017 549 1,616,500 - 2,945 2015 ResalePACIFIC MANSION Apartment Freehold April 18, 2017 1,528 1,860,000 - 1,217 Unknown ResalePATERSON LINC Apartment Freehold April 18, 2017 850 1,780,000 - 2,093 2010 ResalePATERSON SUITES Condominium Freehold April 19, 2017 1,679 3,750,000 - 2,233 2010 ResaleRIVERGATE Apartment Freehold April 21, 2017 1,938 4,030,000 - 2,080 2009 ResaleSCOTTS SQUARE Apartment Freehold April 24, 2017 1,249 3,800,000 - 3,043 2011 ResaleSOPHIA HILLS Condominium 99 years April 19, 2017 700 1,369,000 - 1,957 Uncompleted New SaleSOPHIA HILLS Condominium 99 years April 20, 2017 700 1,337,490 - 1,912 Uncompleted New SaleTHE BOUTIQ Apartment Freehold April 18, 2017 506 1,050,000 - 2,075 2014 ResaleTHE LAURELS Condominium Freehold April 19, 2017 1,001 2,580,000 - 2,577 2013 ResaleTHE METZ Condominium Freehold April 18, 2017 1,066 2,350,000 - 2,205 2007 ResaleTHE PATERSON Condominium Freehold April 24, 2017 1,206 2,300,000 - 1,908 2004 ResaleTHE REGALIA Apartment Freehold April 24, 2017 1,216 1,750,000 - 1,439 1993 ResaleTHE RISE @ OXLEY-RESIDENCES Apartment Freehold April 22, 2017 818 1,913,000 - 2,338 Uncompleted New SaleWATERMARK ROBERTSON QUAY Apartment Freehold April 19, 2017 1,636 2,800,000 - 1,711 2008 ResaleDistrict 10 ARDMORE PARK Condominium Freehold April 18, 2017 2,885 9,700,000 - 3,363 2001 ResaleBAN GUAN PARK Semi-Detached Freehold April 20, 2017 3,584 6,250,000 - 1,742 1988 ResaleD’LEEDON Condominium 99 years April 20, 2017 2,250 3,150,000 - 1,400 2014 ResaleD’LEEDON Condominium 99 years April 20, 2017 4,898 3,835,600 - 783 2014 ResaleD’LEEDON Condominium 99 years April 21, 2017 3,789 3,076,600 - 812 2014 ResaleD’LEEDON Condominium 99 years April 25, 2017 4,941 3,951,520 - 800 2014 ResaleDUCHESS RESIDENCES Condominium 999 years April 21, 2017 2,756 3,600,000 - 1,306 2011 ResaleDUET Condominium Freehold April 20, 2017 1,744 2,250,000 - 1,290 2005 ResaleDUKES RESIDENCE Apartment Freehold April 24, 2017 990 1,600,000 - 1,616 2011 ResaleGALLOP GABLES Condominium Freehold April 25, 2017 2,648 4,220,000 - 1,594 1997 ResaleGRAMERCY PARK Condominium Freehold April 18, 2017 1,959 5,838,650 - 2,980 2016 ResaleGRAMERCY PARK Condominium Freehold April 20, 2017 3,132 7,830,400 - 2,500 2016 ResaleGRAMERCY PARK Condominium Freehold April 20, 2017 1,270 3,926,730 - 3,092 2016 ResaleGRAMERCY PARK Condominium Freehold April 21, 2017 1,184 3,400,000 - 2,872 2016 ResaleMILL POINT Apartment 999 years April 20, 2017 915 1,510,000 - 1,650 2004 ResaleONE BALMORAL Condominium Freehold April 20, 2017 592 1,366,000 - 2,307 2016 ResaleONE BALMORAL Condominium Freehold April 21, 2017 969 1,963,000 - 2,026 2016 ResaleONE BALMORAL Condominium Freehold April 21, 2017 969 2,206,000 - 2,277 2016 ResalePARC STEVENS Condominium Freehold April 20, 2017 2,949 4,500,000 - 1,526 2000 ResalePARVIS Condominium Freehold April 24, 2017 990 1,918,620 - 1,937 2012 ResalePOLLEN & BLEU Condominium 99 years April 19, 2017 603 1,257,100 - 2,085 2016 ResalePOLLEN & BLEU Condominium 99 years April 20, 2017 549 1,046,350 - 1,906 2016 Resale


The seller of a 2,885 sq ft unit at Ardmore Park, which changed hands for $9.70 million ($3,363 psf), made a $2.45 million profit

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Ardmore Park unit fetches $3,363 psf

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DISCLAIMER: Source: URA Realis. Updated May 2, 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 condominiumNot all the caveats lodged are reflected due to the sheer number of transactions in these projects

Residential transactions with contracts dated April 18 to 25


POLLEN & BLEU* Condominium 99 years April 21, 2017 700 1,361,700 - 1,946 2016 ResaleSOMMERVILLE PARK Terrace Freehold April 18, 2017 3,294 4,000,000 - 1,214 1985 ResaleTHE ASANA Apartment Freehold April 23, 2017 1,033 2,280,000 - 2,206 Uncompleted New SaleTHE BALMORAL Condominium Freehold April 21, 2017 7,653 10,600,000 - 1,385 1986 ResaleTHE LEVELZ Condominium Freehold April 19, 2017 990 1,600,000 - 1,616 2004 ResaleTHE LEVELZ Condominium Freehold April 21, 2017 1,001 1,580,000 - 1,578 2004 ResaleTHE SIXTH AVENUE RESIDENCES Condominium Freehold April 18, 2017 1,582 2,120,000 - 1,340 2009 ResaleTHE TENERIFFE Terrace 99 years April 19, 2017 3,079 2,700,000 - 877 2003 ResaleTHE TESSARINA Condominium Freehold April 24, 2017 1,862 1,960,000 - 1,053 2003 ResaleTOMLINSON HEIGHTS Condominium Freehold April 20, 2017 4,047 10,750,000 - 2,656 2014 ResaleTOMLINSON HEIGHTS Condominium Freehold April 20, 2017 4,047 11,150,000 - 2,755 2014 ResaleVOLARI Condominium Freehold April 19, 2017 2,282 4,250,000 - 1,862 2012 ResaleDistrict 11 6 DERBYSHIRE Condominium Freehold April 19, 2017 732 1,545,141 - 2,111 2017 New SaleADRIA Apartment Freehold April 24, 2017 1,281 2,180,000 - 1,702 2013 ResaleBUCKLEY CLASSIQUE Condominium Freehold April 18, 2017 1,475 2,540,000 - 1,722 2014 ResaleGILSTEAD TWO Apartment Freehold April 20, 2017 775 1,500,000 - 1,935 2014 ResaleCHANCERY LANE Detached Freehold April 21, 2017 17,847 21,888,000 - 1,227 Unknown ResaleORIOLE CRESCENT Detached Freehold April 24, 2017 8,514 14,000,000 - 1,645 Unknown ResaleNEWTON ONE Condominium Freehold April 24, 2017 1,216 2,200,000 - 1,809 2009 ResaleSHELFORD SUITES Condominium Freehold April 24, 2017 1,227 1,770,000 - 1,442 2011 ResaleSKY@ELEVEN Condominium Freehold April 20, 2017 2,713 4,000,000 - 1,475 2010 ResaleTHOMSON 800 Condominium Freehold April 18, 2017 1,625 1,960,000 - 1,206 1999 ResaleTHOMSON 800 Condominium Freehold April 21, 2017 1,625 1,800,000 - 1,107 1999 ResaleDistrict 12 GEM RESIDENCES Condominium 99 years April 18, 2017 775 1,144,000 - 1,476 Uncompleted New SaleGEM RESIDENCES Condominium 99 years April 22, 2017 678 1,096,000 - 1,616 Uncompleted New SaleST. MICHAEL’S ROAD Terrace Freehold April 18, 2017 1,550 1,700,000 - 1,100 1962 ResalePARC HAVEN Apartment Freehold April 21, 2017 1,012 1,060,000 - 1,048 2004 ResaleTHE RIVERINE BY THE PARK Apartment Freehold April 19, 2017 980 1,490,000 - 1,521 2010 ResaleDistrict 13 BARTLEY RIDGE Condominium 99 years April 18, 2017 441 685,000 - 1,552 2016 Sub SaleMACPHERSON GARDEN ESTATE Terrace Freehold April 18, 2017 1,356 1,635,000 - 1,206 Unknown ResaleKEE CHOE AVENUE Semi-Detached Freehold April 20, 2017 2,659 2,860,000 - 1,074 1994 ResaleONE LEICESTER Condominium Freehold April 18, 2017 1,292 1,580,000 - 1,223 2008 ResalePARC MONDRIAN Apartment Freehold April 19, 2017 904 1,200,000 - 1,327 2010 ResaleTHE ACACIAS Apartment Freehold April 21, 2017 1,216 1,280,000 - 1,052 2009 ResaleTHE POIZ RESIDENCES Apartment 99 years April 18, 2017 420 652,000 - 1,553 Uncompleted New SaleTHE POIZ RESIDENCES Apartment 99 years April 19, 2017 538 801,000 - 1,488 Uncompleted New SaleTHE POIZ RESIDENCES* Apartment 99 years April 19, 2017 807 1,131,000 - 1,401 Uncompleted New SaleTHE VENUE RESIDENCES Apartment 99 years April 20, 2017 840 1,164,240 - 1,387 Uncompleted New SaleDistrict 14 CASA SARINA Condominium Freehold April 19, 2017 1,324 1,200,000 - 906 1998 ResaleCENTRA SUITES Apartment Freehold April 18, 2017 452 600,000 - 1,327 2012 ResaleCITY PLAZA Apartment Freehold April 20, 2017 915 938,000 - 1,025 1981 ResaleEUHABITAT Condominium 99 years April 20, 2017 517 660,000 - 1,277 2015 Sub SaleEUHABITAT Condominium 99 years April 24, 2017 549 658,000 - 1,199 2015 Sub SaleEUNOS PARK Condominium Freehold April 21, 2017 1,981 1,500,000 - 757 1995 ResaleLORONG 30 GEYLANG Terrace Freehold April 18, 2017 1,991 2,200,000 - 1,102 Unknown ResaleNICOLE GREEN Apartment Freehold April 18, 2017 926 1,020,000 - 1,102 2002 ResaleSIMS URBAN OASIS Condominium 99 years April 19, 2017 667 939,600 - 1,408 Uncompleted New SaleSIMS URBAN OASIS Condominium 99 years April 19, 2017 1,033 1,370,200 - 1,326 Uncompleted New SaleSIMS URBAN OASIS* Condominium 99 years April 20, 2017 1,033 1,355,000 - 1,311 Uncompleted New SaleTHE CENTREN Apartment Freehold April 19, 2017 980 1,117,200 - 1,141 2016 ResaleTRE RESIDENCES Condominium 99 years April 20, 2017 861 1,236,000 - 1,435 Uncompleted New SaleTRE RESIDENCES Condominium 99 years April 23, 2017 947 1,328,000 - 1,402 Uncompleted New SaleTRE RESIDENCES* Condominium 99 years April 23, 2017 947 1,337,000 - 1,411 Uncompleted New SaleDistrict 15 AQUENE Apartment Freehold April 19, 2017 753 845,000 - 1,121 2008 ResaleCOSTA ESTE Apartment Freehold April 20, 2017 818 900,000 - 1,100 2009 ResaleFORTUNE JADE Apartment Freehold April 21, 2017 1,098 1,218,555 - 1,110 2003 ResaleFORTUNE SPRING Apartment Freehold April 24, 2017 1,076 1,193,000 - 1,108 2003 ResaleFRANKEL ESTATE Detached Freehold April 19, 2017 5,942 7,700,000 - 1,295 1996 ResaleFULCRUM Condominium Freehold April 18, 2017 829 1,478,070 - 1,783 2016 ResaleFULCRUM Condominium Freehold April 19, 2017 829 1,439,000 - 1,736 2016 ResaleFULCRUM Condominium Freehold April 25, 2017 474 971,000 - 2,050 2016 ResaleGEMINI APARTMENTS Apartment Freehold April 20, 2017 1,270 1,100,000 - 866 1989 ResaleHAIG 162 Apartment Freehold April 21, 2017 355 530,000 - 1,492 2013 ResaleHAIG COURT Condominium Freehold April 19, 2017 1,442 1,775,000 - 1,231 2004 ResaleLA SALLE VILLAS Terrace Freehold April 24, 2017 1,755 2,628,000 - 1,502 2002 ResaleMANDARIN GARDENS Condominium 99 years April 24, 2017 732 688,000 - 940 1986 ResaleMARINE BLUE Condominium Freehold April 23, 2017 635 1,103,400 - 1,737 2016 New SaleMARINE BLUE Condominium Freehold April 23, 2017 732 1,367,100 - 1,868 2016 New SaleSERAYA ROAD Terrace Freehold April 21, 2017 1,787 2,700,000 - 1,515 Unknown ResaleEAST COAST TERRACE Semi-Detached Freehold April 21, 2017 2,153 4,500,000 - 2,090 2015 ResaleOPERA ESTATE Semi-Detached Freehold April 18, 2017 2,788 4,450,000 - 1,594 Unknown ResaleOPERA ESTATE Terrace Freehold April 21, 2017 2,992 3,100,000 - 1,038 1993 ResaleQUESTA @ DUNMAN Apartment Freehold April 21, 2017 786 1,150,000 - 1,464 2013 ResaleSEASIDE RESIDENCES Apartment 99 years April 20, 2017 786 1,369,060 - 1,742 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 20, 2017 3,294 5,723,000 - 1,738 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 20, 2017 786 1,442,560 - 1,836 Uncompleted New SaleSEASIDE RESIDENCES Apartment 99 years April 20, 2017 786 1,413,160 - 1,798 Uncompleted New SaleSEASIDE RESIDENCES* Apartment 99 years April 20, 2017 1,087 1,610,200 - 1,481 Uncompleted New SaleTHE CARPMAELINA Condominium Freehold April 18, 2017 904 1,080,000 - 1,194 2005 ResaleTHE MAKENA Condominium Freehold April 18, 2017 1,152 1,430,000 - 1,242 1998 ResaleTHE MEYERISE Condominium Freehold April 18, 2017 872 1,620,000 - 1,858 2014 ResaleTHE MEYERISE Condominium Freehold April 18, 2017 1,302 2,828,000 - 2,171 2014 ResaleTHE MEYERISE Condominium Freehold April 21, 2017 883 1,779,000 - 2,016 2014 ResaleTHE SEAWIND Condominium Freehold April 24, 2017 980 1,380,000 - 1,409 2015 ResaleTHE WATERSIDE Condominium Freehold April 19, 2017 2,411 3,600,000 - 1,493 1992 ResaleWATER PLACE Condominium 99 years April 20, 2017 1,453 1,610,000 - 1,108 2004 ResaleDistrict 16 ARCHIPELAGO Condominium 99 years April 19, 2017 1,647 1,890,000 - 1,148 2015 Sub SaleBAYSHORE PARK Condominium 99 years April 19, 2017 1,173 1,050,000 - 895 1986 ResaleBAYSHORE PARK Condominium 99 years April 24, 2017 1,173 1,000,000 - 852 1986 ResaleCASA MERAH Apartment 99 years April 20, 2017 990 1,120,000 - 1,131 2009 ResaleCASA MERAH Apartment 99 years April 20, 2017 1,249 1,250,000 - 1,001 2009 ResaleCASA MERAH Apartment 99 years April 21, 2017 1,259 1,300,000 - 1,032 2009 ResaleCASAFINA Condominium 99 years April 24, 2017 2,121 1,640,000 - 773 1999 ResaleCASCADALE Condominium Freehold April 19, 2017 1,722 1,200,000 - 697 1994 ResaleCOSTA DEL SOL Condominium 99 years April 18, 2017 1,561 1,650,000 - 1,057 2004 ResaleCOSTA DEL SOL Condominium 99 years April 18, 2017 1,227 1,380,000 - 1,125 2003 ResaleECO Condominium 99 years April 21, 2017 1,152 1,480,000 - 1,285 2017 Sub SaleGRANDEUR PARK RESIDENCES Condominium 99 years April 19, 2017 883 1,158,000 - 1,312 Uncompleted New SaleGRANDEUR PARK RESIDENCES Condominium 99 years April 20, 2017 969 1,312,000 - 1,354 Uncompleted New SaleGRANDEUR PARK RESIDENCES* Condominium 99 years April 21, 2017 624 902,000 - 1,445 Uncompleted New SaleSENNETT DRIVE Semi-Detached Freehold April 24, 2017 2,153 3,550,000 - 1,649 2006 ResaleTHE GLADES Condominium 99 years April 20, 2017 1,216 1,485,800 - 1,222 2016 New SaleTHE GLADES Condominium 99 years April 23, 2017 1,959 2,330,000 - 1,189 2016 New SaleDistrict 17 CARISSA PARK CONDOMINIUM Condominium Freehold April 18, 2017 926 760,000 - 821 2001 ResaleCHANGI HEIGHTS Terrace Freehold April 18, 2017 1,733 2,250,000 - 1,296 1999 ResaleCOASTAL VIEW RESIDENCES Apartment 999 years April 19, 2017 1,141 942,000 - 826 2009 ResalePARC OLYMPIA Condominium 99 years April 18, 2017 1,636 1,223,000 - 747 2015 Sub SaleDistrict 18 COCO PALMS Condominium 99 years April 18, 2017 1,098 1,124,000 - 1,024 Uncompleted New SaleCOCO PALMS Condominium 99 years April 22, 2017 1,744 1,819,200 - 1,043 Uncompleted New SaleCOCO PALMS Condominium 99 years April 22, 2017 1,259 1,362,630 - 1,082 Uncompleted New SaleCOCO PALMS Condominium 99 years April 23, 2017 1,378 1,360,800 - 988 Uncompleted New SaleD’NEST Condominium 99 years April 19, 2017 753 795,000 - 1,055 Uncompleted Sub SaleELIAS GREEN Condominium 99 years April 24, 2017 1,550 828,000 - 534 1994 ResaleSEASTRAND Condominium 99 years April 19, 2017 592 638,000 - 1,078 2014 ResaleTAMPINES COURT Condominium 101 years April 18, 2017 1,679 915,000 - 545 Unknown ResaleTHE ALPS RESIDENCES Condominium 99 years April 19, 2017 689 715,000 - 1,038 Uncompleted New SaleTHE ALPS RESIDENCES Condominium 99 years April 19, 2017 689 723,000 - 1,050 Uncompleted New SaleTHE ALPS RESIDENCES* Condominium 99 years April 22, 2017 689 703,000 - 1,020 Uncompleted New SaleTHE EDEN AT TAMPINES EC 99 years April 19, 2017 1,238 975,000 - 788 2003 Resale


THE SANTORINI Condominium 99 years April 19, 2017 1,367 1,404,340 - 1,027 Uncompleted New SaleTHE SANTORINI Condominium 99 years April 19, 2017 1,109 1,157,310 - 1,044 Uncompleted New SaleTHE SANTORINI* Condominium 99 years April 19, 2017 1,109 1,189,000 - 1,072 Uncompleted New SaleDistrict 19 CHUAN PARK Condominium 99 years April 20, 2017 1,528 1,100,000 - 720 1985 ResaleCHUAN PARK Condominium 99 years April 24, 2017 710 715,000 - 1,006 1984 ResaleFOREST WOODS Condominium 99 years April 19, 2017 743 1,027,000 - 1,383 Uncompleted New SaleFOREST WOODS Condominium 99 years April 20, 2017 915 1,245,000 - 1,361 Uncompleted New SaleFOREST WOODS* Condominium 99 years April 21, 2017 1,023 1,354,000 - 1,324 Uncompleted New SaleKOVAN RESIDENCES Condominium 99 years April 24, 2017 1,270 1,430,000 - 1,126 2011 ResaleKANG CHOO BIN ROAD Terrace 999 years April 18, 2017 1,668 1,800,000 - 1,077 1990 ResaleTAMPINES ROAD Terrace Freehold April 20, 2017 2,034 2,038,000 - 1,001 Unknown ResalePARK RESIDENCES KOVAN Apartment Freehold April 21, 2017 355 548,000 - 1,543 2014 ResaleRIO VISTA Condominium 99 years April 21, 2017 1,378 1,080,000 - 784 2004 ResaleRIVERSAILS Condominium 99 years April 19, 2017 1,066 1,020,000 - 957 2016 ResaleRIVERSAILS Condominium 99 years April 21, 2017 850 825,000 - 970 2016 ResaleSERANGOON GARDEN ESTATE Terrace 999 years April 18, 2017 1,841 2,900,000 - 1,580 Unknown ResaleSERANGOON GARDEN ESTATE Terrace 999 years April 19, 2017 2,960 3,700,000 - 1,252 Unknown ResaleSTARS OF KOVAN Apartment 99 years April 22, 2017 732 1,000,500 - 1,367 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years April 23, 2017 743 1,073,600 - 1,446 Uncompleted New SaleSTARS OF KOVAN Apartment 99 years April 23, 2017 743 1,015,120 - 1,367 Uncompleted New SaleSUN ROSIER Condominium Freehold April 25, 2017 2,336 1,925,000 - 824 1985 ResaleTHE MINTON Condominium 99 years April 21, 2017 1,755 1,800,000 - 1,026 2013 ResaleTHE RIVERVALE EC 99 years April 25, 2017 1,259 870,000 - 691 2000 ResaleTHE SCALA Apartment 99 years April 19, 2017 850 1,108,000 - 1,303 2013 ResaleDistrict 20 SKY HABITAT Condominium 99 years April 19, 2017 1,798 2,487,400 - 1,384 2015 ResaleSKY HABITAT Condominium 99 years April 19, 2017 1,711 2,524,700 - 1,475 2015 ResaleTHOMSON IMPRESSIONS Apartment 99 years April 22, 2017 463 773,200 - 1,671 Uncompleted New SaleTHOMSON IMPRESSIONS Apartment 99 years April 23, 2017 463 762,300 - 1,647 Uncompleted New SaleTHOMSON IMPRESSIONS* Apartment 99 years April 23, 2017 1,055 1,465,400 - 1,389 Uncompleted New SaleDistrict 21 BINJAI PARK Detached Freehold April 18, 2017 12,260 12,500,000 - 1,020 1985 ResaleFLORIDIAN Condominium Freehold April 24, 2017 936 1,558,000 - 1,664 2012 ResaleMAPLE WOODS Condominium Freehold April 20, 2017 1,378 1,780,000 - 1,292 1997 ResaleMONT TIMAH Terrace 99 years April 19, 2017 4,413 3,700,000 - 838 2011 ResaleENG KONG ROAD Terrace Freehold April 20, 2017 2,045 2,270,000 - 1,110 Unknown ResalePINE GROVE Condominium 99 years April 24, 2017 1,755 1,280,000 - 730 Unknown ResaleSIGNATURE PARK Condominium Freehold April 19, 2017 1,421 1,500,000 - 1,056 1998 ResaleSIGNATURE PARK Condominium Freehold April 21, 2017 1,033 1,108,000 - 1,072 1998 ResaleSIGNATURE PARK Condominium Freehold April 24, 2017 1,055 1,050,000 - 995 1998 ResaleSUMMERHILL Condominium Freehold April 18, 2017 1,604 1,750,000 - 1,091 2002 ResaleTHE CREEK @ BUKIT Condominium Freehold April 21, 2017 700 1,247,500 - 1,783 Uncompleted New SaleTHE CREEK @ BUKIT Condominium Freehold April 23, 2017 1,206 1,679,040 - 1,393 Uncompleted New SaleTHE RAINTREE Condominium 99 years April 25, 2017 1,270 1,280,000 - 1,008 2008 ResaleUNIQUE GARDEN Terrace Freehold April 18, 2017 1,798 2,595,000 - 1,447 1980 ResaleDistrict 22 CASPIAN Condominium 99 years April 24, 2017 1,195 1,242,000 - 1,040 2012 ResaleLAKE GRANDE Condominium 99 years April 22, 2017 775 1,050,000 - 1,355 Uncompleted New SaleLAKE GRANDE Condominium 99 years April 22, 2017 818 1,065,000 - 1,302 Uncompleted New SaleLAKE GRANDE Condominium 99 years April 23, 2017 775 1,013,000 - 1,307 Uncompleted New SalePARC OASIS Condominium 99 years April 19, 2017 1,227 1,020,000 - 831 1994 ResaleWESTWOOD RESIDENCES EC 99 years April 18, 2017 1,033 780,500 - 755 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years April 21, 2017 1,475 1,144,500 - 776 Uncompleted New SaleWESTWOOD RESIDENCES EC 99 years April 22, 2017 1,033 787,500 - 762 Uncompleted New SaleDistrict 23 HAZEL PARK CONDOMINIUM Condominium 999 years April 18, 2017 1,335 1,295,000 - 970 2000 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years April 21, 2017 1,518 1,520,000 - 1,001 2000 ResaleHAZEL PARK CONDOMINIUM Condominium 999 years April 25, 2017 1,335 1,230,000 - 922 2000 ResaleHILLBROOKS Condominium Freehold April 25, 2017 700 750,000 - 1,072 1999 ResaleHILLINGTON GREEN Condominium 999 years April 20, 2017 1,528 1,608,000 - 1,052 2002 ResaleHILLION RESIDENCES Apartment 99 years April 18, 2017 474 681,150 - 1,438 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 19, 2017 474 674,250 - 1,424 Uncompleted New SaleHILLION RESIDENCES Apartment 99 years April 19, 2017 463 664,050 - 1,435 Uncompleted New SaleHILLSTA Condominium 99 years April 18, 2017 570 607,050 - 1,064 2016 ResaleHILLVIEW GARDEN ESTATE Terrace Freehold April 19, 2017 2,250 2,400,000 - 1,067 Unknown ResaleHILLVIEW HEIGHTS Condominium Freehold April 21, 2017 990 980,000 - 990 1996 ResaleINZ RESIDENCE EC 99 years April 22, 2017 1,184 901,000 - 761 Uncompleted New SaleINZ RESIDENCE EC 99 years April 23, 2017 1,109 899,000 - 811 Uncompleted New SaleINZ RESIDENCE* EC 99 years April 23, 2017 1,109 879,000 - 793 Uncompleted New SaleMAYSPRINGS Apartment 99 years April 24, 2017 1,292 958,000 - 742 1998 ResaleMERA WOODS Condominium 999 years April 20, 2017 1,346 1,250,000 - 929 1999 ResaleMERA WOODS Condominium 999 years April 25, 2017 1,001 945,000 - 944 1999 ResalePARK NATURA Condominium Freehold April 21, 2017 2,928 2,575,000 - 879 2011 ResalePAVILION PARK Semi-Detached Freehold April 18, 2017 2,153 2,950,000 - 1,370 2001 ResaleREGENT GROVE Condominium 99 years April 18, 2017 1,550 870,000 - 561 2000 ResaleSOL ACRES EC 99 years April 18, 2017 926 681,000 - 736 Uncompleted New SaleSOL ACRES EC 99 years April 18, 2017 732 614,000 - 839 Uncompleted New SaleSOL ACRES* EC 99 years April 18, 2017 850 691,000 - 813 Uncompleted New SaleTHE MADEIRA Condominium 99 years April 21, 2017 936 920,000 - 982 2003 ResaleDistrict 25 BELLEWOODS EC 99 years April 22, 2017 1,249 973,170 - 779 2017 New SaleBELLEWOODS EC 99 years April 22, 2017 1,528 1,121,320 - 734 2017 New SaleBELLEWOODS* EC 99 years April 23, 2017 1,582 1,107,810 - 700 2017 New SaleNORTHOAKS EC 99 years April 19, 2017 1,238 770,000 - 622 2000 ResaleNORTHWAVE EC 99 years April 21, 2017 1,464 1,042,700 - 712 Uncompleted New SaleWOODGROVE ESTATE Detached 99 years April 19, 2017 7,449 4,500,000 - 604 1996 ResaleDistrict 26 POETS VILLAS Semi-Detached 99 years April 19, 2017 3,477 2,150,000 - 618 2014 ResaleDistrict 27 LILYDALE EC 99 years April 19, 2017 1,227 837,000 - 682 2003 ResaleNORTH PARK RESIDENCES Apartment 99 years April 20, 2017 915 1,054,800 - 1,153 Uncompleted New SaleNORTH PARK RESIDENCES Apartment 99 years April 22, 2017 1,109 1,430,230 - 1,290 Uncompleted New SaleNORTH PARK RESIDENCES* Apartment 99 years April 23, 2017 1,109 1,391,960 - 1,255 Uncompleted New SalePARC LIFE EC 99 years April 20, 2017 1,109 851,200 848,900 766 Uncompleted New SalePARC LIFE EC 99 years April 21, 2017 1,066 817,000 - 767 Uncompleted New SalePARC LIFE* EC 99 years April 22, 2017 1,550 1,219,800 1,217,500 785 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 21, 2017 775 587,925 - 759 Uncompleted New SaleSIGNATURE AT YISHUN EC 99 years April 21, 2017 1,184 908,000 - 767 Uncompleted New SaleSIGNATURE AT YISHUN* EC 99 years April 23, 2017 775 569,250 - 735 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 18, 2017 786 860,000 - 1,094 Uncompleted New SaleSYMPHONY SUITES Condominium 99 years April 18, 2017 797 855,000 - 1,073 Uncompleted New SaleSYMPHONY SUITES* Condominium 99 years April 18, 2017 786 847,700 - 1,079 Uncompleted New SaleTHE BROWNSTONE EC 99 years April 18, 2017 990 798,400 - 806 Uncompleted New SaleTHE BROWNSTONE EC 99 years April 19, 2017 958 776,000 - 810 Uncompleted New SaleTHE BROWNSTONE EC 99 years April 20, 2017 947 746,400 - 788 Uncompleted New SaleTHE BROWNSTONE EC 99 years April 21, 2017 980 754,400 - 770 Uncompleted New SaleTHE CRITERION EC 99 years April 22, 2017 1,023 772,800 - 756 Uncompleted New SaleTHE CRITERION EC 99 years April 23, 2017 915 729,600 - 797 Uncompleted New SaleTHE CRITERION EC 99 years April 23, 2017 1,195 870,400 - 728 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 19, 2017 872 718,740 - 824 Uncompleted New SaleTHE VISIONAIRE EC 99 years April 19, 2017 1,141 957,000 - 839 Uncompleted New SaleTHE VISIONAIRE* EC 99 years April 20, 2017 1,141 948,000 - 831 Uncompleted New SaleTHE WISTERIA Apartment 99 years April 20, 2017 969 1,010,312 - 1,043 Uncompleted New SaleTHE WISTERIA Apartment 99 years April 20, 2017 969 1,126,712 - 1,163 Uncompleted New SaleTHE WISTERIA* Apartment 99 years April 21, 2017 1,173 1,274,800 - 1,087 Uncompleted New SaleYISHUN SAPPHIRE Condominium 99 years April 20, 2017 1,195 848,000 - 710 2001 ResaleDistrict 28 BELGRAVIA VILLAS Terrace Freehold April 18, 2017 3,520 2,720,000 - 773 Uncompleted New SaleH2O RESIDENCES Condominium 99 years April 19, 2017 883 815,000 - 923 2015 ResaleSARACA GARDENS Terrace Freehold April 21, 2017 3,165 2,750,000 - 870 1993 Resale

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